No credit check – Market DCD http://market-dcd.com/ Just another WordPress site Sun, 05 Jun 2022 22:07:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://market-dcd.com/wp-content/uploads/2021/06/icon-2021-06-29T174343.113.png No credit check – Market DCD http://market-dcd.com/ 32 32 How do I check the status of my tax return for the past three years? https://market-dcd.com/how-do-i-check-the-status-of-my-tax-return-for-the-past-three-years/ Sun, 05 Jun 2022 19:54:10 +0000 https://market-dcd.com/how-do-i-check-the-status-of-my-tax-return-for-the-past-three-years/ EEvery year, the IRS claims to hold about $1.5 billion in refunds for those who didn’t file. After July 15, 2023, you will no longer be able to claim this rebate for federal returns filed in 2019. Although you can no longer file 2019 returns electronically, if you need to claim your refund, prepare and […]]]>

EEvery year, the IRS claims to hold about $1.5 billion in refunds for those who didn’t file. After July 15, 2023, you will no longer be able to claim this rebate for federal returns filed in 2019.

Although you can no longer file 2019 returns electronically, if you need to claim your refund, prepare and submit your 2019 tax return forms by July 15, 2023; don’t let your money go to the IRS!

You have three years to file a tax return and claim your refund without incurring a late-filing penalty. The deadline for claiming a tax refund for 2018, for example, was April 18, 2022.

Taxpayers who have not yet filed a 2019 tax return but owe a refund will have until July 15, 2023 to claim it before it is sent to the US Treasury. If you owe a tax refund, you will not be penalized for filing late. If you don’t owe taxes, you don’t need to file a tax extension.

Taxpayers who do not file a 2019 tax return risk losing more than just their refund of taxes withheld or paid during the year, as many low- and middle-income workers may be eligible for the tax credit on Earned Income, or EITC.

The credit was worth up to $6,557 in 2019. The EITC is a tax credit for taxpayers who earn less than a certain amount:

  • $15,570 without eligible children ($21,370 if married and filing jointly)
  • $41,094 with one eligible child ($46,884 if married and filing jointly)
  • $46,703 with two qualifying children ($52,493 if married and filing jointly)
  • $50,162 with three or more qualifying children ($55,952 if married and filing jointly).

How to Claim a Missing Tax Refund Payment

Call 800-829-1040 for assistance or 800-829-4059 for TTY/TDD.

Complete Form 4506-T, Request for Transcript of Income Tax Return, and check the box on line 8 if you need salary and income information to help you prepare a delinquent return. You can also contact your employer or the person who pays your salary.

Use Get Transcript to request a statement or account transcript if you need information from a previous year’s tax return.

To file an overdue return, use our online tax forms and instructions, or call 800-TAX-FORM (800-829-3676) or 800-829-4059 for TTY/TDD.

You may be eligible for assistance through the Voluntary Tax Assistance (VITA) or Tax Counseling for Elderly (TCE) programs if you are having difficulty preparing your tax return. For more information, see Free Tax Preparation for Eligible Taxpayers.

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Can I change my car insurance policy at any time? | Car insurance https://market-dcd.com/can-i-change-my-car-insurance-policy-at-any-time-car-insurance/ Fri, 03 Jun 2022 20:33:00 +0000 https://market-dcd.com/can-i-change-my-car-insurance-policy-at-any-time-car-insurance/ Whether you want to adjust your current car insurance policy because your coverage needs have changed or you want to switch insurers to save money, most companies make it easy for you. Here’s what you need to know before changing your car insurance policy. Can I change my auto insurance at any time? Yes, in […]]]>

Whether you want to adjust your current car insurance policy because your coverage needs have changed or you want to switch insurers to save money, most companies make it easy for you. Here’s what you need to know before changing your car insurance policy.

Yes, in most cases you can change your car insurance policy whenever you want – you don’t have to wait for the policy renewal period. To make changes to an existing policy, such as adjusting your current coverage limits or adding a teen driver, simply call your insurer’s customer service number or speak to your local agent. In most cases, any policy changes will take effect immediately, but you will need to prepay any resulting premium increases.

You can also change auto insurance companies at any time. Many insurers will let you cancel your existing policy for free, but some charge a fee. Check with your current insurance company to find out if you would be subject to such changes. If your motivation is to save money, you may be able to do so simply by adjusting your current policy, such as increasing your deductible or lowering your coverage limits.

Even if you are in the middle of an insurance claim, you can change your insurance policy. However, your current claim must remain with your current insurer. Therefore, you will need to continue navigating the claims process with your original auto insurance company. Remember, if you choose to go with another carrier during an open claim, be sure to be up to date with all payments and follow claim filing rules.

When to change car insurance?

As the seasons of life change, your auto insurance needs may also change. That’s why it’s important to review your insurance policy regularly to make sure it still meets your coverage needs. Whether it’s tweaking your current policy or shopping around for another provider, reasons to change your car insurance include:

  • you are getting married. If you and your partner both own a car, it may be cheaper for you to insure both vehicles on the same policy instead of maintaining separate policies. You may be able to achieve additional savings by bundling your auto and home insurance.
  • Your car is getting old. It may not make financial sense to purchase comprehensive insurance on an older vehicle, especially if the book value of the vehicle is very low.
  • You move. Whether your new home is across town or across the country, your address is an important factor in determining your insurance premiums. Related factors, like whether you have a garage or need to park on the street, can also affect your premiums.
  • Your teenager has received his driver’s license. It’s no secret that insurance premiums for teenage drivers are higher than for older drivers. But if your teen has started driving, it’s likely to be cheaper to add them to your existing car insurance policy than to insure them separately. Many insurers offer car insurance discounts to teens if they get good grades or leave the car at home while they go to school.
  • You are retiring. Older drivers, on average, enjoy some of the cheapest auto insurance rates. And if you no longer commute to work every day, you can also save with a low mileage insurance policy.
  • You want to lower your premium. Changing insurance companies could save you money. Comparing quotes from at least three insurance companies is recommended by the Insurance Information Institute.
  • You are not satisfied with your current insurer. Cost isn’t the only reason people switch car insurance. Customer service and claims handling are two other factors we consider in our ratings of the best auto insurance companies in 2022.

When (or if) you decide to switch carriers, you should first review your current policy and see if there are any cancellation fees before the renewal period. This way you can avoid surprise charges. Following a few steps can help streamline the transition between insurance companies.

  1. Gather relevant documents. This includes details of your current policy, driver’s license and vehicle identification number (VIN) of any cars you wish to insure.
  2. Compare the prices. You’ll want to automatically compare policies before switching to a new car insurance company. Although price is an important factor, make sure you know the details of your policy’s coverage (i.e. deductibles, types of coverage, and coverage limits), so you can compare apples with apples. Waiving certain coverages may reduce your insurance costs, but it may also reduce your coverage. In other words, you may have to pay more if you are involved in a collision or if your vehicle is damaged.
  3. Select and enroll in a new policy. Once you’ve identified the appropriate coverage and are happy with the rate, it’s time to purchase your new policy. Before you cancel your original policy, you must ensure that the new policy is active. Failure to do so could result in an interruption of coverage, which could impact your rate. Also get a copy of your new insurance card. Some companies give you instant access to your card through their mobile app, making it easier to provide proof of insurance.
  4. Tell your lender. If you have financed or leased your current vehicle, you will need to notify the lender or lessor.
  5. Cancel your old insurance policy. After verifying that your policy is active, you can cancel your current policy. Depending on when you cancel, you may be entitled to a refund for unused coverage.

Although many insurance companies allow you to cancel at any time, some may apply cancellation fees if you quit halfway through your policy. For this reason, you should speak with your current insurance company to review the terms and conditions of your policy to avoid unexpected charges.

Having a new policy in place before canceling the old one is crucial to avoid a lapse in coverage. Since car insurance is mandatory in almost every state, not having coverage is not taken lightly. An interruption of coverage may lead to consequences, such as a rate increase, license suspension, fines or the repossession of your vehicle. If you have an accident without insurance, you will also be liable for any expenses resulting from any damage or injury for which you are held responsible.

Depending on when you terminate your current policy, it is possible to receive a prorated refund. For example, if you pay your annual premium up front and decide to skip four months, you’ll receive a prorated refund for the coverage you didn’t use.

Changing car insurance companies will not affect your credit score. Because insurance providers do not report your payment history to credit bureaus, policy activity will not show up on your credit history. However, your credit score can affect the price you pay for coverage. Most insurers use your credit-based insurance score, which takes your credit history into account when calculating your rate.

You have the right to change insurance company at any time, even after an accident. But remember that depending on the severity of the incident and your driving record, your insurance premium may increase. When terminating your policy, insurance companies usually review the last 3-5 years of your driving record. As a result, an accident could result in a higher rate with a new insurance company.

Learn more

For more information on car insurance, see the following guides:

Other ratings from 360 reviews

For more information on other types of insurance, see the following guides:

At US News & World Report, we rank the best hospitals, the best colleges, and the best cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team uses this same unbiased approach to review insurance companies and agencies. The team does not keep samples, gifts, or loans of products or services we review. Additionally, we maintain a separate sales team that has no influence over our methodology or recommendations.

US News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to purchase products, we may earn a commission but this does not affect our editorial independence.

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Best of the Bay Picks https://market-dcd.com/best-of-the-bay-picks/ Wed, 01 Jun 2022 05:14:54 +0000 https://market-dcd.com/best-of-the-bay-picks/ Marty Legrand Best place for kayakers to see bald eagles: Blackwater National Wildlife Refuge Cambridge, Md. With some 11,000 hectares of forest, salt marsh and shallow water, Blackwater National Wildlife Refuge is home to one of the largest breeding populations of bald eagles on the east coast, a species seen year-round at this Dorchester County […]]]>

Marty Legrand

Best place for kayakers to see bald eagles: Blackwater National Wildlife Refuge Cambridge, Md.

With some 11,000 hectares of forest, salt marsh and shallow water, Blackwater National Wildlife Refuge is home to one of the largest breeding populations of bald eagles on the east coast, a species seen year-round at this Dorchester County bird sanctuary. Two boat launches, three scenic water trails, and several outfitters offering rentals and tours make Blackwater a welcoming haven for paddlers, too. fws.gov/refuge/blackwater


Chris D. Dollar

CBM’s esteemed editors sent me on another silly errand to identify the “Best of the Bay.” Luckily for them, I’m just crazy about trying it, with this caveat: there are too many good fish products made in the Chesapeake region to pick just one.

Best Bay Made Fishing Lures: G-Eye Template

Years ago, when Captain Lonnie Johnson first introduced his G-Eye Jigs, I asked him why he decided to make his own jigheads. He replied that since he’s super focused on realistic action and quality, the best way to achieve those goals is to do it himself. What sets G-Eye Jigs apart from other jigs are the oversized prismatic eyes, which help entice the fish to strike. G-Eye jigs are hand cast with quality materials, and each jig is finished with a top coat of UV paint for better underwater visibility. It also uses top quality hooks so when you hook that big fish it stays hooked. geyejigs.com

Best Handmade Custom Fishing Rods: JLS custom rods

As a part-time fishing outfitter and guide, I learned a few things about quality rods. A relative newcomer to the custom rod building game, JLS Rods will make you a rod to catch fish, whether it’s panfish, freshwater trout, red drum or cobia. Their rods are in the hands of hundreds of passionate anglers and professional guides. Strongly focused on using high quality components and craftsmanship, it is perhaps their willingness to do unique customization that sets them apart, at least in the eyes of their customers. So if you are looking for a high quality custom rod, JLS custom rods should fit that bill. jlscustomrods.com


John Page Williams

Best Boatmen Heritage Tours: Rappahannock Roundstern Tappahannock, Va.

Join Captain Richard Moncure and Mate Nate Parker aboard one of two 38′ vintage workboats for fishing, natural history, and eagle tours around the dramatic Fones Cliffs; exploring the Captain John Smith Chesapeake National Historic Trail; and hands-on oyster tours. rappahannockroundstern.com


Jefferson Holland

Best Long Distance Boat Race: Great Chesapeake Bay Schooner Race

Every October around Columbus Day weekend, schooners from around the world gather in Baltimore to take part in this iconic night race in Norfolk for fun, camaraderie and a great roast pig and oysters at the end. The fleet parades around Baltimore’s Inner Harbor and descends the Patapsco for the spectacular start of the Annapolis race. Proceeds support the environmental and educational programs of outstanding Chesapeake Bay organizations. gcbsr.org


Robert Gustafson

Best place to get hard to find items for your boat: HW Drummonds, East Coast of Virginia.

Serving boaters since 1959, HW Drummonds is a family run business that offers a wide variety of hard to find parts and accessories for boats, motors and trailers. Drummonds is particularly strong on all kinds of lubricants, lights and terminals, bottom paints, zincs, cleaners, fuel tanks and treatments, and electronics like depth finders, radars and GPS units. Knowledgeable staff will take the time to understand your needs, and if they don’t have it in-house or at one of their four locations (plus three service stations), they can usually get it within a day. www.hwdrummond.com


Niambi Davis

Best place to watch sunrise and sunset: St. Michaels, Maryland, and Annapolis, Maryland.

My favorite places to watch the sunrise or sunset are away from quiet anchorages. I like to greet the sun or end the day in a marina or on a mooring ball in the company of kindred spirits nearby. In Saint Michel port, watching the orange and gold of the sun as it crawls through the masts never gets old (and I have the photos to prove it). For the sunsets Annapolis Harbor is my choice. Just before the sun sets, it colors the tops of the waves gold. With the State Chamberdome in the distance and the sounds of “Retreat” from naval academy, the sunset is not getting better. tourtalbot.org, visitannapolis.org


Jefferson Holland

Vintage and Classic Boat Festival, St. Michaels, Md.

It’s a Father’s Day weekend tradition for the family to visit the Maritime Museum of the Chesapeake Bay and watch dad drool over all the beautifully polished mahogany runabouts, vintage racing boats and the elegant wooden motor yachts designed by the likes of Chris-Craft, Trumpy, Gar Wood and Lyman, on display in the water and on land at the Antique & Classic Boat Festival. Enthusiasts from across the Bay Area bring their lovingly restored floating treasures to the festival. Produced by the Chesapeake Bay Chapter of the Antique & Classic Boat Society, this June marks the event’s 34th year.

If you are looking for a project, you will find it among the dozens of boats for sale at the “Champ des Rêves”. The nautical flea market offers a wide variety of nautical accessories and equipment. The Arts at Navy Point brings some of Canada’s best known maritime artists and artisans to Florida. But the most fun is watching the fleet of 9-foot-long Jersey Skiffs hydroplane down the Miles River. cbmm.org/event/antique-classic-boat-festival


John Page Williams

Best Historic Water Trail: Captain John Smith Chesapeake National Historic Trail

1,800 miles around the tidal waters of the Chesapeake, Capt. Smith’s is the National Park Service’s only all-water National Historic Trail. It follows the explorations of Captain John Smith and his crews from April 1607 to October 1609. During this time he took detailed notes which he incorporated into the first accurate map of the Chesapeake Bay and its great rivers at tide, which he followed all the way. to their navigators. The publication of the map in 1612 opened the bay to English settlement in the 17th century. Explore it today aboard any vessel, from paddle boat to trawler, using the free online guide at chesapeakeconservancy.org/apps/BoatersGuide/


Robert Gustafson

Best little-visited waterfront park: Magothy Bay Nature Preserve, Townsend, Virginia.

For solitude in the beautiful surroundings of the east coast, Magothy Bay Nature Reserve is a hidden gem. A few miles north of Cape Charles, Magothy Bay is a little-visited 445-acre state park that’s a bit hard to find! Its two trails include a loop through migratory songbird habitat, but the crown jewel is the 2.2-mile walk through coastal pine forest and along a causeway overlooking the salt marsh along of Magothy Bay and the barrier islands beyond. Look for wading birds foraging for shells, diamondback turtles and swamp hens enjoying the mudflats.
dcr.virginia.gov/natural-heritage/natural-area-preserves


Susan Moynihan

Best ferry: Tangier Ferry, Tangier and Onancock, Va.

There’s been a lot of talk about ferries lately, from suggestions for a ferry ride to mitigate Bay Bridge backups to electric ferries in downtown Annapolis. But at the foot of the bay, ferries are a way of life for the inhabitants of the island of Tangier. The Joyce Marie II, a 36-foot deadrise-style boat helmed by Tangier native Mark Crockett, makes twice-daily round trips between Onancock and Tangier from May through October, ferrying locals and their errands, visitors and their suitcases, and whoever else needs the passage of an hour. Tickets are available on a first-come, first-served basis at Tangier Port (7:30 a.m. and 3:30 p.m. departure) and Onancock Port (10 a.m. and 5 p.m. departure), so arrive early or, better yet, give them a call to reserve in advance. To keep it old, payment is by cash or check only, no credit cards. tangerferry.com

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How to Refinance a Parent PLUS Loan – Forbes Advisor https://market-dcd.com/how-to-refinance-a-parent-plus-loan-forbes-advisor/ Mon, 30 May 2022 11:53:33 +0000 https://market-dcd.com/how-to-refinance-a-parent-plus-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Federal Parent PLUS Loans are available to parents of dependent undergraduate students. While parent borrowing PLUS has declined by 20% over the past 10 years, according to the College Board, it has […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Federal Parent PLUS Loans are available to parents of dependent undergraduate students. While parent borrowing PLUS has declined by 20% over the past 10 years, according to the College Board, it has increased significantly since 1990, reflecting the surge in college prices during that time.

Parents who find themselves overwhelmed by PLUS loans — or who just want to save money on repayment — have several options. One strategy for borrowing parents is to refinance student loans, which can result in lower interest rates for creditworthy applicants. Some lenders even allow parents to transfer their PLUS loans to their children.

What is a Parent PLUS loan?

Parent PLUS Loans are a type of Federal Direct Loan, which is also the umbrella under which Federal Subsidized and Unsubsidized Loans and Graduate PLUS Loans fall. But parent loans PLUS have major differences:

  • PLUS loans require a credit check, unlike other types of federal loans. To obtain a loan, you must demonstrate that you meet specific criteria. For example, you cannot have more than $2,085 in debt 90 days past due or negative marks such as default, bankruptcy, repossession, or seizure on your credit report within previous five years.
  • You can still get a parent PLUS loan if you have a so-called “adverse credit history”. You must obtain a co-signer (called an endorser) or successfully document the extenuating circumstances that led to your negative credit history. In both cases, you will also participate in credit counseling.
  • Parents can borrow up to the amount of their child’s tuition, after subtracting any other financial aid they have received. This can cause some parents to take on more debt than they need.
  • Parent PLUS borrowers are not eligible for all federal repayment plans. In order to qualify for income contingent repayment, they must consolidate their PLUS loans federally and enroll in income contingent repayment (ICR).
  • Parent PLUS loans have higher interest rates and fees than other federal loans. For 2021-22, the fixed interest rate is 6.28%, compared to 3.73% for subsidized and unsubsidized loans for undergraduates. The parent PLUS loan fee is 4.228% of the total loan balance, compared to 1.057% for subsidized and unsubsidized loans.

Should you refinance a Parent PLUS loan?

Since parent PLUS loans are generally more expensive than other federal loans and have fewer payment reduction options, refinancing offers the opportunity to save money with less inconvenience. This does not mean, however, that refinancing parent loans PLUS is without risk, so it is important to compare the advantages and disadvantages according to your personal situation.

As a general rule, it’s a good idea to consider PLUS parent refinance in the following circumstances:

  • As a parent borrower, you have a good or excellent credit rating and may qualify for the most competitive interest rates. Or, even if you don’t qualify for the lowest fare available, you’ll earn multiple points off the fare you’re currently paying.
  • You are not working for an employer who would qualify you for Public Service Loan Forgiveness (PSLF). Parent PLUS loans are eligible for this program when consolidated federally and repaid under the ICR. If you refinance federal loans, they will become private loans and you will lose access to the PSLF.
  • Your income is strong and consistent, and you don’t anticipate having to defer or reduce your payments in the future.

Avoid parent PLUS refinance if:

  • Your credit score, income, or debt-to-equity ratio would not qualify you for a significantly lower interest rate than what you are currently paying.
  • You work at the PSLF or you would benefit from subscribing to the reimbursement plan based on income.
  • You may need to defer deferral or forbearance payments for a period of time. Federal loans offer much more flexibility than refinanced private loans.

Refinance on behalf of parent or student

If the student you took out PLUS loans for has left school and now has good credit and a solid income, they may be able to refinance your parent’s PLUS loans in their own name and assume the responsibility for payment. With this strategy, a parent essentially transfers a parent PLUS loan to a student.

Not all lenders offer this option, so be sure to explicitly ask all lenders you are considering. If the student’s financial profile does not make them eligible for refinancing on their own, you can co-sign their refinance loan. Keep in mind that even though you will no longer be the primary borrower, you will still be required to repay if your child cannot afford to pay.

How to Refinance Parent PLUS Loans

Follow these steps to complete the parent PLUS loan refinance process:

1. Compare lenders

The best way to get the lowest rate possible is to compare several refinance offers. Many lenders offer prequalification on their websites. Use it to get an estimate of the interest rate you could receive without undergoing a credit check.

Also take a look at other features, such as eligibility requirements, available forbearance, potential interest rate reductions, and repayment terms.

2. Estimate how much you could save

Once you’ve received a few tentative offers from lenders, verify that refinancing is worth it for you.

Calculate how much you would pay on your current repayment plan with your current interest rate over the next five, 10, or 15 years (or whatever refinance term you choose). Compare that with what you would pay at the new interest rate and identify your potential savings, if any. A refinance calculator can do the math for you.

3. Gather documentation

Once you’ve chosen a lender, rate, and term, get ready to submit your application. You will probably need the following documents: a driver’s license or passport; proof of U.S. citizenship, such as a Social Security number; proof of employment and income, such as payslips; and 30-day repayment statements from your current lenders or student loan servicers for each loan you plan to refinance.

A repayment statement tells the new refinance lender how much they will pay your servicer so they can take care of your debt. To get your payment statements, log into your repairer’s online portal or call their customer service number.

4. Submit an application

Once all your documents are ready, complete an application. Most refinance lenders allow you to do this on their website, although some traditional banks and credit unions may require you to visit a local branch. At this point, the lender will carry out a firm credit check, which will appear on your credit report and result in a formal interest rate offer. Make sure you are comfortable with the offer and read the loan agreement to understand all fees and requirements.

If your application is accepted, the new lender will have you sign a loan agreement before repaying your previous loans. Be sure to continue to repay your previous loans until you have received confirmation to start making payments to the refinance lender.

Alternatives to Refinancing a Parent PLUS Loan

You may find that you don’t qualify for a parent PLUS loan refinance or you’d rather not lose valuable federal loan protections. But if you want to pay less per month, try these alternatives:

  • Federal Loan Consolidation: By consolidating a parent PLUS loan into a direct consolidation loan, the term of your loan will vary from 10 to 30 years, depending on the loan balance. This will likely mean a lower payout. But you’ll pay more interest over time with a longer-term loan, so compare it with other repayment options before moving forward. If you choose ICR, you will need to consolidate parent PLUS loans first.
  • Reimbursement based on income: Under the ICR, you’ll either pay 20% of your discretionary income depending on your family size and income, or the amount you would have to if you were to choose a 12-year repayment plan with fixed payments , whichever is lower. You’ll need to recertify your earnings each year, which means your payments could go down or up. You will receive a rebate on the remaining loan balance after 25 years.
  • Extended repayment: You must have at least $30,000 in PLUS loans to be able to repay them under the extended plan. Your repayment period will be 25 years, instead of 10 years on the standard plan, and you can choose fixed or progressive payments (which increase gradually). If you’re likely to take a long time to repay your loans, it might make more sense to choose the ICR, as you’ll potentially get lower payments and discount at the end of the repayment period.
  • Progressive repayment: This 10-year plan starts with lower payments that increase every two years. This is a good option if you expect your income to increase, but it might be less useful for parents who have already reached their maximum income potential or who may retire during the repayment period.
  • Get help from your child: It is always possible to create an informal arrangement with your child in which they help you repay the PLUS loans. It’s best if you agree on an amount they can afford and put the plan in writing. This way you know when to expect payment from them each month.

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How to Boost Your Credit Score Before Applying for a Mortgage https://market-dcd.com/how-to-boost-your-credit-score-before-applying-for-a-mortgage/ Sat, 28 May 2022 13:36:36 +0000 https://market-dcd.com/how-to-boost-your-credit-score-before-applying-for-a-mortgage/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. If you are planning to buy a house very soon, it is a good idea to […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

If you are planning to buy a house very soon, it is a good idea to pause and check your credit score before submitting any application documents.

Your credit score plays a huge role in the interest rate you’ll receive when applying for a mortgage – this doesn’t just apply to home loans; the same goes for personal loans, credit cards and any other form of credit.

National mortgage rates can fluctuate and are usually a good benchmark for what your rate will be at that time, but the best way to get a more accurate reading of your rate is to apply or get a pre- approval. Before you do that, you should do what you can to improve your credit score if you think it’s less than ideal.

So Select has put together some tips to keep in mind when it comes to improving your credit score. Remember that improving your credit score doesn’t happen overnight and it can actually take several months of healthy credit habits to start seeing changes, depending on what happens. found in your credit profile.

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1. Continue to repay your monthly debts on time

Paying your bills on time is the most important thing you can do to increase your score. That’s because payment history makes up 35% of your FICO® score, making it the most influential factor in determining someone’s credit score. For lenders, a person’s ability to meet their credit card payments indicates that they are capable of taking out a loan and repaying it.

But your credit score isn’t just influenced by your credit card bills. You must pay all your bills on time. This includes all of your utilities, student loan debt, and any medical bills you may have.

Missing a payment or making a late payment is actually easier than you think. When life gets really busy, your credit card bill or loan due date can easily slip away. That’s why experts recommend using automatic payment or setting up automatic transfers from your bank account to your bills. This way, you don’t have to remember to manually make payments. This reduces the likelihood of you incurring a missed payment, which can hurt your credit score.

2. Don’t open too many new lines of credit at once

FICO and VantageScore consider the number of credit inquiries (such as requests for new financial products or requests for credit limit increases) as well as the number of new credit accounts a person opens. Every time you apply for a new credit card or loan, the lender does a thorough investigation of your credit report, which “rings” your credit and may temporarily lower your score.

That being said, applying for multiple new lines of credit in the same amount of time can seriously hurt your credit score, so make sure that if you decide to go ahead with applying for credit, it’s absolutely crucial for your financial situation. health. You should give up opening new lines of credit at least a few months before applying for a mortgage.

Keep in mind that when applying for a mortgage, it is strongly recommended that you seek out the best rate by submitting your application for pre-approval to several lenders, which means, yes, they all carefully review your credit profile. However, with mortgages in particular, you can have your credit report removed as many times as needed without further damaging your score as long as it is within a 45 day window.

Some lenders speed up the pre-approval and application submission process so you can quickly figure out where you stand. Ally Bank is known for offering a mortgage pre-approval in as little as three minutes (and you can potentially submit your full application in as little as 15 minutes). SoFi, which has a completely online mortgage application process, offers quick pre-qualification and even gives borrowers access to mortgage loan officers for slightly more personalized answers to their questions about the process.

Allied bank

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed and adjustable rate mortgages included

  • Types of loans

    Conventional Loans, HomeReady Loan and Jumbo Loans

  • Terms

  • Credit needed

  • Minimum deposit

    3% if you continue with a HomeReady loan

Advantages

  • The Ally HomeReady loan allows a down payment of just under 3%
  • Pre-approval in just three minutes
  • Submission of the application in less than 15 minutes
  • Online support available
  • Existing Ally customers are eligible for a discount that applies to closing costs
  • Does not charge lender fees

The inconvenients

  • Does not offer FHA, USDA, VA or HELOCs loans
  • Mortgages are not available in Hawaii, Nevada, New Hampshire or New York

SoFi

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed and adjustable rate mortgages included

  • Types of loans

    Conventional loans, jumbo loans, HELOC

  • Terms

  • Credit needed

  • Minimum deposit

Advantages

  • Quick pre-qualification
  • Provides access to mortgage officers for advice
  • $500 off for existing SoFi members
  • Interest rate deduction of 0.25% when you lock in a 30-year rate for a conventional loan
  • Offers up to $9,500 cash back if you buy a home through the SoFi Real Estate Center

The inconvenients

  • Does not offer FHA, VA, or USDA loans
  • Mortgages are not available in Hawaii, New Mexico or New York

3. Keep your credit utilization rate low

Your credit utilization rate is the amount of credit you have used divided by your total available credit. For example, if you spent $5,000 on a credit card with a credit limit of $10,000, your credit utilization rate is 50%. Experts generally recommend keeping your total usage below 30%, and below 10% is even better.

One important way to keep your usage low is to keep making on-time monthly payments on your credit card balances (while keeping new spending as low as possible, of course). If you can’t afford to pay off your credit cards in full each month, you’ll just have to be patient and consistent with your monthly payments.

Additionally, you might also (thoughtfully) consider opening a credit card with a 0% APR introductory period if you already have a lot of credit card debt (as long as you don’t already open too much new lines of credit). These credit cards offer an initial term usually of 12 months or more during which you will not be charged interest on your monthly payments. You can therefore transfer an existing balance on this credit card and possibly pay it off during this initial period.

This can be extremely useful if monthly interest charges prevent you from reducing your debt balance. Select rated the U.S. Bank Visa® Platinum Card and the Citi Simplicity® Card among the best interest-free introductory cards for balance transfers and new purchases.

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases

  • Regular APR

    15.24% – 25.24% (Variable)

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

Citi Simplicity® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

You may also consider asking your credit card issuer to increase your credit limit. This increases your total available credit and reduces your utilization rate. Many issuers will give you a limit increase if you’ve had your card for a while and made your payments very well on time.

4. Dispute any credit report errors

Whether or not you’re trying to boost your credit score to prepare for mortgage applications, it’s always a good idea to monitor your credit reports for any inaccuracies – including instances where lines of credit have been taken out on your behalf. name you weren’t aware of.

This can be a very serious problem, especially since inaccuracies and lines of credit that you were unaware of can lower your credit score by contributing to your utilization rate and debt ratio.

You might think it seems unlikely that an error could be made on one of your credit reports, however, 26% of participants in a Federal Trade Commission (FTC) study found at least one error on their reports which could make them seem more risky to lenders.

According to My FICO, common errors occur when someone applies for credit cards under different names, if a clerical error is made when information is entered from a handwritten application, or if information from an ex -spouse still appear on your report. If you spot an error, then you should gather all supporting evidence and dispute the error online or over the phone to the respective office that issued the incorrect report.

You can use Experian, or another credit monitoring service, to easily dispute any errors and monitor your credit with each of the three major credit bureaus (Experian, Equifax, and TransUnion). You can also receive free annual credit reports by visiting annualcreditreport.com.

Experian Dark Web Scan + Credit Monitoring

On Experian’s secure site

  • Cost

  • Credit bureaus monitored

  • Credit score model used

  • Dark web analysis

  • Identity Insurance

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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What is Credit History? | Accelerate lending https://market-dcd.com/what-is-credit-history-accelerate-lending/ Thu, 26 May 2022 21:31:29 +0000 https://market-dcd.com/what-is-credit-history-accelerate-lending/ How to build a solid credit history Building a credit history takes work and, unfortunately, doesn’t happen overnight. However, there are things you can do to improve your credit history, which we’ll detail below. Start with what you can afford You may need to apply for some type of credit or loan to establish a […]]]>

How to build a solid credit history

Building a credit history takes work and, unfortunately, doesn’t happen overnight. However, there are things you can do to improve your credit history, which we’ll detail below.

Start with what you can afford

You may need to apply for some type of credit or loan to establish a credit history. Stick to the basic rule that you shouldn’t borrow more than you can afford to repay. You might want to consider a few types of loans that people with little or no credit history can use to build credit:

  • Secure bank cards: Secured credit cards require a cash deposit to open an account. This reduces the risk for the credit card issuer. For example, you could post a $200 security deposit and in return receive a $1,000 line of credit. Eventually, you may be able to apply for an unsecured card if you make your regular payments.
  • Authorized User Credit Cards: As an authorized user, you can use the primary account holder’s credit card. You would have access to your own credit card connected to the main user’s account. As an authorized user, you can access the account without having to complete an additional application or undergo a credit check.
  • Credit-generating loans: Credit loans are used to make fixed payments to a lender (who holds your money in a bank owned by the lender). At the end of the loan term, you have access to the loan amount.
  • Co-signed loans: Co-signed loans include someone else who agrees to take responsibility if you don’t make your payments. It is important to choose someone you trust to help you establish a good credit history.
  • Student credit cards: If you are a student, you can also apply for a student credit card. A student credit card typically offers lower credit limits and few incentives, but gives you a head start in building credit.

Pay your bills on time

Credit history places a lot of emphasis on getting accounts paid on time. As mentioned earlier, a FICO® Score category comprises 35% of your payment history. Pay your bills on time each month, even if you can only make the minimum monthly payment.

Late payments will show up on your credit history and may impact your credit score. They can also stay on your credit report for up to 7.5 years, although the impact of late payments diminishes over time.

Keep your accounts open

The longer you hold accounts, the stronger your credit history will be. Avoid closing lines of credit whenever possible. This action can increase your credit utilization, which refers to the ratio of your total credit to total debt, expressed as a percentage.

For example, if you have two credit cards with a limit of $1,000 each and you owe $500 on both, your credit utilization ratio is $1,000/$2,000, or 50%. You want to try to keep your credit utilization as low as possible.

Keeping your accounts open can prove a longer credit history, while closing them automatically shortens your credit history.

Review your credit reports

Reviewing your credit reports is important because errors can affect your score. Your credit report may contain incorrect personal information, incorrect accounts due to identity theft, inaccuracies in account status (such as closed accounts reported as still open), balance errors or data management.

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What is a 401(k) Loan or Hardship Withdrawal? What do you want to know https://market-dcd.com/what-is-a-401k-loan-or-hardship-withdrawal-what-do-you-want-to-know/ Sun, 22 May 2022 13:31:52 +0000 https://market-dcd.com/what-is-a-401k-loan-or-hardship-withdrawal-what-do-you-want-to-know/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Sometimes life throws a difficult, unexpected (and expensive) event at you and you wonder how you’re […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Sometimes life throws a difficult, unexpected (and expensive) event at you and you wonder how you’re going to pay for it. Hopefully, you can rely on the money you’ve set aside in an emergency fund to pay for your expenses, but if you don’t have enough (or none at all), you might be looking for a alternative solution.

If you have a 401(k) account through your employer, you may have the option of taking out a 401(k) hardship loan or using a 401(k) hardship withdrawal to help fund some of your these expenses.

However, it’s important to note that before turning to a 401(k) loan, you must first exhaust all of your other options for additional cash. That means exploring any emergency money you might have set aside, tapping into any extra savings you have, or even seeing if it’s possible to take a side hustle that will cover the cost of what you need to pay. Indeed, when you borrow from your retirement account, you remove the possibility that this money will continue to grow over time, especially if you withdraw your entire balance.

Here’s what else you need to know about taking out a 401(k) loan or 401(k) hardship withdrawal.

How 401(k) Loans Work

A 401(k) loan lets you borrow money from your occupational retirement account on the condition that you repay the amount borrowed with interest. The good news is that payment amounts and interest accrue directly to your account.

The interest rate you pay on a 401(k) loan can change over time. According to Debt.org, the interest rate you would pay on a 401(k) loan is usually a point or two higher than the loan rate used by banks. The rate used by banks is called the prime rate and it is influenced by the federal funds rate, so it can change over time. So, if the prime rate is 5.2%, the interest rate you pay on your 401(k) loan may be around 6.2% to 7.2%.

Because your 401(k) is an employer-sponsored account, you will need to follow your employer’s plan rules regarding taking out a 401(k) loan. Many employers have limits on how much of your balance you are allowed to borrow and how many loans you can borrow from your account per year. You’ll need to check your employer’s plan guidelines before taking the next steps to borrow. of your 401(k).

Keep in mind that if you were to quit your job before repaying a 401(k) loan in full, you may need to repay the money you borrowed immediately (or at least over a much longer period of time). short).

What about 401(k) hardship withdrawals?

401(k) loans should not be confused with 401(k) hardship withdrawals. A hardship withdrawal is not a loan and does not require you to repay the amount you have withdrawn from your account. You will pay income tax on a hardship withdrawal and possibly a 10% early withdrawal charge if you withdraw before age 59.5. However, the 10% penalty can be waived if you can provide proof that the money is being used for a qualified hardship, such as medical bills or if you have a permanent disability.

Another key difference between the two is that with 401(k) hardship withdrawals, you would not be able to pay yourself back what you withdrew from your account. This is not the case with 401(k) loans.

Qualifications for a 401(k) hardship withdrawal depend on your plan and the plan administrator’s rules, so be sure to check how you can qualify.

Financing alternatives

Ally Bank Online Savings Account

Ally Bank is a member of the FDIC.

  • Annual Percentage Yield (APY)

  • The minimum balance

  • Monthly fee

    No monthly maintenance fees

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *Cycle withdrawal limit of 6/instructions is waived during the Coronavirus outbreak under Regulation D

  • Excessive transaction fees

  • Overdraft fees

  • Offer a current account?

  • Offer an ATM card?

    Yes, if you have an Ally current account

Marcus by Goldman Sachs High Yield Online Savings

Goldman Sachs Bank USA is a member of the FDIC.

  • Annual Percentage Yield (APY)

  • The minimum balance

    None to open; $1 to earn interest

  • Monthly fee

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *Cycle withdrawal limit of 6/instructions is waived during the Coronavirus outbreak under Regulation D

  • Excessive transaction fees

  • Overdraft fees

  • Offer a current account?

  • Offer an ATM card?

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases

  • Regular APR

    15.24% – 25.24% (Variable)

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

Wells Fargo Reflect℠ Card

On the Wells Fargo secure site

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% intro APR for 18 months from account opening on eligible purchases and balance transfers. Intro APR extension up to 3 months with on-time minimum payments during introductory and extension periods; balance transfers made within 120 days qualify for the introductory rate

  • Regular APR

    13.74% to 25.74% Variable APR on purchases and balance transfers

  • Balance Transfer Fee

    3% introductory fee ($5 minimum) for 120 days from account opening, then up to 5% ($5 minimum)

  • Foreign transaction fees

  • Credit needed

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Delta Reserve Vs. Amex Platinum – Forbes Advisor https://market-dcd.com/delta-reserve-vs-amex-platinum-forbes-advisor/ Fri, 20 May 2022 13:00:07 +0000 https://market-dcd.com/delta-reserve-vs-amex-platinum-forbes-advisor/ Medallion Qualification Dollar Waiver To earn frequent flyer status with Delta Air Lines, you must meet a Medallion® Qualifying Dollar (MQD) requirement, which means you must spend a certain amount on Delta flights, from $3,000 for Silver status $15,000 for Diamond status. If you’re one of the many people who fly Delta frequently but don’t […]]]>

Medallion Qualification Dollar Waiver

To earn frequent flyer status with Delta Air Lines, you must meet a Medallion® Qualifying Dollar (MQD) requirement, which means you must spend a certain amount on Delta flights, from $3,000 for Silver status $15,000 for Diamond status.

If you’re one of the many people who fly Delta frequently but don’t meet the MQD requirements for status, you’re in luck. All Delta Airlines co-branded credit cards allow you to waive Medallion Qualification Dollars (MQD) requirements to earn status by meeting spend thresholds on the card. If you spend $25,000 in qualifying purchases on your Delta Reserve Card, Delta will waive the MQD requirement for Silver, Gold, and Platinum status. If you seek Diamond status, Delta will waive the MQD requirement after $250,000 of spend.

Medallion Status Boosts

If you’re seeking Delta frequent flyer status, the Delta Reserve Card can be a useful tool to help accelerate your journey to status. By loading purchases onto your Delta Reserve card, you can earn 15,000 Medallion qualifying miles after spending $30,000 in purchases on your card in a calendar year. You can use this benefit up to four times, which means you can earn up to 60,000 Medallion qualifying miles each year, which will earn you Gold Medallion status, without flying once.

Free checked baggage

The Delta Reserve Card comes with a free checked baggage benefit that can be extremely valuable if you frequently check bags on Delta flights. As part of the Delta Reserve Free Checked Bag Benefit, Delta will waive the charge for your first checked bag on Delta flights you book with your Card.

This benefit only waives the charge for your first checked bag, so if you already have frequent flyer status, are traveling on a ticket that includes a free checked baggage allowance, or have another Delta Airlines credit card that grants free checked bag, you will not receive an additional free checked bag as part of this benefit. However, even if you already have free checked baggage, this benefit can still be useful if you are traveling with companions on the same reservation. Delta’s complimentary checked bag applies to a maximum of nine passengers per booking.

Accompanying certificate

The Delta Reserve Card awards a Companion Certificate annually upon card renewal. While the Delta American Express Lower Annual Fee Card companion certificates can only be used for Main Cabin domestic travel, the Delta Reserve Card companion certificate can be used for First Class roundtrip travel. class, Delta Comfort+® or in the main cabin. travel. The Platinum Card does not offer any companion certificate benefits.

Lower annual fees

The annual fee for the Delta Reserve Card is $550 (conditions apply; see rates and fees), which, while expensive, is still significantly lower than the $695 annual fee for the Amex Platinum Card (conditions apply). conditions apply; see rates and fees). However, if you’re shopping for an ultra-premium card, don’t let price be the end of your value calculation. Many ultra-premium credit card holders find that the high annual fees are justified by the many benefits offered by these cards. Whether the Platinum Card’s higher annual fee is right for you will depend on the benefits you plan to use.

BEST FOR LUXURY DELTA BENEFITS

Delta SkyMiles® Reserve American Express Card

Up to 3 times the reward rate

Earn 3X Miles on Delta flights and Delta Vacations®; Earn 1 mile per dollar for all other qualifying purchases

welcome bonus

Earn 50,000 bonus miles + 10,000 Medallion® Qualifying Miles (MQM)

Regular APR

16.49%-25.49% variable

Credit score

Excellent/Good (700 – 749)

Why we chose it

It makes sense for high-profile Delta travelers to grab the premium Delta SkyMiles® Reserve American Express Card. Sky Club access alone justifies Delta’s annual frequent flyer fee, then adds the annual companion certificate for eligible domestic flights (plus taxes and fees), first checked bag free when you travel with Delta, priority boarding and bonus MQM miles. to Elite status. However, poor mile earning rates reduce the card’s overall appeal.

Advantages and disadvantages

  • Rich Delta benefits, including a free first checked bag and priority boarding on Delta flights
  • Access to Delta Sky Club airport lounges when flying with Delta
  • Annual Companion Certificate good for Economy Class and First Class
  • High regular APR
  • Poor earn rates on rewards
  • Accompanying certificate valid only on domestic flights
  • Sky Club access is for one person only

Card details

  • Earn 50,000 bonus miles and 10,000 Medallion® Qualifying Miles (MQM) after spending $3,000 on purchases with your new card in your first 3 months.
  • Earn up to 60,000 Medallion® Qualifying Miles (MQMs) with Status Boost® per year. After spending $30,000 on purchases on your card in a calendar year, you can earn 15,000 MQMs up to four times a year, bringing you one step closer to Medallion® status. MQMs are used to determine Medallion® status and are different from the miles you earn for flights.
  • Receive an annual round-trip companion certificate in domestic first class, in Delta Comfort+® or in the main cabin when renewing your card. Payment of government-imposed taxes and fees of up to $75 for round-trip domestic flights (for itineraries with up to four flight segments) is required. Baggage fees and other restrictions apply. See terms and conditions for more details.
  • Complimentary access to Delta Sky Club® for you when traveling on a Delta flight.
  • Enjoy complimentary access to The Centurion® Lounge when you book a Delta flight with your Reserve Card.
  • Fee credit for Global Entry or TSA PreCheck® after applying through an approved enrollment provider. If you are approved for Global Entry, at no additional cost, you will have access to TSA PreCheck.
  • Enjoy your first checked bag free on Delta flights.
  • Earn 3X Miles on Delta purchases.
  • Earn 1X Mile on all other qualifying purchases.
  • No foreign transaction fees.
  • Annual fee of $550.
  • Terms apply.
  • See rates and fees

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Everyday Cheapskate: Whether you like it or not, you need a good credit score https://market-dcd.com/everyday-cheapskate-whether-you-like-it-or-not-you-need-a-good-credit-score/ Wed, 18 May 2022 09:45:00 +0000 https://market-dcd.com/everyday-cheapskate-whether-you-like-it-or-not-you-need-a-good-credit-score/ In my perfect world, there would be no credit scores. And while I don’t believe credit is necessarily bad, in this perfect world of mine, there wouldn’t be any need for all that because it would be, well…perfect! Back to reality. There are myriad reasons why we need to have a good credit history and […]]]>

In my perfect world, there would be no credit scores. And while I don’t believe credit is necessarily bad, in this perfect world of mine, there wouldn’t be any need for all that because it would be, well…perfect!

Back to reality. There are myriad reasons why we need to have a good credit history and excellent credit scores.

Whether we like it or not, many things now depend on one’s credit rating. Take, for example, car insurance premiums. Want the best rates? You will need a good credit rating.

Do you want to make sure that among all the candidates, (SET ITAL) you (END ITAL) get this very nice apartment? You should assume that your potential landlord will look at your credit history to determine if you will make a reliable, on-time paying tenant.

Are you vying for a job with a great employer? Better hope your credit report is clean and represents you well because in most states employers are allowed to review how you manage your finances.

We live in a world where, in certain situations, the credit report is considered a character reference. Look in my credit report and you’ll have a good idea of ​​how I manage my life. You will see evidence of the seriousness with which I take my commitments, a little of my personal integrity.

The most popular, and the one used by most lenders and others who review credit scores, is the FICO score. Each of the major credit bureaus has its branded version of FICO. How these scores are determined, based on information collected from one’s credit report, remains the property of Fair Isaac Corporation, creators of the FICO score.

We do know, however, that FICO looks at what it calls “usage rate.”

Your utilization rate is your credit limit relative to the amount of available credit you are using at any given time, expressed as a percentage.

So if you have a credit card with a credit limit of $1,000 and a balance owing of $100, then you are “used” 10% on that card. You calculate the utilization rate by dividing the balance owing on the account by the card limit, then multiplying that figure by 100. ($100 / $1,000 = 0.01 x 100 = 10)

You can calculate your “overall utilization rate” by adding all of your credit card balances together, dividing by the total credit limits on all of those accounts, and multiplying by 100. Credit scoring looks at both credit card rates. ‘use.

The best utilization percentage is 0% because then you have no credit card debt and you pay no interest. But, since that’s not realistic for everyone, the best percentage is the lowest percentage you can achieve. In fact, according to FICO, consumers with exceptional credit scores above 800 have an average utilization percentage of 4%.

There are reports all over the internet that insist that 30% or 50% are the “target” percentages in order to get great scores. These are false reports. In fact, nothing great happens at 30% or 50%. Yes, 30% is better than 50% but not as good as 20%.

Think of usage rates as you would in golf: the lower the score, the better. Typically, to get the best credit score, your utilization rate should be below 30%, with the goal of bringing it down as much as possible.

Pay off your credit cards as much as you can. There’s nothing good about having a lot of credit card debt. It’s expensive debt and it wreaks havoc on your FICO score. If you manage to get a utilization rate below 10%, your score will thank you!

Question: On a scale of 1 to 10 where 1 = “I don’t care” and 10 = “Totally obsessed and check it regularly”, how does your relationship relate to your FICO score?

Marie invites you to visit her at EverydayCheapskate.com, where this column is archived with links and resources for all recommended products and services. Mary invites questions and comments to https://www.everydaycheapskate.com/contact/, “Ask Mary.” This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of EverydayCheapskate.coma frugal living blog and the author of the book “Debt-Proof Living”.

COPYRIGHT 2022 CREATORS.COM

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The home energy auditor promises to save you money? Be careful! https://market-dcd.com/the-home-energy-auditor-promises-to-save-you-money-be-careful/ Sun, 15 May 2022 20:40:39 +0000 https://market-dcd.com/the-home-energy-auditor-promises-to-save-you-money-be-careful/ by: Better Business Bureau Post : May 15, 2022 / 3:40 p.m. CDT Update: May 15, 2022 / 3:40 p.m. CDT Summer is approaching and rising temperatures mean high air conditioning bills. Scammers have come up with a new scam that claims to “save you money”. Scam artists, posing as local government officials and utility […]]]>

by: Better Business Bureau

Post :

Update:

Summer is approaching and rising temperatures mean high air conditioning bills. Scammers have come up with a new scam that claims to “save you money”. Scam artists, posing as local government officials and utility companies, offer bogus home energy audits and services. Here’s what you need to know to spot the scam.

How the scam works

You are contacted by phone or in person at your front door. The “representative” identifies as working for your utility company or the energy division of your local government. They may even show you an ID, but it’s not real.

The scammers inform you that you could save big on your energy bill. Some scammers will even insist on a visit to your home. These people may offer to install filters, thermostats or other energy equipment to reduce your bill, or they may simply say that you have the right to pay less. Either way, they’ll ask you to sign a contract and maybe even do a credit check. They will also ask you for billing information, including your debit or credit card number.

In the end, you will not benefit from any reduction on your energy bill or on any service. Equipment promised to you will not be delivered. That’s because this “home energy audit” is a scam. However, the fees mentioned in the contract may be charged to you and your personal information will be in the hands of a scammer.

How to avoid identity theft scams

  • Don’t agree to anything right away. No matter how good the offer or how urgent the person is to make the offer, take the time to do your research. Tell the person you need time to think about their offer and hang up or close the door. Scammers may tell you that you are going to miss the deal, but taking immediate action is not worth being scammed.
  • Go to the source. Contact your local government agency or utility company directly to confirm if they do offer energy audit services. It’s the fastest way to find out if you’re dealing with an impostor.
  • Acquire help. If you’re not sure what’s on offer, talk to someone. Call a trusted friend or family member or contact your local BBB to find out if this is a scam.

Source: BBB.org

To report a scam, go to the BBB Scam Tracker. To find reputable companies, go to https://www.bbb.org.

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