Most of us grew up thinking that studying and working hard was the secret to becoming wealthy. But these days, many have realized that it doesnt always work out that way. People’s finances can get worse during recessions, layoffs, inflation, and the housing market crisis. This can make the gap between the rich and the … Read more
Many banks don’t limit the amount of cash you can deposit. But if you deposit more than $10,000, the bank and the federal government will have more rules about how you can use your money. If you have a substantial deposit to make, know that holding more than $250,000 at the same bank—even in multiple … Read more
If you donât pay a debt, it can be sent to collections. If you don’t pay, your credit score will go down, and you could lose your property or have your wages or bank account seized. There are ways to deal with debt that will help you avoid more stress: you can file Chapter 7 … Read more
Foreclosure is a tough ordeal with major negative consequences for your credit. A foreclosure remains on your credit report and hurts your credit scores for seven years, but its impact fades over time. As if the pain of losing your home werent enough, a foreclosure does significant harm to your credit and remains on your … Read more
Hey there, dreamer! Ever pictured yourself unlockin’ the door to your very own home, but thought, “Nah, I ain’t got the cash or the credit for that”? Well, lemme tell ya, the FHA Loan Program might just be the key you’ve been lookin’ for If the idea of owning a place feels outta reach, stick … Read more
If a court issues a judgment saying that you owe a debt, it could allow the creditor to garnish your wages or certain benefits to pay it off. State and federal laws limit how much a creditor can garnish from your wages. In some cases, they protect a minimum amount in your bank account from … Read more
The Tax Cuts and Jobs Act of 2017 had several implications for refinancing. Understanding the new tax rules can help you minimize your tax burden after you refinance your house. In this article, we’ll talk about some of the deductions you can claim on your federal taxes after a refinance, and how long you can … Read more
For people who are self-employed, seasonally employed or experiencing an employment gap, getting approved for a mortgage can be a bit complicated. When someone applies for a mortgage loan, mortgage lenders usually want to see proof of employment and W-2s from the last few years. This is because they think borrowers with this kind of … Read more
As long as your credit score is between 640 and 749, lenders may think you are a lower-risk borrower. According to FICO, a score that falls in the 670 to 739 range is classified as “good. FICO scores are based on data from Experian, TransUnion, and Equifax, which are the three main credit bureaus. Even … Read more
When you first get a credit card, your credit line (also called a credit limit) may not be as high as youd like. After youve had the new credit card for a while, you may be able to request a credit limit increase. Hey there, friends! Have you ever looked at your credit card statement … Read more
