Credit Cards

What is APR?

Answer:
Annual percentage rate, or APR, indicates how much it costs to borrow money in relative terms of a fixed annual rate.  In other words, when one borrows money, APR is used to describe how much it costs to borrow that money. 


 

What is the Equal Credit Opportunity Act?

Answer:
The Equal Credit Opportunity act is intended to protect loan applicants. When applying for a mortgage loan, auto loan, or credit card, your credit report plays a huge role. This determines loan approval and interest rate.

 

What is Credit Card Consolidation?

Answer:
Credit card consolidation is an easy way to payoff high interest credit cards, manage debt, and restore a low credit score. Credit card consolidation is a simple concept. Let's say you have three high-interest credit cards, and each card holds a $1,000 balance.

 

Where can I get my credit report?

Answer:
Finding a credit report these days is easy and quick.  Better yet, it’s even free.  Thanks to the Federal Government, the three major credit bureaus, Experian, Trans Union, and Equifax, are required to provide one free credit report annually to consumers.  This means that you can actually get up to three free reports a year, every year.  The only catch is that you can’t ask the same credit bureau for your personal report more than once a year and expect to get it free.

 

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