It’s easy to destroy your credit in today’s world. With all of the loans and cards available, it can be overly tempting to spend money you don’t have. While building credit is essential to make big purchases, taking on too much debt can quickly get you in over your head. If 2016 has been spent dealing with the consequences of bad credit, make 2017 your year to get things back on track.
The Shabana Motors Auto Blog
Buying a car is a thrilling thought, but there is a large financial responsibility that goes along with it. It’s easy to solely look at the cost of the vehicle, but the truth is, you’re committing to a number of monthly expenses. A vehicle purchase can be more than just getting a convenient mode of transportation; it can be a credit building opportunity that gives you a fresh chance to create and adhere to a budget. One of the best ways you can prepare for the fiscal responsibility is to start the budget before you purchase your used vehicle, and use the money you set aside during the "practice" phase for both an emergency fund and a down payment.
Credit reports are an essential part of your financial picture. As nice as it would be to opt out of credit scores, good debt, bad debt and collections—it’s impossible—especially if you want to rent, buy a house or get one of many types of loans. In fact, credit is necessary for many everyday things, including the purchase of a car. Before you apply for a car loan, it’s important to know your what your credit report looks like, and how to interpret the information.
Getting behind on your bills is a frustrating and stressful issue. Many Hpustonians live paycheck to paycheck, leaving very little room for unforeseen circumstances. It also means if you make a few poor choices, you can easily find yourself in the hole. While there is a lot of information out there about fixing your credit, saving over the long-term or creating a budget, sometimes it’s best to start at the root of the problem—managing your bills. Your budget, savings and credit all are secondary to making sure you know what your bills you are, and having a workable strategy to get them paid. For vehicle owners, this is imperative, especially if you’re at risk of repossession. For anyone who relies on a car for transportation, it's more important than ever to get and keep things under control. Here are some tips for managing your bills so you can focus on the bigger financial picture and start to live your life a little more stress-free.
It’s understandable why it’s a challenge to create an emergency fund in today’s world. Many people live paycheck to paycheck, and daily needs consume money quickly. Even though it may seem impossible, establishing an emergency fund can be done. All it takes is some strict budgetary dieting and learning a few little-known tricks. No one wants to get stuck in a bad situation—like not being able to buy a car when you need one, or not to be able to fix something on a car you require to get to and from work. If you’re ready to take control of setting some money aside for when something emergent occurs, here are some steps you can take.
Congratulations! You’ve finally secured that new job and are ready to buy a car. But wait—your credit score is still less than perfect and your brief job history has dealers turning you down. Worse, maybe the prospective car is the only way you can get to your new job. Isn’t there a dealership that will take a chance on you?
You may ask yourself if you’re able to purchase a car when your sole income is social security. The answer is yes, given the right circumstances. Like any income, social security is a set amount of money that comes in each month, so as long as your budget can support it, there are dealers willing to finance someone on SSI (Social Security Income).
There are many reasons you may have to ask someone to cosign your auto loan. You might have bad credit and can’t afford a high interest rate. Maybe you have no credit, and need someone to help get you started. Other reasons include low income, a short employment history or a prior repossession. No matter the why, it’s important to choose the right cosigner—and a few tips can help you make the best choice.
We all know our credit score is important, but few actually understand why it is such a big deal. Nearly every adult’s financial life is heavily reliant on credit, making the health of your credit report extremely important. An understanding of how and why your credit score affects your financial life in noteworthy ways will give you increased motivation to improve and maintain your credit rating.
Identity theft can have a long term negative impact on all aspects of your life, especially your finances and credit report. The process of repairing bad credit in the wake of identity theft should start right away and be done with patience and persistence.