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When you’re preparing to submit a loan application, the lender may inform you they charge a loan application fee. These fees reduce out-of-pocket processing costs for the lender and make their borrower transactions more profitable. Loan application fees are common for mortgages loans, auto loans and personal loans. But they aren’t universal. Not all lenders charge fees, and you may even be able to negotiate them down before you submit your...
IDIQ is not a bank, lender, tax advisor, or insurance company. Offers made on this page may come from our advertising affiliates, and we may earn a commission when you purchase products or services. There are many credit cards to choose from, which might be overwhelming. To select the right one for you, it's crucial to understand the different types available. This blog reviews four basic types of credit cards, each with its unique features and...
It makes sense for your credit report to contain old credit account information or even loans you settled years ago. But, sometimes, you might be surprised to find old or inaccurate addresses. Don’t worry – most people often find themselves in this situation. So, why do old addresses appear on credit reports? Your creditors usually report your addresses and other credit information to credit bureaus that update your credit report. This means...
Trying to keep your spending under your credit card limit can be stressful. Sometimes, using up almost all of your available credit might be necessary. But what happens if you go over your credit card limit? Credit cards are crucial for managing daily expenses and building credit history. However, many people find themselves financially strained, teetering on the edge of their credit limits. All credit card holders should be aware of the...
Looking to buy your dream car? Having a strong credit score is an important early step in the process. Your creditworthiness determines the terms of your auto financing, making it crucial to understand how to enhance and maintain a strong credit profile. The most popular scoring model lenders use for car purchases is the FICO® Auto Score, which measures how likely you are to repay car loans. This comprehensive guide helps you navigate the...
You might be surprised to see multiple names listed when you get your credit report. In most cases, you don’t need to worry. In fact, there are often multiple names listed on a credit report. So why is this the case? There are several reasons why you might have multiple names on your credit report. In this post, we share more about why there may be multiple names on a credit report and what to do if a wrong name on your credit report is...
If you've stumbled upon this post, you're more than likely on a mission to find out about your FICO® Score 2, especially if you're gearing up for a mortgage application or eyeing that new credit card offer. Understanding your credit score is an essential step in making well-informed financial decisions. So, why the fuss about this credit score version? Well, the FICO® Score 2 is often the go-to score for mortgage lenders to determine whether...
Understanding your credit report can be daunting, especially when encountering unknown terms like "tradeline." However, tradelines play a crucial role in determining your credit score and overall financial health. This guide breaks down what a tradeline is, how it impacts your credit, and what you can do to manage your tradelines effectively. Key Takeaways: A tradeline is a record of credit activities associated with a specific account...
National Financial Awareness Day, celebrated every year on Aug. 14, is a great time to think about your money decisions and plan for a better financial future. In this blog, we explore five ways to celebrate National Financial Awareness Day, including reflecting on financial goals, learning more about personal finance, creating a budget, working on credit health, and exploring saving and investing strategies. What is National Financial...
Your credit score is a three-digit number that can significantly influence your financial life. It's a snapshot of your creditworthiness, and it can determine your ability to secure loans, credit cards, and even housing opportunities. But what does your credit score really say about you? Key Takeaways Your credit score is a numerical representation of your creditworthiness and likelihood to repay debt based on your credit history. The factors...
