credit cards – 4 Walls And A View http://4wallsandaview.com/ Wed, 09 Mar 2022 00:16:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://4wallsandaview.com/wp-content/uploads/2021/06/icon-5.png credit cards – 4 Walls And A View http://4wallsandaview.com/ 32 32 How to save on gas when prices are at record highs https://4wallsandaview.com/how-to-save-on-gas-when-prices-are-at-record-highs/ Wed, 09 Mar 2022 00:16:36 +0000 https://4wallsandaview.com/how-to-save-on-gas-when-prices-are-at-record-highs/ Drivers across the United States have faced record high gasoline prices at the pump in recent weeks. According to AAA, the national average price per gallon reached $4.07, up a staggering $1.30 from a year ago. Prices across the country have been rising since last week and aren’t expected to stop anytime soon. 5 ways […]]]>

Drivers across the United States have faced record high gasoline prices at the pump in recent weeks. According to AAA, the national average price per gallon reached $4.07, up a staggering $1.30 from a year ago. Prices across the country have been rising since last week and aren’t expected to stop anytime soon.

5 ways to save money at the gas pump

To save fuel and spend less at the pump, consider making a few adjustments to your normal driving.

1. Drive the speed limit

Regardless of your vehicle’s fuel economy, following the speed limit will help you save fuel. Your gas mileage will decrease if you drive over 50 mph. In addition to driving at the posted speed, it’s a good idea to avoid extreme acceleration or braking, which will also result in low gas mileage.

2. Shop around for the cheapest options

Before parking at the first gas station you come across, research the cheapest options in the area. You can download apps like GasBuddy, Gas Guru, and the AAA app to see where the lowest gas prices are near you.

3. Stick with regular gas options

Unless your vehicle requires premium gasoline, there’s no need to dish out the extra cash for the premium option. Sticking to regular gasoline will save you around 50 cents per gallon – a small number that can quickly add up.

4. Join a rewards program

Many grocery stores offer Loyalty programs that reward drivers who fill up at their station. Some credit cards also offer points when used at the pump. If a traditional gas station is more your style, look for the brand-specific rewards options you prefer, like the one offered by 7-Eleven.

5. Map out routes in advance

To save money on gas and time in the car, use apps like Waze to take the most efficient route available. Also plan your route in advance to make sure you don’t waste gas backing up to different areas.

Other ways to save money on vehicle costs

While it is true that the cost of powering your car can be quite high, especially now, the true cost of vehicle ownership is made up of many factors. And there are still other ways to save money as a driver.

Maintain your vehicle

Keep up to date with maintenance of your vehicle will help you avoid any unforeseen problems. Try to have your vehicle professionally checked a few times a year to avoid costly road related issues.

Limit long journeys

More miles clocked on your odometer means more trips to the gas station, but it also means more chance of mechanical problems. If you can avoid it, it might not be the best time for a long road trip. It could also be a good time to carpool or rely on public transportation when available.

Buy cheaper insurance

If you’ve had the same insurance for a long time, now might be a good time to shop around and see what other options are available. Make sure you compare quotes from multiple vendors to ensure you get the best deal.

Refinance your current car loan

You may be able to get better terms and save on your monthly payment by refinance your car loan. This is especially true if you have improved your credit score. Compare your current rates with refinanced terms to see if you can save more money by refinancing.

The record prices are due to a combination of factors

The record prices the country is facing are partly due to Russia’s invasion of Ukraine and the resulting sanctions. These penalties have resulted in a dramatic increase in the cost of crude oil, which serves as the primary ingredient to power your vehicle. As the price of crude oil rises, prices at the gas pump also rise.

Combined with potential Fed rates up and the impending impacts of the pandemic, gasoline prices are unlikely to drop any time soon. Take advantage of every available opportunity to save money in this expensive environment.

The bottom line

When it comes to owning a vehicle, the costs can add up – and the price attached to the gas pump can cause a lot of frustration. While much of the rising gas prices are out of your control, focus on the choices you can make to save.

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Looking for credit card relief? Don’t Believe These Debt Consolidation Myths | national company https://4wallsandaview.com/looking-for-credit-card-relief-dont-believe-these-debt-consolidation-myths-national-company/ Tue, 08 Mar 2022 16:39:48 +0000 https://4wallsandaview.com/looking-for-credit-card-relief-dont-believe-these-debt-consolidation-myths-national-company/ PHOENIX–(BUSINESS WIRE)–March 8, 2022– As Americans’ credit card debt levels rise, 29% are facing trouble with their liabilities, according to New York Life. This means that millions of people may need solutions such as debt consolidation, but may find information about the process confusing or misleading. “Debt consolidation offers a way to combine multiple debts […]]]>

PHOENIX–(BUSINESS WIRE)–March 8, 2022–

As Americans’ credit card debt levels rise, 29% are facing trouble with their liabilities, according to New York Life. This means that millions of people may need solutions such as debt consolidation, but may find information about the process confusing or misleading.

Debt consolidation offers a way to combine multiple debts into one payment to provide a streamlined way to repay. It’s often a great solution for people overwhelmed by multiple bills looking to regain control of their money,” said Michael Sullivan, personal financial consultant at Take Charge America, a non-profit housing and credit counseling agency. “But like other forms of debt relief, it can be difficult to separate truth from fiction.”

Sullivan busts five common debt consolidation myths:

  • You cannot pursue the consolidation yourself. False. Despite what you may hear elsewhere, debt consolidation is a process that you can initiate yourself. Consolidation can take many forms, including a debt management plan, balance transfer credit cards, and personal loans. Research the different solutions to determine which works best for you. A non-profit credit counseling session can also offer an unbiased assessment of your unique situation.
  • Consolidation eliminates your debt. False. Although consolidation is a great way to control your debt by combining multiple debts into one payment, you still have to pay off the balance. Consolidation is not forgiveness.
  • You must have good credit to pursue debt consolidation. Mostly false. When applying for a consolidation loan, good credit can help you get better terms and a lower interest rate. If you explore a debt management planyour credit score is not a factor in qualifying for the plan or obtaining lower interest rates.
  • You always save on interest. False. You can save on interest, depending on the terms of your consolidation loan. But even with a lower interest rate, you might end up paying more interest over the life of the loan if you extend the repayment period.
  • Consolidation traps you in a cycle of debt. False. Like other debt relief options, consolidation is a tool to help you regain control of your financial situation. It doesn’t solve the underlying problem, which is often overspending and mismanagement of money. If you don’t solve these problems yourself, you can easily get into debt.

To learn more about debt consolidation or other debt relief options, visit take over america.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a non-profit agency providing financial education and counseling services, including credit counseling, debt management, student loan counseling, housing advice and bankruptcy advice. He has helped over 2 million consumers nationwide manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220308006031/en/

CONTACT: Tim Gallen

Aker ink

(480) 335-6619

tim.gallen@akerink.com

KEYWORD: ARIZONA UNITED STATES NORTH AMERICA

KEYWORD INDUSTRY: FUNDING OF PROFESSIONAL SERVICES

SOURCE: Take Charge America, Inc.

Copyright BusinessWire 2022.

PUBLISHED: 08/03/2022 11:39 / DISK: 08/03/2022 11:39

http://www.businesswire.com/news/home/20220308006031/en

Copyright BusinessWire 2022.

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What is a Signature loan and how does it work? https://4wallsandaview.com/what-is-a-signature-loan-and-how-does-it-work/ Thu, 03 Mar 2022 21:48:17 +0000 https://4wallsandaview.com/what-is-a-signature-loan-and-how-does-it-work/ If you’re looking for a loan that doesn’t require collateral, a signature loan might be a good option. A signature loan can be used for almost any purpose. Plus, you can receive funds quickly – some lenders issue funds the same business day. However, like all financial products, these loans have drawbacks. Some lenders charge […]]]>

If you’re looking for a loan that doesn’t require collateral, a signature loan might be a good option. A signature loan can be used for almost any purpose. Plus, you can receive funds quickly – some lenders issue funds the same business day.

However, like all financial products, these loans have drawbacks. Some lenders charge fees and you may receive a high interest rate. Before applying for a signature loan, review the details of these loans to make sure it’s the right choice for you.

What is a signature loan?

A signature loan is an unsecured personal loan. Unlike a secured loan, this type of loan doesn’t require you to post collateral — something of value, like a bank account or a house — that a lender can seize if you don’t repay the loan. Instead, the loan is secured by your signature, which represents a legal promise to repay the loan funds.

Since the loan is unsecured, lenders generally charge a higher interest rate than secured loans, such as mortgages and car loans. The average interest rate for signature loans is often lower than the average credit card interest rate.

Also, loan funds can be used for almost any purpose, such as medical emergencies, debt consolidation, and major life events.

How does a signature loan work?

When you apply for a signature loan, a lender considers factors such as your credit history, income, and credit score to determine if you qualify for a loan. These factors also help a lender determine your interest rate and loan amount.

If you are approved for a signature loan, a lender will give you a cash lump sum. You then repay the loan amount, plus interest, over a set repayment period that typically ranges from 24 to 60 months or more.

What are the best uses for a signature loan?

The best use of a signature loan depends on your unique financial situation. Here are some scenarios where using one might make sense.

Debt Consolidation

If you have high-interest debt, such as credit card debt, using a signature loan to consolidate debt might be a good financial decision. Debt consolidation involves paying off your existing debts with a new loan. If you qualify for a signature loan with an interest rate lower than the average rate of your current debt, you can save a ton of money on interest.

Emergencies

Signature loans also work well for covering unexpected expenses, such as medical emergencies, auto repairs, and home repairs. If you don’t have emergency funds or the expense is too large to cover, you may be able to receive funds quickly.

Major life events

If you need to pay for an expensive event, like a wedding, moving to another state, or a birthday party, a signature loan could help. Remember to only borrow what you can afford to repay.

Where can you get a signature loan?

You can get a signature loan from several financial institutions, including banks, credit unions, and online lenders.

Banks

Traditional banks offer signature loans. If you already have a relationship with a bank, contact their customer service to see if they offer signed personal loans. You may qualify for an interest rate reduction for being an existing customer. Alternatively, you contact a bank by phone to see if they offer unsecured personal loans.

credit unions

Some credit unions offer signature loans, and the interest rate is often lower than those offered by banks. For example, the average rate for a three-year unsecured personal loan at a credit union was 8.95 percent on June 25, 2021, according to the National Credit Union Administration. In contrast, the three-year average rate on a personal loan at a bank was 10.09%.

To take out a personal loan from a credit union, you must be a member or apply for membership.

Online lenders

Several online lenders offer unsecured personal loans. To find them, you can visit an online marketplace or search for individual lenders. One of the benefits of applying with an online lender is that most allow you to prequalify to check your estimated rates and terms, without hurting your credit score.

Advantages and disadvantages of signature loans

Before taking out a signature loan, be sure to weigh the pros and cons.

Benefits

  • Quick funding. Do you need cash fast? Some lenders may issue your loan funds the same business day or a few business days after loan approval.
  • No collateral needed. Since all signature loans are unsecured loans, you don’t have to worry about a lender repossessing your car or foreclosing your home (unless a court grants judgment to the lender) .
  • Lower interest rates than credit cards. The average personal loan interest rate is generally lower than the average credit card interest rate. For example, since March 3, 2022, the average personal loan rate is 10.28%.

The inconvenients

  • Some lenders charge fees, such as application fees, late fees, and prepayment penalties. These fees can significantly increase your borrowing costs.
  • Potentially high interest rates. If you have bad credit, a lender may charge you a high interest rate. Some lenders have advertised maximum interest rates above 30%.
  • Late payments can hurt your credit score. If your payment is more than 30 days late, it can cause significant damage to your credit score, making it harder to qualify for future loans.

How to get a signature loan

If you think getting a signature loan is right for you, follow these steps to get one:

  1. Review your credit report. Inaccurate and incomplete information can lower your credit score. Before applying for a loan, review your credit reports to make sure they are accurate. You can view your Experian, Transunion and Equifax credit reports for free each week until April 20, 2022, by visiting com. If you find a credit report error, dispute it with every credit agency that lists it.
  2. Prequalify with multiple lenders. Compare your loan options by prequalify with as many lenders as possible. After you submit your application, a lender will perform a soft credit check to review your credit, which has no impact on your credit score. If you prequalify, you will receive an estimate of rates and terms.
  3. Submit a formal loan application. Once you have chosen a lender, complete a loan application. You will likely be asked to provide personal and financial information, such as your name, employer, social security number (SSN), income, and bank statements.
  4. Sign the loan agreement and receive the funds. If your application is approved, a lender will send you a loan agreement to sign. Read the conditions carefully and sign if you accept them. Then the lender must deposit the funds into your bank account within a few business days.
  5. Repay your loan. Be sure to repay your signature loan as promised. If you make late payments, you could pay late fees and it could hurt your credit, preventing you from taking out future loans. Sign up for autopay or use a spreadsheet to stay on top of your due date.
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NSW and QLD floods: Banks offer home loan and credit card relief https://4wallsandaview.com/nsw-and-qld-floods-banks-offer-home-loan-and-credit-card-relief/ Thu, 03 Mar 2022 07:34:48 +0000 https://4wallsandaview.com/nsw-and-qld-floods-banks-offer-home-loan-and-credit-card-relief/ Borrowers in flood-affected areas of Queensland and northern New South Wales can now claim up to 3 months of home loan deferral. It is one of several support measures announced by Australian banks following the epic downpour, which saw Brisbane receive more rain in 1 week than London typically receives in a year. “Loan deferral […]]]>

Borrowers in flood-affected areas of Queensland and northern New South Wales can now claim up to 3 months of home loan deferral.

It is one of several support measures announced by Australian banks following the epic downpour, which saw Brisbane receive more rain in 1 week than London typically receives in a year.

“Loan deferral or reduced repayment arrangements for home, personal and some business loans are offered at individual banks,” confirmed Anna Bligh, CEO of the Australian Banking Association (ABA).

“As those affected by these terrible floods begin a long and slow recovery, it will give them some financial peace of mind. Customers are encouraged to speak to their bank, as soon as they can, and find out what help is available to get them through this difficult time.”

What financial assistance is available?

Depending on your personal situation, you may be eligible for:

  • Defer repayments on your home loan, personal loan, credit cards and some business loans for up to 3 months.
  • Apply for waiver of fees and charges, including early access to term deposits.
  • Consolidate your debts to make it easier to manage repayments.
  • Access temporary overdrafts, additional loans, or emergency credit limit increases (subject to credit approval).

Angus Sullivan, group director of retail banking at CommBank, said each customer’s situation will be assessed on a case-by-case basis.

“For CommInsure customers, we are able to help with emergency accommodation if your home has been damaged…and we can also expedite claims with CommInsure for customers requesting assistance through of their home and contents insurance,” he said.

You can request hardship assistance by calling your bank directly, using the ABA’s list of emergency and financial hardship assistance contact details from member banks.

NAB Announces $1,000 Flood Relief Grants

While the majority of banks are offering loan repayment relief, NAB has also announced financial hardship grants of $1,000 each for NAB customers directly affected by the current flooding.

Rachel Slade, NAB Group Executive Personal Banking, said the bank is providing immediate access to $1,000 grants to help cover costs such as temporary accommodation, food and clothing.

“We are also providing emergency grants to NAB colleagues who have experienced damage to their homes, while continuing to support their local customers during these floods,” she said.

“Many of our branches have also been affected and we encourage customers in affected areas to contact us.”

Learn more about NAB’s $1,000 Flood Relief Grants and how to apply.

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What is a sinking fund and how to start one https://4wallsandaview.com/what-is-a-sinking-fund-and-how-to-start-one/ Tue, 01 Mar 2022 16:35:45 +0000 https://4wallsandaview.com/what-is-a-sinking-fund-and-how-to-start-one/ Editorial independence We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money. When you hear the term sinking fund, the first image that comes […]]]>

We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money.

When you hear the term sinking fund, the first image that comes to mind may be of a sinking pirate ship with treasure on board. That’s not what we’re talking about here.

In fact, sinking funds are a great addition to your financial strategy. A sinking fund works like a savings account, but with its own purpose and approach.

A sinking fund is money you set aside for a specific upcoming expense. Unlike a general savings account or emergency fund, a sinking fund has a clear purpose, whether it’s saving for a vacation, a down payment on a house, or a big splurge. Financial educator Haley Sacks has an amortization account reserved for astrologers.

If you have a big expense coming up, you might consider setting up a sinking fund to take the stress out of saving.

Let’s talk about what a sinking fund is, how it works, and what makes it worthy of being a line item in your budget.

What is a sinking fund?

A sinking fund is a safe, secure, and liquid savings account that is earmarked for a specific future expense. You can use a sinking fund for almost anything, but it helps to have an approximate amount and a timeline in mind. This will help you plan your budget until you reach your goal.

“[Sinking funds] allow you to take small, manageable steps toward your ultimate goal,” says Sophia White, CEO and Founder of The Balanced Budget.

Sinking Fund Examples

Some common known upcoming expenses include:

  • Vehicle purchases or financing
  • Car repair or maintenance
  • Home repair or renovation
  • Insurance premiums
  • Buy new furniture
  • Saving for the holidays
  • Holiday and Travel Gifts
  • Paying self-employment taxes
  • A big event, like attending a wedding or having a baby shower
  • Living expenses during parental leave

These are just a few to get you started. Really, you can use a sinking fund for many other types of expenses.

Pro tip

Sinking funds serve their best purpose when you have a known upcoming expense, assign a timeline, and work it into your budget. They are completely separate from your emergency fund and other savings accounts.

Sinking Fund Vs. Savings Account

When it comes to a sinking fund or a savings account, it’s all about intention and the desired outcome.

A savings account is a place where you can safely put your money for your needs and long-term goals.

When you have an expense that you know about, you don’t want to mix funds inside accounts for larger purposes that don’t have a specific timeline.

For example, you don’t want to pay your insurance premiums from the same account you use to save extra student loan payments, because the lines can quickly fade.

It is best to separate your financial goals from each other so that you are not tempted to use the money you have saved for purposes other than those for which it is intended.

Sinking Fund Vs. Emergency Fund

An emergency fund is money set aside for the worst-case scenario, such as a sudden loss of income or a large, unforeseen expense. “You have no control over when this will happen. An emergency fund is your safety net for covering these types of emergency expenses,” says White.

A sinking fund is for purchases with a set schedule, and emergency funds are for unknown expenses that occur without warning.

You never want to keep these accounts together, just in case you use your sinking funds for a purpose and experience an emergency right after. If this were to happen, your funds could be totally depleted, depending on how much you keep in your emergency fund, and end up derailing your progress.

How to Start a Sinking Fund

To get started, review your past spending to get an idea of ​​what will show up again in the future. For example, if you pay for your car insurance every six months, you will have an idea of ​​when your premium will be due again.

Make a list of everything you want to save for, so that when it comes time to pay those expenses again, you can dip into your sinking fund and deal with it right away. Peasy easy.

Next, decide how many months or pay periods you need to reach your goal. For example, if you need $1,000 for a vacation, you would need to save $83 per month. If you decide your budget allows more, you can save $167 per month over six months instead. Adjust the schedule until the amounts are meaningful and manageable.

Commit to your goal by transferring the amount to your sinking fund account each month or each pay period. Reach the goal by paying your expenses when they are due. Take a moment to appreciate your accomplishment. Repeat as often as necessary.

Where should you keep your sinking fund?

Whatever you do, don’t mix your sinking funds with your other accounts. This method works best when you have a completely separate account.

If you are disciplined and not prone to temptation, you can open a separate savings account with your main bank and label it accordingly. This way you will see all of your sinking funds clearly listed in your main account dashboard.

But if you know you’re going to give in and dip into the funds for other expenses, be honest with yourself and open an account elsewhere – an online-only savings account is perfect as it takes a few days to complete a transfer out of account. , so you’ll be more likely to leave it alone.

“You can choose to keep it in a separate checking account if you plan to use those funds quickly,” says White. If your goal is several months to over a year away, you can even opt for a high-yield savings account to earn some interest.

You can have as much sinking fund as you need for various expenses. As long as there’s room in your budget and you’re making regular contributions, you can use sinking funds and distribute them as you pay off expenses and plan new ones.

Other Types of Savings Accounts You Need

Ideally, before you start your sinking funds, you’ll have your other accounts in order — that means a fully funded emergency fund and no high-interest consumer debt, like credit cards.

If you don’t already have an emergency fund, it’s a great idea to have at least 6-9 months of expenses set aside in case something happens. Many experts recommend more, but the amount you need depends on various factors regarding your personal finances.

Once you have an emergency fund, you can tackle debts such as credit cards, personal loans, and medical bills. Once these are covered, you can focus on sinking funds.

Remember to review your budget from time to time and adjust it as you progress or as needed.

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5 Ways to Improve Your Credit Score in 2022 https://4wallsandaview.com/5-ways-to-improve-your-credit-score-in-2022/ Wed, 23 Feb 2022 16:18:45 +0000 https://4wallsandaview.com/5-ways-to-improve-your-credit-score-in-2022/ Building your credit history can be as simple as checking your credit report for errors and improving your on-time payment history. (iStock) Having good credit can help you get favorable terms on a number of products, from mortgages to credit cards. On the other hand, having a bad credit rating can make it harder to […]]]>

Building your credit history can be as simple as checking your credit report for errors and improving your on-time payment history. (iStock)

Having good credit can help you get favorable terms on a number of products, from mortgages to credit cards. On the other hand, having a bad credit rating can make it harder to get loans and new lines of credit.

If you’ve set a goal to boost your credit score in 2022, here are five strategies to consider:

  1. Review your free credit reports
  2. Improve your on-time payment history
  3. Pay off credit card debt
  4. Keep old accounts open
  5. Open a secure credit card

Learn more about each credit repair strategy in the sections below and visit Credible to sign up for free credit monitoring services. You can also purchase a number of financial products, such as credit card consolidation loans and secured credit cards, for free without affecting your credit score.

WHY IS GOOD CREDIT IMPORTANT?

1. Review your free credit reports

The first step to increasing your credit score is to identify areas where you can make improvements. An effective way to do this is to review your credit reports with the three major credit bureaus: Equifax, Experian and TransUnion.

Check your credit reports for errors, such as missing accounts or clerical errors that result in erroneous missed payments. Then dispute any errors by contacting the credit bureau, which is responsible for correcting inaccurate information through the Fair Credit Reporting Act.

You can request free weekly credit reports until April 20, 2022 at www.AnnualCreditReport.com. After that, you can pull your credit reports once a year for free. You can also sign up for free credit monitoring services on Credible, so you can identify errors or fraud as quickly as possible.

HOW YOUR CREDIT RATING IS EFFECTED BY HARD AND SOFT APPLICATIONS

2. Improve your on-time payment history

Your payment history has the biggest impact on your credit rating, accounting for 35% of your score using the FICO scoring model. Derogatory marks, including missed payments, can last up to seven years on your credit report, although they have less of a negative impact over time.

Signing up for automatic payments to pay your bills and utilities is an easy way to improve your on-time payment history and boost your credit score. It may also be useful to download a free budgeting app to track your expenses and bills across all your bank accounts.

HOW MUCH CREDIT DO YOU NEED FOR A MORTGAGE?

3. Pay off credit card debt

Another factor with a strong impact on your credit score is your the credit utilization ratio, which is the amount of debt you owe relative to your available credit. For example, if you owe $500 on a credit card with a credit limit of $4,500, your utilization rate on that account is approximately 11%.

Borrowers who regularly have high balances on their credit cards may have a high credit utilization rate, which can lower your credit score and cost you money over time due to interest rates. students.

Let’s say you have $3,000 in credit card debt on an account that has a $5,000 line of credit and an interest rate of 17%. If you only make the minimum payments, your credit utilization is 60%, which is about twice what credit reporting agencies recommend. Plus, you’ll likely pay hundreds of dollars in interest charges while you pay off your debts.

One way to reduce your credit usage and save money on interest is to consolidate credit card debt at a lower interest rate with a personal loan. As a bonus, personal loans can diversify your credit mix, which can further boost your credit score. You can compare personal loans for debt consolidation on Credible with a soft inquiry, which will not impact your credit score.

HOW TO CHECK YOUR CREDIT SCORE FOR FREE WITH NO PENALTIES

4. Keep old accounts open

Credit bureaus like to see a well-established credit history, which includes the average age of credit accounts in your name. If you have old credit accounts that you may not be using, it may be useful to keep them open to demonstrate a sufficient length of credit history.

Likewise, it may be wise to avoid opening new credit card accounts while you’re building your credit score. New accounts will shorten your average credit age, and they will also have a temporary (and minimal) negative impact due to thorough investigation when you apply for the account.

You might also consider becoming an authorized user on a trusted friend or relative’s credit card account. If they have a consistent and on-time payment history on an old account, it can help you build your own credit report without much effort on your part.

HOW STUDENT LOANS CAN HELP YOU DEVELOP GOOD CREDIT

5. Open a secure credit card

If you don’t have an established credit history, it can be difficult to qualify for a traditional unsecured credit card. But without new lines of credit, it can be difficult to build your credit.

Some credit card issuers offer secured credit cards, also known as charge-to-credit cards. These accounts allow you to borrow money from a line of credit that you secure with a cash lump sum. With a secured credit card, you may need to pay $1,000 upfront – then you can use the credit card up to a certain limit.

Secured credit cards can help you establish a timely payment history and diversify your credit mix. This can help you boost your credit score quickly while avoiding interest charges. You can visit Credible to compare a variety of credit cards, including secured cards.

BUY NOW, PAY LATER LOANS WILL BE FORMALLY INCLUDED IN EQUIFAX CREDIT REPORTS

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Factors to Consider Before Applying for a Consolidation Loan https://4wallsandaview.com/factors-to-consider-before-applying-for-a-consolidation-loan/ Mon, 21 Feb 2022 15:32:18 +0000 https://4wallsandaview.com/factors-to-consider-before-applying-for-a-consolidation-loan/ Posted on Monday, February 21, 2022 at 10:32 a.m. Join AFP’s more than 100,000 followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on Apple podcast, Spotify and pandora News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© fizkes-stock.adobe.com) More people than you think are in debt. It’s a part […]]]>
business financing
(© fizkes-stock.adobe.com)

More people than you think are in debt. It’s a part of everyday life to juggle bills and many households juggle more builds than they can handle, struggling to pay for them all. Consolidation loans can help put consumers on the right path to paying off their debts and living a life more within their means. However, there are factors to consider before applying for consolidation loans. Here are a few :

Can you simplify your invoices?

You might have a lot of bills coming in every month. As you lay them out in front of you, it can feel overwhelming – with good reason. But there may be things you can do to make your life and the bills you have to pay each month easier. Once you’ve done a few things, like placing large bills on autopay and budgeting for credit card minimums, you’ll be able to more easily see whether or not consolidation loans are good for your situation.

Would that lower your interest rates?

If you have decent credit, you’ll probably be able to get a personal loan that gives you a lower interest rate than you currently have on your credit cards and other types of debt. Spending less on interest can help you apply more on interest, reducing debt faster. But not everyone has good credit, and if yours is bad, the interest rates on a loan might actually be higher or even higher than what you currently have. You will want lower interest rates to make consolidation loans worth your time.

Can you avoid damaging your credit?

Whether you have good or bad credit, you don’t want to damage it. Having consolidation loans can help boost your credit score, but if you miss those payments, it’s even worse than missing a credit card payment in terms of what it will do to your credit. Before getting a loan of this nature, you must feel that you can make these payments – guaranteed – so that you do not end up in a worse situation than what you already have in front of you.

Are you able to make financial changes?

You have credit card debt for a reason. You are going to have to make changes in order to make a consolidation loan worth your time and effort. Learn more on how to make a budget and stick to it. If you are certain you will be able to make changes to the way you spend, getting the loan can help you right away and in the long run. If you continue to spend as you do, the loan will not help you as much as you would like.

Which lender is right?

There are a lot of lenders in the market today and while some are trustworthy and honest, some will try to get you to sign something which will make things worse for you overall. Research the history, reliability, and trustworthiness of the lender before approaching them. You don’t want to borrow money from someone you don’t trust. Look for surprise fees, check loan origination or closing fees, and understand everything you can about the lender before moving forward with options.

If you want to regain your financial freedom and pay off your debts, loan consolidation could be the right path for you. But there are many factors to consider before applying for consolidation loans. You’re going to want to be sure this is the right path for you before you take it. Your goal is to improve your debt situation, not to fall into something that could lead you further astray. Consolidation loans can certainly help your situation, if they are right for you.

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]]> Do I need a co-signer for my credit card if I’m under 21? https://4wallsandaview.com/do-i-need-a-co-signer-for-my-credit-card-if-im-under-21/ Fri, 18 Feb 2022 12:00:22 +0000 https://4wallsandaview.com/do-i-need-a-co-signer-for-my-credit-card-if-im-under-21/ Getting a credit card in your name can help you build a good credit history, which can come in handy later when you’re ready to buy a car or a house. But do you need a co-signer for a credit card if you’re new to using credit? If you are under 21, the general answer […]]]>

Getting a credit card in your name can help you build a good credit history, which can come in handy later when you’re ready to buy a car or a house. But do you need a co-signer for a credit card if you’re new to using credit?

If you are under 21, the general answer is yes, unless you have independent income. The Credit Card Accountability and Disclosure (CARD) Act of 2009 created new rules for card issuers regarding applicants under the age of 21. debt.

Unfortunately, most major credit card issuers have stopped allowing co-signers. While that doesn’t mean you can’t get a credit card at all if you’re under 21, it can limit your options.

Why you might not qualify for a credit card on your own

Technically, you can apply for a credit card at 18. However, the CARD Act requires card issuers to exercise discretion when approving young applicants. To get a credit card in your name before age 21, you must have one of the following:

  • A co-signer willing to share responsibility for the card
  • Proof of independent income

These rules are designed to protect young consumers from abusive credit card practices that could lead them into debt. They can also help young adults develop good credit habits. You may be less likely to have a high balance, for example, if your parent has co-signed your card and is monitoring account activity.

Having a co-signer also benefits the credit card company because there’s someone else who can be held responsible for the debt if you can’t pay. The credit card company can take collection action against the co-signer, including suing them for the debt. But getting a credit card with a co-signer has become more difficult because most major card issuers no longer allow co-signers.

This means that if you are under 21, your ability to get a credit card in your name will depend on your income or not. However, the CARD Act does not specify a certain amount of required income. If you don’t have independent income, which may be the case if you go to school full time or have a job but don’t earn much, you are less likely to be approved.

What credit cards allow co-signers?

Most major card issuers have stopped allowing co-signers of any kind. As of January 2022, the list of card issuers that do not allow co-signers includes:

Bank of America offers an alternative to the traditional cosigner arrangement. If you apply for a Bank of America credit card and are approved, you can ask them to add a co-applicant to your account. However, this is not exactly the same as having a co-signer up front. And if you’re under 21, you’ll still need to show proof of income to be approved.

You may be able to find credit cards issued by smaller banks or credit unions that still allow co-signers. If you have a student checking account with a local bank or credit union, this might be a good place to start looking for cards that allow co-signers. Or you can check with your parents’ bank to see if they’ll co-sign a credit card on your behalf.

Alternative: Become an authorized user

If you can’t get a credit card in your name because you’re under 21 and don’t pass the income test, there’s another option. You could become an authorized user on someone else’s credit card account.

An Authorized User is someone added to the Account by the Primary Cardholder. As an authorized user, you will have your own credit card with your name on it which is linked to the account. You can use the card to make purchases, but you are not responsible for any debt created. You won’t be able to do things like:

  • Request credit limit increases
  • Add other authorized users
  • Redeem rewards unless authorized to do so by the primary cardholder

Becoming an Authorized User can be a backdoor way to establish credit since most major card issuers report Authorized User status to the three major credit bureaus. As long as the primary cardholder has good credit habits (paying on time, keeping balances low, etc.), your credit score can benefit. The impact is not exactly the same as having a card in your name alone. But you can always piggyback on someone else’s good credit to help you build your own credit history.

There are pros and cons to being an authorized user, with the main benefit being the ability to build credit. On the other hand, you may not reap any credit benefits if the card issuer does not report authorized user status to the credit bureaus. And if the primary cardholder pays late, has high credit usage on the card, or worse, defaults on the balance, your credit score could be negatively affected.

Overall, it’s worth considering becoming an authorized user if you’re trying to get a credit card before age 21. If you’re considering asking someone to add you to one of their credit card accounts, be sure to choose someone who has a history of responsible credit use. And it might be a good idea to agree some ground rules in advance about how you’ll use the card and what you might pay for the balance.

Credit cards for your 21st birthday

The good news is that these CARD Act regulations no longer apply once you turn 21. At that time, you will be able to apply for student credit cards or other cards in your name without the need for a co-signer. However, the app will probably still ask you for your annual income. Keep in mind that your approval may depend on your credit score. If you don’t have a long credit history yet, your best option might be starter credit cards or secured cards.

Beginner credit cards tend to have lower credit limits and may or may not charge annual fees. A secured card requires a cash deposit to open, which usually acts as a credit limit. Either could be a good stepping stone to building credit so you can eventually get approved for cards that offer more features and benefits.

The bottom line

Getting your first credit card under 21 can be daunting if you don’t have independent income or if the card you’re interested in doesn’t allow co-signers. You can wait until you’re 21 to apply for a credit card, but going the authorized user route could get you credit sooner. The most important thing to remember when getting a credit card at any age is to use it responsibly, which means paying on time and keeping balances low.

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SME lender finance companies raise $144M led by SoftBank Vision Fund 2, plus $150M in debt lines – TechCrunch https://4wallsandaview.com/sme-lender-finance-companies-raise-144m-led-by-softbank-vision-fund-2-plus-150m-in-debt-lines-techcrunch/ Wed, 16 Feb 2022 03:17:28 +0000 https://4wallsandaview.com/sme-lender-finance-companies-raise-144m-led-by-softbank-vision-fund-2-plus-150m-in-debt-lines-techcrunch/ Small businesses are the backbone of Southeast Asia’s economy, but many struggle to get working capital loans because they don’t have a traditional credit history or collateral , say the founders of Finance companies. The fintech, which claims to be the region’s largest SME digital finance platform, uses alternative forms of credit scoring and has […]]]>

Small businesses are the backbone of Southeast Asia’s economy, but many struggle to get working capital loans because they don’t have a traditional credit history or collateral , say the founders of Finance companies. The fintech, which claims to be the region’s largest SME digital finance platform, uses alternative forms of credit scoring and has disbursed over $2 billion in finance to MSMEs since its launch in 2015. Today, the finance companies announced that they have raised $144 million in an oversubscribed Series C+ round led by SoftBank Vision Fund 2, with the participation of new investors like VNG Corporation, Rapyd Ventures, EDBI, Indies Capital, K3 Ventures and Ascend Vietnam.

It has also received $150 million in lines of credit from institutional investors, some of which have been drawn down since last year.

TechCrunch first covered funding companies when it raised its Series A in 2016. The company’s previous round was a $45 million Series C raised between 2020 and 2021. Part of its new funding, or $16 million, will be distributed to former and existing employees through its stock option plan in the form of share buybacks.

The company was founded in 2015 by Kelvin Teo and Reynold Wijaya after they met at Harvard Business School. It is now licensed and registered in Singapore, Indonesia (where it is known as Modalku), Malaysia and Thailand. He recently started operating in Vietnam and will use part of his C+ series to enter the Philippines.

The platform provides online loans ranging from $500 to $1.5 million. Since its launch, it has disbursed over $2 billion in business finance to MSMEs through over 4.9 million loan transactions. Funding company customers range in size from corner stores and e-commerce sellers to mid-sized businesses, such as fast-growing startups and established corporations, who want to access revenue-based funding faster than bank loans, which typically take about two to three months to disburse, Teo tells TechCrunch.

A recent impact study calculated using Asian Development Bank methodology showed that MSMEs supported by finance companies contributed $3.6 billion to GDP and 350,000 jobs.

By covering a wide range of businesses, Teo claims finance companies have better customer acquisition costs and better loan-to-value ratios. It also accumulates data faster to train its data scoring models, which draw on traditional and alternative data sources. Traditional sources include bank statements and credit bureau information, where available, while alternatives may include transaction information, online reviews, and supply chain data feed.

One of the advantages of finance companies is that some of their data sources are proprietary, while they have exclusive rights to others through partnerships. This gives the startup an edge over new players, Teo says, as well as the amount of loan repayment data finance companies have collected since its launch. He added that the default rate of finance companies is between 1% and 2% even during the COVID-19 pandemic, which is why she was able to receive lines of credit from so many institutions.

Interest rates from finance companies are usually higher than those from banks, but less than or equal to those from credit cards. In fact, they offer a credit card with a debit line to replace corporate cards. It also partners with companies including e-commerce platforms like Shopee and Bukalapak, accounting app BukuWarung, fintech Alterra and agritech platform Tanihub that provide access to working capital loans to their SME clients. .

Teo and Wijaya argue that the main competitors of finance companies are not banks. Instead, Teo says many of his clients relied on loans from friends or family, savings and personal credit cards to fund their businesses. “The opportunity is huge because it’s a quality financing gap of US$300 billion,” he says.

In a prepared statement, SoftBank Investment Advisers Managing Partner Greg Moon said, “SMEs in Southeast Asia have historically struggled to access institutional funding and instead have been forced to rely primarily on personal financing to support growth. Finance companies are building a bridge for these companies to access more sustainable and cheaper finance by creating unique datasets of their performance and using AI-based technology to assess their creditworthiness more efficiently than traditional models.

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Types of Loans You Need to Get Out of Your Financial Troubles Faster https://4wallsandaview.com/types-of-loans-you-need-to-get-out-of-your-financial-troubles-faster/ Mon, 14 Feb 2022 16:37:52 +0000 https://4wallsandaview.com/types-of-loans-you-need-to-get-out-of-your-financial-troubles-faster/ Posted on Monday, February 14, 2022 at 11:37 a.m. Join AFP’s more than 100,000 followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on Apple podcast, Spotify and pandora News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© Panumas – stock.adobe.com) At some point, you went bankrupt and felt like […]]]>
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At some point, you went bankrupt and felt like there was no way out of the mess you were in. You might have wanted to pay big bills such as electricity, rent or maybe your car broke down and needed a quick fix, but there seemed to be no light at the end of the day. tunnel.

So, if you are in a financial crisis, don’t panic. This article will share some of the instant loans you need to have a positive turnaround in your financial journey.

Types of Loans You Need to Get Out of Your Financial Troubles Faster

1. Payday Loans

Payday loans are a blessing as they offer short term loans that help you meet your financial challenge by securing instant loans. The best part is that it doesn’t require a good credit score or a credit check. Likewise, you don’t have to offer anything as collateral to secure these loans. However, you must ensure that you benefit from your paycheck so that they can be sure that you are able to repay on time (to be paid the next payday).

However, getting payday loans is not all rosy as it comes with massive interest rates, often ridiculous for a short-term loan. But overall, it’s a useful loan that can come in handy when your financial weight is too much to handle.

2. Consolidation Loans

Consolidation loans are specially designed for people in crisis. They need to review their finances, reduce their periodic payments and consolidate their debts into one loan.

Similarly, consolidation loans can be used to pay off contemporary store credit cards, resulting in benefits such as interest-free intervals on the current balance and low rates that will increase over time.

3. Business Loans

Business loans are supposed to be a quick fix for all business people. However, depending on the financial institutions, guidelines and requirements may differ when it comes to loan options. This means that a financial institution’s demands will vary from time to time.

If you are interested in a business loan, you will need to contact them about your business situation and then be sure to provide adequate details and information regarding the agreement. Otherwise, whenever you hit a snag, this is an exceptional business loan that every entrepreneur should consider.

4. Personal loans

Personal loans are simply credit unions or bank loans that lure people in with low interest rates that are massively better than most loans acquired elsewhere. Personal loans allow you to obtain up to $30,000 repayable in 12 to 84 months, depending on the grantor’s loan policy.

And unlike other loans, personal loans don’t require you to provide collateral before you are offered the loan. Likewise, they have flexible repayment terms, which means you can talk to the settlor if you need more time to pay off your loan.

5. Pawnbrokers

Pawnshops are also great ways to get instant loans. You only need to provide an item of value, such as an electronic device or jewelry, to access a loan that is significantly less than the value of the item you provide.

However, each pawnshop has its loan policy and interest rates. So, depending on where you take your valuables, the interest rates can be favorable or ridiculous. Similarly, pawnshops won’t return your item to you until you’ve paid the full price and met the terms and conditions of the loan you’ve agreed to.

6. Unsecured Personal Lines of Credit

Unsecured personal loans are great ways to get cash and use it to buy anything you want. However, you cannot use this loan to acquire vehicles, real estate and properties. Also, getting this loan is easy because the qualifying criteria doesn’t pay much attention to your bad credit rating and doesn’t require any collateral before offering you a loan.

An unsecured loan can cover many family expenses and emergencies. Banks usually give out unsecured loans when people don’t meet the specific criteria they need, so it’s better than nothing. So, if you find it difficult to get a loan when you are in financial crisis, apply for unsecured loans.

7. Securities Lending

Securities lending come in handy when you own a motor vehicle and want a quick loan. The loan allows you to borrow 50% or 25% of the value of your vehicle. The loan amount depends on the lender. Typically, you’ll have to pay the loan back in 15-30 days, and if you default, they’ll take your car.

The truth is, title loans still have alarmingly huge annual interest rates, and you don’t get your vehicle back, at least not until you finish paying the full amount and interest rates. agreed interest.

Conclusion

The truth is, the world has grown, the 90s mindset is gone, and now more than ever, there are plenty of ways to get loans. Be it long-term or short-term loans, they are easy to obtain after in-person visits to the bank or online.

However, every loan deal has a catch, whether it’s fees, interest rates, or ridiculous collateral that goes unpaid unless you pay your loan fees. We recommend using Viva Payday Loans as they have low interest rates and are issued without a thorough credit check.

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