Dually Licensed Tina
Dually LicensedForum Replies Created
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Can you clarify the difference between APR and interest rate?
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Can you provide sample Loan Estimate forms?
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How can I compare closing cost estimates from different lenders?
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What are some common closing costs associated with refinancing?
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How does the glycemic index affect weight management?
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What are some other good low-glycemic index foods?
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Can you please tell me why diabetes is called the silent killer? What can you do to cure diabetes? Is brown and black rice good for diabetes?
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Consolidating your high-interest credit card debt with a personal loan can improve your credit score, and this is how it is achieved:
Credit Utilization Ratio
Impact on Utilization: High average balances on credit cards relative to the limits are a risk factor in credit scoring models. Seeking a personal loan to pay off your credit cards means that your average credit utilization will decrease, which will have a lively effect on your credit score. Also, lenders consider your credit utilization when looking for a loan.
Ideal Utilization: The ideal credit utilization is below 30%. Paying off credit cards, especially those with high limits, will certainly help lower this figure.
Credit Mix
A Blend of Different Types of Credit: Possessing different types of credit accounts (personal loans, auto loans, mortgaged loans, and revolving credit such as credit cards) will positively influence your score. Personal loans in your credit account are good because they help diversify your credit mix.
Payment History
Being Consistent: Paying your loan on time will count positively towards your payment history, which remains the most important factor in your credit report. On the contrary, unpaid credit card bills will lower the score when reported.
History of Credit Accounts Owned
New Accounts: New personal loans would mean opening a new account, thus reducing its average age. However, the improvement in utilization and payment history in the long haul could offset this.
Risks to Consider
Fees and Interest: Note the credit card fees and the personal loan costs. Make sure the loan rates are more advantageous than the credit card rates.
Closing Accounts: If you pay off and decide to close the credit card accounts, this will affect the amount of credit that is available to you and a shorter length of credit history.
Transferring your credit card debts to a personal loan may help your score increase, but mostly if the ratio lowers with good repayment performance. Ensure that the loan terms from Prosper or any other lender are worth it.
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Honest to God I have a strong feeling this plan could be ruthless and unethical. The basis of every relationship and love is respect, egalitarianism and understanding. Both parties should enter a marriage or a relationship on their own free will and not be sold like trade. Rather than making the pursuit of a relationship a business strategy, one should always uphold the dignity and independence of a human being. I would seriously suggest a change of heart on this business model and search for more decent and respectful avenues in love and relationships.