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Financial Tips 


CREDIT REPAIR 


Credit repair is the process of identifying

negative information pertaining to the credit

report of an individual and eliminating or

fixing any mistakes that may have

led to a bad credit rating.


The process by which a person or business

improves their ability to borrow money,

for example, by correcting wrong information

in their credit report or reducing their

amount of debt more quickly.


It is the act of restoring or correcting

a poor credit score.


Before you can begin to understand

the importance of credit repair, you first

must know what your credit report looks like.

You can start by requesting a copy of your

credit report through one of many free credit

reporting services online, search google

“free annual credit report” and then

make your selection.


Now that you have acquired your credit report,

review the information listed to see if everything

is accurate and that all items belong to you.

Note…. any items that do not belong to you,

whether name, address, or account you have the

option to dispute it and once investigated the item

can be removed from your credit report.


After you have identified the items to be disputed

you can see who and how much you owe.


Knowing who and what you owe is important

so that you can see firsthand what is needed

to begin your credit repair process.


Make a list of the creditors you owe,

include the name of the company, phone number

and date the accounts were opened according to

the credit report. Now you can call to see what

options are available to resolve the account.


Usually, the creditor will allow you to make

payments and or even make settlement offers

that will clear the account and once paid

in full, will be reported to the credit agency

to show the account has been satisfied.


Before you commit to any payment arrangement

or make a settlement offer, be sure to review

your current budget (income and expenses) to

determine an amount you can afford to pay

monthly or in lump sum... 


LOWER YOUR INTEREST RATE


If you are concerned about a high interest 

rate on your credit card and not really able to 

save money, you can ask for a lower interest rate. 

A lot of credit card issuers have variable 

interest rates available.


1. Come prepared to negotiate. Know your 

credit score, due date, current balance, credit 

history and your current credit card terms.


2. Work on your credit health if it isn't 

where it should be. 

(Get utilization under 30% and make payments on time.)


3. Shop around, know your options. 

You can use this as leverage when negotiating. 

Your card issuer needs to stay competitive 

with what they are offering.


4. Start with the credit card you have had the 

longest or the card with the highest interest rate.


5. Call to make your request.

Remember if the answer is no, try again 

in a few months. Try to maintain on time 

payments, it helps.


GOOD LUCK! 


INCREASE YOUR CREDIT LIMIT 

A credit limit is the maximum you can

charge on a single credit account.

To increase your credit limit, simply call your card 

issuer and ask for a credit line increase.

(Be sure that the issuer has your current salary information.)

Some card issuers allow you to make the

request online or on their app.


With a higher credit limit, you give yourself more spending power

and keep your utilization rate low.

Both of these things have a huge impact

on your credit score.

Keep in mind, that if you are approved, it may take several  

days or weeks to appear on your credit reports.

Your potential credit scores increase will shift depending 

on how much your credit utilization has decreased.


Place Limits on Spending

 When looking to place limits on spending,

you can first start by asking your credit card

company if setting a cap on the amount of

purchases and cash advances are

allowed on your account.


If so, remember to do the same for

ANY authorized users.


At the very least, you should set your cash

advance limit to $0 to avoid higher

fees and interest rates.


It is best if you keep your credit utilization

rate at a comfortable level.


Generally, experts recommend that you keep

the ratio between your balance owed and

credit limit below 30% because credit card

utilization is an important factor in



CREDIT CARD DUE DATE

 Your credit card due date is the date your payment 

must be paid every month.


Most credit card issuers allow you to change that 

date to a different date in the month.


You should take a look at your paydays and when your 

other bills are due to select

a better date if needed.


For example, some people set up an

automatic payment in order to have all their

bills come out at once, so they don't

forget to pay on time.


In other instances, some people like to pay

their bills immediately according

to their payday.


You can call your credit card issuer to

have the due date changed.


Please remember that this usually takes one

bill cycle to take effect. 


Make sure to confirm the change on your next billing 

cycle and update your calendar with the new date.



How To Prepare For A Rainy Day!

 A ​rainy-day savings account is an account set up to cover 

those unexpected expenses that you may incur.


For example, if your car breaks down or you need to make 

some minor repairs around the house. 

Anything could happen at any time, so a rainy-day account 

helps to handle the expense at a moment's notice.

 

Here are some easy steps to take to set up

a rainy-day savings fund.


1. You can open a saving account and begin to

deposit as little as $5.00 a week to start.


2. If possible, your rainy-day savings account should 

be opened at a different bank from your checking account. 

You should also decline a debit card or cut it up for

that savings account. This makes it a little more difficult 

to use the money, if you HAVE to go to the bank

to make withdrawals.


3. If it's not possible to open the account at a different bank, 

keep your savings and checking account deposits separate.

You can keep better track of the savings, and if the money is in the 

checking account, you might mistake it for extra cash.


4. When creating your budget be sure to include

your rainy-day amount so that you don't forget about it.


5. You can also set up direct deposit for the weekly, 

bi-weekly or monthly deposits to your savings 

account so you will not see it.

(When it’s out of sight it’s out of mind.)


6.The amount of money in your rainy-day account 

varies from person to person. You should set an amount to 

reach that could cover your highest unexpected 

expense and work to have that amount in your account.


(For example, $1,000 may be able to cover minor home 

or car repairs or medical expenses that you didn't expect.)


So now that you have an idea of where to start, let’s 

get the umbrellas open so we can be covered on a rainy day!



​H​O​W T​O KEEP​ DEBT A​T B​AY!!​​​​

Start by paying​ off the little debts, so that 

you​ can have the confidence to 

conquer​ the high ones.


It is recommended to pay off the debt with

the higher interest rate first.


Making weekly or bi-weekly payments to pay off your credit  

card balances every month can help you earn credit card rewards.

This also keeps you from being charged extra interest.


No extra debt....

We know you have that one family member or

friend who wants you to co-sign on a loan.


DONT DO IT!​


If they miss a payment your credit will be affected,

and you will be stuck paying the bill.


Having cash on hand keeps you from overspending.

Once the cash is gone, go on a ‘cash diet'

this helps you stay on budget.


These are just a few tips to help you

KEEP DEBT AT BAY!


ROAD TO SAVINGS:

MONEY REALLOCATION

Now that you have started reducing your expenses 

let's put this into practice for at least 2 months.

 

For every dollar saved by making those cuts, 

deposit the money in to your... (wait for it) COOKIE JAR.


Yes, that's right find a jar, a box or even a piggy bank. 

Anything that can hold all the money you are saving.

(Be sure to keep it out of sight...you know out of sight out of mind.)


For every dollar or coin added, write it down on a pad.

Keep a tally of all the money going in. Nothing should be coming out.


At the end of 2 or 3 months count how much you 

have saved... you will be surprised.


When depositing money into your jar, be sure to round to

the nearest dollar. If you have spent $2.75 round up to $3.00.

(This makes it easier to track.)


Depositing money into your savings jar provides

two ways of saving at one time. You are able to make cuts to

household expenses and curve your spending habits.


So now that you have all the facts, 


ARE YOU READY TO GET STARTED?

(DON'T DELAY)

      Trust it! It works, I did it and so can you.      


CREDIT CARD REWARDS

Credit card rewards are any perks

(monetary or non-monetary)

that credit cards offer to consumers who uses the card.


Would you believe your credit card can also earn you  money?


There are a​ lot of credit car​ds that can earn you cash back.

If and only if you can pay off the balance every month, 

you should use your credit card at every chance.



Shop around for the best rewards and cash back 

percentages to earn money while you spend.



You can potentially earn hundreds of dollars at the end 

of the year by signing up for a cash back card.



Next, make purchases to accrue rewards then redeem the 

rewards through your card issuer.



Put your spending money to work, for you!



Saving Money At The Grocery Store

1.Budget

*You can do this by taking the average amount of money 

you spend on your monthly groceries and dividing 

that between future store runs.


*Imagine your average allowance for groceries is $600 every month.


* You typically go shopping every 10 days (3 times a month).


*Divide that $600 into 3 and get $200 budget for groceries.


2. Make a shopping list and stick to it

*You should not go to the store without your list. 

*As you find what you need cross it off.

*Do not add any new items to your list while you are shopping.


3. Use cash

*It is harder to go over budget if all you can spend is 

the money in your pocket.

(The amount budgeted for your groceries.)


4. Choose shopping partners

*Someone to help you stick to your list.

*Remember choose wisely, you don't want a shopping 

partner who just buys anything without checking the prices.



5. Compare prices

*You can always compare the prices of the items 

on your list, as well as the stores to purchase your items.

  

*Comparison shopping is a crucial habit to develop if you 

want to save money on your purchases.


*Check the circulars of your local stores for the best prices. 

You can even find an app to compare shopping options on your phone.


6. Use Coupons & Promo Codes

The difference between coupons and promo codes are: