Credit Repair Blog
It may feel like summer just ended, but once those leaves start changing it’ll be no time at all until you’re faced with the hustle and bustle of the holiday season. Finding the perfect Halloween costume and stocking up on candy, planning a Thanksgiving feast, and shopping for Christmas gifts are just a few of the festive yet costly expenses that come with the season.
Hopefully, you’ve been following our blog and working hard to take control of your finances. And if your goal was to clean up your credit report and reach a higher score, then you’ve likely been able to start paying off debt and making payments on-time. But how long do you have to maintain this good fina
Now that you’re on the road to a better credit score, you probably realize that being in that top 800 range is basically being part of a super elite money club. And it pretty much is an unofficial club full of perks and benefits not available to anyone else. It’s not easy to get into, and it can be difficult to stay there, but it’s definitely a worthy goal and once you’re there, you’ll never want to leave.
Student loans have become a part of the educational process for many students, but how will this debt affect your future? It’s easy to take out a student loan and forget about it while you’re in school, but with the class of 2015 having averaged more than $35,000 in debt per student, it’s time to consider what the cost of that debt truly is, and what to do about it. To understand the full impact of your student loans on your financial situation and future, you need to know how it affects your credit.
Your interest rates are determined largely by your credit score and history at the time of applying for the loan. If you were in a rough spot when you applied for a credit card, car loan, mortgage, or even student loans, you may have been assigned a higher-than-average interest rate to correspond with the risk associated with your credit score.
If you’re planning on getting married soon, it’s important to consider all of the ways your lives will merge, including financially. They say opposites attract, and many people often say that this is especially true financially – with one spouse usually being a spender and one usually a saver. So if your spouse has poor credit, will they bring that into the marriage, and will it bring your credit score down, too?
If your credit score is in need of a serious overhaul, there are a few steps you can take yourself to improve your score. Unfortunately, poor credit is usually the result of poor spending habits, and it takes money to pay off debts that drag your credit down. But if you’re already making the minimum payments on your balances and don’t have anything leftover, how can you repair your credit without more money?
The Millennial generation gets a bad rap, and with 92 million young adults making up the largest generation in US history it’s easy to see why the older generations worry. As millennials enter their prime spending years involving buying houses, cars, and saving for retirement, their spending habits will shape the state of our economy. And while they may be young and there may be a lot of them, the majority of them are educated and do have long-term goals for success.
The “back to school” signs and commercials are in full swing, and although it probably makes you sigh in displeasure, it’s a good reminder that with the end of summer quickly comes the beginning of the holiday season. If you’ve been diligent about budgeting and keeping your New Year’s resolutions you set at the beginning of the year, then you probably already have the holidays in mind and are well on your way to a manageable and debt-free holiday season. But for many of us, we’ve gotten sidetracked throughout the year and let our budgeting and spending habits get a little bit out of hand.
Whether or not your credit is “good enough” to secure a certain type of loan isn’t as simple as what number it is. It would be nice if there were set cutoffs that were sure determinants of your eligibility for loans or good interest rates. And while your credit score does matter when it comes to what you can be approved for, it’s only a piece of the puzzle.
As if you don’t already have enough to worry about when a loved one passes away, what should you do about any outstanding debt from the deceased? Will the heirs inherit and be responsible for the debt? Will it show up as their debt on their credit report?
When you make a big mistake or find yourself in financial trouble, it can feel like the end of the world. Many people feel a lot of guilt and shame when they are faced with the consequences of their financial mistakes, but take heart – negative items on your credit report do not last forever. In fact, they will bear less weight with time, even if they don’t disappear.
If you always check your credit report annually and are aware of your score and what affects it, then you probably have noticed things like your car payment and credit card payments on your report. But if you’re trying to improve your score and need more history or positive items on your report, what can you do without going into more debt?
You may have heard that there is a crisis on the retirement front in the United States. With the threat of social security running out, it’s more important than ever to save for retirement and prepare for your future. But many Americans are strapped down with expenses and debt from other sources, and have nothing leftover to put toward their retirement funds. Consider the following plan for shifting your finances around to allow for more savings for retirement.
The cost of living isn’t getting any cheaper, and if you’re like many Americans, your income might not be matching the growing cost of living. When it comes to saving money or even just making your regular payments, where can you find the extra you need to live a little more comfortably? As it turns out, Americans are wasting thousands of dollars each year by blowing money on these trivial expenditures.
Whether you’re new on the budget scene or have some experience under your belt, everyone has to deal with unexpected expenses at some point. The more thought you put into your budget and in identifying as many unplanned for expenses that could pop up as possible, the less stress you’ll be under when it comes to paying for them.
Here are some of those possible expenses that are often forgotten about until it’s time to pay for them.
It’s a lesson you probably learned very early in life: some people help you up, and some people knock you down. That lesson holds true for several scenarios – including your financial situation. If you find yourself strapped by debt, and can’t seem to get out of that “buy now, pay later” mentality, keep a watch out for these people in your life that could be influencing you to maintain those bad habits.
If you’re trying to get out of credit card debt, it’s important to get in the habit of making regular payments on your credit card balance. Making your payment on time is important to avoid late payment penalties and fees. But is it enough to make only the minimum payment on your credit card, even if it’s on time?
As it turns out, making only the minimum payment may be costing you much more than you realize. Here’s how.