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Understanding the New Ultra FICO Score for 2019

 

How will the New Ultra FICO score help you? Probably not as much as you would hope. That is simply because in the world of Credit Scores (or what the creditors call risk assessments)  the scoring system will always benefit the creditors. That is even more true today that ten years ago, thanks to AI Technology and machine learning, our credit scores are getting more complex. For some this will be great news and for others understanding the credit industry just got a little harder. 

But should you care?  No, not really. Here is the bottom line credit scores are for creditors! Your responsibility is to maximize your financial life. But how can you do this if the rules of the game keep changing?  In our introductory course, “What Creditors Don’t Want You To Know”  we lay out the groundwork of how credit is evaluated and why consumers should focus on creating healthy habits to money management and create their own credit strategy instead of...

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Take the Stress out of Money for College!

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In 2002, the average annual cost for a public university was $9,338. It is estimated that by 2017, the average annual cost will be $19,413. And that’s just for tuition and credit fees. Let’s not forget about room and board, books, food, clothes and extra activities.

With those figures it mind, it would be wise to start planning for your child’s education today.

You already know about loans and scholarships but those aren’t the only options. You don’t have to go into debt! There are several choices to help you prepare for your child’s future.

529 Plans

A 529 or qualified tuition program is a (federal) tax-free investment plan that allows families to save for their childrens college educations.

Each state has its own 529 plan and you do not have to be a resident of a particular state to invest in that state's plan.

The 2 types of plans include:

Prepaid Tuition Plans – These plans allow you to pay for your child’s in-state tuition at...

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How to Buy or Refinance Your Home Stress FREE!

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California Home loans make the process of buying a new home in California more affordable than ever. As you may already know, these types of loans give you many opportunities that wouldnt be possible without them. When you buy a home, you should understand as much as you can about the process, as well as the questions you will be answering. This way, youll be familiar with how things work and youll find the entire process to go much smoother.

When you look towards a California home purchase loan, youll need to fully understand the interest rates. They are never the same and will vary among the different financial institutions, as well as from time to time. In many cases, home loans can change on a frequent basis, with little to no notice. When you buy a home, it is very important that you keep up with the economy. Any change in interest rates for a home loan can either increase or decrease the amount you pay back.

When getting a California home loan, youll also need to understand...

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Credit Cards Can Kill You!

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This week our series will focus on Health & Wealth, and technically health is a part of being wealthy.  They are not mutually exclusive and when you work on your wealth plan you should simultaneously work on your health plan.  Today let's talk about credit cards and how they lead to stress . We also know that stress is the number one cause of numerous of health issues. 

Yes, I am exaggerating that credit cards actually kill you...or am I? The truth is stress is a problem to our health and credit cards can and do cause stress.  Credit card debt is extremely stressful, and can have a very negative effect on your life, if you let it. It’s as bad as an addiction, always hanging over you, bringing you down, making it hard to life your life the way you want to. In this article, we’ll take a look at how you can recognize debt stress, and what you can do about it.

The Symptoms of Debt Stress.

There are an awful lot of symptoms that can be caused by...

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Business Credit Cards vs Business Lines of Credit

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Nothing quite matches the convenience of business credit cards. When you are looking for a good alternative to cash, checks, and personal credit cards, it is probably a business credit card you want. With credit-when-you-need-it convenience, savings and discounts on purchases, and extremely helpful reporting facilities, business credit cards can be a good tool in your financial management tool kit.

You will find it easier to get a business credit card than to open a business line of credit. For this reason, business credit cards can do a lot to help you ease your cash requirements even as you are still gearing up with office supplies and equipment. It can never be repeated too often: use business credit cards with caution and afford it the same respect you would afford any other business line of credit!

The ability to borrow money, whether from a business line of credit or from business credit cards, is something that you need for your business. Like business credit cards, the line...

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Your Credit Might Need a Tweak before you apply for your home loan.

Imagine this. You see that beautiful home while driving past the marina. Your heart asks you to get out of the car, pay a visit to the seller and buy the house immediately. But then you realize that your wallet is not as fat as you would expect It to be. This results in you applying for a mortgage loan on the property. Now the first question to hit your mind will be about your credit history. You must be asking yourself whether the lender will grant mortgage, keeping in mind your bad credit history. When was the last time you checked your credit history?  Oh you checked on Credit Karma, well that won't really help.  In general you should check your FICO score 6 months in advance of shopping around for a mortgage. 

Want to know more? 

Credit history is a record of your past credit details. It also includes your non payment of debt and credit arrears. Many people, who have previously defaulted in payment of bills, have a bad credit history. Generally,...

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4 Tips To Make Mortgage Debt Reduction Easy

Your home mortgage is often the largest debt most people have. In order to buy a home, taking out a mortgage is necessary, but have you thought about a mortgage debt reduction plan to pay it off quickly?

Mortgage debt reduction needs to be a long term goal, but it doesn’t need to be difficult. In fact, there are several simple ways to reduce your mortgage quickly and cut down the loan term dramatically. You have the option of using one or a combination of any of the tips mentioned below as part of your mortgage debt reduction strategy.

 

1) Payment Frequency

When a bank calculates your mortgage repayments, they use a calculation known as ‘amortization’. This allows them to work out how much you need to pay each month so that a portion of your payment goes towards paying down your balance and the other portion of your payment is interest charged on your balance owing. They tell you how much you need to pay in monthly instalments to pay off your loan over the...

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The Pyramid Model vs. Pyramid Scheme

 

Some people confuse a pyramid model to a pyramid scheme. While they do operate the same there is one key difference. A Pyramid Scheme is against the law. The real difference between a pyramid model and scheme is that a pyramid model has value and sells a product or service.  A pyramid scheme is a lie there is no real product or service and the whole reason it exist is to entice people to give up their money.  

So do you think Herba life is a pyramid scheme or pyramid model?  Before you answer, let discuss how a pyramid model works.  In a pyramid model the mass of people at the bottom support the people at the top.  Any idea who else operates in this way?  Our government operates in this manner and so do most publicly traded companies.  

There are some good points on both sides of the story, take the time to watch the movie on Netflix and join Credit Agent Plus for a lively discussion from experts in Pyramid Model business and those...

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Quick Tip : How to Save Money by Looking at Your Past Spending

 

Want to get more for your money? Try this simple money saving exercise.


There is a simple money saving exercise that everyone should do at least once in their lives. It is ultimately one of the best ways to save money, because it is not about pinching pennies, but about discovering what you really want and getting it. It is so simple you may hesitate to try it. Just try it. Here it is:

List everything that you have spent money on, are currently spending money on, or might spend money on.

Don't just read this and think of a few things. Take the time to actually write it all down. Review your bank statements if you have to, in order to remember and include everything.

Now go through the list, and carefully consider each item. Take the most time on the big items - past, present and future possibilities. If your timeshare on the beach is worth half what you paid, costs $1,000 per year in expenses, and is rarely used, you need to learn from that - not to punish yourself, but to have a...

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Going Cashless

Many people believe that eventually, and sometime in the not so distant future, no one will carry cash in their pockets, and everything will be purchased using plastic. Others think that will happen around the same time that people start driving around in space cars, or when we have domesticated robot maids to clean our homes and make our meals. Whether it becomes a reality or not, it’s quite possible to live almost cashless in our current society!

Think about it. When you get gas, almost every gas station has a pay at the pump option. Grocery stores, department stores and almost anyplace where there is a cash register can accept credit or debit cards, and you can even pay your waiters a tip from your card when dining at the restaurant. Fast food and drive through windows are even accepting debit or credit cards, now! So, if a person truly wanted to stop carrying cash all together, it would just about be possible by using debit cards, prepaid credit cards or regular credit...

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Learn What Creditors Don't Want You to Know.

This Secret Will Reduce Your Debt and Maximize Your Credit Score!


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