credit

4 Financial Mistakes To Avoid For A Good Credit Score

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When it comes to managing money responsibly, there are certain missteps that can have an immediate repercussion on your finances.

For example, unnecessary spending means less money in your bank accounts to cover your bills. Or missing a credit card statement can result in a late fee.

But there are also those money mistakes that may not have as dramatic and sudden effect on your

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Can I get a wedding loan with a low credit score so my sister can have the day of her dreams?

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Credible Money Coach Dan Roccato (feature) (Credible)

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Dear Credible Money Coach,

Is it possible to get a loan for a wedding? My credit score is low, at 550, because of lockdown. My sister’s wedding is coming up, but we don’t have enough money. 

— Darshan

Darshan,

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When to use a personal loan over a credit card

Make sure you know when a personal loan will offer better solutions for your financial needs than a credit card. (iStock)

Sometimes it’s tough to know whether a credit card or a personal loan is the right choice for your current situation. While both options have their own pros and cons, usually a personal loan is a better solution. 

Credit cards offer a revolving line of credit, which means you can access funds whenever you have available credit. Still, they often come with higher interest rates, and the monthly payments vary. 

Personal loans offer a one-time lump sum

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Refinancing student loans? Here’s the credit score you’ll need

If you’re considering a student loan refinance, here’s the credit score you’ll need, and some more details about refinancing requirements. (iStock)

Paying off student loans can always be a challenge but COVID-19 has made the process tougher for many borrowers. 

The Biden administration has taken steps to help student loan borrowers during this time, including suspending payments and interest on federal student loans. And it’s also considering other student loan reforms, such as possibly forgiving some debt. However, these efforts aren’t aimed at borrowers with private student loans. 

Those whose educational debt is owed to private lenders have

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Student loans should be paid off before credit cards

Americans are in debt.

The average person has more than $92,000 in debt, according to the Experian 2020 Consumer Credit Review.

The most important step to paying off your obligations will be deciding which loans you need to tackle first, according to financial expert and podcast host Suze Orman.

You should start by categorizing your loans as secured or unsecured, said Orman.

Check out this video to see how the bestselling author recommends you determine which type of debt you have and what you need to do after compiling your list.

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