How to find out about your credit scores and keep track of them
Credit Sesame is here to solve all your problems. With a very easy-to-use website, you are in complete control of keeping track of your credit in a safe and secure environment. This article is a comprehensive credit score review to help you get started.
Credit Sesame is a renowned credit and loan management platform that has been in operation since 2010, providing credible services to its growing clientele base. It has helped many people find free financial products and do more towards a favorable credit score.
The main goal of Credit Sesame is to empower individuals to take charge of their finances and work towards achieving their financial goals. It achieves this through services such as free credit monitoring, free credit score and access to monthly credit reports.
Credit sesame services
Free credit score monitoring – once you sign up you will get monthly reports, free credit scores each month and you will be able to monitor your credit report at absolutely no cost. In case of any changes, you will also get alerts to notify you of the changes.
- Identity Theft Protection
This credit bureau helps you stay protected, it provides up to $50,000 in identity theft insurance. You are in good hands. It also insures against fraud.
- Understandings into Your Finances
The staff at Credit Sesame are more than willing to help you make better decisions regarding your finances. They provide interactive one on one services whereby you can identify what affects your credit score, where to change to improve as well as how you compare to your peers.
- Keeping track of your finances over time
The use of trending charts and the monthly reports will help towards visualizing how you are faring and how to further improve your financial position. Each month, you can keep track of your loan payments, interest rates, credit score, credit ratios and easily determine what loans you qualify for.
- What saves you money
It is key that customers are satisfied, so Credit Sesame offers a free service in which they help customers determine what money saving options they have based on their credit profile, financial obligations and goals, and factoring current market conditions and trends. By making informed decisions as a customer, you save on credit card debt, home loans, car loans and many more.
The need for privacy can never be overemphasized, Credit Sesame makes use of industry- standard encryption methods, all security precautions are approved by Verisign.
- 100% free to join
All services are free, as Credit Sesame holds the idea that personal credit information is a customer’s right.
- Mobile Apps
You are in total control of your account at the convenience of your desktop, laptop, or phone. The mobile apps are both android and IOS compatible.
Other free services offered can be found on the Credit Sesame comprehensive and easy to use official website.
Reasons for a personal finance or loan
The need for a quick loan or a long-term loan depends on urgency, purpose, duration, interest rate and other factors. According to reports by credit reporting agencies, the major uses of personal loans are:
- Loans to cover emergencies – When faced with an emergency such as hospital bill, overdue car payment, utility bills and student loans a short-term loan can be a lifeline. An astounding 633% of Americans cannot cover for emergencies.
- The need to consolidate other debts – paying of individual bills can be strenuous and cumbersome. The option of consolidating debt is on the rise. Debt consolidation also helps lower interest rates, reduce monthly payment amount, and reduce the loan duration.
- Make home improvements – people are increasingly taking loans to cater for home improvements. A personal loan will not take from your home’s equity as is the case with home equity lines of credit and standard home equity loans
- Pay for a wedding: reports indicated that the average American couple spent approximately $30,000 on wedding celebrations in 2016. Some couples opt to fund their wedding via personal loans which allows them to repay over a prolonged duration.
- Improve your credit score: most credit card issuers and other lenders report personal loan payments to all major credit bureaus. Thus, as an individual taking on a personal loan and following through with timely payments, you are better placed in acquiring loans at favorable terms
- Cover education expenses: Most Americans have student loans. In a recent survey by the college board reported that the average college budget is $25,000 in a year.
Indicators that you can afford the loan you are borrowing
There are a few key things to be on the lookout for that will help determine whether you qualify for the loan you want to apply for or loan applied for. The 5 C’s include:
- Credit history: what is your track record, what is your payment habit. Your credit history will take a huge seat towards guiding lenders on whether to finance you or not. Different lenders may have different opinions of you as a borrower, but their combined experiences greatly factor in in future loans
- Capacity: Are you in a position to comfortably meet payments? Is the loan ideal for you or will it be a burden? These questions are taken into consideration as well. Your income and employment history are great indicators. Factors such as income amount, the stability of the job, type of income all come under consideration. Your debt to income ratio is also evaluated.
- Collateral: For loans that require a surety, the value of the asset is evaluated to determine whether it covers the risk of the loan. If the asset has been placed as collateral for another loan, the value of the existing debt is deducted from the value of the collateral and the balanced is used to determine whether you qualify for a loan.
- Capital: This refers to the savings, investments and other assets you possess. Ideally, loans are paid via income earned. But in the instance that that becomes unavailable due to job loss, illness or other circumstances, the lender has to determine how the loan will be repaid.
- Conditions: Terms and conditions may apply. What is the loan for, what are the current environmental and economic conditions, the duration of the loan may be considered.
What to Look for in a Lender
A reliable lender should be able to help you determine how much you are qualified to borrow, identify the right product for your lifestyle and income projections. Dependable credit bureaus should also be able to determine if you need to improve your credit score or identify what could be potentially hurting your credit score. Do not be in a rush to take on the first lender you come across, as with other long-term purchases, take your time, shop around, ask questions, ensure the lender you settle on is one you are content with.
Credit Sesame as a lender
Credit Sesame has several personal loans from different partners.
The loans clearly highlight the lender, the term, monthly payment, what you will save as well as the APR. All listed loans have their terms of service. For a thorough review, visit the Credit Sesame official website.
How they work/their application process
Credit Sesame has different loans listed by category and by credit. The three categories are personal, student and auto. Personal loans are offered by various partners, browse through and find one that suits your needs. Student loans are mostly used to refinance and save on an existing loan. The auto category finances purchase of new and used cars or for refinancing an existing car loan.
By credit, your credit score will determine what you qualify for. Poor Credit Scores ranging from 300-640, Fair Credit Scores ranging from 640-680, Good Credit Scores ranging from 680-720, Excellent Credit Scores ranging from 720-850. The better your score the more options you will enjoy.
Making an application is simple and straightforward. Simply create an account on the website and sign up for credit. The application form is a step-by-step process.
As a borrower, there are certain key things to keep in mind and be aware of.
When you put your signature on the promissory note, means that you agree to pay the loan according to its terms. Under no circumstance are you to default or refuse to repay. In the eventuality that you lose your source of income, fall ill or relocate, the loan will still require to be repaid.
Make payments even If you do not receive bill notices. It is your responsibility to meet your monthly obligations even without the reminders.
Keep paying even as you await deferment or forbearance approval. If you have applied for a deferment or forbearance and it has not gone through, you are still under obligation to keep up payments until your request is approved. Failure to do so might lead to you being in default and cost you more as penalties may apply.
In case of any chases, notify your lender or loan servicer. Changes such as if you graduate, drop out of school, change of school, change of name, address or social security number. It is your responsibility to ensure you provide the correct and accurate information.
Keep in touch with your lender. If you have a query, do not hesitate to contact your loan servicer, stay on top of things throughout the duration of the loan. Keep a proper credit history, grow your credit score, improve your financial standing and reach those financial goals. A favorable history will see to it that you enjoy better products and increase the number of lenders willing to finance you.
As a borrower, you also bear the right to cancel a loan, you are under no obligation to take up the full amount fronted. Your lender should provide you the choice of whether to take up the entire amount or a portion of the loan. Taking out a loan online also provides you the opportunity of deciding exactly how much you require.
Get online today, let Credit Sesame link you to credible lenders and help you get one who will serve your needs best.