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An excellent credit score allows you to borrow money at lower interest rates and provides other benefits. The five credit score categories for FICO and VantageScore are as follows:Credit score category FICO VantageScore Poor/Very Poor 300-579 300-499 Fair/Poor 580-669 500-600 Good/Fair 670-739 601-660 Very good/Good 740-799 661-780 Exceptional/Excellent 800-850 781-850While a low credit score will hinder your borrowing efforts, having an excellent credit score comes with a wide range of benefits and possibilities. LendingTree found that people with excellent credit scores keep a credit utilization rate of 5.7% on an average credit limit of $58,514 spread over an average of 7.9 accounts. Keep credit inquiries to a minimumWhen we apply for credit — whether it's for a new credit card, a mortgage, or an auto loan — and a lender issues a credit check, it will appear on our credit report and may influence our credit score. Though you don't necessarily need an excellent credit score, it can certainly help you lead an easier financial life.

☆ S&P, Nasdaq pulled lower as tech earnings misses fuel slowdown fears
▼ + stars: | 2022-10-26 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Reuters GraphicsThe S&P 500 and the Nasdaq were last in negative territory, dragged lower by market-leading tech and tech-adjacent companies following results from Microsoft (MSFT.O) and Alphabet (GOOGL.O). Among the 11 major sectors of the S&P 500, communications services (.SPLRCL) and tech (.SPLRCT) were suffering the largest percentage losses. Third quarter earnings season has shifted into high gear, with 170 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings growth of 2.3%, down from 4.5% at the beginning of the month, per Refinitiv. The S&P 500 posted 25 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 87 new highs and 54 new lows.

A self-directed IRA (SDIRA) is a kind of retirement account that allows you to invest in assets that are off-limits to regular IRAs. You directly manage your self-directed IRA, and so are responsible for researching your investments and their tax consequences. If that sounds like you, a self-directed IRA (SDIRA) might be worth a closer look. Self-directed IRAs (SDIRAs) are structured like standard IRAs, with the same contribution limits, distribution rules, and tax advantages. That's not always the case with SDIRA assets, and your capital could be tied up in assets you no longer want.

The rule of 55 is an IRS provision that allows those 55 or older to withdraw from their 401(k) early without penalty. Rule of 55 basics: The rule of 55 allows you to access your 401(k) or 403(b) funds without incurring the usual 10% early withdrawal penalty. An early withdrawal automatically gets hit with 20% income tax with an additional 10% penalty for the early withdrawal. The rule of 55 could also be a deciding factor for those who are considering early retirement. But you may ultimately decide that an early 401(k) withdrawal is right for your situation, especially if you're retiring early.

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Paying rent with a credit card is possible, but it comes with several pros and cons. Regardless of how you pay rent with a credit card, you'll end up paying an additional processing fee to do so. Pros and cons of paying rent with a credit cardHaving the ability to pay your rent with a credit card is one question. Whether you should is another question — the answer to which depends on your reasoning for paying rent with a credit card. Paying rent with a credit card can result in a high credit utilization ratio, which can damage your credit score.

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Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). You can minimize the amount of interest you pay by paying down your daily balance on your credit card. Find your average daily balanceYour next step will be to find your average daily balance, which you will eventually apply your daily rate to. Multiply daily rate by your average balanceAt this stage, you can apply your daily rate to your average daily balance by multiplying the two together. How to reduce credit card interestIf you've been making payments on time on a credit card for a few years, you can call your credit card company and ask for a lower rate.

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It's generally more beneficial to keep a credit card open to keep your credit availability high. AdvertisementBefore You Cancel: Considerations and PreparationsBefore deciding to cancel a credit card, consider the impact it will have on your credit utilization ratio and history — both of which can affect your credit score. Contact Your Credit Card IssuerReach out to your credit card issuer directly, using the number on the back of your card, to inform them of your decision to cancel. Yes, canceling a credit card can impact your credit score heavily depending on your credit utilization ratio and the length of your credit history. How can I cancel a credit card without negatively affecting my credit score?

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Because it doesn't require a credit history or credit score, secured credit cards are an appealing option for building a credit history. How secured credit cards workTraditional credit cards use undisclosed mathematical algorithms that rope in credit score, income, and payment history to determine your credit limit. Step 2: Find which secured credit card is right for youMost major credit card companies, including banks and credit unions, offer a secured credit card option. Though secured credit cards offer a way to build credit, they are subject to the same rules as normal credit cards. With little-to-no prior credit requirements, secured credit cards are one way to reestablish credit or start a credit history.

It's important to review your credit reports often to check for mistakes, and to do that you need to know how to read a credit report. You're normally allowed a free credit report from each of the three major credit bureaus annually, but you can get them weekly until the end of 2023. Because your credit matters so much, it's important to keep a close eye on your credit reports from all three major credit bureaus — Equifax, TransUnion, and Experian — and learn how to read a credit report. However, you can get a free copy of your credit report every week from each credit bureau up until December 31, 2023 as a result of the COVID-19 pandemic. InquiriesThe final part of your credit report, known as the inquiry section, contains a list of who has accessed your credit report in the last 24 months.

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