How to find unclaimed money that the government may be holding for you

The United States government has billions of dollars in unclaimed funds and they make it extremely easy for you to reunite with your lost money. You can visit usa.gov/unclaimed-money to start your search. Why does the government retain unclaimed money? If a company or government owes you money and can’t successfully deliver the funds to you after a certain time, they are required to report the funds as unclaimed. Examples of unclaimed money: Tax refunds: returned by mail or rejected by your bank Utility company refunds: refunds of payment overages or security deposits Bank …

Using credit card float to deter payments and interest for almost 60 days

Credit card float is likely the biggest benefit of using a credit card to make purchases. With strategic planning, you can make a purchase and avoid making a payment and paying interest for almost 60 days. A few caveats To simplify things, in this article, we assume that the customer has no pending or posted transactions and that the only purchases made with the credit card are the purchases described in the hypothetical scenarios. We also assume that the credit card has a grace period. The goal of this article is to demonstrate how …

Should you pay with a debit card or credit card?

Paying with a credit card usually provides more benefits than using a debit card. Credit cards typically pay higher cashback than debit cards and they also offer more protection and benefits than debit cards. Cashback While there are debit cards that offer cashback and other rewards, there is usually a cap on the amount that the customer can earn. Some credit cards have maximum cashback limits, too, but they are normally much higher than debit card cashback limits. Float savings Float refers to the amount of time or days between the purchase date and …

Why most credit cards aren’t due on the 29th, 30th, or 31st

Your credit card issuer sets your payment due date, but you can normally ask for the due date to be changed. Your credit card payment must always be due on the same day each month. For that reason, most credit card issuers will not allow payment due dates that fall on the 29th, 30th, or 31st day of the month. February only has 29 days during leap years.There are never 30 days in February. There aren’t 31 days in every month. Aside from 29th, 30th, and 31st day of the month being restricted payment …

How credit score-boosting services work

In the recent years, there’s been a surge in the number of companies offering consumers the chance to increase their credit score by updating their credit reports with payments made to companies that don’t traditionally report to credit bureaus. These payments or accounts that are reported are called self-reported accounts because the consumer initiates the request to have the account reported to the credit bureau. Normally, the initiation would be performed by the creditor. Self-reported accounts commonly reported by credit score-boosting services These unreported payments are typically for services like: Utilities, including water and …

The importance of waiting for credit report updates before applying for credit

It happens all too often. A consumer pays down a large balance or receives a promise to have a bad debt or other negative mark removed from their credit report. The consumer, rightfully proud and excited, applies for credit almost immediately. The problem is that account activity isn’t reflected on your credit report instantly. So, even if you pay off all of your debt today, tomorrow, or a few weeks from now, your credit report will still display your previous balance/account history. In some instances, some lenders have been known to report new balances to credit …

PNC now allowing former BBVA customers to request credit limit increases

This past October, shortly after BBVA customers’ transition to PNC (which acquired BBVA USA Bancshares earlier in 2021), customers anxious to apply for a credit limit increase were met with a notice that BBVA customers would not be able to request increases until after February 15, 2022. The verbiage was later replaced with a more vague message that credit limit increases could be requested in “early 2022”. “Thank you for your recent request for a credit line increase. At this time, we are not offering credit line increases to customers whose accounts transferred to PNC Bank …

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 …