What is a Credit Check?

When you apply for a personal loan or line of credit, or you’re trying to get a new credit card or credit limit increase on an existing card, your potential lender or card issuer will often require a credit check. What is a credit check, you may be asking? A credit check shows lenders a […]

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How Long Does it Take to Improve Your Credit Score?

Credit report with score on a desk

If you’re trying to take out a loan for a new house or car, a good credit score will put you on the fastest route to moving in or cruising around Michigan highways sooner rather than later. If you’re being held back by a bad credit score, you’re probably wondering, “how long does it take […]

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How to Get a Credit Card

Paying Credit Card Bill

Thinking it’s time to apply for your first credit card in Michigan? If you’re responsible with how you use your card, it can go a long way to start building up a credit history if you don’t currently have one, or raise your credit score if it’s not so hot right now. Learn more about […]

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How to Save for a Down Payment

One hundred dollar bills

Do you have future plans to take out a loan for a major life purchase, such as your dream car or a new home? Depending on your lender, you’ll likely be required to make a down payment. Whether small or large, saving for down payment can be a daunting task for many individuals. If you’re […]

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What is a Down Payment?

money

If you’re planning to take out a loan to make a major purchase in the near future, such as a house or a new car, you’ve probably been made aware that you’ll need to make a down payment on your purchase. If this is your first time navigating the process, you may be wondering, what […]

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How Do Balance Transfers Work?

Man using calculator

If you’ve ever wondered “how do balance transfers work,” you’ve come to the right place! Many people have at least heard of balance transfers, but not everyone knows what the process entails. Aptly named, balance transfers are a solution designed for credit card debt, in which the debt you hold on a high-interest card(s) is […]

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How to Get a Personal Loan

businessman holding money

Most personal loans are unsecured, meaning they do not require any collateral such as your house or your car. Whether you’re consolidating debt, taking care of emergency expenses, or even funding a vacation, a personal loan can be a great option that won’t wreak havoc on your bank account. If you’re unsure how to get […]

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How Long Do Missed Payments Stay on Your Credit Report?

Credit cards

If you were late paying off credit card bills, auto loans, or other common payments in the past, you may be asking yourself “how long do missed payments stay on your credit report?” It’s scary to think about, but the truth is missed payments can remain on your credit report and visible on credit checks […]

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How Many Car Payments Can I Miss Before It’s Repossessed?

Vehicles on a dealer lot

We’re often asked the question “how many car payments can I miss before it’s repossessed?” by our patrons. Many people fear that all it takes is one missed payment, and while there are some institutions that may apply this rule, it’s far from typical. Generally speaking, it takes three or more missed payments before repossession […]

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What Does it Mean to Default on a Loan?

Calculator with money

When you take out a loan, you agree to repay that loan over a certain period of time. But things happen, and you may eventually find yourself missing payments. What does it mean to default on a loan? Loan default happens if your missed payments exceed the number that was agreed upon in your contract. […]

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