Category: Banking

The answer to that question may depend on the specifics of your situation, but we can look at it broadly. To start with, we need to understand that credit scores are calculated based on a scale of 350 to 850, and higher numbers are always better. The scores are formally known as FICO scores. Each…

Bankruptcy is poison that will destroy your credit report and will make credit repair impossible. Once you have filed for bankruptcy, not even bother getting a copy of your credit report because that would be a waste of time. You cannot even imagine having high credit score for the next ten years. We often get…

A deposit mysteriously disappeared so instructions were added to cash handling procedures and bank reconciliations. A cashier was caught stealing. She was fired and a replacement hired after checking their background a little more thoroughly. An act of vandalism occurred so cameras were installed. Slip and fall accidents were increasing, so floors are mopped more…

Peer to Peer (P2P) lending serves as an online virtual marketplace that puts together lenders (people with savings) in touch with borrowers requiring funds (in the form of personal loans). This Fintech innovation is changing the way credit marketplaces works. By completely bypassing the bank, it enables quicker lending and borrowing. The investors get better…

What is business credit? Business credit is set up in the business name and based solely on the credibility of the company. But do you know what’s needed to get started? Do you know the building blocks to do to get started? Most companies out there are unaware of what I’m talking about but we…

Many home buyers are unclear about the difference between mortgagor vs mortgagee. It’s easy to get confused because some of the terms in mortgage agreements are used interchangeably. For instance, the term mortgagor can also be referenced as grantor or consignor. The distinction concerning mortgagor vs mortgagee is the first makes reference to the individual…

A guide to many of the terms used in the consumer finance market. A Acceptance Rate – The percentage of customers that are successful when applying for a loan or credit card. 66% or more applicants must be offered the advertised rate know as the Typical APR (See ‘Typical APR’ below). Annual Percentage Rate (APR)…

Most of us, live our lives with certain expectations. We expect the light to turn on when we turn the switch. We expect our cars to go when we press down on the accelerator. So, when we press down on the foot control of our sewing machines we expect the sewing machine to work. At…