Investments & Finance

by Michigan Municipal League (MML)

Question by catchandthrow22: What do finance charges of a credit card mean?
I am a college student, have no credit, and am looking for a nice solid reward card that gives cash back. I was looking at the AOL Visa Rewards card, but it has a minimum .00 finance fee, what does that mean?

Also, any other card recommendations?

Thanks.

Best answer:

Answer by shelcom
That’s the interest charge. I can’t believe you’re in college and couldn’t figure that out.

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by connect2canada

Question by Pantsguy: What exactly is a home equity loan and can I still get one with bad credit?
I do own my own home but am still paying off my mortgage. My son needs more money for college and we’ve tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don’t know if it’s a good idea though.

Best answer:

Answer by Anjell
You have ownership of the home but what you don’t have is free title that’s why you still have a mortgage to pay. A home equity loan is just what is says, a loan that you can access up to or near the value of the equity you have in your home. For example if you bought a 0,000 home and you’ve paid half of it off, then you have 0,000 in equity. That means that the bank could lend you up to that much. The stipulation is that you would need to have nearly sterling credit and still qualify for it. If you’ve already maxed out your other financial resources particularly a credit card of all things I very much doubt you’re going to get an equity loan anyway because you’re already in over your head. I’m glad you want to help your son out with his tuition but he may have to do like millions of other students and get a part time job to help out.

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Question by no: How can I receive a student loan without my parents as a cosigner?
I have little over 500 left to payoff but my parents wont cosign my loan and I currently have no job. I need to pay my college account off so I may register for next semester. Is there any loan out there for me?

Best answer:

Answer by Amanda
You might be able to get one if you have some credit already. Do you have a car payment or credit card that you pay on? If not and you have no credit, it’s unlikely you’ll get a loan without a cosigner. You can have someone else with a credit score sign with you, but beware who you choose- it may affect the amount you need.

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