When to Cancel a Credit Card and When Not To

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If you pay an annual fee, and you don’t use the credit card, you are losing money on this credit card.  Don’t keep this card to build your credit score, it is a net loss.  Do you have a credit card that is your only credit card?  Then, don’t cancel this card.  Have at least one credit card for your credit file.


American Families Can’t Afford Housing

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According to the Fannie Mae CEO, American families are facing unaffordable housing.  Rents and house prices are going up higher than wages.

https://www.foxbusiness.com/markets/families-cant-afford-rent-housing-prices-fannie-mae-ceo


Getting Money from Parents for a Down Payment on a House

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People aged 20 to 24 who get $5,000 from their parents are more likely to buy a home than those who do not get that money from their parents.  Also, children with parents who have a BA or higher are less likely to become home buyers than children of parents with less than a high school education.  This could be due to the children of college educated parents living in large cities that have less affordable housing.

http://fanniemae.com/resources/file/research/housingsurvey/pdf/parental-assistance-wkg-paper.pdf


Rent to Own

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Rent to Own is an installment agreement where part of your monthly payment is going towards buying a house.  It can be helpful if you do not have a good credit score.  Make sure you have a written contract.  Also, make sure you understand what would happen if you miss a payment.


Credit Invisible

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If you are credit invisible, you don’t have a credit history.  If your credit file is too thin and you hardly have any credit, you are considered credit “unscorable.”  There are millions of people who are credit invisible and credit unscorable.  This can hurt you because you may not be able to get a car loan or get an apartment.


Student Loan Forgiveness for Teachers

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Teachers may be eligible for some federal loan forgiveness.  Check out the Teacher Loan Forgiveness Program:

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher#who-teacher

 

 


Don’t Have Enough Money for a Down Payment on a House?

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If your credit score is at least a 680 but you don’t have a large down payment to buy a house, check out the Fannie Mae Home Ready program.  If you qualify, you may be able to buy a house with as little as 3% down on the house you want to buy.

See https://www.fanniemae.com/content/fact_sheet/homeready-overview.pdf

 


Safe Deposit Boxes

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Some things you should keep in the safe deposit box at your bank are:

  • originals of important documents, such as birth certificates, property deeds, car titles
  • family keepsakes
  • photos you can’t replace

Cash is not a good thing to keep in the safe deposit box because it is not protected by FDIC insurance.

Source: https://www.fdic.gov/consumers/consumer/news/cnwin18/fivethings.html


Car Leases

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Leases for cars have become more popular recently.  The monthly payments are lower than buying a car.  But, you will not own the car when the lease is over.  There are also rules about how many miles you can drive and what happens if you damage the car.  If you end up buying the car at the end of the lease, you might pay more in total than not having leased it first.


When You Don’t Get Your Tax Refund

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You may have been expecting your tax refund and then you find out that your refund got taken.  This is called a tax intercept or a tax offset.  The main reasons your refund may get taken:

  • Student loans
  • Child support
  • Federal or state income taxes
  • Bankruptcy trustee

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