If your credit score is below 700 here are 5 things to refrain from to get it to where it should be. There are people who believe the whole credit bureau system is a scam. However, the hard truth is your credit score is a reliable source from employers, lenders, housing, and creditors to determine the likelihood that a certain individual will pay what is owed, and on time. To understand how to build credit, first there needs to be an understanding of what hurts your credit. THINGS TO AVOID: Don’t let credit card companies lull you into financial disaster. It’s obvious and not at the same time, credit cards…
-
-
Parents! Want to Learn How To Make Money Back While Paying For College?
So this is counter intuitive but stick with me…use at least some credit cards to pay for college tuition. I want to start out first with why you shouldn’t do this, but again, please stick with me cause I have the solution. Credit card interest rates are very high. Credit cards are unsecured debt so of course they are going to charge higher interest rates. Here is a card with a 18% interest rate used to pay for one year of college costing 30,000. If you let the debt sit on the credit card, you will end up paying 5,400 in interest the first year, $6,372.00 the second year and…
-
How Credit Cards Can Backfire On You
Ok, in many of these articles there are explanations on how to manipulate your credit score and interest rates to save and make you money. Here is the very slippery downside to this…its called human error. Also known as lust, gluttony, greed, sloth, wrath, envy, and most of all pride. Most credit card debt is accrued from individuals living higher on the hog than they really are. There are different motiviations for this, some listed in the previsous sentence. Credit cards give people access to living high on the hog without neccesarily havin ghte means to do so. Basically what I am saying is, with great credit comes great responsibility.…
-
Things You Can Do Today To Achieve Your Money Goals…Tomorrow
Ok, maybe tomorrow you won’t see much of a difference, but in a month, you will, and in a year, you may have to come up with new goals because this article helped you accomplish your current ones  Do an income/spending ratio analysis to inform yourself where you are at. The first thing to hitting almost every goal, including your money goals, is to be well informed. When hitting your money goals, you should know how much money you are spending and on what, to reevaluate your situation. Look at how much money you spend on the big required stuff like Rent, insurance, student loan payments and car payments. Then…
-
How To Use Your Credit Score To Make Money – BIG money
I started getting involved in the using credit cards and perks about a year before my wife and I got married. I we both opened American airlines credit cards and we started charging our wedding expenses on them. The perk was 50,000 miles when I spent $3000 in the first 3 months. So, I booked our Honeymoon to Jamaica, and hit the $3000 limit in one go. I then used the points to book the tickets to fly to Jamaica and back (a long flight) for free. Do you spend a total $1000 dollars on gas, groceries, makeup, toilet paper, etc. every three months? If yes do you want to…
-
How the Credit Bureaus Look at Your Credit Score
Monitoring your credit score is an easy way to stay in touch with your finances, think of it as having a scale in your bathroom, not only does it provide you with information about yourself, but it also can give an incentive to get off your butt and start working on it. Credit Karma doesn’t just give you your credit score, but it also breaks down your Credit factors for you.  Here are the 6 credit factors Credit Karma looks at to improve your score: Credit Card Utilization: the percentage of your used credit over your available credit; Derogatory marks: missed payments, late fees…; Total accounts open: track your credit…
-
How to Get Lower Interest Rates on Loans
I recently went to go buy a car, and after walking around the lot for a bit, I ended up picking a Toyota highlander which was $15,000. Before I went shopping I told myself that I was not going to buy a car unless I could get a very low interest rate like between 1-3%. When the salesperson and I went in side to haggle over the price, I told him about the interest rate I wanted. He just blew it off and focused on how much of a monthly payment I would have (they always do this) and that the interest rate would be 11%. I told him, “I…
-
Welcome to IndivEcon.com
I am very excited to announce Individual Economics, a website to help individuals understand and deal with their personal finances. I started this IndivEcon today because I finally got my Capital One Savor card in the mail and in the spirit of this website, I wanted to purchase the Domain Name in order to hit my $500 bonus on the card. Get ready to learn how you can grasp bonuses in your life that are right in front of you, and Change, Eliminate, Save, Build and Live your life larger for less.
