How to get free Experian, Equifax, and TransUnion FICO scores

There are countless sites offering you free access to your credit scores. The companies that do offer continued free access to your scores are undoubtedly just providing you with your Vantage scores, which differ from FICO scores in their calculation methods and, consequently, the resulting scores. Most importantly, FICO scores are what most lenders (roughly 90%) use. It’s not uncommon for financial institutions to provide customers with access to certain FICO scores. They will usually provide access to the FICO score that they use. While most banks and credit unions provide you with your FICO score on …

The risks of not reviewing your credit reports each month

Under the Fair Credit Reporting Act, consumers have the right to obtain a free copy of their credit report from each of the three major credit bureaus (Experian, Equifax, and TransUnion) once every 12 months. But, this shouldn’t be the only time that you’re reviewing your credit reports. Inaccurate information in your credit reports not only directly affects your credit score. The price that you pay for credit could be affected. This means that you could pay higher interest rates without even knowing it. You could also be denied credit or service because of information in your …

What to do if your application for an account at a bank or credit union is being manually reviewed

A few things could happen after submitting your online application for an account with a bank or credit union. The preferred outcome is that you’re congratulated on opening your new account.On the other end of the spectrum is the outright denial. Somewhere in the middle is a notification that certain pieces of information are needed in order to continue with the account opening. The only outcome worse than a denial is the dreaded message that reads something along the lines like, “Your application is being reviewed. We’ll contact you.” Though it’s not an outright denial, it’s vague, …

The financial benefits of Daylight Saving Time

As spring arrives and the days get longer and warmer, many countries have set their clocks forward by one hour to mark the start of daylight saving time (DST). Though it was first introduced to conserve energy, daylight saving time is associated with several other financial benefits. A study by JPMorgan Chase Institute found that when we switch back to standard time, spending drops between 2.2% and 4.9%. This suggests that when DST is in effect, we tend to spend more money. And, it makes sense. With more daylight, consumers may be more likely to shop and …

How to quickly find a card when using Google Pay

Once you’ve added a payment method to Google Pay, you can easily fill in your credit or debit card details on a website by selecting the saved card. Google will automatically enter all of the card’s information for you. This feature was likely built with the average person in mind, someone with just a few credit and debit cards. Those consumers would have just a few payment methods saved in Google. They can probably look at the list of cards that Google displays and know which one they want to use. But, then there are those …

Negotiate your margin rates and fees with your investment broker

You may think that you’re stuck with your investment brokerage’s advertised margin rates, commissions, and other fees. But, you’re not. Some investment firms allow customers to negotiate certain terms like margin rates and options contract commission rates. The process for requesting special rates is fairly easy and not as intimidating as you may think. You’d simply make the request and answer a few questions about your trading activity. Your account will be reviewed and a decision is made, usually within a few business days. Below are some typical questions that you can be prepared to answer …

Buying a home: What to expect and how to prepare

When thinking of the home buying process, many may envision something as simple as finding a home, placing an offer, and attending a closing. But, buying a home is a complex process that involves many steps, many of which take place before you even find a home. Below, is an overview of the buying process, including the steps that you should take to prepare for your home purchase. Determine your budget Calculate your monthly income and expenses to determine how much you can afford to spend on a mortgage payment while still being able to save for …

Increasing your credit limit on your credit card: hard or soft credit check?

The credit limit that you receive when you’re approved for a credit card is not necessarily the limit that you’ll have for the life of the account. Your credit limit can be increased through a process called a credit limit increase (CLI). Though some credit card companies don’t offer credit limit increases, most do. Companies offering credit limit increases generally have their own policies regarding credit checks. If your credit card company provides an automatic credit limit increase, there should not be a hard credit check since you didn’t personally request the increase or authorize any …

Plynk, Fidelity’s investment app for beginners

Plynk is a mobile investment app owned by Fidelity. Don’t expect any frills with Plynk. It’s a basic app that lets users buy whole or fractional shares, mutual funds, and crypto. The simplicity of the app may be intentional as Plynk’s About page says that the mission of the app’s creators was “to build an app that’s easy to use, understand and enjoy.” The brains behind the app call it “a new investing app for beginners that uncomplicates the complicated to deliver a more intuitive investing experience.” At first glance, Plynk offers what appears to be …