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Banking and Finance
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There were 22 articles found in this category:
 What is the Mortgage Forgiveness Debt Relief Act?
This Act protects consumers who have foreclosed or sold their homes in a short sale from the added burden of a hefty tax bill on the forgiven debt. Normally anyone whose debt is forgiven is responsible for paying taxes on the amount forgiven (known as "phantom income"). Under the Act, a taxpayer ...
- Do banks use anything other than FICO scores to base their lending decisions?
Yes, they use a number of factors in addition to your FICO scores. They take into account the information from your credit/loan application (salary, employment status) and also use other internal decision-making metrics. Not sure where you stand? Check your credit reports and scores online today ...
- What are convenience checks?
Convenience checks are provided by your credit card company and allow you to access your available credit. These checks often have different rates and terms than your standard credit card charges.
- Can I open a checking account if I have bad credit?
Sure you can. But you might have a harder time opening one, especially if you’ve written bad checks in the past. Most companies, when you try to open a checking account, will check a completely different database besides your credit reports. This database, managed by a company called ChexS ...
- Do I have to pay a fee or interest when I use my debit card and select the "credit" option instead of the "debit" option?
No, when you press "credit" for a debit card transaction, you do not pay a fee or interest. Your debit card still works like a debit card, not a credit card. The purchase amount is deducted from your checking account, though this happens at a later date -- usually within several days -- instead ...
- How is a debit card better than cash or checks?
Convenience — It is fast and easy, and you can access your funds 24/7. Security and Protection — Credit card companies monitor your accounts, including your debit accounts, to detect and resolve fraud. Most debit cards also come with zero liability protection, meaning that you are ...
- What is the difference between assets and collateral?
Assets are items owned by a person that have cash value. These can include homes, cars, boats, savings, and investments. Assets and property can be used as collateral, or security, against a loan.
- What are the pros and cons of prepaid debit cards?
Did you know there are over 20 million people in the United States who can't open a regular bank account? Basic items such as cashing a check or paying bills become difficult and very expensive tasks. Prepaid debit cards are a good resource, allowing customers to enjoy the ease of direct deposit ...
- What are the different types of bankruptcy?
Bankruptcy is a proceeding that legally releases a person from repaying a portion of or all debts owed. Bankruptcy damages your credit for 7-10 years and should be your last resort if you cannot repay your debts. Chapter 7 Bankruptcy: A type of consumer bankruptcy where your responsibility for y ...
- What is a cash advance?
A cash advance is a a cash loan requested from your creditor, usually through your credit card at an ATM machine. A cash advance can also be a loan advance on your paycheck. These loans include high interest rates charged on the amount of the advance. Not sure how to handle your debt? Find out m ...
- What is ChexSystems?
ChexSystems is a reporting company that tracks your banking history and provides this data to banks when you apply for a new checking account. Negative records, such as bounced checks, can be kept in their database for up to five years. If there are errors on your ChexSystems record, you can con ...
- What are the new rules regarding overdraft fees on debit accounts?
On November 12, 2009, the Federal Reserve announced new rules that will prohibit banks from charging their customers overdraft fees unless the customer opts IN. This means that a consumer who does not opt in will be denied at the register if his account balance does not cover his debit card purc ...
- I heard that there's a new change in loan modification reporting that will help consumers; what is the latest?
November 1st, 2009, brought with it good news for consumers who want to modify their mortgages without lowering their credit scores. It was the first day that a new way of reporting a loan modification to the credit bureaus became available to mortgage lenders. From this point forward, mortgage ...
- How do I receive my loan? Direct deposit, wire transfer, or check?
If you were accepted for an unsecured personal loan, you will receive your funds in the form of a check. You may be able to request that these funds be wire transferred to your bank account. If you were accepted for an emergency payday loan, your funds will be deposited directly into your bank a ...
- What is a bank levy?
A bank levy occurs when your bank account is frozen and all or part of the money in your account is seized. The most common causes of a bank levy are unpaid taxes and unpaid debt. A bank levy doesn’t happen overnight; usually it is the result of a creditor trying to force a consumer to pay ...
- What is account takeover?
Account takeover occurs when an identity thief acquires a person's existing credit or bank account information and either withdraws money or makes purchases. Victims usually learn of account takeover when they check their account statements online or receive their monthly credit card or bank acc ...
- Why was I denied for a payday loan?
Our goal is to successfully place every customer loan request with a lender, but this is not always possible based upon the acceptance policies of our lending partners. We suggest that you apply for a personal loan. Also, you could apply for a credit card online as an alternative way to obtain t ...
- How much can I borrow?
This depends on what type of loan you apply for, but in general the better your credit score, the easier it will be to borrow more money. The maximum amount of money you can request with Credit.com when you apply for a personal loan is $10,000. If you are a homeowner, you could qualify for $15,0 ...
- Does my debit card or check card affect my credit score?
No, it does not. Your debit card and check cards are nothing more than plastic checks that access funds out of your checking account. Your checking account does not show up on your credit report, and therefore your debit and check cards will not show up either. Some people believe they can esta ...
- How can I stop a bank levy?
If the IRS freezes your account through a bank levy, you will have 21 days before they seize all of the money out of your account. Take advantage of this short time and take the necessary steps to protect your money: Hardship Plan: Send a letter to the IRS with evidence proving that if they lev ...
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