Your estate will use its assets to pay off most of its debts before giving the rest to your heirs. If the estate’s assets do not cover all the debt, much of it will be forgiven. Some types won’t, however, and rules differ from state to state. Hey everyone! You’re not the only one who … Read more
You can pay off the loan when you sell or trade in your car for one that is worth more than what you still owe on it. But if you owe more than the car’s value, then you’re stuck in what’s called an “upside-down car loan” until you can cover the difference. An upside-down car … Read more
Paying a stranger to add you as an authorized user on their credit card may seem like a good way to build credit. But the practice of buying tradelines is considered to be deceptive by creditors, and it may not have the impact youre hoping for. One way to raise your credit score is to … Read more
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time. 1 It can be an important part of building your financial confidence and security. 1 For instance, improving your credit score could help you get loans … Read more
For most conventional mortgages, lenders want you to have a credit score of at least 620. However, the minimum score varies by loan type. The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan youre applying for and your lender. … Read more
When you have debts that you can’t pay back in full, it is a good time to look at the possibility of settling your debt. A debt settlement is an offer made to your creditors to accept a lower amount than what you owe to settle your account. Before throwing out a debt settlement percentage … Read more
You can keep your Social Security number safe by leaving your Social Security card at home, not broadly sharing your SSN and shredding documents that show your Social Security number. Your nine-digit Social Security number (SSN) can be key to securing a job, applying for credit and opening a bank account. Unfortunately, its also a … Read more
Good morning, friend! You just got an inheritance of $100,000 and are now wondering, “What the heck should I do with all this cash?” First, congratulations on the windfall! I know it might come with mixed feelings, like sadness if it’s because you lost someone close to you. When people get this much money, they … Read more
Hey there, folks! If you’ve ever peeked at your credit report and spotted a nasty little thing called a “charge-off,” you know it’s like a punch to the gut It’s sittin’ there, dragging down your credit score, makin’ it tough to get a loan, a credit card, or even rent a place But don’t sweat … Read more
Good debt is debt that you take on to achieve meaningful growth in your personal life or finances, like a mortgage or student loan. Bad debt is relatively expensive debt and debt that someone takes on for unnecessary expenses, like credit card debt. Some people consider any debt to be bad. Others take a more … Read more