Repairing credit can be compared to losing weight, there is no quick-fix! Just as it takes time to get rid of your fat, the same goes for the negative items on your credit report. Any attempt to repair your credit quickly is more likely to backfire, than to produce any positive result. The best thing that you can do in order to rebuild your credit is to be responsible in managing it over a period of six months at the least.
You need to be responsible in managing your credit, but what if there are errors and inaccuracies in your credit report that render it negative? The worst thing about such inaccuracies is that you are at a serious disadvantage, usually through no fault of yours. Unfortunately, a study by U.S Public Interest Research revealed that 70 percent of all credit reports contain serious errors.
Fixing these errors involves a detailed legal process which consists of sending dispute letters to creditors and credit bureaus, sending reminders, studying the documentary evidence provided by creditors and bureaus, and more. Like
At any one time of your life, especially if you have been introduced into the world of credit, you will need to know exactly how to check your debt quickly and easily.
Dealing with credit can be a very tricky business and it is very hard to find anybody who has never had an issue with debt, especially under these trying climatic conditions that fluctuate as easily as the ocean tides, leaving you in occasional trouble here and there.
A lot of the time you may be blacklisted due to a minor issue, which could ultimately block you from accessing credit when you really need it, so it is imperative that you be able to check your debt quickly and easily.
There are naturally many ways through which to check the debt you have, and the most logical way is simply to send an email to the issuer who holds your debt, and request that they send through your latest account details, or you can use any other method of contact they have put up — a lot of details can be found online, on
Bankruptcy cripples you on several fronts. Not only does it harm your financial position, it also affects your confidence. But post bankruptcy, you must learn to move on. Unfortunately, it is hard to move out of the mental abyss that one recedes into after a bankruptcy. However, what a person needs is a well-planned approach in such a situation.
Need to Improve the Credit Rating
The reasons to improve the credit rating or score quickly are two-fold. Firstly, a bankruptcy hammers the credit score, which reduces your chances of availing credit in the future. Hence, unless you bring it up to an acceptable level, the chances of you getting the credit you need to rebuild your life are quite low. Secondly, it is well-known that people with a better score can get a loan at a lower interest rate. Hence, when you improve your score, not only you become eligible for a loan again, but you can get it at a lower interest as well.
Ways to Improve it
It may be pertinent to understand the factors that determine your FICO credit score and their individual weightage. Here are the factors which
Your credit card is an important tool when it comes to your finances. This is precisely the reason why you should try your best to make the most of its perks. You may not realize it, but there are a number of things that you can do to maximize your card’s use.
This article presents a couple of cool tips every cardholder needs to remember.
Make best use of your Billing Cycle
The way you pay your monthly bills is crucial to maximizing your card. For instance, if you settle your dues punctually and in full, then you will be able to avoid being charged with interest. This is probably the best way to use your card. This is because you are technically getting a free loan from your card provider.
Of course, there are still a couple of tricks you can do to step things up. Consider this: if you make a charge a day before your statement is closed, then that you will have around 20-25 days to settle that charge. However, making that same charge a day after the statement is closed will give you a total of at least 55
One of the most frustrating things is seeing people get out of debt but then get right back into it. Sometimes we know what’s bad for us, but we do it anyway. Next thing you know, you’ve got collectors calling at all hours.
How can you fix your credit score and maintain that healthy credit rating long into the future? It’s not rocket science, but it can sometimes seem that way. So let’s break it down.
Here are some things you can do to keep that credit score healthy and to stay out of debt:
• Payments: Always pay your monthly bills on time. One of the biggest reasons people slip back into debt and bad credit is because they miss one payment and then feel like they can miss another. This is not a good strategy for having a healthy credit history.
• Stay Current on Your Payments: Missing a payment happens. Maybe you had some time off from work; perhaps a family emergency came up. Now you don’t have the money and you miss a payment, but the next month you get back on track. The important thing is to get back
The Fastest Ways to Recover from a Bankruptcy
No one expects being in a financial bind (personally or business wise) that makes them have to file for bankruptcy. In the worse case scenario if you have to file for bankruptcy (whether it is chapter 7 or chapter 13) understand that it is not the end of the world. All you have to do is understand that there is a way to rebuild your finances back up to normal and eventually live life stress free again (at least in this situation).
Save, save, save!
The main key to recovering from a bankruptcy is beginning to save your money wisely. After a financial burden such as bankruptcy you will not only have to pay off your debt (which could include interest) in addition to daily living. Once you begin saving your money and budgeting correctly you will be able to pay off your debt while being able to pay current bills and other life necessities.
Re-adjust your lifestyle
This element goes hand in hand with the first step, which is to save your money. Although it may be a bit tough mentally to scale back
Education is becoming expensive by the day. The most popular way of managing the college fees is getting a part-time job, and saving like crazy. Although this is a great step and teaches students self-reliance, it makes them more vulnerable to the risk of losing focus and concentration, up to a certain extent, in studies. Student loans are another great option for students who have a financial crisis, but then repaying loans is also an issue that needs to be considered before applying for financial aid.
Financial Aid for College Students
Whether you’re looking for college tuition or athletic scholarships, as students, you need to ensure that you are fully aware of the eligibility criteria for these scholarships. In the last two years, there have been several changes in the application form of the FAFSA, Free Application for Federal Student Aid.
Visiting the official website of FAFSA will help you to know more about numerous scholarships and grants offered by the agency. You need to be sure of the deadline dates. While formalities are annoying, they are a necessary part and parcel of today’s life, and ignoring them only gets you in trouble.
When students visit the FAFSA website, they can
Make a separate envelope for all the change that you accumulate. Count it after a month or two and you’ll have a decent amount as ready-made savings.
- Income: The money we get for work we do
- Expenses: The money we spend on things we need
- Necessities: Things that we absolutely cannot live without [the bare minimum include food, clothing, shelter (and today, the Internet)]
- Luxuries: Things we can or cannot afford, but still end up spending on, simply because we have the means – plastic money
- Debt: What we find ourselves in because we cannot (or do not want to) decipher the difference between necessities and luxuries
- Financial Crisis: Which happens when our debts continue to mount due to excessive spending on luxuries
- Breakdown (Financial, Emotional and possibly Physical): The result of ever-increasing debt and no means to repay it
These are the probable series of events that you may find yourself in if you’re among the millions who have the question, “Where did all the money go?” on their minds at the end of each month, or use “What are credit cards for!” as a retort when asked why they want to buy that unnecessary scarf a golf club. It may
Ways to Keep Track of Your Money
Know the exact contents of your wallet. That does not mean you should keep track of every single penny that you put in or remove from your wallet. But it always helps to know how much money you have in your wallet. It even saves you from embarrassment – what if you were to have coffee with a nice girl in a nice cafe and you discovered you had no money left in your wallet? I wouldn’t want to be the girl with you! (Just kidding… I hope that never happens to you.)
Tip: Check in the morning before you leave the house how much money you have in your wallet. Even if you find some of it missing, you have only a day’s expenses to cross-check and trace back your missing money.
It is best to keep track of your expenses to know exactly how much money you spend and on what. Many a time it so happens that we do not remember how much money we spent. We buy a box of liquor chocolates and forget we bought it. We pick up a bottle of wine
When you plan for starting and running any kind of business, along with the profit making strategies, you also need to think about what is to be done, if the business unfortunately goes into a substantial loss and there arises a need for dissolution. In such cases, liquidating a business may seem to be the last option left for disposing off the business formally and safely, without having any liabilities to be paid to the creditors.
In corporate terms, business liquidation is referred to as an exit strategy. However, the need for liquidation can even arise in a situation when the company is nearing bankruptcy or is going in heavy losses. In this process, all the company assets are sold, and the cash that is received is utilized in repaying corporate debts and liabilities of the creditors or capital providers. This debt repayment is done on the basis of priority with considering several factors. The assets that are to be sold include plant, machinery, real estate, equipment and tools, and inventory (if available).
Considerations for Liquidating a Business
It is not a process that can be thought of overnight. It needs a proper plan and considerations from all the parties involved
Effective financial management is necessary for staying out of the red. But not everybody knows how to handle their money properly. For example, how is an average person who has virtually no knowledge on financial management supposed to take care of his cash? If you’ve been wondering but haven’t yet figured out how, here are 5 simple ways to manage your finances and stay above the line by yourself:
1) Start budgeting.
Planning how to spend your available money, or budgeting, is a great way to stay on top of your finances. Not only will you be able to keep track of your funds and cash flow, but you’ll also be effectively preventing yourself from spending more than you should. To monitor your comings and goings as clearly as possible, make a list, create a spreadsheet, or use an online budget planner.
2) Stop making unnecessary expenses.
Once you know how and on which things you spend, start cutting back on those you don’t really need. There may be a lot. For instance, do you have a grande latte at Starbucks every morning? If you do, not including the money you spend on gas
Financial planners or advisers are professionals who educate people about the necessity and advantages of investing money, and also guide them in making lucrative decisions regarding the same. They analyze an individual’s current salary, lifestyle, priorities in life, and also his goals, and make a plan that would help in reaching the set goal. They help people in insuring their money for emergency purposes. Some people take up the responsibility of money management themselves. However, there are chances that they may make mistakes due to inadequate knowledge and inexperience in this sector, causing them to lose their hard-earned money.
Taking the help of a planner has become quite common in recent years, either because people are too busy, or because they do not want to take a risk of investing their money wrongly. In this age, when people are very busy, they rely on experts to make important decisions regarding their money. This job is, therefore, very hectic, and involves huge responsibilities. Here are certain important things you need to know if you plan to get into this field.
Becoming a Financial Planner
It is not necessary to have a bachelor’s degree to get into this profession. However, it definitely adds
Who wouldn’t like a leisurely life, without the 9-5 grind, free of meeting the deadline or completing targets. You would probably find a majority of people desiring it and even succeeding at it to some extent. Yet, you would find a minority who simply have to grind it out just to make ends meet and safeguard their future. If you find yourself in a similar situation, wouldn’t it be preferable to have some cash stashed away for difficult times so that you can be financially independent?
And before your crafty mind starts thinking of how much money is needed to be independently wealthy, let me tell you, there isn’t a fixed number or amount. Financial independence is something that is achieved step-by-step, not all at once. While there are suggestions that financial independence and being independently wealthy are different, the underlying fact is that both goals target financial security. The paragraphs below will give you some ideas about this concept.
Steps to Become Independently Wealthy
Save, Save, and Save
- Regarded as the oldest rule in the book, this step is the first to become financially stable.
- Save a part of your income/salary (a substantial part), in fact, do not consider it
The ongoing credit crunch has witnessed a record number of foreclosures and bankruptcy filings. It has spelled a doom for the financial future of millions of people all over the world. Since buying a house remains the topmost priority even in this age, people are desperately looking for ways to keep the roof on their heads intact. If you have been amongst the unfortunate ones, who had to part with their house in a foreclosure, then you might have lost all your hope of owning a house of your own. Although, you had to say goodbye to your house, you need not have to say so to your dreams. Albeit your chances of finding a mortgage lender are bleak, you can always improve your chances by working on your creditworthiness.
How to Buy a House with Bad Credit
Before Applying for a Conforming Loan
If you filed for a bankruptcy and are now planning for a conforming loan, then there are a few points to be taken into consideration:
- If you file for a bankruptcy, then you cannot file for another one for 7 years. Besides, the impression remains in your credit history for 10 years.
- You can avail better
Trying to get out of debt? You can join the rest of the country in doing so!
Study shows that most American households are riddled in all kinds of debts. The top three include mortgages, student loans and credit card debts. This is only one of the negative aftermaths of the recent recession. While the country is slowly and steadily recovering from it, several consumers are left with mounting debt. Although the employment rate is climbing, it is not enough to solve the debt crisis.
Because of this scenario, consumers are looking at various debt relief options that will help them eliminate their debts entirely. This is a dream and fortunately, all these debt relief options really work! The challenge lies in choosing the right option to go for. Couple that with the debtors commitment to see their debt relief plan through and to discipline themselves in terms of their spending habits and they will eventually gain financial freedom.
Before you can proceed to choose how you will eliminate your debts, you need to analyze your financial standing and capabilities first. List down three things: your income, expenses and total debt amount. You need to
You may accidentally receive counterfeit from a person you know or on one of your shopping trips from an unknowing or inexperienced cashier. What’s important is that you realize that the currency you have is counterfeit and immediately take it to a concerned authority for verification. Remember, possessing counterfeit money is a crime, so report any incidence immediately. This article will tell you how to detect counterfeit money yourself and with the help of some devices specially designed for this purpose.
Detecting Counterfeit Money Yourself
In case you are suspicious about the authenticity of the money that comes into your hands, do not panic. Just carry out the following simple tests yourself, first. If you are convinced that the currency is fake, then take it to the authorities. The United States Secret Service has prescribed these steps to verify the authenticity of the currency.
- Paper Quality: If your notes have easily distinguishable red and blue fibers engrafted in them, then you need not worry. The note is genuine. Counterfeit money makers try to imitate this by printing similar red and blue lines on the notes, which can be made out easily.
- Feel: Trust your instincts. If,
The finance department is one of the most important departments in any type of organization. This department has to handle financial transactions of the firm and plan on investments and raising of funds for funding ongoing projects. As no project can be completed without money, the job of a finance director assumes further importance. Finance directors work in the areas like resource management, strategic planning, preparation of a financial budget for the financial year, supervising company’s financial performance and preparing financial reports for outside agencies like creditors and shareholders. Ensuring that the firm’s asset quality is high and debt levels are comfortable, are also some of the responsibilities of this job. Being the leading person in the department of finance, the finance director has to form teams, assign work and help in planning as and when they need. In short, the ultimate aim is to make sure that the firm achieves its financial goals or objectives in a planned way.
High School Preparation
Sincere efforts taken during this stage of one’s educational career pays off greatly. So, take special effort on subjects like economics, finance, mathematics, English and computer science while you are in high school. Get excellent grades
Most Americans wonder why they get denied when they submit their first credit application if they do not owe money to no financial institution. Would you be able to lend me ten thousand dollars without knowing me? No, right? That is why financial institutions have to use credit reports to evaluate customer’s credit behaviors.
Credit score is influenced by four factors: history of payments, length of accounts in good standing, inquiries, and types of accounts.
It is difficult to obtain history, length with accounts, or types of accounts when you do not have any kind of previous history. Most credit agencies will turn you down or denied your application because they do not know you. To start building a good credit score, you must establish a secured account. Some institutions call it “secure credit cards” or “secured loans.” Secure products will help you generate history with a credit institution with a low-cost and without risk of generating unnecessary debt. A secured account starts by initiating a savings account which will be taken “hostage” by the financial institution in case you do not repay the loan they will give you for the same amount on the savings