Banking Archives - The Fearless Factor

Planning budget-friendly date nights can keep your relationship and your finances healthy.

The post 8 Ways to Save Money on Date Night appeared first on Discover Bank – Banking Topics Blog.

January 12, 2021

Tagged All, apps, Banking, Blog, budget

Teachers: How to Survive the Summer Paycheck Gap

Budgeting

Cash Back

5 months ago

Attention, educators. Here’s how to enjoy your much-needed summer breakâeven if it comes without a paycheck.

The post Teachers: How to Survive the Summer Paycheck Gap appeared first on Discover Bank – Banking Topics Blog.

January 12, 2021

Tagged All, Banking, budget, Budgeting, Budgeting Basics

Everything You Need to Know About Budgeting As a Freelancer

Budgeting

Building Wealth

Frugal Living

5 months ago

Take the proper steps to thrive while you’re self-employed.

The post Everything You Need to Know About Budgeting As a Freelancer appeared first on Discover Bank – Banking Topics Blog.

January 12, 2021

Tagged 401(k), All, Automatic Transfer, Banking, budget

Money Market Account or Checking Account: Which Is Best For You?

Office Furniture Items

5 months ago

Depending on how you plan to spend and save, a money market or checking accountââor bothââcould suit your needs.

The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.

January 12, 2021

Tagged ATM, Automatic Transfer, Banking, Banking 101, Cash Back

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

Banking

Office Furniture Items

Personal Finance

5 months 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, …

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

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

How to Throw a Bridal Shower on a Budget: A Guide for the Frugal Host

Budgeting

Frugal Living

Home Design

5 months ago

Create a memorable event without breaking the bank using these creative tricks.

The post How to Throw a Bridal Shower on a Budget: A Guide for the Frugal Host appeared first on Discover Bank – Banking Topics Blog.

January 11, 2021

Tagged All, Banking, budget, Budgeting, Decor

How M1 Financeâs Smart Transfers Works

Banking

Home Decor

Investing

5 months ago

If youâre ready to take your finances to the next level, then M1 Finance has your back. Their new Smart Transfers feature helps your money work even harder.If youâre ready to take your finances to the next level, then M1 Finance has your back. Their new Smart Transfers feature helps your money work even harder.

The post How M1 Financeâs Smart Transfers Works appeared first on Money Under 30.

January 11, 2021

Tagged Banking, Finance, Financial Wize, FinancialWize, Investing

Affording a Second Child: How to Make Your Budget Work

Budgeting

Family Finance

Financial Clarity

5 months ago

If you’re welcoming a second child, your spending and savings habits may need a tune-up.

The post Affording a Second Child: How to Make Your Budget Work appeared first on Discover Bank – Banking Topics Blog.

January 11, 2021

Tagged All, Banking, budget, Budgeting, Buy

9 Things I Love and Have Learned After 9 Years Of Blogging

Extra Income

Home Repair

5 months ago

I still remember the month I started my blog. I don’t really remember the exact first day, but I remember the first month and how excited I was. In August of 2011, I started Making Sense of Cents. That was exactly 9 years ago! Back then, I had no idea what I was doing, and […]

The post 9 Things I Love and Have Learned After 9 Years Of Blogging appeared first on Making Sense Of Cents.