Thursday, March 27, 2014

How to make a basic budget

         Making a budget is a very important part of getting your financial situation under control. Using this budget you can realize just how much money you can spend without spending money you need to pay the bills. This video shows you how to make a budget using microsoft excel, but you could do it with most programs or even a piece of paper and a pen(of course you would then have to add it yourself).
      If you make your budget and realize you have very little extra spending money, look for ways you can cut your bills down or ways you can boost your income. There are many ways you can reduce cost, but if that is not an option try to find ways of making more money. If you can't think of any ways to make money or you have little time to work anywhere else take a look at
It's a great youtube with a ton of information on ways to make extra money. The best part about it, is that it is free!
            Remember if you are trying to boost your credit score and possibly buy your first home you are going to need good credit. Part of getting good credit is paying your bills on time every time. I think you will find that this budget is quick and easy to do, but try and take your time so that you cover all of your bills. Leaving out any can really mess up your budget. Good Luck!

Monday, March 24, 2014

Rebuilding your credit

                When it comes to rebuilding your credit you are looking to do anything you can to up the score. That may mean finding the money to pay off some creditors that have become delinquent. You will need to find a way to come up with the money. You might have to take a second job to find that extra money. You may be able to save it up, but I promise you it is necessary to find a way to pay off delinquent debts.

                You may feel that they were wrong and you don’t owe them any money. You may feel like you were cheated, but the bottom line is that unless you can find a lawyer that will fix the issue you need to pay it off. This is going to raise your credit once it is reported that this has been paid. Paying off your debt is a big step in raising your credit score. Many banks don’t want to deal with someone who has delinquent account or has a poor payment history.

                Did you know that a good payment history is considered only good at 100%? Did you know that missing just one payment can shoot you all the way down to an F in terms of credit score for payment history.  That is only the case if you don’t have much in terms of a payment history, but even if you had 1000 months history and missed one payment you would be near a B. So when it comes to making payments make sure that you are taking that seriously.

                One thing you can do to boost your payment history is take out a couple credit cards. This is risky if you are not careful, but if you can handle having credit cards without maxing them out this is the way to go. Many credit cards have a 0% APR for the first 9 months or so. You can take advantage of low introductory rates and help to fix your credit.  Make sure that if you use this method you keep your credit utilization around or below 30% because it has a big impact on your credit score.

                 Raising your credit is a big step in life and it will save you a ton of money. Improving your credit is something that can result in being able to buy your first home. It can be hard to get financed for a home if you have poor credit. This is why this blog is here to help people who want to establish good credit and pay less in the future.

                Make sure you don’t take every loan you are offered. As you begin to repair your credit you are going to find that the mail man is bringing you more and more loan offers.  Make sure that you read the small print and don’t you dare agree to any loans of 20% or more. Actually, if you are smart you won’t agree to anything over 15% because that is a straight out rip off. Once we get your credit in good standing, you won’t be paying over 10% ever again!

                So go out and see what offers you can find on a decent credit card. I have had some luck in the past with capital one. If you use to buy and sell stocks you might have a good chance to get approved with capital one. When my credit was in the tank I still bought stocks and when I finally started trying to get credit cards they approved me. I have no way of proving that it was due to having the stock portfolio, but other credit card companies wouldn’t approve me at the time. Now thanks to the help of having the new cards my credit is much better.

                Please make sure that improving your credit is a serious plan to you.  You will need to practice self control on your spending. It really doesn’t matter how much money you make, all that matters is how you handle your money. You need to save up as much as you can so that you can keep on paying all those cards off. You need to make more then the minimum payment every money. You CAN pay it all the way off, it will not hurt your credit rating. Just make sure that you are using it every month so you can keep on making payments. 

Friday, January 10, 2014

Did you know it's bad to pay off your credit cards completely?

Yes I know you would think that paying off your credit cards is a good thing and while it's better than not paying them at all it will still hurt your credit score. It's always better to maintain around 15 - 25% credit card utilization which means if your credit limit was $1000 you wouldn't want to use up more than $250 of that because otherwise you would be using an unhealthy amount of your credit and this in turn would negatively affect your credit score.

This is definitely not something that we want to do because we are looking to get a higher credit score and most of us are looking to increase our credit score fast. This isn't as easy as it sounds but making all your payments on time as well as keeping a good credit card utilization are the keys to managing your credit.

This is not as hard as it may sound as long as you keep an eye on your spending and we always recommend having an online account with your credit card. This way you can monitor all activity and maintain a balance that works well with your current credit card limitations.

How to get good credit

You might be looking to improve your credit and make sure that you get the loans that you want so badly. Most people are looking to pay as little as possible when getting a loan and that means you need to have a good credit score usually above 700. In this blog we will talk about many ways that you can be sure to keep your credit high and move away from problems that can keep your credit from rising.

Surprisingly many people don't understand that in order to maintain your credit you need to be using your credit such as keeping your credit cards at around 15% utilization which we will get into more later on. Another thing that some people don't realize is it is a good thing to have a higher number of total account because this shows that you can be trusted and that many lenders are willing to loan you money.

Making sure you are wise with your personal finances is a great way to keep the money and credit rolling in. You should always make sure that you NEVER miss a payment. Just one missed payment out of 100 can take a toll on your credit score and it might be hard to get it back up there again.

Our goal here is to help you get better credit or even maintain your current credit if it is good. We want to make sure you are getting the best deals possible if you are using your credit score to get a house or a car. Home loans can really take a large chunk of money over time if you have bad credit. It's important that you focus on your credit especially if you are young and looking for ways to brighten your future.

Managing your credit can seem overwhelming at times but we are here to help! The key thing is to remember to pay your payments low, never go into delinquent status or you will have harsh consequences and make sure you make enough to pay your bills. Living within your means is a good way to keep your credit in good standing because this shows that you are smart and capable of handling money. It is sort of like your parents learning to trust you in a way.

So to get the best possible credit score just stick to our blog here and pay attention. We will guide you to the path of success and it shouldn't be too long before you are able to get your own home or car!