Credit reports contain financial records of debts you owe and ones you’ve paid off. Positive information can remain on your credit reports indefinitely. Most negative information falls off your credit after seven years, though certain types of bankruptcy filings can remain longer.
Here’s a closer look at how financial records impact your credit reports.
How Long Do Inquiries Stay on a Credit Report?
When you apply for a loan, credit card, or line of credit the lender can perform what’s called a hard inquiry. This simply means that they pull copies of your credit reports, which they’ll use to make an approval decision.
Hard inquiries show up on a credit report and they’re included in your FICO® credit score calculations. Each new inquiry remains on your credit report for two years, according to FICO. However, they’re only considered in credit score calculations for the first 12 months. Soft inquiries occur when you check your credit reports yourself or a company pulls your credit for the purposes of prequalifying or preapproving you for a loan. These inquiries won’t show up on a credit report, and they don’t have any impact on your credit score.
That distinction is important if you’re learning how to build credit.
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Recommended: How Long Does It Take to Build Credit?
How Long Does Negative Information Remain on Your Credit Report?
Negative information on a credit report is any information that’s harmful to your credit score. What affects your credit score negatively? The list includes:
• Late payments
• Missed payments
• Collection accounts
• Charge-offs
• Judgments
• Foreclosures
• Bankruptcies
Generally, negative information can stay on your credit report for up to seven years. Chapter 7 and Chapter 11 bankruptcy, however, can stick around on your credit report for 10 years.
In terms of how negative items impact your credit score, age matters, according to FICO. Newer negative items, such as collections or late payments, have a more immediate impact on your scores than negative items that are several years old. A money tracker app makes it easy to track your credit and your money in real time so you can get ahead financially.
How Long Does Positive Information Remain on Your Credit Report?
Positive information can remain on credit reports indefinitely. Credit bureaus are not required to remove this information, though they may do so at the seven-year mark. Examples of positive information that can stay on a credit report, regardless of time, include:
• On-time payments
• Open accounts that have a $0 balance or a low balance, relative to your credit limit
• Closed accounts that you’ve paid in full
Positive items on a credit report are a good thing, since they help your credit scores. On-time payments and low balances on credit accounts have the biggest impact overall. Making biweekly payments or increasing your credit limits are two helpful ideas for how to lower credit utilization. Using a spending app to manage your budget and expenses can also help keep credit card balances low.
How to Remove Negative Information From Your Credit Report
Negative information that’s accurate cannot be removed from a credit report. For example, if you miss several payments on a loan but get caught up later, those late payments will stay on your credit reports until you hit the seven-year mark.
Inaccurate information, on the other hand, can be removed through the dispute process. Examples of inaccurate or incorrect items you could dispute on a credit report include:
• On-time payments that were not properly attributed to your account
• Credit accounts that don’t belong to you
• Paid-in-full accounts that still show a balance on your credit reports
• Account activity relating to fraudulent activity or identity theft
You’ll need to dispute the inaccurate information with the credit bureau that reports it. All three credit bureaus — Equifax, Experian, and TransUnion — allow you to initiate credit report disputes online. You’ll need to fill out a dispute form and provide some details about the dispute.
Once the credit bureau receives the dispute, it’s required to investigate your claim and return a decision to you promptly. If the credit bureau finds that there’s an error on your reports, it’s legally required to remove or update the information.
Your credit score updates monthly for the most part. Enrolling in credit score monitoring can make it easier to track changes, including changes to your score following a dispute.
Recommended: Why Did My Credit Score Drop After a Dispute?
Do You Still Have to Pay a Debt If It Fell Off Your Credit Report?
A debt can fall off your credit report if enough time passes. However, the amount owed doesn’t go away. Creditors and debt collectors could still attempt to get you to pay if the statute of limitations hasn’t passed.
The statute of limitations on debt allows creditors and debt collectors a set window of time in which to sue you for an unpaid balance. Each state determines how long the statute of limitations applies but in all states, its expiration doesn’t remove your legal obligation to pay what you owe.
Should you pay old debts? Ethically, yes. But if a debt falls off your credit report and the statute of limitations has expired, it would be very difficult for a creditor to force you to pay via a lawsuit.
The Takeaway
Reviewing your credit reports regularly is a good way to see what’s helping or hurting your score at any given time. If you have negative items on your credit report, you might see your score drop, but those points can come back with the passage of time.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
What stays on a credit report forever?
Positive information can stay on a credit report forever, as credit bureaus are not required to remove any items that help your credit score. However, credit bureaus can choose to remove positive information after seven years.
Can credit information stay on my credit report for over 7 years?
Credit information can stay on your credit report for over seven years if it’s positive. Generally, negative information cannot stay on your report for more than seven years, unless you file for Chapter 7 or Chapter 11 bankruptcy. In that case, the bankruptcy filing could stay on your report for 10 years.
Do old accounts fall off a credit report?
Old accounts can fall off your credit report after seven years if they have negative information. Positive information from old accounts or newer ones can stay on your credit reports indefinitely.
Photo credit: iStock/PeopleImages SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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Looking to head down south for football, cowboy culture, and great barbecue? How about Dallas-Fort Worth Metroplex? These cities are named two of Texas’ best places to live with their relatively affordable housing and rental prices.
Searching for an apartment can be tough, so we’ve put together a list of some of the best apartments in Dallas-Fort Worth to make it easier. Once you’ve determined how much rent you can afford and set your budget, you’re sure to find a place you’ll love, no matter what your criteria are.
Living in Dallas is a perfect blend of big-city excitement and Southern hospitality. You’ll find great job opportunities, affordable living, and endless things to do—whether you’re into art, food, sports, or exploring the outdoors.
Gateway Oak Cliff
Neighborhood: Oak Cliff/Bishop Arts District Walk Score: 88 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 602 – 1,274 sq ft Starting Price: $1,093
The Gateway Oak Cliff is ideally located in the vibrant Oak Cliff neighborhood of Dallas, TX, less than a mile from downtown and within walking distance of the lively Bishop Arts District. With a high Walk Score of 88, this community offers unbeatable walkability to the trendy Bishop Arts District and is just minutes from downtown.
Choose from a variety of floor plans, including studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments, all available at competitive rates ranging from $1,000 to $2,750. Each home boasts desirable features such as a balcony, patio, or deck, and access to top-tier amenities like a fitness center, swimming pool, controlled access, and more. Plus, enjoy the convenience of air conditioning, dishwashers, and some paid utilities. Perfectly located near shopping, dining, and entertainment, The Gateway Oak Cliff is your next home in one of Dallas’ most dynamic neighborhoods.
The Lofts at Mockingbird Station
Neighborhood: Downtown Dallas Walk Score: 88 Floor Plans: Studio, 1, 2 bedrooms, and penthouses Square Footage: 612 – 2,649 sq ft Starting Price: $1,829
The Lofts at Mockingbird Station offers a unique living experience in a historic downtown building. Whether you’re looking for a studio, 1-, or 2-bedroom apartment—or even a spacious penthouse—each home offers incredible views of downtown Dallas and SMU. With high ceilings, modern kitchens featuring granite or quartz countertops, brick backsplashes, and stainless steel appliances, these lofts are designed with both comfort and style in mind.
Prices start at $1,766, and you’ll enjoy great perks like a rooftop pool with amazing skyline views, a 24-hour fitness center, and easy access to the DART Light Rail and Central Expressway 75. Plus, you’re close to everything—Uptown, downtown, shopping, dining, entertainment, and even the Katy Trail for outdoor adventures. The Lofts at Mockingbird Station are more than just a place to live—they’re a place to feel at home.
Armstrong at Knox
Neighborhood: Knox Henderson Walk Score: 94 Floor Plans: 1 and 2 bedrooms Square Footage: 750 – 1,565 sq ft Starting Price: $2,629
Located in the desirable Knox-Henderson area, The Armstrong at Knox offers contemporary, boutique-style 1- and 2-bedroom apartments. The units are designed with modern elegance, featuring stunning quartz countertops, sleek wood flooring, private balconies, and spacious walk-in closets for that extra touch of luxury. As for amenities, this complex has a fully equipped fitness center, a resort-style pool, a community fire pit, and an outdoor kitchen for grilling. Plus with a Walk Score of 94, you’re just steps away from amazing shopping, dining, and the Katy Trail, so everything you need is right at your doorstep.
Easton
Neighborhood: Vickery Place Walk Score: 80 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 501 – 1,193 sq ft Starting Price: $940
Located in Vickery Place right off Interstate 75, with a Walk Score of 80, Easton is just minutes away from Dallas’s top shopping, dining, and entertainment options. Choose from a variety of floor plans, including studios, 1-bedroom, and 2-bedroom apartments, with prices starting at $1,269. Some units have personal balconies or patios, vaulted ceilings, walk-in closets, and natural gas fireplaces. The community amenities are equally inviting, with charming courtyards with barbecue grills, a well-equipped fitness center, a community center, and a resort-style pool.
Vue Live Oak
Neighborhood: Deep Ellum Walk Score: 88 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 488 – 1,389 sq ft Starting Price: $1,108
Located in the desirable Deep Ellum neighborhood, Vue Live Oak boasts a fantastic Walk Score of 88, putting amazing restaurants, shopping, and entertainment just steps away. You can choose from studio, 1-, and 2-bedroom floor plans, with prices starting at $1,100. Your new home will feature vaulted ceilings, a private balcony or patio, modern kitchen cabinets, granite countertops, washer and dryer connections, and spacious walk-in closets. The complex also offers an incredible community area complete with outdoor grills and a resort-style pool and lounge area, perfect for relaxing or entertaining friends.
Living in Fort Worth offers a laid-back vibe with a strong sense of community and Texas pride. Known for its rich Western heritage, the city combines small-town charm with modern amenities. With great job opportunities, affordable housing, and a thriving arts and entertainment scene, it’s a great place to call home.
The Palo
Neighborhood: Storia Walk Score: 1 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 750 – 1,451 sq ft Starting Price: $1,400
The Palo is a newly built, boutique community that combines rustic charm with modern elegance. Here, you’ll find a range of options from 1- to 3-bedroom apartments, as well as 3-bedroom townhomes in the Storia neighborhood of Fort Worth, TX. Each home includes thoughtful touches like a chef-inspired kitchen with stainless-steel appliances, a private yard or patio, and an in-home washer and dryer. Conveniently located off I-35W, The Palo puts you close to great shopping and dining, plus attractions such as Texas Motor Speedway, the Fort Worth Stockyards, and The Golf Club at Champions Circle.
Madera at Leftbank
Neighborhood: West 7th Street Walk Score: 60 Floor Plans: Studio, 1, 2, 3, and 4 bedrooms Square Footage: 395 – 4,899 sq ft Starting Price: $1,269
Experience contemporary interiors and thoughtful amenities in Fort Worth at the Madera at Leftbank. This complex offers studio to 4-bedroom apartments with elegant quartz countertops, wood-grain flooring, and spacious layout. As for amenities, you’ll have beautiful patios, a modern fitness center, and a luxurious swimming pool and sundeck. With a Walk Score of 60, The Madera is also at a prime location. Living here you’ll find yourself nearby Trinity Trails, cultural spots in West 7th, and a variety of dining options. With a blend of world-class sports and outdoor activities, you may have just found your next home.
Hillwood – Paloma Village
Neighborhood: North Fort Worth Walk Score: 30 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 556 – 1,972 sq ft Starting Price: $1,085
Located in North Fort Worth, Paloma Village is Hillwood’s latest community of modern apartments at Alliance Town Center, offering modern 1- to 3-bedroom units designed for comfortable living. The spacious floor plans and top-notch amenities make every day feel like a retreat, including a dog park for your furry friends and a barbecue area perfect for gathering with friends. Plus, with shopping and dining just steps away, you’ll have everything you need right at your fingertips, making Paloma Village the perfect place to call home.
Living in Garland, TX, offers a friendly suburban atmosphere just minutes from Dallas with diverse communities, plenty of parks, and affordable housing,
Rye Bunker Hill
Neighborhood: Garland Walk Score: 4 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 578 – 1,436 sq ft Starting Price: $1,455
At Rye Bunker Hill, you’ll find a new level of apartment living that feels both modern and comfortable. They offer a range of one, two, and three-bedroom homes designed with stylish touches like hardwood-style flooring in the main areas, soft carpet in the bedrooms, and spacious closets with built-in shoe racks. The community also provides a variety of amenities to make life easier and more enjoyable like the valet trash service, coffee bar, private work pods, pickleball courts, and resort-style saltwater pool with sun shelves and a spacious poolside cabana.
Grand Prairie, TX, combines suburban charm with a convenient location between Dallas and Fort Worth. The city offers a variety of parks, shopping centers, and entertainment options, there’s always something to enjoy.
The Duvall
Neighborhood: Grand Prairie Walk Score: 23 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 626 – 1,419 sq ft Starting Price: $1,595
Located in the heart of Grand Prairie, The Duvall provides a variety of studio, 1-bedroom, and 2-bedroom apartments. This new community combines modern style with thoughtful amenities and attentive service. Each apartment is designed for comfort and style, featuring high-quality appliances, stylish finishes, and stunning views. Residents can take advantage of amenities such as a resort-style pool, a modern fitness center, and outdoor grilling stations.
If you decide Melissa, TX is home, you’ll enjoy a peaceful lifestyle with access to parks and outdoor activities, all while being just a short drive from the amenities and attractions of the Dallas-Fort Worth area.
The Waldon
Neighborhood: Melissa Walk Score: 0 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 620 – 1,671 sq ft Starting Price: $1,215
Once a cherished local hotel, The Waldon has now been reimagined into a cozy retreat with a blend of classic charm and modern style. Featuring craftsmanship from a bygone era, each space delivers a sense of luxury and nostalgia with flexible layouts and stylish finishes that feel both current and classic. You’ll feel a balance of relaxation and connection with top-notch amenities like a private fitness center, outdoor kitchen, resort-style pool, and yoga studio. Plus, its location near Melissa, McKinney, Fairview, and Frisco makes it easy to explore everything the area has to offer.
Frisco has a welcoming small-town vibe but offers all the perks of city life. There are plenty of restaurants, shops, and entertainment options to explore, and if you enjoy the outdoors, you’ll love the parks and trails. Plus, Dallas is just a short drive away, making it easy to enjoy the city.
The Links on PGA Parkway
Neighborhood: Frisco Walk Score: 1 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 639 – 1,452 sq ft Starting Price: $1,612
The Links on PGA Parkway is a fantastic place to call home in Frisco, offering a range of 1- to 3-bedroom apartments each designed with high-end finishes. It’s conveniently located near top employers, schools, dining, shopping, and even the Toyota Stadium and Dr. Pepper Ballpark. The community has great amenities, including a fitness center, a resort-style pool with cabanas, and a clubhouse with Wi-Fi. Inside the apartments, you’ll find modern finishes, stainless steel appliances, granite countertops, and roomy walk-in closets.
Presidium Frisco Square
Neighborhood: Frisco Walk Score: 49 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 532 – 1,808 sq ft Starting Price: $1,499
Frisco’s Presidium Frisco Square offers a mix of comfort and modern style with its well-designed studio and 1- to 3-bedroom apartments to accommodate your lifestyle. You’ll find features like keyless entry and smart light switches for a touch of convenience. The amenities are pretty impressive, too. Sharpen your skills with the golf simulator, or unwind with friends on the rooftop terrace. Take advantage of the resort-style pool, pet park, and outdoor pavilion. And when the Texas heat kicks in, retreat indoors to the resident clubroom or cinema lounge.. Plus, the location is really convenient—just a short walk to great dining, shopping, and close to Frisco ISD.
Known as the “Peach Capital of Texas,” Weatherford offers a relaxed lifestyle with beautiful parks, friendly neighborhoods, and a rich history. The town’s charm comes from its farmers’ markets, unique shops, and tasty eateries. And, with easy access to Fort Worth, you can enjoy Weatherford’s tranquility while staying close to city excitement.
Mustang Ridge
Neighborhood: Weatherford Walk Score: 56 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 567 – 1,151 sq ft Starting Price: $1,150
Located just 25 minutes from Fort Worth and in the heart of Weatherford, Mustang Ridge apartments are a luxury community providing modern and comfortable spaces. Each apartment has roomy living spaces, high ceilings, granite countertops, stainless steel appliances, and stylish lighting. The amenities are top notch, where you can enjoy the resort-style pool, dog park, and grill stations. Plus, the convenient location near restaurants, shops, and bars, with easy access to I-20, makes getting around the Dallas-Fort Worth area a breeze.
Celina, TX is currently the fastest growing suburb just north of Dallas, offering the best of both worlds. This city has a small-town vibe with a tight-knit community feel, great parks, and fun events throughout the year.
One Preston Station
Neighborhood: Celina, TX Walk Score: 17 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 638 – 1,234 sq ft Starting Price: $1,190
One Preston Station brings a fresh vibe to small-town living in Celina, Texas, offering 1-, 2-, and 3-bedroom apartments starting at $1,200. The apartments are designed to balance comfort and privacy, with features like ceiling fans, plenty of closet space, scenic patios or balconies, and in-unit washers and dryers. The community is eco-friendly and includes a pool, a well-equipped fitness center, a community garden, and a beautiful outdoor kitchen. Plus, it’s in a rapidly growing part of the city, so you’ll find new workplaces, dining, and entertainment options popping up all the time.
Plano has a lot to offer, from its diverse dining options to beautiful parks that invite outdoor exploration. You’ll appreciate the community spirit here, with plenty of events and festivals throughout the year that foster connection among residents. Plus, with convenient access to major highways and the DART rail system, commuting to Dallas for work or leisure is effortless.
The Beacon
Neighborhood: Plano Walk Score: 41 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 583 – 1,250 sq ft Starting Price: $1,341
As a part of The Billingsley Collection, living at The Beacon is sure to enhance your daily life in Plano, TX. The building’s diverse architectural style blends Parisian influences with Southeast Asian touches, creating a unique and memorable environment. The exterior reflects historic Philadelphia brick structures, while the lively interiors bring fresh energy to the area. The community offers extensive amenities to enhance your living experience. Enjoy two resort-style pools, beautifully landscaped courtyards, and covered bungalows for a peaceful retreat. With its lively community, convenient retail options, and wide range of amenities, you’re sure to love relaxing, connecting with others, and staying active – all while living here.
LVL 29
Neighborhood: West Plano Walk Score: 48 Floor Plans: 1, 2, 3, and 4 bedrooms Square Footage: 681 – 3,588 sq ft Starting Price: $2,194
Every apartment in LVL 29 is thoughtfully designed for a unique living experience. Enjoy stylish kitchen islands with pendant lighting, serene private balconies, luxurious freestanding tubs, charming interior and exterior fireplaces, and premium stainless steel kitchen appliances that enhance your cooking. Residents can take advantage of a fully-equipped fitness center, relax in the poker and sports lounge, enjoy the resort-style swimming pool, or unwind in the outdoor heated spa. With its prime location in the Legacy West area, you’ll enjoy the plethora of dining, entertainment, and business options nearby.
Coppell, TX, stands out as a great place to call home, offering the best of both worlds—small-town warmth with easy access to urban conveniences. You’ll find a charming selection of local restaurants and shops that foster a strong sense of community, where neighbors become friends.
Hastings End
Neighborhood: Coppell Walk Score: 28 Floor Plans: 1 and 2 bedrooms Square Footage: 597 – 1,318 sq ft Starting Price: $1,429
Located at the tip of the Sound Peninsula, Hastings End offers a unique blend of luxury, comfort, and lakeside living in Coppell, TX. Part of The Billingsley Collection, this thoughtfully designed neighborhood offers 1- and 2-bedroom apartments that showcase stunning architecture and sophisticated interiors. Each unit features gourmet kitchens with stainless steel appliances and expansive outdoor patios and balconies, extending your living space to enjoy the beauty of lakeside living. This complex offers amazing amenities like an inviting private clubroom, a Moroccan-inspired courtyard, a hedge-lined pool, and a scenic events lawn overlooking North Lake, which are perfect for any gathering.
Dane Park Grapevine
Neighborhood: Grapevine Walk Score: 53 Floor Plans: 1 and 2 bedrooms Square Footage: 750 – 1,163 sq ft Starting Price: $1,464
Looking for a community where both you and your pup will feel right at home? Dane Park Grapevine is the top dog-friendly apartment in the United States, offering the ultimate convenience with onsite doggy daycare and even concierge services. With 1- and 2-bedroom floor plans, each unit is designed to meet the needs of both you and your furry friend, offering comfort and style. The community also boasts top-notch amenities, including an entertainment lounge, a modern gym, and even an indoor basketball court.Alongside the pet-friendly atmosphere, this complex is in the perfect location, just moments away from popular attractions like the vibrant Main Street food scene, Downtown Grapevine, Grapevine Lake, wineries, and more.
Just minutes from Dallas, Red Oak offers the benefits of a close-knit community, beautiful parks, and excellent schools without sacrificing access to city life. Its charming local spots and friendly atmosphere make it an inviting place to settle down while still being connected to everything the metroplex has to offer.
The Ovilla at Legacy Square
Neighborhood: Red Oak, TX Walk Score: 27 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 619 – 1,212 sq ft Starting Price: $1,383
If you’re looking for a community that feels like home, The Ovilla at Legacy Square is the perfect place for you. Choose from spacious 1-, 2-, or 3-bedroom floor plans, with prices ranging from $1,300 to $2,150. The units feature thoughtfully selected finishes and flexible layouts that truly enhance your living experience. When it comes to amenities, you’ll love the coffee bar for your morning brew, the state-of-the-art fitness center, and the yoga studio to help you unwind. Plus, there’s a resort-inspired pool that’s perfect for relaxing on warm days. And let’s not forget about the fantastic location—you’re just a short distance from shops, restaurants, and entertainment options, making it easy to enjoy everything the area has to offer.
The World of Hyatt Credit Card has a limited-time welcome offer for new cardholders that could help with travel goals in the next year.
Those who apply and are approved for the card through Oct. 31, 2024, get this sign-up bonus: Earn five category 1-4 Free Night Awards to use at Hyatt hotels after spending $4,000 in the first three months of opening the account. This offer includes domestic and international properties.
Compared with the card’s previous sign-up offer, this bonus is much more straightforward and easier to attain — although it’s also less flexible. Here’s why.
The card’s former offer enabled you to earn up to 60,000 bonus points, but in two different tiers: It awarded you 30,000 points after spending $3,000 on purchases in the first three months of opening the account. And then, for the first six months, you earned 2 points per $1 on spending that would otherwise have earned only 1 point, on up to $15,000 spent.)
The new offer of five free nights is certainly less complicated. But depending on how you book at Hyatt, the previous offer might have allowed you to redeem those 60,000 points for even more than five nights, assuming you booked lower-category properties.
Even so, if the Hyatt family is your hotel group of choice, you should easily be able to extract enough value from this new offer to more than make up for the card’s $95 annual fee. As a cardholder, you’ll also earn ongoing rewards in a variety of categories:
4 bonus points per $1 spent with your card at Hyatt hotels, including participating restaurants and spas. Properties under the Hyatt umbrella include the Park Hyatt, Miraval, Andaz and Hyatt Place. (On top of that, you’ll earn 5 points per dollar spent at Hyatt hotels by being a member of the World of Hyatt loyalty program.)
2 points per $1 on dining at restaurants, airline tickets purchased through the airline, fitness club and gym memberships, and local transit and commuting.
1 point per $1 on all other purchases.
You can redeem points for hotel stays, room upgrades, eligible purchases at select Hyatt locations and more.
In addition to the sign-up bonus, the card also offers a free night at any category 1-4 Hyatt hotel or resort every year after your cardholder anniversary, and an extra free night in a similar property if you spend $15,000 in a calendar year. As a cardholder, you’ll also get automatic Discoverist status, which makes you eligible for a 10% bonus on points earned on eligible purchases, an upgrade to a preferred room (if available), late checkout (if available) and waived resort fees on Free Night Awards.
“Licensees hold a position of trust in our communities and with this agreement, Colorado consumers will be protected from future harm,” Marcia Waters, the director of DORA’s Division of Real Estate, said in a press release. “All members of the public should be informed of the importance and long-standing ramifications of executing any documents which … [Read more…]
Are you curious about what makes South Dakota unique? Whether you’re looking to rent in Sioux Falls or searching for an apartment in Rapid City, living in South Dakota offers a wealth of fascinating experiences. From majestic landmarks to quirky attractions, this state is full of surprises. Dive into these fun facts about South Dakota, and discover what makes it an incredible place to call home.
1. Mount Rushmore is South Dakota’s most famous landmark
Mount Rushmore features the faces of four U.S. presidents carved into granite. It attracts over two million visitors each year. The iconic monument showcases George Washington, Thomas Jefferson, Theodore Roosevelt, and Abraham Lincoln. Sculptor Gutzon Borglum led the project from 1927 to 1941. This grand monument symbolizes American history and culture.
2. South Dakota is home to the world’s largest corn palace
The Corn Palace in Mitchell is a unique attraction. It’s decorated with murals made entirely of corn and grains. Locals redesign the murals each year to create new themes. The palace attracts many tourists who enjoy its changing artwork. It is a tribute to South Dakota’s agricultural heritage.
3. Badlands National Park has otherworldly landscapes
Badlands National Park is known for its striking geological formations. Visitors often feel as if they are on another planet. The park features colorful buttes, spires, and deep canyons. It’s also home to fossils dating back millions of years. This park is a paradise for hikers and nature enthusiasts.
4. Wall Drug is a famous roadside attraction
Wall Drug in South Dakota is a must-see tourist stop. It started as a simple drug store offering free ice water. Today, it’s a sprawling attraction featuring shops, restaurants, and quirky statues. Visitors come for the photo ops and fun souvenirs. Wall Drug is a symbol of American roadside culture.
5. South Dakota is known for its annual buffalo roundup
The Custer State Park Buffalo Roundup draws thousands of visitors. This event showcases the gathering of nearly 1,400 buffalo. People watch as riders guide the buffalo into corrals for health checks. The roundup is both a spectacle and a conservation effort. It reflects South Dakota’s deep connection to wildlife.
6. Jewel Cave is the third-longest cave in the world
Jewel Cave National Monument is an underground wonder. It stretches over 215 miles of mapped passages. The cave features beautiful crystal formations and narrow crevices. Guided tours are available to explore this natural marvel.
7. You’ll find stunning views at Falls Park
Falls Park is located in the city of Sioux Falls. The park features a series of cascading waterfalls along the Big Sioux River. It covers 123 acres, providing plenty of space for exploring. Visitors enjoy walking paths, picnic areas, and scenic overlooks. Falls Park is a beloved local attraction for families and tourists alike.
8. The Black Hills have a rich gold mining history
The Black Hills are known for their gold rush history. Prospectors flocked to the area in the 1870s. Today, visitors can still try panning for gold. The region also features historic mines and charming old towns. It’s a great place to learn about South Dakota’s mining legacy.
9. South Dakota has a surprising number of bison
Bison are an iconic symbol of South Dakota’s plains. The state is home to one of the largest public herds in the country. Visitors to Custer State Park often spot these magnificent animals. Bison once roamed freely across North America in large numbers. Today, South Dakota works to protect and sustain their population.
10. Crazy Horse Memorial is an impressive work in progress
The Crazy Horse Memorial honors the Lakota leader Crazy Horse. The monument is still under construction and has been since 1948. When completed, it will be the largest mountain carving in the world. It symbolizes the spirit and resilience of Native American culture. Visitors can see the progress and learn about the monument’s history.
11. The Missouri River runs through South Dakota
The Missouri River is a significant waterway in South Dakota. It provides opportunities for boating, fishing, and other recreation. The river also supports wildlife habitats and agricultural needs. It is a key feature of the state’s landscape and economy. Towns along the river host festivals and events celebrating the waterway.
12. Wind Cave is one of the oldest national parks
Wind Cave National Park is known for its intricate cave formations. It became the seventh national park in the United States in 1903. The cave is famous for its boxwork, a rare type of mineral structure. Above ground, the park offers wildlife viewing and hiking trails. Wind Cave provides a unique underground and prairie experience.
13. The Great Plains Zoo is a family-friendly destination
The Great Plains Zoo in Sioux Falls features over 1,000 animals. It provides educational programs about wildlife conservation. The zoo’s exhibits include both native and exotic species. Kids love the petting zoo and interactive displays. It’s a fun outing for anyone interested in animals and nature.
14. Sturgis hosts one of the largest motorcycle rallies
Sturgis Motorcycle Rally attracts bikers from around the world. This annual event has been held since 1938. During the rally, the town of Sturgis comes alive with concerts and events. The rally celebrates motorcycle culture with an enthusiastic crowd. It’s an iconic event that showcases South Dakota’s love for adventure.
15. The Mammoth Site of Hot Springs has Ice Age fossils
The Mammoth Site is an active paleontological dig. It features fossils of over 60 mammoths discovered at the site. Visitors can tour the dig and learn about these prehistoric creatures. The site includes a museum with fascinating exhibits.
Depreciation and amortization are methods for deducting the cost of business assets over a number of years, as opposed to writing off the entire cost the year you make the purchase. The concept behind both is to match the expense of acquiring an asset with the revenue it generates.
The key difference between depreciation and amortization is the type of asset being expensed: Depreciation is used for tangible (physical) assets, while amortization is used for intangible (non-physical) assets.
Read on to learn exactly how depreciation and amortization work, how these two accounting methods are similar and different, and when to choose one or the other.
Key Points
• Depreciation and amortization deduct the cost of an asset over its useful life.
• Depreciation applies to tangible assets (e.g., buildings, machinery), while amortization is for intangible assets (e.g., patents, trademarks).
• Both depreciation and amortization provide tax benefits by allowing businesses to deduct asset costs over time.
• Depreciation often uses straight-line or accelerated methods; amortization typically follows a straight-line schedule.
• Depreciation reflects wear and tear on physical assets, whereas amortization accounts for non-physical assets’ value decline.
Amortization vs Depreciation
Similarities Between Amortization and Depreciation
Differences Between Amortization and Depreciation
Both are used to deduct the cost of a business asset over time
Amortization is for intangible assets; depreciation is for tangible assets
Both are non-cash expenses
Depreciation has salvage value; amortization does not
Depreciation use straight-line or accelerated method; amortization uses only straight-line method
Similarities
Both depreciation and amortization are accounting methods used to spread the cost of an asset over a specified period of time. With both, you are able to deduct a certain portion of the asset’s cost — and reduce your tax burden — each year for the number of years that asset is of value to your business.
In addition, both depreciation and amortization are non-cash expenses, which means they are reported on the income statement of the company, but no cash is spent.
Differences
The key difference between amortization and depreciation is that amortization is used for intangible property (meaning property you can’t pick up and hold), such as a patent or computer software program.
Depreciation, on the other hand, is used for fixed assets or tangible property (meaning assets that are physical in nature), such as computers, manufacturing equipment, and cars.
Another distinction: With depreciation, you cannot deduct the full cost of the asset. You must account for its resale value at the end of its useful life. For example, if you pay $20,000 for a piece of farming equipment and at the end of its useful life (10 years) you think you’ll be able to sell it for $5,000, then you would only deduct $15,000 over the course of 10 years.
In addition, amortization is almost always implemented using the straight-line method, whereas depreciation can be implemented using either the straight-line or an accelerated method.
Recommended: How to Read Financial Statements
What Is Amortization and How Does It Work?
Amortization is a method of spreading the cost of an intangible asset over a specific period of time, typically the course of its useful life. Intangible assets are non-physical in nature, but are nonetheless considered valuable assets to a business.
Types of intangible assets a business may have include:
• Patents
• Trademarks
• Copyrights
• Software
• Franchise agreement
• Licenses
• Organizational costs
• Costs of issuing bonds to raise capital
Amortization is typically expensed on a straight-line basis, which means that you would divide the total cost of the asset by the number of years it will provide use to the business, then deduct that amount each year.
To determine an intangible asset’s useful life, you need to consider the length of time that the asset is expected to produce benefits for the business. An intangible asset’s useful life can also be the length of the contract that allows for the use of the asset.
(Something to note: The term “amortization” is also used in a different way in relation to loans, such as the amortization of a car loan or mortgage. The loan amortization process involves making fixed payments each pay period with varying interest, depending on the balance.)
Amortization Example
How amortization works is relatively simple. Let’s say you purchase a license for $10,000 and the license will expire in 10 years. Since the license is an intangible asset, it would have no salvage value and the full cost would be amortized over that 10-year period.
Using the straight-line method of amortization, your annual amortization expense for the license will be $1,000 ($10,000/10 years), meaning the asset will decline in value by $1,000 every year and you would be able to deduct $1,000 each year on your taxes.
Recommended: Guide to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
What Is Depreciation and How Does It Work?
Depreciation is the process of spreading the cost of a tangible or fixed asset over a specific period of time, typically the asset’s useful life. Tangible business assets (which the IRS refers to as “property”) are high-cost physical items that are owned by a business and are expected to last more than a year. They include:
• Buildings
• Equipment
• Computers
• Office furniture
• Vehicles
• Machinery
Unlike intangible assets, tangible assets typically still have some value even after they are no longer of use to a business. This value is known as resale or “salvage” value. Because the IRS assumes you will sell off the asset at some point, this amount must be accounted for in the beginning.
What is the useful life of a tangible asset? You can refer to IRS Publication 946 PDF File for guidance, which provides useful life by asset type. For office furniture, for example, it’s seven years. For computers, it’s five years.
To calculate depreciation, you need to first subtract the asset’s estimated salvage value from its original cost. Using the straight-line deduction method, you would then take that number and divide it by the number of years the asset will be of use to your business. There are other methods of depreciation that accelerate the process, meaning that a larger portion of the asset’s value is expensed in the early years of the asset’s life.
Recommended: Business Cash Management, Explained
Depreciation Example
Depreciation works in a very similar way to amortization, except that you must account for salvage value. Let’s say you purchase a $3,000 computer for your company. Per the IRS, a computer has a useful life of 60 months (or five years). After five years, you determine you’ll likely be able to sell it for $500. Here are the calculations you would make:
$3,000 – $500 = $2,500
$2,500 / 5 = $500
That means that each year for five years, you would be able to deduct $500 on your taxes.
Keep in mind that after the end of the computer’s designated useful life, you can (but are not obligated to) sell that computer. Either way, you would stop deducting the item’s depreciation as a business expense.
The Takeaway
Depreciation and amortization are both methods of calculating the value of business assets over time. Amortization vs. depreciation just depends on the type of asset you have acquired for your business.
Amortization is used for intangible (non-physical) assets, while depreciation is used for tangible (physical) assets. As a business owner, you will want to calculate these expense amounts in order to use them as a tax deduction and reduce your business’s tax liability.
If you’re in the market to purchase an asset (tangible or intangible) for your company but don’t want to deplete your cash reserves, you may want to explore funding options, such as a small business loan, equipment financing, or inventory financing.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
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FAQ
Do buildings depreciate or amortize
Buildings are fixed assets, so they depreciate. Depreciation is used for physical assets like buildings to account for their wear and tear over time.
Can an asset amortize and depreciate at the same time?
No, an asset cannot amortize and depreciate at the same time. Amortization is used to spread out the cost of an intangible asset over time, while depreciation is used to spread out the cost of a tangible asset over time. An asset is either tangible or intangible — it can’t be both.
Is rent considered amortization?
No, paying rent is an operating expense for your business. If you own a rental property, however, you can use depreciation to spread the cost of buying or improving the property across the useful life of the property.
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Thinking about moving to California? From the stunning Pacific coastline to its lively cities and iconic cultural hotspots, California provides a lifestyle as diverse as its geography. Whether it’s the endless sunny weather in Los Angeles, the innovation buzz of Silicon Valley, or the natural splendor of the Sierra Nevada mountains, California has plenty to offer. But if you’re asking yourself, “Is California a good place to live?”, this guide will walk you through the pros and cons of living in California.
Is California a good place to live?
Living in California means immersing yourself in a state known for its innovation, cultural diversity, and striking landscapes. Whether you’re attracted to the energy of Los Angeles, the tech-centric pulse of San Francisco, or the peaceful charm of smaller cities like Santa Barbara or Napa, you’ll likely find somewhere you’ll love.
California also comes with its challenges, from a high cost of living to heavy traffic, particularly in metropolitan areas. But with a booming economy, top-notch education, and outdoor opportunities, it’s easy to see why so many choose to call California home.
California state overview
Population
331,449,281
Biggest cities in California
Los Angeles, San Diego, San Jose
Average rent in Los Angeles
$2,789
Average rent in San Diego
$2,830
Average rent in San Jose
$2,931
1. Pro: Abundance of job opportunities in diverse industries
One of the biggest perks of living in California is access to diverse and thriving industries. Whether you’re in tech, entertainment, agriculture, or tourism, California offers unparalleled job opportunities. Silicon Valley remains the global hub for tech innovation, Hollywood leads in media and entertainment, and the Central Valley is a key player in the nation’s agricultural production.
2. Con: Sky-high cost of living
While California boasts many benefits, it’s also one of the most expensive states to live in, especially when it comes to housing. Cities like San Francisco and Los Angeles consistently rank among the most costly places in the country. For example, in San Francisco, the average rent for a one-bedroom apartment is around $3,540 per month, while in Los Angeles, it’s approximately $2,789. In San Diego, rental prices hover around $2,830 for a one-bedroom, and even in smaller cities like Sacramento, the average rent is close to $2,107. Despite higher salaries in these regions, you’ll still need to budget carefully to cover housing, utilities, and groceries.
Insider scoop: For more affordable living in California, consider renting in less central areas such as Sacramento, Fresno, or Riverside, where prices are more reasonable but amenities are still close by.
3. Pro: Incredible natural beauty and outdoor recreation
California is a paradise for outdoor adventure. From the beaches of Southern California to the snowy peaks of the Sierra Nevada, and the breathtaking landscapes of Yosemite and Redwood National Parks, the state is home to some of the most iconic natural wonders in the world. Year-round sunshine makes outdoor activities like hiking, surfing, skiing, and wine-tasting accessible no matter where you live.
Local insight: For spectacular views and fewer crowds, check out Lake Tahoe in the fall for stunning foliage or Big Sur for some of the most scenic coastal drives in the nation.
4. Con: Traffic congestion and long commutes
Anyone who has lived in California can tell you that traffic is one of the state’s major drawbacks. Whether it’s the constant jams on LA’s freeways or the gridlock in the Bay Area, getting around can be a serious challenge. Public transportation in cities like San Francisco and Los Angeles exists but isn’t always the most reliable or efficient, leaving many Californians stuck in their cars for hours each day.
5. Pro: World-class dining
California has plenty of world-class dining, offering a mix of global cuisines. In Los Angeles, you’ll find authentic Mexican street tacos in the historic Olvera Street district, while San Francisco is renowned for its fresh seafood and Asian fusion dishes like dim sum in Chinatown or the trendy Korean barbecue spots in K-Town.
Insider scoop: Head to the lesser-known Cassia in Santa Monica, where Southeast Asian flavors meet California’s farm-to-table ethos in dishes like their spicy lamb curry.
6. Con: California has high taxes
California’s high cost of living is compounded by steep taxes. The state has one of the highest income tax rates in the country, with a top bracket that affects high-income earners the most. Additionally, sales taxes in many areas are above the national average, which can further increase the cost of living.
7. Pro: You’ll be able to enjoy Mediterranean climate
The state’s climate is one of its biggest pros of living in California. Most of California enjoys a Mediterranean climate, with mild, wet winters and hot, dry summers. This makes California perfect for those who enjoy warm weather year-round, particularly in Southern California, where temperatures rarely dip below the 60 degrees Fahrenheit, even in winter. Northern California sees more seasonal variation, with cooler temperatures and rainfall in the winter months.
Insider scoop: If you’re looking for cooler weather but still want to enjoy the California lifestyle, check out the coastal cities like Santa Cruz or Monterey for milder temperatures year-round.
8. Con: Risk of natural disasters
California’s sunny reputation comes with a downside: the state is prone to natural disasters. Earthquakes, wildfires, and drought are serious concerns. Earthquake preparedness is a must for anyone living along the coast, while residents in more rural or mountainous areas should be prepared for potential wildfire evacuations, especially during the summer and fall seasons.
9. Pro: Endless entertainment opportunities
California is a hub of endless entertainment opportunities, with something for everyone. You can catch world-class concerts and shows at venues like the Hollywood Bowl or the Greek Theatre in Los Angeles, or spend the day at theme parks like Disneyland or Universal Studios. San Diego offers everything from beach towns to the renowned San Diego Zoo, while the Bay Area is a cultural hotspot with its museums, art galleries, and tech-driven attractions.
Travel tip: Check out The Magic Castle in Hollywood—a private club that offers an unforgettable night of magic, mystery, and exclusive performances.
10. Con: Cities are crowded here
One downside to living in California is the crowded nature of its major cities. Places like Los Angeles, San Francisco, and San Diego are often bustling with people, leading to heavy traffic, long wait times, and packed public spaces. Navigating these cities can feel overwhelming, especially during peak hours or popular events.
Mortgage interest rates are in a pretty good place this week, rising so minimally that the incline could be easily mistaken for a flat surface. The 30-year fixed-rate mortgage rate rose three basis points, averaging 6.19%. A basis point is one one-hundredth of a percentage point.
Mortgage rates are one piece of the puzzle when it comes to the housing market. Other big variables, like the number of homes for sale and home prices, also influence how friendly the market feels to home buyers. As we kick off the last quarter of 2024, let’s look at where things stand.
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Rates are fairly favorable
Even though we’ve seen a couple weeks’ of rate increases, mortgage interest rates remain the lowest we’ve seen them in just over two years. The last time we had average 30-year rates in the sixes was September 2022. Current rates are also well off the highs we saw last year. Rates are nearly two percentage points below the high of almost 8% hit back in October 2023.
Lower interest rates allow home buyers’ budgets to stretch further. At last year’s peak of 7.79%, a buyer who could swing $2,200 in monthly principal and interest could afford a roughly $278,000 home. But at today’s 6.19%, that same buyer can afford a $318,000 home — an additional $40,000 in buying power.
You might think okay, if I can afford that much more in the 6% range, imagine what I could get if interest rates were even lower. But given current economic conditions, forecasters are predicting rates will only edge down slightly through the end of this year and into 2025. We’re talking going from the very low sixes to the very high fives, which for most will not make a huge difference.
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Inventory is edging upward
A dearth of homes for sale has been an issue for years, but inventory is finally starting to pick up. In August 2024, there were 1.35 million existing homes — a number that doesn’t include new construction — on the market, according to the National Association of Realtors. (August is the most recent data available.) It’s the largest inventory the U.S. has seen since fall 2020, which was, by comparison, a boom time for home sales.
Last time inventory was this high, the number of homes sold per month was more than 40% higher than it is today. At the same time that inventory’s coming back, home sales are relatively slow. One way the NAR measures inventory is months’ supply, which feels sort of like a word problem. This number basically says if no new homes were put on the market and every home currently on the market was sold at the current sales pace, how long would it take for the current inventory to be cleared out?
In August 2024, that came to 4.2 months. Last time inventory was this robust, it would have sold in just 2.6 months. A larger number of homes for sale selling at a slower pace could give buyers more leverage than they’ve had in quite some time.
Prices still a sticking point
More homes being listed, and more listings languishing on the market, should translate to lower home prices. It’s supply and demand, right? If there’s more supply, we should see the price go down. We haven’t really seen that happen though, because as more supply enters the market, there’s plenty of demand to meet it. According to NerdWallet’s annual Home Buyer Report, only 23% of Americans who began 2023 with the intention of buying a home succeeded.
Median existing home prices hit record highs this summer, and though we’ve seen slight month-over-month decreases, prices remain stubbornly high. In August, the median price of an existing home was $416,700, according to NAR data. That complicates affordability. If mortgage interest rates are going down but home prices are going up, how much are lower rates helping?
It’s vital to remember that national-level numbers like the ones we’ve been using here don’t necessarily capture what you’ll see on the ground in any given market. Take median list prices, for example. Realtor.com data from September 2024 looking at the 50 largest U.S. metro areas shows substantial variation. Last month, the median list price in Rochester, New York, was up 13% year over year. Baltimore and Houston saw no change. And in Miami, the median list price dropped more than 12%.
Similarly, what’s going on with the broader housing market — or even your local one — probably doesn’t make as much difference to your individual homebuying choices as what’s going with you. If you’re at a point where you can afford a home that meets your needs in a place where you want to put down roots, you’re in a housing market that works for you.
“It’s great news that starter homes are becoming a little more affordable, but there’s a catch,” said Redfin senior economist Elijah de la Campa. “Starter homes aren’t what they used to be. A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo … [Read more…]