What can I do if there are loans on my credit report that aren’t mine?
Your credit history is an important factor for obtaining a loan, renting an apartment, and sometimes getting a job. However, it’s not uncommon for a credit report to contain mistakes. For example, your credit report may show an unpaid medical bill for services that were paid by the insurance company. It may show a student…
Read MoreWhat to do when a land contract is paid in full? How do I add it to my credit report? I
Submitted by Renee K. This is a great question. Before your question, no one has ever asked me about land contract homes, so thank you for letting me get this info out! What’s a land contract? Real estate land contracts are direct agreements between a buyer and seller. The buyer purchases property directly from the…
Read MoreWhat are the 3 C’s of Credit?
When applying for a loan, it’s helpful to know what your Loan Officer will be looking at when making his or her decision. There are three areas they will review. These are the three C’s of credit: Capacity, Collateral, and Character. Capacity in Credit: Definition Your credit capacity is simply your ability to repay the…
Read MoreWhat is a good interest rate?
You may have heard that there are only two kinds of people: those who pay interest and those who earn it. In reality, we all likely end up occupying both sides of that equation. The first thing to know about borrowing money and paying interest is that how much you pay depends on your credit…
Read MoreFixing Credit to Buy a Home: Credit repair tips and guide
My husband and I want to buy a house for first-time buyers. How can we fix our credit? Submitted by Ferlenzia M. Owning a home is a dream that many people have. To make that dream a reality, most people get a mortgage loan. To qualify for that type of loan, you need steady income,…
Read MoreHow do I find my credit score?
How do I find out my credit score? Who wants to know it, and what factors influence its change? Submitted by anonymous. A credit score is a representation of how someone managed their debts. It is meant to help creditors understand our financial responsibility. Payments on our loans and balances on our credit cards are…
Read MoreWhy isn’t my credit score improving?
I’ve been paying my bills every month on time and nothing changes on Credit Karma. I feel like I’m stalking the app. What should I do? Submitted by Michelle S. Congrats on paying your bills on time! Can we just celebrate that for a moment? What Impacts Your Credit Score Paying your bills will not…
Read MoreDo you recommend credit consolidation?
Do you recommend credit consolidation to improve scores and decrease debt? Submitted by Natasha P. There are two parts to this question, so let’s dig into them separately. Improving Your Credit Score Whenever a financial institution pulls your credit with the purpose of offering you a loan, your score may be affected. Closing a credit…
Read MoreHow many credit cards should I have?
“Hi Saundra! As someone who is getting her credit back in order, I want to be wise about applying for credit cards. I have two and working hard to keep them both under 30% utilization. I’m considering applying for one last card. How many credit cards is too many?” Submitted by Laurin O. There are…
Read MoreHow can I get a loan for a cheap used car?
Hello, Saundra! How do I go about finding and choosing a certain type of loan (if one exists) that would enable me to quickly buy a cheap used car (around a couple thousand) that I could be able to pay back (with no job/income) with only the money I have saved from last semester’s student…
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