You know you have a problem — a credit score problem — but you don’t know how to fix it.
There are so many different possibilities that could be the source of your credit problems that it’s hard to know where to start. Here are some tools to help you understand, diagnose and manage your credit problems so you can fix your credit once and for all.
1. Spending Alerts
One of the biggest factors impacting your credit score is how much debt you have. Setting up spending alerts on your credit cards can help you make sure you don’t let your balances wreck your credit. Spending more than 30% of your credit limits on revolving accounts, like credit cards, can do major credit score damage. In fact, people with the best scores spend less than 10% of their limits. Some credit card companies let you set spending alerts for when you’ve charged more than a certain dollar amount or a certain percentage of your credit line. These alerts can help you make sure you keep that major credit scoring factor in check.
2. A Credit Card Payoff Calculator
The easiest way to hurt that “amount of debt” credit scoring factor is by carrying a balance on your credit cards. When interest charges accrue, they can quickly add to an already-high balance, doing double damage — you’re in credit card debt and your credit score is taking a hit. You can use a credit card payoff calculator like this one to get a handle on your debt and make a plan for paying it down.
3. Free Annual Credit Reports
If you don’t know what the problem is, how can you fix it? That’s why your free, federally-mandated annual credit reports are so important. Your credit reports have the raw data your credit scores are based on. You can get a free annual credit report from AnnualCreditReport.com from each of the three major credit reporting agencies.
4. Free Credit Scores
There are a lot of places where you can get your credit scores for free nowadays. You can check two of your credit scores for free every month on Credit.com, and many credit card issuers and banks offer a monthly credit score for customers as well. Checking your credit scores regularly can help you track your progress as you work to improve your scores.
5. Disputes
By law, every major credit reporting agency must have a dispute process in place for correcting errors on consumers’ reports. Just one late payment reported in error can drop your credit score significantly, so a dispute can be a powerful tool. Here’s an in-depth guide to disputing credit report errors.
6. Credit Repair
For people with many errors on their credit reports, the dispute process may not be sufficient to get everything fixed with all the credit bureaus. Some people want to hit the easy button and not have to file all the disputes and track whether the errors are removed. Those people may want to consider a credit repair company — here are tips for picking a reputable one.
7. Credit Freezes & Fraud Alerts
If you’re a victim of identity theft, fixing your credit can be incredibly difficult. Someone took your personal information, like your Social Security number, old addresses, maiden name, etc. It’s one thing to dispute incorrectly reported information on your credit report when you hold all the information, but it’s another thing entirely once those details are out of your hands. In fact, you run the risk of being victimized over and over and over again — your Social Security number doesn’t expire, after all. That’s where filing for a credit freeze or fraud alert can come in handy. These are tools the major credit reporting agencies provide to help fraud victims protect their credit.
Fraud alerts require a lender or creditor to further verify your information when anyone applies for credit in your name. This helps ensure it is actually you who is applying for credit and not your identity thief. A freeze goes one step further and essentially shuts down access to your credit file until you unfreeze it. Depending on where you live, a credit freeze may be free or come with a fee.
8. Cash
A credit problem is often a cash problem as well, but sometimes it isn’t. For example, if you’re recovering from bankruptcy, short sale or other credit disaster, it can be hard to get new credit because your credit score is so low. But, you can get a secured credit card and start rebuilding your credit if you have some cash you can use to “secure” the card. These cards require a cash deposit that generally serves as your credit limit. Treating that account right, paying your bill on time and managing your credit usage, can help you build credit quickly and allow you to eventually access a standard credit card.
9. Lifetime Cost of Debt Calculator
Sometimes the key to building good credit is simply to stay motivated. That’s where this lifetime cost of debt calculator can come in handy. Plug in your age, where you live and a few other details and you can see just how much a good credit score can cost you in a lifetime vs. how much a bad credit score will cost you. The price tag alone will keep you focused on a better credit score.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Have you ever asked yourself “Why am I on this roller coaster ride? How do I get off?” What can you do to silence the nagging voice that keeps whispering in your ear “just quit”? Despite having faith and juggling life, as a single mom, there will be times that feel like everything is suffocating you. This does not indicate weakness. This is life—the life of a single parent. While I have no silver bullet that will help you defeat trying times, I do have a set of invaluable coping strategies that will empower you on your journey.
These are the 5 coping strategies:
Crying-Purge set some things free
As much as crying yourself to sleep at night will bring no positive result or qualified answers to the problem that you are facing in the moment, it is still effective. Crying is a purging process that ultimately relieves some of the heaviness you carry daily.
Faith- You have to have something you believe in and that fills you up
Having faith to know and believe that no matter what is happening in your life there is something greater than you and will never fail you is critical. Believe in the power of the universe to hold you up, show you the way, and open up closed doors when you have met the end of your own strength.
Quiet Time- Rest your mind, Reclaim your power and Rejuvenate your spirit
As a single mother, a lot is asked of you. You give until you have nothing left in you. Take the appropriate time to sort things out and to spend some time alone relaxing your mind.
Self-Improvement-Feed yourself positivity. Feed Your Mind
It is critical that you as a single mother do not stop growing and becoming better. It keeps your mind alert and continues to open up the door to opportunities to offer more to your children. And let’s be honest, it is good to lead by example.
Devotion/Meditation- Tap into your inner core
My favorite scripture is “I can do all things through Christ who strengthens me” from Philippians 4:6. Whether it is to run over, step over, climb over, roll over, or even crawl over the mountains before you, it has to be done; quitting is never the only option. Single mother’s you must pull out your mantra/verse and recite it with unwavering belief to produce the inner strength and power to make it a little longer.
These strategies are a starting point for overcoming the “I quit” syndrome. You have no barriers or boundaries except the ones you create. Single mother’s, you will never be faultless or handle every situation the right way, but you can give your best. You are more than you think you are and can go much further than you know. Be confident and be bold. You must have faith to know that you are chosen, equipped, and ready to change the face of the next generation. You have to release “I quit” in order to receive “I can”.
About the Author
Grayce Bernard is the founder of IMPAC, Inc. and the author of the book: Raising Giants-Repurposing the Life of the Single Mother. She helps women break the cycle of generational poverty to build wealth by creating a life plan and step into a bigger vision of herself. C. Grayce serves as a voice and advocate for the voiceless. She specifically helps single mothers reframe their stories of shame into stories of empowerment. C. Grayce Bernard is a coach, speaker, trainer and transformational leader. Book C. Grayce Bernard for your upcoming event at443.364.8789 or email: cgb@cgraycebernard.com. Connect with her on Twitter, Facebook, and Instagram
(BPT) – What do parents of toddlers and parents of high school students have in common? Both worry about paying for college. With the constantly rising costs of higher education, financial aid becomes more important than ever for making the dream of a college education possible. So if you’re interested in receiving financial aid, where should you start?
“The Free Application for Federal Student Aid, or FAFSA, is your gateway to money for college from both the federal and state governments for most colleges and universities,” says Mark Kantrowitz, author of “Filing the FAFSA” and “Secrets to Winning a Scholarship.” “Filing the FAFSA correctly is crucial, as it has a direct effect on how much money you receive from various types of financial aid.”
College Ave Student Loans partnered with Kantrowitz to offer top tips for maximizing your need-based financial aid for college:
1. Save strategically
When it comes to covering the cost of college, financial aid should be at the forefront of your mind, whether you’re ready to file the FAFSA right now or not. It’s best to save money for college in a parent’s name, rather than the student’s, as the FAFSA assesses money in the parent’s name at a much lower rate. Every $10,000 in student assets reduces aid eligibility by $2,000, while every $10,000 in parent assets only reduces eligibility by up to $564.
2. File early
The earlier you file the FAFSA, the better. Right now, you should file the FAFSA as soon as possible on or after Jan. 1, but starting in 2017, you can start as early as Oct. 1. Ten states award aid on a first come, first served basis, and 12 have hard deadlines in February and March. Specific schools can also have specific deadlines, and students who file early may qualify for more aid. So, as a rule of thumb, file the FAFSA in January to maximize your eligibility.
3. Minimize income in the base year
Using income and tax information from a previous year, or base year, the FAFSA calculates the financial strength of your family. Because the formula is heavily weighted on income, it’s a good idea to reduce your income in the base year. If you can, avoid realizing capital gains. If you must sell stocks, bonds or other investments, try to offset capital gains with losses. Taking retirement plan distributions during the base year will also count as income.
4. Reduce reportable assets
Minimize your money in the bank by using it to pay credit card and loan debts. This not only makes good financial planning sense, but may help you qualify for more aid.
5. Maximize the number of children in college at the same time
Something as simple as having more than one child in college can dramatically increase your changes of receiving more financial aid. While you can’t change the ages of your children, you can use this impact on aid eligibility as a deciding factor when determining whether to allow your child to skip a grade.
6. Seek generous and low-cost colleges
There are many generous colleges, including some in the Ivy League, which implement “no loans” financial aid policies. This means they replace loans with grants in the student’s need-based financial aid package. Additionally, in-state public colleges are likely to be your least expensive option, especially after subtracting gift aid, grants and scholarships.
7. Organize your documents and information
Filing the FAFSA is all about the details. Pay attention and stay organized to get the job done right, starting by filing the FAFSA for the correct year and staying on top of deadlines. Make sure to use the right Social Security Number, date or birth, marital status and correct financial information. Follow the instructions and fill out the forms as carefully as possible to get the most accurate results.
Once you receive your financial aid award letter and assess your savings, you’ll have time to consider taking out a loan. If you need it, find a simple option that works for you, such as College Ave Student Loans.
Navigating the world of financial aid can be tricky, so follow these tips to maximize your eligibility and make college a reality. For more information and resources, visit collegeavestudentloans.com.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
“The only man who sticks closer than a friend during hard times, is a creditor.”
We might laugh at the quote above, but if you’re laughing while being in debt, you’re probably cringing on the inside at the same time. Debt, in itself, is not a funny part of life. Quite the opposite, small to large quantities of debt often hang like a dark cloud through life, casting shadows of foreboding and hopelessness wherever we go.
Like so many, when we come to a place where there seems to be no financial means to change our situation, we turn a deaf ear to the calls and throw away the collection letters from the mail. Essentially, we ignore the problem as best as we can while we continue to move forth into new stages of our lives.
Unfortunately, though we may apply all of the tricks in the book to successfully distancing ourselves from our debtor’s communications, our minds our often trapped within the heaviness of our new financial limitations.
You might ask, so what then can be done to move beyond debt’s darkness so that we can return to those more carefree sunny days of our past? Read on, and we will show you…
1. Face the storm – Time to let yourself take a good look at that annoying dark cloud, and finally start expecting to see the sun. By mentally addressing to your subconscious that you are about to find a solution to the nagging darkness, half of your struggle will already be won.
Stop doing the runaway two-step and stand instead with a power pose of authority towards your debt. Take your mind into a conqueror’s mentality…the undefeated Susan…the unstoppable Rick. Change that emotion of fear you feel into power instead.
Studies prove that we essentially will end up in the direction for which we aim our mind. Take that truth and run the other way with it. It’s time to stop hiding underneath that cloud and lasso it instead. Take your authority with it, and you can tell it where to go.
2. Unmask the monster – Time to see the collector’s differently. Remember that saying, “to kill stage fright, picture the audience nude?” Well, this begins as the same concept. Realize that your debt collectors are just people doing a job to make their living. In short, let yourself realize that they do in-fact have a soul, and work with that.
The wonderful truth is, we are all human at the end of the day. We all put our pants on the same way, just as we have all made both good and bad decisions. Keep the perspective on your debt collector’s humanity in the forefront of your mind as you approach step three, and get ready to smile.
3. “Kill” them with kindness – This third step will take some focus, some patience and a really great cup of hot cocoa. Well, maybe not the cocoa part, but it’s time to step into your happy zone and look at the debt collectors through rose colored glasses.
Get the conversations into the human friendly zone and treat them like your best friend. The truth is, when it is all said and done, there is nothing more powerful than human connectivity. Common grounds of understanding are powerhouses for negotiation…and blowing away your debt cloud.
4. Talk their ear off – This fourth action will require multiple actions, and will extend over a small amount of time. Once you’ve established your BFF status with your debt collecting peeps, you must maintain your relationship.
Call them OFTEN and keep them informed. If you are working out a settlement process with them, keep them up to date every step of the way. You want to build rapport with them and cause them to feel that you are keeping things honest, open and clear.
Doing this will maintain extra grace for your situation along the way and possibly even delay legal issues they would otherwise take against you.
It’s not always an easy road to facing our darkness and our fears, but it can be an absolutely invigorating ride when we do! Just remember to keep those sweet visions of sunny freedom within your mind as you go along this dynamic journey; and when you get to where you’ve always wanted to be…blissfully debt free, pass the energy on to others you know who are struggling as well. Before long, we will all begin to see, that we are the only ones truly powerful enough to change our own skies.
If you would like more refreshing financial guidance and food for monetary life, check out my book ‘Cu$hion Money…Look What I Found’ on Amazon.
No doubt you’ve seen many warnings against sharing personal or financial information with strangers, but what about your spouse – or ex-spouse? A recent study by McAfee uncovered some unsettling results:
Although 96 percent of adults surveyed trust their significant other with passwords, intimate photos and other personal content, only 32 percent have asked their ex to delete the information when ending the relationship.
One in five people said they’re likely to log into their spouse’s Facebook account at least once a month.
Some 30 percent admitted they’d “cyber-stalked” their significant other’s ex on social media.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
As much as it seems like I am content to be single I want you all to know it’s total BS!!! I don’t hate being single but I strongly dislike not being a part of a healthy coupled relationship. I’m not without options but the question is are they quality options? That’s what I’m holding out for and you should too. Read on to see the 10 Worst Things About Being a Single in a Couple’s World served with a cup of humor.
Being able to take up the whole bed, watch whatever you want on TV and being accountable to nobody are just a few of the great perks of being single. Unfortunately, for many singles, those things are not always enough. Here are the ten worst things about being single:
Weddings
All that love and happiness is only slightly counteracted by the free wine. Once you’ve attended your fifth wedding of the year, it’s hard to keep calm when people question you about your love life and tell you you’ll meet someone soon.
Life is just better when you have someone special around all the time, keeping you company at the cinema, giving you excuses to get out of boring events, and stopping you from buying really stupid outfits. There’s not much that can beat having someone you can be with whenever you like.
No relationship means fewer reasons to eat well. It’s hard to keep preparing meals for one when you could just as easily break out the chips and jumbo-sized chocolate bars.
Singletons usually end up as the odd ones out at parties and other events. When you’re in a relationship, you’ve got some back-up should you want a breather – but when you’re single, you either try and fit in or go home alone. Third wheel, anyone?
Even the most resilient singles have 3am freak-outs where they worry they’ll never find love again. These freak-outs can also happen at parties, festive seasons or other people’s weddings (see above). To combat this, using sites such as eHarmony who match people based on their shared values and beliefs can help.
It’s only so long that you can convince your friends that you’re absolutely fine with being alone and you really don’t want to meet anyone. Ever. Really. It’s fine.
Because of course that’s why you haven’t found love – you’re much too choosy. If only you’d married Johnny Depp/Scarlett Johanssen while you had the chance, eh?
When you’re single, you really don’t want to be reminded of how happy and in love other people are at all times, particularly not first thing in the morning or when you’ve had a grueling day at work.
Spend enough time around couples and you start feeling like you’ve got ‘single’ stamped on your forehead whenever you go out anywhere. This is especially awkward when your friends start trying to set you up with every eligible person they meet.
Because there’s nothing worse than having an entire day dedicated to reminding you of how single you are (not to mention all the “maybe next year” comments from your coupled friends).
This article was brought to you by eHarmony Canada who are experts in matching singles with suitable dates using their unique patented Compatibility Matching System.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Hi! Welcome to RichSingleMomma.com. I started this website almost a decade ago because I couldn't find any blogs back then that helped single moms with money. I was having some success in that area so I decided to share what I knew about side hustles, making extra money, and managing money. Read more...
