If you have a collection on your credit report, you may be wondering how it may impact your FICO® Scores. Below we share answers to the most commonly asked questions about collections. As with any derogatory information, when reported, its impact on a FICO Score will gradually lessen over time as they age off the … Read more
Buying a house is an exciting milestone in life. With median home prices hovering around $200000 in many parts of the country, a $200,000 house is a common target for first-time homebuyers. However, coming up with a down payment can be a major hurdle, especially for buyers on a budget. So how much of a … Read more
Hey there, friend! If you’re staring down a mountain of debt—whether it’s a credit card balance that’s haunting ya or a mortgage that feels like a life sentence—I’ve got somethin’ for ya. Let’s talk about a game-changer: makin’ a principal-only payment. What happens when you make a principal-only payment? Well, in short, you slash the … Read more
Your credit card account comes with a preset spending limit: your credit limit. Credit card issuers generally offer you a credit limit they believe you can repay, based on your income and credit history. Understanding how your credit limit works may help you manage your credit card responsibly and qualify for a higher limit in … Read more
The death of a loved one is always difficult, but receiving an inheritance may soften the blow and reassure you that you were loved by your family member. Naturally, you and other Detroit residents would want to put an inheritance to good use, such as purchasing furniture or going on vacation. You might also want … Read more
A large inheritance can be both a boon and a burden—a boon because the money could come in handy someday, and a burden because it imposes a certain responsibility on the recipient to use it wisely and not squander it. Heres a step-by-step guide for anyone who has received or is anticipating to receive a … Read more
The 3 Câs of creditâcharacter, capacity, and collateralâare a widely-used framework for evaluating potential borrowersâ creditworthiness. By analyzing each applicant through those three lenses, an underwriter can better predict which borrowers will repay on time, and which are more likely to go delinquent or even default on their debt. While many banks, credit unions, and … Read more
The loan approval process refers to the steps a borrower must go through to get approved for a loan, from application to closing This process involves gathering documents, submitting an application, underwriting, appraisal, and finally closing on the loan Understanding the basics can help you navigate the loan approval process with confidence. Overview of the … Read more
âPre-qualificationâ and âpre-approvalâ are terms that can apply to credit cards and various types of loans, including mortgages and car loans. The specific differences between the terms may vary depending on the lender and the type of loan. But for credit cards, both terms typically mean that an initial lender review suggests youâre likely to … Read more
Hey there, fellow business owners! If you’re running a shop, online store, or any kinda gig where you process payments, you’ve likely heard of chargebacks. They’re a real pain in the backside, ain’t they? But here’s the kicker—what happens if a merchant does not respond to a chargeback? Spoiler alert it’s a straight-up disaster. We’re … Read more