Q&A: Conflicting credit scores

Dear Liz: Why is there such a difference between my FICO 4 and FICO 8 scores? My FICO 4 score is 646 while my FICO 8 score is 678. I want to buy a home and I know some lenders may still use the FICO 4. Answer: Most (not just some) mortgage lenders use outdated […]

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Q&A: Divorced, and in debt

Dear Liz: I recently got divorced and found myself in about $50,000 of credit card debt. While I’m struggling to slowly pay off this debt, I do have some money saved in a tax-sheltered annuity as well as a small Roth IRA. Should I use those, take a personal loan or file for bankruptcy? Answer: […]

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Friday’s need-to-know money news

Today’s top story: How to find the best mortgage rate online. Also in the news: How to set up your first 401(k), what happens if you work after signing up for Social Security, and why we value purchases more when we pay with cash. How to Find the Best Mortgage Rates and Lenders Online Comparison […]

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Thursday’s need-to-know money news

Today’s top story: How payday loans work, and what they cost. Also in the news: Getting the most out of a retirement calculator, money tips you should ignore, and the best budgeting apps for your financial life. Payday Loans: How They Work, What They Cost Reading the fine print. 5 Steps to Get the Most […]

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Wednesday’s need-to-know money news

Today’s top story: Overcoming the obstacles between you and retirement. Also in the news: What the President wants to tell college students, what happens when your debt goes to collections, and how to pay less for staying cool this summer. 5 Obstacles Between You and Retirement (and How to Overcome Them) Clearing the pathway to […]

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Tuesday’s need-to-know money news

Today’s top story: Carrying a credit card balance for the first time. Also in the news: Closing the bank of Mom and Dad, why the starter home is in decline, and an employee benefit that could help with student loans. Carrying a Credit Card Balance for the First Time Managing the debt. Closing the Bank […]

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Should you save enough to live to 100?

First, you were supposed to die at 85. Then 90. Now 95 and even 100 are common defaults when financial planners tell people how much to save for retirement. Except that’s nuts. In the U.S., the typical man at age 65 is expected to live another 18 years. The typical woman, about 20. Yet many […]

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Monday’s need-to-know money news

Today’s top story: Six things that scare your financial advisor. Also in the news: How to report a tax cheat, releasing a student loan co-signer, and the top 10 affordable cities for renters. 6 Things That Scare Your Financial Advisor What keeps them up at night. How to Report a Tax Cheat and Get a […]

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Q&A: How does a lottery winner find a financial advisor she can trust?

Dear Liz: I’m a middle-aged, single, childless woman who won a very nice lottery prize. I took the “cash value” option and after paying federal tax, I was left with $1.2 million. I would like to pay cash for a home, have a tidy nest egg put aside and have money for travel and other […]

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Q&A: Clash over the state of their mother’s estate

Dear Liz: My husband’s mother passed away in January. His younger sister was executor of the estate. His mother had investments of close to $1 million prior to 2008. She supposedly lost half her investments with the downturn. When she passed away, my husband’s sister said that there was nothing left in the estate. What […]

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