Credit tips that are easy to understand

You may be wondering what an option is.  I’m sure you’ve heard of them, especially if you are working on improving your credit situation.  According to wikipedia, an option is an instrument that conveys the right, but not the obligation, to engage in a future transaction on some underlying security, or in a futures contract.

If you listen to the financial news, you may hear about the stock market but also about trading futures and options.  Option trading is something that non financially savvy people may not know much about but it could definitely be worthwhile to get more knowledge about it.

OEX Options is a company that specializes in options trading.  Not only do they trade options, they also educate people about option stock trading.  The website is full of helpful information including a blog, helpful tips on options trading as well as a daily tip service.

When you are on the quest for better credit, information and knowledge can be great ways to enhance that quest.  Companies like OEX Options that specialize in certain aspects of the financial services industry can be great resources for that information and knowledge.  Plus, if you’re considering making a career change, OEX Options could be the inspiration you need to make that leap.

Remember, the quest for better credit isn’t a linear journey.  There are various turns and forks in the road that you should be prepared for and OEX Options could very well offer a new direction.

No Comments

One of the things that you are going to want to be thinking about – especially in light of the current economic situation – is what you can do to get out from under credit card debt. While there is both good and bad debt management advice that will be available to you, it’s important to be sure that you know what you are getting into before you sign on with anyone or any company that promises to help your to consolidate your credit card debt.

When you are looking for debt management advice, it’s a good idea to make sure that you are considering the following:

• When you seek a service that can help you to manage your debt, you are going to want to be sure that you are doing your research. While all companies are going to be making promises about working with your creditors, you need to be sure that you are getting debt management advice from someone at a bonded and insured company that has a solid reputation.

• When you are looking for credit card debt consolidation companies and advice, you are going to want to make sure that you are thinking about whether or not you will be working with someone who you feel comfortable with. In order to get the most out of the advice that you receive and the service offered, you’re going to need to know that you can trust those who you are working with.

• When you start looking for debt management advice that will enable you to avoid simply taking out one big unsecured loan, you are going to want to be sure that you are able to talk things out with your credit counselor so that you can be sure that you are just paying down the debts that you already have.

• The agency that you choose to work with should be a not for profit company. In other words, when you are turning to someone else who will be working with your creditors and helping you to learn to pay down your debt (and avoid creating more in the future), you’re going to want to be sure that they aren’t just looking to make money because of your situation.

Ultimately, what you are going to want to be sure of is that you know what to expect, that you’ll get the advice that you need and that you will be able to come out from under the weight of your debt in a much shorter amount of time.

With the right debt management advice, you aren’t going to have to worry about being taken advantage of and you won’t just be shifting your debt into a new form. Instead, you will be getting advice that you can use, tools that will help you to budget for the future and the knowledge that you are doing something important that will save your credit score and help you to reach your long term financial goals.

No Comments

One of the best ways to improve a negative credit situation is to stop any extra spending and focus on paying off your bills.  It is completely understandable that there will be times when this isn’t an option.  Even while building your credit, you still may need to make some major purchases.  With the economy the way it is, there are many companies out there looking for ways to add value to customers and improve their overall shopping experience.  When you are making large purchases like major appliances, electronics and cars, you should look for companies that offer additional services to help you on your quest for better credit.

One such company that I have found is Pierre Money Mart, a dealership and car financing company based in Seattle, Washington.  Pierre Money Mart specializes in helping people with credit issues get reasonable financing on auto loans.  I’m sure you feel like you’ve heard of many car companies saying that they specialize in helping people with bad credit car financing, but Pierre Money Mart has taken things one step further.  Not only do they specialize in getting you that auto loan you may need, they also make sure that the loan is set up to positively affect your credit report if you pay it back on time.   They won’t force you to make a large down payment or pay really high interest rates and they make sure that all of your on time payments are reported to the credit agencies.  When you are working to improve your credit, a positive spending pattern will definitely help.

When you visit their website, not only can you apply for an auto loan online, they also have a series of articles and calculators designed to help you become more budget savvy and continue to improve your credit situation.  They have taken the time to create a free credit report manual that you can download directly from their website.  They also have a great feature in a loan calculator and a payment calculator (on the same page), which can give you an idea of how much you will be paying monthly in relation to how much the car costs and the interest rate.  Many people don’t realize how much their monthly payments will be until they are sitting in front of the finance guy at the car dealership preparing to sign the papers.  For some people, it may be too late to walk away at that point because of embarrassment or a sense of urgency.

If you live in the Seattle, Washington area and are in the market for a new car, you should add Pierre Money Mart to your car search because their website boasts “If we don’t have the car, they probably don’t make it”.   If you don’t live in Seattle, Washington, you should still visit their website for the wealth of information and tools they provide.  If you’re in the market for a car, you could still contact them because they can to help you in terms of financing.  It is always easier to shop for a large ticket item when you know exactly what you can afford.

*Although this is a sponsored post, the thoughts and opinions are solely those of the blog writer.

No Comments

If you’re like many folks, the approach of this year’s holiday season has you feeling less than jolly. As the economy continues to flounder and the media predicts dismal retail sales, you may find it harder than ever to channel your inner Santa.

Sure, things aren’t perfect. But, before you pack up your holiday cheer and say “bah humbug” to the month of December, read on for a list of savings tips to make your holiday season merry and bright – without breaking the bank.

1. Set a budget. And check it twice. During the holidays, it’s easier than ever to blow big bucks on early-bird sales, rollback specials, and limited-time offers. There’s nothing wrong with a good deal. But, if you’re not careful, holiday bargain-hunting can be a major drain on your wallet. This year, keep your spending in check by setting a budget before you ever set foot in a shopping mall. To get started, decide how much you can spend on gifts for your friends and family (and, don’t forget coworkers or hostess gifts). After that, decide how much you’ll spend on each person, and track your expenses. Remember: Once your holiday gift budget is gone, it’s gone.

2. Craft with caution. Sure, handmade gifts and cards sound like a frugal alternative to store-bought gadgets. But, before you get carried away, stop and do a reality check: Will a DIY Christmas actually save you money? Crafting supplies aren’t cheap; for some items on your list, it may be more cost-effective to look for a ready-made bargain. Do some comparison shopping before you commit to a crafty Christmas.

3. Pay cash. Don’t use holiday shopping as an excuse to run up your credit card bills. There’s nothing festive about high-interest debt. Before you hit the stores, make sure you’ve got cash. If you really don’t think you can control your spending urges, leave the plastic at home.

4. Trim your shopping list. The holidays are all about giving, but that shouldn’t equate to overextending your finances to make sure you find the perfect gift for your cousin’s husband’s college roommate. Take a serious look at your gift list and see where you can cut spending. If you’ve got a large family, consider starting a new tradition: Instead of buying for everyone, draw names and do a gift exchange instead. Or, agree to make this holiday a “kids-only” event and bypass gifts for the adults entirely.

5. Fly smarter. If you plan on heading home for the holidays this year, it’s a good idea to make your travel arrangements as early as possible to avoid getting hit with last-minute price hikes. Additionally, a little flexibility can go a long way – if you can avoid hopping a plane on heavy holiday travel days (like the Wednesday before Thanksgiving, the day before Christmas Eve, or the day after Christmas), you can score some big holiday travel savings. The cheapest days to travel? Thanksgiving Day and Christmas Day.

6. Shop online. Save some cash (and your sanity) by avoiding the malls this holiday season. Many online retailers offer extra deals this time of year, like free shipping or complimentary gift wrapping. It’s a great way to take some of the stress out of finding that perfect gift.

7. Lay it away. Been a while since you’ve heard that? To offset this year’s predicted holiday shopping slump, many big retailers have resurrected their layaway programs. Because layaway allows you to set aside your holiday purchases and pay for them over time, it takes some of the sting out of larger items. Plus, the flexible payments are a great alternative to credit cards. Just remember to read the store’s policy carefully to make sure your treasures don’t end up back on the shelf.

8. Get a part-time job. With the holiday season just around the corner, many retailers are looking for part-time employees to help ease the shopping rush. If you’ve got extra time in your schedule, consider picking up a few hours a week at your favorite store; use the money you earn to help pay for gifts. The best part? Most stores offer employee discounts – another great way to cut costs.

9. Go generic. Thanksgiving dinner. Christmas dinner. The office party. The New Year’s Eve bash. During the holiday season, gifts aren’t the only things that can drain your bank account. Big family dinners can get pretty pricy, especially if you’re the one hosting the event. Cut your grocery bill by opting for generic ingredients instead of more expensive brand-name items. Or, make this year’s dinner a potluck and encourage guests to bring their favorite holiday fare.

Cutting a few costs and keeping an eye on your budget can help you get back into the holiday spirit. And remember: No matter what your financial situation this year, the holiday season is a time for enjoying time with your friends and family, not about dollars and cents.

If you would like additional help my friends at American Credit Foundation offer a free booklet entitled: Debt-Free Holidays Handbook. Check out their Debt Consolidation program if you are struggling with debt.

No Comments

If you have been looking through your credit report and are about to apply for further credit, you might be wondering if it is possible to further improve your credit rating.

The first step, if you haven’t already done it, is to apply for a credit report from one of the main credit reference agencies. This is simple to do, and they usually provide further information about how to check credit reports.

Once you have in your hands your free credit report, have a look through it and see if there are any errors or omissions. The sort of things to look for can include the following.

If your credit report shows a county court judgment or equivalent, which has been satisfied, then make sure that it is shown as such on the report. If it doesn’t you will need to contact the court in question, giving them the case details and they should be able to arrange for the credit details to be amended. This can usually be updated within a couple of weeks.

If you have paid off any loans that are shown on your credit report, check that they are shown as such. If not, you need to write to the lender concerned and ask them to notify all of the credit reference agencies to update their records.

If a bankruptcy order has been annulled or discharged, make sure that the correct status is shown on your credit report. If it isn’t, you will need to send a copy of the annulment or discharge certificate from the official receiver to all relevant credit reference agencies and ask them to update their records. It would also be wise to contact the lenders concerned, sending them a copy of the letter and asking them to update their records with all credit reference agencies.

If you have applied for credit in the past year, then make sure that any searches are correctly shown by the lenders and that there are no duplicates. Lots of applications for credit can be seen as a sign of panic by lenders and a reason for them not to lend to you. Therefore, if there are duplicates, write to the lender concerned and ask them to remove the duplicate entries from your file.

Other people living at your house should only be recorded on your credit report if they truly have a financial connection to you, such as a shared debt or a joint account. If any financial connections have been incorrectly set-up, then ask the credit reference agencies to remove them.

Lastly, if you have previously been known by another name and changed name, e.g. through marriage, then check the credit file to make sure that the previous name is correctly shown. Even if you didn’t apply for credit in that previous name, suddenly appearing recently under a new name might worry some lenders!

Read also about how other people solve the “how do I get out of debt” problem.

No Comments

So you’re up to your head in debts, and need to find a way to reduce it. What do you do? Well You can start with simple debt solutions that you can be in control of. Here are a few simple methods but quite effective, and in no time you will discover that you would have significantly good results in reducing your debt.

1. Spend Less

One sure way to retire your debt is to spend less money, and apply the money you save to your existing debt. At first you might think this will not generate enough savings to be a serious debt solution, but it all depends on how much you are willing to sacrifice to get yourself out of debt.

2. Eat Out Less

One relatively painless, and healthy, way to spend less is to cut back on the amount of takeout and restaurant food you eat. Not only is home cooked food less expensive, it is almost always healthier and better for you than restaurant food.

Limit your coffee to one cup or two cups a day at home, and skip the espresso or latte. If you don’t feel like you can give it all up at once, start by skipping it one day at a time. If you miss the caffeine, learn to like diet soda, which you can buy in bulk and drink for considerably less than one dollar per serving.

3. Small Change

Small change adds up, and most banks today offer a plan where you can round all your credit and debit card purchases up to the nearest dollar and deposit the difference in a savings account. Once a month, transfer the funds from savings to checking and use it to pay off your debt. This debt solution is a painless one you may never notice.

4. Sell a Car

Plan and simple, cars are expensive in many ways. Gas prices are soaring with little evidence of it backing down anytime soon. The cost of insurance goes up every year, even if you never have to make an accident claim. If you happen to have a two or more car household, then a debt solution method you can try is to adjust your schedule or even lifestyle to be able to live with just one car. This solution can quickly make a huge difference in your expenditure, since you will save a lot of money each month on gas bills,car payments, maintenance costs and insurance payments.

Whichever debt solution you choose to implement, be sure to use the money you save to pay down your debt. Pledge right now to apply any windfalls you receive against your debt. From now on, every birthday check, every annual bonus, tax refund, and other windfall you receive will go to pay off your debt.

No Comments

If you have a poor credit standing then you should know that consumer credit repair tips can help you with this problem, and as a matter of fact individuals with credit standing issues should be advised to make use of any good tip that whey can get their hands on because it will dramatically help in improving their credit status and this means even if long term debt is concerned. The more careful you are in repairing your credit most certainly will be much better for you and following consumer credit repair tips along the way will benefit you so much more. By following relevant consumer credit repair tips you will have taken a huge step in regaining your financial stability

Fix The Inaccuracies

When it comes to consumer credit repair, the very first thing you need to do is search and then fix any and all inaccuracies within your credit report. It is a common fact that many people can’t even be bothered to check their credit reports and continue to be ignorant about the errors found in them. If these errors in their credit reports remain uncorrected, this can possibly lead to a poor credit score and will most certainly affect them. Besides being able to locate any inaccuracies in the credit report, you must know who you should contact to rectify the errors you find, and as such consumer credit repair is also the process of contacting the relevant credit bureau to help you eliminate any errors.

The next aspect in the process of consumer credit repair is the step of contacting adversaries in the form of a certified letter. This letter is a document that any financial institution issues that authorizes the holder of such letter to withdraw amounts of money which are specified. Possession of this certified letter is very important as it is considered are proof and it’s value is realized whenever you need to dispute errors

A third important aspect of consumer credit repair is when it deals with credit cards and to be on the safe side, it is always a good idea to hold just two credit cards and no more, unless absolutely necessary. The most useful consumer credit repair tip in this regard is to also apply for a credit card only when your financial position is sound and warrants taking a credit card because you must be sure that you will be able to reimburse the debts after using your credit card and do so in good time as well.

Like with any forms of credit, the most ideal way to benefit from consumer credit repair tips is awareness, and being able to understand the use of credit cards. Using credit cards should always be done with the utmost amount of control and caution, it is always better to prevent it’s use than to fix the debt afterwards. It is therefore advised that you should always understand the various consumer credit repair tips and act with caution before you take the plunge, so that you will not run up any unnecessary debts along the way.

No Comments

Increasing numbers of [Americans] are having serious money problems and may be looking for Help With Debt Problems. Bankruptcy is an option but the laws have changed somewhat and it is not always the best way to solve your problems. The problem often occurs after a job loss or unexpected loss of income.

The good news is you are not alone in this situation but whatever has happened there are ways to get out of debt and find help with debt problems. Keep in mind, however, that debt relief doesn’t come overnight, and debt doesn’t just disappear, it can only disappear completely when it is paid off or a settlement is negotiated with the creditors.

Advertisements and slogans are everywhere offering to help with debt relief and debt problems. Take care when answering and researching these heavily advertised solutions before you find out more. It must be of concern to the [Federal Trade Commission] because they are warning people about the practices of some companies that may not be qualified to provide the help they are advertising. It is good to be aware that you may have a worse credit record after you have used the services of one of the firms if you do not do due diligence in seeking out the right companies.

There are a few ways you can start your debt relief off with the proper research. Your situation with your creditors is important because if you keep them informed they should be able to help you with lower interest rates or monthly payments if you just ask. Or, perhaps they can set up a payment plan that will help you without hurting your credit rating. Often a credit counseling service can help and sometimes at no charge which is often the case for they have been trained in dealing with creditors. It is often the case that they just sit down and go through your budget with you and highlight many ways to save money and sometimes mediate with your creditors along with you.

It never hurts to follow the advice of these professionals as they know exactly what to say and if what you plan to do will affect your credit rating or not. Debt relief is their specialty, so why not use their guidance to relieve your own stress and provide you with the help with debt problems.

If you own your own home and there’s some equity available, it may be worth going to your bank and requesting an equity loan especially if you are working in a steady job with history established. You would need to be certain that this loan would alleviate and help your situation because your home would be at risk if you fail to make payments on either of your mortgages and loans. Part-time jobs or any way of finding an additional income can help to provide some debt relief but consulting with professional debt settlement agents can sometimes be a better option.

Debt Resolution Program

It is not uncommon for many people to have more that one job not just to aid with their debt relief but to feed their family and make ends meet. It may not be a permanent situation, just temporary until you get enough of debt relief and help to live comfortably again. And no matter what, cut up the credit cards, because the less debt you continue to accrue, the less debt relief you will be needing. The bottom line is that help with credit problems is available if you do a little research and take advantage of the debt settlement companies that are out there.

No Comments

While looking for bad credit repair, many desperately want there to be a band-aid that will fix their broken lives. “There must be some quick and easy insider way of fixing things,” some think. After all, there are so many advertisements online, on TV and in newspapers offering 100% guarantees and removal of the worst kind of blemishes, including bankruptcies, liens, judgments and bad loans. But are they legit?

According to the FTC, there are many credit repair scams out there. Many of these companies request as much as $3,000 upfront to settle your accounts, negotiate better debt repayment deals and erase all blemishes on your credit report. Credit repair companies have become a $7 billion/year industry, but not all parties can be trusted.

You should never have to pay before you receive any services, as the Credit Repair Organizations Act mandates that bad credit repair services only charge when they have completed the services promised. As well, you should not trust someone who will not give you practical advice on what you can do on your own to repair your credit.

If the company recommends that you not contact the credit bureaus directly, suggests you can get a new credit identity through an “Employer Identification Number” or advises you to fraudulently dispute even the legitimate information on your credit report, you should steer clear of their operation.

• Do not trust someone who will not give you practical advice
• There are many credit repair scams out there
• Never pay before you receive any services

Here are some do-it-yourself tips for fixing bad credit. If you feel up to the challenge, then you can use your sales and negotiating skills to get items deleted or amended on your credit report. First, never make arrangements over the phone. It’s always best to craft a well-written letter instead and be sure you write this letter before you give the creditor any money or you’ll have lost your power to negotiate!

If you have a “charge-off” listed on your account, then you can sometimes offer to adhere to a monthly payment plan and get creditors to replace them with “paid as agreed and on time.” If you can’t get that, then try for “account closed, account paid or account settled,” all of which are more desirable than a charge-off.

The best case scenario you could ever hope for is a creditor to completely remove their account from your credit report, although it’s certainly a rare best case scenario. Often with medical bills, the creditor will remove the bad credit debt if you agree to pay immediately, in full, with an additional fee or two, which will improve credit scores overnight.

In your bad credit repair correspondence, you cannot expect a complete removal of a debt if you are not willing to pay the full amount. If you’ve responded to a settlement letter to pay a fraction of the debt, then you will have to wait the set amount of time.

You may dispute information on your credit report and if the creditor doesn’t respond to the credit bureau’s attempts to verify the account, then it will automatically be removed or amended to match your records. Often, creditors are so inundated with requests they just ignore them, which means you’ll improve credit scores overnight but don’t count on this happening.  It doesn’t hurt to try but always be prepared to pay off any debt you accrue.

No Comments

Getting a credit card that offers cash back always sounds like a good idea.  What could be better than getting cash back on all the purchases that you make with your credit card?  It almost sounds too good to be true, doesn’t it?  Sometimes it is.

There are cards that give you free cash, but it is usually only around 1% cash back.  However, free money is free money, right?  Maybe.

If you like to buy a lot of things in one month, this kind of credit card probably sounds great to you.  However, you need to keep in mind that they are not going to give you cash back on every purchase that you make.  Even if they claim to give you cash back on every purchase, they will only give you up to a certain amount per transaction.  There is also typically has a strict limit on the amount that they will give back to their customers.  If you read the little, bitty print on the form that you signed, you will see a paragraph with their limits in the terms and agreements.

This is another way to try to draw in new customers for these companies.  It is a good credit card to have and sounds great in theory, but they will have to check your credit rating before they will give you their card. Some companies will need your credit rating to be great too.  However, there are credit card companies that offer these cards to people with a low credit rating to help them rebuild their credit.  Research all of your options.

Take the time to research different credit card companies to see what they are offering.  You may be surprised to find a cash back credit card that offers you just what you need and want with a high cash back percentage, few limits on the amount they will give you back, and instant cash deposits when you make each purchase with their card.
What should your decision be?  If you have a good credit rating, then this card is a great option for you.  In your research you will find that there are cards out there that offer you up to 3% cash back and impose very few limits.  If, however, you have a bad credit rating, you may want to focus on finding a credit card that will help you rebuild your credit and look into the cash back option once your credit has improved.

No Comments