If you’ve ever had difficulty opening a checking account, then you may be all too aware of a company called ChexSystems. But how much do you really know about this company that happens to be scoring your banking behavior? Just as consumers have credit scores that are an important factor in whether or not they will be approved for credit, consumers also have what we’ll call a “debit score” which helps determine whether or not they will be approved for a checking account. Want to learn more? Read on to learn nine things you need to know about ChexSystems, the keeper of your debit score.Read More →
What Actually Happens When You Bounce a Check
Ever wonder what happens if you bounce a check? Although checks might seem to be a relic of the past, there are still enough companies slow to adopt modern payment technology. Therefore, we might feel as though we need to keep a box of bank-labeled IOUs on hand, just in case. However, a problem may arise when because the money from a check doesn’t leave our accounts right away, making them a bit harder to track. Harder to track can mean a bounced check. And that could mean fees, frustration, and possibly even worse. Read on to find out what really happens when you bounce a check — and what you can try to do about it.Read More →
Can Student Loans Be Discharged Through Bankruptcy?
If you’re facing a mountain of student loan debt you feel you can hardly surmount, the thought of bankruptcy has probably crossed your mind before. Carrying this type of debt can sometimes feel as though there’s no way to move forward in life until the entire balance is demolished one way or another. But can student loans be discharged through bankruptcy? The short answer is: Usually no, but ultimately it depends. Here’s why.Read More →
How Do Student Loans Show Up on My Credit Report?
The last thing college students and recent graduates might think about is how their student loans can impact their credit reports and their financial lives in general. Nevertheless, the impact is real. Here’s how I learned about the intersection of student loans and credit: Back when I was a newly minted college graduate, I got hired to be a bank teller and then a personal banker. At the time, the job was a placeholder while I searched for work in journalism. Years later, I realize it was probably the best job a new college graduate could have, as it immersed me into an education on personal finance I wouldn’t have had otherwise. One of the moments I remember the mostRead More →