debt consolidation – Blog Campcee http://blogcampcee.com/ Tue, 29 Mar 2022 08:48:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png debt consolidation – Blog Campcee http://blogcampcee.com/ 32 32 American Debt Enders Celebrates 15 Years of Helping Countless People Become Debt Free with Their Debt Management Program and Strategies https://blogcampcee.com/american-debt-enders-celebrates-15-years-of-helping-countless-people-become-debt-free-with-their-debt-management-program-and-strategies/ Sat, 12 Mar 2022 14:00:00 +0000 https://blogcampcee.com/american-debt-enders-celebrates-15-years-of-helping-countless-people-become-debt-free-with-their-debt-management-program-and-strategies/ New York, NY, March 12, 2022 –(PR.com)– American Debt Enders has been helping clients manage debt to avoid bankruptcy for over fifteen years.

The American Debt Enders team believes in earning trust by providing effective financial solutions. Their debt relief specialists analyze each client’s financial situation individually and offer tailored debt management strategies.

Eight million American citizens have been pushed below the poverty line because of the pandemic. Under these circumstances, managing finances and debts can be a huge challenge for most Americans. Many people fail to repay their debts in a timely manner because they do not have access to debt relief plans.

American Debt Enders is a US-based company that wants to help its clients effectively manage their debts. They want to ease the burden on their customers, and that’s why they offer free credit counseling. Their team of debt relief specialists has created three programs including Debt Settlement, Debt Settlement and Debt Consolidation Program to help customers deal with hard-nosed debt collectors.

Speaking about their debt management strategies, a company representative said, “Clients across the United States prefer to work with us because we strive to understand their financial issues. Our team empathizes with customers who find it difficult to make credit card payments and helps them get rid of their crippling debts. »

She further added, “Unfortunately, many customers are unaware of the FDCPA law and end up being pressured by their debt collectors. We protect our clients against aggressive debt collectors by providing extensive legal support. »

American Debt Enders team offers several debt services such as Debt Resolution, Debt Validation and Debt Settlement Services. Their team can help customers with poor credit to restore their credit by settling their debts.

More details of the debt counseling services offered by American Debt Enders can be found at the website listed below.

About the company
American Debt Enders is a company that provides debt resolution services to its clients, helping them solve their debt problems and credit repair with different options ranging from debt disputes, debt validation, etc. They have been helping customers in the United States deal with their financial problems since 2006. They have developed a dispute resolution program that helps customers deal with aggressive debt collectors.

Contact information
Website: https://americandebtenders.com/
Phone: (877) 766-2465
Email: help@americandebtenders.com

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Loans as low as $1,000 https://blogcampcee.com/loans-as-low-as-1000/ Thu, 10 Mar 2022 04:00:34 +0000 https://blogcampcee.com/loans-as-low-as-1000/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Even if you’re married to your favorite credit card, you may find that there are times when it just doesn’t make sense to use it. For one thing, your credit limit may not be enough to cover a very large expense like a home renovation or a wedding. Also, credit cards usually carry high interest rates. These are areas where personal loans have the upper hand.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. And in some cases, it may actually be more affordable to use a personal loan than to use a credit card, since personal loans are known for their relatively low interest rates.

There are many personal lenders out there, so it can sometimes be difficult to determine what each loan offers, but there are a few highlights to look out for. Avoiding prepayment charges and origination fees can help you save money on the cost of borrowing so that it can work in your favor to seek out a lender who does not bear these charges, such as loans PNC Bank staff.

Of course, however, you should always do additional research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help, Select has reviewed PNC Bank’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if PNC Bank is the right lender for you.

PNC Bank Personal Loan Review

PNC Bank Personal Loans

  • Annual Percentage Rate (APR)

    5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding, moving and moving or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    10% of payment or $40, whichever is greater

Benefits

  • No setup fees, no prepayment fees
  • Fixed rate APR
  • Flexible repayment terms
  • Loan amounts start at $1,000
  • No collateral needed

The inconvenients

  • Late payment fee invoice
  • Not the fastest funding (may take up to 10 business days)
  • Rates and conditions may vary depending on your postal code

APR

APRs typically range from 5.99% to 28.74% for PNC Bank personal loans, but a more specific rate range (as well as other terms) will depend on your location and, of course, factors such as credit rating and amount of money needed. Prospective borrowers are encouraged to verify the rate range for their location by entering their zip code on the PNC Bank personal loan website.

Like many other personal lenders, PNC Bank offers a small discount on the interest rate for making payments automatically through a PNC Bank checking account (borrowers can receive a 0.25% discount for signing up so that their payments are automatically applied to your balance).

Personal loans from this lender also carry fixed interest rates that will not fluctuate over the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. PNC Bank does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

There is some flexibility regarding your loan repayment schedule; borrowers can choose loan terms of up to 60 months.

And, as we mentioned above, if you already have a checking account at PNC Bank and use it to make your monthly payments automatically, you can qualify for an interest rate reduction of 0 .25%.

Costs

PNC Bank does not charge an application fee or origination fee, and there are no prepayment penalties for making additional payments to pay off your loan early.

However, there are late fees. Borrowers will be charged 10% of the payment or $40, whichever is greater, if a late payment is made.

And as with any other loan or credit product, it’s important to keep in mind that failure to pay in full on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $1,000 to $35,000, making this lender an attractive option for those looking to borrow small amounts of money (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

And while PNC Bank personal loans can be used for a variety of expenses — including debt consolidation, home renovation, wedding, moving, or even vacation — there are some things you can’t use for. this loan. Prohibited uses include post-secondary education expenses, student loan debt refinancing, or any unlawful purpose.

Mandate’s duration

Candidates have a range of term lengths of up to 60 months.

At the end of the line

PNC Bank personal loans are a solid option for those who want to avoid origination fees and prepayment penalties. Although you don’t need to be an existing customer to apply for the loan, the biggest benefit is for those who set up automatic monthly payments through an existing PNC Bank checking account – you will receive an interest rate by 0.25%.

Since personal loan products may vary by location, your actual interest rate range and other terms may depend on your zip code. So you will have to check this before applying for this loan.

If you’re not comfortable with the terms you receive and are looking for slightly lower interest rates, check out LightStream Personal Loans, which offers APRs as low as 2.99% and an APR deduction of 0 .25% to automatically pay your bill each month.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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How Crypto Can Help Pay Off Credit Card Debt – Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radio https://blogcampcee.com/how-crypto-can-help-pay-off-credit-card-debt-hometown-station-khts-fm-98-1-am-1220-santa-clarita-radio/ Fri, 04 Mar 2022 21:24:39 +0000 https://blogcampcee.com/how-crypto-can-help-pay-off-credit-card-debt-hometown-station-khts-fm-98-1-am-1220-santa-clarita-radio/

Just a few years ago, cryptocurrency mining was considered just a hobby for computer geeks. But today, the crypto phenomenon has exploded into a modern gold rush attracting the interest of millions.

And, although digital currencies are still in their infancy, they are finding their way into many aspects of everyone’s life and finances. But is the potential of crypto big enough to solve one of America’s biggest financial problems? It certainly seems so – find out how crypto can help you pay off your credit card debt below.

Crypto and Your Credit Card Debt: An Overview

With an average outstanding balance of $5,525, credit card holders in the United States often see their household finances rocked by their credit card debt. At the same time, your credit card balance shouldn’t define your financial stability.

From debt consolidation to healthier spending habits, there are plenty of options for paying off credit card debt or reducing the financial burden that comes with it.

And, today, thanks to emerging technologies such as DeFi and digital currencies, there are new alternatives to consider.

Decentralized and based on blockchain technologies, cryptocurrencies allow fast and secure financial transactions. While initially the crypto world only seemed accessible to a few experts, today’s trading platforms are bringing the benefits of digital currencies within everyone’s reach.

In the case of Santa Clarita, the proof of the potential of cryptos is just around the corner. What in 2019 was the US city with the second highest debt ratio in the country, in 2021 is the one with the highest debt repayment. And it’s thanks to crypto!

Crypto-backed loans for debt consolidation

As more traditional investors take an interest in crypto, digital currencies are becoming easier to trade, buy, and use — and they’re transforming the entire financial industry. In turn, more and more institutions and retailers have started accepting this digital asset as a form of payment or collateral, in a way not unlike using cash.

In the case of credit card debt, owning cryptocurrencies such as Bitcoin or Ether can help you secure a loan, which you can use to consolidate your debt or pay off your outstanding balance.

In crypto loans, your assets are treated as collateral for the borrowed money, which means you could end up losing your principal if you are unable to keep up with repayments.

However, crypto loans have significant advantages, including:

  • High borrowing limits, up to 50%-90% of the value of your digital asset
  • Availability of funds within hours
  • Low interest rates
  • No or few credit checks
  • Wide range of repayment terms

Credit cards with cryptocurrency cashback features

Choosing your credit card wisely is always important in managing the financial burden of credit card debt. But this is especially the case if you plan to take advantage of the debt repayment options offered by crypto – now or in the future.

In this case, choosing a credit card with crypto rewards features is a suitable option for earning while spending. If you choose cards that offer crypto cashback features, such as the SoFi credit card, you will also be able to accumulate points that can be redeemed for fractions of Bitcoin or Ether.

In turn, with the right investment strategy, these can help you grow your portfolio, create additional revenue streams, and start paying off your credit card debt.

Using Your Crypto Wallet to Pay Off Credit Card Debt

In 2018, almost 20% of bitcoin investors surveyed purchased their digital assets through their credit cards, thus increasing their debt. At the same time, the majority of them planned to pay off their balances in the future – thanks to the capital gains realized on the sale of their assets.

And, if you had invested back then, you might have found that the value of your assets had increased more than sevenfold. In this case, you might consider using a portion of your capital gains to pay off your credit card debt.

Conclusion

Due to the high level of risk and volatility of digital assets, investing in cryptos is not for everyone.

However, if you have been interested in the unexplored potential of digital currencies for some time and have taken all the necessary considerations, using crypto to pay off your credit card debt may be a valid alternative. But make sure you always partner with an expert financial advisor and find a reputable credit card provider.

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Is it good for you ? https://blogcampcee.com/is-it-good-for-you/ Wed, 02 Mar 2022 23:00:35 +0000 https://blogcampcee.com/is-it-good-for-you/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. In some cases, it may actually be more affordable to use a personal loan than to use a credit card, as personal loans generally carry lower interest rates.

It’s even better when a personal loan, like American Express® Personal Loans, doesn’t charge an application fee or origination fee. American Express is also one of the few big names in banking to offer personal loan products to everyday customers.

Of course, however, you should always do your research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help you out, Select has looked at Amex’s APR, benefits, fees, loan amounts and terms. (Learn more about our methodology below.) Read on to find out if American Express is the right lender for you.

American Express Personal Loan Review

American Express® Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, moving expenses, wedding or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Benefits

  • No setup fees, no prepayment fees
  • Same day decision in seconds (in most cases)
  • Ability to pay creditors directly
  • Funds can be disbursed by direct deposit

The inconvenients

  • $39 late fee
  • No automatic payment discount
  • No co-signers or joint applications
  • Only American Express cardholders can apply
  • The payment due date cannot be changed
  • Funds cannot be used to pay American Express credit cards

APR

APRs range from 6.91% to 19.97% for American Express personal loans. Unlike most other personal lenders, American Express does not offer interest rate discounts for making payments using autopay (typically a 0.25% discount is applied for signing up so that your payments are automatically applied to your balance).

The APR range for these personal loans is a bit higher than some other lenders, but Amex personal loans carry fixed interest rates that won’t fluctuate for the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. American Express does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

Although you must already be an American Express card member to apply for a personal loan, you are not eligible for Membership Rewards® points or insurance benefits (or other benefits) that are generally available with Amex cards.

There is, however, some flexibility when it comes to how you pay your monthly installments. You can make payments online, via Autopay or by sending a check to the appropriate address. Again, keep in mind that while Autopay is an option to pay off your loan, there is no discount for using the service.

Costs

American Express doesn’t charge an application fee or origination fee, and there are no prepayment penalties for making extra payments to pay off your loan early.

However, a $39 late fee will be charged to your account if a payment is made after the due date shown on your account or invoice, or if you do not have sufficient funds in your bank account to make the payment. full month payment.

As with any other loan or credit product, failure to make full payment on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $3,500 to $40,000, making this lender an attractive option for those in need of medium-sized loans (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

Most application decisions can be made in seconds, which can be a plus if you’re hoping for a faster turnaround. However, if additional information is needed or if incomplete information and documents have been submitted, this may delay your decision.

Once your application has been approved, you can expect the funds to be released to your bank account within three to five business days. You also have the option of having the funds sent directly to up to four creditors (you will only need to provide American Express with the credit card numbers and the amount to be paid to each).

And while American Express personal loans can be used for everything from debt consolidation to financing home repairs, there are some things you can’t use an American Express personal loan for, including post-secondary education expenses. , real estate, business expenses, vehicle purchases other than a deposit, to pay balances on American Express credit cards or for any unlawful purpose.

Mandate’s duration

Applicants can choose from terms ranging from 12 to 36 months.

At the end of the line

American Express® Personal Loans are a great, easy option for those who are already American Express Card members and familiar with the company’s products.

Some lenders charge a penalty for prepaying your personal loan because it means they would miss these interest charges, but American Express allows you to avoid these charges.

If you’re looking for slightly lower interest rates and the ability to get an Autopay rebate, check out LightStream Personal Loans, which offers this 0.25% APR deduction to automatically pay your bill each month.

And if you need a personal loan under $3,500, there are other options like PenFed personal loans, which start at just $600.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Home Refinance Options for 2022 https://blogcampcee.com/home-refinance-options-for-2022/ Wed, 02 Mar 2022 12:45:29 +0000 https://blogcampcee.com/home-refinance-options-for-2022/

Learn about your home refinancing options

Refinancing a home loan involves taking out a new mortgage to replace yours. Reasons for refinancing include getting a lower rate and payment, switching to a different loan program, dropping a name from a mortgage, or cashing in on home equity.

Your financial goals will help you determine which type of refinance is best for you. Refi options vary by loan program, purpose, and type of refinance. Here’s what you need to know before choosing.


In this article (Skip to…)


What are the two types of refinancing?

You have two main options when refinancing. You can opt for a cash-out refinance, which means you take some of the equity out of your home, or a no-cash refinance, which usually involves a new loan with a lower rate and a monthly payment.

In addition, there are various refinancing programs offered by government and private organizations. The type of refinance loan you choose will depend on your current loan type and your personal finances.

You and your loan officer will work together to decide on the best refinancing option for your situation. But if you want to do your research before you start the process, here’s a little more information on the top home mortgage refinance options for 2022.

Conventional Loan Refinance Options

A conventional mortgage is a loan that is not guaranteed by the government. These are issued by private banks and mortgage companies, and they generally comply with the lending rules set by Fannie Mae and Freddie Mac.

A conventional loan refinance typically requires a 620 credit score and some home equity.

Term rate refinancing

A rate and term refinance or a cashless refinance changes either the mortgage rate or the term of the loan, or both. This often results in a lower interest rate and monthly mortgage payment.

This is a simple refinance, so it does not include a cash-out option. You will need at least 3% equity for conventional rate and term refinancing.

Refinancing by collection

The main purpose of a cash refinance is to borrow money against the equity in your home. A conventional refinance can also lower your mortgage rate, although that is not the primary goal.

Cash refinancing involves borrowing more than your current mortgage balance and taking the difference in cash. You can use the money for any purpose; the most common reasons for a loan buy-out include home renovations, debt consolidation and the purchase of another property.

This type of refinance requires more than 20% equity to qualify, and you can usually borrow up to 80% of the value of your home. This number, minus the amount you currently owe on your home loan, determines the amount of cash back you can get.

High LTV refinance

In the past, Fannie Mae and Freddie Mac offered mortgage refinance options for underwater homeowners.

Thanks to rising property values, only 3% of homeowners are currently underwater. And these special programs have been suspended because so few people need them.

Fortunately, you can still refinance even if you have a high loan-to-value (LTV) ratio. Many lenders only require a 3% equity interest in the home to refinance, which most homeowners will have even if they have only put down a small down payment.

FHA Loan Refinance Options

An FHA loan is a mortgage backed by the Federal Housing Administration. The FHA does not create loans; rather, it insures loans originated by banks, credit unions, and mortgage companies.

Qualifying for an FHA refinance requires a minimum credit score between 500 and 580. In addition, borrowers who refinance an FHA loan will be required to pay mortgage insurance premiums (MIPs).

If you have at least 20% equity in your home when you refinance, you can avoid private mortgage insurance by refinancing a conventional loan instead of an FHA loan.

FHA streamline refinancing

If you’re looking to change your rate and/or term without cash back, an FHA Streamline refi lets you refinance with less time and paperwork. These refis do not require another assessment, and lenders sometimes waive a credit check.

You must have made at least six payments on your current FHA mortgage to qualify. And your existing mortgage must be an FHA loan.

FHA cash-out refinancing

An FHA refinance involves refinancing your FHA mortgage loan and borrowing money against your principal. To qualify, you will need at least 20% equity and you can borrow up to 80% of the value of your home. This number, minus the amount you currently owe on your home loan, determines the amount of cash back you can get.

Unlike a Streamline refinance, this refi requires a credit score and check, and you’ll pay mortgage insurance regardless of your equity level.

Refinance the FHA into a conventional loan

You can also refinance from an FHA loan to a conventional loan. This is an option if you have a higher credit score (at least 620) and at least 20% equity. Switching to a conventional loan can eliminate FHA mortgage insurance, which is usually on the loan for life.

VA Loan Refinance Options

VA loans are backed by the US Department of Veterans Affairs. Banks, credit unions, and private lenders provide these loans to military personnel, veterans, and their surviving spouses.

VA Streamline Refinance (IRRRL)

A VA Interest Rate Reduction Refinance Loan (IRRRL) is another option for simple rate and term refinance. You can switch from a variable rate mortgage to a fixed rate mortgage, lower your interest rate and lower your payments. However, you cannot cash out your principal with a VA Streamline refinance.

There is no minimum credit score for this type of refinance, nor a maximum loan-to-value ratio. However, some lenders will require a credit check despite the VA’s guideline that they don’t have to.

The VA financing fee for an IRRRL loan is equal to 0.5% of the loan amount.

VA Cash Refinance

With the VA cash-out refinance option, you can change the rate and term of your VA loan while cashing in your principal. There is no minimum credit score for a VA cash-out refinance, but you may need a minimum of 10% equity.

VA cash-out refinances do not require mortgage insurance. However, there is a one-time finance charge which typically amounts to 3.6% of the loan amount.

Jumbo Loan Refinance Options

A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. Borrowers use these loans to finance high-end properties, and jumbo loans typically have higher credit scores and down payment requirements.

Refinancing of a jumbo rate and term loan

A rate and term jumbo refinance can lower your rate or change the terms of your mortgage. But since a jumbo loan is larger than an average mortgage, it’s a bit more difficult to refinance.

You will need a higher credit score (minimum of 680-700), a low debt-to-equity ratio, cash reserves, and often 10% or more equity.

Cash–out jumbo refinancing

A cash jumbo refinance also allows you to leverage the equity in your home. This type of refinancing also requires a higher credit rating and cash reserves. Lenders generally require more than 20% equity to qualify.

Refinance into conforming loan

There is also the option of refinancing a jumbo loan into a conventional (conforming) loan once you have paid off the loan balance.

The national conforming loan limit for 2022 is $ – from $548,250 in 2021. This change could put your jumbo mortgage within the conforming loan limit. And if so, refinancing a conventional loan could lower your interest rate and your monthly payments.

USDA Loan Refinance Options

A USDA loan is a mortgage guaranteed by the United States Department of Agriculture. To be eligible you will need a minimum credit score of 640 and you must own property in an eligible rural area.

USDA loans do not require a down payment, which means you can refinance through the USDA program if you have little or no equity in your home.

Streamlined USDA Refinance

USDA loans do not offer a withdrawal option. You can, however, get a Streamline refinance to change the rate and terms of your loan. You can refinance up to the full value of the property, sometimes without a new appraisal.

Your current USDA home loan must be at least one year old to qualify, and you must have made on-time payments within the past six months. You must also meet income and debt-to-income ratio requirements.

Refinance in conventional loan

One of the main advantages of a USDA loan is that this program does not require a down payment. The downside is that these loans charge an annual fee that works like mortgage insurance.

USDA Mortgage Insurance lasts for the life of the loan, regardless of your equity level. To remove the fee, you will need to refinance a USDA loan to a conventional loan once you have 20% or more equity.

How to Choose the Right Refinance Option for You

Refinancing is a great way to lower your interest rate and monthly payments, switch loan plans, or even switch from an adjustable rate mortgage to a fixed rate mortgage.

However, refinancing is not unique. It is therefore important to choose the right program.

The right refinance option will depend on your refinance goal, the amount of equity you have, and your current loan program. A simplified or rate and term refinance is ideal for a simple process, while a cash refinance allows you to leverage your capital.

Talk to a mortgage advisor. These experts can help you choose the best approach for your situation.

The information contained on The Mortgage Reports website is provided for informational purposes only and does not constitute advertising for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent company or affiliates.

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When is it okay to use your emergency fund to pay off debt? https://blogcampcee.com/when-is-it-okay-to-use-your-emergency-fund-to-pay-off-debt/ Fri, 25 Feb 2022 19:41:15 +0000 https://blogcampcee.com/when-is-it-okay-to-use-your-emergency-fund-to-pay-off-debt/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

For many people, getting out of debt as quickly as possible is a top priority, especially if you’ve been carrying debt for several years and are crushed by high interest charges. So if you are so close To get rid of your balance once and for all, you might be wondering if it’s a good idea to use savings from an emergency fund to pay off your debt for good.

Why paying off a debt can seem so urgent

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Another advantage when it comes to paying off debt quickly is being able to redirect your money to other goals. Northwestern Mutual’s 2020 Planning and Progression Study found that 58% of respondents with debt believe their balance is preventing them from reaching major financial milestones. Of these respondents, 36% have delayed making major purchases, 29% said they have delayed saving for retirement, 18% have delayed buying a home, 8% have delayed having children and 7% delayed marriage.

So being able to finally reach certain financial goals can be a big factor when it comes to aggressively paying off your debt. If you’re spending $500 a month on credit card or loan payments, you can redirect that $500 toward retirement savings, a wedding, or buying a house once you’re debt-free. .

Should you use your emergency fund to pay off your debts?

The short answer is this: it depends on how much debt you have and how much money you have in your emergency fund.

Keep in mind that your an emergency fund exists to cover unforeseen expenses that would otherwise slow you down financially and put you further into debt. So if you had to use a significant portion of your emergency fund to pay off debt, you could significantly reduce your ability to cover a large, unexpected expense. This is why you need to consider the amount of your debts and the size of your emergency fund.

For example, if you have $10,000 in your emergency fund and a credit card balance of $5,000, paying off the debt would wipe out half of your emergency fund — and that could put you in a predicament. more vulnerable financial position if you don’t have one. other savings. But if you have an emergency fund of $10,000 left and a credit card balance of $500, you may be more likely to use some of your savings while feeling confident in your ability to manage. a significant unforeseen expense.

“If you reimburse these types of [debts] makes you vulnerable to a financial crisis that could potentially hurt your credit, file for personal bankruptcy, or be temporarily or permanently impoverished, so the financial reward of saving interest on debt reduction may not be worth the risk,” says JR Robinson, a personal finance expert at Credello.

And if you decide you could use some of the money in your emergency savings to pay off your debt, don’t forget to take steps to replenish your emergency fund.

Methods to pay off debt faster

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    2.49% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

SoFi Personal Loans

  • Annual Percentage Rate (APR)

    5.74% to 21.28% when you sign up for autopay

  • Purpose of the loan

    Debt consolidation/refinance, home improvement, relocation assistance or medical expenses

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Another effective option can sometimes be to use a 0% APR balance transfer card if high interest rates make it difficult to pay off your credit card debt. Say you apply for a credit card like the Citi Simplicity® card or the US Bank Visa® Platinum card: you’ll be able to transfer the balance from an existing credit card to a new card and pay off as much as you can. with an introductory offer at 0% interest.

Citi Simplicity® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

    14.74% to 24.74% variable

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases*

  • Regular APR

    14.49% – 24.49% (variable)*

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

Finally, creating a budget can help you pay off debt faster while benefiting your overall financial health.

“By tracking your money and changing your spending habits, you can free up money to pay off debt faster,” says Robinson. “Look for ways to spend less money and also make more money. Where can you save money? Can you cook more and order less? How about a side gig or selling some items you own?”

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Looking for debt relief? Here’s how a credit counselor can help you https://blogcampcee.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/ Mon, 21 Feb 2022 14:01:54 +0000 https://blogcampcee.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/

Non-profit credit counseling agencies provide free or low-cost financial services to consumers struggling to manage debt or considering bankruptcy. Here’s what a credit counselor can do for you. (iStock)

Unmanageable high-interest debt can take a heavy toll on a consumer’s finances. It may seem that no matter how much you try to repay, the balances continue to grow as interest accumulates over time.

Ten percent of Americans are worried about missing their minimum debt payment in the next 3 months, according to the Federal Reserve Bank of New York. Becoming in default can cause some consumers to consider bankruptcy — and in the worst-case scenario, debt collectors can sue borrowers for unpaid debts, resulting in wage garnishment.

If you’re having trouble paying off your debts, you might consider seeking help from a nonprofit credit counseling agency. Credit counselors can help you develop a plan to pay off several types of debt, such as credit cards, unpaid medical bills, and payday loans.

Keep reading to learn more about credit counseling, as well as your alternative debt consolidation options. You can compare debt consolidation loan interest rates for free without affecting your credit score on Credible.

4 MONEY MANAGEMENT STRATEGIES TO HELP IMPROVE YOUR FINANCES

What is credit counseling?

Non-profit credit counseling agencies provide free, low-cost financial services to consumers struggling to manage their debts. Some consumers who file for bankruptcy may be required to seek credit counseling as part of their court filing. A credit counselor can help you by:

  • Provide advice on how to manage your money and debts
  • Analyze your finances and create a monthly budget
  • Get free copies of your credit report and credit scores
  • Sign up for a debt management plan (DMP), which may have a monthly cost
  • Negotiate with your creditors on your behalf to lower interest rates and waive late fees

Consumers should be aware that some for-profit debt management companies may disguise themselves as non-profit organizations. A reputable credit counseling agency should send you free information about the services they offer, according to the Consumer Financial Protection Bureau (CFPB). If an advisor is unwilling to provide this information, this is a red flag.

You can find reputable credit counselors through a few professional organizations, such as the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA). You can also view the full list of approved credit counseling agencies on the Department of Justice website.

To learn more about your alternative debt consolidation options, contact a knowledgeable lending expert at Credible.

STUDENT LOAN BORROWERS CAN POTENTIALLY SAVE $5,000 BY REFINANCING

3 Alternative Debt Repayment Methods

Credit counseling is a relatively low-risk way to manage multiple debts, but it’s not your only option. Here are some other strategies to quickly pay off your debts.

1. Debt avalanche or debt snowball

The debt avalanche method involves paying off the debts with the highest interest rate first to save the most money over time. On the other hand, the debt snowball method is to pay off smaller balances first to speed up your debt repayment plan.

PERSONAL LOAN OR CAPITAL LOAN: WHICH IS BETTER?

2. Credit Card Balance Transfers

It may be possible to transfer the balance of one or more credit cards to a new account at a lower interest rate with a balance transfer card. Credit card issuers typically charge a balance transfer fee of 3-5% of the total amount.

Some consumers may even qualify for a 0% APR introductory offer, which allows you to pay off your credit card debt over up to 18 months without interest. These promotions are generally reserved for borrowers with very good to excellent credit, which is defined by the FICO model as 740 or higher.

You can compare balance transfer cards from multiple credit card issuers at once on Credible.

HOW LONG SHOULD YOUR PERSONAL LOANS TERM BE?

3. Debt consolidation loans

A debt consolidation loan is a type of personal loan used to pay off unsecured debt at a lower fixed rate. Personal loans are lump-sum loans that you repay in monthly installments over a set period, usually a few years.

According to the Federal Reserve, two-year personal loan interest rates are currently at record highs, which means there’s never been a better opportunity to refinance your debt at a lower rate. Remember that the interest rate you are entitled to depends on your credit score and your debt-to-equity ratio.

Pay off $10,000 in credit card debt

A recent analysis estimates that well-qualified applicants can potentially save up to $174 on their monthly payments by consolidating their credit card debt into a personal loan. Over time, this can translate into thousands of dollars in interest cost savings.

If this strategy interests you, use a personal loan calculator to estimate your monthly payments. You can also visit Credible to compare debt consolidation loan interest rates to determine if this debt repayment strategy is right for your financial situation.

HOW TO GET A PERSONAL LOAN AMOUNT OF $50,000

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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Chelsie Evans named executive director of Hawaiian Community Assets https://blogcampcee.com/chelsie-evans-named-executive-director-of-hawaiian-community-assets/ Sat, 12 Feb 2022 16:47:00 +0000 https://blogcampcee.com/chelsie-evans-named-executive-director-of-hawaiian-community-assets/

Chelsie Evans named executive director of Hawaiian Community Assets. PC: courtesy


Hawaiian Community Assets announced that Chelsie Evans will lead the upcoming efforts as the organization’s new executive director.

Jeff Gilbreath, who served as interim executive director for the past year and led the organization from 2011-2019, will now focus exclusively on his role as executive director of Hawaii Community Lending, the partner organization of HCA.

The announcement comes at an exciting time for HCA and HCL as they have established the country’s first and only network of Financial Opportunity Centers across all four islands and have seen a 200% increase in the amount of affordable loans made over the course of of the past two years. Together, the two organizations work to build the ability of low- and middle-income families, especially Native Hawaiians, to achieve and maintain economic independence by increasing their incomes, building assets, and ensuring affordable housing. .

At HCA, Chelsie Evans will lead the organization that operates the largest housing counseling agency certified by the Hawaii Department of Housing and Urban Development, serving more than 1,500 local residents each year with free financial counseling, to income and career coaching.

Helping Native Hawaiians and local residents achieve their dreams of home ownership is a natural career path for Chelsie. As the former executive director of Maui Hui Mālama, an organization that focuses on breaking down barriers for at-risk youth, Chelsie has a deep empathy for what many Native Hawaiians face on a daily basis. She overcame challenges in her own life, and housing security was a constant obstacle. Her struggles to find a home while raising her son as a teenage mother and losing her job while caring for her medically fragile daughter have not been an easy road. It was these experiences that brought Chelsie to the doorstep of a Hawaiian community asset, ready to serve and advocate for the Hawaiian people.

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With her roots in Makawao, Chelsie has traveled among the islands and had the privilege of working with the Pana’ewa Hawaiian Homestead community in advocacy for community development with the Lili’uokalani Trust. From there, she moved on to other organizations that helped her grow as a Hawaiian leader and gave her the opportunity to serve survivors of domestic violence, keiki displaced from their homes, and youth with disabilities. obstacles to their educational and professional goals.

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Keiki Tre’, Lhaia and Violet de Chelsie were central to her desire to serve our community. While being a mother, she balanced her college classes, eventually earning a bachelor’s degree in psychology and a master’s degree in human services. She has spoken at national symposia on social justice and domestic violence and founded Wrapped in Wings, an organization that supports seriously ill children and their families. In 2019, she was offered and accepted the experience of being the executive director of Maui Hui Mālama.

Now as Executive Director of HCA, Chelsie is committed to creating a thriving community that provides people with options for the life experiences Hawai’i has to offer. “My desire is to be part of a larger community that uncovers the inequities Hawai’i people have to navigate. I hope my personal and professional experience can help close the housing gap, inspire our people to demand to be part of the change and to provide the high quality financial and housing programs that our community needs most.

As a nonprofit 501(c)3 community development and HUD-certified housing counseling agency, HCA offers a range of options for local families struggling or seeking economic opportunity, ranging from counseling financial services and professional support for access to debt consolidation and down payment loans. , and emergency grants and loans made available by HCL.

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The latest offering from HCA and HCL is a series of workshops aimed at preventing foreclosures on the island of Hawai’i and Kaua’i by providing options and financial assistance to homeowners. the “Know your options to prevent foreclosure” the workshops are part of the Homeowner Assistance Fund, a $5 million pilot program administered by HCL, which launched on both islands in November 2021. Homeowners are encouraged to register for one of the online workshops from an hour by calling 808-587-7656 or registering at www.hawaiiancommunity.net.

In addition to its online presence, HCA operates four Financial Opportunity Centers in Maui, O’ahu, Kaua’i and Hawai’i Island. At the centers, HCA’s professionally trained financial counselors provide benefits such as workshops for renters and homebuyers, personalized financial counseling, and access to grants and loans. With 12 counselors, HCA offers the largest number of HUD-certified counselors in the state.

“All of us at HCA and HCL have been called upon to do more during these difficult times to ensure residents receive the help they need and that our outdated affordable housing systems are overhauled so our residents can live and raise their families. here,” says Jeff Gilbreath. “The growth we have experienced has made it essential for HCA to have a dedicated leader with multi-faceted experience, and we have found that person in our new ED Chelsie Evans. The two of us leading these sister organizations will better position ourselves to redesign a system that sees our local people and communities as our greatest assets, and that housing is a human right, not a privilege.

For more information, please contact HCA toll free at 866-400-1116.

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32% of Americans are hiding a financial secret from their partner, according to a survey https://blogcampcee.com/32-of-americans-are-hiding-a-financial-secret-from-their-partner-according-to-a-survey/ Thu, 10 Feb 2022 19:19:24 +0000 https://blogcampcee.com/32-of-americans-are-hiding-a-financial-secret-from-their-partner-according-to-a-survey/

A new TD Bank survey claims nearly a third of couples experience financial infidelity, such as hiding a major purchase or having secret debts. (iStock)

Just in time for Valentine’s Day, TD Bank revealed how couples in serious relationships spend – and hide – their money in its seventh annual Love and Money Survey.

Nearly a third of Americans (32%) are hiding a financial secret from their romantic partner, an 11% increase from last year. The most common financial secrets are a big purchase (40%), large credit card debt (18%) and a hidden bank account (13%).

Most common financial secrets hidden from a partner

It should be noted that half (50%) of partners in an unhappy relationship experience financial infidelity, compared to a third (32%) of those in a happy relationship, according to the survey. TD Bank spokeswoman Alissa Van Volkom said “when debt, financial secrets or unemployment enter a relationship, both partners need to stand firm on what matters to them.”

“The pandemic has shown that you can’t put a price on a lot of things – financial health, stability and happiness included,” Van Volkom added.

Keep reading to learn more about managing money with your partner, including how to be more transparent with your financial behavior. You can visit Credible to compare rates on a variety of financial products, so you and your partner can achieve your financial goals together.

PAYING OFF $10,000 OF CREDIT CARD DEBT WITH A PERSONAL LOAN COULD SAVE YOU THOUSANDS

How couples can become more transparent about money management

Keeping secrets in a relationship can sow guilt and embarrassment – ​​and financial infidelity is no exception. Being more honest with your spouse about your shared finances can help build trust with clear financial goals.

“Couples should regularly discuss three things: how they’re managing their budget, unexpected or upcoming expenses, and rising debt,” Van Volkom says.

Read more in the sections below for tips on how to have open conversations with your partner about financial transparency.

Discuss your budget

Although creating a shared budget might not seem like the most romantic date idea, it can help you and your partner see how you manage your income and expenses. Tracking your spending can help you identify areas where you might be overspending and find opportunities to increase your savings.

An easy way to streamline your budget is to download a finance app that automates the process. Budgeting apps can be linked to your bank accounts to give you a clear picture of your financial situation. More than half (57%) of Americans have financial apps on their smartphones, according to the TD Bank survey.

HOW TO CLEAR YOUR CREDIT CARD STATEMENTS QUICKLY

Plan for unexpected expenses

Among Americans who hide a financial secret from their partner, the most common is that they hide a large purchase (40%). For couples with shared finances, making a major purchase without your partner knowing about it can make budgeting and tracking expenses difficult.

One way to plan for unexpected expenses is to create an emergency fund that covers about three to six months of expenses. You can start your emergency fund by setting up a direct deposit of your paycheck into a high-yield savings account. You can compare savings account rates on Credible for free without affecting your credit score.

ARE BABY BOOMERS RESPONSIBLE FOR THE HOUSING SHORTAGE?

Make a plan to pay off your debts

Nearly a fifth (18%) of survey respondents with financial indiscretion are hiding secret credit card debt. This is problematic because revolving credit card debt that is carried over for a month comes with high interest rates, making it difficult to pay it off.

When discussing a debt management plan with your partner, consider the following strategies for paying off credit card balances:

  • Snowball method or debt avalanche. The debt snowball method is to pay off the credit cards with the lowest balances first, while the debt avalanche strategy is to pay off the debt with the lowest interest rates first. the highest.
  • Credit card balance transfers. Applicants with very good to excellent credit may qualify for a 0% APR introductory period, effectively allowing you to pay off credit card debt without interest. You can compare balance transfer card offers from several credit card companies at once on Credible.
  • Debt consolidation loans. It is a type of unsecured personal loan used to pay off high-interest debt in fixed monthly installments at a lower rate. Interest rates on two-year personal loans are currently at historic lows, according to the Federal Reserve.

You can visit Credible to learn more about debt management and compare personal loan interest rates. This way, you and your partner can make an informed decision on how to pay off credit card debt.

MILLENNIALS AND GENERATION ZERS PLAN TO REDUCE STUDENT LOAN PAYMENTS WITH REFINANCING

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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6 tips to improve your credit score https://blogcampcee.com/6-tips-to-improve-your-credit-score/ Mon, 07 Feb 2022 23:36:52 +0000 https://blogcampcee.com/6-tips-to-improve-your-credit-score/

Creditworthiness is defined by a three-digit credit score and could be the key to a healthy financial life. Good credit is a determining factor when it comes to getting a mortgage, car loan, student loan or low interest credit card. Credit can also affect utility costs, insurance rates, rent demands, and even your ability to land the job you want. A low credit score will make it harder to do any of these things and could potentially cause stress in your life.

The best plan is to never get upside down with your credit in the first place; however, in the unfortunate event that does occur, there are proven strategies to help fix your credit. Below are several suggestions for improving or maintaining a positive credit score.

1. Get a low-interest, no-fee credit card: A great way to build a good credit score is to get a credit card that offers a low fixed interest rate and doesn’t bombard you with fees. Champion Credit Union offers a credit card with a fixed, low rate and no balance transfer or overlimit fees. Don’t apply to the first credit card company you find on a Google search or who solicits you in the mail. Do your research and be sure to partner with an institution that works for you and your lifestyle.

2. Check your credit report: These days it’s easy to get your credit score, but every once in a while you should print out and evaluate your entire credit report to see what works for or against you. Factors that contribute to a higher score include a history of on-time payments, low balances on your credit cards, a mix of different types of loans and credit cards, older credit accounts, and minimum requests for a new credit. On the other hand, late or missed payments, high credit card balances, collections and judgments are the main detractors of the score. The quick fixes are to pay off the revolving credit, remove the inaccuracies, and become an authorized user on someone else’s credit card account.

3. Understand the FICO score: Over 90% of lenders use the FICO credit score, which is based on the following five factors:

With that in mind, try to make all payments on time and avoid late fees at all costs, as payment history is number one on the list. Plus, create systems to help you stay on track, like automating bills with direct withdrawals, setting reminders on your phone, or creating a filing/calendar system. Some people have bills written with a credit card and then pay off the credit card each month.

4. Maintain 30% or less credit utilization: This is the part of your credit limit that you are using at any given time. There are two main ways to help with the use of credit. The easiest way is to pay your credit card balance in full each month. If that’s not possible, try to keep your total outstanding balance to 30% or less of your total credit limit. A second useful tactic is to request a credit limit increase, as long as your purchases do not increase simultaneously. With online access to your credit card account, requesting a higher limit can be done in minutes.

5. Work to keep old accounts open: Do you remember that credit card you got in college? Don’t close it. The age of your line of credit contributes greatly to your overall credit score. Keep old accounts open, even if they’re paid and you don’t plan to use them. It is unwise to close accounts with zero balances when you have other cards with remaining balances. This negatively affects your credit utilization rate. Also, if you have overdue accounts, try to fix the issues rather than closing them completely.

6. Consider consolidating your debts: If you have several outstanding debts, it could be advantageous to take out a debt consolidation loan from a bank or credit union. Then you only have to focus on one payment and more than likely you can find a debt consolidation loan with a low interest rate. A similar tactic is to transfer balances from high-balance, variable-rate credit cards to a lower-rate credit card. Credit card companies often offer promotions such as 12 to 18 months of low or no interest on the amount transferred.

Building good credit or fixing bad credit won’t happen overnight, but if you follow these suggestions faithfully, you will see significant improvements. Putting in the work is worth it. Finally, if you have young people in your life, teach them these skills when they are teenagers so they can enter adulthood with healthy lines of credit.

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