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Different Types of Credit Scores: FICO, FAKO, and Enhanced

Different Types of Credit Scores: FICO, FAKO, and Enhanced 1

Your credit score is one of the most important figures associated with your finances. And you have likely heard the television and radio commercials touting that you have three credit scores. However, you actually have more than just three credit scores. There are a many ways to calculate your credit score based on what type … Read more Different Types of Credit Scores: FICO, FAKO, and Enhanced

Why a Good Credit Rating is Important Even if You Don’t Use Credit

We hear a lot about how important it is to have a good credit rating. Indeed, we are often told that having good credit is important, but we aren’t told why. For those who prefer to use the money they already have, and do not want to be involved with credit, a good credit rating … Read more Why a Good Credit Rating is Important Even if You Don’t Use Credit

How to Challenge a Credit Application Denial

How to Challenge a Credit Application Denial 8

The credit crunch has resulted in increased difficulty with regard to borrowing money. Home loans, auto loans and even credit cards have been harder to get over the last couple of years. Things are starting to loosen up a bit, as evidenced by the offers reappearing in my mailbox, but many are still being denied … Read more How to Challenge a Credit Application Denial

Why Bad Credit Borrowers Pay a Higher Interest Rates

Why Bad Credit Borrowers Pay a Higher Interest Rates 12

One of my loans at Lending Club became “31-120 days late” yesterday. This means the borrower is not making his monthly payment, and I could end up losing that money. Since I have 20 active loans, this represents a 5% loss if the loan should default. Curious, I dug a little deeper, and as anticipated, … Read more Why Bad Credit Borrowers Pay a Higher Interest Rates