Debt Management

Credit repair – Is it really needed?

Credit repair can mean rebuilding your credibility in the eyes of the lenders. While doing this is no overnight activity, it is not an impossible one too.

As you know, credit score is the most important thing in individual’s life as by people’s credit score lenders decide weather to lend money or not, to qualify for home loan, business loans, auto loan everything depends on the credit score. Even the rates given on insurance also depend on the credit score of a person. There are firms which give you ways to repair your credit score quickly but most of them are scams so here are some techniques which are not recommended by us for credit repair.

1. Selecting and taking the services of a credit restoration agency

There are many companies who promise to repair your credit report. If you are thinking to hire such companies then wait for a while and go through this article further to know about it more.

According to Ken Lin, CEO of credit karma, there are many companies who give advertisement to repair credit report to lure poor customers and basically they don’t help you out of it rather than they will help you to file bankruptcy which is not a part of credit repair. If you have decided to hire any of these companies for repairing of credit report then make sure that you go to a genuine company. You can judge which company is genuine by few points 1) if a company wants fees to be paid before service is provided then understand that company is not genuine. 2) If the company is not telling you your legal rights then assume that company is not genuine. 3) If the company says you not to contact the credit reporting agencies directly then assume that the company is not genuine at prlog.

You cannot get your credit report by throwing money on credit reporting agencies. All you can do is look for genuine ways which can help you to clear negative remarks from your credit report. It is best that you should keep a look on your credit report every 3 months so that you can get your credit report rectified if there is any sort of mistake done by credit reporting agencies.

2. File Segregation – Right or wrong

File segregation means creation of new credit file by making an application for employer identification number from IRS. Once you get your EIN then you can apply for credit from your EIN number rather than social security number. This thing is considered as fraud and some of the credit repair companies use this technique to repair your credit report.

3. Consolidating debts 

Usually credit reporting agencies derive your credit score by looking on the total credit used by you from the available credit. They even look at the time since your credit account is opened. So because of this consolidating your account can spoil your credit score because it will increase the amount of credit and can decrease the length of your credit account from time since it is open. Even if you consolidate all your account then also it will put a negative impact on your credit score because 10% of credit score is based on the new credit account which you open.

4. Getting the discrepancies removed from your credit report 

Some credit repair companies claim that they can get your entire negative remark remove from your credit report. They tend to say that the credit reporting agencies will clear all the negative remarks from your credit report for 30 days while they will investigate the problem but actually it is not true, while even at the time of investigation the negative remark remains on your credit report until and unless problem is found.

5. No credit – An oath 

There is no compulsion that you should use your credit, you can avoid using them buy not buying home, car, shopping, booking tickets, hotel rooms, and shop online. All these things are difficult to do online but you can manage to book all this offline by paying cash. All these things are fine which you can forget to do but don’t forget to clear off all your debts because your lenders will not forget you.

These are just few of the options or the steps which you can take in case you are looking to repair your credit report. However, there are a lot of people who take multiple loans without even being aware of their credit report and the scores. This mostly happens in the cases when you have a really good credit score and whatever loans you apply for gets approved by the lenders without any queries regarding your financial credibility. However, things are fine till the time they are. Once you get stuck in any kind of financial issues, repayment of multiple loans can pose a lot of problems for you.

Looking at the current economic situation dealing with the perennial issues of recession are in no ways easy. The financial meltdown which basically dates back to 2008, has its affects felt even today. There are a lot of people who have suffered losses in business or have lost their jobs due to recession and for them loan repayments have become a tough commitment to meet. They are looking out for ways to maintain their credit rating from falling and at the same time keep up with their payments.

One of the best ways to deal with your finances in such situations is to keep your spendings to the minimum.

Book Reviews

Should I Buy This Book? Review: Money Made Simple

I’m going to start off by saying this is a pretty good book for those just starting out learning about personal finance. It’s basically a question and answer book.

It goes over basic questions from budgeting to estate planning and breaks it up into 9 different chapters.

At the beginning of each chapter it goes over basic questions but as the chapter progresses so do the questions that it answers.

It does a great job of going into those advanced questions and answering them with simplistic answers so that it’s easy to understand.

The Negative

It’s really only a negative now because it’s 6 years old and some of the laws for a couple of things have changed. So some things are outdated. but 99% of the book is timeless information.

The Positive

It’s in question and answer format so it’s pretty straight forward and easy stopping points.It does a great job of covering all of the topics thoroughly without getting boring.

Would I Buy This Book?

I probably wouldn’t. However, if you’re not that well versed in the internet or would like a one stop spot that has a lot of your financial questions answered, then this book is for you. I say that because if you looked on sites like yahoo answers, but if you don’t know what questions to ask this book can help you.

Buy It

Money Made Simple : Easy Answers To Tough Money Questions

P.S. Some of the links in this post I earn a little bit of money from so I can pay my bills. But I promise to never to intentionally lead you to a bad company and to never let the money affect my opinion.

Extra Income

Want To Work For Yourself? 5 Tips On How To Do It Successfully

Becoming an entrepreneur isn’t necessarily as daunting or scary as it may initially seem. There is a method to the madness, and most entrepreneurs will tell you, it’s a way of acting rather than thinking. This is a key point to remember. It’s not in the way you think about your potential venture or business plan, but rather, it’s in the way you act towards getting there. The five tips below will help you act your way to success!

1)      Figure out what it is you want to do. Yes, that sounds rudimentary and obvious, but really, take the time to think about your passion, your desire, your dream. Without a burning desire to make something happen, it likely never will, because you won’t have the drive to make it happen, especially when faced with the unknown or an obstacle.

2)      Once you figure out what it is you are going to do and dedicate yourself to accomplishing (now here’s the kicker), allow for change. This may seem counter-intuitive, but just remember there isn’t only one way to get to where you want to go, and sometimes, you may take a few detours and end up at a place that’s even better than the one you were originally going for. There may be roadblocks and obstacles along the way (in fact, chances are there will be). So just remember, at each step of the way, take a look at where you are and act according to where you see your goal, whether original or modified, and what you need to do to get to the next phase.

3)      Networking is key to making your business successful. Chances are you have everyone you need to make your business a success within just a few degrees of separation. Send emails to your friends, old colleagues, family, etc. Reach out to new people you’ve never met in industries and roles that you think you need to learn about. Go for informational sessions just to find out what they do, how things happen, etc. The more you can network, the better. Try finding local networking groups in the area. Meetup.com, LinkedIn Groups and other services can guide you to finding just the people you need.

4)      Once you’ve talked to people and have done your research, and are off to a good start, build your team! Your team might be the most important part of your new venture. Make sure you choose wisely and that not only expertise and skills, but character and personality are complimented. You want to choose people that will be just as dedicated and “in it for the long haul” as you are, so choose a solid group that has a similar vision but can bring something “extra” to the table.

5)      Know how much you are willing to spend on your venture. Before you even begin, figure out just how much you are willing to lose. Sounds painful, yes, but realistically, if you don’t set an amount, you may find yourself in an even more painful situation. Figure out how much of your own money you are willing to put into the business and stick to that amount.

This is an article by the writers at www.ActionTrumpsEverything.com. To learn more about how to act like an entrepreneur, as well as to find out more about how to use a new entrepreneurial formula called CreAction to work for your goals, please go to www.actiontrumpseverything.com for a free copy of the Action Trumps Everything online book.

 

Investing

You are not in the magical world of money makings industry

This article is geared towards novice traders of the platform. That platform is none other than the Forex trading business. There will be a lot of time when traders will not be able to make some good performance happening. There is no single good way to make some good business. All of that is because of the poor intentions of maintaining a business in Forex. Most novice traders think about making money is the only thing on this platform. And thinking like that, the traders happen to fall behind with some good performance. With money intentions and greed, traders make some inappropriate moves in the trading process. Their trading mind does get good with the right control of the investment into the trades. Then there is some sort of problem with the market analysis. That does not let the traders be good with the proper management of the position sizes. All of those are important for the business and you are going to learn about them in the following of this article.

There are more things to do than just make profits

Actually, there are a lot of things to maintain in the currency trading business. The traders will have to manage their businesses with some good quality performance. When they are at it, there cannot be too much of investment into the business. The right performance is all about some quality trading with proper signals. Then there will also have to be some good concentration into the closing of the trades. While you are working for the trades, the trading mind cannot be too much disturbed either. So, the right trading methods will have to be selected by the traders. It is not so hard for the traders to manage that. All there is to do is select the right trading method which will give you a long timeframe for trading. The swing or position trading system will be good for all. It is clear, that traders will have to stay conscious about a lot of things in the business process.

Developing your trading skills from scratch

Novice traders often think without having a big sum of money it’s impossible to learn to trade. But if you visit Rakuten website you will be surprised to know about the free demo trading account. Use the free demo account offered by the Rakuten broker to develop your skills without risking any real money. Consider this as your arena of learning and you will see a dramatic improvement in your trading career.

The proper trading performance will need some good management

All of the traders will have to be right with the performance with currency trades. You will have to remember that you are a retail trader in the marketplace and doing such foolish planning is not good for your business. When you think about money making, that will be a foolish thing to do and the right performance in the business is all about managing the trades. It will also have to be tension free for the traders. So, there is no way for the traders to manage some good business with too much tension of the capital. For that, some proper management plan will have to be created to control the risk per trade. There will also have to be some proper control of the actual trading capital. Thus, the traders can reduce the amount of stress they are under.

Learn the perfect art of closing a running trade

Every time you will be thinking about a trade, there will have to be some sort of position sizing. This is a must for the trades because there is no way for the traders to save their investment into the business without any kind of protection against the unfortunate volatilities of the marketplace. The stop-loss, as well as the take-profit, will be the tools necessary for you to use.

Insurance

Falling Through the Gaps in Obamacare

There was a time when health insurance was only available to people with money and/or with jobs that offered affordable insurance coverage. Today, thanks to the Affordable Care Act, aka Obamacare, more people are able to afford the coverage they need.

Furthermore, many of those people are also getting coverage for things that had previously been left out of insurance policies, such as drug and alcohol treatment services.

In fact, according the ACA, substance abuse and mental health services are considered essential care for which insurance companies are required to provide coverage. There are also rehab centers that are aware of this, and can help people navigate the new insurance rules to get the help they need. (1)

However, although the Affordable Care Act has made it possible for millions of the poor and self-employed to get affordable health insurance, there are still those who fall through the cracks.

Falling Through the Cracks

When the Affordable Care Act was first introduced, there were provisions to expand Medicaid coverage to individuals who would be too poor to qualify for the subsidy, but not poor enough to normally qualify for Medicaid. The Supreme Court ruled that requiring states to expand Medicaid was unconstitutional, and the states were given the option to opt out – several states took that option.

As of this writing (2), 28 states and the District of Columbia have expanded their Medicaid coverage, three states are considering expansion, and 19 states have no plans to expand. This means that the millions of poor living in the states without Medicaid expansion will continue to fall through the cracks.

What the Obamacare Medicaid Provision Means

Prior to the Affordable Care Act, there were millions of working poor: people who had jobs – sometimes multiple jobs – that paid a subsistence wage. Additionally, many of these jobs did not provide health insurance. However, although they could be classified as poor, their jobs paid just enough they there were above the poverty line. (3)

With the Medicaid expansion in the Affordable Care Act, the working poor under age 65 could qualify for Medicaid if they are at or below 138 percent of the poverty line. That means a single person, without kids, could make up to $15,857 per year, and a family of four cold make $29,700 per year. Those who make more than that would qualify for a subsidy if they apply for insurance through the marketplace.

The Federal government would have funded the expansion 100 percent the first year, meaning the funds would not have come out of the State’s coffers. Additionally, the federal government would have continue to fund 90 percent for the remaining years, meaning the expansion still would have been of very little cost to the states that participated.

Yet, 22 states refused to expand and, as a result, those millions of working poor fell through that gap that would have been closed by the expansion.

What the Gap Means

That gap means that individuals who are too poor for the subsidy, but not poor enough for Medicaid will get no coverage at all. Not only will they not have coverage for preventative care that could keep them healthy, such as yearly physicals, mammograms, and pap smears, but they will also not have coverage for the care they need when they are sick.

It also means that individuals with existing conditions, such as chronic diseases or drug and alcohol issues won’t, be able to afford the care they need to get sober.

Options for Care Without Insurance

Community health centers are often the only care option for people who don’t have insurance coverage. Some of these community centers offer everything from vaccinations and other preventative care to care for acute injuries and illnesses. In many cases, they can offer a sliding scale for fees and payment plans.

However, not every community has these types of clinics, and the few clinics that do exist are overcrowded.

For many, emergency rooms are still the first option for people with acute injuries and illnesses, because emergency rooms can’t turn people away. However, when it comes to treating and managing chronic conditions, or mental health issues like drug and alcohol addiction, there are still very few options.

The good news is that more states are looking to expand Medicaid, which means we could get closer to closing that gap and providing affordable coverage for all.

Resources:

1.  The Recovery Village: Insurance

2.  The Advisory Board Company: Where the States Stand on Medicaid Expansion

3.  Healthline: Healthcare Reform: How the Poor Continue to Fall Through the Cracks