Is it possible to get a free credit report from Equifax?

July 7, 2024 No Comments

A: It is possible to get a free credit report from Equifax, as well as the other two major credit bureaus, Experian and TransUnion. Equifax is a consumer credit reporting agency; its main purpose is to track and monitor the credit of American consumers. You

What are the benefits of an assumable mortgage?

July 7, 2024 No Comments

An assumable mortgage allows the purchaser of a property to assume the mortgage from the property’s seller. The benefits of assuming a mortgage almost always stem from the buyer’s ability to take on the assumed mortgage rate, which often is lower than prevailing market rates.

Is refinancing my mortgage a good idea?

July 7, 2024 No Comments

A: The typical rule of thumb is that if you can reduce your current interest rate by 0.75% to 1% or higher, then it might make sense to consider a refinancing move. The first step is to calculate your monthly savings should you do the

Is Your Credit Score Affected by the Number of Cards You Have?

July 7, 2024 No Comments

A: Your credit score, which is also referred to as your FICO score, is a measure that creditors use to assess your potential credit worthiness. Generally speaking, the higher your credit score, the less of a credit risk borrowers will perceive you to be. If

Is your salary on your credit report?

July 7, 2024 No Comments

A: Your salary is not on your credit report, as of 2016. It has been at least 20 years since credit reports included salaries. Credit bureaus stopped collecting salary information because the data was self-reported and usually inaccurate. Additional Reasons The major credit bureaus —

Overdraft or credit cards: Which is better to borrow money?

July 7, 2024 No Comments

A: If you have an overdraft line of credit at your bank, you can spend more than the amount in your checking account. In exchange for this service, you’ll pay the bank interest on the amount by which you overdraw your account. Some overdraft lines

Paying off debt with a balance transfer

July 7, 2024 No Comments

A: Say you’ve accumulated a large balance on a high-APR credit card. Rather than paying interest every month to slowly chip away at your debt, a balance transfer may be a good option for paying it off at a lower interest rate. Many credit card companies offer

Revolving Credit vs Installment Credit: What is the Difference?

July 7, 2024 No Comments

A: There are two fundamental types of credit repayments: revolving credit and installment credit. Installment credit is paid back with scheduled, periodic payments; installment loans involve the gradual reduction of principal and eventual full repayment, ending the credit cycle. In contrast, revolving credit contracts, in

Should commercial and investment banks be legally separated?

July 7, 2024 No Comments

A: Following the financial crisis of 2008-2009, much of the blame was directed at large financial institutions that took on high levels of risk in the years preceding the crash. From 1933 to 1999, investment and commercial banks were legally separated and could not be

Should I pay my mortgage with my credit card to earn credit card rewards?

July 7, 2024 No Comments

A: Paying a large, recurring bill with a credit card certainly sounds like a smart way to maximize the points, cash back or frequent flier miles you earn from your card. But if you try to pay your mortgage with your credit card to earn

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