I’ve often heard people talk about credit report and credit score interchangeably. But, based on what you’ve told me, I think they are different, aren’t they? That’s right, they are related, but quite different. Your credit report contains information about your financial history and behavior, whereas your credit score summarizes these details into a …
We’ve talked about the importance of periodically reviewing our credit report. But is there a way to get a copy of my credit report for free? Each credit bureau offers your credit report for a small fee, but yes, you can also get a copy of your credit report totally free through other avenues. …
Bank Transfer or ACH vs Wire Transfer for Kids and Teens This video does an ACH vs Wire Transfer comparison in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about their similarities and differences, or used as a money & personal finance resource by parents …
I recently read about an ACH transfer or bank transfer. But what is it? An ACH transfer is a popular method of sending or receiving money electronically. It is also widely used for paying bills online, and for direct deposit of salary. Why is it called ACH transfer? ACH stands for Automated Clearing House. …
We’ve talked about banks, but I heard about something called an online bank. Is it just another fancy name for online banking? Online banking is the ability to view your account activity, pay bills, transfer funds, deposit checks into your bank account, etc using the internet, either from a computer or a mobile device. …
What is a digital wallet? A digital wallet is an app that is an electronic version of your wallet – it stores information about your credit cards and bank accounts in electronic form on your phone. It can also store your driver’s license, health insurance card and other ID documents, as well as your …
We have talked about home equity loan and home equity Line of Credit or HELOC in the past. But can you please quickly summarize these for me? Both home equity loan and home equity Line of Credit let you borrow against your home equity. Both could give you access to a large amount of …
What is a Home Equity Loan? It is a loan where you borrow money using your home equity as collateral. It is also known as a second mortgage. How does a Home Equity Loan work? A home equity loan is like a regular loan, where you get all the loan money upfront. You repay …
What is a safe deposit box? A safe deposit box is a container—normally a metal box—that you rent from a bank or a credit union to store important documents and valuables. It is kept in the bank’s vault, and is also known as safety deposit box. Why is a safe deposit box needed? Even …
We have talked about checks before. But I’ve heard about something called check clearing. What is check clearing? Check clearing is the process through which money moves from one account to another when the payment has been made by writing a check – the amount is taken or debited from the check writer’s bank, …
