December 18, 2016

Reestablishing Your Credit

Overcoming Foreclosure, Bankruptcy, Repossessions, Tax Liens and the Like.

Reestablishing CreditAs a finance director for a major Automotive Dealer in Texas, I have seen the entire breadth of credit reports.
Ranging from Flawless 850 FICOS, to dizzying 333’s that include, Repossessions, Foreclosures, Bankruptcies, Tax Liens, Child support, slow credit and the like. I have witnessed the entire gambit.

“Bad things happen to good people” is a phrase we say in this business all the time.

The big question is, “WHAT DO I DO NOW?”

Well please let me tell you, the road to recovery is not an easy journey. It took years to get into this mess, and it will likely take at least a few to get out of it. However, we all understand the Value of having good credit. Having credit after all was what allowed us the opportunity to; Buy that house, the car, the jewelry, to make additions to our homes, get lower rates on car insurance, to send our children to college.

Lets start reclaiming with a few simple steps I have learned over the years.

First off, you need to evaluate your current financial status.
By this I mean, You need to know,

1) How much money do I make?
2) How much money do I bring home after all deductions and taxes?
3) What are all of my expenses? (i.e. Housing, Automotive, Food, Gas, Utilities, Credit cards, Phones, etc.)
4) How much money do I have in my pocket after all my bills are paid, before I spend money on myself?

Once armed with the basics of your financial life you need to acquire a current credit report. These can be found free of charge on many websites across the Internet. It is very important to know how to read your credit report and understand its contents. This is where we begin to start of our financial recovery process.

While looking over your credit report it is important to take notes. You should know.
1) Who are all my debtors listed?
2) Are there any accounts I do not understand or inaccuracies on my credit report?
3) What accounts if any are past due?
4) What are my current balances on all my accounts?
5) What are the numbers to all my debtors?
6) What are my interest rates that I am being charged on each account?

Once all this information is gathered you can begin to start making plans. You need to know how much money you have left over after all your bills are paid. Then decide how much of that money you can afford to use to pay off PAST DUE debt.
I want to point out here that many people do not realize that you can negotiate your past due debt, sometimes for pennies on the dollar. What this means to you is that if you owe a company $1000 and it has been past due for lets say two or three years. You may be able to negotiate with them for a lower amount sometimes just 10% of the amount due. That means that you only have to pay $100 dollars to clear out that debt.

Now that you have found out how much you owe, and to whom, you can begin to make educated financial decisions.
In doing this myself, this is how I prioritized my money
1) Paying off CHARGED-OFF accounts (Negotiating and paying off)
2) Paying all my credit cards to about 10% of their credit limit. ( If card has limit of $1000 I wanted to owe no more than $100)
3) Paying off all of the high interest credit cards
4) Paying down Auto debt
5) Pay extra toward home loan
7) Have a little FUN (Responsibly of course)

The value of great credit is far beyond the dollar amount you could qualify for. Having great credit also tends to lend to people having better attitudes and being less stressed. This in turn, could make you feel much better about yourself and your financial and physical health.

I have provided you with a few tips that I have used over the years, along with some tips I share with my customers on a daily basis to help them achieve their goals in the shortest time possible.
This is not a quick solution, again, it took you years to get in the situation, but hopefully with some great planning, and hard work and a bit of luck, you can begin to unwind the damage and rebuild your life.

March 19, 2016

Cash Advance Loan

Cash Advance LoanWhen you find yourself in need of cash, you may feel like you don’t have many options. Have you borrowed all you can from family and friends? Are your credit cards maxed out? Do you have bills that have to be paid yesterday? Does your car need new tires? While your situation is not necessarily a good one, it is one where you can greatly benefit from a cash advance loan. When you consider this option, there are many benefits. Read on to learn about a cash advance loan and how they can assist you.

First of all, you will want to find a reputable lender. You can do so by doing a quick search online. Simply visit your favorite search engine and put in the search term you desire. Scan over the results until you find an option that peaks your interest.

Once you start visiting websites that offer payday loans, find out more about the company and how the process works. If you feel comfortable doing so, begin applying. When you apply, however, you want to thoroughly complete the application to ensure the process goes as smoothly as possible. Also, make sure you are honest on the application. Some of the information you share will need to have proof to back it up.

After the application is complete and submitted, you will then hear word about the status of the loan. It can take a minute or two for the approval status, or it can take a few days. Typically this information is shared on the site so you will know how long it can take.

In conclusion, choosing a cash advance loan is a good choice when you are in need of funds and need them quickly. Use the tips that are shared here as you go about finding the best loan option for your needs.