Dear Liz: My wife and I recently paid off our mortgage. We have no other debt. I soon learned from Experian that my FICO score, which had been perfect for some time, had dropped by thirty-one points. What justifies such action, and what do I need to do to bring up my score?. Answer: Credit … Read more
Owning a luxurious $3 million house is a dream for many individuals However, before you start envisioning yourself lounging in a sprawling mansion, it’s crucial to understand the financial realities involved in owning such a property. This article delves into the costs associated with a $3 million house and helps you determine the income level … Read more
Understanding Bad Debts: Bad debt refers to any outstanding amount owed by a customer that is deemed uncollectible This can occur when a customer fails to make payments due to financial hardship, bankruptcy, or simply refusing to pay. Incurring bad debt is an inevitable part of doing business, especially for companies that extend credit to … Read more
What is the Avalanche Method? The avalanche method is a debt repayment strategy that focuses on paying off the debt with the highest interest rate first. This might seem counterintuitive, especially if you have a larger balance on another debt. But trust us, focusing on the high-interest debt first will save you the most money … Read more
Lenders and other service providers frequently use credit scores as a tool to help determine the likelihood that their applicants and current clients won’t adhere to the terms of their loans or contracts. There are several places to obtain credit scores, including all three of the national consumer credit bureaus (Experian, TransUnion, and Equifax). Credit … Read more
Whether it’s your first credit card application or you’re trying to rebuild your credit, applying for a credit card can be a big decision. The first step is finding a card that meets your needs and comes with helpful benefits. Thatâs where the Capital One Platinum Mastercard comes in. It can be a great starter … Read more
Are you dreaming of homeownership but worried about a lack of funds or less-than-perfect credit? The Federal Housing Administration (FHA) loan program might be your answer. This government-backed program makes homeownership more accessible by offering lower down payments, flexible credit requirements, and competitive interest rates. What is an FHA loan? An FHA loan is a … Read more
Purchasing a home is a big financial decision, so it’s important to know what to expect financially. One cost that often surprises first-time homebuyers is private mortgage insurance (PMI). Although it can raise your monthly payments by hundreds of dollars, this insurance safeguards the lender in the event that you default on your mortgage. This … Read more
The products on this page have affiliate links from partners who pay us; terms and conditions apply to the offers listed. For further information, see our advertiser disclosure along with our list of partners. However, our opinions are our own. See how we rate banking products to write unbiased product reviews. Involuntary bank account closures … Read more
In the modern world, the concept of debtors’ prisons might seem like a relic of the past. However, the reality is a bit more nuanced. While you can’t be thrown behind bars simply for owing money, there are situations where debt can lead to jail time. This article will delve into the intricacies of debt … Read more