Posted on July 9, 2007
Filed Under Credit | Leave a Comment
Credit inquiries
Whenever someone “checks your credit” they are essentially putting a notation on your credit history. Some of the “notations” can have adverse effects on your credit score, while some will not.
Soft credit pull
A soft credit pull, as you may have guessed, won’t have any adverse effects on your credit score. Some examples of soft credit pulls include a creditor periodically checking you credit, or a credit counseling service checking your credit (with your permission, of course)
Continue reading Hard Credit Pull vs Soft Credit Pull
Posted on June 8, 2007
Filed Under Finance, Retirement, Saving | Leave a Comment
Which is better?
An IRA, both traditional and Roth, is an excellent tool to help you save for your retirement. But the question is always asked: which is better?
Since both types of IRA have advantages, the answer varies per person. To help us better understand the situation, let’s take a look at both types of IRA.
Traditional IRA
- Contributions are made with pre-tax money
- At age 59.5 you can start withdrawing
- Money is taxed as earnings when withdrawn
- subject to a 10% penalty if withdrawn before age 59.5
- No income restrictions
Continue reading Traditional IRA vs Roth IRA
Posted on January 9, 2007
Filed Under Banking, Finance | Leave a Comment
I just read a great article titled Back to the Basics: Staying out of ChexSystems on the It’s Just Money blog. This article really shed some light on ChexSystems. Most people (including myself) have either hever heard of ChexSystems, or they have no clue what it is.
Not being an advocate of redundancy, I won’t repeat the article in its entirety (but you should read it!). Here are the highlights:
- “ChexSystems is a consumer reporting network among banks, used much like credit reporting agencies”
- “There is no ChexSystem’s “score” or rating. It is simply a yea or nay system”
- “An individual who is reported to ChexSystems will likely be denied opening a checking, savings, or even a CD account with virtually every bank in the country” (!!!!)
Yea…scary stuff! I suggest you read the rest of the article and STAY OFF OF CHEXSYSTEMS!!!
