This new credit scoring model may actually help more consumers get approved for lines of credit. This week the FICO Resilience Index was made available to lenders to complement FICO credit scores. The new credit scoring model is intended to help lenders gauge a consumers’ financial resilience during unexpected economic conditions. It specifically aims to help lenders identify consumers who ...

Know the risks before you cosign a loan. There are many reasons you may be asked by a friend or loved one to cosign a loan for them – perhaps they are unable to get approved without a cosigner or getting a cosigner will enable them to get a lower interest rate on a loan. Whatever the reason, you should ...

Not sure where your money is going? Zero-based budgeting is a method of managing money in which you “zero out” all income and expenses. The goal is for your income minus expenses to equal zero each month. In this case, your expenses also include money you allocate to save or pay off debt. Also known as zero-sum budgeting, this strategy ...

It’s a trade off between time and money. When deciding whether a 15-year or a 30-year fixed-rate mortgage is right for you, there are many factors to consider. There is not one answer that applies to everyone as both types of mortgages have their advantages and disadvantages. Read on to find out more about these mortgages, as well as a ...

An error on your credit reports can lower your credit score so you should be vigilant about checking these reports. Finding inaccurate information on your credit reports can be frustrating, but don’t let that prevent you from taking action to get it resolved. Don’t be scammed into paying a company to handle this for you as filing a dispute with ...