What preapproved and prequalified credit card offers really mean

It can be exciting to find out that you’ve received a credit card offer. Usually these letters, emails, or website notices state that you’ve been “preapproved”, “prequalified”, or “pre-selected”. But, these prequalification and preapproval messages do not always mean that you’re actually approved for the credit card. They are “prescreened” offers and they’re usually accompanied by a disclaimer very similar to the one below that Citi provides with its “pre-selected” offers. “The offered credit may not be extended if, after you respond to this offer, we determine that you do not meet the criteria used to …

Why student loan borrowers may want to pay during payment suspension

Federal student loan repayments have been suspended until May 1, 2022. During this relief period (which only applies to federal student loans), interest isn’t accrued, collections attempts have been suspended, and payments towards loans are considered optional. Although payments aren’t required, there’s a reason that student loan borrowers should consider making payments. During the payment suspension, student loan servicers are required to report student loans as current, even when the borrower didn’t make a payment. These “payments” are not used in calculating the payments that made towards the borrower’s repayment plan. Let’s …

Why you should have multiple bank accounts with a minimal balance in each

Over the course of a month, most bank account owners will provide their bank account information to at least one company. Realistically, the number is higher considering the number of bills that the average person pays each month. But, just exposing your bank account information to one company could put your funds in jeopardy in the event of a data breach. Most consumers likely think that they need the standard checking account for spending, and savings account for stashing funds away. This is correct to an extent. Bank accounts that everyone should have At …

Plaid settlement notices sent to some affected users

You may have ignored a recent email notice about a Plaid class action settlement. The email subject, which read, “Notice of Class Action Settlement – In re Plaid Inc. Privacy Litigation” did seem scammy and likely ended up in your spam as it did for many. But, the email was actually a legitimate notice from the Plaid settlement administrator. The $58 settlement that Plaid agreed to in August stems from allegations that the company obtained more information from users than needed to have. Plaid was also accused of using login pages similar to banks, which caused …

Resolving issues with your automobile dealer or manufacturer

The Better Business Bureau (BBB) has a reputation for helping consumers get disputes with businesses resolved. But, did you know that they also offer programs specifically designed to help consumers dealing with issues in certain industries? The BBB AUTO LINE is a free dispute resolution service that consumers can use to help resolve issues that they have with automobiles. As always, before having another party intervene, you’re encouraged to try to resolve the issue directly with the party that you have a complaint about. In the case of automobiles, you would want to contact …

Take control of your finances with a budget

Creating a budget is an important part of managing your finances and your credit. If you don’t monitor how much you’re making and how much you’re spending, you’re doing yourself a disservice. Without a budget, you’re more likely to spend more and save less, which, over a lifetime, could wreak havoc on your finances. If you don’t have a budget now, it’s probably because you didn’t know where to start, you thought that budgeting is hard, or you felt that you didn’t need a budget (until you read the last sentence). So, we’ll make this easy …

Important deadlines for the 2022 tax season

The IRS will start accepting and processing 2021 tax returns on Monday, January 24, 2022. Other dates to remember for the 2022 tax season April 18, 2022 (Monday) Tax returns and payments owed must be submitted if an extension hasn’t been requested. If a filing extension is requested, the taxpayer’s tax bill is also due on April 18th. The filing extension is, as its name implies, an extension to file a return. Taxes are normally due on April 15th. This year, taxpayers have a few extra days to pay their taxes …

IRS to require some online users to use facial recognition software

Beginning in the summer of 2022, the IRS will require users of its IRS.gov site to go through a facial recognition process in order to access certain information, like account transcripts. The account verification process will be handled by third-party identity verification company, ID.me and will require users to upload a photo ID. The photo ID will then be compared to a video that the user is prompted to take. If the verification fails, the user can try to reach an ID.me employee, called a Trusted Referee, who will complete the process via a …