by Adam | Aug 24, 2016 | Credit Repair
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. But if you’ve been working hard to improve your credit and have successfully raised your score, is there anything you can do about those high interest rates you’re paying? Fortunately, you can almost always find lower interest rates if your improved credit score qualifies you for them. Here’s how: Shop around using your new credit To know if you’re eligible for a lower rate or if your current rate is higher than average, you need to do some research. First, you need to know exactly what your credit score is so you can use it as leverage. Find out what the average interest rates for credit cards or other relevant loans, and give the companies a call to ask what interest rates they can offer you with your current credit score. Make some notes that you can use later, and compare it to your current interest rate and credit card/loan information to assess whether you can improve your situation or if you’re already getting the best deal for your situation. Use that information to negotiate lower rates with your existing lenders Remember, debt is a business. Credit card companies are in competition with each other because they make money off or your interest rates and payments. Keep that in...
by Adam | Aug 17, 2016 | Credit Repair
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? Here are some important facts about marriage and credit scores that will give you an idea of what to expect: You will still have individual credit scores Even though you are legally married, you will still have individual credit reports and corresponding scores. They will consist of your individual financial histories and the content of your spouse’s credit report will not be reflected on yours whatsoever. Your joint accounts will affect your credit scores individually If you decide to open a joint bank account or credit card together, your spouse’s spending habits can affect your credit score if their spending is irresponsible. Late or missed payments will show up on both of your credit reports. If a high balance is kept on the credit card, that will show on your credit utilization ratio and can lower your score. It’s important that you talk about your financial histories and habits prior to tying the knot so that you both have a clear picture of how to handle finances and make the best decisions for your marriage and future. Applying for new loans together will be affected If you are hoping to buy a home together, your spouse’s low...
by Adam | Aug 10, 2016 | Credit Repair
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? Here are some steps you can take to improve your credit that doesn’t require more money: Check your credit report The first thing many people should do, but don’t, is to check their credit reports. Don’t settle for the score you’re told, because a lot of times there is incorrect information that is bringing your score down. You are entitled to one free copy of your credit report each year, so get a copy from each of the three credit bureaus and learn how to read it thoroughly and accurately. Take note of any information that seems incorrect or out of place. Also take note of anything from the past that could be negatively affecting your score. You can sometimes write a letter of goodwill or make arrangements to have it removed by the reporting agency in exchange for a payment. Dispute incorrect data If you do find incorrect information on your credit report, it doesn’t cost anything to dispute it and have it removed. And the good part is, you only have to dispute it with one of the credit bureaus and they will report the change to the other two. You may need to...
by Adam | Aug 3, 2016 | Credit Repair
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. If you’re part of the millennial generation, make sure that your financial habits won’t cost you in the future by avoiding these five common mistakes made by millennials: 1. Winging the budget Millennials are all about technology, making checkbooks and paper billing largely a thing of the past. Bills can all be paid online automatically, and you can even Venmo your rent to your landlord. This makes overspending and losing track of your money too easy, as cash is rarely in the picture. But relying on cards and apps without being able to visibly see and touch the money being spent makes it easy to think you have the money to spend when you don’t, and to lose track and get into trouble. Take the time to take out cash and check your balance each morning, so you at least have an idea throughout the day of where you stand, and can keep better track of how much of your income you spend on various daily expenditures. 2. Foregoing health insurance The healthcare scene is a bit confusing right now, and many millennials have found that the...
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