Bev O'Shea NerdWallet.com Published 7:00 AM EDT Oct 27, 2018 A new FICO credit score, launching in 2019, could be good news for consumers who don’t quite have the credit scores they need to qualify for a financial product or for the terms they were hoping for. The UltraFICO score is an opt-in credit model that uses information from your checking, savings or money market accounts to supplement data already in your credit report. The information being considered includes how much you have in savings, how long the accounts have been open and how active they are. It’s meant to boost your existing FICO score, which ranges from 300 to 850. If you are already in the excellent credit range, and don’t need additional points for approval, or to qualify for the best terms, it won’t be offered to you. But this supplemental information can be especially helpful for consumers with scores in the upper 500s to lower 600s, considered bad to fair credit. More: New FICO … [Read more...] about Who will UltraFICO score help and what is difference from FICO score?
Savings vs money market account
Foreign institutional investors (FIIs) have given Indian capital markets a big thumbs-down this year, withdrawing Rs 90,746 crore so far, the highest ever. Interest rate hike by Federal Reserve and a falling rupee led the FIIs out of the Indian market. With two and a half months still remaining in the current calendar year, the net FII withdrawals could well cross the psychological mark of Rs 1 lakh crore. FIIs have been on the withdrawing spree on the back of US providing more attractive options for investing. "FIIs pulled out funds from Indian markets mainly on account of sharp depreciation in Indian rupee, present rate hike as well as in expectation of future rate hikes by Federal Reserve, tight liquidity condition in money market and IL&FS event triggered pulling out of funds by FIIs in Indian markets," Astha Jain, senior research analyst at Hem Securities said. What has saved the markets from a potential mayhem is the Rs 97,739.02-crore investment by domestic institutional … [Read more...] about Foreign investors make historic run from India! Over Rs 90,000 crore withdrawn from markets in 2018
If you have an enormous amount of money lying idle, then don’t let it sit idle in your saving accounts. Invest in liquid funds. Liquid funds invest in highly liquid money market instruments and debt securities of very short tenure. This short tenure makes liquid funds highly liquid. The instruments are mainly Treasury bills, commercial paper and certificate of deposits with tenure of 91 days. As per past records, they have generated decent returns with the bonus of being liquid assets. A good liquid fund is cherry picked by your fund manager with qualities like good credit rating and very low possibility of default. Low expense ratio and disciplined approach to investing are some of the additional qualities of an ideal liquid fund. The redemption request of this fund is generally processed within one working (T+1) day. But, most conservative customers prefer to keep their surplus money in savings bank accounts. The liquidity in bank deposits is more than the liquid funds but, the … [Read more...] about Liquid Funds Vs Bank Deposits: Know which one to choose and why
Motley Fool Staff The Motley Fool Published 7:04 p.m. UTC Jun 30, 2018 If you're like most people, you'd like to spend less and save more because you have some rather important financial goals, such as sending a kid or two to college, paying off your home, and retiring comfortably. That's easier said than done, though. Fortunately, there are lots of not-too-painful ways to spend less and thereby save more. Here are 40 of them to consider. Not every one will work for you, but more than a few should. If just seven of the ideas below help you save, say, $150 per year, that's worth more than a thousand dollars in savings! ALSO READ: 4 Things It Doesn't Always Pay to Save Money On 1. Install water-saving shower heads Close to 17% of the water we use in our homes is for our showers, and the average American family's water bill was recently about $70 per month, or about $840 per year. One way to shrink those numbers is by installing water-saving shower heads. Don't assume … [Read more...] about Personal savings: 40 pretty easy ways to spend less money
Adam Shell USA TODAY Published 5:00 p.m. UTC Jun 5, 2018 With interest rates on the rise — and expected to climb even higher— plain-old cash is looking more alluring to savers and conservative investors. A savings account stashed with cash was the place to be for people who wanted to sleep at night during the 2008 financial crisis. Its value held steady while the stock market crashed — losing more than half its value — and home prices collapsed. But it quickly fell out of favor when the Federal Reserve cut interest rates to zero to make borrowing cheaper and revive the U.S. economy. While pushing rates to historic lows gave stocks, real estate and other risky assets a steroid-like performance boost, it amounted to a death sentence for cash and certificates of deposit. The reason: It caused the interest payouts on cash to virtually disappear, hurting savers, conservative investors and … [Read more...] about How to find best interest rates on CDs, savings accounts