5/14/2019 0 Comments
The recent announcement of increased tariffs on Chinese goods will increase the price for thousands of consumer goods that are purchased every day. Here is a very abbreviated list:
On The List
Not On The List
If you have done some things right and your financial house appears in order, a relative will ask you to co-sign a loan for them. Co-signing is only one of the ways available to help your credit-challenged relative. There are other ways that may deliver the desired results with less exposure and risk for you, especially with a little bit of planning.
Let’s look at your options and so you can make an informed choice about co-signing.
When you co-sign you become a JOINT account holder. Each and every member on a joint account agrees to be individually responsible for 100% scheduled repayment of the outstanding debt regardless of the other members' payments or promises. When you co-sign if a payment is missed, your credit score will receive the full negative impact of the late payment.
This could be catastrophic if it compounds an already diminished credit score. No doubt, the new co-signed loan’s high-balance-to-limit ratio, and short history have already reduced your credit scores several points. That happened just by signing up; missed payments or not. So be prepared to take a credit score hit when you co-sign.
How long will it take your score to recover from these factors assuming a pristine repayment history? The answer depends on several factors. Credit scoring is an art and a science. Whatever calculations the algorithm conjures to determine our scores, the following is empirically factual for every credit score. They go down a helluva lot faster than they rebound. It is never down one month; up the next for any credit scoring model in existence regardless of the previous history.
If you do, you will almost immediately transfer your credit history to theirs. And without any risk or exposure to new debt for either of you. Now, this strategy will not work for impulse or emergency “gotta have a co-signer or else “ situations. But adding someone as an authorized user can be the gift that keeps on gifting. As with most successful credit score improvement strategies, the more time you give this one, the better.
But the gift isn’t for everyone. Here are six questions whose answers will help you decide if your situation is a fit for the authorized user strategy:
Good credit grandparents can leave good credit legacies safely to multiple generations since there are rarely limits on the number of authorized users. Just make sure that each of the six questions has the right answer.
It is not just how much money you make; it's how much you keep that makes the difference in your life.
Getting the most for your money is one way to do that. Making the right buying decision is an important skill to master. And a great habit to develop. Here's a way to do that:
Comparison shop everything, all the time, not just the "big items." To do that successfully you must be able to compare prices on your most frequently purchased items. To do so, you must use Unit Pricing. You can compare “apples to apples” with the Unit Price. Here is how to know and evaluate the unit price:
Everyone can have a great credit score (750+.) How long it takes depends on from where you start. It will take a person with a 450 score longer than a person with 620. And both longer compared to a 720 score. But it can be done. The journey of 1,000 miles begins with the first step. Here are 2 steps to having a great credit score.
Step One STOP putting BAD news on your credit report.
If you do nothing, your credit will clean itself up in 7 years. The Fair Credit Reporting Act (FCRA) requires that.
Step Two Put some good news on your credit report. Gotta Do It!
Current positive tradelines on your credit report have a greater impact on improving your credit score than older negative ones. They will improve your score faster and easier than just doing Step One alone. Here are some ways to put positive tradelines on your credit report.
There may come a time in a relationship, as things get more serious, the question, “what is your number?” may be asked. Of course, that question is normally only asked or answered in a serious relationship.
So assume, the relationship is serious enough to provide an answer. There is a decision to be made on how to answer. Self-inflicted shame and guilt may tempt you to be other than honest. What kind of number is acceptable for your partner?
Does your behavior contradict or affirm your goals/beliefs? Are you worried what your number says about how you behave and what you believe.
If you are going to answer, you should answer the question honestly. You should have answered it for yourself, honestly, by now. By the way, if you can’t answer honestly; you are not serious about the relationship and self-deceived.
So how should you answer the question, “What's your number?”
Get your mind out off your crotch, for minute. I’m not talking about sex but rather money.
I'm talking about your savings number. Your debt number. Your income number.
Just as it is important to know your partner’s sexual behavior, likewise for money behaviors. STDs are real. Avoid STDs, sexually transmitted debt. Know your risk factors and resources.
If you are serious, here are some numbers you need to understand about your partner. Some may be deal breakers. Maybe it’s time to be tested.