Saving, investing and making money with technology

Day: July 9, 2017

How to Improve Your Credit Score and Managing Your Debt

Today, almost everything you do requires a good credit score. It affects your ability to secure a mortgage, to buy a car, rent an apartment, to go to college and sometimes may even determine whether or not you land the job. For this reason, if your credit score is low and has several bad marks on it against you, it’s in your best interest to repair your credit score as quickly as possible. The good news is that there are many ways to achieve this, faster than you might think.

Borrowing money with a bad credit score

A bad credit score limits your ability to borrow money from the usual places such as a bank and a credit union. However, there are other companies offering quick installment loans to those in the process of building or rebuilding their credit. These online companies generally have minimal requirements including a social security number, a checking account and a steady income.  They also have a variety of repayment options that let you pay off the loan in small payments for up to a few years. Just make sure that before you actually take on the loan that you are able to meet your monthly obligations, otherwise your credit will continue to worsen.

Family and friends

While no one wants to let a family member or friend know about their hardship, sometimes acquiring a loan from them is a better option. For one, the repayment of the loan will be the same as the amount you borrowed. For two, you can delay the payment a few days during the month if your paycheck falls midweek. If you should acquire the money from a family member or friend, just make sure to treat it like any other loan and make every effort to make the monthly payments.

Restoring your credit

Restoring your credit is important and can take far less time than you might imagine. The first thing you need to do is make a list of all your outstanding debt and the monthly payment required on each one. Then, write down your total monthly income. If when you do this and deduct personal living expenses you have money left over, you’re in great shape to begin tackling the first loan or credit card. If, you don’t have anything left over, or, worse yet, have a deficit each month then you’ll need to reduce your monthly expenses or take on a part-time job until you even out.

Paying down debt Your credit score depends on several factors. It consists of your ability to pay, how much debt you owe and the amount of credit cards and other loans you have out and their balances. In order to raise your credit score, you have to pay down your debt. If you have six or more revolving lines of credit, close out a couple. Having access to too much money can actually hurt your score. If you have two to four credit cards, a car loan, and a mortgage, you’re in good shape. Any more than that and the debt to income ratio becomes too high, placing you in the possible risk category. You should never use credit cards as a means to pay bills, go food shopping and basically afford to live. If you want to raise your credit score significantly, you’ll need to reduce your balance on each credit card to less than 50% of the available line.

You can do this one by one, by making payments to the card that holds the highest interest rate and then move onto to the next until all your credit cards are a least less than half full.Today, you live in a technical world where a credit score pretty much determines whether you can purchase just about anything. You can keep your score in good standing by making your payments on time, reducing the number of outstanding loans and cards you have, and by reducing the amount you owe on them. If you learn to live within your means and use your cards only for emergencies or as a temporary way to acquire items before a paycheck of bonus, then you will enjoy a high quality of life minus the stress.

Continue Reading

The New Age of Banking – Self Sufficiency Meets Comprehensive Assistance

As we are now firmly in the midst of a full-blown digital revolution, modern banking services are advancing just as quickly as our smartphones, social media platforms, and other technological novelties, if not more so. As such, the days of difficult-to-manage, overtly invasive financial services are quickly becoming a thing of the past; people want streamlined accessibility, top-notch customer service, and the freedom to manage their own money without having to deal with incessant sales tactics or marketing ploys.

So if you’ve decided to apply for a new bank account for better banking experience, now is the perfect time to do so. With the rise of intuitive 360 bank accounts, you can finally avail yourself of an easy-to-use, lucrative financial vehicle to help you take full control of your current situation as well as any future ventures that might be percolating in your subconscious.

As you scour the Internet for the best banking opportunities in today’s day and age, you can use this brief exposé to help you ascertain the viability and practicality of each organisation you come across.

Finding the Perfect Account

Picking the perfect bank with which to establish an account isn’t nearly as difficult as it might seem, and you don’t have to be a financial whiz in order to identify the most advantageous options nowadays. All you really need is a checklist of the most desirable traits and characteristics to get started. So without further ado, let’s take a closer look at the most sought-after banking features you should be on the lookout for.

Easy Account Opening

As any reputable banking institution will tell you, there’s a direct correlation between your financial experience and how often you have to talk to service representatives in order to solve various issues. Therefore, you’ll want to establish an account with an organisation that places a lot of attention on streamlining the account creation process through an online infrastructure. They should advertise something along the lines of “hassle-free and friendly account opening”.

One Touch Services

From fingerprint security access on your smart device to convenient one-click bill payment options, the most reputable banking organisations stress the importance of being able to manage and access your accounts on-the-go without having to haggle with customer service agents on a daily basis. Simply stated, you shouldn’t have to jump through hoops in order to access your money, send payments, and manipulate your financial situation.

Value-Added Benefits

Of course, being able to seamlessly manage your accounts is crucial nowadays, but you’ll also want to avail yourself of as much information as possible along the way, especially if your primary goal is to build wealth and establish a clear vision for your financial future. Therefore, you’ll want to make sure your banking institution can provide the following value-added benefits immediately after opening an account:

  • Monetary Insights: You should be able to track your spending and savings in real-time simply by accessing your account online. The bank’s smartphone app and online portal should provide categorisation provisions, customisable filters, and easy-to-read depictions of your financial activities.
  • High-Yield Interest Rates: The best banks help grow your money by offering a high base interest rate, deposit bonuses, bill-pay remunerations, and cash-back bonuses from credit card purchases.
  • Superior Accessibility: Your bank should also be able provide worldwide access to your accounts regardless of where your travels take you. In this regard, you’ll want to ensure that your new bank account comes with a dedicated account card so you can access your cash through MEPS and HOUSE ATMs across the globe.
Continue Reading