Category Archives: Building Credit

Top 2018 Financial Resolutions to Make (and Money Mistakes to Avoid)

Posted by Erica Steeves on January 3, 2018
It’s a new year, which means it’s time to make some new resolutions. This year, we challenge you to make managing your finances – and improving your credit score – a priority, along with any other pledges you decide to make at the start of 2018. If you haven’t already, you can get back on the right financial track by paying off any debts you’ve accrued thanks to your holiday spending. After you’re done with that, here’s a look at some other financial resolutions to make and mistakes to avoid as 2018 gets into swing:    

Top 2018 Financial Resolutions to Make (and Money Mistakes to Avoid)

  1. Start an emergency fund: Minimally, you should try to have an emergency fund with enough to pay up to three months worth of bills (i.e., mortgage or rent, utilities, auto payments, etc.). It’s this type of breathing room that can come in handy in the event of an unexpected auto or home repair, or if the unthinkable happens and you found yourself out of work for a period of time. A lack of an emergency fund can cause you to take out loans when the unexpected occurs, which can leave you playing catch up when the dust settles.
  2. Set a budget (and stick to it): Come up with a list of financial goals that you want to accomplish (i.e., investments, retirement savings, pay off loans, etc.). Then, come up with a reasonable monthly budget that can permit you to meet said goals and do your best to stick to it. Not setting a budget can be the start of a slippery slope into debt. Consider using a mobile app like Mint to manage everything.
  3. Don’t oversubscribe: Entertainment these days comes at a price. And while the likes of Netflix, Hulu, HBO Now, Amazon Video and other services may not cost a lot individually, together they can add up. In order to stay true to your budget, consider only subscribing to one or two premium services at a time. That’s one of the best things about said services – you can cancel and restart them at any time.
  4. Set automatic payments for your bills: Making on time payments is the single-largest category that impacts your FICO score, and late payments can cause your score to take a serious hit. On that note, let technology work for you when it comes to making on time payments and set up automatic payments online. This way, you’ll never have to worry about missing a payment again.
  5. Refrain from charging: To continue the theme of setting a budget and sticking to it, we challenge you to only charge what you know you can pay off. Going overboard on credit card spending can spiral out of control and cost you a lot more long-term. If you have credit card debt accrued, commit to paying off the cards with the highest interest rates first to save more in the long run.
Follow the above five tips and you can make 2018 a financially prosperous one.

Getting preapproved for a mortgage loan

Posted by Nikitas Tsoukalis on April 12, 2017

Spring has sprung, and beyond just the greening of grass, warming temperatures and longer days, it's also a period of the year that sees a significant uptick in real estate activity. Yes, with an increase in overall inventory come spring, the season is an ideal one for buyers on the hunt for their next home. But before you can buy, you need to get preapproved.

Unfortunately, getting preapproved is easier for some consumers than it is for others. Some consumers may need to enact some credit repair tactics to get their credit score where it needs to be for home buying. read more

Paying Off Debt – Is It Going to Fix Your Credit?

Posted by Nikitas Tsoukalis on October 26, 2015

Paying Off Debt – Is It Going to Fix Your Credit? Paying Off Debt Fix Your Credit score? The short answer: you should pay all your debts. All those unpaid credit card debts, defaulted installment loans and other issues are pulling down your credit score; paying th read more