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Weâre all looking for ways to cut down on expenses â especially fixed expenses that lock us into a contracted bill month after month. One common way to spare your budget is to decrease your living expenses, including your house…

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The post How Long Does It Take to Refinance a House (+ 5 Ways to Speed Up the Process) appeared first on MintLife Blog.

January 12, 2021

Tagged All, Auto, Auto Loans, budget, car loan

What Is “Accessible Income” on a Credit Card Application?

Banking

Office Furniture Items

Personal Finance

7 min
1 year ago

If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is. Accessible income is not just income you earn from your regular job. Rather, …

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The post What Is “Accessible Income” on a Credit Card Application? appeared first on GrowthRapidly.

January 12, 2021

Tagged All, Auto, Auto Loans, Banking, Buying

If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is.

Accessible income is not just income you earn from your regular job. Rather, it includes much more than that. It includes income from a wide variety of sources, like retirement savings accounts, social security payments, trust funds, just to name a few.

Accessible income can work in your favor because not only you can list income from your job, but also all types of other money you receive in a given year. This in turn will increase your chance of getting approved for the credit card, simply because you can list a higher income.

It also can get you approved for a higher credit limit, which in turn can help your credit score and allow you more spending freedom. In this article, I will explain what accessible income is and the types of income you need to include in your credit card application. Before you start applying for too many credit cards, consult with a financial advisor who can help you develop a plan.

What is accessible income?

Accessible income means all of the money that you have accessed to if you are 21 years old or older. According to the Credit Card Accountability Responsibility and Disclosure Act, lenders are required to offer you credit if you are able to pay your bill. If you do not make enough money and do not receive enough income from other sources and cannot make payments, they can reject your application. That is why they ask for your accessible income.

If you are between the age of 18 and 20, your accessible income is limited to income for your job, scholarships, grants and money from your parents or other people.

However, if you are 21 and older, your accessible income involves way more than that. It includes income from the following sources:

Income paychecks
Tips
Bank checking accounts
Savings accounts
Income of a spouse
Grants, scholarships, and other forms of financial aid
Investments income
Retirement funds
Trust funds
Passive income
Checks from child support and spousal maintenance
Allowances from your parents or grandparents
Social security payments or SSI Disability payments

To report that accessible income, just add them all up to arrive at a total and submit it. The credit card companies will not ask you to provide the specific source of each income

What does not count as accessible income

Loans including personal loans, mortgage, auto loans do not count as accessible income simply because they are borrowed money. So, do not list them when submitting your credit card application.

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Accessible income on the credit card application

Accessible income is only associated with credit card applications. In other words, you’re only asked that when you’re applying for credit cards. When applying for a credit card, you should take advantage of all sources of income and not just the income from your job.

So, you should make sure to gather all of the money you have accessed to that year. Not doing so means that you’re leaving other income that is just as important. As mentioned above, you should not include loans or any borrowed money.

When reporting your accessible income, be as accurate and truthful as possible. While some credit card companies may take your word for it, others may ask you to verify your income. In that case, you will need to provide hard proof like pay stubs, bank statements, statement from your investments accounts, etc…

Why providing accessible income important?

Your credit score is the most important factor credit card companies rely on to decide whether to offer you a credit card. However, your income is also important. The higher your income, the better.

A high income means that you’re able to cover debt that you may accumulate on your credit card. And the higher your chance is that they will approve you. The opposite is true. If you have a low income, some credit card companies may not approve you even if you have a good credit score. So, in order to increase your chance, you should take advantage of accessible income.

The bottom line

The only situation where you will find “accessible income” is on a credit card application. Accessible income is all income you have access to in any given year. That includes much more than your paychecks from your regular jobs.

But it also includes all types of money including checks from child support or alimony, allowances from your parents or grandparents, money in your retirement and investment accounts, etc. So, you should take advantage of it when applying for a credit card.

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post What Is “Accessible Income” on a Credit Card Application? appeared first on GrowthRapidly.

Source: growthrapidly.com

What to Do Before You Lease a Car

Auto Loans

Credit Repair

Home Mortgage

6 min
1 year ago
3

Getting a new car is a big decision, and you should choose your next vehicle carefully. But if you think finding the right car is difficult, deciding whether to lease or buy can be even more overwhelming. Start the process right by understanding the minimum credit score to lease a car and determining whether this… Read More

The post What to Do Before You Lease a Car appeared first on Credit.com.

January 12, 2021

Tagged All, Auto, Auto Loans, Buy, Buying

2020 Financial Crisis Auto Loan Relief

Car Insurance

Senior Citizen Care

8 min
1 year ago
1

Car manufacturers have been feeling the strain during the financial crisis. There are fewer cars on the road, workers in the factories, and consumers willing to spend, and as a result, the automobile industry has been devastated. But manufacturers and showrooms are fighting back, finding ways to encourage consumers to buy and to make life […]

2020 Financial Crisis Auto Loan Relief is a post from Pocket Your Dollars.

January 12, 2021

Tagged All, Auto, Auto Loans, Buy, Car Insurance

Should You Refinance Your Student Loans?

Credit Cards

Student Loans

14 min
1 year ago
9

Due to financial consequences of COVID-19 â and the broader impact on our economy â now is an excellent time to consider refinancing most loans you have. This can include mortgage debt you have that may be converted to a new loan with a lower interest rate, as well as auto loans, personal loans, and […]

The post Should You Refinance Your Student Loans? appeared first on Good Financial CentsÂ®.

January 11, 2021

Tagged All, Auto, Auto Loans, budget, Buy

Fed reports credit card balances continued to dip in November

Breaking News

Office Copier & Furniture

6 min
1 year ago

Credit card balances dipped in November, as the COVID pandemic fallouts continued, and with the government continuing to wrangle about a second round of fiscal stimulus measures.

January 10, 2021

Tagged All, Auto, Auto Loans, Breaking News, Coronavirus

I Was Denied an Auto Loan. Now What?

Auto Loans

Home Mortgage

10 min
1 year ago
3

Youâre in the market for a new car but youâve been denied an auto loan. Now what? Hereâs what you need to know about why you may have been denied and what to do to make sure it doesnât happen again. Why Do I Keep Getting Denied for Auto Loans? Unfortunately, there are many reasons… Read More

The post I Was Denied an Auto Loan. Now What? appeared first on Credit.com.

January 10, 2021

Tagged All, Auto, Auto Loans, car loan, credit score