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☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ Plan to buy a home in the next year or two? Here are 5 steps to take now to get your finances ready
▼ + stars: | 2024-04-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Mortgage lenders will consider lots of different metrics and circumstances when assessing your creditworthiness. Check your credit reports and credit scoresTwo other factors lenders will consider are your credit history and credit score. Kill the credit card debtA key way to improve your credit score is to reduce your credit card debt. “The minute they pull your credit score, it is going to [reflect] what is on my credit card that day,” MBA’s Seiler said. “Because there are many variables that affect an individual consumer’s credit score, we can’t say a specific number of months,” FICO’s Zeibert said.

Persons: ”, Avi Adler, Sara Zuckerman, Margaret Poe, Poe, you’ll, Eddie Seiler, Joe Zeibert, You’re, ” Adler, MBA’s Seiler, ” FICO’s Zeibert, “, ” Seiler, Zuckerman, Adler, ” Zuckerman Organizations: New, New York CNN, Long & Foster, Consumer Financial, Bureau, Mortgage, Association Locations: New York, annualcreditreport.com, TransUnion

The role of credit bureaus in credit card applicationsCredit bureaus play a pivotal role in the credit card application process. How credit bureau information influences approval decisionsCredit bureau information plays a pivotal role when financial institutions make credit decisions. Credit bureau reporting frequently asked questionsDo all banks use the same credit bureau for credit card applications? Even though the three credit bureaus score credit slightly differently, improving your credit habits will typically raise your score across the board. Our guide to the best credit cards for pre-approval can help you identify which credit cards you're most likely to be approved for.

Persons: you'll, Here's, TransUnion, Experian, Banks, Chase, —, cardholders, Discover's, Wells, Wells Fargo, Wells Fargo's, that's Organizations: Vantage, Bank, American Express, American Express American, Credit, Bank of America Bank of America, Bank of America, Chase Chase Bank, Chase, Capital, Citi Citi, Citi, Discover Discover Locations: Equifax, Transunion, Wells Fargo Wells, Experian, Wells, Chevron

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

☆ What student loan borrowers should know about their credit as bills restart
▼ + stars: | 2024-01-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

D3sign | Moment | Getty ImagesFederal student loan bills resumed in the fall after a pause of more than three years. "Negative information shouldn't be reported during the 12-month on-ramp period, but positive information should be included," Rossman said. Still, check for errors on your credit reportStudent loan borrowers should regularly check their credit reports to make sure the information is accurate, Kantrowitz said. If your loan servicer makes an error, such as reporting your loan as delinquent during the on-ramp period, you'll want to bring it to their attention quickly, he said. In this case the creditor would be your student loan servicer, on behalf of the U.S. Department of Education.

Persons: Ted Rossman, Rossman, Kantrowitz, — Organizations: U.S . Department of Education Locations: Annualcreditreport.com

A student loan is reported as an installment loan on your credit report and can affect your credit score. How to build credit with your student loanPracticing good student loan management can positively affect your credit score. Monitor your credit report — Regularly checking your credit report helps you spot inaccuracies and stay on top of your credit. Consolidate or refinance federal student loansYou can apply for student loan consolidation if you need help managing multiple federal student loans. How student loans affect credit scores frequently asked questionsHow much do student loans affect credit scores?

Persons: servicers, isn't, —, you've Organizations: Federal Locations: Federal

☆ How to get free credit reports every week—not just once a year
▼ + stars: | 2023-10-18 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

You can now get free credit reports pretty much whenever you need one, not just once a year. Americans were already legally entitled to one free credit report per year from each of the three credit reporting agencies, the FTC says. However, in response to the Covid-19 pandemic, the three agencies announced in 2020 that free reports would be made available every week. To request your free weekly credit reports, go to AnnualCreditReport.com. Note that many major banks, credit card companies and credit monitoring services offer free credit scores, but those aren't the same thing as detailed credit report.

Persons: —, TransUnion — Organizations: Federal Trade Commission, FTC Locations: AnnualCreditReport.com

Protect your identity by regularly checking credit reports or buying identity theft protection. Of the victims of identity theft, 97.2% took action to reduce the risk of identity theft. The best identity theft protection services will provide recovery assistance and identity theft insurance. Aura – All-In-One ID Theft Protection Aura ID Theft Protection offers comprehensive identity protection at some of the best prices on the market. You should also report the identity theft to the FTC through IdentityTheft.gov, which will give you an identity theft report.

Persons: —, you've, –, Read Organizations: Service, Justice Department, Justice, Federal Trade Commission Locations: IdentityTheft.gov

☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

Check in on your retirement, credit, and healthcare and make any necessary adjustments. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Prepare for tax seasonMany people would prefer to avoid thinking about tax season until the deadline on April 15. These include mortgage interest, out-of-pocket medical expenses, state and local taxes, property taxes, and charitable donations to tax-exempt charities.

Persons: —, transpire, it's Organizations: Service

A credit score under these thresholds is also called a sub-prime credit score, which means that creditors might think twice when reviewing your application for a credit line. However, a combination of serious negative marks on your credit score may seriously hurt your credit score, putting you on the lower end of the score range. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. Lowest credit score frequently asked questionsWhat is the lowest credit score to buy a house?

Persons: VantageScore, aren't, you'll, Enoch Omololu, Erik Beguin, Kendall Meade Organizations: Self, New Canadians, Austin Capital Bank Locations: annualcreditreport.com, Chevron

☆ Free weekly credit reports are now permanent, providing an important tool to manage your financial life
▼ + stars: | 2023-09-21 | by ( Paul Kim | Richard Richtmyer | Associate Editor At Personal Finance Insider | ) www.businessinsider.com time to read: +4 min

Before COVID-19, consumers were only allowed one free credit report annually from each of the major credit bureaus. Here's why permanent weekly free credit reports are so important, and how you can access them. Why are free credit reports important? Free weekly access to credit reports allowed consumers to keep track of their finances as COVID-19 roiled the economy. How to request free weekly credit reportsCredit reports can be accessed through annualcreditreport.com or over the phone at 877-322-8228.

Persons: you've, you'll Organizations: Fair, Social Locations: annualcreditreport.com

One tool that can help you catch fraud and identity theft is credit monitoring. The best credit monitoring services are a good way to keep tabs on what's going on with your credit score and your credit report (although you'll probably still want to check in regularly). I signed up for free credit monitoring a few years ago using Credit Karma so I could stay on top of my financial health, my credit accounts, and my credit score. I opened the email and saw that a credit card from Old Navy was opened in my name. Thanks to credit monitoring, I was able to stop identity theft in its tracks before any charges were made.

Persons: you'll, I've, It's Organizations: Karma, Navy, Old Navy, Credit, Credit Monitoring, Chevron, U.S . FTC Locations: New York, Los Angeles

See our picks for the best personal loans for bad credit >>Steps to get a loan with bad credit1. Get your most recent credit scoreIt's one thing to suspect you have bad credit, and another to know exactly how bad it is. Consider a credit unionCredit unions are a great option for those looking to get a loan with bad credit. Where to get a personal loan with bad creditYou can get a personal loan with bad credit from many banks, credit unions, and online lenders. How to get a loan with bad credit FAQsIs there really a way to get a loan with bad credit?

Persons: It's, it's, We've, Jamie Young, Young, Priyanka Prakash, Prakash, Nathalie Noisette, Experian, Holly Johnson, Johnson, Banks, Josh Goodwin, Eric Rosenberg, you'll Organizations: Service, you'll, Credit, Companies, Business, Goodwin Mortgage Group, National Credit Union Administration, Chevron Locations: Wall, Silicon

International credit scores generally do not transfer to credit scores in the US. Nova Credit allows immigrants from some countries to apply for credit with an international credit score. FICO VantageScore Payment history (35%) Payment history (40%) Credit balance (30%) Length & type of credit (21%) Length of credit history (15%) Percent of credit used (20%) New credit (10%) Total debt/balances (11%) Mix of credit accounts (10%) Recent credit behavior and inquiries (5%) Available credit (3%)How credit scores work internationallyOther countries have a credit scoring system that differs from the United States. Alternatively, you can use credit builder products like a secured credit card or credit builder loan, which don't require high credit scores to qualify. Transferring international credit scores frequently asked questionsWhat happens to my credit score if I move to another country?

Persons: Misha Esipov, TransUnion, you've Organizations: Nova Credit, Nova Credit's, American Express Locations: United States, America, Canada, Japan, Nova, Australia, Brazil, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Spain, Switzerland, Chevron

Certain forms of identity theft, like synthetic identity theft or child identity theft, are harder to detect. You can also enroll in an identity theft protection service that can monitor the dark web for your information and provide identity theft insurance, usually up to $1 million. The best identity theft protection services will also provide you with personalized expert assistance if you experience more identity theft. While credit-related identity theft is more common, "identity theft can occur in other areas, including medical records, tax filings, social media accounts, employment history, and even criminal records," says Josh Amishav, founder and CEO of Breachsense, a data breach monitoring platform. Identity theft recovery frequently asked questionsCan you fully recover from identity theft?

Persons: you'll, David Burroughs, IdentityTheft.gov, You'll, Burroughs, you've, Equifax, Allen, Michael Bruemmer, haven't, Josh Amishav Organizations: FTC, Federal Trade Commission, Social, FBI, Social Security, Services, Social Security Administration Locations: AnnualCreditReport.com, Atlanta, Allen , TX, Chester ,

You can enroll in an identity theft protection service so you don't fall victim to theft. There are many companies out there that solely focus on identity protection — you can read our guide to the best identity theft protection services — but you may be able to enroll in an identity theft protection service through your credit card provider. Pros Check mark icon A check mark. Covers up to 10 children under 18 at no extra cost Check mark icon A check mark. With services comparable to some of the best identity theft protection services at a competitive price, this is an appealing option to Discover cardholders.

Persons: Capital One's CreditWise, David McMillin David McMillin, Guy, David, he's Organizations: Social, Federal Trade Commission, Research, Express, American Express, Chase, Credit, Business, Capital, Mastercard, Theft Locations: cardholders, Experian, AnnualCreditReport.com, Chicago, Alaska , Utah , Oklahoma, Vermont

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Here are the steps to take to get a personal loan:Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Fees 4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now On LightStream's website Apply now On Goldman Sachs' website Apply now On SoFi's website1. Understand the two main types of personal loansThere are two types of personal loans: secured and unsecured. Get your paperwork in orderOne of the most challenging parts of getting a personal loan is the amount of documentation required.

Persons: —, Gabe Krajicek, Krajicek, Priyanka Prakash, Goldman Sachs, it's, Tabitha Mazzara Organizations: Service, Bank of America, Citibank, MBANC Locations: Wells

As the base on which your credit score is calculated, credit reports don't actually include your credit scores. Checking credit score frequently asked questionsWill checking my credit score lower it? Your credit reports do not show when you check your credit score, so the credit scoring algorithms have no way of knowing if you checked your credit score. Similarly to your credit score, checking your credit report doesn't change your credit score. While the average Gen Z consumer has a 679 FICO score, the average member of the Silent Generation has a 760 FICO score.

It's possible to buy a house with bad credit, but you may end up with a high mortgage rate. Unlike conforming mortgages, which require a good credit score to qualify, loans that are available to those with lower credit scores typically have higher mortgage rates. You can also use our guide to the best low credit score mortgage lenders to see which lenders accept borrowers with lower scores. Get copies of your credit reportUnderstanding your credit history is key to understanding what's affecting your credit score. Review your credit report again to see what is impacting your credit score, then take steps to improve it.

☆ I blew a golden opportunity to boost my savings in my 20s—the 7 money skills I wish I'd known by 30
▼ + stars: | 2023-05-10 | by ( Mike Winters | ) www.cnbc.com time to read: +6 min

And since I lived with my parents for almost half of my 20s, my expenses were low, which meant I blew a golden opportunity to boost my retirement savings. Know how interest worksYou can't make long-term financial decisions without knowing how interest affects your money. Your credit score matters because you're less likely to qualify for loans, auto financing and credit cards if you have a low credit score. Additionally, itemized summaries of your credit score, known as credit reports, are produced by the three major U.S. credit bureaus: Equifax, Experian and TransUnion. Overdue payments can result in penalty fees, higher interest rates and a lower credit score by over 100 points, in some cases.

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Typically, the best personal loans are:Unsecured, ANDFor loan amounts over $1,000, ANDFor repayment terms longer than two yearsHowever, depending on your circumstances and financial needs, you may want to consider a less common type of personal loan. For example, if your application for an unsecured loan is denied, you may still be able to get a secured personal loan. It's not just as simple as picking the loan with the best personal loan rate. If you do decide that a personal loan is your best option, it's important to be patient during the shopping process.

While hard inquiries lower your credit score, soft inquiries do not affect your credit at all. Hard inquiries affect your credit because of how credit scores are calculated by credit scoring algorithms. For a less mechanical explanation of hard inquiries, you can think of hard inquiries from a creditor's perspective. Hard inquiry Soft inquiry Hard inquiries lower your credit score by a few points Soft inquiries have no effect on your credit score Hard inquiries are visible to any creditors viewing your credit reports Soft inquiries are only visible to a consumer checking their own reports Hard inquiries are triggered in credit-related appraisals Soft inquiries are used for non-credit reasons, like apartment rentals or insurance purposesCredit report inquiry frequently asked questionsHow can I remove a hard inquiry on my credit report? However, if you notice a hard inquiry on your credit report that you don't recognize, you can dispute your credit report with the credit bureaus.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

Bad credit could mean paying more than three times as much on a $5,000 loan as someone with good credit. If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $20 billion. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $20 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

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