Thursday, June 30
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Tag: Spending

Late Payments, Credit Scores and Credit Reports

Home Loans By State
A missed credit card or loan payment can have a seriously detrimental effect on your credit report. The golden rule of using a credit card is to make your payments on time every time, building a respectable payment history, avoiding debt, and keeping your creditor happy. But what happens when you fall behind with your monthly payments; what happens when you miss a single loan or credit card payment as a result of a mistake, an oversight or a lack of funds? How will your creditor react, how quickly will the credit reporting agencies find out, and what options do you have for getting back on your feet? How Late Payments Affect Your Credit Score A late payment can reduce your credit score significantly and remain on your report for 7 years. It won’t impact your score throughout that time a...

What Is Cash Back?

Cash Back, Credit Cards, Home Loans
Cash back is a rewards benefit that many credit cards offer to cardholders. By taking advantage of it, you’ll receive back a prespecified percentage of certain purchases you make. Many credit card companies will provide higher cash back rates on certain types of purchases, such as airfare, gas, food and more. Cash back is just one way that credit cards offer rewards, as mileage and points are some alternatives. Before you spend too much money with your credit cards, make sure you have a financial plan in place. Speak with a financial advisor today. What Is Cash Back? The most commonly recognized style of cash back is what you have likely seen advertised as cash back credit cards. This specifically refers to earning a certain percentage of your credit card purchases back as cash re...

How to Protect Your Credit Score During COVID-19

Home Loans By State
The COVID-19 coronavirus pandemic has affected everyone all around the world. Extended isolation and sudden job losses have everyone thinking about their futures. Lots of people are concerned about losing a reliable income source during this time of crisis. Some have even been forced to shut their businesses. The global pandemic has turned many people’s financial lives upside down. As you work on keeping your bills in good standing and your finances going strong, you should also pay attention to your credit score. Even if you’re delaying some major purchases like buying a car or a home or going on a trip, you still need to maintain good credit. You’ll eventually start spending again, and you’ll need a good credit score. But how can you protect your credit score d...

6 Damaging Side Effects of Having a Bad Credit Score

Home Loans By State
As you make another large purchase against your credit card, inching closer towards maxing out, you might not realize the negative ramifications this activity will have on your credit score. The same goes for making the odd late payment on your hydro bill or car loan payment. Mounting debt that is not paid off in time or in full can have a major impact on your credit score. A bad credit score can have more negative consequences than you may think So what’s the big deal about having a low credit score? These days many institutions – from loan officers, to businesses, to insurance companies – look to your credit history before making a move. You could find your low credit score putting you in a position where you can’t get approved for a loan, get a job, or even find...

How I Paid Off $38,000 In Student Loan Debt In 7 Months

Debt, Killeen, Student Loans
Lately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven't talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day. Due to this, it is a topic I am always happy to cover. Paying off your student loans is a wonderful feeling and I want to help everyone else experience the same.   Background on my student loans. To start off, I am going to provide a quick background on my student loans. I worked full-time all throughout college. I worked as a retail manager from when I was a teenager until I graduated with my two undergraduate degrees (I was a double major). Then, I was lucky and found a financial analyst position ri...

How to Explain a Gap in Your Résumé

Interest Only Loans
My first job out of college was with a recruiting firm run by three women who had nearly a hundred combined years of experience in the workforce. They taught me everything I needed to know about how to read resumes, including the warning signs to look for. A gap in employment was, according to them, the kiss of death. Today, a hot minute and three U.S. presidents later, I truly believe that wisdom is as outdated as my prom dress. It was fine in the moment, but the moment has passed.   Each of us is complex and unique, and our personal stories should reflect that. The rules of employment history have changed, and the story you craft about your timeline is yours. Whether your employment gap happened because of a layoff, becoming a caregiver, taking a sabbatical, exploring entrepren...

10 Things to Know About Working in New York

Interest Only Loans
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can make it anywhere? We’re not making any promises, but we can give you some tips about what working in New York is really like.  Check out our 401(k) calculator.  1. Salaries are high – but so is the cost of living. For many fields, particularly those that require highly skilled workers, salaries in New York are higher than those in other cities. But before you get too excited about the fact that salaries in New York tend to be higher, keep in mind that the cost of living in New York is higher, too. Luckily, there are plenty of financial experts around to help you figure out how to ke...