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If you’re focused on improving your credit scores, paying down or off certain debts can be an effective route. For many people, focusing on past-due accounts, collection accounts and revolving debt, such as credit card debt, might offer a quick win. However, your unique situation will dictate which debts you should pay off first. A […]
Which Debts Should I Pay Off First to Improve My Credit? Read More »
You can pay off debt in a year by prioritizing your debts, sticking to a budget and looking at debt consolidation or balance transfer options. Credit cards are a clear target for a one-year repayment timeline, especially since they carry high interest rates. The average credit card balance was $6,501 in 2023—a 10% increase from
How to Pay Off Debt in a Year Read More »
A financial plan is essentially a guide to spending and saving. With the right approach, a good financial plan can help ease your short-term and long-term concerns about money and also help you build wealth over time. Here are some steps you can take to create a financial plan that aligns with your needs, priorities
How to Make a Financial Plan in 10 Steps Read More »
A joint loan is a loan that has more than one borrower. Both parties have access to the loan funds, and they’re equally responsible for repaying the debt. Having a co-borrower could increase your odds of getting approved, which can come in handy if you’re financing a large purchase. In some cases, it might allow
What Is a Joint Loan? Read More »
You can get a mortgage with no credit. It will likely be time-consuming, since a lender will need to evaluate your application through a process called manual underwriting. That means the loan officer checks all of your financial information personally, rather than relying on an algorithm to determine if you qualify. Manual underwriting is a
Can You Get a Mortgage With No Credit? Read More »
Maxing out your credit card happens when your balance reaches your credit limit. Using your entire credit line can lead to financial and credit challenges. If you max out a credit card, aim to make a payment that brings you well under your credit limit. Acting quickly can help you minimize fees and protect your
What Happens if You Max Out a Credit Card? Read More »
The times you need a paper check are limited today, so you may no longer keep a physical checkbook handy. However, every once in a while, a payment demands it. You might need checks for a payment to a government agency, a rent deposit or a transaction too large for a card swipe. So how
Where to Order Checks: Best Places Read More »
There are currently more than 250 Black-owned banks and credit unions in America with locations in 28 states, including Washington, D.C. These financial institutions address inequalities in the banking system by providing essential services including savings accounts and loans. Read on for a list of Black-owned banks in each state. History of Black-Owned Banks The
Black-Owned Banks in America: A State-by-State List Read More »
When you name someone as a beneficiary on a financial account, you’re giving them permission to inherit your account assets upon your death. This can make it easier to pass your wealth on to your loved ones after you’re gone. You can choose beneficiaries for life insurance policies, investment accounts and retirement accounts, as well
What You Need to Know About Bank Account Beneficiary Rules Read More »
You might see an inquiry from the IRS on your credit report if the IRS asked you to verify your identity, you owe back taxes or you’re working for the IRS. However, the inquiries will be soft inquiries, which don’t affect your credit scores. Why Is There an IRS Inquiry on My Credit Report? A
Why Is There an Inquiry From the IRS on My Credit Report? Read More »
What does the average person your age have in savings? The answer won’t tell you much about your own financial security, but knowing what others have in the bank might give you an indication of whether you’re keeping up or falling behind. According to the Federal Reserve’s Survey of Consumer Finances (SCF) for 2022 (the
Average Savings by Age: How Americans Compare Read More »
Online banks offer some of the same perks as brick-and-mortar locations. You’ll likely have a customer portal and the ability to manage your accounts virtually. Some online banks offer a robust menu of financial products and services—and interest rates on high-yield savings accounts tend to be higher when compared to traditional banks. But not all
7 Things to Consider Before Switching to an Online Bank Read More »
You can purchase mortgage points when you buy a home or refinance your mortgage. Buying points is the same as prepaying interest on your loan, and lenders will give you a lower interest rate in exchange. The lower rate can decrease your monthly payment and, depending on how long you have the mortgage, might save
What Are Mortgage Points and Should You Buy Them? Read More »
If you’re considering applying for a new credit card, it’s important to weigh the impact on your credit with other benefits, such as promotional interest rates or the opportunity to earn rewards. Applying for a new credit card may lead to a small, temporary dip in your credit score because it typically generates a hard
Does Opening a New Credit Card Improve Your Credit Score? Read More »
