credit card Archives - Page 2 of 5

Your credit report offers valuable insight into your financial history and affects most of your financial future. Everything from whether you get approved for a mortgage to what your credit card interest rate will be balances on your credit score. Negative information on your credit report can be detrimental for years. Wonder how long hard inquiries stay on your credit report?… Read More

The post How Long Do Hard Inquiries Stay on Your Credit Report? appeared first on Credit.com.

January 12, 2021

Tagged All, closing, Credit, Credit 101, credit card

Why Itâs Harder to Get Credit When Youâre Self-Employed

Credit 101

8 months ago

Around 6.1% of employed Americans worked for themselves in 2019, yet the ranks of the self-employed might increase among certain professions more than others. By 2026, the U.S. Bureau of Labor Statistics projects that self-employment will rise by nearly 8%. Some self-employed professionals experience high pay in addition to increased flexibility. Dentists, for example, are […]

The post Why Itâs Harder to Get Credit When Youâre Self-Employed appeared first on Good Financial CentsÂ®.

January 12, 2021

Tagged All, build credit, building, Buying, car loan

10 cash back credit card mistakes you need to avoid

Cash Back

Credit Card News

8 months ago

Signed up for a cash back card but not getting enough love? You might be making one of these common mistakes.

January 12, 2021

Tagged All, apps, Buy, Cash Back, closing

Teachers: How to Survive the Summer Paycheck Gap

Budgeting

Cash Back

8 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

Watch Your Wallet: 7 Hidden Costs of Self-Isolating at Home During Coronavirus

Budgeting

Home

Investment Properties

Money Management

8 months ago

As some expenses decrease during self-isolation, others can creep up. To brace yourself and your budget, keep an eye on these costs while in quarantine.

The post Watch Your Wallet: 7 Hidden Costs of Self-Isolating at Home During Coronavirus appeared first on Real Estate News & Insights | realtor.comÂ®.

January 12, 2021

Tagged All, budget, Budgeting, Buy, Buying

The Best Things to Charge on Your Credit Card When Youâre Rebuilding Credit

Building Credit

Business

8 months ago

If your credit needs rehabilitation due to late payments, accounts in collections or other negative items, it might be time to rebuild. Rebuilding your credit requires an understanding of your current situation, identifying past mistakes and implementing the right strategies going forward. Wise use of a credit card is one way to start. Surprising, right?… Read More

The post The Best Things to Charge on Your Credit Card When Youâre Rebuilding Credit appeared first on Credit.com.

January 12, 2021

Tagged budget, build credit, building, Building Credit, Cash Back

4 Tips for Handling Finances After a Pay Cut

Building Wealth

Money

8 months ago

woman sitting on the floor doing work on her computer

Millions of Americans faced pay cuts as the coronavirus pandemic affected industries. While many workers were laid off, some were furloughed, and others kept their jobs but at lower salaries as businesses struggled to stay afloat. Some workers are reexamining their budgets to cut some of their expenses until they get another job or their […]

The post 4 Tips for Handling Finances After a Pay Cut appeared first on SoFi.

January 12, 2021

Tagged 401(k), All, Auto, budget, Budgeting & Goals

Why is a disputed collection account still on my credit report?

Breaking News

Building Credit

8 months ago

A reader writes that after contesting a collection account with all three credit bureaus, two of them deleted it but one did not.

January 12, 2021

Tagged All, Breaking News, Coronavirus, Credit, credit card

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

Banking

Office Furniture Items

Personal Finance

8 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 transfer a balance to an American Express credit card

Account Management

Office Copier & Furniture

8 months ago

Considering a balance transfer to an American Express credit card? Here’s everything you need to know, including card options, fees, restrictions and tips for improving your chances of approval.

January 12, 2021

Tagged Account management, All, Balance Transfers, Cash Back, Credit

The Fearless Factor

Tag: credit card

How Long Do Hard Inquiries Stay on Your Credit Report?