Tag Archives: Finance

Rebuilding Your Credit for the Future…


American Express

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Rebuilding credit to prepare you for the future is so crucial right now.  Having good credit allows you to be prepared for life’s emergencies and big purchases.  Like I mentioned in a previous blog, you need credit to be able to show your credit worthiness to lenders.  However, maintaining and managing credit is just as important.

Ok so, you got the credit and now it’s in need of major repair.    Well, it can be done!  However, the success of rebuilding and repairing credit depends on you.  You have to be willing to do the work, make the calls, and the sacrifices.  Easier said than done.  I hear ya!  Have you heard of this quote before?

“It’s not that I’m so smart, it’s just that I stay with problems longer.”  ~Albert Einstein

Well, that’s exactly how you have to change your perception of why everyone else is able to do what they do and buy what they buy.  I stated that to say it really takes hard work and self-discipline.  Never give up!  Some have to do more work than others to bring their credit back to par.

How do you repair credit, you ask?  Well it depends on each individual situation.  I’ve included an article from ehow.com  that provides tips that should help you get started:

  • 1

    Pay all of your bills on time. Late payments (payments that are 30 days late  or more) have a negative effect on your credit rating.

  • 2

    Reduce the number of credit cards you carry. Write to your creditors to  request that they close your accounts and report this status change to all three  credit-reporting agencies.

  • 3

    Avoid bankruptcies, tax liens (a lien for not paying state or federal income  taxes or property taxes) and collections. A bankruptcy stays on your credit report for  up to 10 years. Collection accounts and paid tax liens stay on for seven years,  and unpaid tax liens will haunt you forever.

  • 4

    Request in writing that your creditors reduce the credit limits on your  accounts to lower your amount of available credit. The total amount of available  credit is considered by lenders even if you owe nothing.

  • 5

    Ask a family member or friend to co-sign on a small loan or credit card to help you  re-establish credit. Make your payments on time.

  • 6

    Get a secured credit card to help reestablish your credit. You will have to  keep a designated amount of money in an account that will be sufficient to cover  your charges. Make payments on time.

  • 7

    Get a yearly copy of your credit report  to  catch any errors (see ‘eHow to Obtain a Copy of Your Credit  Report’).

Read more:  http://www.ehow.com/how_4757_repair-credit-history.html#ixzz1MBwCxonU

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Financial Spring Cleaning … Anyone?


Spring cleaning is a high priority on our to-do list, right?  Well have you thought about financial spring cleaning?  One of Allen Tate’s blog posts from the Company’s blog, At Home in the Carolina’s – A Blog About Real Estatediscusses this topic with great detail.  It was too good to not share!  Here it is below by Regina Walter:

When we hear the words “spring cleaning”, most of us think about the
junk drawer or the hall closet that desperately needs some TLC.
When we
hear the words “spring cleaning” we think of dust, clutter and mess.
What many of us tend to forget when we hear the words “spring cleaning”
is financial spring cleaning which is something that we need to do at least
yearly.

So, what does financial spring cleaning mean exactly?

It means destroying old documents you no longer need, filing bills
and bank statements away and throwing away the junk mail you did not sort out
initially.

It also means organizing your tax information  and charitable giving receipts for your accountant for next year’s Tax Season.

It means pulling your credit report and going through it
carefully.

In addition, it means making sure you renewed your Home
Warranty.
Here are some interesting facts about why a home warranty is
a smart decision:

  • The average life expectancy of nine critical appliances/home systems is 13
    years.
  • The likelihood of failure of one of these systems in a given year is 68%.
  • Total 4-5 year cost for warranties on systems and appliances is
    approximately $4K.
  • Approximately 50% of those employed live paycheck to paycheck.

It also means making sure you have adequate insurance coverage.
Here are some good reasons to contact your Allen Tate Insurance Agent
about a quote:

  • Your marital status has changed.
  • Your teenager began driving.
  • You purchased a new car.
  • You changed jobs.
  • You have had extensive improvements or additions to your home.
  • You have moved.
  • You moved into a new rental home or apartment.

Making sure your finances are in order, going into the summer, will help make
that vacation (or staycation) much more relaxing!

By Regina Walter

Wasn’t that invaluable information?  I thought it was!  Here’s a link to their blog:  http://athome.allentate.com/

Thanks for letting me share my thoughts.  Your comments, likes, shares, and subscriptions are welcome.  Thanks!


My Eyes Are Bigger Than My Stomach!


“Can I Please Have More Pie?”

“Can I please have more pie?”  should be a question that you ask a parent after dinner and not a financial professional.  It can get you into quite a jam!  How did the economy get into this mess?  Well, I think we all know the answer to that – greed from some financial institutions and our “eyes being bigger than our stomachs” thinking from consumers.  So what happened as a result?  Loan defaults led to financial crises, such as foreclosures, deed in lieu of foreclosure, short sale, and bankruptcy.  As a result, these financial distresses led to loss of homes, jobs, poor credit and other “sticky” situations.

However, there is evidence eluding to the nation coming out of a recession- the unemployment rate is decreasing, more job creation (“green jobs“), and real estate trends are improving (even a year after the tax credit ended).  March 2011 was awesome, and my real estate transactions are picking up. Buyer confidence is back and consumers are making smarter choices with spending.  About three years back, though, home buyers and financial institutions were thinking differently. Now, lots of people are having to rebuild their lives along with their credit.  The good news is that there is hope and help.

Like I said earlier, things are looking positive even though we still hear conflicting “headlines” from the media.  Remember, I’m not blogging to sell papers or to get ratings. I’m being truthful and giving you the facts.  I want my clients and consumers to be able to make educated and informed decisions.  Always do your research and look to someone you can “trust.”  My next blog will be about restoring credit and moving forward.  I will also touch on how we can make better financial decisions (at some point in the future) and pass them on to our children.  They’re always watching!  Until next time, be blessed!


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