Qualifying for a Credit Card If You Have Bad Credit

Having bad credit can be worse than having no credit at all. A lousy credit score can lead to a steeper credit hole to climb out of, and can take years to fix.All is not lost. Borrowers with bad credit scores can still get approved for a new credit card, though they’ll have to jump through a few more financial hoops than other people.If you’re trying to qualify for an unsecured card because you have bad credit, here are some things you’ll need to provide:Proof of IncomeThe Credit Card Act of 2009 requires that borrowers be checked that they have an “ability to pay” to have credit extended to them. That can include proof of your annual income, as well as your partner’s.The credit card issuer may have minimum income requirements of $10,000 or $12,000 per year. If you earn less than that, or you already have too much debt, you may be denied.Bank AccountA checking or savings account may be needed to determine your financial stability. If you can’t find a bank that will let you open an account because you have a poor banking history, look for a bank or credit union that offers “second chance” accounts.These accounts often don’t have overdraft protection, but can have low or no monthly fees and no minimum balance requirements, so you can rebuild your banking history.NoCredit History Red FlagsMost credit cards run credit checks to look for signs that your financial life is getting worse. Bankruptcy, liens, lawsuits and debt, among other things, could hurt your chance of getting approved.Before applying for a credit card, clean up your existing accounts by getting caught up on payments and paying your bills on time.A bankruptcy can be one of the biggest roadblocks, so you may want to try getting a credit card from your local bank or credit union, which might have less strict requirements for their credit cards.No Bad BloodLastly, having a clean history with the credit card company that you’re trying to get a new credit card from can help your application. If you’ve defaulted on payments with a certain company, you may be better off not seeking a credit card from them for a while and focusing on a company that you’ll have a clean slate with.Bear in mind banks are always looking for business, so finding a credit card somewhere while you try to rebuild your credit shouldn’t be impossible.

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Posted on January 30, 2020 at 1:00 am
Tiffany Booker | Posted in Uncategorized |

Quick Ways to Get More Cozy

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Want to up your homes cozy factor? Here are some simple ways to add some warm and cuddly.

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Posted on January 30, 2020 at 1:00 am
Tiffany Booker | Posted in Uncategorized |

6 Small and Easy Steps to Improve Your Credit Score

The best way to improve your credit score is simple, but not always that easy: Reduce your debt.Paying off your credit cards, or at least paying them down substantially, will not only increase your credit score, but having less debt will probably be more satisfying than a great credit score. And not using your credit cards anymore and paying off the balances is easier said than done.But there are smaller, easier steps that can improve a credit score. Here are six:Set payment reminders: Making credit payments on time is one of the best ways to improve your credit score. Set payment reminders on your phone or whatever calendar you use, and check if your bank offers online reminders through email or text messages.Don’t open new accounts: If you have a short credit history, then opening a lot of credit accounts too rapidly will lower your average account age and can drop your scores if you don’t have a lot of other credit information.Fix errors: Get a copy of your credit report and check it for errors. These can include accounts that are listed as open but closed, incorrect late payments and wrong personal information, such as your birthday. If you find any credit report errors, fix them online with the credit reporting agencies.Don’t move debt around: How much you owe accounts for 30 percent of a FICO credit score, one of the most common types of credit score. It can be tempting to pay off one credit card with another, but that type of shell game can hurt a credit score. Instead, pay down the debt and have fewer open accounts.Don’t max out: Stay away from hitting the top of your credit limit on your credit cards so that your credit utilization level is low. Credit utilization is the amount of your credit card balance relative to your credit limit. The higher it is, the worse it can affect your credit score.This may be easier said than done, but keeping balances to 30 percent or less of your credit limits will improve a credit score just as much as paying your credit bills on time will.Pay your bills twice a month: This is easier than you think and can be done with the same amount of money you were going to pay for the full month anyway.If you’re paying down a credit card with $500 per month, for example, pay half of it just before the statement closing date and the second payment just before the due date. The first will reduce the balance that credit bureaus see and the second will ensure you won’t pay a late fee.I hope you found this information helpful. Please contact me for all your real estate information needs today!

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Posted on January 30, 2020 at 1:00 am
Tiffany Booker | Posted in Uncategorized |

Pros and Cons of Wedding Insurance

Rain, the bride falling into a pool, a wedding cake falling over, and deposit money that’s lost because the venue went out of business a week ago.What do all of these have in common? They’re all things that can go wrong at a wedding that can be covered by wedding insurance.Some problems can’t be fixed with money, but this type of insurance – also called special event insurance – can provide financial protection if a wedding has to be put off due to bad weather, natural disasters, death, illness or serious injury to key participants.Insurance riders can also be added to the policy, covering things such as crashing cakes, a guest slipping and falling, or gifts were stolen.Medical coverage can also be added to pay the medical expenses of anyone injured at a wedding. Also, personal liability coverage can be added to cover bodily injury or property damage caused by an accident during the wedding.Wedding insurance prices range from $125 to $550 or so, depending on coverage. Policies usually have a specified maximum amount for each area covered, and a deductible applies.The company WedSafe, for example, offers minimal coverage of $7,500, providing up to $1,000 for problems with photos, and $500 for professional counseling.There are some things, however, that wedding insurance is unlikely to cover. Wedding rings may be covered, but an engagement ring probably won’t be covered by insurance.Wedding insurance also doesn’t cover a change of heart by the bride or groom. If either person gets cold feet, you’re both out of luck – financially and otherwise.The good news is that you may not need wedding insurance if you or the site you’re having the wedding at has enough insurance. Rental halls and other sites often have their own liability insurance, though they may require couples to have additional insurance.Your homeowner’s insurance may cover you for liability if the wedding is taking place at your home, and it may cover losses away from home if you buy a rider.Credit cards used to buy food for the reception, for example, may reimburse you if the food doesn’t arrive. Auto insurance should cover any wedding day accidents. Trip insurance can cover a honeymoon.I hope you found this information helpful. Please contact me for all your real estate information needs today!

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Posted on January 30, 2020 at 1:00 am
Tiffany Booker | Posted in Uncategorized |

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