There’s no doubt that not having any debt can give you a certain sense of freedom. When you don’t owe anything to anybody, the money you have is yours to do with as you wish—a great retirement dream scenario. But as we all know from experience, reality can be a bit different. In an ideal … Read more
At least 16 million people in the US are self-employed. While it can be a good way to make a living, it also comes with its challenges — namely when buying a home. Thats because when you apply for a mortgage, your income plays a big role — and self-employed pros often have less-than-reliable earnings. … Read more
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product. While there’s no such thing as too many hard … Read more
Its an age-old question we receive, and to answer it requires that we start with the basics: What is the definition of a credit score, anyway? Generally speaking, a credit score is a three-digit number ranging from 300 to 850. Credit scores are calculated using information in your credit report. Your payment history, the amount … Read more
Buying a home is an exciting yet complex process involving many steps, from getting pre-approved to signing the final paperwork at closing. One important piece of this puzzle is providing your bank statements to the mortgage lender. But how closely do underwriters inspect these statements, and when? Will the underwriter take another look right before … Read more
If you have no credit history, you have no credit score — but not a zero credit score. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this … Read more
Borrowers seeking a mortgage to purchase or refinance a home must be approved by a mortgage lender to get their loan. Banks need to verify the borrowers financial information and may require a proof or proof of deposit (POD) form to be completed and sent to the borrowers bank. A proof of deposit may require … Read more
Getting denied for a credit card can be disappointing. But it wonât technically hurt your credit scores. Neither will a credit card approval, for that matter. Some parts of the application process could affect your credit scores, though. Learn more about the process, plus ways to help increase your odds of approval. Getting declined for … Read more
Taking out a loan to make a major purchase like a home or car is a big financial decision. While getting the best interest rate possible is ideal, many lenders offer the option to “buy down” the rate by paying points upfront. But how much do points actually save, and are they worth paying for? … Read more
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent. For credit scores that range from 300 to 850, a credit score in the mid to high 600s or above … Read more