Getting a first or second chance to build credit with a credit card has been easier in recent years because financial technology companies have created alternative options. These new cards often evaluate applications differently from traditional credit cards, with algorithms and proprietary methods that may put less emphasis on credit scores while looking at factors…
Why You Should Check Your Credit Report Annually
Negative information in your credit report can be detrimental to your finances. This information can prevent you from buying a home or car. Because of this, monitoring your credit report is imperative. But where do you find your credit report, and how do you read it? If you find a problem, how can you fix…
What’s the Deal With Jumbo Loans
May 26, 2023
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One of the reasons that First Federal Bank failed was the abundance of low-interest jumbo loans they had outstanding. Jumbo loans or mortgages are riskier for banks to make. But what are jumbo loans, and why are they risky? They may have been popular with the recently failed banks, but are they still common with…
Should I Buy a Cottage With Friends or Family?
As cottage season dawns, the prospect of joint ownership with family or friends grows anew for many Canadians, budding perennially like a lakeside plant. Smaller down payments, lower risks and shared experiences all mark the promise of a property partnership with pals and loved ones. But experts warn that a range of issues need consideration…
Go Bankless With a Cash-Only Lifestyle
May 23, 2023
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Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless. According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did…
Audit Your Credit Cards for Greater Savings
Credit card rewards help our family save money on groceries, gas and other necessities. We also use rewards for airline tickets, hotel rooms and airport lounge access. We’re in good company. Most Americans have at least one rewards card, and nearly half of rewards cardholders are using their perks to help offset rising inflation, according…
Housing Agency Rules Will Force Homeowners With Good Credit to Subsidize High-Risk Borrowers
April 20, 2023
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The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores. Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The…
14 Ways to Revamp Your Personal Finances Even When Money is Tight
April 15, 2023
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Many of the opportunities available to you are dictated by your financial situation, making it difficult to overstate the importance of taking care of your personal finances. When it comes to managing money, most of us have room for improvement. Understanding your current financial situation, setting goals, and making a plan are all important steps…
10 Best Credit Cards for Fair Credit
Having a credit card offers a wide range of benefits. Hit with an unexpected expense like a flat tire or broken water pipe? You can take care of it right away and pay off the bill over time. You can also keep an itemized list of payments, apply for loans and even earn rewards like…
FICO Changes That Could Impact Credit Availability
March 28, 2023
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In 1989, the Fair, Isaac, and Company (FICO) established FICO scores. It provided an industry standard for scoring creditworthiness. It was fair for both consumers and lenders. Before FICO, there were many different scores with various calculating methods, sometimes including gender or political affiliation. Changes now are coming to the way FICO is calculated. You…
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