A foreclosure doesn’t just result in the loss of your home, however. It also impacts your credit score and remains on your credit report for seven years (from the date of first missed payment). After seven years, the foreclosure should automatically be removed from your credit report. How Does a Foreclosure Impact Your Credit Score? While state law governs many specific aspects of how foreclosures proceed, the federal government does have restrictions on when the process can start....

How Long Should You Keep Your Current Tax Returns? At a minimum, you need to hold onto your tax records for three years from the date that you filed your return or two years from the date you paid the tax—whichever is later. If you filed your return early, it will be treated as filed on the date it was due. For example, if you were to file your return in February 2025 before the April 15, 2025, deadline, you would keep your tax records until at least April 15, 2030, five years from their due date....

A Little Cash for a Big Headache Most payday loans are often for no more than a few hundred bucks and need to be paid back within a couple of weeks. To get a payday loan, you typically write a check for the amount you are borrowing, plus a fee. You might leave the check with the lender, and they cash it once you are ready to repay. If you can’t repay your payday loan when it comes due, you can sometimes roll it over so that it is extended....

Where the Score Comes From Your FICO credit score is calculated by the Fair Isaac Corporation. Fair Isaac looks at information in your credit report and crunches the data using a proprietary formula. Note that your score is only as good as the information that Fair Isaac has available. If there is incorrect or out-of-date information, it will affect your ​FICO credit score. What Impacts the Score To create its credit score, Fair Isaac looks at your information in a few different ways, using the following categorizations and percentage weights:...

Evaluate the Financial Help Your Parents Need Before your parents retire or face serious financial hardship, have an honest discussion with them about the challenges they’re having or expect to have and the type of and extent of help they need. You can either help your parents with money or through non-monetary support like financial advice. The right approach will depend on where your parents are financially now, where they want to be, and how you can help fill the gap....

But if you can’t get one with reasonable fees or prefer not to use one, you might wonder whether you can establish credit and how to build credit without a credit card. You can build credit without a credit card through several different approaches. Repay Student Loans to Build Credit Without a Card Whether you take out a federal or private student loan, you’ll have to repay any amount that isn’t canceled as part of a loan forgiveness program....

What Are Quarterly Estimated Tax Payments? You might have to pay estimated taxes, depending on how much you owe and on your business type. Most small business owners don’t receive paychecks, so income taxes and taxes for Social Security and Medicare aren’t withheld from their pay. The IRS requires taxes to be paid throughout the year, and estimated taxes are the way to make these payments when they’re not withheld. The amount of estimated tax must be calculated to include:...

Unfortunately, that’s the position too many Americans are in. According to research from the National Institute on Retirement Security, the median retirement account balance in 2021 is just $134,500 for near-retirement households. Meanwhile, 67% of Americans think there is a retirement crisis in the country and 56% are concerned about achieving a financially secure retirement. If you find yourself in this position, it’s time to stop worrying and do something....

When conducted thoroughly, a SWOT analysis can uncover a wealth of information and can be useful in a number of situations. This article will walk you through how to conduct a SWOT analysis and provide some tips that will help you use the tool effectively.​ Using a SWOT Analysis Matrix A SWOT matrix is usually depicted as a square divided into four quadrants. Each quadrant represents one element of the SWOT analysis: Strengths, Weaknesses, Opportunities, Threats....

Divide by 100 Most interest rates are quoted and advertised in terms of a percentage. But if you want to run calculations using those numbers, you’ll need to convert them to decimal format. The simplest way to do that is to divide the number by 100. Example: To convert 75% to decimal format, divide 75 by 100. Search engines such as Google and Bing also make it easy to do quick calculations online, or you can also fire up your favorite calculator app if you prefer....

While no one ever plans on getting divorced, it happens. Divorce legally ends your marriage, and it requires you to untangle all of the aspects of your shared life. This can be very complicated, so it’s important to understand what financial questions are raised when filing for divorce. You must also sort out how you’ll manage your money during and after the process. Ready to make the right money moves after filing for divorce?...

In any case, it’s better to turn down the request than to endorse someone if you’re not comfortable providing the recommendation. You Have the Right to Decline a Reference Request There is never an obligation to give someone a reference. You can politely and diplomatically decline the request without offending the person who asked you. The trick is to do so without making your refusal sound like a personal criticism or a professional rejection....

To help manage these finances, it’s important to verify the amounts you find on bank statements with the different incoming and outgoing invoices you have. This is called “invoice reconciliation” and is a key action to make sure your accounts are accurate. To efficiently perform invoice reconciliation, learn why it’s important, what it entails, and how to improve your process. Why Invoice Reconciliation Matters Before the age of digital wallets, balancing a checkbook was a must to make sure the right amounts were debited from a checking account....

What benefits do you need, and how can you find companies that offer them? The benefits that add the most value to your paycheck will depend on where you are in your career and personal life. You may not need some benefits, while others could make a big difference in the quality of your life. You can optimize your total compensation at a job by considering employers who offer the benefits that match what you need at this stage of your career....

Some job seekers are hesitant to use a staffing agency because they think these agencies only provide entry-level, temporary jobs. Others think that agencies never provide benefits to workers or you have to pay to get hired. However, that’s not the case. A staffing agency can help you find a part-time job, a temporary gig, or full-time employment, and the employer generally pays the fees. Learn what a staffing agency is and how to use one to find the right job for you....

The good news, though, is that you can still get a personal loan after bankruptcy. It might not be easy, and you might have to pay a higher interest rate. Such a loan should be taken out strategically for a very good, necessary reason because they’re likely to be less available and more costly than before. Here’s what you need to know about getting a personal loan after bankruptcy....

Federal vs. Private Loans When borrowing for education, you have several options. Make sure to consider all of them, and choose the one that fits you the best. Be sure to consider: Loans offered under government programs: Generally the best option because interest rates are contingent on credit scores, and you have multiple repayment options, and deferment and forbearance periods. Private student loans: Interest rates are influenced by your credit scores, and there generally are not...

Determine Why You Want to Be Debt Free Before you set a debt-free goal, take time to understand why you want to get out of debt. What is your motivation? What do you want to accomplish by getting out of debt? Not wanting to owe anyone makes perfect sense, but why don’t you want to owe money to anyone? Once you’ve come up with your reasons for paying off debt, write them down....

Although trade schools are generally cheaper than, say, four years at a private university, many enrollees must find financial aid to cover their tuition and fees. Here’s a look at the cost of trade schools and where you can find student aid to cover it. What Are Trade Schools? A trade school is an educational program beyond high school that provides training for a specific career or job. Also referred to as vocational, technical, or career schools, these schools’ coursework typically leads to an occupation-specific certification, licensing process, or apprenticeship....

Whether you’re able to get approved can depend on several things, including your credit scores, debt load, and how much home equity you have. Knowing how to get a home equity loan, what’s required, and how to boost your chances of obtaining one can help you decide if this borrowing option is right for you. Get More Equity in Your Home Home equity represents the difference between what your home is currently worth and how much you owe on the mortgage....