Tag Archives: every

Should you pay off your credit card EVERY SINGLE DAY?!

Question of the day: How often should you pay your credit card?

Why I use the Capital One Venture Credit Card https://youtu.be/2vo0MFJP7Lw

Like and subscribe! https://www.youtube.com/channel/UCbVBKfppJ5W56pRkf4EM6XA
Email: commoncentsmike@gmail.com
Twitter: https://twitter.com/Commoncentsmike
https://www.facebook.com/commoncentsmike/

More from Commoncentsmike:

How to build credit the right way https://youtu.be/VuvNDPjF
How to invest with Wealthfront https://youtu.be/ScV2xk3O_gY
How to pay off credit cards FAST https://youtu.be/CMXupUoWyFk
The power of interest rates https://youtu.be/Z2PxGaBCYjw
How to refinance car loans https://youtu.be/VPRAlAiy8eU
How do credit cards work https://youtu.be/A47e1oxBYlU
Banks vs Credit Unions https://youtu.be/Y7HlIbx-ons
Is Credit Karma good or bad https://youtu.be/k-UvqfpTVn8
Video Rating: / 5

Five Things Every Woman Should Know Before Signing Any Credit Application

If you are married (or plan to be) I will share with you five vital keys every married person should know before signing any credit application.

VITAL KEY #1: According to the Federal Equal Credit Opportunity Act (FECOA) creditors cannot deny consumers access to credit because of their sex. However, on average (in surveys) it’s reported that women earn less money than men. Regardless of what the FECOA states, the relationship of credit to income is very strong.

In our society if you make less money you will get less credit, period. The sad fact is that women on there own have less access to credit. It’s for this reason (I believe) it is imperative that women learn and acquire more knowledge about credit than men. Knowledge is power; and in the world of credit that knowledge will often times prove to be priceless, especially for women.

VITAL KEY #2: If you are a married woman with JOINT credit (meaning all your credit accounts are jointly held with your husband) you have NO CREDIT yourself. Many women in America find this out the hard way every year when they get divorced and lose all their credit privileges since all their accounts were jointly held with their spouse. If you are a woman in this position you can greatly benefit by beginning to build your own credit in your own name starting today! The benefits are two fold.

1.) If your spouse has financial difficulties (for any reason) and is forced to file bankruptcy or their credit becomes derogatory, you and your spouse will have your credit in reserve to survive on.

2.) If you ever get divorced down the road (over 50% do and 76% in the state of California) you will NOT end up in financial hardship due to no credit and/or derogatory credit. Instead, you will have your credit to transition to and (believe me) this can be the difference between sailing off in the sunset or drowning in a storm.

VITAL KEY #3: If you are currently married (with some credit or no credit) to a spouse who has excellent credit, you can leverage their credit to build credit in your own name much faster than if you had to build it by yourself. Later, once you have established enough accounts on your own, you may choose to cancel accounts that were held jointly with your spouse.

VITAL KEY #4: If you are a single woman with excellent credit and are getting married you may want to think twice about adding your new lover to all your credit accounts. If he messes up or you end up in divorce down the road your credit will end up taking the beating (regardless of how many years you diligently spent building it up). For this reason, I strongly suggest married couples keep their credit separate. Why?

In most cases spouses have far more to lose than to gain. Naturally, some credit will have to be joint no matter what you do. If you purchase a home (which may require both incomes to qualify) this will appear as a joint account on the credit report. However, the potential abuse with a home mortgage is almost non existent as opposed to Credit Cards.

VITAL KEY #5: Spouses have more to gain by each building strong individual credit reports rather than joining all accounts and building one joint report. For obvious reasons, banks and credit card companies love the “credit ignorance” of spouses who join all their credit accounts upon marriage.

Here’s why: If you take 500,000 couples with credit before they got married, those 500,000 couples actually represent one million credit accounts and liabilities for the banks and lenders. When those couples got married, those one million credit liabilities were instantly were cut in half from one million to only 500,000. For banks this is a very advantageous situation. For the couples getting married (if they have financial trouble) the deal is a little raw. If they have trouble, although they are two people, they are represented by only one credit report. The bank now has the right to go after two different people for one account (regardless of who was financially negligent).

For moment, let’s play out the same scenario with a couple which is financially savvy (note: they’re both on the same “team” but financially savvy). In this scenario, the couple gets married, but instead of joining account each builds their individual credit reports. Now this couple (team) has not one credit report representing them but two. Metaphorically, if the perfect storm (financially) is to rise, this is the difference between the couple being in the ocean with two ships instead of one. If the one ship starts to sink, the couple can always “jump ship” to the second.

While some may criticize this thinking it is no different than buying any kind of insurance. You buy insurance not because you plan on a problem. You buy insurance because you are thinking ahead. This type of thinking is no different. However, if you want to be ahead of the pack that you need to think ahead of the pack.

I cannot tell you how many times I have talked to loving married couples in financial trouble who only WISHED they would have known about these five vital keys before they got into financial trouble. Take them, study them, apply them to your life. As I heard one woman put it “In business and in life I’ve learned to expect the best but plan for the worst”. I thought her words were brilliant. However, I have found that when I expect the best… many times I tend to get it! Take these five vital keys. Study them. Apply them. Then pass them on to someone else who can benefit from them.

Jay Peters is the founder of Consumer Education Group which publishes the Credit Secrets Bible (in print since 1994). To receive Free Credit Tips including “how to get your credit reports for free” visit their website: http://www.TruthAboutCreditRepair.com

For media inquiries or interviews Jay may be contacted at (928) 848-1400 or email: JayPetersOnline@yahoo.com

Related Credit Application Articles

By Regulation, Every Person in America is Qualified to a Free Credit history Record

free credit report gov
by archer10 (Dennis) 94M Sights

According to the Fair Credit history Coverage Act (FCRA), every person in America is entitled to a complimentary credit history report from each of the three across the country consumer reporting business- Equifax, Experian, and also TransUnion. To puts it simply, you could get 3 cost-free credit score reports a year; one from Equifax, one from Experian, as well as one from TransUnion. You could order these reports all at the very same time or you can spread it out over an amount of time, like obtaining one every 4 months. If you have bothersome credit and are functioning to re-establish an excellent credit history ranking, you may wish to purchase your credit history records space out over a few months to see exactly how your debt is improving. Any type of record that you order after the initial free reports within a 12-month period might cost you up to around $ 11.00.

There is only one internet site that is authorized to fill your order for the cost-free annual credit rating report you are qualified to- annualcreditreport.com. All various other sites that offer “complimentary debt records,” or “cost-free credit rating” are not part of the complimentary yearly credit score report program and also generally use these “cost-free” records for a service, like debt surveillance, that you have to spend for. Or often they will certainly offer a free service that will certainly transform to one you need to pay for after a trial period, and if you don’t cancel the solution within that trial duration you may be subject to charges and also fees.

Unlike your credit score records, there is no complimentary method to obtain your credit history. You can order your credit history from any of the 3 major credit history reporting firms when you buy your totally free credit score report, nevertheless, they will charge you a cost for it. There is still some complication on what does it cost? these credit history in fact set you back to order, but most concur they are in the variety of $ 8 – $ 16. You could also obtain your credit rating by buying it directly from FICO, the Fair Isaac Firm- this is the business that basically invented the basic style for figuring out the debt ratings used today. Your credit rating is a number between 300 and 850 that, basically, represents your credit reliability. A credit report is based mainly on info from your credit scores record and will normally differ between each of the three credit scores reporting firms.

It is notable to mention that the FCRA specifies that others could access your credit report. Financial institutions, insurance firms, as well as other companies that make use of the information in your record to assess your applications for credit, insurance, or renting a house, all have lawful civil liberties to access your credit rating record. Your employer can obtain a duplicate of your credit score record also, but only if you agree. A consumer reporting firm might not supply info about you to your employer, or to a potential company, without your created approval.

If you still have concerns about your credit score report or credit report, there are countless websites online that you could discover using Google, or other internet search engine, that can aid to answer your questions. One noteworthy website which uses realities to customers is the Federal Trade Commission internet site at ftc.gov.

Debt Management 101: 7 secret Rules every Consumer ought to know

Individuals often feel overrun once they visited a spot in life in which they have to ask for help from a credit therapist or financial obligation management expert. Without some specific instructions to help them on the way, numerous will make bad choices and, over time, just compound their original monetary problems. Exactly what is financial obligation management, and what does it truly involve?

Debt control, defined merely, is an ongoing process wherein financial obligation is eased and finally reduced through handling of consumer possessions and direct settlement with lenders. Debt administration is usually offered by competent debt “counselors” or an avowed debt administration organization. These financial obligation management organizations make use of what exactly are known as “debt administration plans (DMPs)” where customers deposit set funds every month into particular records being then used by your debt management business to repay consumer credit card expenses, student education loans, health expenses or other kind of credit card debt.

Choosing a debt management supplier isn’t a thing that should-be taken lightly. What can you try to find whenever choosing a credit counselor or debt administration company? There are a large number of factors to consider, but these 7 key rules to choosing a credit/debt management company make the process less stressful that will enable you to get a great deal closer to financial convenience quicker and simpler you then ever before thought feasible.

1. Get a Referral – Ask somebody who has experienced a similar scenario. Take care to make inquiries, to find out when they had a experience with a certain firm or a bad knowledge. Getting information straight from another consumer who has made use of credit guidance or financial obligation management before is a wonderful option to learn just before accept pay for solutions. Additionally, an established business should-be prepared to provide examples of great results, without exposing another person’s personal information.

2. National Accreditation – While no specific national or condition accreditation will guarantee success, there are organizations in the U.S. with the heart intent behind marketing large standards and moral practices in credit business. The American Association of Debt Management Organizations tend to be probably one of the most prominent in this industry. Members of this company specialize in credit counseling, debt management programs, budget/finance industry education and many other things.

3. Bbb Membership – Contact the Better Business Bureau in your city or region and ask for information about the credit counselor or financial obligation administration company you are looking for. You can also want to speak to some body within the State’s lawyer or lawyer General’s office to see if the business was the subject of any regulating activity. Eventually, in the event that firm involved has actually a site, check assuring it[s a part of this www.bbbonline.org on the web arm of Better Business Bureau and has now been granted its coveted “Reliability Program Online Seal.”

4. For revenue vs. Non-Profit knowledge – numerous customers have actually a misunderstanding about Not-For-Profit debt administration companies vs. For-Profit businesses. They both offer concessions for consumer whereas some says require non-profit condition prior to the business can perform company when you look at the state. Credit card companies fund most Not-For-Profit credit guidance organizations with Grants and Fairshare deductions for all of them to recuperate funds from consumers that presently perhaps not making their payments. The biggest huge difference usually a Not-For-Profit does not spend fees whereas a For Profit does. Learn the company carefully to see if it utilizes “non-profit” condition merely as a marketing tool.

5. Extortionate Costs – In recent years, credit card companies alongside loan providers have actually reduced a few of the investment for credit counseling. It’s led guidance firms to increase their particular fees. Some of these increases are reasonable, but customers should really be cautious never to get involved with a company that fees a big upfront repayment merely to establish a merchant account. A baseline of $ 50 monthly is a good guideline for a preliminary brand-new debt administration program. In contrast, a credit therapist or debt supervisor should most likely not charge a fee in excess of $ 100 to determine your bank account and negotiate with your creditors. Some companies will waive their initial registration fees entirely if you fail to manage all of them.

6. Genuine Education – try to look for a credit counselor or financial obligation management professional who is sincere about providing you with information that can help you cope with financial dilemmas. You shouldn’t need to pay extra for CDs or movies that want that discover all on your own. If individual you’re speaking with doesn’t or cannot offer satisfactory answers towards questions, find another organization.

7. A Written Plan – an established credit guidance firm or financial obligation management business will take time for you to review your circumstances, allow you to with budgeting and cash management, and put your own personal plan on paper. This individualized plan includes precisely how creditors would be paid, also practical objectives for returning one to full economic wellness. Some corporations also provide a totally free financial obligation comparison quote which will be an excellent way to see how much cash it can save you, exacltly what the brand-new interest rate are and exactly how long it will require you to receive debt free on your debt consolidation reduction system out of the gate. Impractical claims shouldn’t be the main program. As an example, a debt management or credit-counseling company does not have the expert to change your credit file nor should it previously imply it’s done this in past times.

Coming face-to-face with monetary difficulty might appear is a lot more than it is possible to deal with, at first blush. Thankfully, there are lots of reputable credit counselors and financial obligation administration organizations on the market who can help get you begun once again in the correct way. Following these 7 simple instructions when choosing a firm goes a considerable ways in making sure your final choice normally the best choice for the current monetary circumstances.

Casey Markee is a specialist with nationwide debt administration program supplier customers Alliance Processing Corporation (CAPC). See them online and attempt their no-cost charge card repayment calculator and expel your credit debt these days.