General Finance Archives - FinanceFinder.org

Budget Basics, Part One

Saul Roberts — Tue, 14 Dec 2021 13:29:21 +0000

Ever been depressed? Ever let things slide for a while? Ever looked around at the towering piles of clothes and mail, and wondered if maybe, just maybe - you might feel a little better if you cleaned it?

Budgeting can be a lot like that.

It’s tough to decide where to begin, especially if it’s been a while since you’ve checked your account balance. But lean times fall upon us all. When it happens, it helps to get organized.

The first step in budgeting is determining income. And the less income you have, the more each dollar you do have, counts. So it follows that a budget is only as good as your personal accounting. Keep paystubs, get bank statements. Add it up, check yourself. It helps to use Excel, Google Sheets. Budgeting tools like Mint and Personal Capital have been popular for a long time now, but they aren’t necessarily where you need to start. I think there’s still something to be said about trying it with pen and paper, and forcing yourself to think about how each dollar comes and goes.

After income, expenses. The really difficult part. Thankfully - since budgeting is something everybody, no matter their financial status, has to do - there’s a well-established order of priority.

Housing is the most important (and by extension, expensive) line on your budget. You can’t do much without a roof and a bed. This includes rent, mortgage payments, insurance premiums, property taxes, etc. Or even, let’s say: “comparable alternatives.” Life took a turn and suddenly you need a place to stay? Your car payments may suddenly become more important than rent. And it’s worth mentioning that, in absence of a stable housing situation, a $30 gym membership could save your life. It’s a cheap place where you can spend a lot of time, take a shower, and lock up a few valuables. Regardless, shelter will likely account for at least 25 to 40% of most people’s monthly expenses.

Food is, theoretically, next on the hierarchy of needs. Though depending on the severity of your situation, certain utilities could come first. Shelter takes precedence, and housing costs, left unpaid for long enough, can put your whole situation in jeopardy.

Opinion: I think it’s worth mentioning at this point that restaurants, take-out, and convenience items all fall under entertainment, not food. It’s my belief that - unless one is fabulously wealthy - they should make an effort to purchase and cook a majority of their own food. Learning to cook; how to sustain oneself, how to properly prepare and share a meal, is an essential feature of the human experience. Anyone can; everyone should. And don’t even get me started on Fast Food… Forget budgeting. If you want to improve the overall quality of your life, the first step is ending your service to the Colonel, Clown, and King.

Next in the budget: the true essentials. Basic utilities like electric, heat, water, gas. Simple toiletries and houseware like toilet paper, soap, plates, a bed. I won’t go too far into this – as the essentials do vary from person to person. But the basic question you should ask, when making decisions about what costs to include here, is: “Do I need this item to remain a functioning member of society?”

A special subsection of this line in the budget is “Income Earning Expenses” – that is, money spent in the pursuit of more money. The eggs you break to make the omelet. Necessary transportation and associated costs, like auto insurance. Internet and phone, tools-of-trade. Professional attire, if necessary. Home office equipment, if you don’t have a formal workplace.

Even your healthcare plan falls under this section. Can’t work if you aren’t healthy, after all. Unless you’re under 26 and still on a parent or guardian’s plan, or unless your employer offers a plan, most of us are completely priced out of independent health care. There are publicly-subsidized, low-to-no-cost plans available, but you have to demonstrably fall below the poverty line in order to qualify. As in: your income is less than $20K, annually. But, since most of us are dependent on our employers to subsidize the cost, this step in budgeting is as simple as paying the maximum amount into the plan.

So…

Alive, fed, clothed, employed, and in generally good health?

Good.

In debt?

Not good - but likely.

This guide covers the bare necessities of budgeting, but it’s not the end of the story. Emergencies happen, and you need savings. Not to mention: most people in the United States are already saddled with enormous debt loads – in the form of medical bills, student loans, and the Big One: credit card debt. All of which eat away at savings faster than most can build them. It sounds counterintuitive, but it makes no sense to save money when interest on your Credit Card debt grows exponentially in the other direction.

If that’s you: your budget must account for these additional costs of living.

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Use A Credit Card To Quickly Build Credit

FinanceBlogger — Wed, 12 Aug 2020 15:49:31 +0000

We are often told that using a credit card can ruin your credit. However, if you are just starting to build credit, using a credit card is the quickest way to build credit. It is important to learn how to manage your card so you do not ruin your credit score. Just follow these simple steps and you will soon have a credit record of your dreams.

Credit Score
Before applying for a credit card, check your credit. It is important to know that score when applying for credit cards. Credit card companies will determine how much credit they will give you based on your score. Certain cards are perfect for those who are trying to build credit.
It is important to keep your eye on your credit reports. Companies such as Discover offer both cardmembers and nonmembers free credit reports and other tools to help manage your credit. Look at your FICO score. You can translate your score this way:

Exceptional: 800-850
Very good: 740-799
Good: 670-739
Fair: 580-669
Very poor: 300-579
So, if your score is already in the exceptional range, finding a credit card to fit your need will not be difficult. However, if you are in the fair to the very poor range, it will take some research to find credit cards.

What Goes Into Your Score Anyway?
Several aspects go into determining your score. FICO breaks it down like this:

Payment history: 35%
Amounts owed: 30%
Length of credit history: 15%
Credit mix: 10%
New credit: 10%

FICO looks at your credit in several ways. For example, for the amounts owed, FICO looks at the credit you owe such as car loans, student loans, credit balances because they judge them differently. They also look at how much credit you have overall and compare it to how much you are using. Though this may seem a bit confusing, this leaves lots of opportunities to improve your score.

A Secured Card May Be The Answer
If you have bad credit or no credit at all, a secured credit card may be the best solution. Just about anyone can get a secured card, however, there is a catch. Unlike with an unsecured, a secured card requires a deposit. The deposit can range from 200 dollars or more. The deposit is usually the same as the amount of credit that they give you. It is important to note, however, the interest rates are high. You use the secured card the same way as an unsecured card. As long as you make timely payments, your credit score will improve. Once you prove that you are responsible, the credit card company may offer to switch you to unsecured credit.

Do Not Go Crazy
It may be very attempting to apply to every credit card offer that comes in the mail. There is no hard and fast rule as to how many credit cards a person has too many cards can cause trouble. Not only does it get hard to manage them, but it is also too easy to overspend. The next thing you know is that you have accrued more debt than you can handle. This will harm your credit.

Pay On Time
There is nothing more important to your credit than making your credit card payments on time. Missing one payment can have a major impact on your credit. Missed credit card payments will stay as a negative mark on your credit record for seven years. On the flip side, making credit card payments on time will only improve your record. Set up autopay to prevent the chance of missing a payment. It will not take long to build the credit that you desire.

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Using Your Credit Cards To Help Your Credit Score

FinanceBlogger — Mon, 03 Jun 2019 13:43:02 +0000

We all want to give our credit score a boost one perfect way to do that is by the smart use of credit cards. Regardless if your credit score is sky high or down in the dumps there are ways to leverage the inherent power of credit cards to raise your score.

The Easiest Change You Can Make

Everyone loves easy and nothing can be easier then to simply change the way you use your card. Sure they might be credit meaning you are borrowing money now to pay it back later but you do not have to use them that way. Start thinking of your cards as more of a debit versus credit style card. The beauty of your card comes in the form of letting you spend now and pay later. A debit card withdraws money from your existing account. This will require you to make a budget one that keeps track of the money in your account as well as keep track of money you are spending. Not all cards post balances right away once your balance is posted pay it off straight away. This will keep your balances at zero at all times. You wont be running into any trouble with overdue interest charges as well as any late payment charges and fees that get added when your balance due is not paid. This will also require discipline to pay off any and all charges as soon as they are posted.

Use Credit Utilization To Your Advantage

When it comes to using credit cards effectively you will always want to keep credit utilization in mind. To understand how to take advantage of it you need to know what it is. Its a pretty simple concept actually its only a ratio of your current outstanding card balances compared to all of the total credit limits. A simple example to illustrate this will help to make the point crystal clear. We shall assume for this illustration that all of your cards combined have a credit limit of $1000. You have spent $500 of that amount on purchases. This means you are using 50% of your credit.
So knowing what it is can be wonderful but how do you use this to your advantage. Think of credit utilization like a gas tank the less you spend the more full your utilization is. The fuller your gas tank the longer you can go without refilling. Financial experts recommend that you try to stay in the 10% to 30% credit utilization ratio. Instead of going that high you should consider making it even more effective with keeping it below 10%. While this may seem difficult it really is not. Pre plan your purchases and paying your balances off right away will keep you in line to make this work to your advantage.

When You Pay And How Much You Pay Is Critical

It has been mentioned already regarding payment of any balances. This cannot be overstated however. If you follow this simple rule it will never fail you and keep your score rising and looking great. The phrase you should remember is “Pay your balances in Full Before the End Of Each Billing Cycle”.
While this can be difficult to do for many careful budgeting and preplanning how your money is spend is the key to making this work. Doing this can seem difficult at first but will easily become a routine once you get into the habit. This strategy keeps you out of any charges or penalties as well as keeping your credit utilization score in the range that helps you.

Accounts Should Not Be Closed

Along with credit utilization you will need to make sure not to close accounts. This will automatically lower the amount of credit you have not to mention it hurts your credit score. High interest cards can be replaced with lower interest ones if that makes you feel better. Some cards have an annual fee these are generally rewards cards. There are many online calculators that allow you to figure out if your annual card is worth it. You may have some cards that you find you just don’t use as much anymore. Again refrain from closing the account and instead use it once a year that way the account stays open.

Using your cards as tools to raise your credit score. These were just a few tips to do that. These are easy to follow methods that with a little due diligence and some budgeting will make it easier for you to get the best possible credit score.

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Credit Cards – The more you know.

FinanceBlogger — Mon, 29 Apr 2019 13:42:13 +0000

Since the inception of credit cards in the late 1950s, life has been made easier and in so many ways. One simple credit card has opened up doors for so many opportunities that are beneficial to buyers as well as sellers. The fact that the advantages cut across all areas of business and life, goes to show that regardless of which side one is, everyone stands to gain. However, caution is advisable, access to a credit card is not always a guarantee of access to cash, and there is the risk of putting too much credit on the card it becomes a burden to pay back.
Benefits of having a credit card as a buyer
The benefits of having a credit card are extensive, especially to a buyer, the biggest being; they remove the need to carry excessive amounts of money in liquid cash. Most major credit cards are universally accepted eliminating the hassle when trading with different currencies, and this means one can rest easy even while traveling.
Credit cards are also convenient for hire purchase or for spreading out the costs of large purchases. Instead of one huge payout, one can opt to break down the price of a purchase to manageable sizes and stretch the cost over a few months. This feature is also handy in emergency cases, and credit cards allow one to pay for sudden and unexpected needs even without ready cash. For those on monthly salaries, credit cards are Godsend. Thus they give one the power to buy services or products without paying for them until the paycheck clears.
To boost the usage if the cards, most credit cards offer incentives, and many also carry a loyalty scheme where cardholders can redeem points for various gifts such as frequent flier miles or an expense paid holiday. With the reduction of cash carried, credit cards have reduced the chances of losing cash and theft; using a credit card also means that embarrassing incidents of insufficient funds are relegated to the past.
Balance transfer credit cards, give the user the ability to shift debts at fractional or zero interest by reducing the amount of interest where debts are paid off much quicker. However, on the other end of the spectrum are credit builder credit cards; though they usually charge steeper interest, consistency in repayments builds up ones credit rating. Prompt repayment leads to negligible or no interest, and this acts as an incentive as these cards usually target those with limited or poor credit reports.
In various countries, purchases made between set parameters are usually protected by legislation such as the Consumer Credit Act, which provides purchase protection for anything above £100. This means that if the item is faulty, misplaced or even if the transaction goes awry, one can lodge a claim with the credit provider. This feature is however availed after proof that the loss was not due to negligence; within certain terms, one can also claim a refund if the card happens to be used in fraudulent deals.
Demerits of credit cards
Unlike their cousins the debit cards, which works with only the available account balances, credit cards are more like loans, allowing one to make purchases on credit. For all the conveniences offered, credit cards usually charge high-interest rates which are usually compounded and delays in repayment lead to the building of interest. This increases the possibility of debts that one struggles to pay back. Different credit card providers offer different amounts of grace period where one can pay back their balance without accruing any interest. Introductory interest rates, used to lure first-time card users are usually limited to a set period (commonly 6-12 months) may at first seem good but the rate rises after that time elapse, and if caught unawares, the ballooning debt may lead to bankruptcy.
Most credit cards come with monthly payments, and interest is compounded monthly, this means that missing payments leads to higher amounts. Defaulting or delaying payment can wreak havoc on a card user’s credit rating; if one’s rating is less than favorable, it becomes harder to access credit. Exceeding the credit limit can lead to other fees and levies that add to the burden of the credit balance repayment.
When signing for a credit card, it is recommended that one reads the fine print and the terms and conditions in the agreement. There may be surcharges when using the card for cash withdrawals, and some cards have restrictions on how and where to use them. When travelling out of the country, it is necessary to check with the credit card provider on the use of the card in different countries.
With all this in mind, deciding on how to use a credit card appropriately, as well as how to manage finances becomes easier. Thus, avoiding unnecessary issues in regards to the finances.

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Everything you should know about credit cards.

FinanceBlogger — Mon, 29 Apr 2019 13:40:58 +0000

A credit card is a payment card that someone is approved for that allows them to have a line of credit that they can use to make purchases at all kinds of places. These are essentially loans that the credit card company gives a cardholder and allows them to make the purchase and pay the money back in small installments, plus added interest fees. Credit card companies can also charge fees for other services that they offer their cardholders.

Why Should Someone Have A Credit Card?

Credit cards can be tempting, but they can also be very necessary. One of the advantages to most credit cards is that you don't have to use them unless you want to. They can be, in a manner of speaking, a safety net for emergencies. There are lots of things that can happen in life that you may not be prepared for, a credit card in your pocket makes sure that you are prepared when something unexpected strikes.

Credit cards are also good for building credit. It is almost impossible to make any major purchase without some credit. Houses, cars, and other major purchases are a dream to someone who hasn't built up their credit score. One or two small credit cards can make all the difference. A couple small purchases per month and then paying your balance off can help you build good credit for when you are ready to loans for a house or something else big in your life.

Types of Credit Cards

There are a few different types of credit cards that someone can have. The most popular is an unsecured credit card. This means that the company has issued you a line of credit without you having to put up any collateral for this loan. Essentially, they are trusting you with a certain amount of money and letting you make payments on whatever percentage of that money you spend. There are also secured or "prepaid" credit cards. With these you have to put up some form of collateral, usually money, and they issue you the card. These types of cards allow you to build credit without a lot of risk. Then, there are store specific credit cards. These cards can only be used at the store that issues them. These cards are easier for someone to get than traditional unsecured cards because they can only be used in one place, eliminating a lot of temptation.

How Do Credit Cards Work?

Credit cards work in a very easy way. You use the card to make a purchase at a store, restaurant, or wherever else you shop. The card company gives the money to the place you made the purchase. Then you make payments to the credit card company until the balance is paid off plus interest that is charged for the use of the card. Most credit card companies don't charge interest if you pay off the card each time you get your bill. However, if you go past this time to pay it off they will charge you interest. This interest is depending on your credit, the card company, and how long you take to pay off the purchase. The faster you pay off your credit card debt, the better your credit will be. Also, the more you pay your card off in time, the more credit the credit card company will allow you. This will allow you to make larger purchases as you build credit with them.

Credit Cards offer Security

While the idea of having a credit card can be a little scary with the amount of debt that you could build up, there is also a sense of security that can't be denied. If you are someone who carries cash around, you understand the risk of what happens if you loose your wallet. The chances that you will just have lost that money and never see it again are pretty good. With credit cards, a simple call to the company can shut the card down, and whoever finds your card won't be able to use it. The company can then issue you a new card and your money is secure. They also give you a sense of security in emergency situations. There is nothing worse that being caught on the side of the road and have no money to take care of the car problem. Medical emergencies that you aren't prepared for can be a nightmare, but if you have built up credit with a good company, it can take some of the edge off.

In conclusion, while having a credit card can seem scary, there are a lot of benefits to having one as well. If you can be responsible with your money and make sure that you use it when you need to rather than making frivolous purchases all the time, a credit card can be a very handy tool in your pocket for many reasons. It can be the start to a great future and the security for an easier future if you use it responsibly.

APPLY ONLINE NOW

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How Do You Plan For Retirement?

FinanceBlogger — Thu, 21 Mar 2019 13:42:35 +0000

Planning for retirement is one of the more complex things that you will do. You might not have known that retirement savings were dwindling, or you might not have been saving at all. There are many people who would like to start saving, but they have no idea how. The retirement plan that you have set up for yourself should be constructed with several things in mind. You are not just saving for retirement. You need to save money that you can use for other purposes in the future, and you must have a financial advisor on your side who can tell you what to do.

1. Who Is Your Financial Advisor?

The financial advisor that you work with should be the person you stay with throughout the planning and retirement process. This person likely has their own retirement plan, and they need to help you set up a plan that makes sense to you. No one cares what plan you have. You do not need to explain this plan to other people. You need to understand your retirement plan when it is time to cash out.

The financial advisor that you are working with should show you many plans that could be used for your retirement, and you must choose the plan that helps you save for the future that you want. You might want to start a new company, you might want to travel, or you might plan to live comfortably at home. Because of this, you need to be sure that you have chosen the plan that makes sense today, and you must meet with the advisor more than once so that can come up with a plan for adding money to your account.

2. Which Retirement Plan Do You Need?

The retirement plan that you use should be used to help you save the most money in the shortest amount of time. You could use an IRA that was made for someone at your income level, or you might use a retirement plan that focuses on hedge funds. You need to choose the place where the money will be invested, or you might invest the money directly with a broker.

The broker that you work with will show you how to invest in commodities, precious metals, stocks, and bonds. You can invest in government debt through bonds because those bonds mature quickly, or you could use stocks to play the market for the highest return. You could ask the broker to invest in gold because you know that is stable, or you could invest in oil because you know the oil market is trending higher every day.

3. The Retirement Plan Should Pay For Everything

The retirement plan that you have should pay for your living expenses, travel, and any discretionary income that you need. You must ask the broker to break up your money into categories that will be easy to work through, and you can move money from one place to another at any time. You can transfer money into the different accounts if you want to buy a new house, plan a travel schedule, or start a business. You must ask your broker if they think it is a good time to remove money from your accounts, or they could set up the monthly payments that you need to live your life.

4. The Plan Should Be Subject To Change

The plan should be subject to change. You need to know how the plan will change if you move your money around, or you must learn how to invest your money in places that will make you the most money. You could invest in certain places that you are most interested in. You might plan to invest your money in hedge funds that are very diverse, or you could invest in the companies that you are most interested in. There are plan that you might change because you want to retire earlier, or you might plan to retire later.

5. How Do You Start A New Business?

You can change your life when you are starting a new business, and you will find that you can fund this business much more effectively because you have the money in your retirement account. You also need to ask the broker if they have an idea of how they can turn a small amount of money into the seed money for a much larger company. They could show you how to invest this money to improve the nest egg for your company.

6. Conclusion

There are a number of things that you can do when you want to retire at a certain time, start a new company, or plan to travel. Ask a broker to set up your retirement accounts, and let the broker know when you want to change your plan.

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How To Keep Your Credit Score As High As Possible

FinanceBlogger — Thu, 21 Mar 2019 13:41:12 +0000

Keeping your credit score as high as possible requires that you have taken care of your credit cards, checked on your credit report, and offered regular payments to the creditors that you have. The list below explains how you can go through every step that helps you keep your cre3dit high. You need to be prepared to go through each step on this list because they are all required if you want to fix your credit.

1. Check Your Credit Score

You must check your score as often as possible so that you know what your score is at this moment. You can solve most of your problems when you are looking at your score because you know what needs to be paid, how much you need to pay, and when you need to pay it. You can send information to the credit bureau if you need to make corrections to your score, and you must ask the company if they will review anything you do not believe should be there.

2. Make Regular Payments

You should make some sort of payment to the companies that hold your cards or loans. It is very easy for you to get your payments to remain consistent even if you are not making full payments. Because of this, you should make sure that you can at least set up these payments to happen every month. This makes it much easier for you to keep these companies happy, and you can work out payment arrangements with them in the future if you need to.

3. Call The Credit Card Company

You should call the credit card company if you ever have any issues with their card. Let the credit card company give you a payment plan, and keep up with their payments because you have specific dates for these payments. You should call the credit card company because they might take the late payments off your record, and you might ask them tor Erin’s any other statements that there make made to the credit bureaus.

4. Get To Know All Three Bureaus

The bureaus that you are talking to all collect different bits of information. You must know if their reports on your credit are correct. You must ask these companies if they have specific pieces of information they can give you about your credit, and you must ask them if they have anything odd on your credit that they think should not be there. Associates who work with the credit bureau know how to review your file, and they can do a full review of your file so that you can get the best possible information for changing your credit. The associate can submit change requests, or they could remove things from your credit on the spot.

5. How Long Does It Take To Change Your Credit?

You can change your credit over the course of several months and years if you are keeping up with your credit. You need to be patient because you are making tiny hangers to your credit every day. These tiny changes will make it possible for you to change your credit, to see improvement, and to show improvement. Showing improvement is a very important way for you to interact with people who might give you credit. You must have a trending credit report that shows how much you have improved over time. You can show that you are on a trend that will take you to a safe place. If you had issues with your credit before, you can solve those problems now.

6. How Long Do Things Stay On Your Credit?

You keep things on your credit for 7 years. The items on your credit report that are about to come off your credit report should be noted because you might get some leeway from the people who have your application. This is a much easier way for you to save money because you can get lower rates and better terms. The company that has your application can call the credit bureau to hear about how your credit has changed, or they could ask you if you have a plan to fix your credit in the future.

7. Conclusion

Fixing your credit is easier than you think. You must take time to repair your credit, and you should be very careful to keep things on your credit on payment plans. You will improve your credit over time, and you can show people that you are doing the work to improve your score. Your score will not change overnight, but it will get better every day. You might even sign up with a company that can tell you if your score is changing, how much it is changing, and when you have made good choices for your financial future.

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Information about credit cards.

FinanceBlogger — Fri, 01 Mar 2019 18:48:25 +0000

A credit card is a form of payment card, which is issued to a user often termed as a cardholder to enable the user to pay for either goods or services obtained from a merchant. The payment comes as a result of the instructions from the cardholder to the card issuer to pay that given merchant a certain amount of money. When the money is being paid to the merchant, the account linked to the credit card will be deducted the amount plus any transactional charges incurred in the course of the transaction.

Creation of a credit card.

The issuer of a credit card is usually a bank. For one to be a holder of a credit card, first of all, the person has to have a bank account opened in the bank where he or she intends to take the credit card. Once the bank account has been opened, a certain amount of money is deposited into the account. This amount varies in different banks. After that, the bank account holder applies for a credit card from that bank. After a complete application and verification process, the account holder is issued with a credit card.

Types of credit cards.

1. Standard credit cards.

These credit cards do not offer any frill or rewards. They are easy to understand; therefore they are recommended for those people who want a credit card that is not complicated. Most standard credit cards allow one to have a revolving balance to a recommended limit. Exceeding this limit will lead to no allowance in credits.

2. Balance transfer credits.

Most credit cards come with the ability to transfer balance. Balances transfer credit cards differ from the rest in that they allow transfers at low introductory rates until a certain period elapses. Money saved using these cards has a higher interest rate compared to the other money.

3. Rewards credit cards.

They are cards that offer rewards when a purchase has been made. Reward credit cards are subdivided into cash backs, point's cards, and travel cards. The choice of the card to use depends on the preference of the cardholder.

4. Student credit cards.

These are cards which are specifically made for college students. The cards are created with the knowledge that students are young and do not have a lot to put into the accounts of these cards. Mostly, student cards come with added advantages such as low interests and rewards.

5. Business credit cards.

These cards are created specifically for those people who have a business. The cards provide the business owners with an easy method of keeping business and most business transactions. The card facilitates separation of the business-related matters from personal issues.

Basic features of a credit card.

Credit cards often differ on what they offer, but most credit cards have the same features. It is important to study the feature of a credit card so that it is easier to choose what type of credit card to use.

1. Credit limit. A good number of credit cards have certain amounts of limit. The limits include purchases, balance transfers, finance charges, cash advances, and fees. The credit cards cannot allow one to go over his or her credit limit. If one goes beyond the recommended limit, the bank will raise the interests of the credit cards, or charge you an over limit fee.

2. Balance. The balance in your credit card is the amount you owe an entity. This amount includes the purchases made, finance charges, and fees incurred. The higher you have credit charges, the more you lower available credits for you. Higher balances in the credit card will raise your credit utilization at the same time lowering your credit score.

3. Annual percentage rate. Annual percentage rates are the interest rates that will be applied to your balance once the balance is carried past the grace period. Different credit cards have different annual percentage rates depending on the type of transaction that was made.

4. Grace period. This is the amount of time up to which you have to pay for the balances one has. When the grace period is exceeded, then there is a fee one has to pay.

5. Credit card fees. A credit card may incur various fees that will be charged from the credit card accounts. These fees include a late fee, annual charge fee, financial charge, over limit charge among other charges.

Conclusion

Credit cards play a significant role in the mortgage industries. They incur low mortgage rates compared to some other forms of mortgage. The cards have provisions that will ensure there is a significant and secure transaction. Research on credit cards and mortgage rates should be done carefully to avoid making hasty decisions that may affect you afterward. It is important to consult the bank on matters concerning the credit card before applying for that credit card.

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Best Credit Cards for Travelers

FinanceBlogger — Fri, 01 Mar 2019 18:47:21 +0000

Below are a list of Credit Cards for Travelers. With these credit cards you can earn miles/rewards/cash back when you spend on purchases that can benefit you when traveling.
1. Propel American Express from Wells Fargo, propel credit card has no annual fee. When you spend 3000 dollars within the first 3 months of opening the account, you can earn 30k bonus points. You can also earn 3X points/ miles for every purchase on flights, hotels, restaurants, car rentals, and gas stations. It requires a credit score of 700 or more, but it mostly depends on your income.
2. Gold Delta SkyMiles from American Express, With the gold card you can earn 30,000 miles after spending 1000 dollars in the first 3 months and you can earn a 50-dollar statement credit after making a Delta purchase. There is a 0-dollar annual fee for the first year and then 95-dollars.
3. Platinum Delta SkyMiles from American Express, you can earn 35,000 miles when you spend 1000 dollars within the first 3 months and a 100-dollar statement credit after making a Delta purchase in the first 3 months as well.
4. Chase Sapphire Preferred Visa Credit Card, this card gives you 50,000 bonus points when you spend 4000 dollars in the first 3 months, which is 625 dollars when redeemed through chase ultimate rewards. You can also earn 2X points on travel and dining at restaurants. There is no annual fee for the first year and 95 dollars thereafter.
5. Costco Anywhere Visa Card by Citi, this credit card does not give you any travel miles, but it gives you 3% cash back on restaurants and eligible travel worldwide and there are no foreign transaction charges. This card gives cash back for all other purchases.
6. Venture Travel Rewards Card from Capital One, earn 50,000 bonus miles once you spend 3000 dollars within the first 3 months from the account opening. You can also earn up to 100 dollars credit for Global Entry or TSA. The credit score requirements for this credit card has to be excellent. 0 dollar annual fee for the first year and 95 dollars thereafter.
7. Venture One Credit Card from Capital One, on this card you can earn 20,000 bonus miles when you spend 1000 dollars within the first 3 months. There are no annual fees.
8. Discover it Miles, this card gives you 1.5X miles for every dollar spent on all purchases from airfare, hotels, groceries, online shopping, etc. If you choose to close this account, you still would not lose your miles. Can be used worldwide. No Annual fees. This credit card requires good to excellent credit scores.
9. Bank of America Travel Rewards Credit Card, earn 1.5 points for every dollar spent and 25,000 bonus point when you spend 1000 dollars in purchases within the first 3 months of account opening. Has no annual fee. This credit card requires good to excellent credit scores as well.
10. Southwest Rapid Rewards Premier Credit Card, earn 40,000 points once you spend 1000 dollars in the first 3 months and you can earn 6000 after your card member anniversary. Earn 2 points per 1 dollar spent on Southwest purchases and rapid rewards and hotels, car rental partner purchases. No foreign transaction fees. There is a 99-dollar annual fee.
11. Flex Perks Travel Rewards from US Bank, earn 25,000 enrollment Flex Points (which is $375) when you spend 2000 dollars in the first 4 months form the account opening. This card gives you more time to spend your 2000 dollars than most other credit cards.
12. United Explorer Card, 40,000 bonus points when you spend 2000 dollars within the first 3 months. No annual fee for the first year and 95 dollars thereafter. You can also earn 2 miles per every dollar spent on hotels and restaurants. Up to 100 dollars global entry or TSA.

The post Best Credit Cards for Travelers appeared first on FinanceFinder.org.

Credit Scores And How You Can Protect Yours

FinanceBlogger — Wed, 27 Feb 2019 21:35:30 +0000

Clearing the Path for Better Credit

If you want good credit there are certain things that you have to do. A number of people forget to pay attention to the simple things when it comes to their score. You need to be mindful of all that is involved in making your score stand out from the rest. You need to know that a good score is often going to be the result of paying your credit card bills on time, but there are a number of other factors that can affect your credit. If you want to clear the path for a good credit score you need to know about the things that are going to affect your score even if your bills are being paid on time.

Debt to Income Ratio

It is very possible that you are someone that has taken out loans on various things, but you pay all of your loans on time. You may have never been in default in any situation. You may wonder, however, why your credit is not stellar when you are paying all of your bills on a regular basis on time.

When do you have a debt to income ratio discrepancy it means that you have simply borrowed more than you can actually afford to pay back. This means that you may not be eligible to borrow any more money or acquire any new car or home because you have already overextended yourself in terms of what you make and what you are actually spending. This is not going to be detrimental to your score, but it will affect your score in some way. You will find yourself struggling to correct this until you lower some of the balances that you have. If you have never experienced any issues with your debt to income ratio you can trust that this will show up as an issue once you start running your credit report.

If you have acquired a lot of different things over time it is going to be something that consistently shows on any type of report concerning your credit history.

People That You Are Associated With

Another thing that can really bring your credit down is the people that you are connected to when it comes to co-signing for loans and anything else that will link your finances to someone else that is part of your household. If you are married to someone that you divorce you are still going to be plagued with all of the issues concerning your credit of you had credit cards together.

Identity Theft Can Ruin Your Score

It may not cross your mind much at all, but identity theft can make it difficult for you to get anything done when it comes to your credit score. You could find yourself struggling to boost your score when someone else has already gone in and taken hold of your credit by way of identity theft. They may be acquiring credit cards and getting loans under your name. All type of things can happen when your identity is stolen.

What it does is make things harder when it comes to trying to get any type of loan in the future. You may constantly find yourself paying more for anything that you are trying to acquire because your score has been compromised by others that have been utilizing your personal information.

Get Your Report Regularly

This is why you need to run a credit report on a regular basis. You need to know if there are any incidents on your credit report that are not things that you have actually done yourself.

It is a shame when people find themselves with credit issues that they have no idea about what has happened. They are not familiar with any of the things that are seen on their credit report even though these incidents have greatly affected how they acquire big ticket items like homes and cars. If you are someone that is planning to buy a house down the line do not wait until you are in that moment to check your score. You may be unpleasantly surprised to find that you do not qualify for a certain loan on a particular house because your credit score has been compromised. Take time to get these issues resolved and know what your score is beforehand.

Credit Reports Are Valuable For Many Reasons

Some people may think that their credit is not that important, but it is quite essential to most of the transactions that you will make. If you are someone that is looking to acquire a mobile phone contract or in the market for mortgage your score is going to determine how much you will be paying by the month. You would be surprised to find how many things are affected by your credit.

The post Credit Scores And How You Can Protect Yours appeared first on FinanceFinder.org.