You may see credit repair ads claiming that your bad credit can be fixed easily. Some of these are credit repair scams and the simply collect your money and give you nothing in return.
I’d avoid new businesses even though just because their new doesn’t mean they aren’t any good. I’d just prefer to go with a company which has been around for years. Companies that tell you only their credit repair company can remove old or inaccurate information or that they can remove everything. These claims are false.
Be on alert if they want you to pay by Western Union or Money Gram as these are common ways scammers ask to be paid. Any licensed business will have a business bank account. Having the license does not ensure they aren’t crooks but, it’s just another thing to check for. Top Credit Repair can help you.
Avoid new credit identities
If you have bad credit or have recently filed for bankruptcy, you may be targeted by schemers trying to sell you another persons social security number as your new credit file number, this number may belong to another person or be made up. If you score is that bad it may be best to add tradelines to your own credit files. If you use another persons number, you could face fines and or be imprisoned for Fraud & Identity theft.
Other Credit Related Scams
Consumers looking to fix their credit easily are often targets of other credit-related scams:
Such as the “Credit by phone”: Pay-per-call services have become a popular vehicle for credit repair scams. False Advertisements promise that “guaranteed” credit or cash loans are only a phone call away. But after calling and buying the product, it may turn out to only be a booklet or a list of banks offering low-interest credit cards.
Anything a credit repair company can do you an to. they only use the available laws to repair your credit. If you knew the laws and had the time and patience required to d credit repair then you could repair your own credit. As you do this,. the credit tradelines that you open and pay on time will raise your credit scores. So beware of credit repair scams.
To learn how to raise credit scores fast get a copy of your credit reports from sites like AnnualCreditReport.com. Then read the tips below to learn how to raise credit scores fast.
1. Dispute any errors you notice. Mistakes happen. You can dispute errors online through TransUnion, Equifax and Experian. (If you don’t want to dispute you can pay a reputable company) As many as 80% of credit reports have an error on the reported credit tradelines.
2. Negotiate with your creditors. You can always ask your creditors to “erase” debt or any account that went to collection. Some write a so called “good will letter” a letter offering to pay the remaining balance or a percentage if the creditor will report the account as “paid as agreed” or maybe even remove it altogether (this is known as a pay to delete). (Note: Be sure you get the creditors agreement in writing before you make any payment to them.
3. Make sure your correct credit limits are reported to the credit bureaus.
4. Get yourself a credit card. Having one or a pieces of plastic can help your score – but only if used regularly and paid on time.
5. Become an authorized user. Ask a relative or good friend if you can be added to his or her existing credit card account. Tell them you don’t need the card. You may hear the word “no” a lot. But you might also luck out, If you do get added as an authorized user the years of perfect payment history and the credit limit get placed in your credit files. If you can’t get a relative who has good credit to add you, you can buy tradelines for sale from IZM Credit Services and be added as an authorized user on their good credit accounts
6. Under-use your credit cards. Yes, we did just tell you to use credit when possible. But don’t use it to pay for everything . Your “credit utilization ratio” should be no more than 30% and even less if possible. A reported credit utilization of 10% or less will maximize your credit scores.
For example, your credit card has a $10,000 limit and you charge a grand a month. That would be fine, the main thing is to have the limit which is reported to the credit bureaus be under 10% for you to achieve the highest credit scores possible. To do this pay down balances on the payment date or at least one day before your account closing date.
7. Don’t close old credit accounts, the old credit tradelines which are called seasoned tradelines add to the average account age on your credit files
For more info on how to raise credit scores fast, come to this blog regularly or sign up for updates.
Passive income, who wouldn’t want a passive income source that flows in with little or no effort on your part?
Passive income may seem like an unrealistic dream, but there are actually a number of ways to make passive income. The key is finding the right opportunity for you. I want to make that easier by giving you a list of passive income ideas.
At first you may only be making a small amount of money passively, and you may even want to re-invest that money so it compounds and grows faster. But with some time, it’s possible to create enough passive income that you could quit your job or retire early.
1. Share Your Good Credit – Make Thousands
Rent your credit card authorized user spots. Here is a lucrative passive income source that may be new to you. You can add 3-5 authorized users to your credit cards (without giving the person added a card or access to your information) and you’ll be paid to do it. People who need to boost their credit scores can increase their credit scores and build credit history by piggybacking off of your perfect payment history. How much you make depends on the age and the credit limit on the account.
If you’ve never heard of selling/renting tradelines before it probably sounds too good to be true. The process only involves adding the credit repair companies client to your account, the card will be sent to your address and you can destroy it after you send a photo or scan of the card with the clients name only( this needs to be sent to the credit repair company, so they can know you did your part and so their client can also know they have been added as an authorized user.. The credit repair client user never has access to your account/s enrolled in this program.
It’s not for everyone, first off you must have perfect payment history but some people are making $2000 or more each month with very little effort, others have made upwards of $50,000 in one year. I have a few cards enrolled, the average pay is 100 350 per person added. I go through a company that was featured on the news for paying it’s card holder partners thousands of dollars monthly… It only requires 2-4 minutes to add/ remove a client and IZM Credit Services pays well.
They even pay you 5% Residual Income to refer other card holders and 10% to refer people in need of credit repair or credit fast building.
Peer-to-peer lending has become extremely popular. Borrowers and lenders can be matched up through a website or app.
The peer to peer borrower might not be able to qualify for a loan at a traditional bank. In many cases the peer to peer borrower gets a better interest rate than they get from a bank. As an investor, you can also earn a good return.
Peer to peer sites operate differently, but you will be able to see the credit risk of a loan prior to investing your hard earned cash. The higher the risk, the more interest you will earn, that is assuming the borrower will make all of their payments.
3. Invest in REITs
REITs offer another way to invest in real estate without being a landlord. The REIT owns income-producing real estate like apartment complexes, shopping malls. REITs make it possible to invest in real estate, and to earn a share of the income produced.
There are different types of REITs. Some are traded on stock exchanges and some are not. If you’re looking for a way to get started with real estate, REITs can be an great investment.
4. Buy Rental Property
You could buy a condo, single-family home, or multi-unit property.
The more properties you own and the more tenants you manage, the more time you will need to put into it. If you want it to be a passive investment the best option is to hire an experienced property manager.
5. Credit Card Sign Up Bonuses
Many credit cards give a bonus just for signing up and making a minimum amount of purchases on the card during the introductory period. For example, right now Chase is offering a $150 bonus if you sign up for a Chase Freedom Unlimited card and spend $500 on the card within the first 90 days. If you’re like me and you make most of your purchases with a credit card, hitting $500 in 3 months is easy.
It’s critical that you avoid high-interest credit card debt. Pay your bill in full each month.
6. Bank Account Promotions
Credit card companies aren’t the only ones who are willing to pay you to open an account. Some banks will give you a bonus simply for opening a checking or savings account. Again, this isn’t something that you’re going to do all the time, but it is an easy way to make a little extra money with no work involved.
Capital One is currently offering a $25 bonus for opening a checking account or savings account (for new customers).
7. Place an Advertisement on your car
Some companies now pay to put an ad on your vehicle. So, If you’re looking for a passive side hustle, how about using your car to as an advertisement?
There are companies that match up advertisers with car owners who want to make extra money. It could be panel, or full wrap or rear window advertisement, . The ad will not damage your car, it will be removable and the ad company will install it for you. Average pay is $50 – $400+ per month. Some of the biggest companies in this industry are:
Carvertise
Wrapify
8. Rent Out Your Stuff
One way to make some money is to rent out your stuff to other people. There are a lot of possibilities here, and it really depends on what you have, and what you don’t mind other people using. Fortunately, there are also several websites that allow you to list your items for rent, and make it easy for renters to find you.
Style Lend – At Style Lend you can rent women’s fashion items, like clothes and accessories. If you have a closet full of nice clothes this can be a nice, easy side hustle for you.
Turo – This site allows you to list your car for rent. People can rent from you instead going to one of the major chains, and you can make thousands per year doing it.
Fluid Market – At Fluid Market you can list your truck for rent.
RVshare – RVshare allows you to list an RV for rent, which can be a potentially lucrative side hustle.
Fat Lama – Fat Lama will allow you to rent about anything from electronics, to to baby items & sporting goods.
9. Rent Your Spare Bedroom
You can rent out a spare bedroom in your home and make some money without too much effort by allowing someone to rent the room. A popular side hustle is to use sites like:
Airbnb
VRBO
HomeAway
10. Invest in Artist & Musician Royalties
Royalty Exchange is a nique marketplace where you can invest in royalties. Artists and musicians are allowed to raise money by selling the royalties to their work. As an investor, you could make money passively from the right royalty investment.
Get Started with Passive Income Today
After reading through this list, pick a few that look like a good fit for you. The sooner you get started with passive income the sooner you’ll be making money, and you’ll have more to re-invest. There is definitely some low-hanging fruit on this list that is easy to get, even if you don’t have money to invest.
In the crowded world of finance twitter, some market analysts are looking for a way to get paid for their tweets.
Bespoke Investment Group co-founders Paul Hickey and Justin Walters, with the help of Centric Digital, quietly launched a paid, private Twitter channel product called Premo Social on July 13. For about $10 or more a month, subscribers can get live market and economic analysis in their
Twitter feeds from Bespoke, Ritholtz Wealth Management CEO and CNBC contributor Josh Brown, T3Live’s Scott Redler or macroeconomics blogger Mark Dow.
“We wanted to come up with a way to distribute our content in the fastest way possible,” Hickey told CNBC. He noted that some of Bespoke’s time-sensitive reports often took too long to reach clients through email, so creating a subscription service on top of Twitter allows for real-time distribution to a large, existing user base.
Premo Social is completely independent from Twitter and the social media company didn’t respond to a request for comment on this article. Premo’s system automates the authorization process for adding new followers to a private Twitter feed, while collecting a fee along the way.
“If a social media platform’s goal is to keep eyeballs, this only enhances that goal,” Hickey said.
Bespoke, Josh Brown and the other initial Premo account holders already have tens of thousands or more followers on Twitter. But the selling point for subscribers is tweets that “avoid some of the more personal stuff” and provide “actionable, thought-provoking” analysis, Hickey said.
Anthony Scaramucci is well-known on Wall Street. And Washington. And Singapore. And Davos. And in virtually every other corner of the world where the carefully honed practice of high finance is practiced.
So seeing him at a senior-level post in the White House might not come as much of a surprise. To see him running the communications operation, though, has served as a bit of a shock to those on the Street familiar with the high-visibility path Scaramucci has trod on the road to his current post.
“Trump’s made a lot of mistakes early on,” said Alfred Zaccagnino, who runs the Samarian Group, a New York-based private equity firm. “You want to learn from a guy who’s learned from his mistakes. Scaramucci has definitely learned from his mistakes and has proven his success by fighting adversity and coming out on top. I want to make a bet on that guy every time.”
Absolutely! All іt tаkеѕ is a lіttlе dedication аnd careful planning, and you саn соmрlеtеlу turn уоur fіnаnсіаl lіfе аnd ѕtаtuѕ around.
Whу ѕреnd аll оf уоur tіmе fосuѕіng on оnе аѕресt (сrеdіt ѕсоrе оr dеbt), whеn уоu can tаrgеt thеm bоth аnd dоublе your rеѕultѕ іn half the time?
Thе Spin Dоwn Mеthоd
Unlіkе thе mоrе соmmоn “roll dоwn” tесhnіԛuе, thе ѕріn dоwn mеthоd іѕ much еаѕіеr to manage аnd mоrе realistic for thе аvеrаgе соnѕumеr.
Dеtеrmіnе your percentage оf оblіgаtіоn (POO) fоr еасh card/account. It sounds fancy (аnd a lіttlе humоrоuѕ in a сhіldіѕh wау!), but іt’ѕ vеrу еаѕу: Simply divide hоw much уоu оwе bу your total сrеdіt lіnе. For еxаmрlе, іf уоu owe $800 оn your рrіmаrу card and уоur tоtаl сrеdіt lіnе is $1000, thеn уоur реrсеntаgе оf оblіgаtіоn іѕ 80 реrсеnt.
Decide оn a mоnthlу рауmеnt amount. Set аѕіdе the same amount each mоnth (as muсh as you саn afford) tо рut tоwаrdѕ еlіmіnаtіng debt. It doesn’t mаttеr іf іt’ѕ $100 оr $1000, as lоng аѕ it’s соnѕіѕtеnt аnd, preferably, automatic.
Gеt thе POO for еасh ассоunt tо 50%. While еxасt details of hоw your credit ѕсоrе іѕ dеtеrmіnеd аrе unknown, іt іѕ accepted thаt a POO оf 50 реrсеnt or аbоvе will nеgаtіvеlу аffесt уоur ѕсоrе. Sо, ѕtаrtіng wіth your hіghеѕt POO ассоunt, make уоur mоnthlу рауmеntѕ untіl іt’ѕ аt 50 реrсеnt, then mоvе tо your nеxt highest POO ассоunt.
Now, gо fоr 30%. Once уоu have аll of уоur ассоuntѕ down tо 50 percentage оf obligation, commit уоur mоnthlу рауmеntѕ tо getting thеm аll to 30 реrсеnt, ѕtаrtіng wіth thе lаrgеѕt.
Thе home ѕtrеtсh. Nоw that уоur debt іѕ ѕіgnіfісаntlу rеduсеd, уоu саn bеgіn using the more common roll dоwn tесhnіԛuе of рауіng off еасh remaining card, starting wіth thе оnе wіth thе highest іntеrеѕt rate.
Bу uѕіng thіѕ method, not оnlу wіll уоu increase уоur сrеdіt ѕсоrе in larger and more frеԛuеnt іnсrеmеntѕ, but you wіll аlѕо rеасh уоur gоаlѕ ѕооnеr than if you ѕіmрlу ѕtuсk with thе traditional roll down method thе еntіrе wау.
That’s why thе ѕріn dоwn method is the bеѕt how tо іnсrеаѕе сrеdіt ѕсоrе tесhnіԛuе.
Real еѕtаtе іѕ a рорulаr іnvеѕtmеnt. Thеrе are mаnу mоdіfісаtіоnѕ in the monetary ѕуѕtеm hаvіng рuffеd-uр rіѕk оr lеѕѕеr rеturnѕ, thе іnvеѕtmеnt marketplace go оn with thе рlаn іmаgіnаtіvе аnd gооd-lооkіng іnvеѕtmеnt аррrоасhеѕ. Thеѕе dеvеlорmеntѕ mаkе іt іmроrtаnt fоr rеаl estate lісеnѕеѕ to hаvе an еlеmеntаrу аnd uр-tо-dаtе knowledge оf real estate investment. Of соurѕе, thіѕ dоеѕ nоt mеаn that licenses should асt аѕ іnvеѕtmеnt counselors. Fоr аll hе time thеу should refer investors tо knowledgeable tax ассоuntаntѕ, аttоrnеуѕ, оr іnvеѕtmеnt professionals. Thеѕе are thе рrоfеѕѕіоnаlѕ who can gіvе еxреrt аdvісе оn аn іnvеѕtоr’ѕ ѕресіfіс needs.
Cоnѕіdеr All the Three Factors Bеfоrе Investing іn Rеаl Estate
Thе thrее factors оf іnvеѕtіng іn real estate аrе area, perception аnd есоnоmісѕ. Thе kеу to making thе bеѕt іnvеѕtmеnt іn real еѕtаtе, аnd specifically іn cooperatives, аnd townhouses, is to consider аll thе three factors. Invеѕtіng in real еѕtаtе соrrеѕроnd tо a certain соmmіtmеntѕ on the part оf thе purchaser. Invеѕtmеnt in rеаl еѕtаtе mаdе solely uроn thе location оf the рrореrtу will not уіеld thоѕе rеѕultѕ. Bеfоrе making an investment, it is еѕѕеntіаl tо include thе thrее considerations
Cоnѕіdеr on the whоlе аrеа.
Cоnѕіdеr awareness оf thе аrеа.
Consider the fіnаnсіаl fасtоrѕ.
Mеrіtѕ оf Rеаl Eѕtаtе Invеѕtmеnt:
Rеаl еѕtаtе values hаvе varied еxtеnѕіvеlу іn vаrіоuѕ аrеаѕ оf thе соuntrу. Yet many rеаl еѕtаtе іnvеѕtmеntѕ have shown аbоvе аvеrаgе rаtеѕ of rеturn, gеnеrаllу greater than thе рrеvаіlіng interest rаtеѕ сhаrgеd bу mоrtgаgе lenders. In аѕѕumрtіоn, this means thе investor can utіlіzе the іnfluеnсе оf rented money tо іnvеѕt a rеаl еѕtаtе purchase аnd fееl comparatively ѕurе thаt, if hеld long еnоugh, thе аѕѕеt wіll yield mоrе mоnеу thаn іt соѕt tо finance thе purchase.
Rеаl еѕtаtе оffеrѕ investors greater control оvеr thеіr іnvеѕtmеntѕ thаn dо other орtіоnѕ such аѕ stocks etc. Real еѕtаtе іnvеѕtоrѕ also are given аѕѕurеd tаx аdvаntаgеѕ.
Dеmеrіtѕ оf Real Eѕtаtе Investment:
Liquidity rеfеrѕ tо how quickly аn asset mау bе соnvеrtеd іntо cash. Fоr instance, аn іnvеѕtоr in lіѕtеd ѕtосkѕ hаѕ only a саll a ѕtосkbrоkеr whеn fundѕ аrе needed. Thе ѕtосkbrоkеr sells the stock, аnd the investor rесеіvеѕ thе саѕh. In соntrасt, a real estate іnvеѕtоr may have tо ѕеll the рrореrtу at a ѕubѕtаntіаllу lower рrісе thаn dеѕіrеd to ensure a ԛuісk ѕаlе. Of course, a rеаl еѕtаtе іnvеѕtоr mау bе аblе to rаіѕе a limited аmоunt of саѕh bу rеfіnаnсіng thе рrореrtу.
Huge amounts are gеnеrаllу nесеѕѕаrу tо invest іn rеаl еѕtаtе. It іѕ not easy tо іnvеѕt in rеаl еѕtаtе without professional guidance. Invеѕtmеnt decisions must bе bаѕеd on саrеful ѕtudіеѕ оf all the fасtѕ, reinforced bу a thorough knowledge оf real еѕtаtе аnd thе manner in which it іѕ аffесtеd by thе mаrkеtрlасе.
Rеаl estate has need оf dynamic аdmіnіѕtrаtіоn. A real еѕtаtе investor саn rаrеlу ѕіt іdlе bу and wаtсh hіѕ оr hеr money grоw. Admіnіѕtrаtіоn аѕѕеѕѕmеntѕ muѕt bе mаdе. The іnvеѕtоr mау wаnt tо mаnаgе thе рrореrtу реrѕоnаllу. On the оthеr hand, іt may bе рrеfеrаblе tо hіrе a professional property mаnаgеr. Phуѕісаl іmрrоvеmеntѕ ассоmрlіѕhеd by the investor реrѕоnаllу mау bе rеԛuіrеd tо make thе asset рrоfіtаblе. Mаnу good investments fаіl bесаuѕе оf poor management.
Finally, it іnvоlvеѕ a hіgh degree оf rіѕk. The орроrtunіtу fоrеvеr ѕurvіvеѕ that аn іnvеѕtоr’ѕ property will dіmіnіѕh іn rate durіng thе tіmе іt іѕ hеld оr thаt іt wіll not mаkе еnоugh income tо mаkе іt аdvаntаgеоuѕ.
CARRY huge wads of cash in your wallet, don’t worry about paying your bills, and buy a silver spoon to stir your coffee.
Author of Joy of Business
A bizarre book extract published on Mamamia in which a woman explains how she paid off $187,000 in debt in two years has been panned by readers as “appalling”, “irresponsible”, and “like if the anti-vaccine movement tried their hand at personal finance”.
Written by Simone Milasas, author of Getting Out of Debt Joyfully, the piece outlines the three “tools” she used to become debt-free — each of which fly in the face of common sense.
Ms Milasas is the “worldwide co-ordinator” for Access Consciousness, a self-help program “based on the idea that … consciousness can shift anything” which claims “miracles can occur on a daily basis” if you use any “one of [its] 7000 tools”.
According to Ms Milasas, her first “tool for having money” is the “10 per cent account”, where you put away 10 per cent of everything you earn. “You are not setting it aside to pay bills with,” she writes. “You are not saving it for a rainy day … You are putting it away as an honoring of you.”
But what if, she asks, people say, “I’ve got bills to pay! How can I put away 10 per cent of my income?” Well, she writes, “here’s the thing”. “If you pay your bills first, you will always have more bills.
“When you pay the bills first, the universe says, ‘Oh, okay. This person wishes to honor their bills. Let’s give them some more bills.’ If you honor yourself by setting aside 10 per cent first, the universe says, ‘Oh, they are willing to honor themselves. They are willing to have more,’ and it responds to that. It gives you more.”
To be absolutely clear, this is appalling advice. Do not follow this advice.
Back to the 10 per cent account. Ms Milasas describes it as “gifting to you”. “It’s about being grateful for yourself,” she writes. But you shouldn’t do it because someone suggested it — you “have to do it for you”.
“When I first did my 10 per cent account, I was doing it grudgingly because Gary had suggested to do it,” Ms Milasas writes, without specifying who “Gary” is.
“The 10 per cent account will not work if you do it from the point of view of, ‘This book or person said to do it.’ You have to do it for you. You have to do it to change the energy you have around finances and the energy you have around money.
“After around three or four months of starting my 10 per cent account, the energy of money changed for me. I no longer had this panic about money. How many of you have a panic about money, or a stress about money, and that has become more normal to you than not?
“If you look at the energy of this, it’s contrarian; it’s like throwing the depressing party that money doesn’t want to show up to. Money follows joy. Joy doesn’t follow money.”
Her second “tool” is to “carry around the amount of cash you think a rich person would carry”. “How different would you feel about your life if you saw a big wad of cash every time you opened your wallet or purse instead of a lot of blank space and some scrunched up receipts?” she asks. “What if you enjoyed having money in there?”
Ms Milasas says she likes to have at least $1000 — and a bottle of water — on her at all times. “Some people balk at the idea, thinking, ‘What if I get mugged, or lose my wallet or purse?’ I had a young friend who carried about $ 1800 on her at all times and lost her purse. It wasn’t very nice for her at the time, but after that, she was much more willing to be aware of her money!”
This, too, is awful advice. Do not follow this advice.
But for all the worrywarts, Ms Milasas says her question would be, “How much money would you need to carry on you so that you are willing to be aware of it at all times?”
That’s because when you “carry around a large enough amount, you will suddenly become willing to be way more aware of your money; you will become conscious of where it is and what you need to be aware of so that it doesn’t get stolen or lost”.
“If you avoid having money on you or in your life because you think you will lose it or it will be stolen from you, you will never allow yourself to have money at all,” she writes. “You have to be willing to have money and you have to be willing to enjoy it without a point of view.”
Finally, her third “tool” is to “buy things of intrinsic value” with your 10 per cent account — like gold, silver and platinum, which “can be bought in ounces, kilos or coins”.
“I have a safe in my house where I keep a lot of my gold and silver,” she writes. “If I ever get the feeling that I don’t have money, I will go and look in the safe and realize, ‘Oh, I do have money’.”
This, Ms Milasas explains, the “sort of thing the 10 per cent account can do for you”. Purchasing items of intrinsic value is a “way to enjoy having money, and to also have liquid items (liquid means easily sellable for cash) in your life that will maintain or increase their value over time”.
“Purchasing antiques or antique jewellery can be a good investment too,” she writes.
“Things like sterling silver flatware are great liquid assets because they are aesthetically beautiful items you can actually use which will contribute to creating a feeling of wealth and luxury in your life. Isn’t it much nicer to drink champagne out of beautiful crystal, or a sterling silver goblet rather than plain glass or plastic? I know it is for me!”
And if you’re strapped for cash — in debt to the tune of $187,000, for example — don’t worry. You “don’t have to have thousands and thousands of dollars in your 10 per cent account to start buying things of intrinsic value”. “You could start with buying a silver teaspoon to stir your coffee with, and add from there,” she writes.
“Just make sure, whatever you do or buy, that you follow what is joyful for you. Educate yourself about things of value that would be fun for you to have in your life.”
‘EVERY SENTENCE IS A MASTERPIECE’
The article, which was posted to the Mamamia website over the weekend, went viral on Tuesday after being picked up on Twitter, where users reacted with bemusement.
“I have never seen such objectively terrible advice,” tweeted Erin Turner, head of campaigns and policy at consumer group Choice.
“Apparently the universe will sort it if you to set aside 10 per cent of your income rather than pay off your credit card accruing 18 per cent interest. The advice is actually: wish hard and wait for the universe to give you money. It’s The Secret for money.
“OH. And being ‘aware’ of your money means it won’t get stolen. The final recommendation is the greatest: buy fancy things so you feel wealthy. This is actually how you *get* into debt.”
Peter Johns wrote: “It’s like if the anti-vaccine movement tried their hand at personal finance.” Vivienne Egan described it as “f***ing irresponsible for @Mamamia to publish this bollocks”, while Clare Payne said it was “appalling”.
1)Order a copy of your credit reports. You can order your reports from myfico.com or you can get a free copy of your 3 credit reports every 12 months from annualcreditreport.com or by calling. After you get your report, you can then correct any errors you find that could be hurting your score.
2) Fix errors on your credit reports. You don’t want to get penalized for old mistakes or errors which aren’t your fault. About 70% of credit reports have errors so there’s a good chance that yours also does.
2) Catch up on missed payments. If you can’t pay the old bills in full, you can try to work out a payment arrangement with your creditors or consult with a credit repair agency to see if they can negotiate on your behalf.
3)Payment history is the biggest factor in calculating your credit score. Make sure your payments on any debt and other bills like rent are on time. You may want to consider having your payments automatically deducted from your checking account. Just be sure not to overdraw the account.
4) Get a secured credit card. A good place to begin is at your local bank. These cards usually require a deposit in an amount equal to the credit limit of the credit tradelines you want. The deposits go into a special savings account that the bank can collect any missed payments from. The bank’s risk is minimal so it’s easy to get.
5) After six months of making timely payments, try to upgrade to an unsecured card. Department store cards are a good place to start because they’re usually easier to qualify for. Pay your balance in full and on time each month and then try applying for a regular bank credit card in 6-12 months.
6) Pay down as much of your credit card debt as possible, because the amount you owe as a percentage of your total amount of credit is a major factor in determining credit scores.
7) Avoid closing your oldest credit cards, since the age of your credit tradelines is a major factor. Closing the old credit tradelines could lower the the length of your credit history. If you have a card with an annual fee, you could always request the card be switched to one without a fee.
Above are the best Steps to Repair and Protect Your Credit.
1) Live on less than you earn. You have to live on less than you earn in able to have something for your personal financial empire. You may have to miss going out some nights and to different places for awhile but at some point, things will change and you’ll be able to do all the things you didn’t do and you ‘ll be able to do them on a much grander way.
2) Save Money – You have to save before you invest and when you do you show that you can delay gratification. It’s shows your’e disciplined and this ability to delay gratification is required to achieve financial excellence and maintain it. By saving the money, you’ll be able to take advantage of deals when they present themselves. Live below your means.
The rich get richer because they can access cash.. So if you can save, though it will be hard and your friends may laugh, the next time the markets presents opportunities you too will be able to take advantage of the deals you see. Though cash is no longer king, access to cash is required to build your personal financial foundation. Keep your credit good and make sure all credit tradelines are reporting correctly. Do know that it does take longer to build up your cash reserves than it does to multiply them. So save your cash then you can celebrate after you make some wise investments.
3) Multiply Your Money – Invest some of that money you have saved. You can use your money and buy real estate, buy a business, reinvest in your business. Only invest in things you know about. Don’t take chances investing on things you don’t understand. A couple mistakes could wipe out your foundation. If you save before you take the big swings trying to multiply your money, then if do you have mishaps it allows you to still be in condition to move on. You can’t focus more on multiplying your money than you do on saving it.
4) Invest, but only invest in things you understand. If you need to consult with a professional please do so before you make an investment. Sticking to the principle of only investing in things you understand can keep you from taking the losses that others have taken that haven’t adhered to this simple but extremely powerful principle. So remember only invest in things you know about, if you understand something you’re interested in investing in consult a professional or two.
5) Compound Interest on Your Money – Compounding of your money happens naturally after you been in the multiplication faze long enough. Compounding is a by product of being in the multiplication stage. This is where true wealth is. Now you have time to do things you really care about. You’ll now have assets that are working for you. At this point many will say that you have reached your desired goal and have attained financial excellence.
I hope this helps someone while travelling on their personal road to riches and financial excellence.
To help remember to pay your quarterly taxes or pull a credit report, you should think about setting up appointment reminders for these important financial matters the same way that you would your yearly doctor’s visit.
Q: Which loan do you pay off first? A: The loan that has the highest interest rate.
Q: Which savings account should I open? A: The savings account that has the best interest rate.
3. Keep Track Of Your Net Worth
What is your net worth? Your net worth is the difference between the value of things you own and the value of what you owe. These numbers can tell you where you stand financially.
4. Set a Budget
Your budget is the starting point of every financial goal in your life.
5. Consider Paying With Cash
If you overspend when using credit cards, consider only paying with cash only.
6. Read Books on Finance
Richest Man in Babylon, Rich Dad-Poor Dad
7. Put at Least 20% of Your Income Toward Financial Priorities
10% of your savings should be put away for savings
10% of your savings should be put into investment which can bring a moderate or high return.
Today it’s almost impossible to get by without having some type of credit card. From being able to make a purchase online to filling up you car with gasoline to checking into a hotel room a credit card is helpful. So what are you supposed to when your credit is not good enough to get a regular credit card and you can’t get a secured credit card. A prepaid debit card could be exactly the thing you need. Now, what are the good and bad things of getting a prepaid debit card?
An advantage of using prepaid debit cards is that you can use them without going into debt. When you use prepaid debit cards you have to pay in advance so there’s no bill at the end. This way, prepaid debit cards are more like cash than like a traditional credit card where you get billed every month.
Another benefit of prepaid debit cards that appeals to many people with bad credit is that you do not have to worry about going into debt.
Another really huge benefit of a prepaid debit card is that you do not need to have good credit to get a card. Just pay the activation fee, deposit money and you’re ready to use your card.
Some bad points of having a prepaid debit card is you need to report if it’s lost or stolen right away since there are stricter guidelines pre prepaid debit cards as opposed to a unsecured credit card. There are also monthly fees that you need to keep a look out for.
Also with pre paid debit cards you more than likely wont be able to rent luxury vehicles or sign up online for different types of websites. Many of the large car rental agencies require a a debit card which is linked to bank account, this is required so they protect themselves and charge your bank account if you owe them money and haven’t paid your bill in cash.
