Credit Resources

Have you ever heard the terms "upside down," "underwater," or "negative equity" in relation to loans? They all mean the same thing: owing more on a loan than the asset's current value. While it's not an ideal position, it's more common than you might think, especially with cars and homes. In this blog, we'll explore what negative equity is and provide actionable steps to manage it, particularly in auto loans.

If your credit situation isn't as robust as you'd like it to be, or you're encountering hurdles meeting the requirements for a loan you need, consider the impactful role of a cosigner. In the world of lending, a cosigner acts as a financial safety net, ensuring repayment of your loan if you're unable to fulfill your payment obligations.The involved cosigner's credit history, employment status, and income are key factors that lenders assess when determining loan approval, much like your own creditworthiness. While a lender may hesitate to extend a loan to you based on your current financial standing, the presence of a reliable cosigner can substantially increase their confidence in granting approval.

Your credit score is influenced by a variety of factors, including your total debt, payment history, and the types of credit you use. One element that often causes confusion is how credit inquiries impact your score. You've likely heard that checking your credit can affect your score, but it's a bit more complex than it seems. Let's delve into the details.

Dreaming of working for yourself often conjures images of setting flexible hours, dressing casually, and escaping the constraints of the traditional workplace. Whether you're an active participant in the gig economy, a freelancer, or embarking on your entrepreneurial journey, the self-employed lifestyle offers numerous benefits. However, one notable challenge that self-employed individuals frequently encounter is the difficulty of securing a loan. Establishing credit as a business is crucial to longevity, but the lending guidelines for businesses are different than for individuals.

In today's economy, cost-effective and flexible car ownership options are more crucial than ever. You've probably heard of rent-to-own (RTO) programs for a myriad of items, from furniture and appliances to entire homes. But did you know you can also rent-to-own a car? These programs allow individuals to pay incrementally—often weekly—until the car is paid off in full. It might seem like an enticing option if you're strapped for cash or have poor credit. However, there are several factors you need to examine before you drive off into the sunset.

A combination of factors go into your credit score. Some of them seem obvious, like how well you've repaid loans in the past. What you may not realize, however, is that many things that seem like no big deal can actually be reported to the credit bureaus and bring your score down.

When dealing with debt, it can feel like navigating through a labyrinth of numbers—interest rates, credit scores, fees, and so on. Two terms that often confuse people due to their similar names are the debt-to-credit ratio and the debt-to-income ratio. Although these terms might sound alike, they are fundamentally different and serve distinct purposes. Let's dive deeper into what these ratios mean and how they impact your financial health.

When shopping for a new or used car, financing can often be the most stressful part. The good news? Dealerships that offer in-house financing are becoming an increasingly popular and viable option for many buyers. But what exactly does in-house financing entail, and is it the right path for you? Let’s dive into the pros and cons, and uncover the reasons why you might want to take advantage of in-house financing.

Facing the prospect of bankruptcy can be daunting. Many worry that the negative mark on their credit report - a harsh reality that can last up to 10 years - will prevent them from ever achieving solid financial health again. However, while a bankruptcy will initially sink your credit score, the good news is that you can lay the groundwork for financial recovery immediately. Much like rebuilding credit without a bankruptcy, there are key actions you must take to see tangible improvements.

In the current economic landscape, many individuals have seen their credit scores take a hit due to challenging circumstances (thanks COVID\!). Consequently, many find it difficult to qualify for essential credit products, like auto loans, making it harder to secure a car. However, having poor or bad credit doesn't mean you're stuck taking the bus or walking to work. With a bit more effort and strategic planning, you can still get a car loan. Here are 7 effective suggestions to help you get a car loan with bad credit.

Understanding the importance of your credit history and credit score is crucial when considering significant purchases like a car or a new home. Your credit score influences key aspects of your loan, such as the interest rate. Whether you've made some financial missteps in the past or you're just starting to build your credit history, here are **five essential tips** for improving your credit score.

If your current vehicle is barely hanging on or you've been carless for a while, you may be thinking it's time to get some new wheels. If you haven't yet considered a used car, you should. There are many great reasons to purchase a used car instead of a brand new. Here are some of them.

Managing credit and debt is a delicate balancing act, and many consumers turn to balance transfers as a strategy to lighten the load. However, there's often confusion surrounding how balance transfers affect your credit score. In this article, we'll dive deep into the world of balance transfers, unravel the mysteries of their impact on your credit, and provide insights to help you make informed financial decisions.

Navigating the landscape of credit repair can be daunting. However, seizing control of your credit destiny is not only empowering but can save you a substantial amount in the long run. Let's explore 10 actionable steps you can take to rejuvenate your credit without breaking the bank.

When it comes to securing an auto loan, your credit score plays a pivotal role in determining whether you'll get approved and what interest rate you'll be offered. But what exactly is a credit score, and how is it calculated?

To understand the impact of credit inquiries on your credit, it's essential to distinguish between "soft" and "hard" credit pulls. These inquiries can significantly influence your credit health and your ability to secure favorable financing options. In this blog post, we'll delve into the differences between soft and hard credit pulls and how they affect your credit score differently.

Your debt-to-income (DTI) ratio plays a pivotal role in determining whether you qualify for financing and what interest rate you'll receive. Lenders use this ratio to assess your financial health and gauge your ability to manage additional debt responsibly. Here we'll explore why your debt-to-income ratio is crucial in the world of auto loans and how you can improve it to increase your chances of getting approved for a loan with favorable terms.

When you apply for an auto loan, one of the most critical factors lenders consider is your credit report. Your credit report is a comprehensive record of your credit history, and it plays a significant role in determiningwhether you qualify for financing and what terms you'll receive. Here we'll delve into what's in a credit report and why it matters so much in the world of auto loans.

When it comes to financing your dream car, understanding the ins and outs of auto loans is crucial. One of the most important factors to comprehend is the Annual Percentage Rate (APR). Often overlooked or misunderstood, APR plays a significant role in determining the overall cost of your auto loan. In this article, we'll demystify APR and shed light on its importance in the world of auto financing.

Managing credit and debt is a delicate balancing act, and many consumers turn to balance transfers as a strategy to lighten the load. However, there's often confusion surrounding how balance transfers affect your credit score. In this article, we'll dive deep into the world of balance transfers, unravel the mysteries of their impact on your credit, and provide insights to help you make informed financial decisions.

When you're in the market for an auto loan, it's essential to navigate the financial landscape wisely. One tool that can significantly impact your financial future, including your ability to secure favorable auto loan terms, is the Individual Retirement Account (IRA). In this article, we'll delve into the world of IRAs, what they are, and why they matter when considering an auto loan.