Cash Cow Couple

As the Cash Cow Couple, we know very little about cows, but we know quite a bit about money. As you may have guessed, this blog is written by a couple. To be more specific, a 20’s couple who happen to love a good deal almost as much as they love each other. We... show more

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Cash Cow Couple Q&A(4 questions)

I have a $30,000 auto loan at a low interest rate. If I pay half of it, will this benefit or hurt my credit score?

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WalletHub

While paying off half of your auto loan will certainly benefit your credit score and your ability to get a line of credit, it doesn't have as large of an impact on your credit score as you might expect. This is because credit reporting agencies take payment history, credit utilization, age of credit history and credit card applications into account, in addition to the amount of debt owed. Still, paying off a loan at a better rate is good for your financial well-being. By signing up for WalletHub, you can identify your credit strengths and weaknesses. You can see them on your Credit Analysis page here: https://wallethub.com/home/credit-analysis.

I sold my home and have $225,000. I'm looking for a new home but also want a jeep. Should I pay cash for jeep in case I need a house loan?

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I am 42 years old and have 15k in credit card debt. I have a Roth IRA worth 21k with growth of 2.5k. What is the penalty to cash it out?

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WalletHub

The early withdrawal penalty for a Roth IRA is 10%. However, there are some exceptions. Please find more details here: https://wallethub.com/answers/2140327918/.

I have $26,000 in a Roth IRA, $114,000 in a 401k and $63,000 in personal savings. What would be a smart move for me?

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