Quick Look
- Taking out a loan or line of credit always results in a “hard inquiry” on your credit.
- Hard inquiries negatively affect your credit score but only for a short period of time.
- Taking a moment to write down the details of your loan or line of credit after you get it will make you more likely to use it wisely.
Contents
<< Debt Consolidation Checklist
Keeping your eye on your debt payoff targets and writing down your goals will help you achieve them!
When applying for a consolidation loan, the precise details of what is required of you will differ by lender and the type of loan you’re taking out. But be prepared for a hard check on your credit and providing a variety of other personal financial details.
Loan Details to Write Down
Once your loan or new line of credit has been approved, write down the most pertinent details in the notes section above including the following (depending on what’s applicable):
- Introductory Interest Rate
- Duration of Introductory Interest Rate and date it will end
- Interest rate (or best guess range if variable) after interest rate ends
- Loan term
- Amount you plan to pay each month
- Planned for payoff date
Conclusion
If you’ve been following the tasks in your MoneySwell plan (logged in users only), you’ve now written down some version of the the details above up to three times. Research has shown that this type of repetition and reminder can increase the chances of meeting your goals. And in the next task, you’ll see how you can use the MoneySwell Cashflow Goals tool to easily track your progress.
in Boulder and San Diego.