To save money on your loans, use the various loan calculators available online during the preparatory phase. Using these calculators gives you an idea of how much you can afford, how much you can borrow and an approximate monthly repayment figure.
Personal loan calculator
A personal loan is an excellent tool to revive your finances, like consolidating your credit card debt and to meet the exigent needs. Personal loan calculators available online, use interest rate, loan term and principal amount as variables to calculate the total loan repayment amount. Interest rates vary from lender to lender. It is possible that some online lenders do not consider any fees that may be a part of the loan. The purpose of the personal loan calculator is to estimate monthly payments and total interest paid. Use the available online tools as a part of you loan pre-work and not as an abiding agreement.
Student loan calculator
When it comes to repayment of student loans, the annual salary required to match the monthly loan repayments has to be considered by the student borrower. Some federal student loans require a fixed minimum monthly payment, like 50$. Separate calculators are available for those with multiple student loans (look for Weighted Average Interest Rate Calculator). Some student loans allow the borrower to pay extra payments when possible thereby reducing their interest pay back load. Most online calculators do not factor this.
Most common variables used for calculation are your loan balance, interest rate and the term of your loan. The main assumption of these online calculators is that the entire loan balance will be repaid within the specific repayment term. Student loan deferment calculators will help you arrive at the interest you will acquire while deferring your student loans.
Public service loan forgiveness calculator
Those working in particular non-profit and government sector jobs may be eligible to have their federal student loans forgiven after having repaid the loan for at least ten years. This loan calculator lets you know the approximate amount of money that can be forgiven. The assumptions made by the calculator are generic in nature, and thus the results are not accurate.
Car loan payment calculator
The variables used are the principal amount, the term of the loan, interest rate and rebates. The term of the loan and down payment amount affects the monthly payment.
Mortgage calculator
The variables considered are the principal amount, balance amount, interest, property tax, fees applicable, loan term, PMI (property mortgage insurance), LTV (loan to value), homeowners insurance, and HOA (home owners association) dues. There are certain calculators that provide amortization schedule too.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.