Credit reports are compiled by credit bureaus, often called National Credit Repositories — private, for-profit companies that gather information about your credit history and sell it to banks, mortgage lenders, credit unions, credit card companies, department stores, insurance companies, landlords and even a few employers. To create a credit file for a given person, a […]

Some people would like to consolidate their debts and have either a lower monthly payment or fewer monthly payments. You probably should not consolidate your debts if… Your habits are not likely to change. The interest rate for consolidation is high. You might want to seriously consider the possibility of debt consolidation if it would… […]

How you used your credit in the past and the reasons for your past financial difficulties are two factors that affect your ability to get a loan. The first step is to understand whether or not you are considered a credit risk. Most lenders will consider you a higher credit risk only if your credit […]

Why is it that some lenders say no when others say yes? Here is why. All lenders make a judgment about… character (your willingness to repay) capacity (your ability to pay) collateral (the value of what you are buying) …before deciding whether or not to grant you a fixed loan or line of credit. There […]

A Change in Lifestyle To avoid getting into financial problems in the future, you must understand your flow of income and expenses. Some people call this making a budget. Others find the term budget too restrictive and use the term spending plan. Whatever you call it, spend at least two months writing down every expenditure. […]