In each episode of the ACap ReCap, we go beyond the blog to answer your financial questions. Ara & Matt explain what to consider when deciding whether to pay off your mortgage.

1. Can I use my credit card to pay my mortgage or student loan?
This question comes up for those savvy credit card users who want to accumulate as much reward points as possible. It's not possible to directly pay your mortgage or student loan with your credit card, but there are some online companies out there who offer such services. The service is not cheap and usually entails a high percentage charge. ACap generally discourages consumers to use debt to pay debt, especially if you use a revolving unsecured debt like a credit card to pay an amortizing secured debt like a mortgage. If you choose to pursue this route, you MUST be very diligent with your credit card debt and make sure to pay off your entire balance every month.

1. Does checking my own credit report affect my credit score?
When shopping for a car, a home, or even applying for a new job, the worst thing that can happen is that you realize there is a mistake on your credit report. It is important to note that your credit report and your credit score are two different things. The credit report is all the information credit reporting agencies have about you while your credit score is the quantitative assessment of that information to rate your likelihood of paying back debt. Therefore, your credit score is based on the content of your credit report. Because employers and lenders use your credit score to judge your character, it is extremely important to check your credit report annually to ensure there are no mistakes and correct errors before they cause you problems. The law entitles you to one free credit report every 12 months from each credit reporting agency (Equifax, TransUnion, and Experian.) Despite common myths, checking your credit report does not affect your credit score. If you identify an error in your report, the Federal Trade Commission has very detailed checklists on how to correct your report.