Some may be wondering what exactly is a “credit score”. A credit score is a number used to analyze your creditworthiness. It is sometimes referred to as your FICO score, a name derived from the Fair Isaac Corporation, a California based company that developed the credit scoring system. The scoring system involves taking a detailed [...]
In the beginning, every financial facility had a certain group of functions they were allowed to perform. These regulations were strictly enforced not allowing them to overstep their boundaries unless they wanted to deal with stringent consequences. These laws were put into effect after the stock market crash and the Great Depression to protect banks [...]
Compound Interest
Compounding interest can be a great way to increase your finances in shorter time period or beyond your originally desired amount. To understand the advantages of compound interest you must understand how it can work for you or against you. Compound interest is used in many ways by banks. It is used to calculate [...]
Fixed and Variable Rates
There are two types of interest rates applied to loans. It is important to know which type of interest rate is being applied to your loan. Most banks offer a variety of interest bearing accounts. Most of these accounts have fixed rates, a set rate for the life of the account. [...]
