You might be able to transfer your mortgage to someone else and allow them to take over the payments without changing the terms. However, your ability to do this can depend on the type of mortgage you have and the other person's creditworthiness. Some mortgages can only be taken over, or assumed, in special circumstances, and others have to be paid in full when the home changes hands. The Benefits of Transferring a Mortgage When you transfer a mortgage, the new owner will take over the existing loan and receive the same interest rate and monthly payments. The balance and number of remaining pa ..read more

Getting married does not change your credit file or your spouse's. In fact, marriage has no effect on the credit standing of either spouse—but the credit health of both partners can influence future efforts to borrow money or open credit cards as a couple. In some states, debts incurred after marriage, by either spouse, are considered the couple's joint responsibility. Here's what you need to know about credit after marriage. How Does Marriage Affect Credit? Marriage has no impact on your credit. Credit reports at the three national credit bureaus (Experian, TransUnion and Equifax) do not reco ..read more

"Exceptional." Depending on one's frame of mind, the word may conjure up anything from a mint condition rookie card to possibly being asked, again, to stay after class. But in the world of credit, exceptional refers to nearly a quarter of consumers with FICO Scores of 800 or higher. Hardly an exclusive club, but a nice place to be nonetheless. As part of our review of consumer credit and debt among U.S. consumers, Experian looked at trends of those who had exceptional credit scores in 2023. To get to the bottom of what, exactly, exceptional credit looks like in practice, we'll highlight some o ..read more

Credit repair services can potentially help you improve your credit, but in most cases, it likely isn't worth it. After all, you can do anything a credit repair service can do, and you can do it for free. While there is a bit of a learning curve when it comes to fixing your credit, here's what to know about credit repair services before you consider hiring one to help. What Can a Credit Repair Service Do? A credit repair company can help you investigate and dispute inaccurate and unsubstantiated information on your credit reports that may be hurting your credit score. Examples may include: Cr ..read more

Consumers lost over $10 billion to fraud in 2023, according to the Federal Trade Commission's annual Consumer Sentinel Network report. Similar to 2022, there were around 2.56 million fraud reports, and someone lost money in a little over a quarter of the cases. Overall, the median losses were about $500, although median losses were much higher for some fraud categories. Younger people (22 to 29 years old) reported losing money more often, but older people (70 and older) reported larger loss amounts. Below, we look at the top 10 most common types of fraud based on FTC reports, explain how the f ..read more

Phishing is a type of scam that uses fraudulent texts, emails, phone calls or other types of communication to trick victims into revealing sensitive information. The ultimate goal of a phishing scam is often to steal a victim's money or commit identity theft. Scammers make thousands of phishing attempts each day, according to the Federal Trade Commission (FTC), and they count on catching their victims off guard. You can defend yourself by learning about what phishing is, signs of phishing scams and how to avoid it. Here's what you need to know. What Is Phishing? Phishing is a type of scam that ..read more

Saving for the future is always a good thing, whether you're building your emergency fund or setting money aside for retirement. Equally important is how you do it. Being strategic about your savings can help you get better returns—and grow your money at a faster rate. Here are five simple strategies to optimize your savings. 1. Open a High-Yield Savings Account Not all savings accounts are created equal. Traditional savings accounts, which are commonly offered by major banks, had an average interest rate of just 0.47% as of March 2024. That means you'll earn $4.70 for every $1,000 you deposit ..read more

Moving can be an expensive endeavor, costing thousands of dollars in some instances. Depending on your situation, you may need to shell out for movers, new furniture, travel expenses and more. Before you start planning your move, consider how getting a new credit card could help you save money or earn more rewards on your expenses. Here are our picks for the best credit cards for moving. Partner Offers Our Picks for the Best Credit Cards for Moving $A027000005-offername $A027000005-intropurchaseapr intro APR on purchases and qualifying balance transfers for $A027000005-introperiodp ..read more

Saving for your kids can help set them up for financial success as adults. When set aside regularly starting when they are young, even small amounts of money can add up to a sizable sum you can gift your child when they're older. There are lots of places to stash cash you want to earmark for your kids. The one (or more) that's right for you depends on how much you plan to save, how you want your child to use the money, when you want them to have access to it and how much control you want them to have over the funds. Here are six account types that can help you build a more financially secure f ..read more

Student loans can help build your credit if you manage them responsibly, but they can also damage your credit if you're not careful. Here are some ways student loan debt can impact your credit profile and other ways you can build credit as a college student. How Student Loans Can Help Build Credit Student loans are a type of installment loan with regular monthly payments over a set repayment term. When you accept a federal student loan or get approved for a private student loan, the loan servicer or lender will report the new account to the credit bureaus. If you've never dealt with credit bef ..read more