Credit & Lending

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According to Experian, a good credit score is a score above 700. This suggests to a lender that there is a history of good credit management. Experian states that most credit scores are between 600 to 750.

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  • What are the advantages of a bank loan?

    Q: What are the advantages of a bank loan?

    A: According to Chron, the major advantages of a bank loan are stability and autonomy if the borrower is a small business. This source explains that banks lend money without taking ownership in the enterprise for which the loan is being used, so the borrower retains total autonomy as long as the money is paid back in time.
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  • Where can you find lists of free student scholarships?

    Q: Where can you find lists of free student scholarships?

    A: There are many online lists of free student scholarships, including ones maintained by the Consumer Fraud Reporting Bureau, the list of free minority scholarships at Black Excel and the lists hosted on Scholarship Experts. These sites maintain different lists of scholarships that are organized by their accessibility and by the ways in which they apply and do not apply to bodies of students, according to the websites themselves.
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  • What does adverse credit mean?

    Q: What does adverse credit mean?

    A: According to FinAid, adverse credit is defined as having any debt paid over 90 days late, or having a Title IV debt within the past five years that has been subjected to default, foreclosure, bankruptcy discharge, repossession, tax lien, write-off or wage garnishment. While this designation does not otherwise involve the credit score, it does have an effect on a person's ability to get a loan or other financing.
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  • What is the best credit score site?

    Q: What is the best credit score site?

    A: The best credit score website should provide its users with an easy way to find out their credit grade scores. As of 2014, any of the following three provide a great service: Equifax, Experian and FreeCreditReport.
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  • How do I give back a financed car?

    Q: How do I give back a financed car?

    A: According to Nolo, a legal advice website, you can simply call the dealer and return a financed car, but the lender is under no obligation to release you from the debt owed. The lender may sell the car, but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.
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  • How long does it take to recover from bankruptcy?

    Q: How long does it take to recover from bankruptcy?

    A: The exact amount of time it takes for someone to recover depends on the type of bankruptcy filed, according to Experian. A chapter 7 bankruptcy stays on one's credit report for 10 years, while a chapter 13 bankruptcy stays for seven years. As time goes on, the damage to someone's credit score from the bankruptcy lessens.
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  • How do you ask for financial help?

    Q: How do you ask for financial help?

    A: Asking friends or family for financial help requires being honest about one's financial situation, including the possibility of and timetable for paying money back. It also involves treating the request as a business transaction, keeping lines of communication open and showing gratitude for any loan or gift received.
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  • What are the factors that go into your credit score calculation?

    Q: What are the factors that go into your credit score calculation?

    A: The factors that go into calculating a FICO credit score, the system used by most banks and other businesses that deal in credit, include payment history, amount of debt, length of credit history, types of credit and amount of inquiries. Special circumstances such as bankruptcy or a limited credit history also impact credit scores.
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  • How does revolving credit work?

    Q: How does revolving credit work?

    A: Revolving credit is a line of credit where a borrower is not bound by a set number of payments to pay back the loan, but is instead free to use the funds whenever they are needed. For individuals, an example of revolving credit would be a credit card, where monthly payments are paid based on the amount of funds that have been used. For businesses, revolving credit is often used to cover fluctuating operational expenses.
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  • Can I buy a money order with a credit card?

    Q: Can I buy a money order with a credit card?

    A: As a general rule, a money order cannot be purchased with a credit card, according to Fox Business News.
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  • How do you recover money owed?

    Q: How do you recover money owed?

    A: Recovering money owed can involve making a reminder phone call to the debtor or obtaining a court judgment against the debtor; this judgment grants permission to place a lien against property or garnish wages. Other ways to recover money include engaging the services of a collection agency, using a mediator, offering a settlement agreement and sending a registered letter to remind the debtor of the money owed, according to ProfitGuide.com.
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  • How long does eviction stay on a credit report?

    Q: How long does eviction stay on a credit report?

    A: Financial Scams notes that an eviction can stay on a credit report for up to seven years. Typically the landlord does not send the information to the credit bureaus. When a landlord evicts a tenant through court action, the eviction appears on a credit report as a public record.
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  • How do you build business credit?

    Q: How do you build business credit?

    A: Building business credit usually involves setting up a business, acquiring all necessary legal and tax documents, and maintaining a good credit history. You also need to keep accurate books of accounts.The lenders normally access this information when approving business credit.
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  • What is a pending charge?

    Q: What is a pending charge?

    A: A pending charge on a bank account, credit card or debit card is one that has not fully been applied to the account yet, according to Wells Fargo. A pending charge may also be referred to as a pending transaction.
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  • What is a pre-approved car loan?

    Q: What is a pre-approved car loan?

    A: A pre-approved car loan means that a buyer has gone through basic approval steps for a loan to buy a vehicle. Lenders pre-approve auto loan applications up to a certain amount, which allows a buyer to go to a dealership with a purchase limit in mind.
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  • What is a credit card's CVV code?

    Q: What is a credit card's CVV code?

    A: A CVV number stands for the card verification value on a debit or credit card. On Visa, Discover and MasterCard, the three-digit number is located on the back of the card. A four-digit number is found on the back of American Express credit or debit cards.
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  • Can I give my house back to the bank?

    Q: Can I give my house back to the bank?

    A: According to the Federal Trade Commission, a person facing foreclosure can give his house back to the bank with a deed in lieu of foreclosure. In exchange for signing over the deed to the home, the bank forgives the debt owed on the home.
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  • What is a promissory note?

    Q: What is a promissory note?

    A: A promissory note is a written financial record of the details surrounding a loan between two parties. It encompasses every aspect of the financial agreement and serves as documentation and proof of the transaction.
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  • What is a GMAC auto loan?

    Q: What is a GMAC auto loan?

    A: A GMAC auto loan is a consumer debt instrument that is issued to help finance the purchase of an automobile. Wikipedia explains that In 2010, GMAC changed its name to Ally Financial, but it continued to offer vehicle financing to qualified customers.
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  • How do credit card companies investigate fraud?

    Q: How do credit card companies investigate fraud?

    A: Credit card companies investigate fraud by verifying all information associated with the account, speaking to the business entity where the money was spent and working with law enforcement to find the credit card thief. This process can take a long period of time and may be drawn out for several months depending on the amount of money that was stolen and the circumstances surrounding the account before the credit card was stolen.
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  • What percentage of parents pay for college?

    Q: What percentage of parents pay for college?

    A: The percentage of parents who pay at least a portion of their children's college costs is between 22 and 35 percent. The rate varies depending on the components of cost and payment figured into the calculation.
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