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...
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...
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,...
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...
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...
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...
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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