These 3 Companies Help Regular People Borrow up to $250,000

So, you have thousands of dollars in credit card debt, and the burden of paying off all that — and interest — is gobbling up your income.

Instead of financially treading water making minimum payments and paying maximum interest, make the smart move, and take out a debt consolidation loan. It’s a personal loan, usually at a lower interest rate that you can use to pay off your high-interest credit cards.

In the long term, you can save a ton of money, but first you have to shop around for a loan.

Sound difficult? It doesn’t have to be. Instead of spending hours scouring the internet, you can go window-shopping at an online marketplace that’ll help pinpoint the best loan for you.

We recommend you try more than one site and see what kind of results you get. Heck, try them all if you want. It won’t take long, and you have nothing to lose: Seeing your options won’t cost you anything, and it won’t hurt your credit score.

1. This Company Will Lend You Up to $250,000 

While you’re stressing out over your debt, your credit card company is getting rich off those insane interest rates. But a website called Fiona could help you pay off that bill as soon as tomorrow.

Here’s how it works: Fiona can match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.

Fiona can help you borrow up to $250,000 (no collateral needed) with fixed rates starting at 2.49% and terms from 6 to 144 months.

Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free t0 check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.

2. This Company Has an A+ With the Better Business Bureau

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off all of your balances.

AmOne rates start at 3.99% APR, and it keeps your information confidential and secure. After 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

3. This Company Will Let You Skip Your Credit Card Payments This Month

No, like… the whole bill. All of it. All that debt racked up from the 300 destination weddings your friends made you attend (thanks!) could be paid by the end of this month.

Your credit card company is ripping you off with insane rates, and it’s getting rich off of you. But there are other, nicer companies that’ll help you out. A website called Credible knows the best ones and could pair you up as soon as tomorrow.

Here’s how it works: Credible will match you with a loan that’ll cover your credit card tab. Use that loan to pay off your debt, then make monthly payments to repay the loan. It could lower your monthly payments and help you pay off that debt a lot faster. Plus, no credit card payment this month.

Credible won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.

Now you can finally stop holding a grudge against that friend who thought a Mexico wedding was a good idea.

<!–

–>

Source: thepennyhoarder.com

Credit Card Network vs Issuer: What Is the Difference?

While credit card networks and card issuers both play a role when you use your credit card to make a purchase, they do different things. Credit card networks facilitate transactions between merchants and credit card issuers. Meanwhile, credit card issuers are the ones that provide credit cards to consumers and pay for transactions on the cardholder’s behalf when they use their card.

Where it can get confusing is that some credit card networks are also card issuers. To get a better understanding, keep reading for a closer look at the differences between a credit card network vs. issuer.

What Is a Credit Card Network?

Credit card networks are the party that creates a digital infrastructure that makes it possible for merchants to facilitate transactions between merchants and the credit card issuers — meaning they’re key to how credit cards work. In order to facilitate these transactions, the credit card networks charge the merchants an interchange fee, also known as a swipe fee.

Here’s an example of how this works: Let’s say someone walks into a clothing store and uses their credit card to buy a pair of pants. They swipe or tap their credit card to make the purchase. At this point, the store’s payment system will send the details of this transaction to the cardholder’s credit card network, which then relays the information to the credit card issuer. The credit card issuer decides whether or not to approve the transaction. Finally, the clothing store is alerted as to whether or not the transition was approved.

Essentially, credit card networks make it possible for businesses to accept credit cards as a form of payment, making them integral to what a credit card is. Credit card networks are also responsible for determining where certain credit cards are accepted, as not every merchant may accept all networks.

The Four Major Card Networks

The four major credit card networks that consumers are most likely to come across are:

•   American Express

•   Discover

•   Mastercard

•   Visa

All of these credit card networks have created their own digital infrastructure to facilitate transactions between credit card issuers and merchants. These four credit card networks are so commonly used that generally anywhere in the U.S. it’s possible to find a business that accepts one or more of the payment methods supported by these merchants. When traveling abroad, it’s more common to come across Visa and Mastercard networks.

Two of these popular payment networks — American Express and Discover — are also credit card issuers. However, their offerings as a credit card network are separate from their credit card offerings as an issuer.

Does It Matter Which Card Network You Use?

Which credit card network someone can use depends on the type of credit card they have and whether the credit card network that supports that card is available through the merchant where they want to make a purchase. Most merchants in the U.S. work with all of the major networks who support the most popular credit cards, so it shouldn’t matter too much which credit card network you have when shopping domestically. When traveling abroad, however, it’s important to have cash on hand in case the credit card network options are more limited.

Merchants are the ones who are more likely to be affected by the credit card networks that they use. This is due to the fact that credit card networks determine how much the merchant will pay in fees in order to use their processing system.

Recommended: Charge Cards Advantages and Disadvantages

What Are Credit Card Issuers?

Credit card issuers are the financial institutions that create and manage credit cards. They’re responsible for approving applicants, determining cardholder rewards and fees, and setting credit limits and the APR on a credit card.

Essentially, credit card issuers manage the entire experience of using a credit card. Cardholders work with their credit card issuer when they need to get a new card after losing one, when they have to make their credit card minimum payment, or when they want to check their current card balance.

Credit card issuers can be banks, credit unions, fintech companies, or other types of financial institutions. Some of the biggest credit card issuers in the U.S. are:

•   American Express

•   Bank of America

•   Barclays

•   Capital One

•   Chase

•   Citi

•   Discover

•   Synchrony Bank

•   U.S. Bank

•   Wells Fargo

Credit Card Network vs Issuer: What Is the Difference?

Credit card issuers and credit card payment networks are easy to confuse. The main difference is that credit card networks facilitate payments between merchants and credit card issuers whereas credit card issuers create and manage credit cards for consumers. If you have an issue with your credit card — like in the instance you want to dispute a credit card charge or request a credit card chargeback — it’s the issuer you’d go to.

These are the main differences to be aware of when it comes to credit card networks vs. issuers:

Credit Card Issuer Credit Card Payment Network

•   Creates credit cards

•   Manages credit cards

•   Accepts or declines applicants

•   Sets credit card fees

•   Determines interest rates and credit limits

•   Creates rewards offerings

•   Approves and declines transactions

•   Processes transactions between credit card companies and merchants

•   Creates the digital infrastructure that facilitates these transactions

•   Charges an interchange fee to merchants

•   Determines which credit cards can be used at which merchants

How Credit Card Networks and Issuers Work Together

Credit card networks and issuers need each other to function. Without a credit card network, consumers wouldn’t be able to use their card to shop with any merchants, and the credit card issuer’s product would go unused. Credit card networks create the infrastructure that allows merchants to accept credit cards as payment.

However, it’s up to the credit card issuers to approve or decline the transaction. The credit card issuer is also the one responsible for getting credit cards into consumers’ hands when they’re eligible and old enough to get a credit card, thus creating a need for the credit card networks’ services.

Recommended: When Are Credit Card Payments Due

Get a New SoFi Credit Card Online and Earn 2% Cash Back

Credit cards can be a useful financial tool, but it’s important to understand their ins and outs before swiping — including the difference between a credit card network vs. card issuer. Both are critical to credit card transactions, with the credit card network facilitating the transaction between the issuer and the merchant, and the credit card network approving or denying the transaction.

While the major credit card networks are available at most merchants in the U.S., this may not be the case abroad, which is why it’s important to be aware of when choosing a credit card. This among many other considerations, of course, such as searching for a good APR for a credit card and assessing the fees involved.

If you’re on the search for a new card, consider applying for a credit card with SoFi. SoFi cardholders earn 2% unlimited cash back when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back when redeemed for a statement credit.1

Learn more about the SoFi credit card today!

FAQ

What is a credit card network?

A credit card network is the party that creates the necessary infrastructure to process transactions between a credit card issuer and a merchant. Whenever someone makes a purchase with a credit card, it is processed by a credit card network. In return for processing the transaction, the merchant pays the credit card network an interchange fee, which is how the credit card networks make money.

How do I know my credit card issuer?

To find out a credit card’s issuer, simply look at your credit card. There will be a string of numbers on the credit card, and the first six to eight digits represent the Bank Identification Number (BIN) or the Issuer Identification Number (IIN). The Issuer identification number identifies who the credit card issuer is.

Who is the largest credit card issuer?

The four largest credit card networks are American Express, Discover, Mastercard, and Visa. Most merchants in the U.S. work with all four credit card networks. When traveling abroad, it’s more common to come across Visa and Mastercard networks.


1See Rewards Details at SoFi.com/card/rewards.
Third-Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Photo credit: iStock/Poike
SOCC0322016

Source: sofi.com

How to Check Credit Score: A Comprehensive Guide

How to Check Credit Score: A Comprehensive Guide – MintLife Blog

Skip to main content

overall financial health. Learn how to check your credit score.

Checking your credit score isn’t as challenging as it may seem, and once you know how the process becomes faster and easier each time. Several methods are available for checking your credit. Review the options below to determine which one makes the most sense for you.

Step 1: Check Your Credit Card or Loan Statement

When you apply for a credit card or loan, the lender pulls your credit information to determine if they’ll approve you. These entities will provide you with your credit score or you can ask them to send you a copy. Receiving your credit score from an entity you’re already working with can save you time and money. But if you’re not planning to apply for a credit card, loan, or other new line of credit in the near future, it may be best to choose a different method for checking your credit score.

Step 2: Use a Free Service

A range of services are available that all you to check your credit score for free. No matter which service you choose to use, follow the steps listed on the website to receive your free credit score. Be sure to read the fine print before entering your credit card or payment information.

Step 3: Purchase Your Scores

In addition to the free services, you can also receive your scores through one of the three major credit bureaus (Experian, Equifax or TransUnion) or an outside entity. The cost typically ranges from $10 to $20 per credit check. Some people choose this option because they like what a particular report offers or because a free method isn’t currently available to them. Many free services offer a variety of valuable information, so do your research before determining which option is best for you!

Step 4: Go see a Nonprofit Credit Counselor

Nonprofit credit counselors are available to help people improve their financial standing. Whether you want to save more, eliminate debt or create a budget, nonprofit credit counselors can provide guidance. Depending on the counselor, your credit score check might be free or cost a small amount. In addition to receiving your score, a credit counselor can help you understand what your score means and how you can improve it.

What to Know When You Check Your Credit Score

While a credit score may seem straightforward, there are some nuances to be aware of. By understanding key information about what your number means, you’ll get the most out of your credit score check.

There Are Many Different Credit Scores and Credit Score Ranges

Not all credit bureaus and credit reporting entities utilize the same scoring system. For example, there are several websites and apps like Turbo that provide a free score and tools like a free personal loan calculator. The scoring model used may be slightly different than another bank, lender or credit bureau. If you were to check your credit score through a couple of different entities, you’re likely to receive somewhat differing numbers.

In addition, each entity may categorize their credit score ranges differently. One organization might define good credit as anything above 700, while another entity might say that anything above 680 is good. Keep this in mind as you review your score and compare it with the guidelines of the financial product or service you’re considering.

There’s No Need to Limit How Often You Check Your Credit Score

Checking your own credit is considered a soft inquiry, not a hard inquiry. Soft inquiries don’t impact your credit score, so checking your score often won’t cause it to lower.

You’ll also want to review your credit report periodically, which lists your payment history, open lines of credit and any outstanding debt. By reviewing your report, you’ll be able to identify cases of fraud or outstanding credit you’ve forgotten about.

Pay Attention to Your Range, Not Your Exact Number

Your credit score can fluctuate and can even differ based on which entity calculates your score. That’s why it’s more important to focus on the range your score falls in, rather than your exact number. All credit scores fall somewhere between 300-850. Generally speaking, between 720-780 is considered a “good” score and an “excellent” score is 781 and beyond.

You can learn more about credit score ranges here.

You Can Take Steps to Improve Your Score

If your credit score is not where you’d like it to be, there are plenty of methods for raising it. Although any method to improve your credit score will take time, a higher score increases your eligibility for financial products, loans, and credit card offers.

Clean up your credit report: Review your credit report and identify whether you need to change your financial behavior in any way. While you can’t remove negative items from your report, they typically will age off after seven years. Make sure to also look for false items on your credit history, such as an unpaid bill.

Be timely with your payments: Whether it’s a utility bill or credit card payment, be sure to consistently pay on time.

Pay off your debt: While you do need to have some debt to show that you can pay it off responsibly, you don’t want to rack up large credit card balances or lease a new car every year. In other words, your balance shouldn’t become a high percentage of your overall credit line. To accomplish this, continue to pay off your outstanding debt and avoid unnecessarily large purchases.

Limit how many new lines of credit you open: A lender may consider how many new lines of credit you’ve recently applied for, which could negatively impact your score.

Maintain long-term accounts: A solid track record of paying off your credit on-time will show a potential lender that you are reliable. Try to keep a couple of accounts open, active, and paid over time to demonstrate a strong credit history.

Most negative information ages off after about 7 years

While a late payment or unpaid bill stays on your report for a while, credit reporting doesn’t occur for longer than seven years from when the original debt was charged off. Exceptions to this rule include defaulted student loans and bankruptcy.

It’s Important to Check Your Credit Score

Understanding and monitoring your credit score allows you to be in tune with your financial standing and make adjustments as needed. Checking your credit score periodically offers a few important benefits. Get your absolutely free credit score from Turbo – it’s quick and easy!

Understand Your Financial Standing

Your credit score is one indicator of your overall financial health. It provides information about your credit experiences and your history of paying bills, in addition to any outstanding debt you may have. By checking your credit score, you get a glimpse where you currently stand financially. Your credit score can almost always be improved (unless you’re one of the lucky few with perfect credit), so knowing your score gives you key insight into whether or not you should prioritize giving your score a boost.

Several companies consider your credit score along with your other financial indicators, like your income and debt-to-income ratio, when approving you for a loan or service. Your credit score provides indication of how likely you are to repay the loan amount on time.

Ensure You Can Get the Best Terms

When lenders pull your credit score and credit report, they receive your history of paying bills, how long you’ve had certain accounts, and if debt collection has ever been utilized. Based primarily on these factors, they will then make a determination of the terms they will offer you. Typically, the better your credit score, the lower fees or rates you’ll receive.

If your score isn’t where you’d like it to be, you can take time to work on your score before following through with a lender. You might improve your credit score by doing things like paying off  your current debt and being timely with all of your payments.

Determine Eligibility for Financial Products

Some lenders and financial vendors provide guidelines as to what they’re looking for from a potential borrower. For example, a credit card company might require a score of 720 or above to be approved, or a mortgage company may require a credit score within a particular range to lock in a certain interest rate. By knowing your score, you’ll have better understanding of which financial products and terms you might be eligible for.

Alert Yourself of Potential Fraudulent Activity

Pulling your credit score won’t give you direct information regarding fraudulent activity, but it could be a clue that fraudulent activity has occurred. If you think your credit score is suspicious, be sure to pull your credit report or sign up for credit monitoring.

Knowing how to check your credit score gives you instant access to your financial standing and helps you better understand what improvements you might like to make to your private life. Regularly checking your credit score and identifying areas for improvement is key to maintaining a strong financial life. To get started, get your free credit score and spend some time assessing your financial goals.

Turbo


Save more, spend smarter, and make your money go further

Browse by Topic

Save more, spend smarter, and make your money go further

Source: mint.intuit.com