Magical Credit Blog

What is a credit report?

A credit report is a document that summarizes your credit history. This summary includes aspects such as how long you have had each credit account, what balance currently remains on each account, your track record of making repayments on time, etc. The credit report is initially created when you borrow money for the first time, and is updated each additional time you borrow funds, apply for new credit, or make a repayment on an existing credit account.

Paying all of your debt and being free from such obligations is one of the most satisfying milestones of your life. Imagine not having to worry about payments and grinding your way to make enough money to write them off.

Nobody wants to live from paycheck to paycheck. But the reality is many people are in this situation, especially now that we are in a pandemic.

Gross profit and net profit are two important metrics used by businesses to determine a company's profitability. Profit, in its simplest form, is the remainder of the revenue generated by a business after operating costs has been deducted. It can also be thought of as a tool for determining a company's growth and development.

What is the prime rate, and how is it calculated? What impact does this factor have on mortgages and other types of loans? The answers to these and other questions can be found in the explanation provided below.

What are home renovation loans?

As the advent of COVID-19 has increasingly pushed people to work from home, more and more folks are motivated to improve the aesthetic or other aspects of their home now that they are spending most of their time in it. But home renovations don’t just have to be about making cosmetic updates, they can be strategic too. Some people might look to add a section to their home (with requisite permits of course) - this section can increase the square footage of the home and/or be used to rent to a tenant, and unlock a new income stream. Other people might pursue strategic repairs. The bottom line is that several factors can drive people to pursue home renovations. However, home renovations can often be expensive. This is where the concept of the home renovation loan comes in.

Home renovation loans come in a variety of structures. In this article, we will explore the most common types of loans, and discuss the advantages and factors to consider for each one.

You may have encountered this situation before. You require funds for an impending expenditure, but you realize you may have a shortfall for a number of possible reasons. At this point, you have a few options available to you. You can approach a bank or a lender for a loan, you can ask a friend or family member for help, or you can sell off certain assets you own to raise some funds. Depending on the amount of funds you need and the timeline by which you need them, each option may be more or less attractive. However, assuming that you have the luxury of time and find yourself needing to borrow a sizable sum of money, which way do you go? Lender or family?