When you get a credit report, you’ll find tons of information about your borrowing habits that can be difficult to understand. The process of credit scoring and how your credit score is determined is somewhat unknown to the public. Unless you work for a credit bureau, you’ll likely never know or understand the algorithm that…
If you’re age 62 or older with lots of equity in your home, you probably already know that there are several ways to get at that money. One option is a reverse mortgage. Some financial advisers will tell you categorically that a reverse mortgage is a bad idea. But is it really? Is there a…
If you’ve ever applied for a loan or a line of credit, then you are likely to be familiar with credit monitoring services. You must be aware of the importance of your credit report and credit score, as well as the three major credit bureaus. In general, credit bureaus are responsible for gathering the credit…
Aside from monitoring your credit score every month, you should make sure to check your credit report at least twice a year for errors or signs of fraud. Fair warning though, a credit report is more difficult to understand than your credit score, which is just a simple number. If you don’t know how to…
Banks and credit unions provide many of the same services. Both offer federal deposit insurance, so up to $250,000 per deposit or, per institution is protected. However, it is the differences between these two types of financial institutions that will lead you to a decision about where to put your money. When it comes to…
