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Lower Merion Community Network

Lower Merion Community Network

Category Archives: Money

Should You Be Worried About Credit Report Inquiries?

12 Tuesday Mar 2013

Posted by KTE in Finance, Money

≈ Leave a comment

creditSome things never change when it comes to what annoys people about credit scores. While consumers’ understanding of credit scores has evolved over the years, within that always-increasing level of understanding there remain some parts of credit scoring, such as inquiries, that people just don’t seem to get. They get the idea of late payments and maxed out credit cards predicting risk. But inquiries?

A credit inquiry is a notation that goes on your credit report every time your credit report is accessed by anyone with a “permissible purpose,” as defined by the Fair Credit Reporting Act. Inquiries remain on a credit report for two years, and generally fall into two categories: hard and soft inquiries. Only hard inquiries from within the past year can impact credit scores. Older hard inquiries and soft inquiries are ignored by the scores entirely.

The typical hard inquiry is triggered when a lender accesses a consumer’s credit report and score as part of the credit application process. Hard inquiries can also result from collection agencies using credit reports in their skip tracing efforts. (READ ARTICLE)

Top Earners Set to Pay Most, Especially Married People – Yahoo! Finance

18 Friday Jan 2013

Posted by KTE in Lifestyle, Money

≈ Leave a comment

So much for the support of marrage and families. Now all those who are gay who are getting married may wish to think twice as well.

It pays to be single — that is, when it comes to high earners’ tax bills.

U.S. taxpayers with income of more than $200,000 a year will see federal tax rates rise this year on wages and investments. Tax increases will pinch married couples faster than individuals, especially if both spouses work and have capital gains and dividend income, said Joseph Perry, partner- in-charge of tax and business services at the accounting firm Marcum LLP.

In the law passed by Congress Jan. 1, multiple thresholds for higher rates kick in for married couples only $50,000 above where they hit for singles. Married taxpayers with income of at least $300,000 also face limits on the value of deductions and personal exemptions that were reinstated for 2013. (READ MORE)

via Top Earners Set to Pay Most, Especially Married People – Yahoo! Finance.

Get Started: 52 Week Savings Challenge – Pinch This Stretch That

09 Wednesday Jan 2013

Posted by KTE in Money

≈ Leave a comment

Get Started: 52 Week Savings Challenge – Pinch This Stretch That.

via Get Started: 52 Week Savings Challenge – Pinch This Stretch That.

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