Funds deposited in your bank accounts more than 60 days before you apply for a mortgage are considered âseasonedâ by lenders. When mortgage lenders speak of “seasoned money” for a down payment on your home, they mean money youve possessed for a certain period of timeâcommonly 60 days. Lenders require seasoning of large portions of … Read more
Getting a mortgage can seem like a maze of paperwork and requirements. One key document that gives mortgage lenders insights into your financial fitness is your tax returns. But how many years of tax returns do they need to review? Let’s break down exactly how far back mortgage lenders dig into your taxes. Why Lenders … Read more
When a transaction exceeds your credit limit, it may be approved or denied. If approved, you may face a fee, a higher interest rate or other consequences. A credit card limit is the maximum amount you can charge to your card. Your credit limit is set by your credit card issuer to prevent you from … Read more
Having debt is tough, and it is especially so if you are worried about any potential criminal consequences of that debt. This article looks at the issue of debt in criminal law, and whether it can lead to a criminal sentence. Debt is a problem that afflicts many people in today’s society. Prior to the … Read more
Losing a loved one is never easy and surviving family members are often left with the logistics of planning a funeral, cleaning out a home, and writing an obituary. It’s also possible for someone to die with debt — which poses the question, “Can you inherit debt?” Knowing what debts are forgiven at death and … Read more
Your credit utilization rate is an influential factor in your credit scores. This ratio indicates how much of the available credit on your credit cards youre using at a given time. While some financial experts recommend keeping your utilization rate at 30% or below, there is no magic threshold. In reality, you can never have … Read more
Creditors play a crucial role in the financial system, yet their function is often misunderstood. In one sentence a creditor is an individual or institution that extends credit to another party, allowing them to borrow money that is to be repaid at a future date. This concise definition captures the essence of what a creditor … Read more
Learn how to buy a house with poor credit and what steps you can take to improve your financial health. If the thought of buying a home has you nervous because your credit is less than perfect, don’t give up hope. It may be possible to buy a home with bad credit. Read on to … Read more
Having debt and owing money to creditors can be an incredibly stressful situation. Creditors and debt collectors contacting you to repay debts can feel overwhelming. However, there are certain laws that protect some of your income and assets from creditors and debt collection. This income is considered “exempt” and cannot be taken to pay back … Read more
Having your credit score suddenly drop 70 points or more can be confusing and concerning especially if you don’t know the reason why. As someone who cares about my credit score, I wanted to get to the bottom of this question and explain the most common reasons your score could plummet like that out of … Read more