9 Helpful Tools for Fixing Your Credit

9 Helpful Tools for Fixing Your Credit

by | Apr 5, 2016

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.

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This article originally appeared on Credit.com.

Save $1,000 in 3 Months or Less

Save $1,000 in 3 Months or Less

by | Apr 4, 2016

By Jonathan Vasquez

Recent data shows that Americans struggle to save money. We could blame the economy, the government, or the latest weather forecast but at the end of the day, savings come down to understanding your personal cash flow, and managing your budget properly.

Bad money management leads to the accumulation of debt. When you have no savings, and you have an emergency come up, the natural reaction is to use a credit card. This results in ever growing debt accounts, and shrinking or non existent saving accounts.

When I started making better financial decisions I knew I had to create a budget that would work for me and start saving as soon as possible. I set a goal of saving $1,000 as fast as humanly possible without reducing my lifestyle. The best way to save money is by taking money that you are spending on something and moving it to your savings account instead. I found a few ways to save enough money on recurring expenses to save $1,000 in just two months!

Call your cellphone provider – My monthly cellphone bill was $180 per month. I had grown so used to paying that much for my service that it didn’t seem like a lot. After multiple security questions and a few minutes of analyzing different options, I was able to lower my cellphone bill to $105! That’s $75 in savings every month or $900 a year.

Cut the cord – I’m sure the CEOs of Comcast, Time Warner, and Verizon are nice guys, but given he choice of keeping money in my pocket or putting it in theirs, my pocket will always win. Called the cable company in 2011 and cancelled my service. I have not had cable since then. That’s $100 saved every month or $1,200 per year.

Cook at home – On an average day outside of the home, I spend $25 eating out. That’s an $8 protein shake at the gym, a $9 chicken bowl at Chipotle, $5 coffee at Starbucks, and coffee and a pastry at my favorite Cuban spot in Miami. If I were to do that 3 times a week for a month it would add up to a whooping $300! Cook at home and save money. I figure I can cook a meal for about $2.50 – including the protein shakes. Three meals a day, three times a week, over four weeks come out to $90. You can save about $210 per month by not eating out, more if you eat out more often. $210 per month come out to $2,520 per year.

Buy in bulk – This includes purchasing a membership at a whole sale club like BJ’s, Costco, or Sam’s. My Costco membership has saved me thousands of dollars over the years, and as an added feature, it gives me 2% cashback at the end of the year. By purchasing all my main grocery items in bulk I can easily save 30% on my monthly grocery bill. My grocery expenses dropped from around $550 per month to a little under $400. Naturally, this number fluctuates as prices are not fixed, but on an average month I can save $100 on groceries, or $1,200 in a year.

Adjust the lights – It’s very easy to waste energy and inadvertently pay for electricity that you didn’t need to use. Living in Florida it becomes very easy to over spend in cooling expenses. Using the dryer while your AC is running, or even leaving the AC running on your preferred setting while you are away can result in increased energy consumption. Adjust the use of the dryer, dishwasher, and lights throughout your home and you will see a big difference. My electric bill went from $200 per month to $147 over the summer – it is usually lower during the “winter months”. $50 per months add up to $600 a year.

In five simple steps you can save $500+ starting in your first month. In 3 months you can easily save $1000 or more and make yourself ready for any emergencies that may come your way.

Article Source: [http://EzineArticles.com/?Save-$1,000-in-3-Months-or-Less&id=9200414] Save $1,000 in 3 Months or Less

How to Go From Minimum Wage to Six Figures

How to Go From Minimum Wage to Six Figures

by | Apr 1, 2016

Now that is the million dollar question everybody is asking, right? Well let me tell you, I learned how to go from minimum wage to six figures over a period of time. It was an interesting journey that I believe anyone can take with a plan.

So how do you do it? You do it by having a plan of action and actually taking that action until you reach your goal. That’s it in a nutshell. As easy or simple as it sounds, believe me it is not an easy journey and not for lazy or scary people.

My Single Mom Minimum Wage to Six Figures Story

I did it with my two kids, a full-time job, classes and homework, and a ton of determination. There were times I wanted to quit. There are days I cried and felt like giving up. Sometimes there were even people who tried to stop me. I even got distracted and off course for a little while, but I would not give up.

I went from working at the Probate Office in the county courthouse for the then minimum wage of $6.35/hr to a temporary job for $8.00 at AFLAC. Then I was hired full-time with benefits at $10.00/hr. My journey took me back to college after 10 years with a 6-month old and a four year old to a new city. My pay dropped to $8.50/hr working for the college then went up to $12/hr part time as an intern at NASA.

I was then hired as a full-time contract technical writer making $17/hr. Within a year I was promoted to Sr. technical writer and received a raise to $20/hr. From there I went to other companies and made $27/hr, $32/hr, $45/hr, to $50+/hr. As my skills and experience increased so did my income. I went from court clerk to SharePoint Corporate Trainer. None of what I’m sharing is to brag but it’s to show you that my hard work, prayers, and determination made the difference.

Even though I am a single mom it has never kept me from going after my dream. Maybe part of it is that I’ve always been an over achiever, but it’s mostly that I did not and would not let my circumstances or other people dictate my life and financial future. I decided what I wanted to do and I did it because I had two amazing kids keeping me motivated.

Dreams, Goals, & Plans are Key

You simply cannot give up on your dreams. You have to turn those dreams into goals. You have to create a plan. I’m not saying it has to be perfect but it has to at least drive you toward something better.

My process for going from $6.35 an hour to six figures was not a cut and dry path. I did not have a blueprint or cheatsheet. The truth is I had to piece together several parts to get to where I wanted to be. I can share those pieces with you but it’s up to you to take them and apply them to your life. In the end, it will probably look nothing like my journey.

Get the Puzzle Pieces Here

If you want to get the pieces to my puzzle you can join, enroll, or grab my $6.35 to Six Figures Master Class. In it I share how to create a Money Master Plan to elevate your income and upgrade your quality of life! There is no magic bullet but I can say my methods are sound and will help you along this financial journey.

 

What to Buy at the Dollar Store (& What to Avoid)

What to Buy at the Dollar Store (& What to Avoid)

by | Mar 22, 2016

March 22, 2016 by Trae Bodge

If you’re like me, you enter your neighborhood dollar store intending to quickly grab one or two things. Instead, you end up slowly roaming the aisles for an hour, checking out absolutely everything. After all, you don’t want to miss an amazing $1 deal!

Here are a few things to keep in mind for your next trip:

  • Not everything at the dollar store is actually $1, so check prices.
  • Sometimes you get what you pay for — low price can equal low quality.
  • Dollar stores often receive odd lots or overstocks. Keep that in mind before purchasing — check for quality, damages and expiration dates (when applicable).

There are some items that can be great finds at dollar stores, and other kinds of purchases that are best left to other retailers.

WHAT TO BUY

Plant supplies, like clay pots, glass marbles, etc.
These are usually a great bargain at a dollar store versus home improvement stores. I would, however, avoid gardening tools, as the quality probably isn’t there.

Packing tape
I always make a point of picking up a roll or two at the dollar store. The rolls can be a bit shorter than at the office supply store, but for $1 vs. at least three times that, it’s a good deal.

Decorative gift bags
You can usually get plain gift bags pretty cheaply at stores like Target and Kmart, especially if you buy a package of multiples, but those shiny bags festooned with pictures of balloons or holiday ornaments? Those can go for $3 and up versus $1 at the dollar store.

Hair accessories, like coated elastics and hair combs
These are $1 a bunch at the dollar store and are at least $2.50 at the drugstore. The quality of the elastics can be a bit questionable at the dollar store, though, so give them a good tug before buying. 

Toothbrushes and toothpaste
If you find brand names at the dollar store for $1, grab them. Be sure to check the expiration date on the toothpaste, though.

Beach reading and coloring books
You probably won’t find The New York Times best sellers at the dollar store, but a good trashy novel? Yes. Coloring or activity books are also a good buy at the dollar store, but I would skip those that come with markers or crayons, which may be dried out or of poor quality. 

Foam core
School project? If you can find foam core for $1 or even $2 at the dollar store, grab it. I’ve seen it priced between $3 and $12 elsewhere. 

Mylar balloons
If your local dollar store sells and inflates balloons for $1, this is a great deal. The balloon or floral store will charge more.

Cotton balls/pads
If they are 100% cotton and $1, get them. Only get cotton swabs at the dollar store if they are brand name.

WHAT TO AVOID

Perishable & packaged foods and candy
Freshness and quality can be questionable, so I would proceed with caution. Check expiration dates and ingredients and inspect for damage before purchasing. 

Power strips, USBs, chargers and earbuds
Avoid buying anything that you plug into your beloved smart devices at the dollar store. The quality is probably not up to snuff, so don’t take the risk. 

Plastic food containers
Especially if you are in the habit of microwaving food in plastic containers or putting them in the dishwasher (both of which I advise against), do not buy plastic containers at the dollar store. The quality may be substandard. 

Sunscreen
Only buy sunscreen if the expiration date is a couple years away (allowing for time it may have already sat on the shelf), as SPF tends to degrade over time. Also check for a seal. If there isn’t an expiration date or seal, skip it. 

Detergents and cleaning products
Like sunscreen, the efficacy of cleaning products can degrade over time. Best to skip unless there’s an expiration date that is a couple of years away. 

Makeup, toiletries and medicines
I’d pretty much skip this category. It’s rare to find name-brand products anyway, and if you do find name brands, they could be pretty old.

Toys and games
These are usually made very cheaply. Your child will delighted for a minute until the toy falls apart. Rubber and plastic balls are good, though.

If saving money is important to you, don’t forget that you can save on everything from car loans to credit card interest rates if you have a good credit score. You can monitor your financial goals like building credit for free on Credit.com.

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This article originally appeared on Credit.com.

7 Steps to Making the Most of Financial Aid

7 Steps to Making the Most of Financial Aid

by | Jan 12, 2016

(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.

3 Affordable Ways to Save Your Child’s College Fund on a Limited Income

3 Affordable Ways to Save Your Child’s College Fund on a Limited Income

by | Dec 12, 2014

A few weeks ago, my daughter received an acceptance letter from Auburn University! Time to raid the child’s college fund! But first a little back story.

We are so excited about this because she’s wanted to go there since she was around 12 years old! The application process was not too bad, but it did require that we sit down and give it careful thought. It required that we remember all of her accomplishments, both from an academic and extracurricular standpoint. I was up against of bit of resistance from her because she is quite modest and didn’t think flying a plane this summer or being on the Mock Trial team was a big deal. Duh!!! Yes it is sweetie pie! (more…)