November 24th, 2014

Facebook Question: Taking a Loan You Didn’t Need

Facebook Question: Taking a Loan You Didn't Need

Hey guys!

Last week, we asked our Facebook followers to help out a Credit Karma member who took a personal loan when he didn’t need it.

“I got an offer for a personal loan and took it. I didn’t need the money – I just thought it’d be great to add to my portfolio. But now I’m scared I’m going to ruin my 719 credit score! It’s a $10k loan with a 15.89% APR. What’s the best way to pay the money back while helping my score? Should I pay it off within the first year? Keep it for 48 months? Go on a spending rampage? HELP!”

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October 3rd, 2014

10/7/14 Tweetchat: Credit and Your New Car

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Join our Tweetchat on Tuesday, October 7th at 2PM PST. This week we'll be discussing how your credit score affects the car-buying process.

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June 13th, 2014

Lenders Are Opening Up Jumbo Loans to Consumers

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Lenders aren’t exactly giving jumbo loans away, but they’re certainly making it easier for borrowers to snag one. In an effort to pick up the pace of their loan growth, more banks are offering jumbo loans to borrowers who can make up for poorer credit scores and unproven income with other assets like investment accounts and stock grants.

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September 23rd, 2013

How To Stay On Top Of Your Student Loans

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For most people, student loans represent their first encounter with the world of credit and finance. They can open a world of opportunity to young people who might otherwise not be able to pay to continue their education. More than 60% of American students (that’s almost 12 million in total) will borrow money annually to help pay for college. It’s likely that this is where you’ll begin to build your credit score: a little number with huge consequences. It can be intimidating, but there’s really no reason to stress out. Staying in control of your student debt is easier than it sounds. When dealing with loans, you should:

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July 3rd, 2013

Top 10 States with the Highest Student Loan Debt

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Students heading back to school this fall with new student loans could be shelling out more money. The deadline to raise the federal student loan rate passed without a vote on July 1st. Congress left for the their July 4th recess with no resolution, allowing interest rates on new subsidized Stafford loans to increase to 6.8 percent from 3.4 percent.

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May 30th, 2013

AvantCredit Review: A Better Alternative to Payday Loans?

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Welcome a new member to the online-only personal loan space! Chicago-based AvantCredit aims its unsecured loans at consumers with credit scores between 620 and 720—a nearly-prime community rarely served by other lenders. Like NetCredit, AvantCredit hopes to bridge the gap between payday loans and traditional personal loans. Its loans range from $1,000 and $10,000 and are payable over one to three years, depending on the terms you receive.

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November 13th, 2012

Review: Borro Lends You Cash for Your Valuables

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Picture this: You’re starting a new business, say a hat shop. You need a small business loan to get the Hat Shack up and running, but each bank you visit has tightened its purse strings. Loans are difficult to come by, and they have high credit score requirements. Where do you go so you can get your shop ready to go before hat season? Enter Borro, an online pawnbroker that extends secured personal loans backed by valuable assets.

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September 21st, 2012

Briana’s Debt Consolidation Story

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I got my first full time job in April 2010 as a Social Media Coordinator. Before that, I had been a broke college student surviving off credit cards, especially after I quit my part-time receptionist job to take care of my mom when she got sick.When I moved into my own place with my boyfriend (now husband), we were both making good money, but I was just paying the minimums on my cards month to month. It’s not that it wasn’t manageable, but I would’ve preferred to get out of debt sooner than later, and see some sort of light at the end of the tunnel.

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December 8th, 2011

The Pros and Cons of Borrowing from Your 401(k)

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When it comes to finding money to take care of financial obligations these days, your options are even more limited than ever before. Thanks to the credit crunch, banks and other financial institutions have made it more difficult than ever to borrow money. Those that will lend will only do so to individuals with an excellent credit score and charge a premium for the privilege. Many people are caught in the crosshairs and simply don’t qualify for a loan.

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October 31st, 2011

Loan Delinquencies on the Rise – How to Avoid Falling Behind on Monthly Payments

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The American Bankers Association (ABA) recently released a worrisome report. According to a second quarter review, delinquencies amongst American consumers are on the rise. At the heart of these delinquencies are bank card debts and defaults. A close second to bank cards is home equity lines and loans—specifically auto loans.

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Editorial Disclaimer: Content on the Credit Karma Blog is for entertainment and information purposes only. The opinions expressed on the blog are those of the authors themselves, and not necessarily Credit Karma or its affiliates. However, Credit Karma may be compensated by companies mentioned in the Credit Karma Blog through advertising, affiliate programs or otherwise. It is this compensation that enables Credit Karma to provide its members with services like free access to your credit scores and free monitoring of credit and financial accounts at no charge.

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