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In the process of a loan application, your lender evaluates your creditworthiness based on the 5 Cs of Credit - a set of five essential factors that determine your capacity to repay the loan. Familiarizing yourself with these crucial factors can aid in the preparation of your loan application and enhance your likelihood of obtaining approval. 1.     Character Your character is a reflection of your integrity and reputation. Lenders will evaluate your credit...

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‘Tis the season for fraud. We must be wary of the breaches, identity theft and fraud that tend to ramp up during the holiday season. Debit card fraud, especially, thrives during this time. Debit card fraud occurs when someone gains access to your account information to make unauthorized purchases. Black Friday and Cyber Monday deals have come and gone, but many people are still shopping online for that special holiday gift for a loved one. All that extra online shopping can increase the...

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Savings rates are on the rise, it’s a great time to develop a savings growth strategy. We frequently discuss savings rates with our customers.  Through most of the last decade savers were forced to settle for lower yields on deposits, stuck in a low-rate environment.  Even those fortunate to lock in higher returns during the brief market up-ticks grew weary of the feast or famine situation.  There is a simple diversification method to increase your savings returns over the...

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Do you have home-improvement projects you are wanting to tackle but don’t have the excess cash readily available to do so? A Home Equity Line of Credit (HELOC) may be the perfect solution for you. A HELOC is a revolving loan that is secured by your house. It allows you to leverage the equity that you have in your house to gain access to funds to use for home-improvement projects, such as home renovations, debt consolidation, emergency expenses etc... HELOCs are a variable rate loan. You...

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As more and more banking options are available online, fewer and fewer people choose to receive paper bank statements every month, for businesses or those with multiple bank accounts, however, these statements are important to managing finances. Unfortunately, these statements are not always simple to read and understand. Some banks tend to include vague, misleading, or complicated information and sometimes even hidden fees. It might even feel like there is a secret banking language that...

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For equipment retailers, leveraging affordable financing options is almost as important as the product features you are selling, when closing the deal. Conversations between dealers and their clients usually start with defining what is needed to do the job: features, functionality, model and manufacturer options. The discussion typically moves into pricing and affordability.  Letting buyers know, early in the sale process, that financing is available moves that buyer one step further down...

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Since the Coronavirus has hit, most of us have had major changes to our careers – if not through layoffs and furloughs, by work from home adaptations and remote work. These changes have resulted in many people rethinking their career paths, which can be a scary thought. Before you decide, let’s explore a few important parts of this process: Considering a Career Change People seek career changes for different reasons. The most common are better pay, less stress, a better work-life...

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Saving for a rainy day is a common theme this year, as many people have experienced Coronavirus-related financial strains. An emergency fund is a financial buffer that will keep you afloat in a time of unexpected expenses or a halt in your income. The main purpose of an emergency income is to help people avoid overusing credit cards or taking out additional loans–usually at high interest rates. Some of these unexpected expenses might include: Medical expenses Appliance repair...

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Before leaving the house, many people do a quick check: Do I have my phone, keys, wallet, etc. Something people don’t often think about when they grab their purse or wallet before heading out the door is the items they already have inside. Do you really need to take those items with you every time? More importantly, is it potentially dangerous to take these items with you every day? Here are seven things you should not keep in your purse or wallet. Your Social Security Card At the...

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What is a Credit Score? Credit scores are measured on a scale of 300 to 850. Your credit score is a representation of how much debt you have, your credit risk, and your likelihood of paying a bill on time. A few factors contribute to determining this, such as how many lines of credit you have and your financial records. The breakdown of what affects your credit score looks something like this: 10% – Types of Credit Used 10% – Recent Credit Changes 15% – Length of...

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