Increase Credit Score

If every pay cheque you earn is just enough to cover your expenses, it is probably the last thing you can imagine. If you are in a situation where you are worried about how you can survive on a low income, saving could be one of your last priorities. However, if this is not quite your situation and you are instead focusing on a goal such as saving for a house or looking for strategies for effective money management for low-income families, here are 4 tips that could help: Is Your Income Low, Or Is Your Expenditure High? Our first tip is to take a look at the overall picture of both your income and your spending, at all the money you spend. No matter how much or how little you earn, there is never a guarantee of financial well-being. In fact, a higher-income household that is heavily in debt is further behind than a family that takes home much less and has no debt - that family could build up its savings despite lower income. Knowing your income may be as simple as lookin...

Credit scores assist lenders to decide whether to approve loan applications or not and determine what credit terms are offered. Scores are generated by algorithms that use information from your credit reports that summarize your credit history. Fundamentals of Credit Score Credit scores are developed to assist lenders to make decisions. Banks and credit unions want to know the risk of your loan defaulting, so they look for clues about your credit history. They want to know, for example, whether you have borrowed money and successfully repaid loans, or whether you have recently stopped payments on multiple loans. Instead of scouring the credit reports for each applicant for 20 minutes, looking at a score gives lenders a quick and general idea of the applicant's credit rating. Borrowers can also be beneficial. Lenders are less able to use their subjective judgment when a score tells them most of what they need to know. Scores should not differentiate based on how you look or how you ...