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Liz Weston

Q&A: When credit scores are fine

March 8, 2021 By Liz Weston

Dear Liz: I was once told that the reason my credit score wasn’t higher was an insufficient credit history. Now I am doing what you have recommended by charging a monthly security alarm service to one credit card, a weekly church donation to another and satellite TV to a third. All are paid off each month. I checked my credit score recently and read that the reason my score isn’t higher is that I now have too many cards with balances. My score is around 860 but the comment concerns me. Should it?

Answer: Most credit scores are on a 300 to 850 scale. If your score is at or near the top of that range, you’re doing fine. Scores over 760 or so generally get the best rates and terms from lenders (the cutoff is often 740 for mortgage lenders). Higher scores just get you bragging rights.

The services that provide you with credit scores often give you automated reasons why your scores aren’t higher. Those messages can be helpful when you’re trying to build or rebuild credit. The higher your scores, though, the less helpful those messages seem to be. Even if you could fix the “problem” they’re pointing out, there’s no guarantee your scores would increase.

Filed Under: Credit Scoring, Q&A Tagged With: credit report, Credit Score, q&a

Friday’s need-to-know money news

March 5, 2021 By Liz Weston

Today’s top story: How to handle debt in an unequal recovery. Also in the news: 6 ways to save at the pump, worrying about the right thing with estate taxes, and 4 in 10 Americans are struggling financially one year after the pandemic began.

How to Handle Debt in an Unequal Recovery
Navigating the K-shaped economy.

Put the Cap on Gas Prices: 6 Ways to Save at the Pump
Here’s how experts recommend managing your fuel budget with oil prices on the rise.

Worry About the Right Thing With Estate Taxes
Few people pay estate or gift taxes, but many benefit from an inheritance tax break that may be axed.

4 in 10 Americans struggling financially, one year after coronavirus struck the U.S.
How things look a year later.

Filed Under: Liz's Blog Tagged With: debt, economy, estate taxes, gas prices, K-shaped recovery, pandemic

Thursday’s need-to-know money news

March 4, 2021 By Liz Weston

Today’s top story: Worrying about the right thing with estate taxes. Also in the news: 3 ways to get socially distanced tax prep this year, 5 sneaky things COVID-19 might do to your tax bill, and new rules for self-employed and gig workers applying for PPP loans.

Worry About the Right Thing With Estate Taxes
Few people pay estate or gift taxes, but many benefit from an inheritance tax break that may be axed.

3 Ways to Get Socially Distanced Tax Prep This Year
Secure portals, drop-off services, and virtual visits can help you work with a tax preparer from a safe distance.

5 Sneaky Things COVID-19 Might Do to Your Tax Bill
Advice from the tax pros.

New rules for self-employed and gig workers applying for PPP loans
What you need to know

Filed Under: Liz's Blog Tagged With: COVID-19 taxes, estate taxes, PPP rules, self-employed, tax prep

Wednesday’s need-to-know money news

March 3, 2021 By Liz Weston

Today’s top story: Unwelcome income tax surprises may await those with debt. Also in the news: Knowing what’s in your EFT, 10 factors affecting COVID era travel in 2021, and why home buyers shouldn’t skip the inspection.

Unwelcome Tax Surprises May Await Those With Debt
Americans carrying debt can also end up owing more taxes than they anticipate.

Are You Sure You Know What’s in Your ETF?

What’s in a name? Not much, if we’re talking ETFs. Here’s how to see exactly what your ETF is investing in.
10 Factors Affecting COVID-Era Travel in 2021
Traveling during COVID-19 means making more advance reservations and planning for vaccine or testing rules.

Eager Buyers Are Skipping Home Inspections. Is It Too Risky?
Waiving the home inspection gives sellers one less worry, but costs buyers the chance to uncover pricey problems.

Filed Under: Liz's Blog Tagged With: debt, EFT, home inspections, tax surprises, travel during COVID

Tuesday’s need-to-know money news

March 2, 2021 By Liz Weston

Today’s top story: What free college might actually look like. Also in the news: How to get rid of credit card debt by opening another card, how to fix credit report errors, and how to figure out the size of your next stimulus check.

What Free College Might Actually Look Like
Separating fact from fiction.

One Way to Zap Credit Card Debt? Open Another Credit Card
Yes, getting a balance transfer credit card means yet another piece of plastic — only this kind may let you pay down debt over time at 0% interest.

Your Credit Report May Be Wrong — Here’s What to Do About It
Complaints about credit report issues surged in 2020. Here’s how to verify the data that makes up your credit score.

Figure Out the Size of Your Next Stimulus Check With These Calculators
See what you’ll get in the next round of checks.

Filed Under: Liz's Blog Tagged With: credit card debt, Credit Cards, credit report errors, free college, stimulus checks

Worry about the right thing with estate taxes

March 2, 2021 By Liz Weston

Death and taxes may be the only certainties in life, but death taxes are only a remote possibility for most people. The vast majority of Americans won’t ever have or give away enough to owe estate or gift taxes.

Far more people could be affected if a tax break that benefits heirs is eliminated. While campaigning for president, Joe Biden proposed doing away with something called the “step-up in basis” that allows people to minimize or avoid capital gains taxes on inherited assets. But no legislation has been proposed yet, and such a change could have a tough time getting approved by a divided Congress.

In my latest for the Associated Press, why it’s time to think about the hard stuff and plan ahead.

Filed Under: Liz's Blog Tagged With: capital gains, Estate Planning, estate taxes, step-up basis

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