Declined for a pre-approved loan: my fatal mistake
Credit Sesame shares the author’s personal account of how she was declined for a pre-approved loan application because of a fatal mistake. I stared at my screen in disbelief. Why was I declined for a pre-approved loan? Everything seemed to be in my favor: Three pre-approved offers FICO scores that consistently hovered around 800 ZERO […]
Personal finance weekly news roundup April 15, 2023
Credit Sesame’s personal finance weekly news roundup April 15, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Bank withdrawals take a break U.S. commercial banks saw a slight increase in deposits at the end of March. That’s the first rise in deposits since two bank failures triggered […]
How does tax debt impact your finances and credit score?
Credit Sesame discusses how tax debt may impact your finances and credit score. Not paying bills on time and owing money to creditors usually lowers credit scores. If you fail to pay your income taxes on time your credit score is not affected. At least not directly. The Internal Revenue Service does not report tax […]
Is the U.S. headed for an economic Goldilocks zone?
Credit Sesame discusses whether the U.S. is heading for an economic Goldilocks zone. The task of economic policymakers is to steer the economy into an area where it is comfortably between extremes, the so-called economic Goldilocks zone. Recent news reports indicate this may be happening. However, there have also been reminders that the economy is […]
Why proper tax records are important
Credit Sesame on the importance of good tax records. Knowing which tax records to keep, and for how long, can help keep your life uncluttered. More importantly, it can help if the IRS decides to audit your tax returns. Keeping your tax records for three years or so is a good way to prove that […]
2022 tax preparation and filing: Are you ready?
Credit Sesame on tax preparation for 2022. Tax preparation is the annual chore that almost everybody hates. It is no surprise that many of us put it off until the last minute. But 2023’s filing deadline is April 18, which is looming large. What can you do if you’re not ready? Are you due a […]
Personal finance weekly news roundup April 8, 2023
Credit Sesame’s personal finance weekly news roundup April 8, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. Oil production cut threatens a new boost to inflation Fewer job openings may reduce inflation pressures Merrill Lynch hit with $9.5 million fine for not disclosing fees Health Savings Accounts grew […]
What are the tax implications of being a freelancer, an employee or an investor?
Credit Sesame discusses the tax implications of income from different sources such as freelancing, employment or investment. There are many ways to make money, including full-time employment, part-time employment, freelancing, side gigs and investing. If you get income from multiple sources or you’re thinking about adding an income stream, you may like to think about […]
Beyond the 3 Rs: Why financial literacy should be a 4th basic skill
Credit Sesame argues why financial literacy should be the fourth basic skill taught in schools. The three Rs in education are Reading, wRiting and aRithmetic. Most people agree that those basic skills are necessary for life. What about money management? Knowing how to spend, borrow, save and invest wisely. It could be argued that financial […]
When is a good time to take out a personal loan?
Credit Sesame on what to consider and when to take out a personal loan. When you need extra money, there are several options you can consider, including using a credit card, tapping into home equity or a personal loan. Often people use a personal loan as a way to access cash quickly, often without putting […]
Lenders tightening credit standards for borrowing
Credit Sesame discusses why lenders are tightening credit standards for borrowing in the second quarter of 2023. The number of new credit accounts opened has reached its lowest level since the height of the pandemic shutdowns in the spring of 2020. According to the February 2023 VantageScore CreditGauge report, the fall-off in new credit activity […]
Who is using buy now pay later?
Credit Sesame investigates who is using buy now pay later (BNPL). BNPL is a form of consumer credit that has experienced rapid growth in recent years. This growth has raised questions about whether BNPL is a cost-effective payment method. The Consumer Financial Protection Bureau (CFPB) recently released a report that sheds some light on what […]
Personal finance weekly news roundup April 1, 2023
Credit Sesame’s personal finance weekly news roundup April 1, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. First Citizens buys Silicon Valley Bank Federal Reserve lending to banks soars Lenders becoming more cautious as late payments rise Despite slight improvement, consumers expect a recession Pending home sales make […]
Whacky things that might affect your credit score
Just for fun on April Fool’s Day, here is a collection of whacky things that might affect your credit score but don’t … or do they?! Credit Sesame asked ChatGPT, an open-source natural language AI developed by OpenAI, for whacky things that might affect your credit score. To be taken with a grain of salt […]
Tax deductions 101: Common deductions and credits that can save you money
Credit Sesame highlights tax deductions and credits you may reduce your tax bill. Tax deductions and credits can help make filing your taxes in 2023 easier and cheaper, two descriptions not normally associated with income taxes. You have to know which programs apply to you and must itemize your deductions instead of taking the standard […]
