These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different. Payment History Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance … [Read more...] about FICO Score: What It Is and The Main Categories
Debt Management
Need A Down Payment For Your House? Your City or County May Have Free Money For You
Most bank are requiring you to put in a down payment when buying a home. Gone are those days where you can get zero down payment or borrow second mortgages as your down payment if you are obtaining conventional mortgages. Nowadays, it's either you saved up for it, borrow from your retirement funds (401k, IRA, etc) or qualify for FHA loans, which offers zero to 3.5% down … [Read more...] about Need A Down Payment For Your House? Your City or County May Have Free Money For You
Why You Should Fight For Every Percent You Can Get on Your Finances
1%, it seems so little and potentially, a regular person may think that it is very immaterial. However, when you apply it to your finances, this one percent makes a big difference!! The Effect on Your Savings Have you ever heard of the Rule of 72? It is a simple estimation to determine the number of years your money would double given a certain rate of return. The concept … [Read more...] about Why You Should Fight For Every Percent You Can Get on Your Finances
Claiming Mortgage Interest Credit On Your Tax Return
If you think that there are no more tax credit for first time home buyer's credit, think again!! One tax credit that has been around since 1984 but has been overlooked by most home buyer is the mortgage credit certificate program or simply called MCC. However, this is not a program administered by the IRS but a program supported by your local agencies (county, city or a … [Read more...] about Claiming Mortgage Interest Credit On Your Tax Return
Schedule A: Interest Expense You Can Deduct
Interest expense is the amount of money you pay for the use of borrowed funds. Certain types of interest expense may be deductible depending on where you use those borrowed money. Most consumers have various debts such as home mortgage debt, auto loans, credit card balances, student loans, business loans, and investment loans. Most of these interest expense are reported on your … [Read more...] about Schedule A: Interest Expense You Can Deduct