HELOCs offer a sizable chunk of change that can help you accomplish goals like completing home improvement projects or paying off high-interest debt. But how exactly do they work in terms of the application process, draw period, interest calculations, and repayments? Here’s what you should know. How To Apply for a HELOC While many banks and credit unions offer HELOCs, the rates, terms, and eligibility requirements will vary from one lender to the next....

Your Birth Year and Your FRA Your FRA is determined by the year in which you were born. If you were born in 1937 or earlier, your FRA is 65. If you were born from 1943 to 1954, your FRA is 66. If you were born in 1960 or after, your FRA is 67. If you were born from 1938 to 1942, your FRA is 65 years and some months, with two months added for each year after 1937....

Lenders fall into two broad categories: online lenders and traditional banks or credit unions. Speeds can vary within each group, so it’s critical to ask lenders how long you should expect to wait before you start the application process. How Long Does It Take To Get a Loan? While every lender may have its own process, below is an overview of what you may be able to expect when considering a personal loan from both an online lender or a traditional bank or credit union....

Rebuilding Bad Credit: How Long Will It Take? Bad credit is defined as a credit history that includes negative remarks, such as late payments or charge-off accounts, which are damaging to your credit score. According to myFICO, a poor or bad FICO credit score is one that falls between 300 and 579, out of a possible 850. There is no standard time frame for how long it can take to repair past credit mistakes and increase your score into the “good credit” range, which means a FICO score of 670 or better....

The amount of time it takes to get the answers to these questions depends mostly on how you submit your credit card application. You May Find Out You’re Approved Right Away If you’re applying for a credit card online, over the phone, or in-person (e.g. at a retail store) and you’ve given all the correct information, you can typically find out whether your credit card application is approved in 60 seconds or less....

While you have the ability to repair your own credit, using a reputable and professional credit repair company is an option—if you can afford it and can verify that the company is legitimate. What Is Credit Repair? The Fair Credit Reporting Act gives you the right to an accurate credit report, allowing you to dispute credit report information that’s inaccurate, incomplete, or cannot be verified. Credit repair is the process of removing this type of information from your credit report with the goal of improving your credit score....

What is a Social Security Number? A social security number is a nine-digit identification number given to U.S. citizens, permanent residents, and non-immigrant working residents. Social Security numbers are needed to work in the United States, to collect Social Security benefits, and to be eligible for other social services. There are three different types of social security cards: The most common type of social security card has the person’s name and social security number....

The Medical Expenses Deduction Changes to the itemized deduction for medical expenses have actually been favorable for taxpayers. Through the 2016 tax year, you could only claim a deduction for the portion of your expenses that exceeded 10% of your adjusted gross income (AGI). The TCJA reduced that threshold to 7.5% for tax years 2017 and 2018, and Congress extended it through 2019. Then the Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the 7....

One of the best ways to respond is with a story that shows the interviewer that you have the skills required to be successful on the job. The story doesn’t need to be lengthy. You can share a description of what you did and how you achieved a positive outcome. Discover why interviewers ask anecdotal interview questions along with the best ways to respond. What the Interviewer Wants To Know By asking anecdotal questions, the interviewer is seeking details about how your experience qualifies you for the role at hand....

A sign-on bonus could convince you to leave your current job or help you choose one employer over another. But before you ask for a signing bonus, ensure you understand what a signing bonus entails and whether it could help or hurt in the long run. Why Employers Offer Signing Bonuses Since the COVID-19 pandemic, signing bonuses have become increasingly common as employers struggle to find good talent, said certified career coach Hallie Crawford, founder of Createyourcareerpath....

What Is Profit Margin? Profit margin is a key business metric in measuring the success of your business. Calculating profit margin determines the percentage amount of profit made in comparison to your sales made, or revenue. Rather than showing a dollar amount for the profit made, profit margin shows a ratio as indicated with a percentage amount. Profit margin can help to make pricing decisions, identify any issues, and ultimately help grow your business....

To qualify for this business tax deduction for your home business, you must meet certain basic requirements. This article explains these requirements, shows you how to calculate the deduction percentage, and explains the specific expenses you can deduct from your taxes if you qualify. First Qualification: Use of the Space The first thing you must do is to determine if the space for your home business meets IRS requirements: For-profit Business....

Purposes of a Cash Flow Projection A cash flow projection is used to determine the estimated amounts of cash that are expected to flow in and out of the business. It is essentially a forecast of where the business expects to generate income and where that money is expected to go out. Businesses use the cash flow projection for various purposes, though it is generally created to keep track of income and expenses....

It can be especially hard to cope with job search rejection when it happens over and over again—but that’s not an uncommon experience for job seekers. Remember that in many cases, there are perhaps hundreds of applicants for a single job opening. Even if you’re extremely qualified, it stands to reason that you’ll be rejected more often than you’ll get the job. To succeed in your long-term goal of finding that dream opportunity and getting hired, you need to learn to cope with being turned down....

First, if you have the cash to deposit, then you can’t do it with an app. And with checks, it may take a bit longer for your funds to become available using mobile deposits compared to ATM deposits, depending on your bank’s policies. Let’s review the process of depositing cash or checks in your bank account using a deposit-enabled ATM—from start to finish. How to Make ATM Deposits Be prepared....

So how do you find out for sure whether someone died in the house you’re trying to buy? It’s actually easier than you might think. In terms of how it might impact the deal, well, that might depend on your negotiating skills. Know What Bothers You Homes that have been the site of a death are said to have “psychological” damage, but many homebuyers say the extent to which it would bother them depends on how the death occurred....

Rather than closing your rewards credit card, you might be able to downgrade to another credit card with a lower (or no) annual fee within your card issuer’s product line. All it takes is a little research and a phone call to your credit card issuer. Reasons To Downgrade Your Credit Card There may have been a time when paying a high annual fee was worth it, like if you traveled a lot and needed access to premium travel rewards....

What Is Self-Employment Tax? If you work for yourself, you are self-employed meaning you don’t work for an employer. You must pay the Social Security and Medicare taxes as self-employment tax (SECA). Self-employment tax is calculated using Schedule SE, a part of your personal tax return (Form 1040/1040-SR). Self-employment tax is based on your business income. The amount you must pay for self-employment tax depends on the profit or loss of your business for the tax year....

What You Need To Fill Out a Money Order Each issuer has slightly different requirements for filling out a money order. United States Postal Service (USPS) and Western Union money orders, for example, have different formats. But whether you buy a money order from a post office or a financial institution, the process is similar to writing a check. You’ll generally need to know the payee’s name, the payment amount, the payee’s address, and any other relevant details, such as an account number....

While you may have one or two issues negatively impacting your credit score, all credit report issues are fixable with a bit of strategy and patience. Identify Incorrect Information Relatively speaking, the easiest thing to fix on your credit report is inaccurate information. Clerical errors could easily lead to credit report errors. Don’t overlook these errors because they could be hurting your credit. You can submit a credit report dispute letter to have inaccurate information removed....