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When you apply for a job, the employer will look at your background – your degree, the university where you came from, your achievements and your skills. These are the some of the things that will qualify you for the position or the job. In our financial life, there is one abstract thing that is used to measure your credibility – our credit.
According to Investopedia, credit is the “creditworthiness or credit history of an individual or company.” Basically, it means that a person or a company with good credit standing is able enough to obtain goods or services before payment.
A credit is usually measured in a score. A credit score is a statistical figure that evaluates your creditworthiness. Banks, lenders and credit unions use the credit score to determine the probability of an individual or company to repair the debts. Credit scores are very important before you can purchase a house, get insurance for your car and even some companies use your credit score as the basis for your promotion or salary raise.
There are various credit score schemes. The most widely used by financial institutions is the FICO score or the scoring system created by Fair Isaac Corporation. The FICO score ranges from 300 to 850. On the other hand, most people understand the vantage score system with these average score ranges and their corresponding values:
- Excellent: 750 and above
- Good: 700 to 749
- Fair: 650 to 699
- Poor: 550 to 649
- Bad: 550 and below
Basically, if you have a credit score of 730, it means you have excellent credit score. However, if you have a credit score lower than 601, you have a bad credit score.
Improving Your Credit Score
Maintaining a good credit score is very challenging. It is a crucial factor for banks and stores to approve your interest of purchases. Even your job relies on maintaining good credit. Thus, it is important that you improve your credit score.
Minimize Outstanding Balances
According to FICO, one of the best ways to improve credit score is to eliminate nuisance balances. These are balances you have on various credit cards. One factor that your credit score considers is the percentage of your cards having balances. Thus, it is important to minimize outstanding balances, especially the small ones.
Moreover, you shall also pay any outstanding balances that are not yet sent to collections. If your payment is one to two months late, it will not affect your credit score badly. The late payment will till show on your report, but the impact on your credit will gradually lessen over time. Also, pay outstanding bills that are sent to collections. It is better late than never.
Pay Bills On Time
Paying bills on time is one of the standards of your responsibility as a credit holder. So if you have purchased a brand new car using your credit, then make sure that you will pay the monthly dues along with the interest rate on time. The smartest choice is to enroll or sign up for an automatic payment. Automatic payment allows banks or lenders to debit a certain amount from your savings. This will prevent you from late payment charges and will provide you rebates for on-time payments.
Reduce Credit Utilization
Credit Utilization is another important factor in your credit score. It is the ratio of your balances to your credit limits. To calculate your credit utilization, you just have to divide your balance by your credit limit then multiply by 100. So if you have an outstanding balance of 200 and you have a credit limit of $1000, your credit utilization is 20%.
FICO scoring model examines your credit utilization. It will gather your credit utilization from each of your credit cards. Then, they will accumulate your overall credit card utilization. A high credit utilization can hurt your credit score. The purpose of the credit score is to determine your probability of repaying. However, if you have high credit utilization, there is a chance that you are more likely to default on credit obligations. Thus, it will lower your credit score.
Perform Credit Repair
Probably, you have a bad credit score because there are errors in your credit reports. It is time for you to perform a credit repair. Credit repair is performed to correct all inaccurate and incomplete information in your credit card report. To do this, you must secure free copies of your credit reports from major credit bureaus. Then, check for some errors. If you have determined errors, you have to dispute the inaccurate information to the credit bureaus. The credit bureaus will investigate and will make necessary corrections in your report.
Don’t Close Accounts or Credit Cards
Your credit age or the duration that your accounts are open has an impact on your score. Banks and lenders check if you have at least three open and current sources of credit. The longer your account is open and is in good standing the better. Also, if you close any cards or reduce your credit limit, you will reduce your borrowing power which will increase your credit utilization.
Avoid Opening New Accounts
There are three reasons why you should not open new accounts. First, a new credit card lower your average credit age. 15% of your score is based on your credit age. Thus, the more transactions you have, the better your score will be.
Second, a credit inquiry is paced in your report when you open for new accounts. Inquiries are 10% of your credit score and an additional inquiry can reduce your credit score points.
Lastly, opening a new credit card could increase your credit utilization. 30% of your credit score considers your credit utilization. The more you consume of your credit limit, the more it will hurt your credit score.
Practice Budget Management
The bottom line of everything is to practice budget management. Having an excellent credit score doesn’t mean that you have the freedom to perform unlimited purchases. You have to be responsible for your expenses. Always practice budgeting and monitor your credits, debts and other expenditures. Be smart in this world full of opportunities.
The Credit People is a company that has been providing quality, reliable and professional credit repair services since 2001. Services are provided by qualified and experienced credit repair, score analysis, support, sales, executive, technical and marketing teams. All these teams are firmly committed to ensuring that all clients get value for their money.
Where is The Credit People’s Office Located?
Its head office is found on Sand Lake Road, Orlando. The company has a user-friendly website that previous and prospective clients as well as other interested parties can visit’s its web address is www.thecreditpeople.com
Why choose the company?
The Credit People has assisted more than 100, 000 clients over a span of 10 years. The vast experience has enabled it to establish a solid reputation, which has effectively enabled it to be the best company in provision of credit repair services.
Employees of the company spend considerable amount of energy, time and other resources in developing credit repair services that satisfy needs of all clients.
The Credit People has attractive service features such as;
Free credit scores and reports Guarantee of satisfaction Affordable rates Comprehensive credit reports 24 hour access to accounts Score-driven results.
Free credit scores and reports: the company freely provides clients with credit scores and reports as soon as they approach it. This is advantageous because it enables both parties to know where they’re starting from. This feature also facilitates measurement of results at the end.
Guarantee of satisfaction: all clients are given money-back guarantee. Therefore, they are not required to pay if they aren’t satisfied according to this thecreditpeople.com review.
Affordable rates: at the start-up stage, clients are only required to pay $19. Additionally, the company doesn’t charge high set up fees, credit score fees, high monthly costs, premium service levels or hidden report fees.
Comprehensive credit reports: clients are assured of getting all necessary details at no extra cost.
24 hour access to accounts: the company strongly believes in transparency and accountability. Clients can therefore log into their accounts at any time to establish what it is doing on their behalf.
Score-driven results: the company doesn’t just provide interventions. It also solves disputes on behalf of clients.
- Pricing/ Subscription plans
- The Credit People has two major pricing plans;
- Flat-rate membership Monthly membership
- Flat-rate membership
Each client has the option of subscribing to a comprehensive $299 credit repair program that lasts for a six month period.
Any client who subscribes to this package is assured of deriving full satisfaction. The company takes care of everything without charging any extra fees.
Each client who chooses this pricing plan has the liberty of exploring services for 1 week at a cost of only $ 19. If the client is contented after the 7 day-trial period, he/she can officially subscribe to the monthly membership plan that costs only $ 59.
Since it’s a Pay-As-You-Go system, a client can cancel his/her subscription at the end of any month.
Customers who need credit repair services can consider procuring services of The Credit People because it offers the following exceptional benefits and features; two pricing plans (flat-rate or monthly subscription), certified FCRA, 24-hour access to accounts, inquiry validation and reliable customer service (toll-free).
The company also offers free credit scores and reports, debt validation, score-driven results, efficient communication with creditors, guarantee of satisfaction as well as resolution of unlimited number of disputes.
Thinking & Planning about future is very important in this decaying society.lt has transformed from being an overnight thought to a necessity. Decade after decade society is changing to a large extent & weird trends are settling in. ln this 21st century, it can be often seen that children are ill-treating their parents & actually “No-one is there for anyone”. In this modern arena, money has become the basic & only means to survive well Moreover, the degrading character of upcoming generation is making it mandatory for parents to secure their future along with the present expenses. Everyone should try to become independent whether they are in a position to work or not It not only helps in removing the financial problem but also provides with internal satisfaction. Now, what might be the reasons that people have to start saving for their future? To some extent, parents are growing up their children for the same purpose only.
But an extended overlook reveals that many of the children are leaving their parents in a worse condition as they (children) grow up. They usually think that their parents are of no benefit to them when they turn old & consider them as a burden. Parents are either provided a small room in son’s large home where parents are only provided with their meals or are sent to old age home where their care is taken to a minimal value.
This type of behavior is rapidly increasing as youth has become more selfish, arrogant & money minded. Moreover this issue has a larger percentage in western countries. So looking at the mentioned things it is quite clear why people need to save money for their future? The first most step one can perform to help themselves is by saving a fixed amount of money from their monthly income as a pension rather than depending & believing on their children.
Secondly, parents must have legal properties on their names only ,which can be cashed by them in needy situations. It is often seen that parents often buy properties on their children’s names out of love , but generally the same love is not given to parents. At third, parents need to incorporate worthy values & beliefs in children’s mind which will help them becoming a trustful & better person & will unique them from this bad arena. It’s pretty obvious that a person with values will never let his/her parents face financial problems in their old age. So it can be concluded that rather than being the puppets of children, people (parents) must take control & initiative, settling their future the way they like.
Many people are unwilling to make the effort to manage their personal finance, but many more are just uncertain how to do it and although the young often find themselves overwhelmed by the sudden responsibility, it can be an issue at any age.
The main tool that should be employed by anyone who needs to gain financial control is a budget. The very word makes many people wince as they imagine a life where they can no longer buy even the smallest item they want. This is the wrong perception of what a budget truly is A budget is just a way of knowing where your money goes. This does not mean that you must give up your favorite coffee or never visit a movie theater again. A good budget has categories for entertainment as well as utilities, and it will not be so oppressive that it cannot be followed.
Every plan for financial security should include a budgeted amount for savings. If this is something new to you, start with small steps. Take roughly 5% of your income to begin with and place it into a separate savings account each payday. Gradually increase it to 10%, with an ultimate goal of 20%. These amounts may seem like a lot, but they are very achievable with a little experience.
You may have to force yourself to build your savings by using automatic savings options. If you use direct deposit for your paycheck, you can probably have it split into two deposits, one to savings and one to checking. You can also have your bank move money automatically. Treat your savings account as an emergency fund only, and set up a special account for things like vacations. A savings account is not the same thing as one for retirement. It is instead supplementary to a 401(k) plan or IRA.
Married couples need to involve both parties in any major expenditure or decision. Both people need to be involved in budgeting as well Decisions on how much to budget for entertainment or hobbies should be reached by mutual agreement. However, each person should also receive an allowance that he or she can spend for any purpose without having to account to the other for it Do not try to discuss money issues when either party is angry, ill, or stressed, since it can easily turn into an argument.
Keep records of how much you spend and what you buy. You can classify expenses into several categories. One group will consist of bills that are not flexible, such as mortgage or rent payments. Others can be adjusted up or down as needed, and these are expenses such as groceries, entertainment, and clothing. You may be surprised at what you find. For example, a cup of cappuccino at $3 does not seem like much of an expense. But if you buy two a day for thirty days, you are spending $180 a month on it There is nothing wrong with including this in your budget if this is what you really want to do. On the other hand, you might decide that you would rather spend the money on something else. But you cannot make these decisions if you do not have the information.
Before you commit to any type of payment, make sure that you can afford it This may seem like something that is so obvious it should not need to be stated. However, many people make credit card charges without thinking about how they will eventually make the payment. Too often, they only think of how much is open on the card for charges.
It is certainly easier to buy what you like, when you like. It takes conscious effort to control your personal finance. However, you have much to gain, and not all of it is financial. Fewer arguments with your spouse and a sense of accomplishment are two good reasons to take charge of your spending. But perhaps the greatest reward is one that money cannot buy, and that is your peace of mind.