What is A Revolving Line of Credit

A revolving line of credit is basically an agreement between an individual or an entity and a bank or other financial institutions to borrow short-term money for a maximum fixed amount that is renewed when the balance is paid off or paid down. The bank will initiate a commitment fee the borrower must pay when opening the credit line.   When a borrower draws on a line of credit, interest expenses are charged. If charges are carried...

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How Often are Credit Scores Updated?
Aug15

How Often are Credit Scores Updated?

Information is incredibly dynamic these days, financial information in particular. The availability to access information quickly and input new information into existing repositories, lends itself to a fluid data exchange that changes dynamically. However, given the dynamic nature of information, it’s hard to pinpoint when changes to data, such as your credit score, will change. Credit bureaus information is completely dependent upon...

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How Many Credit Cards Should I Have?
Jun19

How Many Credit Cards Should I Have?

In a world of instant gratification and reward, credit card companies play in a field ripe with opportunity. It’s no surprise the average consumer has between three and four credit cards each, when around every corner an offer presents itself to open a line of credit. Credit card companies go all out in enticing the consumer with cash back incentives, deep discounts, and valuable rewards points. For those individuals with great...

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5 Tips To Improving Your Credit Score
Jun09

5 Tips To Improving Your Credit Score

Your credit score has a huge impact on your ability to fully participate in some major life events, like purchasing a car, getting a personal loan, buying a home, even obtaining a job. Knowing your credit score, and the necessary steps to improve it, will help position you well to obtain the best interest rates when the time comes to get approved for a loan. Although it may take some time, especially if you’re starting out with a...

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Intro To The Three Major Credit Bureaus
Jun06

Intro To The Three Major Credit Bureaus

The system of obtaining and granting credit in the U.S. is built on a long history of credit reporting agencies determining credit worthiness through an ever evolving system of standards. Today, three major Credit Bureaus — Experian, Equifax, and TransUnion, also known as Consumer Reporting Agencies (CRA) follow a strict method to deliver assessments of credit worthiness to a variety of customers. Purpose of The Credit Bureaus The...

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