“Beatrice Azumah Foundation Inspires BECE Students With Donations And Motivations”

Kobbygena The Blogger
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The Beatrice Azumah Foundation recently made a significant impact on the lives of over 600 BECE students across three schools in the Ashanti Region. The foundation donated essential educational materials, including mathematical sets, pencils, and pens, to Bomso M.A Basic School, Ayeduase M.A Basic School, and Kotei M.A Basic School. The donation ceremony, held at the PIWC church in Kotei, featured inspiring speeches from esteemed guests. Beatrice Azumah's mother Martha Azumah, who was instrumental in establishing the foundation, encouraged the students to work hard and pursue their dreams. Serwaa Akoto Ampofo, a former SRC General Secretary at KNUST, also delivered a motivational speech, sharing his personal experiences and emphasizing the importance of education. Doctor Bright Ampofo emphasized the importance of personal hygiene and shared valuable life skills with the students. Lawyer Mounique also delivered a motivational speech, encouraging the students to strive for excellence...
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How Loans can rise and fall your credit score

Kobbygena The Blogger

Personal loans generally allow you to borrow money at a much lower interest rate than if you were to put the expenses on a credit card. According to the Federal Reserve, the current average APR for a two-year personal loan is 9.58%. By contrast, the average interest rate on a credit card is 16.30%, but can be as high as 24%. So a personal loan can be a cost-effective way to cover a big expense or consolidate debt.


How Applying for Loans Affects Your Credit Score 

Your credit score is calculated based on five factors: payment history, amounts owed, length of credit history, new credit, and credit mix. The exact percentages vary among the three major credit rating agencies, but according to FICO, 10% is based on any new debt or newly opened lines of credit and 10% is based on credit mix—the number of credit lines that you have open (including secured credit cards)As such, obtaining a new personal loan could affect your credit rating. Your outstanding debt total has now increased, and you have acquired new debt.

Credit agencies also take note of new financial activity. If, for example, you tried to apply for an auto loan shortly after taking out a personal loan, your application might be rejected on the basis that you already have as much debt as you can handle.

Getting you deeper in debt: Taking out a new personal loan means taking on more debt. If you use the personal loan to pay off higher interest debt, it's important to make sure you also change the habits that got you into debt in the first place. For instance, if you use a personal loan to pay off a maxed-out credit card, and then start charging more than you can afford on that card again, you could easily end up with a maxed-out credit card ... plus a personal loan to pay off.


Additional fees: In addition to the interest you'll pay on a personal loan, don't forget about loan costs such as origination fees or late fees. Make sure you understand all of the fees involved before you apply. If necessary, consider borrowing enough to cover the fees.

How personal loans could help your credit

Under the correct circumstances and when used responsibly, a personal loan can positively impact your credit score in a few ways:

  • Better credit mix: Adding various types of lending products to your portfolio helps keep your credit score high as long as you stay on top of payments. It is generally a good idea to have a mix of installment loans and revolving credit, as credit mix accounts for 10 percent of your FICO score.
  • Debt consolidation: If you use a personal loan to consolidate debt, you can generally take advantage of lower interest rates than you’d get with credit cards. With a lower interest rate, you may be able to pay down outstanding debt faster, which will improve your credit score.
  • Payment history: A personal loan can help establish a positive payment history when made in full and on time. Positive payment history makes up 35 percent of your FICO score, the largest category in determining your score.
  • Reduced credit utilization ratio: A personal loan does not affect your credit utilization ratio, but using that loan to pay off revolving credit card debt could lower your ratio. You generally want to keep your credit utilization below 30 percent

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