Tag: credit

Cautious Millennials are getting worse deals on loans and credit cards

No doubt that millennials are financially cautious which is a fact that could be making it much harder for this generation to get low-cost loans or credit cards.  Unlike other older generations, many millennials are reluctant to take on new debt even as their finances improve, according to research from VantageScore that was provided exclusively to USA TODAY. The problem is lenders still consider these conservative borrowers with fewer credit accounts as riskier.  As a […]

predatory lending practices

How to Spot Predatory Lending Practices

Predatory lending practices usually involve unfair, deceptive, and sometimes abusive loan terms on the borrowers. One characteristic of predatory lending practice is that these loans will have high fees and interest rates, strip the borrower of their equity and in many cases, place a creditworthy borrower in a lower credit-rated loan– which is usually very expensive.  To sell these harmful loans, the lender applies very forceful, tactical, and aggressive sales strategies to take advantage of […]

The Unscorable Problem Gets Worse

Has the plight of the conventionally unscorable worsened? Unfortunately, based on a recent VantageScore analysis, it has been exacerbated. The overall population in America has increased dramatically, even though the last decade has seen the slowest growth rate of all times. As the overall population has increased, so has the number of consumers who are not scoreable when conventional credit scoring models are used. Indeed, according to the Consumer Financial Protection Bureau, about 1 in […]

Eye Opening Ways A Strong Credit Can Help you Build Wealth

Most people on a journey to build wealth check their bank account balances daily. We even know the last coin in our wallets but we never give the same treatment to our credit scores. Just like your cash in hand or in the bank, your credit score is an important and integral part of your journey towards building wealth.  There are so many people who are against using credit, and for a valid reason. Some […]

a vector graphic showing an umbrella covering people like credit insurance.

What Is Credit Insurance? And is it Worth It

In the simplest terms, credit insurance will cover the cost of your loan or credit card payments in the event that you are unable to pay the loan. It is insurance purchased by the borrower to cover their debts in case of any sudden eventualities such as death, or unemployment.  In most cases, credit insurance will not be marketed as a stand-alone type of insurance, but as one of the features of a credit card […]