Did you know you can write off a nonbusiness bad debt for the money you lend to an individual? As long as the debt isnt considered a gift and is considered 100% worthless, you can deduct that bad debt from your taxes to recover a portion of the loan. Use this guide to determine what … 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. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
* Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more. See how you compare across all 3-bureau credit reports and see any differences that may have been reported by each bureau. Check … Read more
Your credit utilization ratio, also known as your credit utilization rate, is an important factor in determining your credit scores. This ratio shows lenders what percentage of your total available credit you are using at any given time. Generally, experts recommend keeping your credit utilization rate below 30%, but lower is usually better. In this … Read more
Understanding how and when Wells Fargo reports your credit information to TransUnion is important for managing your credit health. In this article, we’ll cover everything you need to know about Wells Fargo and TransUnion credit reporting. An Overview of TransUnion TransUnion is one of the three major consumer credit reporting agencies in the United States. … Read more
Taking out a mortgage to purchase a home is a major financial decision that most people make at some point in their lives. Along with the mortgage, many lenders encourage or require borrowers to purchase mortgage life insurance to protect the investment. But what happens when the mortgage is eventually paid off? Does the insurance … Read more
A gold credit card is a premium credit card that offers high-end rewards, benefits, and services It is designed for consumers with excellent credit who spend a lot on dining, groceries, travel, and other expenses Gold credit cards have annual fees ranging from $250 to $995, but they provide cardholders with valuable perks and rewards … Read more
If youâve ever opened your credit report and spotted a collection account, you know how stressful it can be. Whether itâs due to a forgotten bill or an error, collection accounts can have a severe impact on your credit score and financial standing. The good news? You have the right to dispute collections on your … Read more
Defaulting on a student loan can have a significant negative impact on your credit score. The exact amount your score drops depends on your credit profile, but defaults can easily knock 100 points or more off your credit score. What Happens When You Default on a Student Loan? You are considered to be in default … Read more
Automatically renews at $0/month. Cancel anytime, no refunds. Includes FICO Score 8. Your lender/insurer may use a different credit score. See important information belowImportant information 11. Automatically renews at $19.95/month. Cancel anytime, no refunds. Includes FICO Score 8. Your lender/insurer may use a different credit score. See important information belowImportant information 11. Automatically renews at … Read more