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finance

5 Terrific Reasons for Investing in Gold

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5 Terrific Reasons for Investing in Gold

Did you know that gold has been found buried alongside human remains dating back to 4,500 B.C.E.? Gold has been a precious material for millennia and not much has changed in the present day. Even during the pandemic, investing in gold … [Read more...] about 5 Terrific Reasons for Investing in Gold

Filed Under: finance

The Bloomberg News Review

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Bloomberg News, news benefits based in New York City, New York, known for giving commerce and financial news to financial specialists and for expanding competition between commerce newswires. Bloomberg News is worked by Bloomberg LP, a … [Read more...] about The Bloomberg News Review

Filed Under: finance

Is a Fast Personal Loan a Realistic Option?

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Is a Fast Personal Loan a Realistic Option?

When it comes to financing in Australia, sometimes you’ll hear terms like “fast Personal Loans” and “instant cash loans”, or even “same day loans”. But is there really such a thing as an instant cash loan or a fast personal loan? Or is it … [Read more...] about Is a Fast Personal Loan a Realistic Option?

Filed Under: finance

CMA vs. CFA: Factors to consider

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CMA vs. CFA: Factors to consider

Anyone thinking of advancing in a career in finance and accounting at some point has to consider CPA, CFA, and CMA. CPA stands for Certified Public Accountant, whereas CMA and CFA stand for Certified Management Accountant and Chartered … [Read more...] about CMA vs. CFA: Factors to consider

Filed Under: finance

3 Reasons to Use a Virtual Tax Preparation Service

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3 Reasons to Use a Virtual Tax Preparation Service

The tax code in the United States is long and complicated. In fact, it is so long and convoluted that nobody really knows just how long it actually is. If you decide to file taxes on your own, you are likely going to end up becoming … [Read more...] about 3 Reasons to Use a Virtual Tax Preparation Service

Filed Under: finance

5 Reasons Why Bad Credit Can Affect Your Loan Application

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Bad credit can have many consequences for your financial life. Bad credit means that a person has a poor financial history which means that they regularly fail to pay bills on time and are expected to fail to do so in the future as well, or they owe too much money. It means a low credit score like under 580 on a scale of 300 to 850. Companies can also have bad credit scores based on their payment history and current financial situation. Even though checking your credit score every day isn’t necessary, you shouldn’t ignore it either. It’s crucial to clear all your dues on time and keep your credit card debt low to boost your credit score and save your entire financial life from crumbling. Some factors that lenders consider before accepting a loan application include proof of income, employment history, housing history, investment statements, debt-to-income ratio, and recent payment history. A bad credit score impacts all these factors and makes it difficult for you to get your loan application approved. It can affect all types of loan applications including, personal loan applications. Therefore, maintaining a good credit score is crucial. There are various companies that help you improve your credit score to get your loan application approved faster. Nectar is one such company in New Zealand. They also offer an online loan repayment calculator (https://nectar.co.nz/calculator/) to help you adjust your finances accordingly. However, it is better to maintain a good credit score yourself instead of borrowing. In this article, we will discuss the various reasons bad credit can, directly and indirectly, affect your loan application. How Bad Credit Directly Affects Your Loan Application? 1. You are considered a risk by mainstream lenders Creditors are only willing to take a certain amount of risk, and people with bad credit can be a huge risk for them. Therefore, mainstream lenders have rigorous standards for determining who gets a loan and who doesn’t. Banks and other money-lending organizations want to know how likely you are to pay them back. All types of loans including, car loans, mortgages, or credit card loans, are difficult to get approved with a low credit score. Lenders check your credit score through providers like FICO and VantageScore. How Bad Credit Indirectly Affects Your Loan Application? Bad credit can affect other aspects of your life. Let’s take a look! 2. High Insurance costs If you have a big credit card bill or fall behind on your mortgage, you would have to pay higher insurance rates. Insurance companies view your credit reports and use a proprietary credit-scoring system to determine rates. Some life insurances companies don’t use a credit scoring process but, it is difficult to obtain their best rates with bad credit. Uninsured assets are not viewed positively by money lenders. Moreover, high insurance costs due to bad credit can appear on your credit report and can make it difficult for you to get your loan application approved. 3. Fewer renting options Bad credit makes it difficult to rent houses. Landlords also measure your ability to pay rent on time based on your credit score. Therefore, a credit report is often a part of your application when planning to rent a place. If you borrow money to pay rent, it will also appear in your credit report and will reduce your credit score. Overall, a bad credit score means fewer housing options, and the inability to afford decent housing means difficulty in getting your loan application approved. 4. Difficulty landing a job Companies ask for references and run credit checks on their potential employee. For specific management roles (where people are supposed to handle money), companies want to make sure that the new employee can be trusted with difficult financial decisions. Bad credit reflects poor money handling and affects your ability to earn money. Being unemployed is not viewed positively by money lenders. They find it too risky to lend a loan to someone who has no source to pay it back. Therefore, difficulty in landing jobs can affect your credit score and can affect your loan application. 5. Paying a deposit for utilities Bad credit can be a hurdle when trying to get an account with a utility or an internet company. Customers with a bad credit score are expected to pay a deposit before setting up an account, as insurance for failure to pay bills in the future. Even cell phone service providers don’t look favorably upon a bad borrowing history. They also ask for either a deposit or suggest a prepaid plan. All in all, it can become difficult to get basic utilities, and the inability to do so is alarming for the banks and mainstream lenders when they view your loan application. The Wrap Up A bad credit score can have various consequences. It means that a person is unable to pay bills on time and will continue to do the same in the future. Several companies calculate your credit score for you. Banks and other mainstream money lenders use your credit score to approve or disapprove your loan application. If you have a history of not paying bills on time, lenders consider it a risk that you won’t be able to pay them back as well and reject your loan application. B ad credit also affects other aspects of your life. For example, it can become difficult for you to hold a job, rent houses, or pay for utilities, and the insurance costs go up. All these factors are used to calculate your credit score, and the resulting low credit score can negatively affect your loan application.

Bad credit can have many consequences for your financial life. Bad credit means that a person has a poor financial history which means that they regularly fail to pay bills on time and are expected to fail to do so in the future as well, or … [Read more...] about 5 Reasons Why Bad Credit Can Affect Your Loan Application

Filed Under: finance

How to Buy Home Insurance: 15 Things to Know

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Having home insurance isn't just a benefit. It's a requirement in many cases across the United States. Purchasing homeowner's insurance isn't required by law. Though, it's required if you plan on taking out a mortgage for your home. Still, … [Read more...] about How to Buy Home Insurance: 15 Things to Know

Filed Under: finance

Advantages of Cheap Credit Repair Services

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Advantages of Cheap Credit Repair Services

A good credit card is vital for authorization for personal loans, credit cards, mortgages, short-term debt, auto loans, and others. The status of your credit score directly impacts interest rates on your debt. If your credit score is … [Read more...] about Advantages of Cheap Credit Repair Services

Filed Under: finance

Why did Forex trading become so popular in 2022?

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Why did Forex trading become so popular in 2022

Forex trading has exploded in popularity among many people, particularly in 2022. Perhaps it is the most straightforward market to participate in and deal with using foreign currency. Furthermore, there is a variety of software available, … [Read more...] about Why did Forex trading become so popular in 2022?

Filed Under: Blog, finance

Where To Sell Unwanted Jewelry Without Getting Scammed?

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Where To Sell Unwanted Jewelry Without Getting Scammed

Old and unused jewelry pieces may not add shine to your jewelry box, but they can add value to your financial planning. You will be surprised to get instant cash by selling your jewelry, and the amount will not be small. The only precaution … [Read more...] about Where To Sell Unwanted Jewelry Without Getting Scammed?

Filed Under: finance

Things to Consider Before Refinancing a Student Loan

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Things to Consider Before Refinancing a Student Loan

Are you one of the nearly 45 million U.S. adults currently carrying student loans? If so, you’re likely looking for a way to make them more affordable. Refinancing is one way to accomplish this. These are some things to consider before … [Read more...] about Things to Consider Before Refinancing a Student Loan

Filed Under: Education, finance

How to Properly Organize Your Financial Documents

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Do you feel a sense of dread when you need to locate your financial documents? Many of us struggle with organizing paperwork due to poor mental health, distractions, or failing to prioritize. We spend around 3,680 hours searching for items … [Read more...] about How to Properly Organize Your Financial Documents

Filed Under: finance Tagged With: organization tips

5 Clever Hiding Spots for Your Spare Set of Keys

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Few things are more annoying than realizing you've lost something. And, a few minutes here and there spent searching can really add up! In fact, the average American spends the equivalent of more than 2 days each year just looking for lost … [Read more...] about 5 Clever Hiding Spots for Your Spare Set of Keys

Filed Under: Business, finance

A New Investor’s Guide to Finding the Best Retail Stocks

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The stock market can be intimidating to most people, filled with incomprehensible graphs and numbers. But on the other hand, it can be a way for average people to make thousands of dollars. To do this, they need to find the best retail … [Read more...] about A New Investor’s Guide to Finding the Best Retail Stocks

Filed Under: Business, finance Tagged With: best retail stocks

7 Benefits of Cloud Computing Certification for Financial Sector Employees

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Benefits of Cloud Computing Certification for Financial Sector Employees

The cloud computing industry has tremendously grown in the last couple of years, and it is expected to grow exponentially over the next two decades. For this reason, many large enterprises in the financial sector are looking for employees … [Read more...] about 7 Benefits of Cloud Computing Certification for Financial Sector Employees

Filed Under: finance

1st Time Home Buyer Tips: A Quick Guide

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Buying a house is both a reward experience and an incredibly beneficial investment. However, a complex process, and can feel overwhelming. And if you're a first time home buyer, these feelings are heightened, making it seem almost … [Read more...] about 1st Time Home Buyer Tips: A Quick Guide

Filed Under: Business, finance

Personal Loan Rates And Consolidation Loans

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Personal Loan Rates And Consolidation Loans

Repaying debts to more than one lender can be a hassle, especially if some debts have high interest rates. If you intend on paying off overwhelming debt, debt consolidation is the ideal way to take care of different debt accounts at once. A … [Read more...] about Personal Loan Rates And Consolidation Loans

Filed Under: finance

5 Must-Have Types of Insurance: Considerations and Definitions

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How to Achieve Sexy and Healthy Body

If you're in the market for a new insurance plan, you have likely been overwhelmed with all of the different types available. What should you consider? Which kind of coverage is best for me? In this blog post, we'll cover 5 types of … [Read more...] about 5 Must-Have Types of Insurance: Considerations and Definitions

Filed Under: finance, News

What Are the Different Types of Home Loans That Exist Today?

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The number of people moving and/or becoming first-time homebuyers rose sharply over the past year even though the housing market has seen a significant rise in average prices. While lots of people are buying, others have had to … [Read more...] about What Are the Different Types of Home Loans That Exist Today?

Filed Under: Business, finance

A 5-Step Guide to Reducing Debt in 90 Days

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A 5-Step Guide to Reducing Debt in 90 Days

If you’ve come here, chances are you’ve realized you’re in debt and you want to change that. Congratulations, you’ve taken the first step, which is acceptance. Now all you have to do is follow my lead and I assure you, together we’ll reduce … [Read more...] about A 5-Step Guide to Reducing Debt in 90 Days

Filed Under: finance

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