Category Archive : Finance

The Best New Checking Account Sign-Up Bonuses For 2019

Having a checking or savings account is essential nowadays and makes life much easier and hassle-free. Banks are notorious for aggressive marketing, and now they’ve taken it to a new level by paying customers up to $600 just to sign up for a checking or savings account. With more and more Americans signing up for bank accounts, banks are rushing to bring in as many new customers as possible.

You can get paid up to $600 just for opening a new checking or savings account. Instead of spending thousands on marketing, banks are now preferring to just hand customers cash. Here are some of the highest paying checking and savings accounts you can open today to get paid.

Nothing beats receiving extra money for doing something you need to do anyway, and that’s exactly what you can do by opening a new bank account at the right bank.

Not every bank offers a “new account bonus”, and even the banks that do offer these sign-up bonuses offer them for every account. The best deal for you may also be affected by other factors like what type of account you need, so finding the best option can quickly become a nightmare. It’s time to sort through some of the hassles and show you some accounts you can open today that will put money in your pocket for free.

Chase Bank: Up to $600 Cash Bonus

Chase became famous for paying customers large sums of money just for taking the time to open a checking or savings account. Now, consumers without a bank account can get up to $600 by opening a Chase Total Checking account and a Chase Savings account (1).

First, you get $300 to sign up for a Chase Total Checking account and then an additional $200 for opening a Chase Savings Account. If you decide to open both accounts at the same time, you can get an additional $100, bringing the grand total to $600, just for signing up for an account!

Up To $600 Free from Chase On Other Accounts

Chase has another offer for a different type of account, or rather, two different types of accounts. If you open a Chase Total Checking account, get one direct deposit into the account in the first 60 days, you can get a $300 cash bonus.

Likewise, if you open a Chase Savings account as well, deposit at least $15,000 within 20 business days and then keep your balance at $15,000 or greater for 90 days, you can get another $200 bonus.

If you complete the requirements for both of those bonuses, Chase throws in an additional $100 bonus, bringing the total to $600 you could receive. (2)

Citi Online Checking and Savings: $600 Sign Up Bonus

Citi bank is making a name for itself in the banking space and is ready to pay customers cash to sign up. Now, consumers who deposit $50,000 by 3/31/19 can get up to $600 just for opening an account. (2) There is no minimum balance needed for the account and no monthly fee, however, this offer does require that the $50,000 deposit remain in your account for 60 calendar days.

With nearly 60,000 ATMs (more than any other bank), getting access to your money is easy. The Citi mobile app also makes it easy to collect your $600 sign up bonus, all while being able to connect bank accounts from other banks as well.

TD Bank Premier Checking Account: $300 Sign Up Bonus

TD Ameritrade is new to the checking game and has made it easy for customers to get $300 just for signing up for a new TD Bank Premier Checking Account. (3) The only requirements for this offer are that applicants are a US citizen and the account must be created online. Users will need to deposit only $2,500 within 60 days to get the sign-up bonus.

TD Ameritrade’s Checking Account does typically carry a monthly maintenance fee of $25 per month. However, this monthly fee can be waived with a minimum balance of $2,500.

Final Note

Cash signup bonuses are offered by many banks, but the offerings do change on a regular basis. You’ll have to do your research to find the best deals that are available. As always, search around and compare your options; the right option for you might just pay dividends sooner rather than later…in the form of cold, hard cash.


Sources:
https://www.doctorofcredit.com/chase-600-checking-savings-bonus/
https://www.moneysmylife.com/citibank-bonuses/#200_400_600_Citi_Personal_CheckingSavings_Bonuses
https://www.td.com/us/en/personal-banking/checking-accounts/premier/

5 Vital Tips To Finding The Right Staff For Every Startup

All businesses, no matter how big or small, have one common goal: to expand. Or they should, at least! Even if your business is babysitting; the only way to make more money and be more productive is to grow your client base.

Expanding and growing a business requires a team. Many startups, for example, rely on family members or friends to help them go through their initial staffing period. This is particularly true when you’re in the restaurant business.

The drawback with hiring friends or family is that firing them, if necessary, becomes a bigger issue than it has to be. But before you start working on your firing skills, which is quite an art in itself, you need to work on your hiring skills.

To help you with that, here are 5 vital tips to help you find the right staff for your startup. Consider them and you’ll have a much easier time finding the right people to help you reach your goals and have a more successful business, no matter what it is.

 

  1. Value Skill Sets More Than Fast Learners

As the owner of a startup, you need your staff to do their job well. This requires training, of course, but your employees should already have a developed skill set you can build upon. This will benefit your business a lot more than people who don’t have a defined skill set and claim to be fast learners. Fast learners are people who will need a lot of help learning what they need to get the job done. This is not something you have time for in the beginning, so go for people with developed skill sets.

 

  1. Really Analyze Their Resume

If you’re ever written a resume yourself, then you already know people pad it and make it look better than it actually is. As the owner of a startup business, you need to be able to analyze resumes in such a way that you can recognize embellishments. Remember you need people with a skill set you can use, so you must go deep into their resume. When it’s time to meet the candidate, focus on learning about the challenges they’ve encountered. How long they stayed at a job will tell you very little!

 

  1. Check Their References

Along with their resume, you will need to check their references very carefully. Any candidate worth considering will have references from previous work experiences. So make sure you check them and try to find out more than what they’re telling you. If the references are glowing, then you should be able to confirm the former employee’s thoughts when you speak to them. Pay attention to what they say and don’t say as well!

 

  1. Your Team’s Opinion Matters

If you already have a small team in your startup business or if you’ve got a business partner, make sure you include them in the hiring process. You can bring them into interviews or ask them to help you go through candidates and choose the ones you’ll call. Either way, make sure you know what they think about the candidates. You want your staff to be a team, and for that to happen they need to get along. Failing to bring your current employees into the hiring process can be a big mistake in the long run.

 

  1. Put Your New Employees on Probation

Even if your candidates have a great resume and they do amazing in their job interview, there’s still a chance they could fail at the job. This is why you need to out them through a probation period. This is something you need to make clear from the start and the probation period can go from a month to six months. Once they go through probation, you will have enough information. Are they team players? Did they live up to the expectations you had? Do they bring something else to the table? These are questions you need to ask yourself and the answers will determine whether or not they should stay with your startup.

When your startup grows and you need to hire new people, choosing wisely is key!

Best Online Stockbrokers

The idea of trading stocks online might sound complicated, but it is not. Seniors can invest their savings and try to increase their finances through stocks trading, provided they have the right trading platform and knowledge.

You can only trade stocks online using online stockbrokers and here is a compilation of the best five online stockbrokers you could choose

Ally Invest

Ally operates an online bank with hosts of banking choices that are customer friendly. They also offer a unique service which allows both experienced and first-time stock traders to invest with them.

What Makes Ally One of The Best?

With Ally Invest, you get the lowest commission and charges available in the market affording you the opportunity of saving cost.

Ally Invest offers market research tools to enable you to make smart trade decisions. They as well make provision for budget-friendly trades for people with low trading capital.

What Makes Ally A Great Choice for Seniors?

Ally Invest handles most of the work for people with little knowledge about investing. Their website and trading platform are straightforward to navigate, making it appropriate for seniors that aren’t tech-savvy.

You also do not need sophisticated gadgets or software to trade with Ally Invest, as you can manage your investment from a regular desktop computer.

E*TRADE

As one of the pioneers of online stock trading, people have been investing with E*TRADE for decades. Till today they are living up to their reputation as one of the best online stockbrokers.

What Makes E*TRADE One of The Best?

Aside from its stainless reputation as an online brokerage firm, whatever kind whatever investing you want can be handled by E*TRADE. They accommodate both long term investors with diversified portfolios and traders with multiple trading platforms.

What Makes E*TRADE A Great Choice for Seniors?

Though investing, especially when retired or about to retire is a good idea, it comes with its risks. E*TRADE is well equipped and committed to helping seniors minimize risks while making the most of their investment.

They have different trading options for every kind of trader and offer low trading cost and commission. Depending on your level and experience in trading, there are suitable web platforms available to you. Free market resources like market data, analyst research, are provided by E*TRADE to help investors make smart trade decisions.

 

TD Ameritrade

They are well known for their guidance and support to especially new traders. They provide excellent research, various investing tools, and financial products that are very helpful to both new and experienced traders.

What Makes TD Ameritrade One of The Best?

Ameritrade pride themselves in the research, tools, and support they provide which is one of the top features that distinguish them from their competitors. With Ameritrade, you can screen through stocks, options, and mutual funds to be better informed in choosing investments.

Their trading fees and commission is reasonable, and they have plenty of investment options in stocks, mutual funds, and ETFs.

What Makes TD Ameritrade A Great Choice for Seniors?

Ameritrade provides research, information, and guidance that is helpful, especially to seniors that are new to online trading. They also have physical branches across the United States where you can go for one on one consultation.

 

Fidelity Investments

Fidelity Investments provides varieties of suitable investments that are appropriate for aging adults. Recent changes in the online brokerage firm have made it more affordable and easier to manage.

What Makes Fidelity Investments One of The Best?

Fidelity Investments provides some of the most impressive research in the industry. NerdWallet referred to Fidelity Investments as Unmatched in their research offering.

With access to several providers which provides information about funds and investments, it is easier to make smart strategies.

What Makes Fidelity Investments A Great Choice for Seniors?

Seniors who want low fees investment with valuable research will find Fidelity Investments as their best choice. With Fidelity Investments, you can enjoy low-cost fees while growing your investment.

 

Merrill Edge

Though Merrill Edge is still an unpopular online broker, they are fast gaining acceptance among investors. One added advantage they have is that they are connected to the Bank of America.

What Makes Merrill Edge One of The Best?

Merrill Edge is a good option for people with significant savings or investments. With their competitive fees and low commissions, people just starting will find it likable.

What Makes Merrill Edge a Great Choice for Seniors?

The online platform of this broker is appropriate for seniors that are not tech-savvy, as their platform is easily navigable. Seniors who have accounts with Bank of America will enjoy special offers from the broker.

Is Debt Consolidation Loan Helpful in Eliminating Debt?

It is a collective experience that it’s easier getting into debt than getting out. However, there are debt consolidation loans that help you save money and quickly pay off your debts. With such loans, you only have one monthly payment to make, plus its interest rate is low.

With the information below about three lenders and the loan they offer, you can choose your preferred debt consolidation loan.

Marcus by Goldman Sachs

Marcus by Goldman Sachs provides personal loan created explicitly for debt consolidation. The interest rate for the loan is fixed, and payment is monthly. Only people with a credit score of 660 and above will qualify for this loan. To get Marcus’s lowest interest rate of 5.99 percent, you will need a higher score. You do not require collateral in getting this loan, and it carries no fees.

Online application of this loan takes about five minutes, and once completed, you get the full loan in about five days. You can get loans of $3500-$40,000 to offset credit card and other debts. The interest rate is in the range of 5.99 percent APR to 28.99 percent APR. An added advantage to Marcus’s loan is that late fees are not charged. But paying late attracts additional interest making your final payment bigger. Despite being a new lender, JD Power has rated Marcus the best in customer satisfaction for a personal loan.

Advantages of a Marcus Goldman Sachs Debt Consolidation Loan

  • Lowest interest rate: 99 percent APR
  • Highest loan amount: $40,000
  • Loan Length: 36 to 72 months
  • Other benefits: No late fees

Wells Fargo

Wells Fargo provides personal loan which can be used for debt consolidation. It’s rate, term and monthly payment are fixed and are without origination fees or prepayment penalties. You get the lowest interest rate of 5.25 percent on a loan amount of $10,000 and a 35-month term. The requirements for Wells Fargo lowest rate having a bank relationship like a checking account, agreeing to automatic payments, and verifying your income.

No collateral is needed in getting the loan which ranges from $3,000 to $100,000. The loan application is online, and if approved, you could get your fund the following day. With the online tools Wells Fargo provides, you can quickly determine the amount you can save by consolidating your debt, and how much your monthly payment will be if approved for a loan.

Advantages of a Wells Fargo Personal Loan

  • Lowest interest rate: 24 percent APR
  • Highest loan amount: $100,000
  • Loan Length: 36 months
  • Other benefits: No origination fees or prepayment penalties

SunTrust Bank

SunTrust provides a loan which they refer to as their Personal Credit Line Plus, which can be used for debt consolidation. Its credit limit is higher than most credit card and with a lower interest rate. This Personal Credit Line Plus loan is not restricted to only debt consolidation. It can be used for home improvements, large purchases, and multiple expensive items like college tuition. Although you don’t need collateral for the loan, you need to have a good credit score and verifiable assets worth at least $100,000.

The loan application can be online, by phone or at a SunTrust branch. The application can be completed in about15 minutes, and within 24 hours, you will be contacted by a SunTrust representative to discuss details and how to proceed. You will be submitting several documents to the bank which they will, and if approved, will contact you to close the deal.

There is a second type of loan called Select Credit Line offered by SunTrust which can be used for debt consolidation. This Credit Line offers up to $5 million, which can be used for almost anything but has to be secured with a SunTrust Bank investment account.

Advantages of a SunTrust Bank Personal Loan

  • Lowest interest rate: 15 percent APR (Prime + 2.9 percent)
  • Highest loan amount: $250,000
  • Loan Length: 48 months
  • Other benefits: No annual fees

It takes hard work and most times, a multi-step approach to pay off your debt. With a debt consolidation loan, it is easier to pay off debts, and you even get a low-interest rate and can save money. You can study any of these three options mentioned and choose the one that best suits you to get started in getting out of debt.

A Breakdown on How to Eliminate Back Taxes

 Back taxes unpaid taxes from previous years not paid on time. They are a result of failures in reporting all sources of income or miscalculate the appropriate deductions to be paid or deliberately decide to not pay the tax due to financial straits.

 

How to Solve the Problem

Upon discovery of the owed back taxes, two options are open to you. You could consider contacting a tax attorney or file the back taxes yourself.

An advantage of the first option is that: you would have an experienced professional representing your interests and keeping the tax force at bay while you resolve the issue.

The only downside to it is the fee you will have to pay the attorney for his/her services. With the second option, you will not have to pay anyone to do anything on your behalf, but you will face the rigors of the process by yourself.

There is a way to strike a balance between these two options; you could take advantage of back taxes relief service providers online. It is less cost-intensive and will provide a step-by-step guide through the process of resolving the issue.

 

How Does Repayment Work?

With the proper advice, planning, and re-strategizing, it is quite easy to find enough resources to pay off back taxes. Where you are unable to pay off the entire debt, it is most likely that you would have to file an amended return and pay a portion of the accrued tax.

First, you have to reach an agreement with the appropriate tax authority on how and what amended tax return they are willing to accept.

The next step will be for you to figure out how you want to pay the tax. Since most tax authorities (like IRS) accept both check and credit cards, the payment options available to you are quite flexible.

Where, due to financial restraints, you are unable to pay off the taxes at a go, an arrangement can be reached with the tax authority to pay the debt off in installments. To successfully do this, you may have to reorganize your finances and expenditure. You may also have to liquidate your assets by selling off some possessions to aid in paying off the debt.

 

The consequence of Failure to Pay Back Taxes

Taxation authorities have available to them a host of legal sanctions to employ to force defaulters to pay back taxes owed them. Some of these sanctions include:

  • The imposition of hefty charges and interest on owed taxes monthly;
  • Filing of tax lien against defaulter (this move could affect the defaulter’s credit long after the debt’s cleared);
  • Seizure of assets; and
  • Prosecution for criminal tax evasion, which entails imprisonment upon the conviction of the defaulter.

 

The Way Forward

Upon completion of payments, endeavor to avoid owing back taxes in the first place. Where it occurs, or despite your best effort, employ the services of an accountant, take steps to improve your finances, and have savings account somewhere that would come in handy in times like these.

Is Buying Gold and Silver a Wise Investment?

There are investments one can go into presently which were not available in the past. These numerous options could make it tough in choosing an investment that would yield gains and not a loss. Out of all the options, Gold and Silver have proven over time to be one investment that always generates high returns.

Is Precious Metals Investment Valuable?

Gold and silver have been a store for value right from the olden days. The practice of investing in such precious metals as opposed to investing in stocks and funds have and cannot be outdated. Gold and silver are sure investments that would continue to yield returns even in these present unpredictable economies.

According to The Balance, during the turn of the millennium, gold became a popular investment option. Everybody wanted to have a stake in gold, and consequently, it’s value increased. About ten years later, when the world’s economy went into recession, those who invested in gold were happy they did. Precious metals are today one of the most stable investment.

Regardless of age and experience level, investing in gold and silver is a wise decision, and here is why:

  • You can acquire gold and silver in several forms such as jewelry, bullion, coins, and even gold or silver funds.
  • The fact that these precious metals come in several forms makes it easy to acquire.
  • Gold and silver can be tested during purchase to ascertain their value and worth.
  • Precious metals increases in value over time.

Investors are more concerned about their chances of making gains before they invest in anything. Those having second thoughts about investing in gold or silver do not have to worry.  Precious metals, especially gold, will always hold their value even when other investments are not doing well.

The great recession of 2007, according to Motley Fool, proved to the world the vast benefits investment in precious metals carries. Between November 2007 and June 2009, the S&P 500 index lost about 36 percent of its value, and all through that time gold was very stable and even increased in value by about 25 percent.

Those with investment in precious metals watched as their investment steadily increased in value, but that was not the case for those who invested in the stock market. The way precious metals investment played out during the great recession shows that even when there are uncertainties in other investments, precious metals will always be sure to yield positive results.

Getting Started in Gold and Silver Investment

There are many ways people interested in precious metals investment can get started. The first and most crucial step is choosing the form of the metal you want to invest. Out of the different ways to acquire good and silver, the following are the most popular investment options:

  • Physical gold or silver bullion
  • Gold or silver exchange-traded funds (ETFs)
  • Gold or silver futures contracts
  • Gold or silver mining stocks
  • Gold or silver streaming companies

Whichever metal form you decide to invest in will be dependent on what is best for you and your finance. Some of these investment options allow you to own the physical commodity, while in others you invest in companies associated with the precious metals. Before you make that first move towards investing, be sure to do your research so you will be better informed in making a smart choice.

BUYING GOLD AND SILVER ONLINE AND THE BEST PLACES TO DO IT

After you must have done your research and decide the best way you want to invest, there are several trusted websites through which you can carry out your investment. Investing through these websites is as easy as shopping online from an e-commerce store, and choose only those websites that offers the type of investment you desire.

  • Goldline: they sell and ship to you the physical metals for safekeeping. They have been in the gold and silver business for more than 50 years. Depending on your investment choice, they can ship to you from silver coins to gold bars.
  • Lear Capital: they offer several options that are sure to meet your investment needs and meet your financial goals. They also keep gold in a retirement account for people, especially older investors.
  • SD Bullion: just like their name, they offer gold and silver investment in both bullion and coins. They have more than 100,000 customers, and they provide affordable investment deals.
  • Monex: they are one of the most trusted names in the business of coin and bullion trading. They have been in the market for more than 50 years, and they provide sufficient information and varieties of investment options for new investors.

These sites, with their various investment options, makes it easy for virtually anyone to invest in precious metals. These investments are sure to bring recurrent wealth for years to come.

Why Everyone Needs A Living Will

A living will is a legal document holding directives on the medical treatment decisions to be made, if, in the future, the person becomes unable to make such decisions. For instance, if an accident or terminal illness causes someone to go into a state of coma, a living will offer them an opportunity to inform family members or doctors of their wishes. Before deciding to make such a document, you should know of their advantages and disadvantages.

Advantages of a Living Will

  • Relieving family members: the primary benefit of a will is that it prevents family members from undergoing stress during challenging situations. It is tough to make life or death decision for someone, as family members will be perplexed and disturbed as to whether they are making the right decision. A will is helpful in situations where family members have contradicting views about the end of life care.
  • Adhering to your personal beliefs: a living will let you stick to your own belief. For example, a person who sees the use of life support in keeping someone alive as not right can indicate that in their living will. If such an unfortunate event occurs, the family members and doctors will not be confused about what to do but grant the person’s wishes.
  • Flexibility: You can simply rescind a will if you wish, and make a new one. To legalize this decision, you only have to inform your doctor and two witnesses.

Disadvantages of a Living Will

  • Misinterpretation of the document: one major issue with a living will is that sometimes they might not be detailed enough, and could lead to misinterpretation. This could put the family members in a dilemma and could result in something different from the person’s real wish.
  • Illegitimate document: occasionally, a person already struggling with a medical condition may not comprehend what is involved in signing a living will. In such situations, it may be difficult for them to make practical decisions due to their mental and emotional state. It is therefore crucial that the person understand the full implications of having a living will.
  • Court intervention: in situations where the family and doctor have a contrasting interpretation of the person stated wish, the family might need the mediation of the law to resolve such cases. When preparing your living will, it is crucial to hire an attorney so that if need be, he can defend your interest.

Laws are different in every state. So be sure to check if it is eligible to have a living will in your resident state before going ahead to make them.

It is not compulsory to have a lawyer when creating a living will; however, you can get one who will defend your interest if the need arises. Moreover, consulting a lawyer could help you get a better view of your choices.

Retiring Soon? Here Are Great Financial Ideas For You!

 

Are you planning to take that bold action towards retirement? Or you are a retiree; then, you need this piece for efficient financial management ideas.

The concept of economic buoyancy after retirement is similar to that which you require during your first year of employment. It is essential because there are various expenditures you have to make, and at retirement, your income stream becomes dormant.

Moreover, if you decide to do some menial jobs after retiring, then, you need to be physically fit for such a task. Nevertheless, below, I have compiled great ideas that will help you to prepare for retirement.

  1. Stable finance structure

It is often referred to as a ”cash cushion” in the concept of retirement. A stable financial framework means that you have a reserved cash saving that would allow you to cover some expenses such as vacation and tuition for your grandkids.

Firstly, make sure you do not invest all your money in the stock market before retirement. This is to guard against any sudden market downturn in the financial sector, which can cause you to lose everything.

Your finance structure should be substantial such that you can conveniently carry out expenditures for at least two years. Within those two years, you will be living on the saved funds rather than selling-up some of your investment to survive. Hence, the need for a stable financial framework.

 

  1. Avoid Debts

Having lots of debts hanging on your neck before retirement is like digging a hole that will eventually trap you. Why? Very simple. You are meant to live on your savings after retirement; so, by accumulating debts, the reverse becomes the case. Therefore, even if you find it challenging to avoid debts before retirement, make the debt so minimal that it won’t take up a significant percentage of your savings.

 

  1. Master the rules

Financial planning for retirement has some rules that govern it. Although you may be negligent of these rules, it is advisable to master them before retirement. You might have to dedicate time to understand the category of IRA that suits you – Roth or traditional IRA?

Also, you must acquaint yourself with the different techniques in obtaining social securities. Try to update your social security account so that you can be able to get a more considerable amount at your retirement age.

Excellent knowledge about the rules that govern financial planning will enable you to draft an efficient plan ahead of your retirement.

 

  1. Estate Planning

Although this can be very challenging mentally, it is a step that can secure your future. As you near your retirement, you need to start making a will regarding your existing properties. More so, your family needs to know about this.

These properties can act as a great asset upon retirement, especially during emergency periods. Therefore, bifurcation of property, together with effective estate planning are two decisions you should not neglect to make. It can save you from impending headaches.

Credit and All You Need to Know About It

Your credit score is one of the essential details of your financial standing that you have to ensure is in top form. It will determine the possibility of you successfully securing loans, credit card products, bank accounts, and other financial services from lenders.

 

It is almost impossible to conduct even the simplest of business transactions without your credit score comes into play these days. Hence, this article intends to act as an informative guide on the steps to take in checking, building, and maintaining your credit score.

 

Credit Score: A Breakdown

Credit scores are figures that depict a person’s ability to cater to loans. It comprises a detailed listing of a person’s payment history, owed amount, length of credit history, credit mix, and new credit.

The system used by most people to generate their credit score is the FICO score system. According to this system, a promising and excellent credit score begins from 780, with 300 being the lowest score a person may possess and 850 being the highest score he could attain. A credit score of 660 is entirely satisfactory.

 

Credit Score/Report: Checking It

Several avenues exist for you to check your credit score. Ordinarily, you are entitled to a free credit report every year as a result of the provisions of current consumer laws. Sites such as http://ideaperminute.com could prove useful in this regard, all that is required is that following the prompts, you enter the necessary details, and the report will be displayed. This report will contain such things as your account(s), balances, payments, loans, comments on your profile, and other information.

 

Another means of checking out your credit score is to employ the services of online service providers like Credit Karma. Your significant function here is to register at no cost, and you will be updated regularly on your progress and methods to adopt to improve your score – at no extra cost.

 

Credit Score: Building It

You can deploy several means to build your credit score, and they are:

  1. Consolidation of Loans: this when rather than having to pay off various loans in various accounts, you pay off the loan to a loan consolidator at a reduced interest rate. Thereby saving money and improving your credit score simultaneously;
  2. Credit Report Disputes: this involves your reporting discrepancies discovered in your credit score when you look through it. For example, when you identify a transaction listed there that never occurred, or misreported balances and so on, you are to immediately report them to the appropriate bureaus who will, in turn, investigate them within 30 days and send a copy of the investigation report to you;
  3. Debt Settlement: this involves negotiation with creditors to collect a smaller amount from you while they settle your outstanding debts with others. This negotiation may be well out of your expertise, so it is advised that a knowledgeable third party be involved;
  4. Secured Credit Card: this tool can prove useful in keeping you and your score afloat in trying times. Most times, they will request a deposit, which the creditor will use to clear any outstanding debt you may have. Afterward, you will then be issued a credit card for the deposit amount paid.

 

Credit Score: Protecting It

For this, you will have to employ the services of professionals to monitor and update you on any progress, change, or regression in your credit score. Any of the service providers already listed above will suffice for this purpose.

 

A few of the service providers will require a start-up charge of $9.99 monthly, while others offer a free trial period of seven-thirty days. For an in-depth knowledge of the services provided, visit their websites or call any of the customer services offered.

 

Credit Score: Maintenance

Follow these few simple steps to follow to maintain your credit score:

  1. Practice prudent lending habits;
  2. Endeavor to pay credit card charges a week before their due date (to allow them process);
  3. Keep your credit score checking minimal, as it is taken to be a sign of desperation by creditors.

What To Know About Refinancing Your Mortgage

A fall in interest rate tends to cause an increase in the number of Americans wanting to refinance their house mortgage. Buying a house is most likely the highest expenses a family will make. This means house bills are the most significant monthly bills people pay frequently.

Families with huge mortgage payment occasionally opt for refinancing as it could alleviate their financial burden.

WHAT IS MORTGAGE REFINANCING?

To refinance your mortgage means to get a new loan deal. Getting this new loan involves the same application requirements as that of the initial mortgage. Also, a closing cost is associated with refinancing a home loan.

When you refinance, the new loan comes with a new payment plan while the bank pays off the old loan.

IS REFINANCING A GOOD IDEA?

Whether it is a good idea to refinance your home mortgage or not is dependent on if you are capable of saving money. Refinancing can only be beneficial to those that can save money. Those who took their home loans when interest rates were higher stands to benefit from a decline in mortgage interest rate. They can save a substantial amount up to hundreds of dollars from their monthly mortgage payment.

People with improved credit scores are sometimes able to get significant levels of savings. For instance, having a credit score between 680 and 699 could cause almost a 0.4 percent increase in interest rate compared to someone with a score above 760. 0.4 percent might seem not much of a difference, but on a $250,000 loan, the person with the lower rate will save up to $20,000 in interest cost.

Therefore, it is beneficial to improve your credit score as you can save hundreds of dollars per month on your mortgage payment. With a combination of lower market rate and a good credit score, one can save even more.

Some mortgage providers will argue that refinancing at a 1 percent drop in mortgage rate could be a good idea and at a 2 percent rate drop, it is absolutely a good idea.

IS REFINANCING A MORTGAGE WORTH IT?

When there is a drop in the mortgage rate, refinancing at that time could help save some money. It should be noted that mortgage refinancing could lead to extra expenses as they do come with closing costs.

These closing costs are capable of offsetting savings gotten from either a lower market rate or higher credit score. Without significant savings, it could take a while to recover from the expenses incurred from paying closing costs.

IMPROVEMENT TO CASH FLOW CAN BE ACHIEVED THROUGH REFINANCING

Mortgage refinancing presents an opportunity to adjust the length of the period of loan payments. Mortgage payment period could reduce from 30 years to 10 or 15 years for people who are capable of increasing their monthly mortgage payment even by a little amount. This seemingly small increment can help a borrower save thousands in interest cost throughout the loan.

There are situations where one finds it difficult to make their monthly mortgage payment. In such cases, they can increase the period of their loan say from 10 years to 30 years and reduce their monthly mortgage payment to an affordable amount although this increase in the period of the loan does not improve wealth creation in the long run but improve cash flow in the short term. It is advisable to increase your monthly mortgage payment as soon as your financial situation improves, to offset your loan in a shorter period.

REFINANCING TO LOCK IN A RATE

Refinancing your home loan could be a wise financial decision when there is a change from an adjustable-rate mortgage to a fixed-rate mortgage. A lot of people opt for an adjustable-rate home loan as it allows for a lower monthly payment. The interest rate on the adjustable-rate mortgage is initially lower than a fixed-rate mortgage, but after an introductory period, the interest rate adjusts.

Usually, between one and ten years, there is a reset in adjustable-rate loans, and after this initial adjustment, the reset will occur periodically. Borrowers will typically see an increase in the monthly interest rate and payment as market rate for mortgage climb higher. Refinancing during periods of increasing interest rate could be a good idea in locking in a low price.

WHAT YOU SHOULD KNOW WHEN CHOOSING LENDERS

Banks are unique and different from each other, so also is their mortgage offering. Before going on to take out a mortgage, you should talk to friends and family that recently took out a mortgage to seek their recommendations.

Also, it is best to compare mortgage rate of different banks. The ones with the lowest prices are not always the best option as there could be a lot of hidden charges in them. The internet is an excellent tool in helping you get the best options, and you could also try calling or visiting a bank’s local branch.