Credit Archives – Napkin Finance

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Getting Out of Credit Card Debt

Pay the Piper

Credit card debt can be overwhelming. As interest accrues, your balances may keep increasing even if you’re...

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FICO vs. VantageScore

Settle the Score

FICO and VantageScore are two of the most common credit scoring models. Contrary to popular belief, you...

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Paying Off Student Loans

Take a Load Off

It might seem like there’s only one way to pay down your student loans (namely: slowly, painfully,...

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Credit

Permanent Record

Credit is, simply put, your financial reputation. Your credit history describes your record as a borrower, including...

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Paying Down Debt

Get Low

Paying down debt can make you more financially secure and give you more flexibility when deciding what...

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SBA Loans

Helping Hand

SBA-guaranteed loans (or just “SBA loans”) are business loans backed by the U.S. Small Business Administration (SBA)....

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Budget

Nickels and Dimes

A budget is a plan you can use to better manage your spending and saving. When you...

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Debt

It All Adds Up

Debt is money that you owe to another person or a financial institution. When you borrow money,...

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Credit Cards

Swipe Right

A credit card lets you buy now and pay later, all without the hassle of counting out...

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Banks

Bank on It

Banks are institutions that take deposits, cash checks, and make loans. They are essentially home bases for...

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Savings

One Penny at a Time

Savings represent that portion of your income or earnings that is put aside and not spent. Life...

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Interest

Pay Up

Interest is the cost of borrowing money. For a borrower, interest is the price of taking on...

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Layaway

Bill Me

Layaway lets you spread out payments over time when you buy something. Buyers often use it for...

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Collateral

Give and Take

Collateral is something that a borrower pledges to a lender to secure certain types of loans. If...

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APR

Another Day, Another Dollar

An annual percentage rate (APR) represents the annual cost of borrowing money, including fees. Because the APR...

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Bankruptcy

Lose Your Shirt

Bankruptcy is the legal process for consumers or businesses to get help with their debt. Bankruptcy starts...

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Rent vs. Buy

Where the Heart Is

The choice between renting or buying a home may be one of the biggest decisions you make...

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FICO

Score Some Points

Although you might hear the phrase “your credit score” tossed around, you actually have multiple credit scores—potentially...

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Prepaid Card

Top Off

A prepaid card lets you spend money that you’ve already added to the card. It’s similar to...

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Improving Credit

Extra Credit

Your credit report and credit scores describe whether you have a good track record of repaying borrowed...

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Interest Rate

At Any Rate

Interest is what a lender charges you to borrow money. It is usually expressed as a percentage...

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Amortization

Another Day, Another Dollar

Amortization is a way of paying off a debt by spreading payments over a period of time....

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Judgments

By the Book

A judgment is a decision made by a court that’s been entered into the public record (i.e.,...

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Refinancing

Cash in Your Chips

Refinancing is getting a new loan to replace an old one. Borrowers usually refinance in order to...

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Loans

Lend a Hand

A loan is when someone gives money to someone else in exchange for future repayment of that...

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Building Credit

Bit by Bit

Credit is money that’s available to you to borrow whether through a credit card, mortgage, car loan,...

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Buy vs. Lease a Car

Joy Ride

When you need a car, you have two options: buy or lease. If you buy a car,...

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Mortgages

Home Sweet Home

A mortgage is a type of loan that people use to help them buy a house or...

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Student Loans

Old College Try

A student loan can be any kind of borrowed money that’s used to pay for education. Although...

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Paying for College

Higher Education, Higher Costs

Going to college can lead to better jobs and bigger paychecks. But it comes at a high...

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