Seven Things That Can Damage Your Credit Score

For homeowners, a common financial goal is to pay off the mortgage as soon as possible and avoid paying extra interest. The lower the interest rates, the less you will owe down the line. That’s why it’s important to find a loan with the lowest possible interest rates, usually represented as annual percentage rate (APR), and other fees associated with the lending process. Use this guide to help you find the best mortgage rates to save money over time.

One upside to owning a home is that you can start building equity. Once you pay off a certain percentage of your mortgage, you can use this equity to borrow money against your property by taking out what’s known as a home equity loan. This money is often used by homeowners to make repairs, pay down debt or invest in their education. If you are interested in borrowing against the equity you’ve built up in your home, learn more about how these loans work and how to qualify.

Student loan forbearance is a period in which you aren’t required to make a payment on your student loans. You can temporarily make a smaller payment, but the principal amount of the loan will continue to accrue interest. Forbearance can help you reduce your monthly expenses in the short term, however, you won’t make any progress in terms of paying off the loan or loan forgiveness. Learn more about student loan forbearance and when to consider this option.

Carrying high credit card debt month to month can have a negative impact on your finances. Credit cards have some of the highest interest rates on the market today, making it more difficult to get out of debt. Carrying around credit card debt can also negatively affect your health. This kind of debt can lead to increased stress and anxiety. If you have credit card debt, learn more about how it can affect your health and what you can do to pay it off.

If you’re in the market for a consumer loan, you may have the option of choosing between what’s known as a secured loan and an unsecured loan. Both types of loans will give you access to funds that you will need to pay back at a later date, but they come with clear differences that every borrower should be aware of. Learn more about the difference between secured and unsecured loans so that you can find the right type of loan for your needs.

Spring is right around the corner, and that means it’s time to get your home in shape. Spring cleaning is a time for cleaning, organizing and improving your living space. From adding a new deck to renovating your kitchen, there are so many projects to consider. However, spring cleaning home improvements can be costly.  Depending on the size and scope of your project, you might need to borrow money. You can use a HELOC to help finance your spring cleaning plans. Learn more about how to use a HELOC to improve your home.

If you are new to the world of Home Equity Loans and HELOCs, learn how these loans work and how you may be able to use them to your advantage.

Now that the holidays are over, many Americans are winding down from the celebrations and family time that come this time of year. The extra shopping, eating and travel are fun, but can take a toll on your finances. It’s now time to get back on track. From credit card bills to paying off your holiday loans, use these tips to get out of debt as soon as possible.

If you’ve ever been to a department store or chain retailer, the salesperson probably asked you if you wanted to open a store credit card, which is like a normal credit card except that, in most cases, you can only use it at participating stores and businesses. Some of the biggest chain outlets and retailers, such as Target, Home Depot, Walmart, Macy’s and other clothing retailers offer this option. But how do these cards work? And can they actually help you save money? Let’s find out.

Rewards credit cards may sound like free money, but that’s not always the case. Credit card companies typically use rewards programs to attract consumers that like to travel, rack up points or burn through gallons of gas on long road trips. If you sign up for one of these cards, you may be able to earn a free flight, cash back rewards or discounts on gas, groceries and other everyday purchases. Whatever the reward may be, there are a few things you should keep in mind when using these cards. Learn how to make the most of your rewards program without spending more than you need to.

It’s probably no surprise that the holidays tend to be one of the most expensive times of the year. Between holiday shopping, gift-giving and traveling, the holidays can be hard on your bank account. If you’re looking for a temporary way to increase your spending power this holiday season, you might consider using your credit card or applying for a personal loan. Both options can help you cover seasonal expenses, but they come with pros and cons that can have lasting impact on your finances.

Some ways you can build your credit report are by opening a secured credit card, getting a cosigner on a credit account and maintaining good credit habits. However, there is a lot more you need to know about each of these approaches. It is also important to have an overall understanding of the importance of a good credit report and how the credit reporting agencies operate.