January 17, 2018
We live in an era where having the opportunity to borrow money for a mortgage, education, or other personal financial needs is pertinent. Therefore, having a good credit score and understanding how to manage your credit score is extremely important knowledge to hold. First thing’s first, we need to understand what the difference between a credit score and a credit report is.
A credit report is a bundle of information on your past financial history. This may include your credit history, personal information, your financial accounts, and if you had previously filed for bankruptcy. A credit score is a FICO (Fair Isaac Co.) number which provides lenders information on how risky of a borrower you are. There is a number range for FICO credit scores which starts at 300 and ends at 850. The higher your FICO credit score number, the better borrower you are considered.
Having a good credit score and understanding how to manage your credit score is extremely important knowledge to hold.
When you as the borrower wants to apply for a car loan, student loan, home loan, or credit card the lender can look at your credit report and FICO credit score to determine what you will receive from them. Your credit report and FICO credit score will be used for the lender to determine how much money they will lend you and at what interest rate. The riskier the borrower seems, the amount of money lent to them will be smaller and their interest rate will be higher.
After understanding what goes into your credit history it is important to understand how having good credit can save you a lot of money. The higher your FICO credit score number the less “risky” you are considered as a borrower, therefore your interest rate lowers on your loan. The following illustration is an example of how a higher credit score can save you thousands of dollars:
October 26, 2017
Story & photos courtesy of Fargo INC! Magazine
After more than 20 years working for financial services companies, in 2014, Toby Kommer left his executive position with a local bank in search of something different.
The venture Kommer settled on was a kind of one-stop shop for small- to mid-size businesses—a physical space that an owner could come to and have almost any conceivable resource at their fingertips. Earlier this summer, the idea came to fruition, as he and his team of more than 50 cut the ribbon on a new 16,000-square foot building at the corner of 52nd Avenue and 45th Street in one of the fastest-growing parts of Fargo.
The property houses not just Haga Kommer, the CPA firm that bears his name, it’s also home to a full-service bank, Aspire Financial; an insurance agency, Far North Insurance; and an investment firm, Red River Financial.
While Kommer concedes the one-stop shop concept is not a new one, he says he believes their unique approach and drawing from different sources of inspiration will allow them to stand out in the financial services crowd. Here are five ways they’re doing it.
October 25, 2017
Photos courtesy of Michael Vosburg / Forum Photo Editor
FARGO, N.Dak. — In 2014, Aspire Financial Owner Toby Kommer—after more than 20 years working for financial services companies—thought of an idea to create a one-stop shop where owners of a small- to mid-size business could have their entire financial team in one building. Wanting to turn this idea into reality, Kommer bought certified public accountant firm Haga & Associates and rebranded it to Haga Kommer Ltd.
Aspire Financial is under construction at 5195 45th St. S., Fargo.
The idea then came to fruitionearlier in this summer. On Jan. 1, 2017, Haga Kommer Ltd. officially rebranded as Aspire Financial and constructed a new building, located at 5195 45th St. S., Fargo, later that same year.
Today, the bank offers a suite of accounting, insurance, investment and other financial services all under one roof.