Know what you’re agreeing to before connecting your bank account to apply for a loan. Connecting your bank account to apply for a loan is different from just sharing an account number where a lender can send funds. By connecting your account to a data provider, you may be sharing your account balance and transaction[…]
Credit counselors go over your income, bills, and debts, and help you create a plan. You can choose not to enroll in a debt management plan. You can benefit from the counseling appointment and create a plan on your own. The specifics depend on what you want to know, especially regarding cost. You may be[…]
An avalanche approach generally saves more interest when you put the same amount toward the same debts each month. The debt snowball can help reach the goal of having one balance at zero quicker. Those are different kinds of progress. Let’s say you had three debts totaling $8,000, and your monthly payment budget is $500.[…]
ChexSystems is an agency that collates checking account history. During an account application with a bank or a credit union, they can access this information. Having a previous account that closed with an outstanding debt can affect your checking account application, even if your credit score is good. ChexSystems records do not prohibit a consumer[…]
When closing the account costs less than the remaining scheduled payments, an early payoff can save money. To determine this amount, you’ll need to obtain a dated payoff quote. The amount you originally borrowed will not tell you the savings. Compare the payoff quote with the remaining payments on your schedule to see how much[…]
Incorrect information on your report can be disputed (challenged) for free. Examples you can challenge include: Submitting a dispute doesn’t guarantee your credit will increase, but making sure your report is accurate and complete could help improve your credit. Submitting a dispute will not remove accurate negative information from your report. Let’s say you’re disputing[…]
The NMLS (Nationwide Multistate Licensing System) website or other official sources may allow you to check a lender’s credentials and licensing status using the NMLS number. If you discover that the NMLS number provided on the loan offer is tied to a company with a different name, it may just be that the company is[…]
A credit denial letter may include a credit score, two reasons, and a reporting company you’ve never contacted. Each of those items serves a different purpose. The creditor explains its reason for the denial. The reporting company provides the file, which you can review for any errors. That division matters when a notice raises more[…]
Unexpected car repairs mean having to make decisions while also needing a ride to work. First things first, what actually failed? What is it that needs repair? And what is the repair shop expecting in terms of payment? Then check coverage and figure out how much more you’d need to pay out of pocket. Take[…]
When your pay changes, a bank balance can be misleading; a large deposit may need to cover next month’s rent as well as this week’s groceries. A quiet week may be manageable if you saved part of an earlier payment. A good budget should answer two questions. The first is how much can you plan[…]