Beyond Know How

You have to be willing and able to take the time to research those cards that tout that they can help those with bad credit to make sure that they really can do what they say or if they are simply trying to reel you in. You really have to watch out for predatory marketing practices. They’ll get you.

Tip #2: Read everything about the card – You will start to get these offers for credit cards with bad credit once you start looking and filling out forms. When you get them, you need to take the time to read every little detail on them – including the fine print. The devil is in the details, and you may find that there are some hidden things that you don’t care for.

If you are interested in credit repair and restoration, one of the most basic things that you need to learn is how to read your credit report.

Your credit report is comprised of seven key sections which make up your financial report card.

The sections are:

• Legal Records –This selection provides creditors with and overview of any recorded judgments, liens, wage attachments and banruptcies that you may have. Collection accounts also appear in the legal records section.
• Personal Details- This includes your name, date of birth, current and previous address, current employer, and previous employers. It will also list any previous names which you have used to obtain credit.
• Accounts Overview-This is a quick snapshot that states how many accounts you currently have open, the total of what you owe, the amount you have available to you, and how many accounts that you have in good or bad standing.
• Payment History – This section provides lenders with a history of how you have handled your accounts. Not only will your payment history appear, but opening and closing dates of accounts, balances, credit limits, loan type and the date of last activity are also included.
• Credit Score-Your credit score is a three digit score between 350 and 850. It is designed to be reflective of your overall credit risk. Anything over 720 is consider excellent.
• Inquiries-Only inquires that are in response to your application for credit will appear on your credit report. Inquires by employers, insurance companies, or marketing companies will not appear. Neither will inquires made when you look at your own credit.
• Creditor Contact Information- Any company reporting to your credit file will need to provide you with information on how to contact them directly. Most will include a phone number, but some will communicate by mail only.

For more information on how to fix bad credit, please visit FinancetheDream.com

When it comes to refinancing student loans there are differing opinions on whether it is a good strategy or not.  This obviously depends on your own personal financial situation.   If you decide to get involved in student loan refinancing you should take steps to make sure the consolidation product is the right one for you.  The first thing to do is to identify what products you already have and what the total amount payable is over the loan period.  You should check to see if consolidating your loan will really make a difference in overall payment.  The next step is build your credit score up so that you will be in the best possible position to access the best rates.  It is also useful to regularly check the movement of interest rates so that you can decide to track the base rate or go for a fixed rate over the loan period.  The final step is to check different products for additional incentives and discounts.  These should be factored into the calculations for repayment and then the best offer can be properly analysed.

An attorney can help you determine whether chapter 7 or chapter 13 bankruptcy is the best option for you. Chapter 7 is much harder to file for and results in all assets being liquidated. Chapter 13 is easier to file for and results in current finances being restructured for the purpose of paying back creditors. Specific requirements have to be met for both chapter 7 and chapter 13 bankruptcy. Determining the total cost of filing for bankruptcy and paying these costs is necessary before taking your bankruptcy case to court. These fees cannot be written off as part of the bankruptcy debt. They will have to be paid by you at the time of closing. This will typically include your court cost provided by your attorney. This is not the end of the world and as soon as you realize that life goes on you can start rebuilding from scratch and live your life.

You can avoid filing for bankruptcy in some cases by contacting the creditor to work out a payment arrangement. This option is ideal, since it is in the best interest of both the debtor and creditor in most cases. Filing bankruptcy can be a confusing process and should only be considered when alternatives are not an option. Being aware of the risks of filing, including being ineligible for almost all loans for a ten year period, prior to filing for bankruptcy. Following the suggestions in this article can make filing for bankruptcy a much easier process. Remember, consult with a consumer credit counseling agency and an attorney prior to filing to discover whether other options are possible to avoid having to file for bankruptcy. You will however be able to get credit cards after bankruptcy within 3 to 6 months after your discharge date.

Adjustable-rate mortgages sometimes come with an additional option to convert over to a fixed-rate mortgage within a certain time period, usually that is before the first five years. This is a great option to exercise if you see that the interest rates are on the rise and your initial period is closer than farther. However, interest rates are going to go up and down throughout the years, so sitting through the higher time period may be worth it because it will eventually lower. Though there are always exceptions and maybe a fixed-rate mortgage is something that you want instead to ensure a consistent monthly payment so that you can plan your finances accordingly. This conversion usually requires a fee and minimal paperwork, but the rate is automatically going to be higher than the market rate because of the “conversion” as opposed to starting with a fixed-rate mortgage. Visit Portland Mortgage Rates for mortgage tips and videos.

photo credit: stefani.drew

I was trying to figure out the difference between a Roth 401k and a Roth IRA the other day. I was getting really confused about what they were as I thought they were the same thing, just with interchangeable words of 401k and IRA. Boy, was I wrong!

I wanted to share that I finally have it figured out that the 401K version of the Roth is something that is offered by employers to their employees. I can’t get and fund a Roth 401k by myself, however I can open a Roth IRA at my bank. I’m still not quite sure about all of the ins and outs of the particular rules of them, however I do know that I can take a Roth 401K and roll it over into a Roth IRA at some point.

Both plans have certain rules that apply to them regarding the contributions that are allowed each year. They both have age requirements and things like that relating to when you can take the funds out. I really found a lot more great information about the Roth 401K plans that really helped me understand the basics. I hope it helps you too!

You can “work” at any age.  When you clean your room or take out the garbage, you are technically working, although you are not getting paid.  When talking about working to get paid, that’s a different story, but even that is vague.

Getting a job as a teen usually requires working papers if you are under 18 years of age, sometimes 16 years of age.  In this case, most are usually only able to start working at 12 to 14, but that varies by state, place of work, etc.

Besides that, even young kids can start working to make money because not all work requires having a job.  You could simply start your own business doing work for other people.  Weed gardens, clean houses, mow lawns, sell snacks, etc.  If you can do it and you put your mind to it, you can start working and making money at that age.

As a teen, you probably wish you could make more money to pay for the things you want.  If you drive, you need to pay for gas and maybe insurance and you have other expenses as well.  Here are a couple simple money making ideas that virtually any teenager can do.

The easiest is to get a job.  This will take working, but if you work and don’t get fired, you can pretty much guarantee getting paid.  You won’t make a ton of money because you don’t have any skills or experience, but even a minimum wage job will pay you more than you’re probably making now.  Look around at malls, supermarkets, small business, etc. for someone to hire you.

If that isn’t for you, odd jobs could be the way to go.  Sometimes you just need money once and a while, or maybe you already have a part time job and it’s just not cutting it.  Ask around if anyone needs a baby sitter, has lawns to mow, has a house to clean, or needs anything else done that they will pay you to do.

You can save money on your groceries by using manufacturer grocery coupons. Buying your grocery with coupons can save you hundreds of dollars a year. You can usually get grocery coupons free with your Sunday newspapers.

photo credit: majcher

But why spend money buying Sunday newspapers just for the grocery coupons when you can get the same coupons directly from the products’ manufacturers for free. Many food companies have websites where you can find free grocery coupons to print out yourself. If you don’t see coupons for the particular products you are interested in, you can contact the food company that make the grocery items directly to comment on their products and in exchange for free coupons for these products.

Getting your grocery coupons free of charge does take some work but you save money by not having to buy newspapers and you get the exact coupons you want and need. What’s more, your feedback to the product’s company helps company improve on their product you like better.