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Apache is functioning normally

June 4, 2023 by Brett Tams

A while back, I cautioned readers to avoid swiping the credit card before applying for a mortgage.

In short, the more you charge, the higher your outstanding balances. And the higher your balances, the lower your available credit.

This can result in lower credit scores since utilization is a big factor for FICO. And it can increase your debt-to-income ratio as well.

Simply put, if you’re seen as overextended due to maxed out credit cards, your credit scores will suffer.

So you can give your credit scores a boost by simply doing nothing, but there are some proactive measures you can take as well.

Increase the Credit Limits on Your Credit Cards

  • One quick and easy way to boost your credit scores is to increase your available credit
  • You can do this by raising the credit limits on the credit cards you have open
  • Simply ask your credit card issuers for credit line increases online or by phone
  • Once granted your utilization will go down and your credit scores should improve over time

One simple trick to improve your credit scores is via a credit limit increase.

This is something that is very easy (and fast) to accomplish thanks to the many credit card management tools now at our fingertips.

If you visit just about any credit card issuer’s website, you should be able to find an area to increase your credit limit online.

Typically, all you need to do is enter enter your gross annual income and monthly housing/rent payment.

With other issuers, such as American Express, you are asked to enter your desired credit limit and then hope they extend it to you. Apparently you can get 3x your starting limit with little trouble.

So if you started with $5,000, you could get it increased to $15,000 simply by visiting the American Express website and filling out an online form.

Once submitted, you’ll either get that new limit, something in between, or you’ll be denied.

But as long as your credit history and income is sufficient, you should get something. What’s awesome is it can take as little as a few seconds to get your new line of credit.

Note: Some card issuers may need to pull your credit report to do this, which could affect your credit scores temporarily due to the inquiry.

They’ll typically notify you first, but this is why you should request credit increases 3+ months in advance of your mortgage application to let the dust settle.

Lower Your Credit Utilization to Improve Your Scores

The underlying goal of a credit limit increase is to lower your credit utilization, which is the percentage of credit you’re actively using at any given time.

A lower utilization, similar to a lower debt-to-income ratio, is viewed favorably by credit bureaus and mortgage lenders, respectively.

So imagine you have that American Express credit card with a $5,000 limit.

If you currently have a $2,500 balance, even if it’ll be paid off on time and not revolved, you’re essentially using 50% of your available credit. This isn’t a good thing when it comes to credit scores.

You may actually want to keep your utilization rate below 25%. In this case, no more than $1,250 outstanding, even if you pay it off in full by the due date.

But what if you naturally charge a lot on your credit cards each month, despite paying them off in full every month? What can you do to keep utilization low?

Well, if your credit limit happened to be $10,000 instead of $5,000, that $2,500 balance would only represent 25% utilization.

If it were $15,000, it’s only around 17% utilization, which should certainly be viewed favorably.

In other words, all you have to do is ask for higher credit limits, instead of spending less. Of course, spending less will sweeten the deal and ideally push your credit scores even higher.

Tip: It’s easier to get credit limit increases approved if your balances are low because you’re viewed as a lower risk customer.

Pay Off Your Existing Balances at the Same Time

  • Another trick that goes hand in hand with the first tip is to pay down your balances
  • Any existing loans and credit card balances that you can chip away at
  • This will also effectively free up available credit and should give your credit scores a boost
  • It will also lower your DTI because minimum payments will be reduced in the process

In conjunction with the first tip, you can also pay down any balances you may have, assuming you don’t pay your credit cards in full each month.

If implemented together, you can get higher limits and reduced balances, which will be a one-two punch in the credit utilization department.

So using our same example, if the individual with the $2,500 balance lets carries it from month to month and only has a $5,000 credit limit, imagine if they got a higher limit and started paying it down.

They could push their utilization down from 50% to say 15% if they got the limit increased to $10,000 and paid $1,000 off the balance.

These actions should result in a higher credit score, which generally means a better mortgage rate if you apply for a home loan.

Additionally, smaller credit card balances mean you’ll have more of your income available to use toward a mortgage payment.

So you may actually be able to qualify for a larger mortgage and/or buy more house.

Give It Time to Work

The only caveat here is that a credit limit increase request could result in a hard inquiry on your credit report.

Because you’re requesting additional credit, some card issuers treat it as a quasi-application, meaning they’ll need to review your credit history.

This could ding your credit slightly, like any new line of credit. It’s temporary, but may offset some of the expected gains of a higher limit.

So either request the increased limits several months in advance of applying for a mortgage, or ask the credit card issuer if it will result in a hard or soft pull before making the request.

If it’s the latter, it won’t harm your credit score. Regardless, inquiries typically don’t impact scores much, maybe 3-5 points and the damage is generally short-lived.

One final thing you can do is check out the Experian Boost, which increases credit scores by adding positive payment history to your credit file.

It can be helpful to those who lack traditional credit history, but pay other bills on time like a cell phone or utility.

In closing, you’ll want to approach mortgage lenders with the highest credit scores possible. This ensures you have the best chance of approval and also obtain the lowest interest rate available.

Read more: What credit score do I need to get a mortgage?

Source: thetruthaboutmortgage.com

Posted in: Mortgage Tips, Refinance, Renting Tagged: 2, About, All, american express, applying for a mortgage, ask, balance, before, best, big, bills, Buy, chance, closing, Credit, Credit Bureaus, credit card, credit card issuer, credit cards, credit history, credit limit, Credit Report, credit score, credit scores, credit utilization, Debt, debt-to-income, DTI, existing, experian, Experian Boost, fico, Financial Wize, FinancialWize, Free, goal, good, hard inquiry, helpful, history, home, home loan, house, Housing, impact, in, Income, Inquiries, interest, interest rate, lenders, line of credit, loan, Loans, low, LOWER, making, More, Mortgage, mortgage lenders, mortgage payment, MORTGAGE RATE, Mortgage Tips, new, or, Other, payment history, payments, points, proactive, rate, Rent, rent payment, Review, risk, short, simple, Spending, Spending Less, the balance, time, tools, traditional, will

Apache is functioning normally

June 2, 2023 by Brett Tams

This is the second post from Hilary Stockton, who is the founder of TravelSort, which helps savvy travelers earn millions of miles without flying, redeem them for first-class flights, and stay in luxury hotels at wholesale prices. Follow her on Twitter @TravelSort.

I often get asked about the impact on one’s credit score of churning or signing up for multiple rewards credit cards, especially by those new to earning a million or more frequent flyer miles and points via credit cards. It’s definitely important to protect your credit score, and no one should sign up for a slew of new credit cards without taking the time to understand how your credit score works and whether you should be applying for new credit cards at all.

1. Only sign up for new credit cards if:

  • You don’t have any credit card or other high-interest debt
  • You always pay your credit card bill off in full every statement
  • You have a steady income
  • You don’t plan to apply for a mortgage, refinancing, student loan or other major loan within the next year or so
  • You aren’t tempted to spend more by having more credit cards

If you do have any credit card or other high-interest debt, paying that off is far more important than earning miles, points, or any other kind of credit card reward. You also shouldn’t apply for a number of new credit cards if you plan to get a mortgage, refinancing or other major loan in the next year or so, because you want to ensure you’re offered the best possible interest rate.

2. Have a FICO credit score range 720 or above

FICO scores from the three credit bureaus (Equifax, Experian and Transunion) range from 300 to 850. You’ll need a credit score of at least 710 to apply for rewards credit cards, and preferably 720 or higher.

3. Get a free copy of your credit report

You’re entitled to a free copy of your credit report every year, which you should check to ensure there are no inaccuracies. If there are, you should dispute them, since they’re likely negatively impacting your score and your ability to not only be approved for the best travel rewards credit cards but also being able to secure the best possible interest rate for loans.

4. Know the difference between FAKO and FICO

Unfortunately, there are a lot of places offering to sell you your credit score that are completely worthless, because the score they’re providing isn’t the one that’s actually being used when determining whether to approve you for a new credit card or loan. These fake credit scores have been nicknamed “FAKO.” Even the credit bureaus themselves sell FAKO, so as not to have to pay to FICO to provide your actual FICO score. See more about this at Credit Score: FICO or FAKO?

5. Understand the factors influencing your credit score

Your FICO credit score is determined by these factors:

  • 35 percent is payment history: If you always pay on time, don’t carry any credit card balances and have no delinquent accounts, bankruptcies or similar against you, you’re fine. But make sure you continue to monitor your credit report to guard against inaccuracies.
  • 30 percent is credit utilization: This factor looks at the percentage of your credit line that you’re using. So, for example, if you have a $10,000 credit line on a card, you don’t want to maxing it out every month; in fact, you should ideally only be using a small percentage (under 10 percent) of your credit line. If you have a major purchase, pay it off immediately rather than waiting until the payment due date.
  • 15 percent is length of credit history: Just as the description implies, this factor measures your average age of accounts.
  • 10 percent is types of credit used: This factor looks at the various types of credit you use, such as home mortgage payments, car payments and credit card payments. It also helps explain why, frustratingly, some folks who rent yet own their own car and have never missed a credit card payment can have a lower credit score than a much more indebted homeowner with a leased car who is nevertheless making payments in full and on time.
  • 10 percent is new credit: This factor accounts for the hard pulls or inquiries that result from applying for new credit, such as a mortgage, car loan, student loan, and new credit cards. Each new hard pull does knock a few points off your score, although in most cases your score recovers within 90 days to six months.

6. Keep utilization low on personal credit cards

Due to how important credit utilization is in calculating your credit score, I always recommend you keep your credit utilization as low as possible on your personal cards:

  • Pay off major purchases right after they’re incurred, even before your statement close.
  • If you incur business expenses, ensure they go on a business credit card or charge card. Business credit card utilization is NOT reported to the credit bureaus.

7. Apply for new credit cards on the same day, as close in time as possible

The reason most serious credit card churners apply for multiple credit cards simultaneously, or as close in time as possible on the same day, is two-fold:

  • By not applying for any credit cards for a few months you can avoid being rejected for “too many recent credit inquiries.”
  • If you’re applying for two or three personal cards from the same bank, your hard pulls may be merged into one, reducing the impact on your credit score.

8. Don’t close your oldest credit cards

As mentioned above, credit history accounts for about 10 percent of your FICO score calculation. That’s why you want to always keep at least one or two credit cards that you never close. Make sure they’re no annual fee cards, and preferably a no annual fee card that still earns rewards.

9. Avoid closing a credit card without first transferring the credit line to another open card

Be careful when closing credit cards that you don’t lose the credit line. Opening new credit cards can actually help your credit score over the long term if it increases your total amount of credit relative to your utilization. So, when you do decide to close a credit card, ask the representative to transfer the credit line to one of your other credit cards from the same bank.

10. Stop applying for new credit cards about one year before applying for a mortgage or major loan

As I mentioned in the first tip, it’s key to not let lucrative credit card rewards blind you to the importance of securing the lowest possible interest rate for a mortgage or other major loan. Stop applying for new credit cards about one year before you apply for a major loan, continue to always pay your balance off in full every statement, and aim to keep your credit utilization at 10 percent or lower for all your personal credit cards.

Source: getrichslowly.org

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Apache is functioning normally

June 1, 2023 by Brett Tams

From the Kansas City Chiefs to St. Louis’s Gateway Arch, Missouri has plenty to offer both residents and visitors. As a result, there are plenty of Missouri banks. In fact, it can be tough to narrow down the options.

Missouri Welcomes You

17 Best Banks in Missouri

From online banking apps to small community banks and large financial institutions, Missouri has a little of everything. Here are some of the best Missouri banks to kick off your search.

1. First Midwest Bank

Founded in Poplar Bluff, First Midwest Bank has branches and ATMs in Poplar Bluff, Columbia, Greenville, Piedmont, Puxico, Van Buren, and Williamsville. Currently, First Midwest is offering $.10 cash back per swipe of your First Midwest Dime-a-Time debit card.

Recently, First Midwest merged with Old National Bank to expand its service area and offerings to Indiana, Illinois, and Kentucky.

Pros:

  • Cash back with each debit card purchase
  • No monthly maintenance fees with most checking accounts
  • Wide variety of account options

Cons:

2. U.S. Bank

Missouri residents looking for a national bank with branches in Missouri might like U.S. Bank. You’ll find branches and ATMs in 25 different states, along with a mobile app that allows you to transfer funds, pay bills with bill pay, and split a check with Zelle.

U.S. Bank’s current special on CDs means you can earn up to 4.75% APY. Small business owners should consider U.S. Bank’s current checking bonus, which offers $500 if you open a new account and deposit $5,000. Deposit $15,000 and earn a $750 bonus.

Pros:

  • Robust mobile banking features
  • Up to $750 bonus for business checking account
  • Wide range of banking services

Cons:

3. Chime

Chime is a mobile banking solution with competitive interest rates on savings accounts. You’ll get fee-free1 ATM access nationwide at any MoneyPass, Allpoint, and VisaPlus Alliance ATM, as well as access to your direct deposit up to two days early2. Electronic deposit customers also qualify for up to $200 in overdraft protection through SpotMe5, although Chime charges no fees for overdrafts.

Pros:

  • No fees on checking account
  • Up to 2.00% APY3 on savings accounts
  • No overdraft fees

Cons:

  • No physical branches
  • No cash deposit options

4. GO2bank

GO2bank is an online banking solution with a full-featured mobile app and access to free ATM withdrawals and deposits through partners. Your account with GO2bank will include a checking account with no maintenance fees and a high-yield savings account.

If you’re interested in building credit, you can qualify for a GO2bank Secured Visa Credit Card, which reports your on-time payments to credit bureaus and requires no credit check.

Pros:

  • Fee-free checking account with direct deposit
  • Up to 4.50% APY on savings accounts
  • Cash deposits at 90,000+ retail locations nationwide

Cons:

  • No physical branches
  • Direct deposit necessary for free checking

5. Commerce Bank

Kansas City residents should consider Commerce Bank, a community bank with locations throughout the area. You’ll also find ATMs and branches throughout Missouri, as well as in 10 other states. You’ll find a wide variety of checking account and loan options, as well as savings accounts and CDs.

Not only will you get in-person customer service at a branch, but you can chat with a live banker at any time in the Commerce Bank CONNECT app. You’ll choose the banker and connect with the same representative every time.

Pros:

  • Branches and ATMs in 11 states
  • Free account includes full mobile banking services
  • Competitive rates on loans

Cons:

  • No fee-free ATMs outside the service area
  • Low interest rates on savings accounts and CDs

6. Regions Bank

With branches in Missouri, Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas, Regions Bank is a great option if you travel within the Midwest and Southeast.

Regions Bank offers a variety of banking services, including wealth management services and support for small business owners. With DepositSmart ATMs, you can skip the branch and deposit your funds at an ATM.

Pros:

  • DepositSmart ATMs let you deposit cash and checks without visiting a branch
  • Flexible requirements to waive checking account fees
  • Checking accounts for students and seniors

Cons:

  • Low rates on savings accounts
  • No branches or ATMs outside the Midwest and South

7. Axos Bank

If you don’t need a local branch, online banking might be an option. Axos Bank offers online services through its website and mobile banking app. There are multiple checking account options, including accounts with no monthly maintenance fees and rewards.

Axos offers unlimited ATM fee reimbursements, so you can use your debit card anywhere in the U.S. Currently, Axos has a $100 bonus for new checking account holders who open an account and have at least $1,500 in electronic deposits within the first 30 days.

Pros:

  • $100 bonus for new rewards checking account
  • Up to 3.30% APY on checking accounts
  • Unlimited reimbursements for out-of-network ATM fees

Cons:

  • No physical branches
  • Low interest rates on savings accounts

8. Central Bank

Central Bank is a regional bank with more than 130 locations in Missouri, Kansas, Illinois, and Oklahoma. You’ll find multiple checking account options, including a fee-free account with all the basic features.

You’ll enjoy free ATM transactions at any Central Bank ATM, as well as more than 37,000 ATMs nationwide. Central Bank also has robust business banking options, including loans and multiple checking options.

Pros:

  • Fee-free ATM withdrawals at 37,000+ MoneyPass locations nationwide
  • Personalized customer service at branches
  • Wide range of loan options available

Cons:

  • $50 minimum deposit to open
  • Branches in Missouri are mainly in the southwest and central part of the state

9. Bank of America

There are benefits to going with a national bank, including access to banking services while traveling and a broad range of features. As one of the largest national banks, Bank of America has competitive offerings, including a variety of checking account options and wealth management services.

Business customers can earn a $200 bonus for opening a new account and depositing $5,000 in the first 30 days. Individual banking customers should check out the $200 rewards bonuses on new credit cards.

Pros:

  • 3,900 branches and 15,000 ATMs nationwide
  • Robust free mobile banking features
  • Wide range of personal and business credit cards

Cons:

  • Low interest rates on savings accounts
  • Long waits for customer service

10. Great Southern Bank

Great Southern is headquartered in Springfield, with branches in Missouri, Arkansas, Iowa, Kansas, Minnesota, and Nebraska. You’ll find multiple checking account options, with a free basic checking account.

Although Great Southern’s checking accounts require minimum deposits, there are three options with only a $25 minimum opening deposit required. That includes a second chance account designed to help those who struggle to establish an account due to their banking history.

Pros:

  • Fee-free ATM transactions at Allpoint ATMs nationwide
  • Branches across six states
  • Competitive rates on personal loans

Cons:

  • Checking accounts require a minimum deposit to open
  • Limited customer service hours

11. Belgrade State Bank

Belgrade State Bank is a local bank with checking and savings accounts. While there are limited ATMs and branches, Belgrade’s out-of-network ATM fee is only $1. This is in addition to the fees that will be charged by the third-party bank.

Belgrade has robust business banking options, including a fee-free checking account that includes 1,000 items per month, with a $0.25 charge per transaction after.

Pros:

  • Free checking with enrollment in e-statements
  • No minimum balance requirement for checking accounts
  • Competitive rates of personal loans

Cons:

  • Limited branch and ATM footprint
  • $50 minimum deposit to open

12. PNC

PNC is one of the biggest national banks with 26 branches in Missouri. Although PNC only has branches in 29 states, you’ll enjoy fee-free access to your cash at more than 60,000 ATMs nationwide, thanks to PNC’s partner network.

Pros:

  • Access to more than 60,000 ATMs nationwide
  • Branches in 29 states
  • Competitive mobile banking features

Cons:

  • Low interest rates on savings account
  • Accessible banking services, including support for non-English-speaking customers

13. Mid-Missouri Bank

Mid-Missouri Bank is one of the best banks for both the small business owner and the consumer. You’ll find 14 branches across Missouri, as well as ATMs within the coverage area. There are two checking accounts.

One issues an annual percentage yield on your balance, while the other offers cash back on debit card purchases. Mid-Missouri offers competitive rates on personal loans, including auto, home, and home equity lines of credit.

Pros:

  • 14 branches across Missouri
  • Basic account earns cash back or APY
  • Up to $25 in ATM fees refunded each month

Cons:

  • Lower APY on savings account than competitors
  • Limited number of branches and ATMs

14. Bank of Missouri

Bank of Missouri is one of the best banks in Missouri for its checking account perks. You’ll have three options: a bank account that earns 3.05% APY, an account that earns cash back on debit transactions, and an account that offers iTunes, Amazon, or Google Play refunds each month.

This bank’s checking accounts come with no monthly maintenance fees and refunds on up to $25 monthly in out-of-network ATM withdrawals.

Pros:

  • Rewards and interest-bearing checking accounts
  • No monthly fee on checking and savings accounts
  • Competitive rates on CDs

Cons:

  • Low rates on savings account
  • Limited number of branches and ATMs

15. UMB Bank

UMB Bank is one of the longest-running Missouri banks, having been in existence for more than a century. You’ll find branches throughout Missouri, as well as in Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas.

UMB also offers online banking options that make it easy to transfer funds and deposit checks. One downside to UMB is its ATM footprint. You’ll pay $2 if you can’t find a UMB ATM, and those are limited to its service area.

Pros:

  • Robust mobile banking options
  • Fee-free checking account available
  • Competitive rates on CDs

Cons:

  • Minimum deposits required for all checking accounts
  • Low interest rates on savings account

16. Simmons Bank

If you’re looking for the best checking account among banks in Missouri, consider Simmons Bank, which offers impressive checking and savings accounts with plenty of branches throughout Missouri.

You’ll get fee-free cash withdrawals nationwide at MoneyPass ATMs, along with fee-free checking that requires no minimum balance or opening deposit.

Pros:

  • Fee-free checking options
  • Multiple checking and savings accounts
  • Fee-free cash access at MoneyPass ATMs nationwide

Cons:

  • Competitive rates on CDs
  • Minimum deposit on savings account

17. First State Community Bank

First State Community Bank has more than 50 branches throughout Missouri for that in-person customer service. You’ll also get free access to ATMs in the MoneyPass network for cash withdrawals while you’re traveling.

The basic account, Free eChecking, offers all the features you’ll likely need with no monthly fee as long as you sign up for electronic statements.

Pros:

  • Fee-free cash access at MoneyPass ATMs nationwide
  • Fee-free checking option when you sign up for electronic statements
  • Round up debit transactions to boost your savings

Cons:

  • Opening deposit required for checking
  • Limited branch locations

Frequently Asked Questions

What is the most popular bank in Missouri?

Like most states, Missouri has plenty of large corporate banks with branches in the area. Some consumers will always prefer that option due to the wealth of banking services and access to ATMs nationwide. Bank of America has a strong presence in Missouri, as does U.S. Bank.

But when it comes to popularity, locals tend to cite smaller banks. Central Bank is often mentioned as a favorite, in part due to its heavy presence throughout Missouri. Commerce Bank also often tops lists of the best banks in Missouri.

If you go with a local bank, look for one that’s covered by the Federal Deposit Insurance Corporation and pay close attention to whether you’ll have access to cash withdrawals at ATMs while traveling.

What is the best bank for small businesses in Missouri?

Those looking for business accounts typically have different criteria than those searching for personal accounts. You might be more interested in being able to invoice customers, for instance, or track spending for tax purposes.

If you’re a freelancer in Missouri, take a look at Axos for your small business banking. U.S. Bank has great money management features, so if that’s a priority, take a look at its small business banking services.

Which Missouri bank has the best customer service?

As valuable as it can be to have a bank account with no monthly maintenance fees or plenty of ATMs, sometimes it’s all about getting help when you need it. If you like in-person service, go with a small brick-and-mortar option with branches that are convenient to you. First State and Bank of Missouri are both great traditional banking options.

For some people, though, the best banks are those that offer easy-to-use remote customer service. Whether that means getting help via a chatbot or connecting with a representative by phone, narrow the options to something that works for you. Ally Bank has been recognized for its 24/7 customer support, primarily because you’ll get an estimate of how long you’ll have to wait on hold before you launch the call.

Which Missouri bank is the most reliable?

As long as you go with an FDIC-insured bank, your funds will be protected up to $250,000. Still, nobody wants to stress over a bank eventually going under. Large corporate banks like Bank of America and U.S. Bank have a long history and an impressive asset value that protects them from default.

But there are plenty of reliable local banks in Missouri as well. First State has been in business for 150 years, and Central Bank was founded in 1902. Both are unlikely to go anywhere and if they did, it would be to merge with another bank or join a parent company.

The best banks are the ones that fill your needs while also keeping fees at a minimum. It’s important to compare at least a few options to make sure you’re getting the best deal for your Missouri banking needs.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

3. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May, 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

Source: crediful.com

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Apache is functioning normally

June 1, 2023 by Brett Tams
A senior couple walking together on a sunny day. The man is pushing a bicycle with a basket on it.

Nitat Termmee/Getty Images

There are a few different types of life insurance policies to choose from when you’re shopping for coverage. That includes whole life insurance, which is a permanent type of life insurance policy that remains in place for your entire life and guarantees a death benefit, as long as premiums are paid. But while whole life insurance can offer a number of unique perks, it may not be the best option for everyone. Before you make a decision on your life insurance coverage, it may benefit you to learn more about the pros and cons of whole life insurance, as well as how it works, in order to make the best choice possible for your unique circumstances.

Key takeaways

  • Whole life insurance is a permanent policy that remains in force for your entire life, as long as premiums are paid, and guarantees a death benefit.
  • Whole life insurance policies may cost two to three times more than term life insurance policies because of the expected payout.
  • Whole life insurance policies usually have a cash value component that you may be able to put towards premiums when enough funds accumulate.

What is whole life insurance?

Whole life insurance offers coverage for your entire life as long (in most circumstances) as you’re paying your premiums. In return, the death benefit is essentially guaranteed to be paid out to the beneficiaries in the event that the policyholder passes.

In addition, whole life policies include other benefits, like a cash value component, which is an account that accumulates funds over time. This account is funded by the policy’s premiums, which are what you pay to keep your policy active. As the policyholder, you can choose to borrow against the cash value component during your lifetime under certain circumstances.

How does cash value work?

The cash value component of a whole life insurance policy can be used in a variety of ways and has a few tax considerations to keep in mind. You may borrow against it, use it to pay premiums or make tax-free withdrawals, within policy limits. Withdrawals over the amount of the cash value may be considered taxable income and will reduce the death benefit amount that goes to your beneficiaries. Your beneficiaries will also not be able to access this cash value when you pass away, as it can only be used while you are alive.

Knowing how to leverage the cash value can be a useful tool. When you borrow against the cash value amount, you will not have to undergo a lengthy approval process from a bank or lender, and you will likely enjoy a lower interest rate. Borrowing against the cash value account may be the right fit for individuals in a pinch who want a loan with an easy approval process. Additionally, a loan against the cash value is not reported to credit bureaus, meaning it does not impact your credit score. Just remember that any amount that remains unpaid when you pass will likely be deducted from the death benefit total.

Best whole life insurance

Many regional and national life insurance companies offer whole life policies, so choosing the right one will require some research. Bankrate’s list of the best whole life insurance companies may be a great place to start your search. To determine this list, our insurance experts chose these providers based on the following considerations: customer satisfaction rankings from J.D. Power’s 2021 U.S. Individual Life Insurance Study, financial strength scores from AM Best, reported complaints from the National Association of Insurance Commissioners (NAIC), available coverage options and digital policy management tools.

The cost of whole life insurance

Generally, whole life insurance is more expensive than the same amount of term life insurance coverage. This is because whole life insurance policies are guaranteed to be paid out, as long as the policy remains in force and premiums are paid. As such, whole life policies might also come with a lower potential death benefit compared to a term policy.

However, whole life premiums remain stable and the policy comes with a cash value account, which policyholders can leverage for other financial needs. Your specific whole life insurance policy cost is determined by multiple factors, including the amount of coverage you choose, your age and your relative health.

Learn more: Affordable life insurance companies

Is whole life insurance worth it?

Some people may prefer whole life insurance because it remains in effect for the insured’s entire life and because the cash value component adds additional financial flexibility. However, these financial components also contribute to a higher rate compared to premiums associated with a term life insurance policy. Whether or not whole life insurance is worth it to you depends on your financial situation, budget and long-term goals.

On the other end of the spectrum, many people prefer the shorter-term coverage that comes with a term life policy. For instance, if you only want coverage for a limited amount of time — such as when your children are in school or while you still owe on a mortgage — you may want to apply for a term life insurance policy just for the period of time when the financial protection is most critical. Term policies are typically much more affordable, as a payout is significantly less likely to occur. If deciding between term life vs. permanent life insurance, knowing what your immediate and long-term needs are, budget and purpose for life insurance can help you make a choice.

Frequently asked questions

    • A whole life insurance policy comes with a cash value account that can be invested, but since it is considered low-risk the cash value is usually minimal. Whole life insurance policies are designed to provide loved ones with a death benefit after your passing, rather than to act as an investment vehicle. While the investment component of insurance can be a nice added perk to a whole life insurance policy, other forms of investment may generate higher returns. A financial advisor can help you determine whether or not a whole life policy is right for your situation, taking into account its investment component.

    • How much life insurance you need typically depends on your situation and the goals you have for your policy. You may also want to keep in mind your individual financial obligations when determining the amount of life insurance you need. For instance, if you have personal debt, a mortgage, or upcoming college tuition payments for your children, you may want to factor in those expenses. If you financially support someone into adulthood, such as a special needs family member, you may want to factor their living expenses into your life insurance coverage, as well. Typically, a licensed agent or certified financial professional can guide you in estimating how much life insurance you need, or you can use Bankrate’s life insurance calculator as a starting point.
    • You may have less need for life insurance coverage if you’re single and have no dependents, since this likely means that you have less people who would be financially at-risk if you were to pass away. However, some policyholders choose to purchase life insurance to pay for their funeral expenses, or to leave money to a favorite organization or charity.

      This is one reason single people may choose to obtain a term policy, which can typically be converted to a whole life policy ahead of the policy’s expiration when you may marry or have dependents in the picture. Obtaining a policy when you are young and in relatively good health may help you secure good rates for such a time when insurance becomes more critical.

Source: thesimpledollar.com

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Apache is functioning normally

June 1, 2023 by Brett Tams

Austin-based rent reporting fintech Boom announced on Wednesday that it has raised $4.5 million in a seed round to improve user experience, expand its product offerings and market its app to customers. 

The seed round was led by Chicago-based venture capital fund Starting Line, followed by Clocktower Technology Ventures, Company Ventures, Gilgamesh Ventures, and Plaid co-founders William Hockey and Zachary Perret. This latest round of funding follows a $800,000 pre-seed round. 

“We’re gonna do three things with the resources: improve the core product of rent reporting; launch a couple of new products in the pipeline; and go to market, as we haven’t done any consumer and landlord marketing,” Rob Whiting, CEO and co-founder, said in an interview.  

Boom’s app was launched in late 2021 to allow users to build credit using rent payments, which are typically their largest monthly expense. Boom reports the information to the three credit bureaus: Experian, Equifax and TransUnion. 

Subscribers pay $24 a year for the app services, and customers link the app to their bank accounts so that the rent payments will be verified every month. While Boom does not work with users that have “handshake” rent agreements, it can verify whether customers pay rent to a relative, friend or roommate by checking wire transfers and the lease agreement, for example.   

According to the company, users see an average increase of 28 points to their credit scores within two weeks of using the app when making their rent payments accordingly. The company says it’s offering its core product at a price 70% lower than its competitors. 

Boom says it has between 15,000 and 20,000 subscribers and has attracted partnerships with major industry players such as Progressive, Apartment List, and national property management companies.

On-time rent payments have become another piece of the mortgage underwriting process in the U.S. over the last two years. 

In September 2021, Fannie Mae incorporated customers’ rent payments into its underwriting system, known as Desktop Underwriter. Freddie Mac adopted the same initiative in June 2022. 

A study by the Urban Institute found that Black households have the most to gain by including rent payments in mortgage underwriting.

Source: housingwire.com

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Apache is functioning normally

May 31, 2023 by Brett Tams

Okay – your flight’s booked, you’ve requested time off from work, and your family knows you’re going. The bare essentials for going on your trip are done. 

Even so, you have this nagging feeling like there’s some more… adulting to do before you leave. 

Indeed, there are definitely a few additional steps you’ll want to take before your big trip to ensure your personal finances stay taught and tidy while you’re adventuring abroad. 

(P.S. I traveled to 41 countries in my 20s, so please enjoy learning from my mistakes!) 

What’s Ahead:

1. Let your bank and credit card company know that you’re traveling

Setting a “travel notice” with your bank is a quick win and can be done in a single phone call. Some banks will even let you do it from your online dashboard. 

When you set a travel notice, you’re essentially telling your bank: “hey, I’ll be in Bolivia in August – so if you see a charge from a hostel in La Paz, that’s not fraud – that’s just me.” 

Without a travel notice, your bank will typically block your account until they hear confirmation that it’s just you. This could leave you in a sticky situation – you may be unable to withdraw cash, buy food, or check into your accommodations until you call your bank. 

So, be sure to set a travel notice so your bank doesn’t flip out when you try to buy your first cuñape. 

2. Download banking and payment apps

After visiting 41 countries, I’ve learned one universal truth about group travel: money changes hands between you like the trading floor of the New York Stock Exchange. 

Restaurant tabs and outdoor market negotiations quickly devolve into a humbling frenzy of open wallets, wads of cash, and grown adults counting on their fingers. 

“Oh, shoot – can anyone spot me twenty Euros?” 

“I’ve got plenty of pesos if anyone needs any.” 

“Does anyone have an extra 5,000 Yen for the tip?” 

At the end of the day, sipping Sopporo at the hostel, you’ll need to settle your tab with your cohorts – and that’s when having your banking and payment apps pre-installed is a godsend. Not only do Zelle and PayPal automatically convert to the recipient’s currency, but they also save you a nighttime trip to the ATM – which can be expensive and dangerous. 

Read more: Make Paying Easier With The 10 Best Payment Apps

3. Get a budgeting app to help you stay on track 

In addition to a payment app, it’s helpful to have a budgeting app while you travel so you can stay on track with your financial goals. 

On a more personal note, establishing a budget before your trip and sticking to it takes a ton of the stress and guilt out of travel. Take it from me, when you’re traveling on a budget, without a budget, every nonessential expense can come with a heaping side of guilt. 

  • Another five euro beer in Bavaria? I probably shouldn’t. 
  • This beautiful painting of Ha Long Bay that’s only $30? Ehhh…. not when I’m between jobs. 

Not knowing how much you’re allowed to spend when you’re traveling can be a huge buzzkill. But conversely, once you set a budget, your mindset shifts and you feel much more confident and relaxed in your spending:

  • I can safely afford three craft beers tonight. 
  • Even if I buy this beautiful painting, I’ll still have $220 left in my art budget!

So I passionately suggest establishing a budget before you head overseas – it’s low-key the #1 stress reliever before a big journey!

Read more: 9 Best Budgeting Apps To Take Control Of Your Finances

4. See what travel perks and insurance you already get with your rewards card

Sure, 2% cash back rewards are great – but did you know that your credit card might also include up to $25,000 worth of trip insurance? 

It’s a lesser-known perk of many rewards cards, but yes – many credit cards these days include travel-related insurance and coverage including:

  • Trip Delay Reimbursement. Delay coverage would reimburse you for extra expenses due to a delay, like hotels/meals after a canceled flight.
  • Trip Cancellation/Interruption. This is the big one; if you or even just someone in your family misses a trip due to sickness, a death in the family, severe weather, or even jury duty, your card could cover your trip for up to $25,000.
  • Baggage Delay. If your bag is delayed by at least 12 hours, your credit card company will actually reimburse you for typically around $150 of clothes and toiletries to get through the day.
  • Lost Luggage Reimbursement. If your bag never arrives, your card company could cover the replacement cost of your luggage plus contents, usually up to $500 or $1,000. You should know, however, that by law airlines are required to reimburse you for up to $3,500 for lost, damaged, or delayed luggage.
  • Travel and Emergency Assistance Services. Stuck in a foreign country with a canceled flight? It may not be your first impulse, but calling your card issuer can actually save the day. Many credit card companies have 24/7 travel concierges that can help you make emergency travel plans.
  • Emergency Evacuation and Transportation Coverage. Finally, and this one became more common during the pandemic, if you incur hotel/transportation costs during an emergency evacuation, your credit card may cover it. 

Head online and read your credit card’s cardholder agreement, top to bottom. That’ll give you an idea of the perks included, which could save you tens of thousands of dollars under the right (unfortunate) circumstances. 

5. Get traveler’s insurance

Whether or not your card includes some trip insurance, you’ll still want to consider plugging any sensitive gaps. Travel insurance is cheap, relieves a ton of stress, and some consider it to be essential. 

There are three types of travel insurance:

  • Financial travel insurance covers your trip itself, and may already be covered by your credit card. It includes trip cancellation/interruption coverage, baggage delay reimbursement, and more.
  • Medical travel insurance covers you during your trip and includes your medical bills for emergency evacuation, basic healthcare, etc. Even if you’re traveling to a country with affordable out-of-pocket healthcare, the U.S. State Department reminds us that medical transportation costs can reach $100,000 alone.
  • Comprehensive travel insurance quite simply includes both Financial and Medical travel insurance. 

I know, when you’re budgeting for a trip, purchasing $50 to $300 or so worth of insurance that you might not even use feels like a frustrating tax. 

But think of it this way – even if you never end up using it, travel insurance still has a tangible benefit – every day, it removes stress from your trip. For a couple of hundred bucks, it prevents any interruption in your goal to achieve financial freedom. 

6. Bring a travel rewards card

Depending on where you’re going and for how long, you might consider applying for a travel rewards card to bring with you. 

Now, the credit card companies would have you believe that getting a new credit card is as simple and straightforward as ordering a burrito. 

It’s not, and there are some hidden caveats/drawbacks for you to seriously consider before applying: 

  • Credit card applications hurt your credit score. When you apply for a new credit card, the company will make a hard pull of your credit, causing an immediate drop of five to seven points.
  • Travel rewards cards typically require excellent credit. Because travel cards are “lifestyle cards” that encourage high spending, the card companies want to know that they can trust you to pay your bill when you’re back home. Therefore, they typically require a credit score of 750 or higher
  • The best travel cards charge an annual fee. The best travel cards almost always charge a $95 annual fee (or higher). Granted, they also tend to have generous signup bonuses ($500+) if you spend enough within your first three months. 

The best time to get a travel rewards card is before you book your trip. That way, you can put your trip on your new card for extra cash back and to make progress on earning your signup bonus. 

Aside from getting trip insurance, better cash back on travel expenses, and a signup bonus, the final perk to bring a travel rewards card is zero foreign transaction fees. Most non-travel cards will charge a 3% fee on every purchase you make overseas, making your cash back rewards null and void. 

If you plan to go shopping abroad, a travel card (or at least one with no foreign transaction fees) is an excellent companion.

Read more: Best Travel Rewards Credit Cards

7. Turn on notifications for every single transaction

Circling back to my very first point, you definitely should still give your bank a travel notice so they don’t immediately freeze your account as soon as you try to make a purchase overseas. 

That being said, I recommend you still set up alerts for every single transaction made on your card while you’re traveling. 

What if you’re in Bolivia, but that charge at the hostel in La Paz wasn’t you? Now, the roles have reversed – your bank probably thinks it’s OK, but you obviously don’t. 

That’s why it’s a good idea to have your bank ping a notification to your phone every time there’s a transaction on your account. Yes, you may get eleven pings a day, but I promise – it’s all worth it for that one ping that makes you go: hol’ up.

8. Prepare to use card lock 

Let’s say you do get an alert for a fraudulent charge. Or maybe, you’ve simply lost your credit card and want to prevent any bad guys from using it. 

What now? Do you call up Chase and cancel your card? 

Hold the phone, because canceling a credit card could have seriously negative consequences on your personal finances. To start, every merchant you have on autopay will experience a missed payment, which could lead to a disruption in subscription services and even a dip in your credit score. 

Plus, and I’m pulling from personal experience here, canceling a credit card abroad means that card is donezo. Six feet under. In most circumstances, your card issuer won’t be able to get you another physical card until you’re back home. 

Besides, what if you find your card behind the hostel bar right after you cancel it? 

That’s why card lock is such an essential feature for travelers. Card lock is a simple toggle in your banking app that lets you block any new transactions on your card. Pre-authorized transactions are allowed, but the bad guys won’t be able to charge anything new. They’ll probably assume you already canceled it and toss it in the trash. 

Card lock is also a no-brainer if you’re searching for a lost card, or you do know where it is and just need a few hours to retrieve it. 

9. Automate your bills

Speaking of pre-authorized transactions, another key step in ensuring a smooth trip (financially speaking) is to ensure that you won’t come home to any delinquent bills. 

You’ll be glad you set up autopay for your rent, utilities, etc. if you haven’t already. It’s not just decidedly unfun to return from Bali to a pile of bills – it can also be expensive and hurt your credit score. 

Some less patient merchants (notably utility providers) keep their fingers on the trigger, and as soon as you miss a payment they’ll ambush you with late fees and report your delinquent payment to the credit bureaus. 

So, be sure that all of your bills, rent, etc. are set on autopay so you don’t get in trouble while you’re gone. And TBH, just keep everything on autopay so you don’t miss any payments in the future!

Read more: Automatic Payments Explained – Everything You Need To Know About AutoPay

10. Suspend your paid subscriptions

Conversely, if you’ll be gone for more than a month, you might even consider canceling some of your subscriptions until you’re back. This is a frugal life hack that I’ve used to save hundreds during my overseas adventures. 

For example, you may want to consider canceling the following services (and more) if you won’t be using them while overseas:

  • Hulu.
  • Disney+.
  • Peloton.
  • HBO Max.
  • Spotify.
  • Netflix.

After all, these services let you reactivate on a whim, so you might as well suspend your subscription and save $20, $40, even $100 during each month you’re gone. 

Not only is it effortless to re-subscribe – they’ll often give you promos for it (e.g. reactivate now to save 20% off your next three months). 

Now, if it’s a subscription to a small business, like a local gym or a life coach, I’d encourage you to continue supporting them even while you’re overseas. 

But Disney? They’ll be fine. 

11. Remember to skip your meal deliveries

I’m giving this one its own header because it caused me a surprising amount of stress on my recent jaunt to the Bahamas. 

While I was checking my email in Nassau, I got a notification that my Freshly box was out for delivery. 

Oops. 

Now, if it were just a regular package I could’ve rolled the dice and let it sit on my porch. If I were feeling paranoid, I probably could’ve gotten a pal to swing by within a few days and hide it. 

But fresh meals? They had hours before they expired and I lost $100 worth of meal prep (and created tons of food waste). 

For an undisclosed amount of bribery, I finally got my up-the-street neighbor to rescue my meals and keep them in her fridge for five days, but lesson learned – skip any fresh meal deliveries while you’re overseas. 

12. Have a plan for your mail and packages

On a similar note, it pays (literally) to have your mail and packages taken care of while you’re gone. 

If you go online, you can typically redirect UPS and FedEx packages for delivery to the nearest brick-and-mortar store for complimentary safe-keeping – even if the package is already in transit. 

USPS offers a service called USPS Hold Mail® that, as the name subtly implies, will hold your mail at the nearest post office for up to 30 days. You can set it up online by creating a USPS account. 

(Fun fact – you can also opt-out of junk mail for $2). 

13. Freeze your credit report

This is a newer travel tip that some would consider extreme, while others consider it 100% necessary. I’ll let you be the judge. 

Remember card lock, which prevents your credit card from being used? Well, there’s a more intense version of that where you can actually prevent your entire credit report from being used. 

When you travel abroad and use your credit card in more places, the threat of identity theft naturally rises. Then, the usual first step in identity theft is that the bad guy will start applying for loans in your name. 

At this stage, the lender sends a request to the credit bureaus to release your credit report, and when they see you have good credit, they give the bad guy whatever he wants. 

But if you freeze your credit report, it stops the bad guy right in his tracks. 

To freeze your credit report, you have to call up each of the three credit bureaus: 

  • Equifax (1-800-349-9960).
  • TransUnion (1-888-909-8872).
  • Experian (1-888-397-3742).

They’ll ask you for a password to release it again – be sure to get it tattooed on your arm (or your friend’s arm) because you won’t want to lose it. Then, all you have to do is unfreeze it again when you apply for your next loan or line of credit. 

14. Sublet your apartment

If your lease allows it, subletting your apartment while you’re gone could cover the cost of your trip!

When you sublet, you’re essentially letting a renter stay in your space while you’re gone. You’re effectively a landlord for a few weeks/months during your trip, and you’ll have to issue a lease of your own and collect rent. 

You’ll likely want to collect a security deposit, too, to cover any potential theft or damages to your property. 

Subletting makes the most sense if your renter is someone you trust – a friend, colleague, family member, etc. A total stranger might squat in your space, refuse to pay rent, and simply disappear before you return (with your stuff). 

For that reason, subletting isn’t for everyone; but if you have a renter in mind and could get a lot for your space, it’s definitely worth investigating!

Read more: How to Sublet Your Apartment Safely

15. Make sure you don’t pay for data roaming

There’s a scene from An Idiot Abroad where Ricky Gervais knows Karl gets charged 70 pence every time he receives a text message in Egypt so he keeps texting him this: 

16 Smart Money Moves To Make Before You Travel - 70p text

Even if your data carrier says they include data roaming in your monthly bill, don’t believe them. T-Mobile claims they include unlimited data roaming and a “low rate ceiling” for global travelers, and yet felt justified charged a family $13,470.19 while they traveled – $1 per megabyte. 

Here’s the crazy thing – the family’s phones were on airplane mode the entire time – but apparently, certain apps these days can shrug off airplane mode and vampire data regardless. 

So, the key to avoiding roaming charges is to either:

  1. Go into Airplane Mode Settings and ensure that Cellular Data is disabled.
  2. Prepay for roaming data, if it’s essential.

Only then will you ensure that you never pay 70p for a text from Ricky Gervais again (actually, that might be worth it). 

Read more: Should You Buy An International SIM Card For Your Next Trip?

16. Download a VPN

My final travel tip for safeguarding your finances is to download and start using a virtual private network, or VPN. 

VPNs are essential travel tools because, among other things, they scramble your data while you browse the web. You’re going to be using a lot of public WiFi while you’re traveling, especially in airports, and that’s precisely when you’re the most vulnerable to having your data stolen (ID, bank passcodes, etc.)

Thankfully, even the cheapest VPN (~$3 a month) can protect you and ensure your sensitive financial data stays invisible. 

Plus, VPNs can also help you circumvent national firewalls and download region-locked content. Want to download a movie only available on Netflix Canada? Want to visit Western social media while you’re in China? VPN. 

Even if you’re unfamiliar with VPNs, they’re super easy to download and use – so be sure to pick one and tinker with it before you depart!

Summary

Money is a serious consideration for every big trip, but if you plan it well and implement a few key travel hacks, I guarantee you’ll have a less stressful (and more lucrative) adventure overseas. 

Read more:

Source: moneyunder30.com

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Apache is functioning normally

May 28, 2023 by Brett Tams

Credit card pre-approval makes signing up for your first credit card a lot easier.

The credit card marketplace is crowded, and every issuer is advertising to get your attention. But they may not tell you (or only tell you in the fine print) which cards you’re actually likely to get approved for, or which will score you the best interest rates. 

A little research into good credit cards can help you cut through the noise, and the pre-approval process helps you narrow down which cards are the best fit for your (cloth or virtual) wallet. It’s a low-risk opportunity to pick the credit card with the features you want — and to make sure you qualify. 

What’s Ahead:

What is pre-approval?

Credit card companies are always on the lookout for new customers. One way they find potential cardholders is by pre-screening credit reports from the major credit bureaus. 

They identify consumers whose credit scores and reports are in the ballpark of what the company looks for — like no bankruptcies, no delinquencies for several months, and a score below the company’s minimum cutoff.

Then they’ll send a pre-approval card offer to these consumers. 

It’s important to remember that pre-approval doesn’t mean you’re automatically qualified for the card. But it does mean you’ve made the “first cut” by fitting the credit card issuer’s most basic requirements. 

What’s the difference between pre-qualification and pre-approval?

Some issuers use the term “pre-qualified” instead of “pre-approved.” Though these terms are sometimes used interchangeably, they describe different types of offers based on who initiates the process.

Pre-qualification for a card means the customer (you) makes the first request.

If you’re interested in a specific card, you can go to the company’s website and fill out some basic info. The company responds by showing you the cards and offers you might qualify for if you made a formal application. At that point, you’re “pre-qualified” and can decide whether or not to apply. 

Or a lender may invite you to find out if you pre-qualify for their card (through an advertisement, for instance). This isn’t pre-approval, since the lender hasn’t screened your credit yet to see if you’ve made the first cut. 

Pre-qualification may be the route to take if you’re brand new to credit — without a credit score, you’re probably not getting on pre-approval mailing lists. 

Pre-approval means the credit card company reaches out to you first because you meet their basic requirements. Once they’ve scanned consumers’ credit scores, they let certain consumers know they’ve been “pre-approved.”

Lenders often tap into their existing customer base to find people to pre-approve, as well. If your current bank is rolling out a new credit card, for example, they might send you a pre-approval offer. 

Which is better, pre-approval or pre-qualification?

Neither of these processes is better than the other, or more likely to get you final approval. They’re just different ways to review your credit card options. 

For both pre-approval and pre-qualification, you’ll go through a soft credit check — a check that doesn’t impact your credit score. This means both processes are relatively risk-free. 

The hard credit check, the one that knocks a few points off your score, doesn’t happen until you fill out the longer application for the card. 

Read more: Soft pull vs. hard pull – how each affects your credit

How do I get pre-approved for a credit card?

Respond to an offer from a credit card company

If you have time to pick a card and don’t have a lender you prefer, you can wait for the credit card company to come to you. 

Companies do still send offers by snail mail, though not as much as they once did. So it’s worth taking a look at any mail offers before dropping them in the recycling bin. 

Pre-screened offers are different from the general mailings that companies send to everyone on their marketing list. Look for the words “pre-approved,” “pre-qualified,” or “pre-screened.” The offer may include an invitation code you’ll need to apply for the card online. 

One advantage to applying for a pre-approval offer is that they’ll sometimes give you an introductory deal associated with the offer, like a sign-up bonus or a few extra months of 0% interest. 

These deals aren’t always advertised to the general public, so they’re a nice pre-approval perk. 

Request pre-qualification on a credit card company’s website

Inquiring about a pre-qualification offer may be the best way to get credit card pre-approval if: 

  • You’re new to credit and opening your first credit card. 
  • You’re rebuilding a low credit score.
  • You want to go through a certain bank or apply for a specific card, and you haven’t received an offer.
  • You want to check out a wider range of card options. 

Most major card issuers that offer pre-qualification have an online link to a simple form. Usually, you won’t enter more than your:

  • Name.
  • Address.
  • Date of birth.
  • Social security number. 

Why is it important to get pre-approved or pre-qualify?

If you’re shopping around and considering lots of different cards, pre-qualification is a risk-free way to compare initial offers before you fill out any applications. 

The pre-approval stage allows you to: 

  • Rule out any cards or issuers that you don’t qualify for, so you don’t waste time applying. 
  • Figure out the interest rate range you’re likely to get. 
  • Compare potential sign-on bonuses, loyalty rewards, and other credit card features. 
  • Double-check the card company’s requirements for cardholders, which are more detailed than their pre-approval requirements. 

When you take the next step of a formal application, you’re officially applying for new credit. This means the company is required to run a hard credit check. They’ll ask your permission first. 

Hard credit checks do show up on your credit score, usually knocking it down only 10 or 20 points. That’s not a huge deal if it happens once in a while. 

But if you apply for credit pretty frequently — more than two or three times in six months — your credit score takes a bigger drop. 

With pre-approval, you can make sure you’re only committing to the hard credit check if you’re likely to be approved for new credit. 

Picking the right credit card to apply for

As a savvy MoneyUnder30 reader, you probably know this already, but I’ll remind you just in case: pre-approval or pre-qualification doesn’t mean the card is the best fit for your needs and lifestyle. 

First, spend some time figuring out what you want in a credit card. I suggest asking yourself questions like:

  • Are you likely to use it for big expenses like travel, or everyday costs like groceries?
  • Do you want a card where the rewards category matches up with the way you spend?
  • Is your main goal to start building credit? 

Once you know what’s important to you, you can use the pre-approval process to find cards that are a good match. 

This is especially helpful if your credit card pre-approval offer suggests multiple cards from the same company. These cards will all have slightly different terms, so take the time to do your research about their differences. 

Read more: Best credit cards for young adults & first-timers

How do you apply for a credit card after you’re pre-approved?

The pre-approval or pre-qualification process doesn’t require much info. 

You’ll usually enter your name, birth date, address, and your social security number (either the last four digits or the whole number) to confirm your identity. 

The official application is a lot more thorough. At a minimum, be prepared with: 

  • Income information. You may or may not need to submit proof of income, depending on the issuer. But you’ll at least have to estimate how much you earn every year. 
  • Housing payment information. This should include how much you’re paying in rent or mortgage a month.  
  • Employment status. 
  • Income details for a co-signer, if someone is co-signing for the card with you. 

Read more: How to apply for a credit card (and approval requirements)

What credit score do you need?

It depends. There’s no minimum score that applies to all issuers, so if you have any credit at all, it may be possible to pre-qualify for a card. Of course, the better your credit is, the more offers will be available. 

If you don’t have a credit history, it’s a little trickier. Some card issuers consider alternative credit data, like income and work history, to determine financial responsibility. 

Read more: What credit score do you need to get approved for a credit card?

After you get approved

If you make the final cut and get approved, not just pre-approved, it’s time to double-check your card terms.  

Credit card companies are required to provide the same terms listed in the initial pre-approval offer if they accept you. This means you should get the same interest rate, fee, or bonus that was stated in the offer. Many pre-approvals show a range of interest rates, so they’re required to give you a rate somewhere within that range. 

Read more: The best credit cards – MU30’s top picks

Are you guaranteed approval when pre-approved for a credit card?

Not necessarily. A pre-approval or pre-qualification is an invitation to apply, not a guarantee of acceptance. It means there’s a strong chance you’ll meet the standards for cardholders, but the lender needs to know more before actually extending you credit. 

Can you get denied after pre-approval?

Remember, pre-approval is just the first step in the process. You can get denied after submitting a formal application, even if you were pre-qualified or were pre-approved.

According to a 2019 report, only around 40% of credit card applicants made the final cut and got approved for a card. 

When you officially apply, you’re giving credit card issuers a lot more information about your financial status than you did in the pre-screening stages. This means they’ll judge you a little more strictly. 

Here are some of the most common reasons pre-approved candidates get their applications declined: 

  • Your monthly or annual income doesn’t meet the issuer’s minimum cutoff. 
  • Your reported payments are too high relative to your income.
  • Your credit data has changed significantly since the pre-approval offer. 
  • You’ve taken on debt or missed several payments since the pre-approval offer. 
  • Your income has dropped since the pre-approval offer. 

The lender should send you a letter telling you why they made the decision, so it won’t be a mystery. 

What if I can’t get pre-approved for a credit card?

If you don’t get any card pre-approvals or pre-qualifications, don’t sweat it. Credit lenders may be looking for cardholders who fit a particular financial profile, and that doesn’t reflect on your general creditworthiness. You still have a number of options. 

  • Try pre-qualifying with another credit card company. Their terms may be more generous or suited to what you need. 
  • Apply anyway. This is a risk because the issuer will run a hard credit check. But if you have stable employment, good income stats, or a co-signer with strong credit, these factors may make up for a less-than-perfect credit score. 
  • Work on improving your credit. Make rent, bill, and loan payments on time. If you’re brand new to credit, you can take out a credit builder loan (as long as you’re able to pay it back on schedule!). Or ask a trusted family member or partner if you can be an authorized user on their account. 

Read more: How to build credit the right way

Apply for a secured credit card

For credit newbies, secured credit cards are a nice bridge into the world of credit, and a lot of major card issuers offer them. 

You’ll “secure” the card with a deposit — this amount can vary, but think around $200 — which gives you access to a credit line up to that amount. Then you spend just as you would on any other card. 

After several months of responsible use, you’ll usually be eligible to transition to an unsecured credit card from the same company. 

Read more: Best secured credit cards

Credit card companies that offer pre-approval

Most of the bigger credit card names have pre-approval or pre-qualification forms that are easy and quick to fill out online. 

Keep in mind you may not be able to seek pre-approval for every card in the lender’s collection, but they’ll offer a decent range of cards to choose from. 

Summary

Whether you’re getting your first credit card or adding one to your collection, it’s worth going through the pre-approval process first. You’ll save time, preserve your credit, and hopefully end up with a great card that will help you achieve financial stability. 

Featured image: Roman Samborskyi/Shutterstock.com

Read more:

Source: moneyunder30.com

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Apache is functioning normally

May 27, 2023 by Brett Tams

A less-than-stellar credit score doesn’t automatically disqualify you from refinancing your mortgage. Fortunately, there are several options to refinance your mortgage with a bad credit score. 

Here’s what you need to know about lender credit standards and the steps you can take to refinance with a lower credit score.

What Credit Score Is Needed to Refinance?

Every lender has a different set of criteria for credit scores and refinancing. To refinance a conventional mortgage, most lenders look for a credit score of at least 620. 

Some government programs may require a credit score of at least 580 and some may have no minimum at all. 

For example, most Federal Housing Administration (FHA) loans require a credit score of at least 580. The Department of Veterans Affairs (VA) doesn’t set a minimum credit score.

As a general rule of thumb, the higher your credit score, the more likely you are to qualify for a mortgage refinance. 

However, your credit score isn’t the only determining factor. If you have a higher debt-to-income (DTI) ratio and loan-to-value (LTV) ratio and minimal cash on hand, the credit score requirement may increase. 

How to Refinance a Mortgage with a Bad Credit Score

It may be possible to refinance your mortgage with a bad credit score, without needing to improve your credit profile first. You should explore all of your refinancing options to find the one that makes the most sense for your situation. 

1. Chat with Your Existing Mortgage Lender

Talk with your lender about your refinance options with a bad credit score. If you’ve made timely mortgage payments, your lender may be able to work with you even with a bad credit score.

Your lender could offer you a portfolio refinance, which is originated and kept by the lender rather than being sold on the secondary market. Because of this, portfolio refinance loans oftentimes have relaxed qualification standards. 

It’s still a good idea to speak with multiple lenders, apply and compare quotes, even if your current mortgage lender says you’re eligible to refinance. 

2. Use a Cosigner

Another option is to use a friend or family member as a cosigner on your mortgage refinance loan. Your cosigner must be at least 18 years old, have a valid Social Security number, and meet all minimum requirements for the loan.

Keep in mind that the cosigner is taking a major risk and is legally responsible for your debt if you stop making payments. This could also hurt your cosigner’s credit score. 

3. FHA Refinance Programs

The FHA offers several refinance options for homeowners with bad credit. An FHA loan is a mortgage that is backed by the U.S. government and issued by a bank or other approved lender. 

Here are some options:

  • FHA rate-and-term refinance: The FHA rate-and-term refinance requires a credit check and a minimum credit score between 500 and 580, depending on your LTV ratio. You also need to prove that you’ve made 12 consecutive monthly mortgage payments on time.
  • FHA streamline refinance: An FHA streamline refinance has two options: credit qualifying and non-credit qualifying. A non-credit qualifying streamline refinance doesn’t have a minimum credit score but you may pay a higher interest rate. With a credit qualifying streamline refinance, the lender will run a credit check and verify your DTI ratio.
  • FHA cash-out refinance: You can borrow up to 80% of your home’s value with a credit score as low as 500, but some lenders may require a higher score.
  • FHA 203(k) refinance: This is a type of refinancing that enables homeowners to combine renovation expenses into the total amount of the new mortgage. The FHA accepts credit scores as low as 580, although some lenders might require a score of 620 or higher to qualify for a 203(k) refinance loan.

4. VA Refinance

Servicemembers, veterans, or qualifying spouses may qualify for a VA loan backed by the federal government and issued by private lenders. The VA has no minimum credit score requirement, but the lender may require a credit score of 620 or higher. 

There are two VA refinance options:

  • VA streamline refinance: If you’re eligible, you can refinance with bad credit with an Interest Rate Reduction Refinance Loan (IRRRL). The IRRRL must be used to refinance your existing VA-backed home loan and while the VA doesn’t require a new credit check, the lender may be different.
  • VA cash-out refinance: You can use the VA cash-out refinance to tap your home’s equity, but you must meet the VA’s — and the lender’s — credit and income requirements.

5.  USDA Streamlined Assist Refinance

The USDA’s Streamlined Assist program gives current USDA direct and guaranteed home loan borrowers with low or no equity the ability to refinance for a lower interest rate and lower monthly payments. No credit review is required, but you must have made at least 12 consecutive mortgage payments and meet income eligibility standards. 

How to Improve Your Credit Score to Refinance a Mortgage

There are several things you can do to improve your credit score before refinancing your mortgage. 

Raising your credit score by just 20 points can potentially lower your monthly mortgage payments and save you thousands on interest. 

Here are a few options:

  • Check your credit report: You can check your credit report for free once per year with the three major credit bureaus — Experian, Equifax, and TransUnion — to see what’s keeping your credit score so low. You can also check for errors, unauthorized charges, and fraud, which could be lowering your credit score. If you find any issues, you can dispute them with the credit bureau.
  • Pay down debt: Your DTI is another factor that lenders will consider. Try to keep your DTI under 43%.
  • Make payments on time: Your credit score is heavily influenced by your payment history. A single missed payment can significantly lower your credit score. Payment history accounts for 35% of your FICO credit score.
  • Save money: Build your savings to make a larger down payment or keep the extra cash reserves to potentially lower your level of risk to lenders.  

Explore Your Refinance Options with Total Mortgage

Even if you have a low credit score, this doesn’t mean that you are disqualified from refinancing your loan. Consult with a Total Mortgage advisor to explore all your mortgage refinance options. 

Find an expert near you or apply for a refinance loan online!

Source: totalmortgage.com

Posted in: Refinance, Renting Tagged: 2, About, Administration, advisor, All, bad credit, bad credit score, Bank, before, Borrow, borrowers, build, Cash-Out Refinance, cff9a0a630573f8adab30288885e05e6, cosigner, Credit, credit bureau, Credit Bureaus, credit check, Credit Report, credit score, credit scores, Debt, debt-to-income, Department of Veterans Affairs, down payment, DTI, Equifax, equity, existing, expenses, experian, Family, FHA, FHA loan, FHA Refinance, FHA streamline refinance, fico, Financial Wize, FinancialWize, fraud, Free, General, good, government, helpful, Helpful tips, history, home, home loan, homeowners, Housing, housing-market-2, How To, in, Income, interest, interest rate, lenders, loan, Loans, low, LOWER, Make, making, market, member, minimal, money, More, Mortgage, mortgage lender, mortgage payments, mortgage refinance, new, offer, offers, or, Other, payment history, payments, points, portfolio, programs, Quotes, rate, Refinance, refinance your mortgage, refinancing, refinancing a mortgage, renovation, Review, risk, save, Save Money, savings, Secondary, secondary market, security, servicemembers, single, social, social security, The VA, time, tips, TransUnion, under, USDA, VA, VA loan, VA Refinance, VA Streamline Refinance, value, veterans, veterans affairs, will, work

Apache is functioning normally

May 27, 2023 by Brett Tams
By Evlin DuBose · Wednesday, 24 May 2023
· 8 min read


Fact Checked

Advertiser disclosure

Mortgage experts answering questions about home loans

Look, we’ve all had a moment wondering something bonkers, bizarre, random – you name it. And nothing can be more confusing than the wide world of property and home loans. 

So let’s look at some of the silliest and awkwardly-phrased mortgage questions asked on Google, seriously answered by an expert writer.

How home loan works

Want buy house. Not enough money. What do? Ask bank nicely. Bank let you borrow money. If it think you good for it. Then you buy house. Or unit. Pay bank back. It take long time. You give bank extra money, too. This called interest. That how home loan works.

Other stuff too. Less important. 

Is home loan same as mortgage

Sort of? Mostly? Yes. Ish. A home loan is the financial product banks and lenders offer. Your mortgage is a home loan that you are currently paying off. 

However, finance writers will often use terms like “home loan borrowers” and “mortgage borrowers” interchangeably, since when you’re making repayments, a home loan and mortgage are functionally similar. 

So yes, a home loan is basically the same as a mortgage. (Unless you’re pedantic and write about them for a living).

Woman learning about home loan on laptop collage

Is home loan interest tax deductible in Australia

Yes! If you’re a property investor in Australia, you can claim the interest from your home loan on your taxes. In fact, landlords get a whole bunch of tax perks. Lucky them! 

(Just make sure you talk to a tax expert before filing). 

How is home loan interest calculated

Good question! Home loan interest is calculated and compounded daily. Your monthly mortgage repayment therefore incorporates interest from the last 30 – 31 days.

This is actually why making more frequent home loan repayments can sometimes save you interest in the long run. By shortening the number of days included in your repayment (fourteen instead of thirty) while keeping your principal in consistent chunks, you can pay off your mortgage faster with less interest over time.

However, this hack will depend on how your lender calculates a fortnightly vs. monthly payment size. If your fortnightly repayments pay less than half of the principal amount you would in a monthly repayment, it actually slows down how fast you pay off your mortgage. (Math involved, but that’s how the sausage sizzles).

Does home loan include GST

GST, or the “Goods and Services Tax”, is a government charge applied to most transactions in Australia. From lattes to Uber, most things you buy will have GST built into the final price. Financial services and bank products, however, do not include GST – therefore, neither will your home loan.

But: this doesn’t mean buying a home is tax-free. When you first purchase a property, you may have to pay stamp duty or an annual land tax. Later when you sell your home, you may also have to pay capital gains tax. 

Always seek help from a tax professional and financial advisor.

Man struggling under credit card collage

Home loan spouse has bad credit

Ruh-roh. Spouse buy too many things on Amazon. Maybe get screwed with BNPL. Whoops. Work on credit score together. (But don’t control their money – that financial abuse). 

Also. Could apply for home loan as just you? Think about joint tenancy vs. tenancy in common. Talk to financial planner.

Remember: team work make dream work.

Do home loans look at TransUnion or Equifax

TransUnion and Equifax are credit score reporting bodies, along with Experian and Illion. Whenever you apply for a home loan, lenders will run a credit check to assess your risk as a borrower. If your credit score isn’t good, they may reject your application. 

Equifax, Experian, and Illion are the main credit bureaus in Australia, so your lender may check with one, two, or all of them when assessing your borrowing power. 

Before applying for a home loan, send for a free credit report from one or more of these agencies so that you can see your score for yourself. Not happy with your results? Give your application a boost by improving your credit score. 

Can mortgage be paid with credit card

NO! Technically, yes – but don’t do this! BAD IDEA. A credit card may buy things in the short term (and have more money on it than your debit card), but you’ll still have to pay it back with interest – and the interest rates on credit cards are much, much steeper than those on home loans.

By using a credit card to make mortgage repayments, you’re doubling down on the interest you’re paying overall. This could also potentially hurt your credit score and ability to refinance, because if you miss either a mortgage payment or a credit card payment, it goes down on your credit report. 

If you’re really struggling with your mortgage repayments, talk to your lender. You may be able to negotiate a lower interest rate and work out a repayment plan that works best for your situation. 

Recent law changes also mean that it’s far, far better for your credit score to declare financial hardship than skip payments altogether. You actually get rewarded for asking for help. Huzzah!

Just whatever you do: don’t put your home loan on credit. 

Can I pay an auction deposit with a credit card

NOOOO! If you’re paying a housing deposit at auction, do not put it on your credit card. Not only will vendors not accept this as a valid form of payment, but putting a deposit on your credit card defeats the whole purpose of a deposit.

A deposit is a down payment: your home loan will cover the remaining cost of the property. Your deposit is therefore the only part of your home loan you don’t pay interest on (besides money in your offset account). By using your credit card, you create interest on the only interest-free part of your loan – and at a much steeper rate than mortgage interest. 

Bad idea. BAD. No. Don’t put your home loan on credit. 

Collage of a man walking up his home loan repayment timeline arrow.

Is mortgage a liability or an asset

A financial liability is something that drains your finances, such as debt, while an asset is something that improves or holds your wealth. A mortgage is therefore a liability, because it is a kind of debt. 

However, the property you own, i.e. your equity, is an asset, since it can provide a source of wealth and security. Your equity can be unlocked to do many things for you, like refinance your mortgage or finance another property. 

Does mortgage cover stamp duty

Stamp duty is a government charge for transferring property from one owner to another. For those who have to pay it, stamp duty can cost tens of thousands of dollars.

Your mortgage, however, won’t cover stamp duty, so when budgeting to buy a home, you’ll need to factor it in as an extra cost, on top of any conveyancing, agent, settlement, and valuation fees. 

Does mortgage mean death grip

Fun fact: sort of! The word “mortgage” comes from the Old French mort + gage, meaning “death” and “pledge”. In mediaeval times, land that was mortgaged was fully pledged to the lender until the borrower fully paid it off or was dead. 

So, same as today – basically.

Whose property am I on

Depends, but the safest answer is, “Whoever owns it.” Not sure who owns it? Follow this handy flowchart.

Have interest rates gone up

Yes – due to high inflation, the Reserve Bank of Australia has tightened its monetary policy and made 3.75% worth of increases to the official cash rate since May 2022, which in turn drives up the interest rates on home loans, term deposits, and savings accounts.

Do interest rates rise in a recession

No, interest rates do not rise during a recession. In fact, the opposite is true. Whenever the economy enters a recession, the central bank will cut interest rates to encourage people to spend money.

As a result, home loan interest rates will fall, making financing a property cheaper, while savings accounts and term deposits won’t be as attractive, so people will be less inclined to park their money. 

Interest rates rise whenever there is high inflation, and high inflation is not the same thing as a recession. High inflation (usually) means demand is out of control and consumers are driving up prices, thus raising the cost of living.

To discourage spending, the central bank will raise interest rates, therefore making savings accounts a better place to stash cash while mortgage repayments become more expensive. 

Who owns the Reserve Bank of Australia

Australia.

Can you bank with the Reserve Bank of Australia

No. The Reserve Bank of Australia, also known as the RBA, is a central bank in charge of monitoring the Australian economy and setting Australia’s monetary policy. Unless you are the Australian government, the RBA cannot manage your finances.

If you are in the market for a new bank, however, you can compare bank accounts using our hub page.

Will housing prices drop

While the housing market may experience temporary dips and falls, studies show that long-term, property prices will always rise. This is primarily due to inflation, but increased competition doesn’t help, either.

Hurray…

How buy first home

Try government help. Move away from big city. Maybe buy unit instead? Cry. But no give up.

In all seriousness, first home buying can be a daunting task, but there are still plenty of ways to break into the housing market – even with the odds stacked against you.

You’ll need to navigate the hurdle of rising interest rates, outrageous prices, and the cost of living, but with careful planning and research, these can all be managed. 

For more information on how to get started, head over to our first home buyer hub.

LVR what? LMI who? Learn home loan terms with our handy glossary.

Compare low-interest rate offers in the table below.

Compare low interest rate home loans

– last updated 27 May 2023




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    90.00%
    minimum borrowing amount
    $5,000
    maximum borrowing amount
    $3,000,000
    type of mortgage
    Variable
    Repayment types
    Principal & Interest
    Availability
    Owner Occupier
    Repayment options
    Weekly, Fortnightly, Monthly
    Special Offers
    –
  • ubank logo
    Own Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate

    Initial monthly repayment


    5.54% p.a. variable

    5.79% p.a.

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare

    Compare

    Details
    Close

    Own Home Loan

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    interest rate
    5.54% p.a. variable
    comparison rate
    5.79% p.a.
    interest rate
    5.54% p.a. variable
    comparison rate
    5.79% p.a.
    Upfront fees
    $250
    Ongoing fees
    $250.00 yearly
    Discharge Fee
    $300.00
    Extra repayments
    yes – free
    Redraw facility
    yes – free
    Offset account
    yes
    Maximum loan to value ratio
    60.00%
    minimum borrowing amount
    –
    maximum borrowing amount
    –
    type of mortgage
    Variable
    Repayment types
    Principal & Interest
    Availability
    Owner Occupier
    Repayment options
    Weekly, Fortnightly, Monthly
    Special Offers
    –
  • Macquarie logo
    Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate

    Initial monthly repayment


    5.54% p.a. variable

    5.79% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Compare

    Compare

    Details
    Close

    Offset Home Loan

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    interest rate
    5.54% p.a. variable
    comparison rate
    5.79% p.a.
    interest rate
    5.54% p.a. variable
    comparison rate
    5.79% p.a.
    Upfront fees
    $350
    Ongoing fees
    $248.00 yearly
    Discharge Fee
    $400.00
    Extra repayments
    yes – free
    Redraw facility
    yes – free
    Offset account
    yes
    Maximum loan to value ratio
    60.00%
    minimum borrowing amount
    $150,000
    maximum borrowing amount
    $10,000,000
    type of mortgage
    Variable
    Repayment types
    Principal & Interest
    Availability
    Owner Occupier
    Repayment options
    Monthly
    Special Offers
    –
  • loans.com.au logo
    Solar Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate

    Initial monthly repayment


    5.39% p.a.variable for 60 months and then 6.23% p.a. variable

    5.98% p.a.

    Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.

    Compare

    Compare

    Details
    Close

    Solar Home Loan

    Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.

    interest rate
    5.39% p.a.variable for 60 months and then 6.23% p.a. variable
    comparison rate
    5.98% p.a.
    interest rate
    5.39% p.a.variable for 60 months and then 6.23% p.a. variable
    comparison rate
    5.98% p.a.
    Upfront fees
    $530
    Ongoing fees
    $0.00
    Discharge Fee
    $300.00
    Extra repayments
    yes – free
    Redraw facility
    yes – free
    Offset account
    yes
    Maximum loan to value ratio
    90.00%
    minimum borrowing amount
    $50,000
    maximum borrowing amount
    $1,500,000
    type of mortgage
    Variable
    Repayment types
    Principal & Interest
    Availability
    Owner Occupier
    Repayment options
    Weekly, Fortnightly, Monthly
    Special Offers
    –

*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Source: mozo.com.au

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Apache is functioning normally

May 27, 2023 by Brett Tams

A fraud alert is a temporary alarm system set up on your credit account that will inform you if there are any changes in your account. A credit freeze is a freeze placed on your credit file that blocks lenders from viewing your report without authorization.

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Fraud alerts and credit freezes are two methods for protecting yourself from identity theft. But they’re not the same thing, and if you understand the pros and cons of each, you can decide which is best suited to your needs. A fraud alert requires creditors to verify your identity before allowing new credit accounts to be opened, whereas a credit freeze stops new credit accounts from being opened in your name. 

So, what’s the right choice for you in the fraud alert vs. credit freeze debate? Keep reading for a complete breakdown of both options. 

What is a fraud alert?

A fraud alert is when you put an added layer of security on your credit report that forces all lenders and financial institutions to verify your identify before approving a new credit account being opened. Typically, the creditor will call you whenever a new account request is initiated to confirm you’re the one asking for the account. 

People typically use a fraud alert if they’ve been a victim of identity fraud or if they suspect their information has been compromised. While a fraud alert adds some protection to your account, it’s not a guarantee, and there are still ways scam artists can get around the identity check. 

There are three main types of fraud alerts:

  • Standard fraud alert: A standard fraud alert typically lasts one year but can be renewed as many times as needed. Individuals don’t need to be victims of identity theft to activate this kind of fraud alert on their accounts. 
  • Extended fraud alert: An extended fraud alert lasts for seven years. This option is only available to those who’ve been victims of identity theft. To qualify, you have to file a report with the police or the FTC’s IdentityTheft.gov website. In addition to verifying your identity with each new account request, the extended fraud alert will remove you from marketing lists for credit and insurance offers for the next five years. However, if you want to remain on this list, you can choose to do so. 
  • Active-duty fraud alert: The active-duty fraud alert is only for military service members. When individuals go on active duty assignments, they can apply for this type of fraud alert to protect their accounts while they’re abroad. The alert typically lasts one year but can be renewed as long as the individual is deployed. In addition, they’ll be removed from marketing lists for two years unless they request otherwise. 

Fraud alerts are self-imposed and free to add to your account. 

How do you place a fraud alert?

You can place a fraud alert on your account by reaching out to one of the three major credit bureaus—Experian®, Equifax®, or TransUnion®. After you notify one bureau, it’s their responsibility to inform the others. You can set up a fraud alert online or contact any of the bureaus by phone with this request. You’ll need to submit your proof of identity to successfully set up the fraud alert. 

How do you remove a fraud alert?

Fraud alerts are automatically lifted from your account after the applicable deadline (one year for standard and active-duty alerts and seven years for extended alerts). However, if you want to remove the fraud alert earlier, you can. You’ll need to contact each credit bureau separately and request that the fraud alert be lifted. As was the case with setting up the alert, you’ll need to provide proof of your identity to remove the alert from your account. 

What is a credit freeze?

A credit freeze offers even more protection than a fraud alert. Essentially, a credit freeze stops anyone from accessing your credit report. This effectively prevents anyone from being able to open a new account under your name, as creditors need to review your report before approving a new application. You’ll be able to open new accounts only when you “thaw” or “unfreeze” your account.

How do you freeze your credit?

To freeze your credit, you’ll have to contact each of the three major credit bureaus separately. Note that fees are usually associated with a credit freeze, with the exact amount varying by state. On average, expect to pay around $10 per bureau for a credit freeze. You can apply for a credit freeze online or via phone for all three bureaus. 

When you’re setting up a credit freeze, you’ll be asked to set up a PIN or password, which can later be used to unfreeze your account. 

How do you unfreeze your credit?

Your report will stay frozen until you choose to “thaw” it. This means that you need to unfreeze your credit before applying for more credit, and this is usually the driving factor that motivates people to thaw their accounts. Often, people want to get a new credit card, loan, or mortgage or apply for a rental lease or some other credit account and need to give the lender access to their credit report. 

To unfreeze your account, you’ll need to contact each of the credit bureaus and provide your PIN. There may be a small fee associated with unfreezing your account with each agency. Once you put in a request to unfreeze your account, the change can take from as little as a few minutes to up to three days. As a result, it’s essential to give yourself plenty of time for the account to thaw before the lender goes to access your report. 

If you lose your PIN, unfreezing your account will still be possible, but it’ll take longer to approve. 

Do fraud alerts or credit freezes affect your credit?

No, fraud alerts and credit freezes don’t affect your credit. In fact, they can protect your credit from identity fraud attempts. Identity fraud is a serious situation that can significantly drag your credit score down and take months to years to clear up on your credit report. 

Which option is right for you? 

Ultimately, each individual needs to decide which option is right for them based on their situation. Some of the popular situations to consider that might call for either a fraud alert or a credit freeze are:

  • You’re in the process of or about to begin getting a mortgage, auto loan, lease, or another account: In this case, you don’t want to go through with a credit freeze, as access to your credit report will be necessary to approve your new application. Instead, a fraud alert should be sufficient to protect you. 
  • You’ve been a recent victim of identity theft or know your information has been compromised: If you’re seriously concerned about identity theft, you should likely opt for a credit freeze, as it’s more protective.
  • If you know you don’t need new credit for a while: Older people often are settled with all their credit needs—a mortgage, car loan, credit cards, etc. Therefore, they can comfortably assume they won’t be applying for new credit anytime soon and might feel more protected with a credit freeze. 

Note that you can have both hypothetically, although it might be somewhat redundant. Generally, most experts recommend choosing one or the other. 

Even with a credit freeze or a fraud alert on your account, it’s still crucial for you to check for fraudulent charges on your cards and look for red flags on your credit reports. You never know when something could slip through, and if it does, it’s crucial to act quickly. The longer something remains on your credit report, the longer it will impact your credit and be harder to rectify. 

If you don’t have the time or desire to check your credit reports, you can take advantage of the services provided by Lexington Law Firm. Our credit consultants will help you review your credit reports and file disputes if needed. Removing even one error from your credit report could result in a credit score increase. Get started today.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Reviewed By

Paola Bergauer

Associate Attorney

Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.

In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.

Source: lexingtonlaw.com

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