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I have a question regarding how different accounts effect

I have a question regarding how different accounts effect credit. I opened two new credit cards this year (had none before) with the plan that I would simply charge one thing a month to each, pay it off, and that all the on-time payments would factor positively. That plan has gone perfectly. However, what I wasn't aware of is that "age of accounts" is a medium-impact factor on credit; consequently, it's the only credit factor I have on credit karma that's not perfect (I'm 271 for 271 lifetime in on-time payments, my credit utilization is 1%).Now, I have five outstanding student loan debts consolidated into a single monthly payment that covers all five since they're from the same lender. I actually have enough money that I could pay off all five and be completely debt-free right now. I know that eliminating the debt would obviously have a very positive impact on my score. However, since I wouldn't be making payments on them anymore AND the accounts would no longer exist (meaning my "age of accounts" would go down to only 6 months since the two new credit cards are the only accounts left) could paying off my loans actually hurt my credit score?

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I am looking to refinance my home to pay off my wife loan

I am looking to refinance my home to pay off my wife loan and help build my credit score. The mortgage has been in my wife name and I am not on it - so I never had a mortgage. My house appraises for $224,000. I owe $68,000 with my regular bank. My fico score is an 806. I went to my other bank a credit union and was approved for $72,000 with a 4.5% interest rate at a 7 year loan as of the moment. $72,000 is what I'll need for closing, appraisal so on and so forth. But will change once the house is appraised by them. I could pay this off in 4 years. Was told from a friend that it is better to never pay off a home loan for tax purposes. The highest my fico score has ever been was an 831 - without a home loan. So my questions are. Is it better to have a long term (10yr to 15yr) then a short (7yr) loan - why? What tax benefits can Be taken and why?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

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3,922 satisfied customers
I'm not sure if I'm on the correct site to get help with my

I'm not sure if I'm on the correct site to get help with my issues. It has been recommended that I switch to online with my Quick Books to get updated. I'm a senior that isn't that good with computer stuff but currently using QB 2010. I'm afraid to upgrade as there will likely be changes that would challenge me. This is our back ground:-My wife and I live on HER 80 acres acreage just on the Saskatoon City edge. Fifty acres are rented out as hay land, but there are natural pasture spaces for our animals and I do use farm equipment of the remaining tilled hay land for feed. I also do small square baling for neighbors on their land that we use for feed.I also do grass mowing of 7 acres of a small community just outside City limits and have been doing this for the past 22 years. Statement entries are entered in QB.I also help with the Saskatoon Food Bank and learning centre with spring/fall working of the land on a ½ block of Saskatoon City property. This includes working the land that includes topsoil, manure, straw, wood chips etc. I have been involved with this for the past 7 years when this all began.NOW FOR QUICK BOOKS:All the foregoing is included in the quick books entries and with our home operation entries. I have purchased and use various types of farm equipment, builds, fences, animal care facilities etc. Entries to do with home utilities, maintenance etc.{A}…It has been suggested that we use an online Quick Books system to keep up updated as I currently use QB 2010, burn to CD and give the CD to our accountant along with our accounting book entries and receipts. It takes a lot of money to run/maintain this acreage and all records are recorded in ledger and computer.{B}…Online system will likely have a monthly cost which may greatly affect my senior pension. If so is this a recovery expenses at income tax time? Would our accountant be allowed to have access to our online system?{C}…With any new version of QB there will likely be a learning period to do stuff that I'm currently doing, but who or how do I get help from?{D}…We VERY RARELY pay any wages for help, absolutely no Credit Card stuff, as all our bills are paid via automatic bank withdrawal or paid by me via check or cash.{E}…Every three months I do the QB receipt entries for GST rebates.Once my foregoing initial issues have been addressed there may very well be other issues that could pop up. Would there be an account firm in the Saskatoon area that would come to our home to help or is all done online. Should I need help is there an online outlet that I can get help from. Thanks…. Ernie FastErnie & Elsie FastRR 2, Box 9, Site 207Saskatoon, Saskatchewan, Canada, S7K 3J5Res:(###) ###-#### *****: (###) ###-####FAX: (###) ###-#### ***@******.***

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Mark Taylor

Certified Public Accountant

Masters

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420 satisfied customers
I am a medical professional that had to drive to a temporary

I am a medical professional that had to drive to a temporary job site at our main hospital in Los Angeles for a few months, as well as rent an apartment locally, as they needed to train and start me locally at the central hub for telemedicine before I could return to San Diego, where I am from and work full time. This resulted in larger vehicle and job related deductions than I normally take (2500 miles driving and 40k in job expenses, as opposed to an average of 600 miles and 10k/year on past returns). I was told by an accountant that taking larger deductions like this for a medical professional was very unusual and a major red flag. He told me it was not worth it to claim these deductions as audit risk outweighed the refund risk. These were large expenses for me, so I would like to have the money discounted from my income for my taxes, but I do not want to create an unusual audit risk. I was extremely thorough with my personal documentation and have my electronic credit card receipts and mileage documentation. Is my accountant correct in his concerns?

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TaxRobin

Vocational, Technical or Trade School

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20,648 satisfied customers
This might be a stupid question, but it's one I have been

Hello, This might be a stupid question, but it's one I have been struggling with for along time. I'm a small business owner who uses freshbooks for my book keeping. My American Express and Capital one small biz card is hooked up to it, as well as my bank debit card. Ex: when I make a purchase on one of my credit cards, the transactions shows up in freshbooks, and I categorize it accordingly, Then when I pay my bill for the card I show that in my expense reports as well. My question is this. Am I duplicating the expense report by showing the same expense twice? It shows up once as the actual expense, and then again when I pay the bill as accounts payable. I just want to make sure my P&L's are correct.ThanksJarrett

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,802 satisfied customers
I am partnering with another company over state lines with a

I am partnering with another company over state lines with a 40/60 split. We sell advertising services over the phone and work with businesses nationwide. My question is, with a 40% share and HR being ran out of my location, and with services sold out of both locations, are we able to take advantage of my state's more lax tax laws? Or, is it even relevant who owns the majority share of the new company? And, if so, does it matter in what state the credit card is ran?

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

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952 satisfied customers
URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY

URGENT/ PLEASE ANSWER ASAP/ GRATEFUL & WILL TIP VERY WELL/REFI-MORTGAGE Q'SHi there!Even Though I pay for the monthly service, I haven't asked a Q for a long time. Is sure is great to know you're out there when I need you though!!I am in an unusual situation of working as a live-in care giver for the terminally ill. I have almost no time off, and as it turns out early tomorrow morning (Thurs 6/16/16) will be my only opportunity in this next 3 months to apply for a refi for my home mortgage.Can someone please answer these Q's for me tonight, so that I can know what I'm doing first thing in the morning when I apply? Thanks so much for your help!! Note: I will not be able to chat, or get to my computer to answer any Qs to clarify that you may have for me. I get one shot to send these Qs now, and one shot to read the answers in the morning. So I will very gladly tip, if you can please answer my questions very clearly & specifically & in a way that I will not have to ask follow up questions in order to understand. (Also I do realize this is more than one Q!) Thanks so much again for your help!Questions:1) I understand that it's the law now that mortgage lenders have to verify your income with the IRS before granting a loan, which makes complete sense to me. But can you please tell me if I give the mortgage co. my 2 most recent tax returns, and then also my pay check stubs to date, that have not yet been filed (on my 2016 tax return), does the mortgage lender somehow report that to the IRS as well?And is there some sort of way that the mortgage co is required to confirm my current pay earned so far this year with the IRS, or any institution other than directly with my employer, and showing my pay check stubs?*** THESE FIRST 2 Q's on #1 ARE THE MOST CRITICAL for me to have answered***As, although my current employer does give me pay check subs correctly, I'm not sure they are caught up to doing/& filing everything on their end yet, that they should be (and will be soon). Sometimes families with terminally ill loved ones find themselves scrambling to have to learn about & do all that is required of them legally to become an “employer” also, in the process of just wanting someone to come in and take care of their loved ones, who they of course are already very emotional about. And while I completely understand and sympathize with the stress on them, I just need to make sure that (by morning! Yikes), this will not turn out to be a problem for me for any reason. …either now, in applying for the refi, or later, after I have gotten the refi. Please be clear on specifically what I have underlined for question number 1. Thanks so much!2) I have an extension on last years taxes, and will be turning it in tomorrow. If I take it directly to the IRS office will verification from them that they received it, be enough for the mortgage co to go ahead and process my loan based on that information and my return as I turned it in…or will the IRS need to takes weeks to process it first before the bank can use the it?3) How do I get quotes for loans at 2 separate mortgage companies? Apply at both places at the same time? And will they each pay for their own appraiser to come out? Or will I be responsible for the bill for the appraisal if I do not follow through and choose that company for the loan?4) If I apply for a loan at one bank and don't qualify, is there any way for the next bank I apply at to know that I did not qualify previously? (other than an inquiry hit showing on my credit report)5) How soon after I refi, can I refi again? Because when they decide on my interest rate now, it will be based partly on my fico score which includes credit card debt, and although my fico score is not bad, it will be exceptional after I no longer have this debt (which will immediately be paid off as part of this inclusive refi loan). I would of course like to take advantage of the lowest rates possible while they are still available. Does my thinking make sense? Wouldn't it be to my benefit to do that?THANK YOU SO VERY MUCH FOR YOUR IMMEDIATE ANSWERS!

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PDtax

Owner

Master's Degree

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6,784 satisfied customers
As an independent consultant who gets paid in lump sums at

As an independent consultant who gets paid in lump sums at various different times of the year, and at times am working on generating leads, sometimes months at a time, are there any issues taking the total year income and dividing it up over the 12 months of the year as monthly income when applying for a credit card or a mortgage? Typically these applications have no fields for yearly income, but simply request 'monthly' income?

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
Credit Report question: Is there a way to prompt an update

Credit Report question: Is there a way to prompt an update of my credit reports on the 3 agencies??? I have a low credit score of about 660ish. All my indicators are good except for credit card utilization, which is about 42% available. I have about 30k on various accounts. I would like to get my score up over 680 so I can refi some real estate loans. I paid down about $15k of credit lines, cards, etc. about 4 weeks ago to cut some interest and to bump my score. Nothing has changed. I thought credit status was sent out monthly? When I monitor my report on creditkarma and identity gaurd, no reports have gone in to them with the now paid off balances since April and May on the various cards. Is there a way to prompt an update??

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Megan C

Master's Degree

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29,944 satisfied customers
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