When it comes to building and maintaining good credit, most people know the main factors that make up their credit score – payment history credit utilization, credit history length, credit mix and new credit inquiries. But what about your bank balances? Do your checking and savings account balances play a role in determining your credit … Read more
Buying a home is an exciting milestone but qualifying for a mortgage can be stressful especially when your income seems just shy of affording your dream home. If you’re considering applying for a $200,000 mortgage, a common question is, “How much income do I need to qualify?” The answer isn’t straightforward since several factors determine … Read more
Yes, you can use a personal loan to buy a car, and it could be a good choice in certain scenarios. But auto loans generally offer lower interest rates, making them a better option in most cases. Car prices remain elevated in 2023 due to the persisting impact of the pandemic. The average loan amount … Read more
A 10-year ARM has an introductory interest rate for the first 10 years. Once thats over, the rate adjusts every six months. Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are … Read more
Credit scores are three-digit numbers designed to represent how likely you are to repay a lender on time. Credit scores are one thing that potential lenders and creditors look at when they decide if they want to give you new credit. Lenders may also use your credit scores to set the interest rates and other … Read more
Being aware of your debt-to-income (DTI) ratio is just as important for managing your money as being aware of your credit score. More than 40% of Americans are looking for ways overcome debt, according to the 2024 Wells Fargo Money Study, and understanding your DTI ratio can help you make informed decisions about managing debt … Read more
Irina Maltseva is a growth marketer with 10+ years of experience in digital marketing. After being scammed by Airbnb and Booking. com, Irina joined Aura to help the company on its mission to create a safer internet for everyone. Jory MacKay has worked as a writer and editor for over ten years, winning awards for … Read more
Only about 266 percent of financed cars go to borrowers with credit scores of 661 or higher, but people with lower scores do have options. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take … Read more
Private mortgage insurance (PMI) is an extra fee that buyers must pay if they buy a house with less than 20% down. This kind of insurance protects the lender in case the borrower defaults. Unfortunately, for many buyers, a down payment of less than 20% is the only option for buying a home. Learn more … Read more
You have to give some personal information, like your Social Security Number (SSN), when you open a Found account, even though it’s for your business. This is standard practice and serves several important compliance and verification purposes. When opening a new bank account, one of the first things you’ll be asked for is your social … Read more