Credit Basics
What does APR stand for and what does it mean?
APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.
What is bankruptcy?
Bankruptcy is the term that describes the court proceedings a person must go through to relieve the debts they are unable to pay their creditors.
What is home equity?
Home equity is the difference between the market value of your home and the amount you have paid towards that value.
Why is credit important?
If you are looking for a loan, credit card, or low interest rates, having good credit will increase your chances of getting one of these. If you have credit problems, it may be hard to acquire a loan when you need it the most.
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