We have a treat for you…Dorethia has been featured as a financial expert in partnership with MoneyGeek!

MoneyGeek is a trusted online resource that helps consumers make smarter financial decisions with expert-backed advice on personal finance topics like credit cards, loans, and savings strategies.

Dorethia’s latest advice focuses on balance transfer cards and the best loan options available for those with good credit. Having good credit is crucial because it opens doors to better financial opportunities, including lower interest rates and access to premium financial products. 

Dorethia’s insights can help you leverage your credit score to get the most out of your financial choices so be sure to check out her responses to common money questions and follow the links below to learn more. 

How can balance transfers impact your credit score short and long term?

In the short term, getting a balance transfer could result in an additional hard inquiry, which could temporarily impact your credit score and cause your total credit utilization rate to change since you’re switching to a new credit card with a new limit. However, the long-term benefit is that you can pay down your credit card balance faster with a 0% APR for several months, which can lower your credit utilization rate and debt-to-income ratio.

Read more here.

What factors should borrowers consider when calculating their monthly payments on a personal loan?

Don’t forget to consider the type of interest rate and how it could affect your payments. Is it fixed or variable? Is the APR different from the interest rate? Many people don’t realize these numbers are interchangeable and could be different. Also, consider the payment schedule and how payments are applied. Usually, more of your monthly payment will go toward interest early on. Then, more will start going toward the actual principal, so it could be helpful to make extra payments on your loan at the start so long as there are no prepayment penalties.

Read more here.