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Credit cards can increase your purchasing power, but how many credit cards are too many? There are both pros and cons of having multiple cards.
Continue ReadingHousehold credit card debt rose by $38 billion in the third quarter of 2022, reaching $0.93 trillion—which represents a 15% year-over-year increase of $121 billion—according to the Federal Reserve Bank of New York. Almost 3.7% of those credit card balances are now seriously delinquent, which means 90 days or longer past due.
Whether you’re opening your first bank account or you’ve had several before, it’s good to know what you need to take to the bank (or your computer) before starting the process. Several official documents are usually required—like official ID and proof of residence—as well as an initial amount of money to deposit.
Ever visited a credit card website and learned that you could see if you “pre-qualify” for their card simply by entering a few pieces of information? Or received an email or letter informing you that you’re “pre-approved” for a new credit card?
Applying for credit can be a daunting process. From finding the right credit card or auto loan to filling out a mortgage application and waiting for approval, obtaining new credit takes time, careful consideration, and patience. Each time a lender accesses your credit score to make a decision, you run the risk of damaging your creditworthiness.
This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.