Bad credit? Here are some simple steps to get you back on your feet

1.       Check into using a secured credit card. While they typically have higher fees and you have to pay a deposit to access them, they can help you build positive credit history. When selecting a secured card there are several important things to consider such as fees, do they report to the major credit bureaus, what happens to the money you secure your account with, and so on. Read our blog Positive Credit through Secured Cards for more on opening a secured card. 2.       Once you have a card, use it lightly! Remember; only charge what you can comfortably afford to pay back each month. If you keep a balance you will lose money to interest fees and you run the...

Posted on Apr 20, 2011

Personal Money Management Quiz

April is Financial Literacy month so this newsletter is dedicated to helping you assess your current money management habits. Good money management skills are very important in life. They can help you prepare for emergency situations, plan for retirement, and avoid paying too much for everyday needs such as auto insurance, home loans, and even utilities. Complete the personal money management quiz below and then turn the paper over to calculate your score. For questions 1 - 11 select (A) Always, (S) Sometimes, or (N) Never. For questions 12 - 15 select (T) True or (F) False. 1 I use a budget to help manage my finances. A S N 2 I pay my essential bills (rent or mortgage, utilities, etc.) on time. A S N 3 I save 10% of my income on...

Posted on Mar 29, 2010

Turned Down For a Loan? Improve Your Loan-ability!

Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. There is good news though, there are ways you can improve your “loan-ability” in the eyes of lenders and possibly get that home or auto loan you have been dreaming about. First, you have to know that the condition of your credit impacts many areas of our lives now. If you want to rent a place to live, qualify for certain jobs, pay less for auto insurance or pay a smaller down payment on things like utilities and cell phones, you must have good credit. The popular credit scoring...

Posted on Nov 22, 2009

Tips to Improving Your Credit Score

Your credit score has become extremely important these days and seems to follow you everywhere. If you score seems low and you want to work on improving it here are some tips: Review your credit report for any errors and correct glitches that may not be accurate (but are still hurting your current score). Manage your bills carefully. Monitor your checking account carefully to avoid bouncing a check or worse – having it returned. Don’t skip payments – if you are juggling or struggling contact your creditors to see if some can be arranged. Refrain from opening a lot of new accounts over a short period of time, especially if your credit history is on the shorter side to begin with. Pay your bills on time. Don’t...

Posted on Apr 16, 2009