IRA money can be used tax-free to buy a first home. Part of the series: Open a Roth IRA for Someone Else. If you follow the rules, you can use your individual retirement account (IRA) to buy a house. However, there may be tax consequences. For a first-time home purchase, both traditional and Roth IRAs … Read more
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U. S. FICO® ScoreÎ, 714, falls within the Good range. Lenders view consumers with scores in the good range as “acceptable” borrowers, and may offer them a variety of credit products, though not necessarily at the lowest-available … Read more
As of now, you know when your loan closing will be. This is the big day when you’ll sign the papers and own your new home. It’s important to know what to expect on the day of the loan closing. This guide will tell you everything you need to know. Buying a house is an … Read more
Credit score ranges vary across creditors and score types. For base FICO® Scores, the credit score ranges are: There are many ways to figure out your credit score, but the ones that FICO and VantageScore® use have a score range of 300 to 850. A higher credit score can make you more appealing to lenders … Read more
Theres not a one-size-fits-all solution for the number of credit cards a person should own. However, its generally a good idea to have two or three active credit card accounts, in addition to other types of credit such as student loans, an auto loan or a mortgage. Just remember: The number of credit cards you … Read more
In times of financial hardship, paying a mortgage with a credit card can help you buy some time and even give you the option to pay off a single mortgage payment over several months. Using a credit card to pay your mortgage can also help you get a lot of rewards or a big welcome … Read more
With interest rates decreasing, many homeowners can refinance and reduce their monthly payments. If you purchased within the past couple of years, current rates are likely lower than when you took out your mortgage. But how much should you save with a refinance to make it worthwhile? Is it worth refinancing to save $50, $100, … Read more
âPre-qualificationâ and âpre-approvalâ are terms that can apply to credit cards and various types of loans, including mortgages and car loans. The specific differences between the terms may vary depending on the lender and the type of loan. But for credit cards, both terms typically mean that an initial lender review suggests youâre likely to … Read more
If your debt is in collections, you may have wondered whether debt collectors are allowed to blacklist you. The answer? Yes and no. Debt collectors are allowed to send you letters of demand and request a judgment against you. It’s illegal for them to do this, so no creditor will lend you money because you’ll … Read more
You may have heard that account balances “fall off” your credit report after seven years, leaving you with no old debts to pay. Since so much time has passed, you may be ignoring those calls to pay an old credit card or medical bill because you think you’re out of trouble. But while it’s true … Read more