Top 5 Bad Credit Fixes

There are 5 common ways to fix your bad credit. Although some people may not be aware of them, these methods are nothing new and have been around for quite some time. The following is a list of the top 5 ways to fix your bad credit:

  1. Make Payments on Time
  2. Increase Available Credit
  3. Pick 1 credit card to focus on.
  4. Pick 1 thing you can live without.
  5. Stop using credit.

Why you should make credit card payments on time

There are many lenders (auto, mortgage and credit card companies) that access your credit history before making a financial decision on your behalf. One category that always gets a good looking over is your payment history, because it shows the lender how responsible you are with making your payments and making them on time. The good is if you have missed a payment here and there it is not a huge deal but if you miss payments a few cycles in a row that is not good. It is like when you are interviewing for a job and they call your last employer and they find out you were late quite a bit. On the other hand if you were late to work once every 2 months it won’t be mentioned. Same principal for making payments on time with your credit cards.

In addition, when you miss a payment you become subject to a few issues with credit card companies. First, your credit card will attach a late payment fee and in some cases they may give you a penalty interest rate. As if your life is not already hard enough, obviously there is a lot going on if you missed a payment. Then they add insult to injury with this punishment. Also you become subject to universal default where other credit cards can legally penalize you for missing a payment on a totally different card. This is not the make a bad choice and only the witnesses find out scenario, everybody finds out.

Why you need to increase your available credit

Your goal is to get out of debt and fix your credit score. You can begin working towards this by increasing your available credit. The amount of available credit is what makes so many people have bad credit scores. They have literally used up more than 70% of their available credit (for example your credit limit is $2,000 and you have $200 available). This hurts your score so much because it shows the lenders and/or credit card companies that you do not have enough cash and you need to rely on using your credit card. So, if you pay down your balance and increase your available credit, you send a different message to credit card companies. Eventually, your available credit increases in 2 ways: by you paying the balance down and the companies will usually extend your credit line while your paying down your balance and based on how long you have had the line of credit.

Why you need to pick 1 credit card to focus on

It happens all the time, people get motivated and do drastic things that are not helpful in the long run. For example you commit to losing weight and you exercise for 2 hours the first 2 days, but by day # 3 you are sore and exhausted so you stop working out. This happens with paying off credit cards. People get extra money and instead of paying off 1 card they make payments on 3 credit cards. Although they reduce the balance on all of them at the end of the day they still have 3 credit cards instead of the 2 they would have by focusing on 1 card at a time.

Why you need to pick 1 thing you can give live without

Getting out of debt is about sacrifices and not wasting money. Some people have to keep up with the latest trends and place themselves further in debt. I have done it too and then it hit me by iPhone 6s plus. I was buying new iPhone after new iPhone and then I realized I do not have 1 iPhone that is not in mint condition. They all can play the same games, display the same apps etc. so I am wasting money buying a new iPhone every release. I won’t buy the iPhone 7!

Another example is coffee, I learned that kcups are not economical they are just quick and convenient. I also learned that $2.50 for a venti at Starbucks every day is of $14.00 and a 32oz bag of Starbucks Dark Roast is 17.00 at BJs. Before I learned about BJs I was paying the 2.50 but I thought I was doing it right because I was using my cash back debit card! However, the Bjs bag is much more economical.

Why you should stop using credit cards

I increased my credit score (FICO score) tremendously a few years ago just by not using my credit cards for a few months. I recently wrote a blog about it because it was around this time a few years ago where I noticed the big bump in my credit score, I had finally joined the 700 club! Additionally, the interest on credit cards even if it is low is ridiculous. In my state we complain all the time about taxes on products, well credit card interests rates are a bit higher than taxes. Lastly, if you do not pay off entire balances by the end of promotional periods your balance nearly doubles.

Bonus #6 Hire a Credit Repair Agency

Here is a bonus the number 6 way to fix bad credit is to hire a credit repair agency. By law you are entitled to a free consultation from credit repair agencies. According to the Federal Trade Commission (FTC) the Credit Repair Organizations Act requires consumers of credit repair services to receive a copy of their legal rights and it protects customers from being charged prior to services being performed. The resources on this page will elaborate in more detail about this law.

In closing using the methods listed above will certainly help anyone’s credit score improve. Making Credit Card Payments on Time, Increasing Available Credit, Picking 1 credit card to focus on, Picking 1 thing you can live without and Not using credit cards are the most commonly used ways to fix bad credit. When in doubt contact a credit repair agency and make sure you understand the terms that you are agreeing to.

Article Source: http://EzineArticles.com/9461608

Dating Tricks To Find Your Credit Score Match

This could be a result of many factors. For instance, people with similar credit scores are likely to be in similar income brackets and as a result have similar tastes and habits. And, people who have similar credit scores (whether low or high) are also likely to have similar attitudes to life. Think about it. If your partner is scrupulously obsessed with keeping their credit score perfect and you on the other hand are a little more relaxed on the subject, having missed a few payments here and there – you’re likely to have pretty different personalities.

Bearing all this in mind, we have created 7 handy first date tricks to help you to find your credit score match. Read on to take advantage of these handy romantic (and financial!) hints.

Talk about mortgages.
OK, now mortgages may not be the most romantic topic on the face of it, however they are linked to several deeper aspects of our lives. For instance: do we want to settle down? Are we a homeowner? Do we want to share a home with someone we love, or would we rather travel the world with them? A negative credit score can affect your chances of getting a mortgage, and so why not approach the issue by talking about deeper topics such as whether you and your date see yourselves settling down in a love nest in a couple of years’ time. Now that can be a highly romantic topic of conversation!

Talk about marriage.
Did you know that if you are married, your partner’s negative credit score can affect your own? Discussing your respective attitudes to marriage on a first date is a good way of establishing whether your potential partner values stability – both financially and romantically. After all, these two types of stability often go hand in hand.

Check in with them about their past regrets.
Asking someone what their biggest regrets are is actually quite a common first date question! It’s away of getting to know someone. Sometimes, those regrets will be financial ones – debts got into, loans taken out for projects that headed off track. Or, maybe your future lover regrets being too careful with their money! Whatever answer you get to this question, you will be able to move on to ask them about their credit score if you like, or simply use the discussion to gauge their attitudes to risk and reward more generally.

Talk about careers.
Are you both members of the precariat? You can bond over that! Or, maybe you both work in the same financially stable profession. Either way, talking about your career prospects, hopes, and pasts is a brilliant way to get to know each other – and each other’s credit scores.

Ask what they would do with a large sum of money.
If you won the lottery tomorrow, what would you do? This is such a common first date question. If your date says ‘use the money to pay off all of my considerable credit card debts’ or ‘haul myself out of bankruptcy’, then you may get a fair idea of their credit score! Of course, if someone has a poor credit report repair, that does not mean that you should not date them at all – all this indicates is what their attitudes to life are like, and whether they match yours.

Ask them how organized they are.
Another great question which helps you to get to know both your partner’s personality and their credit score. If someone is very disorganized, they may find it hard to keep on making payments on time to their various creditors. A super organized person will usually be on top of their credit and their finances.

Just ask them about their credit score.
If you want to be honest with your date, why not just cut to the chase. Ask them what their credit score is like, and divulge yours too if you feel like it. You could open this conversation by saying ‘I just read a fascinating little article about how to find your credit score match on a first date… ‘

In conclusion, asking someone about their credit score on a first date is a great way to find out if you guys will be a good match in the longer term. And, you do not need to do so in a blunt way if you don’t want to: ease into the conversation with a discussion of general topics such as life plans and attitudes to money.

Article Source: http://EzineArticles.com/9663453

The Security Intelligence in The Financial Services

Security intelligence is the data related to safeguarding an organization from any outside and inside threats along with the processes, and policies developed to accumulate and evaluate the information.

It can also be referred to as the actual collection, standardization, and analysis of the data created by users, applications, and structures that influence the IT security and risk position of a business.

On a daily basis, information flows in organizations for the senior management to make smart decisions. The various stakeholders (employees, customers, contractors) are interfaced through various technologies.

However, the technological infrastructure can also result in serious security issues. The probable areas of intrusion are unlimited. Security experts and business leaders are trying to find an answer to the question – Is it feasible to have a robust security in an increasingly interfaced environment?

Though the answer is yes, it needs a radical transformation in processes and practices encompassing the financial services sector. The focus is not only on IT. Robust security facilitates a positive customer experience.

Cybercrime and Profitability

Financial institutions are at great risk since they are perceived to be an easy target for cybercriminals. According to a survey by IBM, “Financial markets, insurance, computer and professional services together account for over 40% of all security incidents worldwide.”

The losses, pertaining to cybercrime in other sectors could be due to industrial intelligence and fraud related to intellectual property, but in banking, online fraud is a possibility.

Any fraud related to the intellectual property and industrial intelligence could lead to reduced shareholder value, shut down of the business and net financial losses. These are the issues impacting the global financial sector, not only because the main reasons are not identified or the disruption to the customer is immediate, but also because they can result in a significant loss of money.

As per Andrew Haldane, Financial Stability Director at the Bank of England, “Cyber-risk has become a more pressing concern than economic depression and the Eurozone crisis, as it is a rapidly rising area of risk with potentially systemic implications”.

Comprehending the seriousness of the security risk is only a beginning. Financial institutions must establish an in-depth security intelligence strategy that would enable the financial institutions to have an insight into the perceived threats.

Financial institutions leverage top-notch analytics to get an understanding of:

  • The types of attacks that are occurring.
  • The probable source of the attacks.
  • The technology used by the cyber criminals.
  • Weak spots that could be exploited in the future.

Michael Davison, Banking and Financial Markets, IBM, stated,” There’s not another single issue that unites the interests of so many people at senior levels of banks. It unites technology, the CFO, security and compliance functions. But cybersecurity is also mission critical for people running lines of business and who are running P&Ls. So quite rightly it sits on the Board agenda. But there’s still work to do to educate Boards about the urgency of an effective response to the rapidly changing environment.”

Financial institutions must implement the following practices to get the balance between the required innovation and the related risk:

Establish a risk-conscious culture

  • An organizational transformation with an emphasis on zero tolerance towards a security failure must be established.
  • An initiative encompassing the organizational hierarchy to execute smart analytics and automated response competencies is needed to identify and resolve issues.

Safeguard the Working Environment

The functions in distinct devices must be examined by a centralized authority and the wide array of information in an institution must be categorized, tagged with its risk profile and circulated to the concerned personnel.

Security Design

The greatest problem with the IT systems and the unnecessary costs is from executing services initially and looking at security afterwards. Security has to be a part of the application from the first phase of design.

Ensure A Safe Environment

If the system is secure, security personnel can monitor every program that’s functioning; ensure it is ongoing and operating at optimal level.

Manage the Network

Organizations that route approved data through controlled entry points will be in a better position to identify and separate the malware.

Cloud Based Security

To prosper in a cloud scenario, organizations should possess the technology to operate in a secluded environment and track probable issues.

Involve Vendors

An organization’s security strategy must also involve its vendors and efforts must be made to establish the best practices among the vendors.

Financial firms have been a major target for malware attacks. Several aspects are impacting the financial sector. The direct connection between the breach of several personally identifiable information (PII) to the profitability has not been lost on the global financial stakeholders. This has led to the implementation of several global security projects.

A hazardous type of malware for online financial transactions is “Man-in-the-Browser” intrusions. It happens when a malicious program affects an internet browser. The program adjusts activities conducted by the user and in some instances, can initiate actions independently. It could lead to online stealing.

Financial institutions that can transform radically at a fundamental level, the way they function would be safeguarded.

The aim of enterprise security could initially emphasis on IT structures, it must be extended from the technology personnel & their systems to each individual within the organization, and all the stakeholders conducting business with it.

Financial firms must comprehend the data that they have, which must be made available to the system, where they can compare and develop a real understanding of the actual threats and contingencies that may compromise the business.

Handle Your Finances With Care

It takes years to gather a handsome amount of money, and if it is not handled properly, your most prized possession would soon escape from your hands like sand. This is the reason why people go for financial planning. It gives you a great sense of satisfaction when you know that your money is in safe hands and is being handled with utmost care.

However, not many people are aware of the process involved in financial planning. Based on your financial position, it is very important to go ahead with personal planning because if you don’t start planning well in advance, then you might face several challenges in the future.

Financial advisors suggest all individuals follow these six basic key principles for financial planning.

• Analyse your current financial status: To be able to plan for future you should first be very confident about your current financial position. Make a checklist of all the assets and liabilities and your income and expenditure. Having this information at hand, you would be in a clear position to understand how you can achieve your financial goals. Your total financial worth would help you to determine the ways to accomplish your set goals, which include paying for your children’s education, buying a new property or being ready for any financial emergency like the loss of a job.

• Chalk out your financial goals: In order to accumulate wealth, a lot of planning has to be done in order to achieve the desired goals. Setting goals would give you an urge to go ahead to achieve it. Your list of financial goals should be very specific, which would show that they are crystal clear in your mind.

• Plan for alternatives: You cannot expect your planning to go as per your wish, so you should always have a plan B at hand. After listing down your goals you plan for alternatives as well.

• Analyse the alternative options: You should ponder upon the feasibility of the alternative ways taking into account your social, personal and economic condition at present. The liquidity of your assets also matters in this regard.

• Creation and execution of your financial plan of action: Once you have planned about your alternative options and have analysed its feasibility, it is time for you to put these plans into action.

• Review your plan: Since financial planning is very dynamic process it is subject to change at any moment. So, it is always advisable to keep reviewing your plans every now and then.

Thus, in order to achieve your financial goals successfully, these basic points should be kept in mind for better handling of your finances.

Article Source: http://EzineArticles.com/9450018

5 Tips for Improving Your Credit

Troubling financial situations happen in life to a host of individuals and families. The key to solving the crisis is having an action plan that you can follow to resolve your situation. On top of that, don’t become discouraged. With patience and determination, you can improve your credit score and get on the road to financial health.

Consider the following 5 Tips for improving your credit:

Debt Merging: This May Be the Right Path for You

What is Debt Merging? This type of loan is a single loan that enables you to repay your debts to a number of or all of your creditors at once. This type of loan usually comes from a financial institution.

Consequently, you have only one outstanding loan remaining – to the financial institution. However, remember to contact a variety of financial institutions before you select this type of loan. The interest rates offered by competing financial institutions may be different.

Study Your Credit Report

The reason to do this is to determine which items you can pay. A credit report contains a history of how an individual has paid their bills and how much open credit they have. It also contains anything else that would affect a person’s creditworthiness. A credit score is a judgment about an individuals’ financial health, at a specific point in time.

Banks or other consumer agencies, which are considering a person for a loan or other financial products, will check one’s credit history. Your credit score calculated by the credit reporting agencies is available to you. However, you must pay a fee.

You may want to know your credit score if you suspect it requires improving. Additionally, you may want to know it if you’re planning to acquire a loan or other new credit in the coming years.

Work With Your Creditors

Make contact with your creditors to arrange payments to them. Many creditors will allow you to move forward with a special payment plan. Your goal is to work out a payment plan with them that you can afford. These relieve financial stress on you, while allowing you to pay down, consistently, your debt. Essentially, it’s a good solution that benefits you and the creditor.

It’s important to get all the details of the arrangement – the agreement – in writing. Remember to calculate whether you can actually make the regular payments that you’ve agreed to with the creditor(s).

Budget, Budget, Budget Your Typical Daily Expenses

Part of the process of improving your credit is saving money so you can use ‘saved money’ to pay down debt. You goal is to get out of debt sooner rather than later, while still being able to afford your debt repayment responsibilities.

Look at your household budget and cut out spending of extraneous goods and services you really don’t need. Be honest with yourself and do without where you can. You will be happy down the road when that debt load is lifted and your credit score has improved.

Consider a Financial Expert

There are many expert financial specialists available who have the experience to help you make informed financial decisions. A financial specialist such as an accountant assists people in planning and managing their financial resources. They offer information, insight, advice, tips, and more that you may not be aware of to help you get back to a healthy financial state. Use them when you feel your efforts alone may not get you the desired financial results you require.

Consider the above 5 tips for improving your credit. Stay positive and take the necessary action now to improve your financial situation. You can do it with a concerted, methodical, disciplined effort. Moreover, consider that help from a seasoned professional. Your plan of action for better financial health begins today!

Article Source: http://EzineArticles.com/9572188