If you have a credit card with different types of balances, you may assume that every payment simply reduces the total amount you owe. In reality, credit card issuers can apply your payment to different portions of your balance according to specific rules and the terms of your card agreement. This is known as the
What Is a Credit Card Payment Allocation Order and Which Balance Gets Paid First? Read More »
A debt payoff date is the estimated date when you will completely repay a debt, assuming you continue making a specific payment each month and do not add new charges or balances. Knowing your payoff date can make debt repayment easier because it turns a vague goal such as “I want to get out of
What Is a Debt Payoff Date and How Can You Calculate It? Read More »
An emergency savings account is a place where you keep money specifically for unexpected and necessary expenses. A sudden car repair, medical bill, home repair, job loss, or urgent travel expense can put pressure on your budget if you do not have cash available. Keeping emergency money in a dedicated account can help you avoid
What Is an Emergency Savings Account and Where Should You Keep It? Read More »
A savings account is designed to help you store money and earn interest while keeping your funds accessible when you need them. However, that accessibility does not always mean you can make unlimited withdrawals or transfers without restrictions. Some banks and credit unions limit how often you can move money from a savings account, while
What Is a Savings Account Withdrawal Limit and How Does It Work? Read More »
A credit card balance transfer check can give you another way to move debt from one credit account to another. Instead of completing a traditional balance transfer online or by providing another card’s account information, a balance transfer check may allow you to write a check to yourself, a creditor, or another eligible recipient. These
What Is a Credit Card Balance Transfer Check and How Does It Work? Read More »
When you need a personal loan, comparing multiple lenders can help you find different interest rates, fees, loan amounts, and repayment terms. However, many borrowers worry that submitting applications to several lenders will result in multiple hard credit inquiries and lower their credit score. This is where the idea of a “rate shopping period” becomes
What Is a Personal Loan Rate Shopping Period and Does It Affect Your Credit? Read More »
Mortgage rates can change frequently, and even a small difference in your interest rate can affect your monthly payment and the total amount you pay over the life of a home loan. This is why many homebuyers consider a mortgage rate lock before closing. A mortgage rate lock allows you to secure a specific interest
What Is a Mortgage Rate Lock and When Should You Lock Your Rate? Read More »
Getting a mortgage pre-approval is an important milestone when buying a home, but it is not the final step. A pre-approval tells you that a lender has reviewed your financial information and is generally willing to consider lending up to a certain amount, subject to additional conditions. After pre-approval, you still need to find a
What Happens After Mortgage Pre-Approval? 7 Steps Before Closing Read More »
A credit card financial review is an assessment an issuer may conduct to evaluate an existing cardholder’s financial and credit profile. Unlike the review performed when you first apply for a credit card, a financial review happens after the account has already been opened. During a review, the issuer may examine information such as your
What Is a Credit Card Financial Review and Can It Lead to a Credit Limit Reduction? Read More »
If you use a credit card regularly, you may know your payment due date and statement date, but there is another important concept to understand: the credit card balance reporting date. Your credit card balance can change several times during a billing cycle as you make purchases and payments. However, the balance that appears on
