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Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Long-Term Effects on Your Credit ScoreBuilding a Positive Credit HistorySuccessfully obtaining a credit card and using it responsibly can have a positive long-term effect on your credit score. Diversification of Credit MixAdding a credit card to your financial portfolio can diversify your types of credit, which is a factor in credit scoring models. A single credit card application might lower your credit score by 5 to 10 points temporarily. Does getting denied for a credit card hurt your credit score?

☆ I bought a fixer-upper for a fraction of what I could afford. Now we have new floors and ceilings, and I'm thrilled to pay just $770 a month.
▼ + stars: | 2023-09-09 | by ( Sarah Sharkey | Avril Ayers | Read More | ) www.businessinsider.com time to read: +5 min

My husband and I bought a house in 2020, and we decided to stick to a mortgage payment of $700. Here's how we decided on how large of a mortgage payment we could afford. Why we kept our numbers conservativeBased on the 28% rule, our income could have supported a much larger mortgage payment. In my opinion, opting for a smaller mortgage payment than we could technically afford opened up more room for financial flexibility. Since closing three years ago, our mortgage payment has grown to around $770 per month.

Persons: we've, you'll, that's, homeownership Organizations: Service Locations: Wall, Silicon

If you plan to attend graduate school, it's important to understand the costs up front. As a graduate student, relying on grants, scholarships, and fellowships is better than taking out loans to pay for school. As you gear up for graduate school, it's time to find grants, scholarships, and fellowships to cover the cost. Example comparing school costs with and without grant and scholarship aidPaying for graduate school is often not as simple as finding a single grant to cover the entire cost. Alternative ways to pay for grad schoolGrants and scholarships aren't the only way to pay for school.

Persons: —, Trinity Owen, you'll Organizations: Service, Federal Student Aid, Fulbright, College Board

Depending on the loan type, lenders can repossess collateral or get repayment through other options. In other words, failing to keep up your end of a loan agreement can eventually push your loan into default. Even a short reprieve might give you enough time to get back on track with your loan payments. Loan type Standard amount of time until loan considered default Standard amount of time until nonpayment reported to credit bureaus Student loan 270 days 90 days Auto loan 30 days 30 days Personal loan 30 days 30 days Mortgage 30 days 30 daysQuick tip: The specific timeline of defaulting on a loan can vary based on the lender. As your default period stretches out, you may also rack up thousands of dollars in unpaid interest.

So I started saving up money by getting paid for chores around the house and putting any birthday money in my piggy bank. I also learned a lesson about money that I've carried into my financial choices as an adult. Instead of following in the footsteps of my friends, I decided that it was better to make money decisions on my own. As a kid, this meant spending money on my own unique interests and hobbies. I learned early on not to base my spending decisions based on what everyone else is doing.

We are diversifying our income streams, maintaining a robust emergency fund, and keeping our pantry fully stocked. But beyond our regular jobs, we are looking for new ways to diversify our income streams. Maintaining a robust emergency fundA robust emergency fund has always been the cornerstone of my financial plans. But if all of our income streams dried up, I do know that we'd have some time to figure out our next move. Beyond taking a careful look at our holiday spending, we've started to look for other ways to cut down on our costs.

There are many exceptions that may require you to keep your tax records for longer. Within three years, you can amend your tax return in order to claim a credit or refund. If the IRS has questions about your tax returns or wants to perform an audit, you'll probably be asked to produce your tax records. But of course, it is absolutely not recommended that you skip tax filing or intentionally commit fraud on your tax return. The bottom lineThe IRS clearly outlines the guidelines around how long you should keep your tax records.

☆ I kept my money in a standard savings account for an embarrassingly long time, but switching to high-yield took just 10 minutes and I'm so happy I did
▼ + stars: | 2022-09-27 | by ( Sarah Sharkey | Read More | Read Less | ) www.businessinsider.com time to read: +6 min

I put off switching my money into a high-yield savings account, but when I finally did it took 10 minutes. The Capital One 360 Performance Savings Account checked all of the boxes I was looking for with a high-yield savings account. Pros Check mark icon A check mark. No monthly service fee Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark.

My parents made me save 50% of everything I receivedMy parents started teaching me to save money at a very young age. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: I've, —, isn't, wasn't, I'm Organizations: Service, Western Alliance, Mint, FDIC, Chevron

I've taken a few steps to help me reach financial independence sooner: I boosted my income, keep my lifestyle costs low, and save 50% of my income. For me, I've begun to pursue financial independence as a way to safeguard my future as a freelancer. The goal is to achieve a measure of financial independence that would allow you to step away from paid work permanently. But as I've worked for financial independence, I've built up financial resources along the way. As a freelancer, the peace of mind created with this financial safety net is priceless to me.

Persons: I'm, I've, —, what's, we've Organizations: Service, FIRE, Quicken

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