You already know that there are different credit scores if you’re trying to figure out which one is the best. But one credit score isnât necessarily more accurate than another. Itâs more complicated than that. Find out what makes a credit score good, how credit bureaus and other companies that give credit scores work, and … Read more
Sales Ledger Control Account is a summary account which checks the arithmetical accuracy of the Sales Ledger. With this, we can quickly check if the general ledger balance for the sales ledger matches the sum of all the trade receivable accounts in the sales ledger. The Sales Ledger Control Account is like a “T-Account” or … Read more
The best way to help your kid build credit is to teach them early on. Whether they are in elementary school or getting ready to move out, learning these skills before they become adults can help them build good credit and make sure they have enough money when they need it. There are some simple … Read more
Although the tax laws have changed, in some cases you can still deduct interest paid on your home equity loan or home equity line of credit (HELOC). The IRS says that you can deduct the interest you pay on a home equity loan (HELOC) that was used to “buy, build, or substantially improve” the home … Read more
No homebuyer wants to hear the words, “Mortgage loan denied in underwriting. ” The good news? A denial doesn’t have to be the end of the road for obtaining a mortgage. By understanding the warning signs your mortgage will be denied, you can take the right steps to get your homebuying journey back on track. … Read more
Extending credit to customers is a common practice for many businesses. However there is always a risk that some customers will be unable to repay their debts, leading to bad debts. Properly accounting for these potential losses is crucial for accurate financial reporting and tax compliance. In this article, we will explain the key differences … Read more
Here’s a little-known tactic for helping you get out of debt: biweekly credit card payments. A quick and easy way to get out of credit card debt and make sure you never miss a payment is to pay your bill every two weeks. Say you owe $5,000 on a credit card with a 17% interest … Read more
Creditors may send an account to collections if it’s overdue. The account may go to an in-house collections agency or a third-party agency. In either case, collections can hurt your credit and make it harder for you to get loans or credit cards in the future. Finding out how collections affect your credit and how … Read more
The purpose of this content is to teach, so it may include details about products, features, or services that SoFi does not offer. Depending on the bank’s rules and the reason the account was closed, you may be able to reopen it. Accounts that you closed or that were closed due to inactive status tend … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. The advice in this article is offered by the team independent of any bank or credit card … Read more