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  • How Credit Cards Affect Your Credit Score in 2026

    How Credit Cards Affect Your Credit Score in 2026

    How Credit Cards Affect Your Credit Score in 2026

    Understanding the exact mechanics could save you thousands — or cost you just as much if you get it wrong.

    Introduction

    According to a 2025 Federal Reserve report, roughly 26% of American adults are either unbanked or underbanked — and millions more carry credit card debt without fully understanding how each swipe, payment, or missed due date shapes their financial future. Your credit score is one of the most powerful numbers in your life. It determines whether you get approved for a mortgage, what interest rate you pay on a car loan, and sometimes even whether you get a job offer.

    Credit cards are at the center of that equation. Used wisely, they can build an exceptional credit profile. Used carelessly, they can drag your score down by 50, 100, or even 150 points — sometimes in a single month.

    In this guide, you’ll learn exactly how credit cards affect your credit score, which factors matter most, how to use your cards strategically, what costly mistakes to avoid, and how to recover if your score has already taken a hit. Whether you’re building credit from scratch or trying to protect a score you’ve worked hard to earn, this is the practical breakdown you need.

    What Is a Credit Score and How Does It Work?

    A credit score is a three-digit number — typically ranging from 300 to 850 — that represents your creditworthiness to lenders. The most widely used model is the FICO Score, which is used in more than 90% of U.S. lending decisions, according to FICO’s own data.

    Your FICO Score is calculated using five weighted categories:

    • Payment History (35%): Whether you pay on time, every time.
    • Amounts Owed / Credit Utilization (30%): How much of your available credit you’re currently using.
    • Length of Credit History (15%): How long your accounts have been open.
    • Credit Mix (10%): Whether you have different types of credit (cards, loans, mortgage).
    • New Credit (10%): How many recent applications and new accounts you’ve opened.

    Credit cards directly touch all five of these categories. That’s why they’re such a powerful tool — in both directions.

    It’s also worth knowing that lenders may use VantageScore, an alternative model developed jointly by the three major credit bureaus: Equifax, Experian, and TransUnion. While the scoring factors are similar, the exact weighting differs slightly. For most practical purposes, the FICO framework is the right model to optimize for.

    Key Ways Credit Cards Impact Your Score

    Let’s break down each major impact area with specific, actionable context.

    1. Payment History: The Single Biggest Factor

    At 35% of your score, payment history is non-negotiable. A single missed payment — just 30 days late — can drop a good credit score (740+) by 60 to 110 points, according to data modeled by myFICO. That one mistake can take 12 to 24 months to fully recover from.

    Set up autopay for at least the minimum payment. You can always pay more manually, but autopay ensures you never miss a due date due to a busy week or travel.

    2. Credit Utilization: The Most Controllable Factor

    Credit utilization is the ratio of your current credit card balances to your total credit limits. If you have a $10,000 combined credit limit and carry a $3,000 balance, your utilization is 30%.

    The general benchmark: keep utilization below 30% to maintain a good score. To achieve an excellent score (760+), many financial experts suggest keeping it below 10%. The CFPB confirms that high utilization is one of the most common reasons consumers see score drops.

    This factor responds fast. Pay down your balance and your score can improve within one billing cycle.

    3. Length of Credit History: Time Is on Your Side

    The longer your accounts have been open, the better — generally speaking. This includes the age of your oldest account, your newest account, and the average age of all accounts.

    Closing an old credit card, especially one with no annual fee, can shorten your average account age and temporarily lower your score. Think carefully before canceling any card you’ve had for years.

    4. Credit Mix: Cards as Part of a Broader Profile

    Lenders prefer to see that you can manage different types of credit responsibly. Having a mix of revolving credit (like credit cards) and installment credit (like a car loan or mortgage) can modestly boost your score.

    You don’t need to take out a loan just to diversify. But if you only have one type of credit, adding a credit card responsibly can help round out your profile.

    5. New Credit: Hard Inquiries and Their Effects

    Every time you apply for a new credit card, the issuer runs a hard inquiry on your credit report. One hard inquiry typically drops your score by 5 to 10 points and stays on your report for two years, though its scoring impact diminishes after about 12 months.

    Applying for multiple cards in a short period sends a signal that you may be in financial distress. Space applications at least 6 months apart whenever possible.

    How to Use Credit Cards Strategically to Build Your Score

    Here’s a step-by-step approach to using credit cards as a score-building tool rather than a liability.

    1. Pay in full, every month. This eliminates interest charges and builds the strongest possible payment history. Even if you can’t pay in full, always pay more than the minimum.
    2. Keep utilization low across all cards. Monitor each individual card’s utilization, not just the overall number. A card maxed out at 95% is a red flag — even if your total utilization looks acceptable.
    3. Don’t close old accounts without reason. If there’s no annual fee, leave old cards open and use them occasionally (a small recurring charge works well) to keep them active.
    4. Request credit limit increases strategically. If your income has grown, ask your card issuer for a higher limit. This reduces your utilization ratio without requiring you to pay down debt. Note: some issuers may do a hard pull for this request — ask first.
    5. Time new applications carefully. If you’re planning to apply for a mortgage or auto loan in the next 6 to 12 months, avoid opening new credit card accounts. New inquiries and a lower average account age can hurt you when the stakes are highest.
    6. Use your cards regularly but lightly. Dormant accounts may eventually be closed by the issuer, which can hurt your utilization ratio and account age. Put a small, automatic subscription on each card to keep them active.

    Costs, Fees, and Risks You Need to Know

    Credit cards offer real benefits — cash back, travel rewards, purchase protection — but the risks are equally real. According to the Federal Reserve’s 2025 Consumer Credit data, the average credit card interest rate in the U.S. exceeded 21% APR, making revolving credit card debt one of the most expensive forms of consumer borrowing available.

    Here’s what to watch for:

    • Interest charges: If you carry a balance, you’ll pay compound interest that can double your original purchase cost over time at high APR rates.
    • Late payment fees: Typically $25 to $40 per occurrence, plus the credit score damage described above.
    • Annual fees: Premium cards may charge $95 to $695 per year. Make sure the rewards you earn actually exceed the cost.
    • Foreign transaction fees: Usually 1% to 3% on purchases abroad if you don’t use a no-fee card. If you travel internationally, a travel credit card with no foreign transaction fees is worth considering.
    • Cash advance fees: Using your card to withdraw cash typically triggers a fee of 3% to 5% plus a higher APR that starts accruing immediately — no grace period.

    The bottom line: a credit card is not free money. It’s a short-term loan that becomes extremely expensive if you don’t pay it off monthly.

    Common Mistakes to Avoid

    These are the credit card mistakes that most frequently derail otherwise strong credit profiles.

    Mistake 1: Carrying a Balance to "Build Credit"

    This is one of the most persistent myths in personal finance. You do not need to carry a balance to build credit. Paying your statement balance in full each month builds the same positive payment history — without paying a dollar of interest. Carrying a balance only hurts your utilization and costs you money.

    Mistake 2: Maxing Out Cards Even Temporarily

    Credit bureaus capture your balance at the time your statement closes, not at the end of the month. If you spend $4,500 on a card with a $5,000 limit and pay it off immediately, your bureau-reported utilization may still show 90% — tanking your score temporarily. Pay down large balances before your statement closing date, not just the due date.

    Mistake 3: Applying for Too Many Cards Too Quickly

    Opening several new accounts in a short window drops your average account age, generates multiple hard inquiries, and signals risk to lenders. If you’re preparing for a major loan — like a mortgage — this could cost you a better interest rate, which translates to thousands of dollars over the loan’s life. If you’re thinking about debt consolidation, a personal loan might be a smarter move than opening multiple new cards.

    Mistake 4: Ignoring Your Credit Report

    The CFPB estimates that roughly 1 in 5 consumers has an error on their credit report. Errors — such as payments incorrectly marked late or fraudulent accounts — can suppress your score for years if you don’t catch and dispute them. Check your reports at AnnualCreditReport.com, which provides free weekly access to reports from all three bureaus.

    Mistake 5: Closing Cards After Paying Them Off

    It feels satisfying to close an account you’ve fully paid — but unless the card has a high annual fee, closing it typically hurts your score. You lose that card’s available credit (raising your overall utilization) and may shorten your average account history. Instead, keep it open with occasional, small purchases.

    Alternatives to Consider

    Credit cards are not the only way to build or protect your credit profile. Depending on your situation, these alternatives may be worth exploring:

    Secured Credit Cards

    If you’re building credit from scratch or recovering from past damage, a secured card requires a cash deposit (usually $200 to $500) that becomes your credit limit. They report to all three bureaus just like regular cards and are generally easier to qualify for. After 12 to 18 months of responsible use, many issuers will upgrade you to an unsecured card and return your deposit.

    Pros: Accessible with no or poor credit history. Cons: Requires upfront deposit; lower credit limits mean even small balances can spike utilization.

    Credit-Builder Loans

    Offered by credit unions and community banks, credit-builder loans are designed specifically to establish payment history. You make fixed monthly payments into a savings account, and the funds are released to you at the end of the loan term. The on-time payments are reported to the bureaus.

    Pros: Builds both credit and savings simultaneously. Cons: You don’t receive the funds upfront; interest rates vary.

    Becoming an Authorized User

    If a family member or close friend has an old credit card with a low balance and a spotless payment history, being added as an authorized user can boost your score by inheriting that account’s positive history — even if you never use the card.

    Pros: Fast potential impact; no hard inquiry on your report. Cons: You’re depending on someone else’s behavior; if they miss payments, it can hurt you too.

    Frequently Asked Questions

    How quickly can a credit card improve my score?

    It depends on your starting point and the specific actions you take. Paying down high balances can improve your score within one billing cycle — typically 30 days. Building a strong payment history takes at least 6 to 12 months of consistent on-time payments to show meaningful improvement.

    Does checking my own credit score hurt it?

    No. Checking your own credit — whether through a bank, credit monitoring service, or AnnualCreditReport.com — is a soft inquiry and has zero impact on your score. Only hard inquiries from lenders (triggered by credit applications) affect your score.

    How many credit cards should I have?

    There’s no magic number. According to Experian’s 2024 consumer credit data, the average American has about 3.9 credit card accounts. What matters more than the quantity is how you manage them. Two well-managed cards can outperform six poorly managed ones.

    Can a credit card hurt my score even if I pay on time?

    Yes — if your balance is high relative to your credit limit at the time your statement closes, your utilization will be high and your score will suffer, even if you’ve never missed a payment. This is why paying down balances before the statement closing date is important.

    What credit score do I need for the best credit card offers?

    Generally speaking, a FICO Score of 720 or above qualifies you for most premium credit cards with the best rewards and lowest APRs. Some of the top-tier cards require 750 or higher. A score below 670 is considered subprime and will limit your options to secured or basic cards.

    Conclusion

    Credit cards are one of the most double-edged financial tools available to American consumers. They can elevate your credit score, earn you hundreds of dollars in rewards annually, and open doors to better rates on mortgages, auto loans, and more. Or they can become a debt spiral that takes years to escape.

    The difference comes down to understanding the mechanics — especially payment history, credit utilization, and how timing your payments and applications can work in your favor. Start with one or two cards, pay in full each month, keep balances low, and check your credit reports regularly for errors.

    For more ways to strengthen your financial foundation, explore our guides on business credit cards and building long-term wealth through strategic financial planning. And if you’re ready to take the next step, consider speaking with a licensed financial advisor who can tailor a credit strategy to your specific goals.

    Financial Disclaimer: This article is for educational purposes only and does not constitute financial, tax, or investment advice. Always consult a licensed financial advisor, CPA, or attorney before making financial decisions.

  • Business Credit Cards: Grow Your Small Business Smarter

    Business Credit Cards: Grow Your Small Business Smarter

    Business Credit Cards: Grow Your Small Business Smarter

    Unlock crucial working capital and streamline expenses with the right business credit card.

    Did you know that according to a 2024 survey by Guidant Financial, access to capital is a top challenge for nearly one-third of small business owners in the U.S.? Managing cash flow and securing financing are constant hurdles, often leading entrepreneurs to seek out practical financial tools.

    For many working professionals and small business owners, navigating the complexities of business finance can feel overwhelming. You’re building a dream, managing operations, and serving customers – but without effective financial tools, your growth can stall.

    This comprehensive guide will demystify business credit cards. You’ll learn exactly what business credit cards are, how they differ from personal cards, their significant benefits for your venture, and how to choose the right one for your specific needs. We’ll also cover potential pitfalls and essential alternatives, ensuring you’re equipped to make informed decisions that support your business’s financial health.

    What Are Business Credit Cards and How Do They Work?

    A business credit card is a payment tool specifically designed for business expenses. Unlike personal credit cards, which are tied to your individual financial history, a business credit card helps you manage your company’s finances separately. It provides a revolving line of credit your business can use for various operational costs.

    When you use a business credit card, you’re tapping into a credit line offered by a financial institution. The spending is categorized as business-related, simplifying tracking for accounting and tax purposes. Many business credit cards also report payment activity to commercial credit bureaus, such as Dun & Bradstreet, Experian Business, and Equifax Business. This helps build your company’s credit profile, distinct from your personal credit score, which is crucial for securing future business loans or lines of credit.

    Most small business credit cards in the U.S. require a personal guarantee from the business owner. This means even if the card is in your business’s name, you are personally responsible for the debt if your business cannot repay it. This requirement reflects the inherent risk associated with lending to smaller, often newer, businesses without an established credit history.

    Key Benefits of Business Credit Cards

    Using a dedicated business credit card offers several strategic advantages for small business owners, streamlining operations and fostering growth. According to data from the Federal Reserve, a significant portion of small businesses rely on credit cards to manage short-term cash flow and capital needs.

    One of the foremost benefits is the separation of personal and business finances. The IRS requires clear distinction between business and personal expenses for tax purposes. A business credit card provides a dedicated account for all business-related spending, simplifying bookkeeping, expense tracking, and tax preparation. This clarity is invaluable during an audit and helps accurately assess your business’s profitability.

    Secondly, business credit cards are instrumental in building business credit. Every time you use your card responsibly and make on-time payments, you contribute positively to your business’s credit history. This established credit is vital when your business needs larger loans for expansion, equipment, or working capital down the line. A strong business credit score can unlock better interest rates and more favorable terms on future financing.

    Thirdly, these cards offer robust cash flow management capabilities. Businesses, especially startups, often experience fluctuating revenues. A business credit card can act as a short-term financial buffer, allowing you to cover immediate expenses like inventory or marketing campaigns even before client payments come in. This flexibility helps maintain operational continuity.

    Many business credit cards come with lucrative rewards programs. These can include cash back on specific business spending categories (like office supplies or shipping), travel points for business trips, or discounts on business software and services. Maximizing these rewards can significantly offset operational costs, effectively putting money back into your business. For instance, a card offering 3% cash back on office supplies can add up to substantial savings over a year if your business frequently purchases these items.

    Finally, business credit cards often provide features like employee cards with customizable spending limits and detailed expense reporting. This allows you to delegate spending authority while maintaining control and clear oversight. It simplifies expense reconciliation for your employees and provides you with a comprehensive overview of where company funds are being spent.

    How to Choose and Apply for a Business Credit Card

    Choosing the right business credit card requires careful consideration of your specific business needs and financial health. The application process, while similar to personal cards, has key differences for business entities.

    Step-by-Step Guide:

    1. Assess Your Business Needs and Spending Habits: Understand how your business spends money. Do you travel frequently, purchase many office supplies, or have high utility bills? Are you seeking cash back, travel points, or a low APR? Your answers will guide you toward the most beneficial rewards structure or interest rate.

    2. Understand Eligibility Requirements: Most issuers evaluate both your personal credit history (typically a FICO score of 690 or higher is preferred for premium cards) and aspects of your business. They consider revenue, age, and legal structure (sole proprietorship, LLC). You will generally need an Employer Identification Number (EIN) for incorporated businesses, though sole proprietors can often use their Social Security Number (SSN).

    3. Compare Card Features and Terms: Look beyond just the rewards.

      • Annual Percentage Rate (APR): Crucial if you anticipate carrying a balance. Seek competitive rates.
      • Annual Fees: Weigh benefits against the cost; some cards offer premium rewards for a fee.
      • Introductory Offers: Many cards offer bonus points or 0% APR periods. Ensure you can meet any spending requirements.
      • Foreign Transaction Fees: If your business operates internationally, this fee can add up quickly.
      • Credit Limit: Consider if the potential limit will adequately cover your business’s operational needs.

    4. Gather Necessary Documentation: When applying, provide accurate information about yourself and your business. This typically includes: Your full legal name, SSN, and personal address; your business name, address, phone number, and industry; your EIN (if applicable) or SSN for sole proprietors; estimated annual business revenue and monthly expenses; and your business’s legal structure.

    5. Apply Online: Most major card issuers offer straightforward online applications. Ensure all information is accurate and consistent with your official business records. Submitting multiple applications in a short period can temporarily impact your personal credit score, so choose wisely.

    The Consumer Financial Protection Bureau (CFPB) emphasizes understanding all terms and conditions before applying for any credit product, including business credit cards, to ensure you are fully aware of your obligations and the card’s features.

    Costs, Fees, and Risks of Business Credit Cards

    While business credit cards offer significant advantages, it’s crucial to be fully aware of the associated costs, fees, and potential risks. Mismanaging these can quickly outweigh any benefits, leading to financial strain on your business.

    The most common cost is the Annual Percentage Rate (APR), the interest you pay if you carry a balance. Business credit card APRs can be variable and often range from 18% to 29% or more. If you frequently carry a balance, high interest charges quickly erode profits. Always aim to pay your statement balance in full each month to avoid interest.

    Annual Fees are another significant cost. Many premium business credit cards, especially those with generous rewards, charge an annual fee ranging from $95 to several hundred dollars. While these fees can be justified by the value of rewards for high-spending businesses, a small business with limited spending might find the fee outweighs the benefits.

    Other common fees include late payment fees (often up to $40 per instance) and foreign transaction fees (typically 2-3% of the purchase amount for international transactions). Exceeding your credit limit can also trigger an over-limit fee, though modern cards often decline transactions that would put you over your limit.

    One primary risk is the personal guarantee required by most small business credit card issuers. If your business defaults on payments, the issuer can pursue you personally for the outstanding debt. This blends your personal and business financial liability, making prudent management paramount.

    Another risk is debt accumulation. Easy access to credit can tempt business owners to overspend. Rapidly accumulating debt strains cash flow and makes it difficult to pay off balances, leading to a cycle of high interest payments. The Federal Reserve often reports on business debt levels, highlighting how unchecked credit card debt can impact small business viability.

    Finally, poorly managed business credit card debt can indirectly impact your personal credit score. If you have a personal guarantee and fail to meet obligations, the issuer may report negative activity to personal credit bureaus, affecting your ability to secure personal loans or mortgages.

    Common Mistakes to Avoid with Business Credit Cards

    Even with the best intentions, small business owners can fall into common traps when using business credit cards. Avoiding these errors is key to maximizing benefits and protecting your financial health.

    1. Mixing Personal and Business Expenses

    This is arguably the most prevalent and damaging mistake. Using your business credit card for personal groceries or entertainment blurs the lines between your personal and business finances. This complicates bookkeeping and tax preparation, and can raise red flags with the IRS, potentially leading to audits. The IRS strictly mandates clear separation for legitimate business deductions. Keep your personal and business spending entirely separate, even if it means carrying an extra card.

    2. Carrying a Balance Consistently

    Business credit cards, like personal ones, come with high Annual Percentage Rates (APRs). While using a card for short-term cash flow is acceptable, consistently carrying a balance means you’re paying significant interest charges. These interest payments directly cut into your business’s profits and can make seemingly good rewards programs uneconomical. Always aim to pay your statement balance in full by the due date to avoid interest and maximize your card’s value. If you regularly need to carry a balance, a small business loan or line of credit with a lower interest rate might be a more cost-effective solution.

    3. Not Monitoring Spending and Statements

    Neglecting to regularly review your business credit card statements can lead to missed fraudulent charges, overlooked billing errors, and a lack of understanding about where your business money is actually going. This puts your business at financial risk and prevents you from identifying opportunities to optimize spending or cut unnecessary costs. Set a regular schedule to review statements – monthly, or even weekly for high-volume businesses – and reconcile them with your accounting records. Many card issuers offer online tools to categorize expenses and track spending in real-time.

    4. Ignoring Business Credit Building

    Some business owners focus solely on rewards and overlook the critical aspect of building business credit. Consistent, on-time payments on a business credit card are a primary way to establish a strong business credit profile with commercial credit bureaus. A robust business credit score (separate from your personal FICO score) is essential for securing favorable terms on larger business loans, lines of credit, and even favorable supplier terms in the future. Don’t underestimate the long-term value of a strong business credit history; it’s an asset for growth.

    Alternatives to Consider

    While business credit cards are powerful tools, they aren’t the only option for financing your business or managing expenses. Depending on your business stage, creditworthiness, and specific needs, other financial products might be more suitable.

    1. Small Business Loans

    Pros: Small business loans, including term loans or U.S. Small Business Administration (SBA) loans, can provide larger lump sums of capital than most credit cards. They typically come with lower, fixed interest rates and longer repayment periods, ideal for significant investments like equipment or expansion. They also often don’t require a personal guarantee for established businesses.

    Cons: The application process for small business loans is generally more rigorous and time-consuming, requiring extensive documentation and often collateral. They are less flexible than credit cards for day-to-day operational expenses and may not suit immediate cash flow needs.

    2. Business Line of Credit

    Pros: A business line of credit offers a flexible pool of funds you can draw from as needed, up to a certain limit. You only pay interest on the amount borrowed, making it an excellent option for managing fluctuating cash flow, covering unexpected expenses, or funding short-term projects. Once repaid, funds become available again, providing ongoing liquidity.

    Cons: Interest rates on lines of credit can be variable and might be higher than traditional term loans. Approval often depends on a strong business and personal credit history, and some lines of credit may require collateral. There might also be annual fees or draw fees.

    3. Debit Cards (for Business Bank Accounts)

    Pros: A business debit card is directly linked to your business checking account, meaning you’re spending your own money, not borrowed funds. This eliminates the risk of debt accumulation, interest charges, and personal guarantees. It’s a straightforward way to manage expenses and stay within your budget. For better cash management, consider pairing this with a high-yield savings account for your business’s reserve funds, similar to building a personal emergency fund.

    Cons: Debit cards don’t help build business credit, nor do they offer the same level of fraud protection or rewards programs as many credit cards. They provide no access to credit for short-term cash flow gaps, limiting you by the funds currently available in your bank account.

    Frequently Asked Questions (FAQs) About Business Credit Cards

    Q1: Do business credit cards affect my personal credit score?

    A: Generally speaking, yes, for most small business credit cards. The vast majority of small business cards require a personal guarantee, meaning you are personally responsible for the debt. If you default on payments, this can negatively impact your personal credit score. Some issuers may also report your business card activity (even positive activity) to consumer credit bureaus. Always check the card’s terms regarding credit reporting before applying.

    Q2: What’s the difference between a business credit card and a corporate card?

    A: Business credit cards are primarily for small to medium-sized businesses and typically require a personal guarantee from the owner. They help build business credit for smaller entities. Corporate cards, on the other hand, are designed for larger companies with established revenues and often have higher credit limits. They are usually issued directly to the corporation, not individuals, and do not typically require a personal guarantee, separating the owner’s personal liability from the company’s.

    Q3: Can I get a business credit card with bad personal credit?

    A: It’s significantly more challenging, but not impossible. Most issuers rely heavily on your personal credit score for approval, especially for new or small businesses without a lengthy business credit history. Options might include secured business credit cards (which require a cash deposit as collateral), or cards specifically designed for startups that focus more on cash flow and bank account history rather than just credit score. Building your personal credit first can improve your chances for better terms.

    Q4: When should a small business consider getting its first credit card?

    A: A small business should consider a credit card when it has consistent, regular business expenses that need to be tracked and managed efficiently. This might be after a few months of operation with steady revenue, or when you need to clearly separate personal and business spending for tax purposes. It’s also beneficial when you want to start building a business credit history for future financing needs. Ensure you have a clear plan for repayment to avoid accumulating debt.

    Conclusion

    Navigating the world of small business finance requires smart tools, and a business credit card can be one of your most valuable assets. By understanding how these cards work, leveraging their benefits for expense tracking and business credit building, and diligently avoiding common pitfalls like mixing personal finances or carrying a balance, you can significantly enhance your business’s financial health and growth trajectory.

    The right business credit card can provide critical working capital, streamline your accounting, and unlock valuable rewards, ultimately contributing to your venture’s success. Take the time to research, compare offers, and select a card that aligns perfectly with your business’s unique spending habits and goals.

    Remember, while this guide provides comprehensive information, the specific needs of your business are unique. Always conduct thorough due diligence and consider consulting a licensed financial advisor or CPA for personalized advice tailored to your financial situation and business structure.

    This article is for educational purposes only and does not constitute financial, tax, or investment advice. Always consult a licensed financial advisor, CPA, or attorney before making financial decisions.