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Will Student Loans Affect My Credit?

Uncategorized Sep 03, 2019

Student loans have the same effect on your credit score that other lending types like credit cards, auto loans, or mortgages hold. Like any other lending form reported on your credit report, your credit score can fluctuate based on your student loan repayment habits. 

How your credit score is calculated

Your credit score is calculated using five components:

  • Payment history: 35 percent
  • Amounts owed: 30 percent
  • Length of credit history: 15 percent
  • Credit mix: 10 percent
  • New credit: 10 percent

Student loans can help you establish a credit history, which can be a big asset down the road. It’s good news if you can show that your credit history started when you began college, versus establishing it at age 26 if you never took out student loans. The longer your credit history is and the higher your score, the less impact a few missed payments (on anything) will have.

Student Loan Payment History 

Payment history makes up the largest chunk...

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Leasing or Buying a Car with Bad Credit?

Uncategorized Sep 03, 2019

America is a car society, and unless you live in a place like New York City with its excellent mass transit systems, you need a car to get around. However, if you have bad credit, you could be in for some frustrating times when you go to lease or buy a car. Most people know if they have bad credit and may have already had sticker shock experiences when quoted interest rates or down payment requirements during their car search. Another option for getting a car is a lease and you may wonder which way is the best for you: lease or buy?

When is Leasing a Good Idea

Leasing a car is basically paying rent on a car instead of buying. You never actually own the car but make monthly payments on the depreciation of the vehicle over the life of the lease. When the lease is up, you own nothing. However, leasing gets you more car for the money. If you lease a $20,000 car for 3 years and at the end of the three years the car is worth $12,000, you’ve only made payments on the $8000...

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8 Ways To Build Business Credit Fast

Uncategorized Sep 03, 2019

1. Business credit is separate from personal credit

If you are new to the business world, it may surprise you to hear that business credit is fully separate from personal credit. Business credit reports generate from different criteria than personal ones and are used in different ways.

If you are a sole proprietor, you are your business, and they link your personal credit history to your business’. However, LLCs and corporations are separate legal entities. When an LLC borrows money, the lender looks at the LLC’s credit report, not the owner’s (unless it lacks sufficient history).

2. Why would you need a good business credit score

Many vendors and lenders choose to only work with companies that have established business credit. For example, to open a store credit line with Amazon, you need a business credit report with at least three trade lines.

In contrast to personal credit reports, anyone can purchase business credit reports. Prospective...

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