• Personal Finance

    Posted on November 18th, 2008

    Written by admin

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    Is bad credit a good thing?

    Most all people around the world rely on their credit score to be able to do things like make large purchases to even being able to secure a job. But what would you do if you had no credit and are trying to make a start for yourself in todayʼs world? Many people are facing that situation every day and are having trouble with being able to keep up with keeping the day to day bills paid. Now the question is how do we stand up and get ourselves out of debt and get in a better position to support our family and still enjoy the finer things in life? With a few steps in the right direction and a few years of hard work you can be in a better financial situation to support your family and still be able to go out and have some fun every once in a while.

    When you are looking to get into a better credit standing you should start off small and look into getting a small loan from your local bank. Take out a loan for $400 to $600 dollars over a period of at least six months. With this process you have some money to pay your bills and still have enough to make the loan payment and slowly be building your credit score thus helping you get out of debt on your own. Keep repeating this process over a few years and your credit score will go up as long as you are able to make the payments each and every month on time.

    Another way to get out of debt and regain good credit is to get a payday or a title loan. For a title loan all you need is a clean car title and a job for longer than 6 months. If you have that then you can get a title loan to pay off some of you debt and these short term loans usually are only for 2 months but they still will report to the major credit reporting bureaus thus creating a better credit score for yourself. The payday loan is pretty much the same thing as far as the terms of the loan but with one difference, with this loan all you need is 2 months of check stubs from your job to prove that you are in a position to repay the loan that you have been given.

    So starting to get out of debt is not a bad thing as long as you are ready to put in the work to repair your credit. Thinking positive and working hard can and you will be able to get out from under any debt that you are currently carrying and start enjoying life more.



  • Personal Finance

    Posted on November 18th, 2008

    Written by admin

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    Bad credit repair made easy

    If you have bad credit and do not think you can get out from underneath it, you should not worry because with some time and effort it is very possible to regain a healthy credit score. You will find that most of these methods are quite simple and easy to do as letʼs face it, if you want to get anywhere in the world today you are going to need a credit score that is in good standing. Your credit score does not have to be perfect but the closer you can get to a perfect credit score the better the position you will be in. A bonus is if you decide to rebuild your credit, you can begin adding your children to your loans so that you can start them off on the right foot and develop excellent credit for them. If you plan to do this however you need to make sure that you are in a position to be able to pay the loan back on time each and every month as you do not want to do anything to hurt your child credit standing.

    One easy way to fix your credit score is to make a good relationship with your bank. When you do this, you are putting yourself in the best position to be extended credit. You might have to put something you own up for collateral like you car or some other big ticket item that you own because you have bad credit. A short term loan can help you out as long as you pay the loan off in time and do not miss any payments. And since the bank you go to is now giving you a loan you are building a better relationship with your bank. So now as soon as you have taken out a couple loans and paid them both back on time you are going to eventually be able to sit down with the loan officer at your local bank and have larger amounts of credit extended to you.. If you are able to you should take out short term loans for at least six months at a time. This way it shows that you are making the effort to be responsible and repay your debts.

    So letʼs say that your local bank will not extend you any credit at this time, you are not out of luck for getting your credit back on the right track. You could qualify for a payday loan where all you would need to present is proof that you have been working for at least six months and have an active checking account. You can also try for a title loan where you would need to again prove that you have a working history of at least six months and an active checking account and you would also need to present the title to your car to the loan company to put a lean on until the loan has been repaid in full. When you take out a loan with one of these companies, they report your credit to the creditors also so you are working on getting your credit score back to a more healthy number. These loans have a higher interest rate and need to be paid back in about a 2 month time but are a good way to go if you have no other options and are able to repay them in the time given.

  • Personal Finance

    Posted on November 18th, 2008

    Written by admin

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    Ways to help your credit score improve

    There are many ways to improve your credit score if it is in poor shape so you can get a loan for a house or a car or some other big ticket item that you might want to purchase sometime in the future. Well, nowʼs the time to act so that you can repair any damage that has been done to your credit so it will look better then it has in a long time. At 18 years of age, many credit card companies are trying to get you to sign up for their credit card because you are an easy target because you are likely to be unaware of how poor spending habits will effect you credit and your ability to purchase things like cars and a home in the future. The credit card companies are relying on that so you will just sign up and use your card for a higher interest rate on your card so they can make more money from every purchase you make. Now, if you are making the effort to repair your credit score you need to get a hold of your credit report. This important report tells you how good or bad your score currently is and in turn will give you a better chance to get a loan for whatever you might need to purchase anytime in the future.

    To repair your credit score you can get a pre-paid credit card. By doing this, it allows you to only spend the money you have deposited on the card. Many of these credit card companies that make the pre-paid cards report to the three major credit bureaus. Also the more money you put onto the card, the more chances are that the credit card company will offer you a traditional card quicker because it shows that you can make a payment on debt that you owe. You should not accept any offers for traditional credit cards until you have developed responsible credit habits.

    If you have a good portion of available money to put down or some other type of acceptable collateral, it might be possible to go to your local bank and be given a loan. As long as you are nt asking for an amount that s beyond your means to repay then you would be in a good position to be extended credit . The easiest amount of money that you could qualify to be lent is an amount $1000 or under. This will put you in an excellent position to be able to make your payments each month and thus be able to be extended larger amounts down the road. It may take a few loans over taken out over a period of a couple years for you to be able to develop a good relationship with your bank.

  • Credit Cards

    Posted on November 14th, 2008

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    Credit Cards - Still worth applying?

    With the credit crunch and the overall state of the global economy changing daily, I expect a lot of people are put off even attempting to take out a credit card. Whether this is due to not wanting to get into more debt personally or the fear of being refused, we’re yet to find out. If you are in need of some additional credit, especially over the holiday season, it’d be worth you looking for some low rate, low limit, low interest credit cards. There are many out there that practically anyone can get approved for, even in the midst of the global economic crisis we are all facing.

    A lot of the major card issuers offer instant approval credit cards at great rates for first time users and some even offer no interest on purchases for up to a year. As I say above, 9/10 you will be approved for these cards, even in the current economic climate and with an application either rejected or approved within 30 seconds or less, you don’t have much to lose.

    A lot of existing credit card users have also seen their credit limits significantly increase during the crisis, so assuming that the banks and lenders do not have money to give you is wrong. You have more chance of them loaning you the money you need than 90% of the people out there who have already huge balances.

  • Personal Finance

    Posted on November 12th, 2008

    Written by admin

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    Managing Your Personal Finances

    We all know managing personal finances is not as easy as we’d like it to be. Very often, we overspend because we don’t completely understand how much money we can afford to spend, we don’t save enough and we have too much debt. You can change all this by tracking your personal finances at home.

    This is done through the use of personal finance free excel spreadsheets that cover areas like debt management, loan repayment, savings calculators, inventory management and price lists. These sheets are freely available online at no cost, and all you need to use any of these is a computer and software like Microsoft Excel to open the program with.

    These sheets will help you understand how much money you have at the start of the month, and the various purchases you can make. It will also track how much you are saving, and some can even help you compare what prices you pay for your groceries at different shops, and how you can save money.

    Overall, personal finances are much easier to manage now with the availability of finance spreadsheets that make life much easier by giving you control over the money that you spend and save, and help you get out of debt.

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