How Credit Scores and Ratings Affect Your Loan Application

Wazzup Pilipinas!

The first thing to know about a loan application is that it presents a level of risk to the bank or the financial institution that will receive such application, knowing very well that they might end up losing the money if the borrower does not pay the amount back. 

For this reason, such institutions thoroughly scrutinize every loan application in their effort to provide credit only to the most suitable borrower, one is trustworthy and capable enough to pay back the credit to be borrowed to them.

Credit scores and credit ratings

One way that financial institutions determine such capability is by the person’s credit score which quantifies the person’s level of “creditworthiness” or the chances that the person can repay their loans on time. 

The higher a person’s credit score, the greater the chances not only of receiving their requested credit but also of being eligible to be given a higher credit limit, whether for a loan or for a credit card. 

On the other hand, a lower credit score entails getting a lower credit than what is requested in the application, if not getting a declined application.

Determining a borrower’s credit score is not something financial institutions like licensed moneylenders do themselves. Instead, they rely on the help of the credit bureau, which serves as a database of borrowers’ information. 

While the credit bureau does not disclose the specifics of how it computes a borrower’s credit score, there are a number of factors that come into play:

● The amount of credit a borrower currently has

● The different credit vehicles the borrower has availed

● The payment terms including the length of payment given for a particular credit

● Credit payment history, which includes history of on-time payments and the amounts paid (if payments were less than the minimum payment required or not)

These factors are measured quantitatively by the credit bureau using a credit rating. The credit rating helps the credit bureau compute the borrower’s credit score that will determine whether they can get the credit being applied for. 

While a financial institution may have other criteria in approving loan applications, the credit rating and score provided by the credit bureau remains the most important factor they take into consideration.

Factors affecting credit scores and ratings

While the credit rating system may seem straightforward enough, this is complicated by the fact that there is more than one credit bureau in existence, and each credit bureau has its own credit rating system that they adhere to. 

This means that a borrower having certain credit score may be considered a “low-risk” borrower, which means he can avail certain credit, but another credit agency may consider the said score as a bit more “high-risk” of a borrower. 

More so, some financial institutions only rely on a single credit bureau for their information on their borrowers. This means if a credit bureau has a more stringent credit rating system in place, it might entail a slimmer chance for credit approval.

Credit ratings are also prone to errors such as wrong figures in the borrower’s outstanding amount or uncredited credit payments within the period generated in the report. Such mistakes can adversely affect a borrower’s credit scores, especially if one does not conduct due diligence on their credit information.

Fortunately, credit bureaus offer a free credit report at least once a year. It is advised especially for borrowers to take advantage of this offering to have a better idea of one’s financial health especially in terms of credit. 

This also provides an opportunity to dispute any mistakes in the credit report which may help improve the credit score as a result.

Credit “unscored” and “invisible”

Sometimes, credit bureaus may not provide a credit rating on a borrower who may have either very little credit information available (“unscored”) or have none at all (“invisible”), especially first time loan applicants. 

Without such credit information, these borrowers are deemed to be “high-risk” and would have difficulty applying for onlinecash loans in Philippines, though there are borrowers who are willing to make exceptions and help build the borrower’s credit history in the process.

5 Important Pointers to Remember When Preparing for Your Newborn Photography Session

Wazzup Pilipinas!

Congratulations! You have a bouncing new addition to your family.

Now you want to keep those precious memories close to your heart.

Many parents, first-timers or not, want to commemorate the milestones of their children. It is so they can look back on the memories when their kids grow up. This is especially true with newborns since they grow up so fast.

Newborn photography can be quite difficult compared to others. However, the difficulty should not divert one from keeping a record of these memories.  

It is important to keep a few pointers in mind when preparing for your newborn photography in Mebourne.

Book Your Newborn Photo Shoot As Soon As Possible

During pregnancy, one has a list of things to accomplish and prepare. It is imperative that you book your newborn photography session in advance.

Set a date when you want to have your newborn photoshoot. Once you have decided, have a target date where you can finalize the props and the theme of the newborn photoshoot. Have the target date be when you are 32 weeks pregnant. It gives ample time to work out the final details of your newborn photoshoot, but less time for you to change your mind.  

Remember that most photographers prefer the baby to be about 5-10 days old. This makes it easier for them to pose the babies because newborns tend to sleep for long periods of time.

Decide on a Vision for the Newborn Photoshoot

It is important to have a vision for the newborn photoshoot. You want to have an idea of what you want to be included in the newborn photoshoot. You should have the style and focus of the session ready in advance. It is also necessary to have any specialized props and clothes ready before the newborn photography session to avoid the hassle.

Additionally, you should talk to your newborn photographer. Communicate well what you want the photos to include. Be open to the creative ideas of the photographer. Be ready to collaborate so that you can have your ideal newborn photos ready.

Having a vision lessens your worry during the newborn photography session. It produces beautiful photos that you can keep forever. 

Pack a Baby Bag

You never know what you might encounter when you have a newborn. Accidents such as poop, vomit, and urine can happen. To avoid stress and worry, have a few things ready in your bag for easy access.

-       Change of diapers

-       Feeding bottles for the hungry baby

-       Extra baby clothes to change into

-       Special props for your newborn photoshoot

-       Pacifiers to comfort irritable babies

-       Blankets in case the baby gets cold. It can also be used as props.

Calm Your Baby During the Newborn Photography Session

Keeping your baby calm during the newborn photography session is crucial to have beautiful photos. Babies tend to do very well in studios when they are asleep or full.

Photographers advise parents to feed their babies an hour or 30 minutes before the photoshoot. This will ensure that the baby is sleepy and content.

Another way to keep the baby calm is to give a warm bath a few hours before the photoshoot. Warm baths make babies sleep and more amenable to be placed in cute poses for the photoshoot.

Have a bottle of formula or breast milk ready for the baby during the newborn photography session. Newborn photographers can use it to feed the baby mid-pose so they are relaxed and calm. A pacifier can double as a substitute for a bottle and a prop.

Most of your time during the newborn photoshoot will be spent feeding your baby. This will keep the newborn calm and content, resulting in beautiful newborn photos.

Dress In Comfort

Studio temperature tends to be set low for the baby’s comfort and to promote sleep. You should wear comfortables clothes for easy mobility.

Have extra changes of clothes for you and the rest of the family if you are included in the photoshoot. Studios should allow extra time for a wardrobe change.

For newborns, remember to dress them in button-up or zip-up outfits. The clothing for the newborn photoshoot should allow easy removal. This is so that the baby’s deep sleep will remain undisturbed. A baby’s newborn photography clothes should not go over the head as it will disturb sleep.

Takeaway

Newborn photoshoots can take time and test your patience. The newborn can easily become fussy or wake up due to positioning.

When you lose your patience, remember to relax. You will gain more in calming your baby and even gain beautiful photos as a result. Enjoy the time spent bonding with your baby and remember that they will not always remain that small.

The photos you get from the newborn photography session give you wonderful memories in the years to come.

Visiting Forces Agreement (VFA) Termination Due to Senator Bato Dela Rosa's US VISA Cancellation

Wazzup Pilipinas!

President Rodrigo Roa Duterte earlier threatened to terminate the Visiting Forces Agreement (VFA) if the United States does not “correct” its cancellation of Senator Bato dela Rosa’s visa.

The termination of the VFA is a serious matter. We have fought for it since 1999. It is NOT a mere bargaining chip to get Bato back his US Visa. The termination of the VFA is needed because it is an affront to our national sovereignty.

Foreign Secretary Teodoro Locsin Jr eagerly puts the President's words in motion after the Philippine chief warned the US government it had one month to 'correct' Senator Ronald dela Rosa's canceled visa. He has asked Defense Secretary Delfin Lorenzana to start the termination process, but also said that he and Defense Secretary Delfin Lorenzana will contact the US Senate first to inform them of the country's intent to withdraw the agreement.

The abrupt termination of the VFA could deal a big blow to the country’s efforts to combat terrorism, warned a former envoy to the United States.

Renato Reyes Jr., Bayan secretary-general, said the termination of the VFA should be based on US’ alleged abuses of the treaty, and not because the visa of Dela Rosa was revoked.

Muntinlupa Rep. Ruffy Biazon says an immediate scrapping of the VFA may compromise national security.

However, at the height of Duterte's threat to end the VFA with the United States, his daughter, Davao City Mayor Sara Duterte was in the U.S. for a conference with American city mayors.