Archive for October, 2009
You Can Still Get A Credit Card When You Have Bad Credit
Letís face it: in order to buy or sell so many things in todayís society you simply must have a credit card available in order to complete many transactions. Sure, you could pay cash for many things, but how convenient [or safe] is it to carry around a wad of bills? If you lose the money, it is gone forever. Not so with a credit card as that little plastic device can be easily replaced. What do you do if you have bad credit? Are you locked out from getting a credit card? Happily, the answer is a resounding no. You have some options that can help put a new credit card in your wallet, bad credit or not.
Bad Credit: What It Is
Before we take a look at applying for a bad credit credit card, letís examine some things that could cause you to have a bad credit rating:
– Late payments on car loans, rent, mortgage, bills, etc.
– Medical bills you cannot afford to pay.
– Legal judgment against you including: child support, lawsuit, etc.
– Loss of job, big reduction of income.
Any one of these things can harm your credit rating, making it more difficult, but not impossible, for you to get a credit card.
Bad Credit Credit Cards: What The Offers Are
If you apply for a bad credit credit card, please know that the consumer requirements are different than for those cards for people with good credit. Still, a bad credit credit card can be a good idea to help you build your credit rating back up; it wonít improve overnight, but it can improve with your disciplined repayment plan. Here are some things you must know about a bad credit credit card:
Your APR will be higher. Some offer low APRs for the introductory rate, while other cards will offer a variable rate. Overall, the APR will be higher.
Default rate. If you are late with payments, you may find yourself paying a much higher default rate.
Annual fee. Expect to pay an annual fee as high as $100 per card, less if it is for a secured card.
Other fees. Depending on the card you select, you can be charged an account set up fee, program fee, annual fee, and a participation fee.
When shopping for a bad credit credit card, only commit to getting one that fits your budget. Between the fees and the higher APR, you could find yourself with a card that doesnít work with you. Still, by using a bad credit credit card, you can reestablish your credit if you use the card and pay it down quickly and on time.
Knowing Your Options When You Need to Get Money To Attend College
You should be happy to hear that there are a number of financing options available to you if you cannot pay for school all by yourself. You can try and get scholarships, grants, federal college loans, private college loans, and even participate in a work-study program that can supplement the funds you may have received from the aforementioned sources. If you cannot qualify for any grants or scholarships then your next best option is to try and apply for the best college loans that are out there, and these primarily consist of federal college loans. The kinds of federal loans you should be considering are in essence no cosigner college loans that won’t require you to provide a cosigner, and because they are need-based you should not worry if you have bad credit.
These kinds of loans are indeed what most people would call bad credit college loans due to their lenient policies when it comes to credit and income, and if you don’t have a cosigner then these loans can may be your exclusive option to get financed. This is mainly due to the fact that if you must decide between private and federal student loans, the private funding is going to require that you have a cosigner, and if you can’t do this then they are going to not be a feasible possibility for you. The federal funding options that you can take advantage of mainly consist of low interest college loans that will based off of your need and other factors besides your financial well-being and credit. When you already know that you have financial and credit issues you should always make sure to look to federal loans first so that you ca easily get approved and save the most money.
When you are ready to apply for these kinds of loans you simply need to fill out a FAFSA application at some point during the wintertime. The FAFSA application is the universal way to apply for federal aid, and as long as you send in this application on time you should make yourself eligible for the assortment of federal funding that is out there. If you have heard about fast college loans you must be aware that these types of loans are not the most appropriate to apply for initially. These loans are primarily private loans that don’t have to be school-certified, and for this reason they can be disbursed to you without much of a hassle in less than a couple of weeks. It is imperative that you only look to these sorts of private loans when you have exhausted your federal financing options, and you should know this when you hear a reply at some point during the spring when you receive the award that will come as a result of your FAFSA application.
Getting the Most Out of Garage and Yard Sales
The saying that one manís trash is another manís treasure is one that we all find to be very true at one time or another. Many people clear out their unwanted items and then have a yard or garage sale. This is a great place to find items you want and need at bargain prices.
If you donít like the price on any given item at these sales you can ask them to lower it. Negotiating the selling price is a common practice for yard and garage sales. Should the seller not be willing to lower the price you can always ask them to take down your phone number and call you if the item doesnít sale for the price they want. You will find most people are willing to lower the price rather than risk the item having to be carried back inside or stored if it doesnít sale at the end of the day.
When it comes to yard and garage sales, you will find you have the best luck if you start out early in the morning. Take the time to read through the ads in your local newspaper. It can be fun to map our a route of yard and garage sales you want to hit with a friend or even as a way to spend some time by yourself. This strategy will prevent you from constantly back tracking.
The items you will find at a yard or garage sale will vary but some common items include clothing, furniture, baby items, kitchen item, art, tools, toys, bikes, and even vehicles. If you are looking for something in particular then search out ads that have those specific items.
Since babies outgrow clothes and items like car seats and basinets quickly they are often in excellent shape. Career clothes are very expensive and you can find a wonderful selection of quality work clothes for both men and women at yard and garage sales. I have come across ladies business suites that still had the tags on them! The down side to purchasing clothing at yard and garage sales is that you canít try them on first to make sure they fit. However, I figure if I am picking up a $60 skirt and blazer set for $2.50 I will take my chances!
If you are looking for furniture then target the ads that describe and estate sale or a moving sale. In most cases they will be trying to sell all they can to prevent having to pack it up and move it with them or pay to place it into storage. You can generally even get them to assist you with loading the items you purchase or delivering them if you can negotiate the right deal. In most cases if you pay for an item the seller will be happy to allow you to come back later to pick it up if you need to.
Clothing, household items, jewelry, and baby items are often expensive you pay retail price for them. You can get a great bargain if you get up early and go to yard and garage sales. Make sure you head out early and you have single bills and plenty of change. Then go have sun seeking the items you are after. If you are like me, there will be plenty that catches your eye that you decide you want just because you canít pass up the great price for it.
Choosing A Cash Advance Agency The Smart Way
When you are looking for a cash advance loan you will not want to just go with the first company that you find. You will want to get the best possible deal for you and one that will not take you long to repay. Cash advance agencies are not there to trick you and to hit you unexpectedly with high interest rates or mislead you, they are companies that will treat you fairly and provide you with help. But there are companies out there that will not do this, these kinds of companies are more widely advertised then the other companies and that is not good news for the consumer.
Companies out to trick you will not be willing to understand if you miss a payment and will hit you with higher interest on your next payment, or may even add more on to the repayment so that you will be paying more for months to come. This is why consumers must be cautious when dealing with cash advance companies some will be willing to help you and will not hit you with a huge interest charge for a missed payment. They will add an interest charge on of course, but it won’t be as high as a company that is giving this industry a black eye for its poor customer support and unfair interest rates.
If you are thinking of going for a cash advance or payday loan then talk to your friends and see if they have ever gone for one of these and see what company they went with; it can be very helpful to get some reliable information from a friend. If they went with a company that they liked and they were helpful, then they are recommending them for that reason and you should take that kind of helpful information on board when making a final decision about a cash advance loan or payday loan.
Getting A Car Loan When You Have Bad Credit
If you have already attempted to go out and look for a car loan then you may have already come to the conclusion that it is going to be much harder to get approved for the necessary financing when you have bad credit. When you are looking to buy a car with bad credit your options are going to be much more limited than if you had good credit, although you still have a good variety of choices that can provide you with the financing you need to buy your vehicle. These choices are going to be contingent on your willingness to improve your credit, and if you don’t want to take the necessary steps to do this and yet you still want to get approved for a car finance loan then you are going to have to look to either a bad credit lender, or dealership to provide you with the financing you need.
If you don’t want to take the time to improve your credit then you may want to look exclusively for lenders that make it their business to work with individuals who have bad, poor, or no credit. These kinds of lenders supply a variety of bad credit loan products to people with negative credit histories, including bad credit boat loans, bad credit auto refinance loans, and of course the standard car loan. If you wanted a cheap car finance loan that can be made at a low interest rate with relatively low fees then you may want to avoid these types of lenders all together and instead take the necessary steps to improve your credit because you will have to pay a much higher finance charge when doing business with a bad credit lender than if you got your loan from a more conventional lender. Regardless, if you have bad credit and are in desperate need of obtaining the financing to buy your vehicle these sorts of lenders may be your only choice.
If you don’t want to do business with a bad credit lender then you may actually have another option if you don’t mind asking the dealership who is selling you your car about the financing options they provide their customers. Dealerships often have deep relationships with a number of banks and other lenders, and as long as you can provide them with the appropriate level of income then it is in their best interest to get you financed, and out the door. You are still going to have to pay more when it comes to interest and fees, and you can expect to pay about the same as you would with a bad credit lender. The good news is that your chances of getting approved are quite high, and if you need to get financed to purchase that new vehicle then this may be one of your last options.
Understanding the Adjustable Rate Mortgage
Another common type of home loan is the adjustable rate mortgage or ARM. With this type of loan, the interest rate will fluctuate depending on the 6 different real estate indexes. The interest rate changes so the lender of the loan gets a proper margin. That ís due to the fact that the indexes influence the cost of funding that loan in the first place.
Basically, your lender lets you take on a little bit of the interest risk instead of just the lender like in a fixed rate loan. This type of loan can be great if the interest on your home loan consistently falls for a long time. You don’t have to worry that much about the interest rates because even if they jump drastically, there are limits on how much your payments will increase. These limits are called caps and mean that no matter the size of the interest jump, you wonít pay more than a certain increase in a certain time period.
As an example, let’s say a lender gives you an adjustable rate mortgage. It has a 1 percent cap for any 6 month time frame and a 4 percent total cap for the entire loan. Your payments can increase to as much as 4 percent of the maximum until the loan is paid off. That ís not too shabby if you consider when interest drastically drops, you save a ton of money. Every area in the country has different interest rates so you should read up on it before you opt to go with an adjustable rate mortgage. Local newspapers usually include interest rates and predictions so that is a great place to go to keep an eye on things.
Weeding Your Way Through the Auto Insurance Landscape When You are A Young Person
When you are a young person who is looking for the lowest auto insurance policy you must take into account the kinds of coverage you need to purchase, and the types of coverage that may be optional by your state’s law. Most states have minimal coverage requirements that only mandate that you purchase a standard liability policy that will only cover what damages you may inflict upon others in case you are ever involved in a wreck. Basic liability policies shouldn’t cost you that much on an annual basis, and for under a thousand dollars a year you should be able to get a policy that will allow you to legally drive your vehicle.
The general consensus is that cheap car insurance for young people is something that cannot be found, but in actuality that is only partially true if you are willing to take action. One of the best things you can do is take into consideration a temporary auto insurance policy instead of purchasing a full coverage auto insurance plan. If you only need your insurance coverage for a few months then you should not hesitate to go with the temporary plan because it will be cheaper than paying for a policy that will last for a full year. For many young people this is a very plausible move, and if you only need your coverage for a fraction of the year then you should not hesitate to follow-through with a temporary policy.
It is still very important to take into consideration all of the other ways you can save money even if you bought a temporary policy. The majority of auto insurance companies offer all sorts of discounts and other kinds of rate decreases that can lower your rates by a significant margin, and if you want to save as much money as possible then you should not hesitate to take as many of these into account as possible. The one thing that is going to have the biggest affect at lowering your insurance rate has to do with maintaining a clean driving record.
The cleaner you can keep your driving record, the lower your overall rate will be, and this is perhaps the most crucial thing you need to focus on. Other things such as discounts for academic achievement, for commuting to school, and even for driving a safe vehicle can also save you a ton of money, and these should all be a part of your efforts to reduce the costs of your car insurance. This will guarantee that you will keep your costs down to a minimum, and always remember that you should never not consider applying to as many different lenders as possible to get the best deal.
Don’t Freak Out Because There’s A Recession
Believe it or not, a recession is a fact of life. Why? Because it is part of the business cycle and this is bound to happen when the economy expands, slows down until it hits rocks bottom and then recover once again.
The only difference between a recession and the four seasons we experience in a year is that this problem does not happen often. It may take years before this happens again and in our countyís history, the last time we had a recession in 2000.
When it does happen, experts wonít admit that it is there even if everyone around knows that it is. How? By looking at various factors which include consumer spending, the unemployment rate, industrial production, real income and wholesale trade.
One solution to help stimulate the economy is to lower the interest rate. But since this is not enough to make the problem go away, we have to our share until this is over. Companies have to make job cuts but the bad news is that you put more people out of work because this is the only way to stay in business.
But is putting people out of work the only solution for a business to survive? Some experts disagree because if the company is able to focus on customer service, lower price points and make cuts elsewhere, you help prevent the unemployment rate from getting higher.
On your end, if you still have a job, you have to spend less because the prices of goods will go up which is why you only have to buy the essentials. One thing you have to cut down is your fuel expenses so you might want to trade in your SUV for a smaller car that has better gas mileage.
To make sure you are not on the list of the next people to be axed, find ways to make yourself valuable in the office by taking on other responsibilities. If this is not enough to put money on the table, see if you can get a second job until the situation improves.
There is an upside to a recession. If you need money, you can borrow at a lower interest rate and you will be able to buy stocks, bonds and property at very affordable prices.
A recession is a fact of life and if you think that this happens only in the US, it has happened in other countries as well. What makes this current one so different from others in the past is the fact that what started here is now spreading around the world which is why nations are talking to one another to help prevent it from getting worse.
How long will this recession last? It is anybodyís guess but this will last until the end of the year with hopes that things will improve by the first or second quarter of next year. How it affects people will be different depending on their current financial situation so before it is too late, save up. If you can, invest in a few things which you know will make you money in the future. For those who are unsure, you better hire a financial planner so you are safe if ever life throws you a fastball.
Be Smart When Planning Your Retirement
Retirement may be a long way off for you ñ or it might be right around the corner. No matter how near or far it is, youíve absolutely got to start saving for it now. However, saving for retirement isnít what it used to be with the increase in cost of living and the instability of social security. You have to invest for your retirement, as opposed to saving for it!
Letís start by taking a look at the retirement plan offered by your company. Once upon a time, these plans were quite sound. However, after the Enron upset and all that followed, people arenít as secure in their company retirement plans anymore. If you choose not to invest in your companyís retirement plan, you do have other options.
First, you can invest in stocks, bonds, mutual funds, certificates of deposit, and money market accounts. You do not have to state to anybody that the returns on these investments are to be used for retirement. Just simply let your money grow overtime, and when certain investments reach their maturity, reinvest them and continue to let your money grow.
You can also open an Individual Retirement Account (IRA). IRAís are quite popular because the money is not taxed until you withdraw the funds. You may also be able to deduct your IRA contributions from the taxes that you owe. An IRA can be opened at most banks. A ROTH IRA is a newer type of retirement account. With a Roth, you pay taxes on the money that you are investing in your account, but when you cash out, no federal taxes are owed. Roth IRAís can also be opened at a financial institution.
Another popular type of retirement account is the 401(k). 401(kís) are typically offered through employers, but you may be able to open a 401(k) on your own. You should speak with a financial planner or accountant to help you with this. The Keogh plan is another type of IRA that is suitable for self employed people. Self-employed small business owners may also be interested in Simplified Employee Pension Plans (SEP). This is another type of Keogh plan that people typically find easier to administer than a regular Keogh plan.
Whichever retirement investment you choose, just make sure you choose one! Again, do not depend on social security, company retirement plans, or even an inheritance that may or may not come through! Take care of your financial future by investing in it today.
Be Sharp Like A Hawk and Establish Your Investment Goals
When it comes to investing, many first time investors want to jump right in with both feet. Unfortunately, very few of those investors are successful. Investing in anything requires some degree of skill. It is important to remember that few investments are a sure thing ñ there is the risk of losing your money!
Before you jump right in, it is better to not only find out more about investing and how it all works, but also to determine what your goals are. What do you hope to achieve with your investments? Will you be funding a college education? Buying a home? Retiring? Before you invest a single penny, really think about what you hope to achieve with that investment. Knowing what your goal is will help you make smarter investment decisions along the way!
Too often, people invest money with dreams of becoming rich overnight. This is possible ñ but it is also rare. It is usually a very bad idea to start investing with hopes of becoming rich overnight. It is safer to invest your money in such a way that it will grow slowly over time, and be used for retirement or a childís education. However, if your investment goal is to get rich quick, you should learn as much about high-yield, short term investing as you possibly can before you invest.
You should strongly consider talking to a financial planner before making any investments. Your financial planner can help you determine what type of investing you must do to reach the financial goals that you have set. He or she can give you realistic information as to what kind of returns you can expect and how long it will take to reach your specific goals.
Again, remember that investing requires more than calling a broker and telling them that you want to buy stocks or bonds. It takes a certain amount of research and knowledge about the market if you hope to invest successfully.