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How Long Will Hard Inquiries Last On your Credit Report?

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(image: https://live.staticflickr.com/7226/27039224093_69070871ed_b.jpg)How Long Do Hard Inquiries Last On the Credit Report?

A hard inquiry stays on your credit report for two years. However, it typically won't affect your score for more than one year.

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's degree of journalism at Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated Nov 3 2021

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Hard inquiries on your credit -- the kind that occur in the event you are applying for an loan or credit card -are able to remain on your for up to 24 months. But, a hard inquiry typically won't affect your credit score for 12 months after.

Applying for credit can knock a few marks off of your credit scores. But making multiple inquiries in an extremely short time frame counts as one inquiry when you are looking for the mortgage, student loan or auto loan.

The amount of time you are required to shop can be determined by the kind of credit. The latest versions typically offer customers a 45-day time frame to make such requests. There is a shorter timeframe for -- 14 days.

You won't get to choose the score or score version the lender employs therefore it is essential to compare the options quick.

Need a credit report review?

Sign up for an account to have your credit report free and score at hand, all the time.

What is the cost of a thorough inquiry on your credit report harm you?

For those with lengthy credit histories, one credit application -- and hard inquiry -- will have no effect or a fairly minimal one.

If you've lost points because you applied for numerous credit cards in a short time span Take heart. Credit applications aren't an important factor when it comes to determining the credit score of yours.

VantageScore evaluates recent credit behavior and inquiries as "less significant." Applications for a new credit accounts are rated at 10% or less of FICO scores.

However, those with short credit history or have a few accounts may see a bigger change.

If you're trying make every point count, and pulling back on applying for new credit applications over a couple of months will help you recover points lost. Particularly, if you're taking out a mortgage, you must wait until the day after the closing date to apply for new credit.

could cause a major smudge on your credit score, especially in the case of a newcomer to credit, and it's an easy mistake to make. Let's say you've just taken a lease on an apartment. The leasing agent will check your credit. You can then apply for financing for furniture. Then you decide you want an account with travel rewards and you decide to make an application for one or two of those. This could mean four credit inquiries in the same time frame, and it could lead to a lower score.

The statistics show that those who have more than six inquiries in the last six months are eight times as likely to declare bankruptcy as those with none and scoring formulas show that.

If a hard inquiry on your credit report shows an error like any other mistake on your credit report.

Damage to your credit score caused by inquiries is able to be repaired by time. When you need credit at any time, it's a good idea to determine whether you're likely to be eligible prior to applying, because a hard inquiry can be tracked whether you're approved or otherwise.

In the meantime, focus on two aspects that have the most powerful effect on your scores:

Making sure you pay on time, every time.

Keep your credit card balances to no greater than 30 percent the credit limits and lower is more beneficial.

These habits make up more than 50% of your score. NerdWallet can help you and offer tips for improving other aspects of your score.

Do you want nerdy advice that's tailored to your needs? All your money will be in one view, and get customized information to maximize the value of it.

The author's bio: Bev O'Shea is a former credit writer at NerdWallet. Her work has been published in the New York Times, Washington Post, MarketWatch and elsewhere.

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3 Things to Consider if You're new to gig work

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3 Things to Know If You're Not Experienced with Gig Work

Written by Kelsey Sheehy Senior Writer | Small business, personal finance Kelsey Sheehy is a senior writer and NerdWallet's expert on small-business. She joined NerdWallet in 2015 and spent six years as a personal finance journalist and spokesperson before switching gears to cover the issues and financial decisions faced by owners of small businesses. Kelsey's work has appeared on The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She is also the author of a column on millennials and money for The Associated Press along with some other writers from NerdWallet. Kelsey has appeared in the "Today" talk show NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice, among other publications. prior to her being a part of NerdWallet, Kelsey covered college (and how to pay for it) in U.S. News & World Report. She is located in Washington, D.C.

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The edit was done by Kirsten VerHaar, Senior eBay, Yahoo! Kirsten VerHaar edits for personal finance. She holds an English literature degree from the University of Colorado Boulder. In the past she was the lead editor with eBay as well as a manager of an entire team of writers who wrote about the company's global content team. She also wrote for Yahoo. In the years since her joining NerdWallet since 2015 she has covered issues as diverse as vacuums (yes it really is), budgeting and Black Friday.

Many or all of the products featured here are from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here is a list of and .

Shutdowns, layoffs and pay cuts triggered by the government have left millions of Americans seeking new income sources. Anyone who has recently switched to working gigs could be just a few weeks away from an unexpected financial surprise in the form of unexpected tax bills and fine print on insurance coverage.

"These are two of the most important items that most new business owners overlook," says Chris Russell, a San Diego-based professional certified in financial planning who specializes in business owners and self-employed.

Do you think that you are an owner of a small business? Well, let's start there.

To the IRS you are a small business

You're running food delivery. However, that's not enough to make your business a small one according to the IRS. That's the only one that counts when it comes to taxes.

"Basically you're as an individual contractor" states Garrett Watson who is a senior policy analyst for the Tax Foundation, a nonprofit organization. "You don't need to be doing anything complicated. It's not necessary to integrate or do anything like this."

But you do need to pay taxes on any money you earn through gig work. This is usually an unpleasant, and costly unexpected surprise for those who are new to gig work. As an employee, income and tax on payroll are automatically deducted from your pay. That's not the case for freelancers, Russell says.

"No taxes are taken out of the earnings you earn as a business owner," Russell says. "Meaning that you're likely to owe a lot of money towards the IRS in the event that you submit your returns."

A good rule of thumb for calculating your earnings is to: For each dollar you earn through gig work, save 30% of it to use towards your income and . Going forward, plan to estimate your tax bill and pay it every quarter to avoid paying a penalty due to the IRS.

If you're thinking "I did not make a lot. I'm not reporting it. How will the IRS be aware?" Don't. It'll know.

Make the most of your money

Track all your spending in one glance to assess your spending patterns and spot opportunities to save money.

The expense tracking app is your most trusted buddy

It's not just about cash in the bank. There are expenses to be incurred also. Keep track of those since you could deduct some of them and reduce the tax bill we talked about a second ago.

"Keep up-to-date and accurate records in order to benefit from all deductions that you are legally entitled," says Ryan Greiser who is a certified financial planner in Doylestown, Pennsylvania.

Apps such as Stride, Hurdlr and MileIQ automate the tracking of your mileage and expenses for free or a nominal fee, to help you calculate taxes. Based on your particular situation, Greiser says QuickBooks could be worth a look.

"It is a low-cost expense to estimate your quarterly taxes, track the mileage you drive and pay your quarterly tax online," Greiser says.

You also want to investigate the details of what can and cannot be deducted based on your specific gig work, Watson states, pointing to ride-hailing services as an example.

Say you drop a passenger off and then drive to get your next ride He says. Can you deduct the cost of the gas you use between rides? (You can. )The is a great resource to find answers to your concerns.

The insurance process can be confusing

The IRS isn't the only agency which needs to know about your new source of income. Your insurance provider needs to be informed, too. In the event of not disclosing your work, it could get you dropped off your insurance in some instances. Beyond that the insurance company can help you understand what aspects of your gig work are covered.

Moving people or food? You need to know the extent to which your auto insurance policy covers incidents while you're at work. (It most likely will not.). Commercial auto insurance or rideshare could fill the gap.

The platform you're using on may cover you under commercial policies however, it is only activated when there are certain conditions. It is important to understand the specifics of the protection.

Uber and Lyft provide commercial coverage for drivers, however it is applicable only if you have passengers in your vehicle or are on the way to pick up passengers after having accepted the ride. DoorDash provides liability coverage only and just when food is in your vehicle. Grubhub and Instacart don't provide any commercial insurance for delivery drivers via their platforms.

This post originated from NerdWallet and was first printed in The Associated Press.

About the author: Kelsey Sheehy is a personal finance journalist at NerdWallet. Her work has been featured by The New York Times, USA Today, CBS News and The Associated Press.

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What is a credit Card Cash Advance?

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market, we're proud that the guidance we offer as well as the advice we provide as well as the tools we design are objective, independent, straightforward -- and free. So how do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on our website) However, it in no way affects our advice or suggestions, which are grounded in thousands of hours of study. Our partners cannot promise us favorable reviews of their products or services. .

What is a Credit Card Cash Advance?

A cash advance is a short-term cash loan -- an expensive one -that is secured against the credit line on your card.

By Lindsay Konsko

Updated August 9, 2021

Editor: Paul Soucy Lead Assigning Editor Credit scoring, credit cards, personal finance Paul Soucy has led the Credit Cards content team at NerdWallet since the year 2015. He worked as an editor at USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also established a profitable freelance editing and writing business that focuses on personal and business finances. He was editor of the USA Today Weekly International Edition for six years, and was awarded the top honor from ACES: The Society for Editing. He holds a bachelor's in journalism, as well as a Master of Business Administration. He lives in Des Moines, Iowa, with his fiancee, his two sons, as well as an animal named Sam.

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Cash advances permit you to utilize your credit card for an instant cash loan from a bank ATM. Unlike a cash withdrawal from a bank account, a cash advance is required to be paid back -- exactly like any other loan that you can make on your credit card. Imagine the use of credit cards in order to "buy" cash, not goods or services.

It's convenient, but it's quite expensive.

Do you need money quickly? Consider:

* * * *

How does a cash advance work?

If you use only credit cards to pay for everyday expenses You could be in a pinch when faced with a cash-only situation like buying lunch at a street vendor or a variety of vegetables at a farmers market or lunch at a mom-and-pop deli. If that happens the cash advance option could seem appealing. Some people also turn to credit card cash advances when they require cash but do not have enough money in the bank account.

The top credit cards for 2023.

Cash back, 0% APR, the transfer of balances -- check out our Best-Of Awards to see the top credit cards of the year.

When your credit card comes with PINs, you are able to get cash advances directly through an ATM. In other cases, you can take your card to a financial institution that can provide advances through the card's payment processor, such as Mastercard as well as Visa. You'll need to present your ID.

Be aware that most credit card companies don't permit you to withdraw your entire credit line in the form of an advance. Most people's cash advances are capped at just a couple hundred dollars. This means that you can't rely on your credit card to provide you with very large amounts of cash in the event of an emergency.

>> MORE:

The reasons why cash advances can be expensive

Cash advances are easy, but it's one the costliest ways to get your hands on some cash. This is because cash advances come with various costs:

Cash advance fees. They are charged by the card issuer. Some cards charge a flat fee per cash advance, for example, $5 or $10. Others charge a percentage of what's that is withdrawn, often as much as 5%. It's sometimes a percentage with an amount that is minimum in dollars- such as 3% or $10, whichever is greater.

Bank or ATM fees. They are set through the institution handling the transaction -the operator of the ATM or the bank through which you receive the advance.

Interest. It can be expensive through two methods. First, the rate that credit cards charge on cash advances is usually much higher than the rate charged on purchases. The second reason is that interest on cash advances typically begin growing in a matter of minutes. There's no like you can get with purchase.

>> MORE:

Due to the high costs of getting a cash advance it is possible that you're in dire financial straits If you're thinking about one since you don't have enough money in the bank account. Cash advances should only be used only in extreme emergencies. If you find yourself relying on them It could be the right the time to alter your approach or seek assistance, for instance via a specialist or a.

>> MORE:

Cash advances are not the only option.

If you do find yourself in a financial bind and aren't sure where to go, you can look at the options below. There aren't any that's perfect however, they may result in a lower cost than a cash advance in the long run:

Personal loan. This can be costly when your credit isn't perfect however, the interest rates and terms will still be better than a cash advance. ( )

Offers from your credit card's issuer. Recently, there have been a number of features, such as the possibility to turn your available credit in to an installment loan without requiring a new loan application. You'll still be charged interest on this type of feature, but potentially at a reasonable cost.

The borrowing of money from friends or family. This might be awkward however the savings will be worth it.

Overdrawing your checking account. Instead of taking cash advances at an ATM think about overdrawing your checking account with your debit card. You'll be charged a fee, but you won't have to pay interest.

In summary the short version, taking out cash advances on your credit card means accepting a high-cost short-term loan. It's almost never a good idea, so consider all other alternatives before making the cash advance.

What's next?

About the writer: Lindsay Konsko is a former staff writer covering credit cards and consumer credit for NerdWallet.

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Find the right credit card for your needs. Whether you want to lower your interest rate or earn reward points, the right card's out there. Just answer a few questions and we'll narrow the selection for you.

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How to build credit

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able make financial decisions with confidence. Although our site does not include every company or financial product available in the marketplace however, we're confident that the advice we provide as well as the advice we provide and the tools we create are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it does not affect our recommendations or advice that are based on many hours of study. Our partners cannot promise us favorable ratings of their goods or services. .

(image: https://www3.ufrb.edu.br/lehrb/wp-content/uploads/2015/07/DSCF0409-300x225.jpg)How to Build Credit

Begin by becoming an authorized user, or get credit builder loan as well as a secured credit card.

Written by Erin El Issa Senior Writer Data analysis, personal finance, credit cards Erin El Issa writes data-driven studies about personal finances, credit cards investments, travel, and student loans. She is a fan of numbers and hopes to simplify data sets in order to assist consumers in improving the quality of their lives financially. Prior to becoming the Nerd during 2014, she worked as an accountant for tax purposes and freelance personal financial writer. Erin's work has been cited in The New York Times, CNBC, The "Today" show, Forbes and elsewhere. In her spare moment, Erin reads voraciously and struggles to keep up with her two children. She is based in Ypsilanti, Michigan.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet, she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

Updated February 2, 2023

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Her previous experience included writing copy as well as news editing for many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism from Iowa's University of Iowa.

A majority of the products featured here are provided by our partners who compensate us. This influences which products we feature and the location and manner in which the product is featured on the page. However, this does not influence our opinions. Our views are our own. Here's a list of and .

Building credit can be tricky. If you don't have credit history, it's hard to get a loan, a credit card or perhaps even an apartment.

How are you going to establish a record of responsible repayment if no one is willing to give you credit in the first place?

Be aware of how your credit score is evaluated

See your free score and the factors that influence it, as well as tips on how to continue building.

Several tools can help you :

If you're looking to obtain credit then you can begin by obtaining the secured credit card, or co-signed card, or request to be a member of the card of someone else.

If you want to build credit without the use of a credit card, you could look into a credit-builder loan as well as a secured loan or a co-signed loan. There are also methods to make utilities, rent and phone payments to build credit. Certain of these methods are absolutely free, while some require a fee.

Here's a look at tools for building credit, and how to use them to earn a .

Secure your credit card

If you're building your credit score starting from scratch, you'll probably need to start with the use of a secured card . A secured card is backed by a deposit in cash that made upfront. The deposit amount is usually similar to your credit limit. The minimum and maximum amount you can deposit varies by card. Some cards require a minimum deposit of $200. Some companies , like Avant, Deserve and Petal now offer that don't need the requirement of .

The card will be used as the other cards: Purchase items, pay prior to or on deadline, incur the cost of interest if you fail to make your payment in full. Your deposit will be returned after you close your account.

NerdWallet regularly evaluates and ranks various options.

Secured credit cards don't have the intention to be used forever. The purpose of secured credit cards is to build your credit to be able to get an unsecure credit card -- one that doesn't require a deposit, and offers greater advantages. Choose a secured card with the lowest annual cost and ensure it is reporting payment data to all , Equifax, Experian and TransUnion. Your credit score is built by the information you get from your credit reports; cards that report to the three bureaus will allow you to create an extensive credit history.

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Find a credit-building item and a loan

A is precisely the word you're hearing and its primary purpose is to assist people in building credit.

Typically the loan amount is held at the expense of the lender in a bank account, and is not released on your behalf until loan is repaid. It's a forced savings plan in a sense, and your payments will be reported to the credit bureaus. These loans are usually offered by credit unions or community banks. They also offer them online, just like .

The line of credit is $500. credit that is intended to be a credit-building tool.

Another option: If you have money in a deposit account at a bank or credit union Ask them for a secure loan to build credit. With these, the collateral is your account or certificate of deposit. The rate of interest is usually slightly higher than the interest you're getting from the account, however, it could be lower than your alternatives.

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Use a co-signer

It's also possible to get a loan or an unsecure credit card with the co-signer. Be sure you and the co-signer understand that the co-signer will be on the hook for the entire amount due if you don't pay.

From top to bottom

Become an authorized user

A close family member or other may be willing to include you as a user on his or her card. In this way, the card's payment history to your credit file which is why you'll want to choose to select a primary user with the history of paying punctually. Furthermore, being designated in the role of an authorized user can reduce the amount of time required to create the . It is particularly beneficial in order to build credit.

It is not necessary to use -- or even possess the credit card in order to enjoy the benefits of being an authorized user.

The primary cardholder should find out whether the issuer of the card reports authorized user activity to the credit bureaus. That activity generally is not reported, but you'll want to confirm -- otherwise, your efforts in building credit may be wasted.

You must reach an agreement regarding how you'll utilize the card before you're added as an authorized user, and then be prepared to pay your share if that's the deal you reach.

From top to bottom

Credit is available for the bills that you have to pay

such as Rental Kharma such as Rental Kharma LevelCredit such as Rental Kharma and LevelCredit take a debt that you have already paid and place it on the credit file, helping to build a history of punctual payments. Some credit scores do not take these transactions into account however, some do and it may be enough to qualify for an loan or credit card that establishes your credit history to all lenders.

offers a way to have your phone and utility bills appear on your credit report with this credit bureau. Note that the impact is only applicable to your credit report with Experian (and any credit scores based on it.

From top to bottom

Develop good credit habits

and a track record of timely payments.

To be eligible for a FICO score, you'll need at least one account that's been open six months or longer and at least one creditor that has reported your activities to credit bureaus within the last six months. A score, which is FICO's most significant competitor, can be generated more quickly.

Use these credit-building tips to improve your credit score:

Try to pay your debts promptly and pay at least the minimum if you are able . Making credit card or loan installments punctually, each time is the most important thing you can do to improve your score. If you can pay more than the minimum, it can also help your score.

If you are using credit cards, keep your credit utilization low -it is the percentage of the credit limit that you make use of. We suggest keeping your credit utilization below 30% on all credit cards as often as you can. The lower your utilization the better for your score.

Do not apply for credit accounts with multiple accounts in close proximity; applying for credit may result in some minor, temporary drops on your credit score. Multiple applications can cause significant damage. NerdWallet suggests spacing your applications by about six months when you can research your needs before you apply. Note that multiple applications for auto loans or mortgages in a short span of time are grouped together as " ."

Keep credit card accounts open. If you don't have an important reason to shut down an account, like a high annual fee or slow customer support, you should consider opening it. You could also consider downgrading it or transferring your credit limit to a different card. Closing an account may affect your credit utilization and reduce the average age of your account.

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Make sure you check your credit scores as well as reports

A credit report is a record of your credit usage in the past. Your credit scores will tell you how you'll handle credit in the future, using the information contained in the credit report. You should keep an eye on both for any errors as well as to see your credit building efforts result in positive results.

NerdWallet offers a credit card from TransUnion. It also offers educational tools like NerdWallet's to see how financial actions affect your score.

Several credit card issuers print FICO scores on customers monthly statements, and permit online access to. Certain card issuers provide scores for free to everyone regardless of whether the cardholder is a.

Request your credit reports and examine them for mistakes and discrepancies. Up to December 2023 you can review your reports for free weekly by . Disput any errors in your credit report you spot that may affect your scores.

Do you want nerdy advice that's tailored to your needs? All your money will be in one view, and get customized information to get the most value from it.

The authors' bios: Erin El Issa is an expert on credit cards and studies writer at NerdWallet. She has had her work highlighted on USA Today, U.S. News and MarketWatch.

Bev O'Shea was a credit writer for NerdWallet. Her work has appeared in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

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5 Tactics to Pay Off Purchase Now and Pay Later

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions with confidence. Although our site doesn't feature every company or financial product that is available on the market, we're proud that the advice we provide, the information we provide as well as the tools we design are objective, independent easy to use and completely free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and where they are featured on the site) However, it does not affect our suggestions or recommendations that are based on hundreds of hours of research. Our partners are not able to pay us to guarantee favorable reviews of their products or services. .

5 Tactics to Pay Off the Debt Buy Today, Pay Later Debt

If you are buying now and pay later bills come due, think about these strategies as you strategize your way from debt.

by Melissa Lambarena Lead Writer | Credit cards, debt Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has enthusiastically covered the subject of credit cards for over six years. Her prior experiences include nine years as an author for various websites and magazines. Through her work, she aims to help users extract the value of credit cards to meet financial goals like increasing their budgets, establishing credit score, visiting dream destinations and repaying debt. She focuses on these subjects along with others in the Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's diploma in sociology at the University of California, Los Angeles.

Updated Jan 13, 2023 7:46AM PST

Edited by Kenley Young, Assigning Editor Credit scores, credit cards Kenley Young is the director of daily coverage of credit cards on NerdWallet. Before that, he was an editor of the homepage and digital content producer for Fox Sports, and before that a front page editor at Yahoo. He has a wealth of experience in both digital and print media, with periods as a copy desk chief, a wire editor and metro editor at The McClatchy newspaper chain.

The majority or all of the products featured here are provided by our partners, who we pay. This affects the products we feature as well as the place and way the product appears on a page. However, this doesn't affect our opinions. Our views are our own. Here's a list and .

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Chances are the " " bill from the holiday season will arrive shortly or may have already made its debut.

If you're unable financially to cover the bill the late fees and other costs can put you in more debt. The situation can alter in the course of a few weeks because of economic setbacks such as unemployment, unexpected bills, a family emergency or other circumstances.

If your financial situation is causing you to feel the squeeze of those buy-now-pay-in-four or pay later plansor perhaps other debts, it's crucial to devise an action plan to pay off the balance.

Here are some ideas to think about as you plan your way out of debt.

1. Update your budget

Review your and trim unnecessary costs or switch services to cheaper alternatives. You can cancel subscriptions that are not being used like, say or change to a cheaper streaming service.

If you're also struggling with credit card debt that could take anywhere from three to 5 years for repayment, consider consulting an accredited nonprofit credit counseling service regarding a, which could combine some of your balances into a single low-interest payment. It is important to note that accounts that are enrolled in the program are usually required to be shut down, which could affect your financial situation in the near term.

2. Change your payment due date

Some lenders like Klarna and Afterpay permit you to alter the due date for payments or ask for an extension.

Klarna customers who use a pay-in-4 loan are able to extend the date for the payment for each purchase one time for 14 days, according to the company's website. Afterpay might offer more flexibility by allowing modifications to the payment due date up to six times a year through the app, as per Amanda Pires, a company spokesperson.

The policies of lenders may be different according to the terms of the plan or talk to the lender about your options.

3. Communicate with lenders about hardships

If a financial problem or crisis prevents you from paying your bills or payments, the buy now pay later lender could provide some relief.

Major purchase now, pay later firms with hardship policies typically advise you to call customer service as quickly as you can about any difficulties.

"Affirm customers who are experiencing financial difficulties can contact us through our help desk so that we can assist them to determine a repayment plan that best meets their personal requirements," Casey Becker, an official spokesperson for the company, said via email.

Terms differ by lender.

4. Think about a credit card that allows balance transfers

If you have good credit (a FICO score of 690 or higher) some issuers will provide you with a loan to pay to buy now or and pay it off later. It could allow you to extend your time should you be trying to meet the time-bound payment, but there are some things to know.

Balance transfer credit cards are designed to assist you to reduce interest costs for an agreed-upon time period however, they may not be the best choice for buy today or pay later plans that don't have interest charges to begin with. Plus, you can move the balance as much as your credit limit allows, and there's typically an additional fee based on the amount you transfer typically between three and five percent. Compare the potential purchase now and cost of pay later against these variables.

The procedure and the terms differ between the credit card companies that allow this, so be sure to ask what you can anticipate. Wells Fargo, for instance might permit the balance transfer option to pay for purchases now or and pay off debt later.

"The most commonly used method is to transfer balances from a different credit card issuer to your Wells Fargo account to save on interest costs," Sarah DuBois, a Wells Fargo spokesperson, said via email. "If there's a creditor that is not technically a retailer or bank credit card issuer consumers do have other options to benefit from their balance transfer deal (i.e. using a balance transfer cheque that comes as part of an discount)."

When a credit card company offers a balance transfer feature in the form of an actual check, your capacity to make use of it could depend on the lender's capability to accept the payment method.

5. Consider the advantages and disadvantages of a personal loan

A personal loan can combine multiple debts into a fixed monthly payment that has a low interest rate for a specified period. If the money is transferred into the account of your bank account, it's generally possible to utilize them to pay all lenders, including buy-now, payday lenders. A high credit score could be able to qualify you for a lower interest rate.

It's also not ideal to pay off debt with credit, so it's important to determine if the proposed interest rate will save you money compared to the potential fees on buy now, pay later plans. If your buy now, pay later plan doesn't charge any fees or interest, then paying it off with the aid of a personal loan might not be the best option. However, it could be worth taking the loan to consolidate other debts , if you allows you to free up cash to pay off buy now or pay later plans.

The article originated from NerdWallet and was first published through The Associated Press.

Author bio Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been featured on The Associated Press, New York Times, Washington Post and USA Today.

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What is Plastiq and How Does It Function?

(image: https://www.paydaywichita.com/guaranteed-payday-loans-no-matter-what-sameday-loans.png)Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make sound financial decisions with confidence. While our website does not include every company or financial product on the market, we're proud of the advice we offer, the information we provide and the tools we create are impartial, independent, straightforward -- and completely free. How do we make money? Our partners compensate us. This can influence the products we write about (and the way they appear on our website), but it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners do not promise us favorable ratings of their goods or services. .

What Is Plastiq and how Does It Do Its Work?

To pay a small fee, Plastiq lets you use credit or debit cards to pay for expenses that typically don't accept cards for payment.

by Melissa Lambarena Lead Writer | Credit cards, debt Melissa Lambarena is a lead writer on the credit cards team of NerdWallet. She has been a passionate writer covering the subject of credit cards for more than six years. Her previous experiences include nine years as a content creator for several publications and websites. In her writing, she strives to assist readers in extracting value from credit cards for financial goals such as stretching their budget, building credit, traveling to dream destinations, and repaying debt. She explores these topics and others in and The Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology at The University of California, Los Angeles.

Updated Feb 10, 2023 10:13AM PST

Written by Kenley Young Assigning Editor Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer at Fox Sports, and before being a front-page editor at Yahoo. He has a wealth of experience in both digital and print media, with times as a copy desk chief, a wire editor and an editor of the metro for The McClatchy Newspaper chain.

A majority of the products we feature come from our partners who pay us. This affects the products we write about and where and how the product is featured on a page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here's a list and .

More Like This

is a service that allows businesses and individuals to make use of credit or debit cards to pay vendors that do not normally accept these payment methods.

As a way to provide this convenience, Plastiq charges you a processing fee, which could be costly -- as of December 2022 . And of course that if you're using a credit/debit card and you're unable to pay the monthly bills, you'll incur interest at whatever ongoing rate the card is charged.

However, if you require breathing room as you wait for a windfall or paycheck to arrive, Plastiq could be cheaper than a higher-interest alternative like a or -- depending on whether you are able to pay the bill off quickly and, in particular, when you have the rewards credit card which will cover the processing cost.

>> MORE:

Plastiq The fundamentals of Plastiq

Plastiq allows one-time or regular payments for bills such as , mortgage and utilities, day care homeowner association fees, and other expenses. You can add a debit or credit card to your Plastiq account and debit it in amounts equal to your bill and then Plastiq pays the company on your behalf through an option that the vendor will accept: or an old-fashioned paper check. (Checks can, for example, be appear to the vendor as being from you, not through Plastiq.) The recipient does not need an account with Plastiq account to make payment.

" Plastiq is a service that lets businesses and people make use of credit or debit cards to pay vendors that do not normally accept these payment methods. "

Plastiq typically will charge the 2.9 percent fee for debit and credit cards. The terms and conditions apply. The service is compatible with:

Visa.

Mastercard.

Discover.

.

However, certain credit cards are restricted in the kind of bills you can pay using Plastiq. For example, Visa cannot be used to pay mortgages through the bill pay service.

Plus, Chase recently unveiled a and it's not known what consequences could have on transactions made with the Chase card using Plastiq.

Nerdy Tip

From Feb. 10, 2023, Plastiq no longer accepts American Express.

How it works

Start by creating a free account using Plastiq and then adding your debit or credit card details. You can choose to add multiple cards and pick one as your default.

Additionally, you'll need to add recipients to your account, including the name of the vendor and their country. This information will be saved on your account for future reference.

" Checks generally take around eight days to be delivered according to the website of Plastiq, so build in some padding on the calendar to avoid paying late. "

For a transfer choose who you want to pay, how much to be paid, the recipient's preferred payment method (ACH wire transfer, wire transfer, or check) and the due date for the funds to reach them. You may also need specific details about the invoice you're paying such as, for instance, a loan amount for mortgage and a unit code for rent due for an apartment, etc. You can add more details under"memo" section "memo" section.

You can make a one-time payment or schedule them to repeat automatically. If you are a recipient who accepts checks sent by postal mail, you might be required to send the check earlier than the normal. Checks typically take eight days to reach you, according to Plastiq's website Therefore, you should include extra time on your calendar to avoid making payments late.

Plastiq offers details of fees, in terms of dollars and a percentage, on the screen for reviewing payments before you can complete the transaction. When you instruct Plastiq to make the money, you'll receive multiple email confirmations from the company throughout the process, including a confirmation of the initial transaction, as well as a notification when a check is physically mailed to the seller for payment, and a message once the beneficiary cashes it. (If for some reason your payment cannot be completed, Plastiq will notify you.)

Nerdy Tip

Certain credit cards might not be compatible with third-party bill payment services. Before making a purchase, you should go over the terms and conditions, or ask the issuer what (or what) the transaction will be handled. It could be considered an advance in cash instead of an actual purchase. Plastiq says that it notifies customers of this and blocks transactions before they are considered cash advances.

The costs

For debit cards

The benefit of using a debit card to charge Plastiq is limited. You'll be charged a 2.9% processing fee that you could avoid by simply writing your personal check directly to the seller. (Plastiq was previously charging just 1% on debit cards, however, it raised the fee to match the one on credit card transactions in the month of March.)

However, if you're not interested to order personal checks, purchase stamps, visit the post office or the post office, etc. Then Plastiq does cut those corners for you. But, you must be careful to only use the service when it doesn't risk overdrawing your account.

For credit cards.

Credit cards are a much more interesting use case because they actually Plastiq lets you pay bills before you have the actual cash on hand. And floating yourself the money by using a credit card this way can be a cheaper alternative to alternatives like cash advances.

" The option of floating your money with a credit card this way can be a cheaper alternative than other options like cash advances. However, it's definitely not without cost or risk. "

But it's definitely not without cost or risk. To begin it's a 2.9 percent processing cost might seem like a lot however in the event that you use Plastiq to make a check for $2,000 in rent that adds $58 to your final amount. Using a Rewards card which earns say, can reduce that cost, but you'll be very difficult to get rid of it in the event that you're receiving any sign-up bonuses through spending.

Secondly, if you can't afford to pay off that $2,058 charge in your credit card's billing cycle, you'll get penalized with the card's continuous interest rate. And rewards cards generally have the most high annual percentage rates of most, often with rates that exceed 20%.

>> MORE:

Nerdy Tip

Your credit card's can buy you a few days to avoid accumulating interest. The grace period is the period of time that runs between the close each billing cycle and the date the payment due. Grace periods aren't applicable to credit card cash advances, but they could apply with a service like Plastiq. Remember that if you carry a balance, your card issuer will end the grace period.

The most important thing is the bottom line

In the end, Plastiq is a service that is best utilized strategically. It will help you hold on to cash reserves if you need these in the short-term as well as being relatively inexpensive in comparison to other options for quick cash.

However, using it to pay bills that you cannot afford at all is costly and not sustainable after the revolving credit card's interest starts to kick in.

About the author: Melissa Lambarena is a credit cards writer at NerdWallet. Her work has been featured by The Associated Press, New York Times, Washington Post and USA Today.

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Find the right credit card for you. Whether you want to pay less interest or earn higher reward points, the right card's available. Simply answer a few inquiries and let us narrow down the results for you.

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Sign up and we'll send you Nerdy posts on the topics in finance that matter most to you along with other ways to help you get more value from your money.

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800 Credit Score What is good or bad?

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able make financial decisions without hesitation. While our website does not include every company or financial product that is available in the marketplace We're pleased of the advice we provide and the information we offer and the tools we create are impartial, independent easy to use and completely free. How do we earn money? Our partners pay us. This may influence which products we review and write about (and where those products appear on our website) However, it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable reviews of their products or services. .

800 Credit Score What is good or bad?

An 800 score is considered good. You'll be eligible for the very best rates on credit cards and loans.

The article was written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special-assignment writer for NerdWallet. She also published a syndicated article on money and millennials, and focused on personal loans as well as consumer credit and debt. In the past, she worked as an editor at The Washington Post. Her work has appeared on newspapers such as the Miami Herald and USAToday. Amrita has a master's degree in journalistic studies from University of Missouri. University ofMissouri.

Updated August 18, 2022

Edited by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Her previous experience includes news and copy editing at several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in journalism and mass communications from Iowa's University of Iowa.

The majority or all of the products we feature are from our partners who compensate us. This affects the products we feature as well as the place and way the product is featured on the page. However, this does not affect our assessments. Our opinions are our own. Here's a list of and .

A credit score of 800 is firmly in the excellent range of scores. Credit score is used by lenders to decide if you qualify for financial products like credit cards or loans as well as to decide the rate of interest.

Only 23.3% of Americans scored 800 and above in 2021, according the FICO, a credit scoring firm. FICO.

Here's how your 800 credit score will affect your financial life.

>> MORE:

You can find the most competitive rate on your credit card as well as loans

With a credit score of 800 You can rest easy -- you will typically qualify for most financial products and get among the very best rates.

This may not be the case for you if you're just beginning to get credit, however, since the lenders want more than a high score. The amount of time you've had credit as well as the amount of debt you have in relation to your earnings is taken into consideration.

Learn more about the subject to be aware of what's important most to keep your access to the best credit products.

Know how your credit is scored

Check your score for free and the variables that affect it, and get suggestions on how to build your score.

Tips to protect your credit score of 800

You've got excellent credit behavior, but the following guidelines will help you maintain your credit score. And they'll be of interest if you like the challenge of , the highest score for non-specialty credit scores.

Set up automatic payments. One late payment could shave as much as 100 points from your score. If you don't have automated payments, consider setting them up to avoid the chance of missing a payment and tanking your score.

Watch . It's more beneficial for your score to make use of less of your credit limits. You can pay multiple times in a single cycle of billing to make sure that utilization is kept to a minimum.

Be aware of any errors on your credit reports to find any mistakes. Credit reports that are inaccurate are quite common, and they could prevent your score from going higher. And, if you find any mistakes, dispute them. discover.

About the writer: Amrita Jayakumar is a former writer for NerdWallet. She was previously employed by The Washington Post and the Miami Herald.

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Know how your credit is graded

Find your free score and the factors that impact it, plus tips on how to continue building.

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Good Debt Vs. Poor Debt Be aware of the distinction

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able make financial decisions without hesitation. And while our site doesn't include every business or financial product that is available on the market We're pleased that the guidance we offer and the information we offer and the tools we develop are impartial, independent easy to use and completely free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on our website), but it in no way affects our suggestions or recommendations which are based on many hours of research. Our partners do not pay us to guarantee favorable review of their services or products. .

Good Debt vs. Poor Debt Be aware of the Difference

Good debt can help you reach your goals, whereas bad debt is costly and could cause them to fall off.

Written by Sean Pyles Senior Writer | Personal finance, financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds on NerdWallet's NerdWallet Content team to answer listeners' questions about personal finance. With a focus on shrewd and practical advice on money, Sean provides real-world guidance that can help consumers better their financial lives. In addition to answering listeners' financial questions on "Smart Money" Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects like the racial inequality gap, how to start investing and the history of college loans.

Before Sean was the host of podcasts at NerdWallet He also covered issues related to consumer debt. His work has appeared on USA Today, The New York Times as well as other publications. When when he's not writing about personal finance, Sean can be found playing in his garden, going for runs and taking his dog for long walks. Sean is located in Ocean Shores, Washington.

Updated February 21, 2023

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in roles including copy desk chief and team leader for design and editing. Her previous experience includes news and copy editing at several Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism at Iowa's University of Iowa.

A majority of the products we feature are from our partners who compensate us. This impacts the types of products we review and where and how the product is featured on a page. However, this does not affect our assessments. Our views are our own. Here is a list of and .

Before taking on any kind of debt, think about whether a car loan or a new credit card will help meet your financial goals -- or hinder them to reach. The debt you commit to and the amount and cost, can be the difference between good debt and bad debt.

Credit cards, for instance, could be an effective way of financing big expenses and earning reward points. However, if it is not managed properly and with care, credit card debts with high interest could get out of hand.

Here are some general guidelines for good debt and bad debt and the best way to handle it if you're facing too much debt.

What is good debt?

A low-interest loan that can help increase your earnings and net worth can be an example of good debt. However, too much of any kind of debt -- regardless of the potential it may create could result in bad debt.

Medical debt, for example, doesn't neatly fall into either the "good" and "bad" debt class. It's a cost that is largely uncontrollable and often doesn't have any interest. You have .

Student loans

In general, considered to be an investment in your future as a way to invest in your future, student loans tend to be lower in interest rate, specifically if they're government student loans.

Guideline: In general, try to have your student loan payment to stay below 10% of the expected after-tax income per year following graduation. If someone is expecting to earn $50,000 a year, the maximum amount of borrowing would be $29,000.

Do something about it: If you are facing overburdened student loans consider options the possibility of refinancing or the repayment plan that is based on income.

Mortgages

Most likely to be the most important financial decision you'll make, a loan is the way to homeownership.

Guideline: Know before shopping and limit your mortgage loan to 36% of your earnings.

Take action: Downsizing, or moving to a cheaper area can make housing costs easier to manage.

Car loans

For many, a car is essential for everyday life.

Guideline: Keep total auto costs, including your car loan payment, . The loan term must be 4 years or less, but usually with an initial 20% deposit.

Take action: or trading in your car for a more expensive one can help you manage costs for your car.

Track your debt the easy method

Sign up to NerdWallet to see your current debt breakdown and future payments all in one spot.

What is a bad debt?

The burdensome debts that eat away at your financial standing are classified as bad debt. Examples include debts with higher or variable rates of interest in particular when employed for discretionary expenditures or items that are devalued.

Sometimes bad debts are bad debts that have gone wrong. The credit card is an example of this: If you own a high-interest credit card and pay down your balance every month, it's fine. But if high-interest credit card debt builds up, you could be in danger.

Credit cards with high interest

High interest rates, such as those greater than 20% can make your debts more expensive.

Guideline: If you're not making progress on paying off your debts with credit cards, regardless of making sure you pay it all every month, it could be a sign you're facing issues .

Take action If you're able to maintain your spending in check Consider a plan which is where you settle your most smaller debts first. It can make your credit card debt more affordable, though you'll need good credit to be eligible for. In other cases, a nonprofit credit counseling agency may be an option.

Personal loans for purchases that aren't a necessity

Involving in debt to pay for expenses like a trip or brand new clothes could be an costly habit.

Guideline: Personal loans can be a viable option if you have a specific purpose in mind, like .

Take action: If you're facing an expensive personal loan and you're not sure if you're able to .

Payday loans

They are a type of debt that can turn toxic: They typically have interest rates of up to 300% that can make them unaffordable immediately. These are small-sized, short-term loans meant to be repaid with your next paycheck.

The guideline is that financial experts advise against payday loans because borrowers can easily fall into a debt cycle.

Take action: Consider alternatives such as taking out a loan from the credit union or asking family members for help.

The author's bio: Sean Pyles is the executive producer and host of the NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

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