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Debt

5 Sure-Fire Ways To Improve Your Credit Rating

Millions of consumers have their credit ratings (also called credit scores) damaged during times of financial crisis. Many aren’t even aware of what behaviours can hurt their credit rating. A low credit score can make it difficult, if not impossible to secure a credit card or get a loan. But a low credit score doesn’t have to remain that way, in fact, it is quite easy to raise your credit score back up again. By making a few adjustments to your financial habits and taking a few tried and tested steps, you can have your credit score as good as new in no time. If your credit score is on the high side, you can improve it even more with these 5 sure-fire methods of raining a credit score.

First Find Out What Your Credit Score Is

To improve your credit score you need to know what it is. You can purchase your credit score from one or all of the three major credit reporting agencies – Experian, Equifax, and TransUnion. Don’t get your credit score confused with your credit history. Your credit history is a report of your financial behavior over any given seven year period. It is the events in your credit history that are used to calculate your credit score.

January 17, 2013

Debt

Debt Management Guidelines That Will Help You Control Your Debt

Debt management does not have to be scary. In fact, debt does not need to be scary, but if you have bill collectors calling you or if your bills are piling up, it can feel confusing and scary. When you use the right management techniques for your debt, you can regain control and even save a little money.

Debt Reduction Strategies That Help You Save

Ideally, you should devote as much money as possible to debt reduction. If you can afford to cancel the cable or reduce how much you eat out, you need to devote this money to reducing your debts. When paying off debt, it is critical that you devote the most money to the debts with the highest interest rates. You should send every creditor the minimum payment, and you should send the leftover money to the creditor who is charging you the most interest. Once they have been paid in full, you can devote the extra money to the creditor with the second highest interest rate.

December 19, 2012

Debt

Holiday Expenses Can Be Expensive

With the December holidays almost upon us, many people will find themselves under financial strain as they struggle to afford all the extra costs that seem to mount up at this time of year. Could a short-term loan be the right solution for you?

Even if you’ve paced your spending and purchased some of your gifts ahead of time, there never seems to be quite enough. Maybe you have extra gifts to get for unexpected visitors; or maybe you splurged a little too much early on and now find that the last few presents are straining your finances. Food and drink can also be a major expense, especially if you’re hosting the festivities this year. If you’re travelling or helping your loved ones to get home for the holidays, this can also create extra costs – especially if air travel or a long distance trip is involved.

November 27, 2012

Debt

5 Reasons To Consider Creditor Insurance

If you have a mortgage, loan, line of credit, or a credit card, it may be in your best interest to accept the creditor life and disability insurance that goes along with it. Although it will cost you extra money out of pocket, it may just be worth your while. Although I had never expected to be unable to work, it actually happened to me recently. I got unexpectedly ill and was unable to work for a few months. From my experience I realized that this could happen to anyone, so it’s important to be prepared in the event that the unexpected could happen to you as well. Below are a few reasons why you may want to consider buying creditor insurance the next time to want to get a loan or mortgage.

1. It can give you peace of mind. If something were to happen that drastically changed your ability to earn income, you want to know that you and your family would be protected. Without insurance, you would still be expected to make payments to your credit products. But, with insurance, you would know that it would be paid of in full in the event of your death and that your disability insurance would kick in if you were unable to work due to an accident or injury.

November 5, 2012

Debt

Should I Hire A Mortgage Broker?

What is a mortgage broker?

A mortgage broker is a person who will help you to find a mortgage by doing the leg work for you. Mortgage brokers can save you time, and sometimes, they can find you a better rate than you can find on your own. Mortgage brokers represent a large number of financial institutions and they are compensated by the financial institutions when you are approved for a mortgage. So, the services they provide to you are free.

Will a mortgage broker find you the best rate?

Although, ideally, you would expect to get the best possible mortgage interest rate when you hire a mortgage broker, this is not always the case. For instance, when my husband and I were ready to purchase our second home, we got in touch with a local mortgage broker. She took our information over the phone and was able to provide us with an interest rate in less than two hours. She was very efficient and we were satisfied with the rate. But, as circumstances would have it, we ended up doing a little leg work of our own, and we were able to get an even better rate. This really surprised me as I had expected that the mortgage broker would have provided us with the lowest rate available.

October 24, 2012

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