Credit risk factors are elements that lenders consider when deciding whether to extend credit to a borrower. These factors help lenders evaluate the likelihood that a borrower will repay their debts as agreed. Understanding credit risk factors provides insight into how lenders assess creditworthiness and make lending decisions. Why Do Lenders Assess Credit Risk? Lenders … Read more
Many banks don’t limit the amount of cash you can deposit. However, depositing more than $10,000 will subject your deposit to extra rules and regulations from the bank and the federal government. If you have a substantial deposit to make, know that holding more than $250,000 at the same bank—even in multiple accounts—may not be … Read more
Mortgage servicers play a crucial behind-the-scenes role in the home lending industry. But how exactly do these companies turn a profit? In this comprehensive guide, we’ll demystify mortgage servicing and break down the key ways servicers generate revenue. What Is a Mortgage Servicer? A mortgage servicer is a company that handles the day-to-day administration and … Read more
Credit card debt is nothing new for most Americans. In fact, the “vast majority” of adult Americans have at least one credit card in their wallets and borrowers across the United States owe credit card companies a combined total of more than $1 trillion according to the U.S. Government Accountability Office. As you use your … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. The advice in this article is offered by the team independent of any bank or credit card … Read more
“Nothing is certain except death and taxes.” The “taxes” part of these famous words from America’s founding father Benjamin Franklin ring true, especially when it comes to real estate transactions. If you’re buying or selling a home, you might be responsible for paying what’s called a transfer tax. Read on to learn what transfer tax … Read more
Direct Express debit cards are a convenient way for recipients of federal benefits like Social Security and SSI to receive their payments. But unlike a traditional bank account Direct Express cards don’t display routing and account numbers. This often leaves cardholders wondering – does Direct Express have routing and account numbers? The short answer is … Read more
A credit limit is the maximum amount of credit a lender authorizes a borrower to use on a credit card or line of credit. If the borrower exceeds the credit limit, they may be subject to penalties, fees, or even canceled credit cards and lines of credit. Keep reading to learn how credit limits work, … Read more
Most people pay their credit card bill once a month, but youre allowed to pay more frequently. Technically you can pay your credit card bill as often as you want. Some people prefer to pay bi-weekly or even weekly. While it might sound unnecessary, making weekly payments can actually boost your credit score and have … Read more
When life throws you a curveball and your credit card debt goes unpaid, it begs the question – what happens to unpaid credit card debt after 7 years? Although the unpaid debt will go on your credit report and have a negative impact on your score, the good news is that it won’t last forever. … Read more