Posted by Stuart on Apr 11, 2014 in Money saving Tips | 0 comments
Credit decisions are majorly based on the credit ratings of an individual. Anyone who understands the way these credit scores are calculated and the factors which constitute to the score, can be in a better position to deal with them.
If you want to know that how important credit scores are for you, you must be well aware of how exactly a credit score works. If you are well aware of this then consider yourself ahead of the majority of people in your league with your knowledge.
First of all you must be aware of the breakage of scores which is done in five categories which are lined below.
1. Payment History
2. Debt to Credit Ratio
3. Length of Credit History
4. Types of Credit Used
5. New Credit Applications
Payment History – 35%
Payment history is very crucial in calculating your credit history as this makes up the largest portion of your credit history. As obvious making timely payments would build up your credit and making delayed or defaults in payment would do it otherwise. The longer time you would take ion settling your dues the more you would cause a lot more damage to your credit score. If you delay your payment by 30 days it would cause harm to your credit score which would be equivalent to 90 days. The only sane thing which you can draw out of it is that late payments only affect your credit score for 24 months.
If you find yourself in such a situation then do not forget to make all the amendments in order to rectify this and does everything to deal with late and delayed payments also make some type of negotiations with your lender to get the payments current. If the account is charged then your score would be affected and would stay the same for more than 24 months.
Debt to Credit Ratio – 30%
Debt credit ratio is the second major option which affects your credit score. Many of us don’t know the real meaning of debt credit ratio at prnewswire recent launch. We are in some kind of confusion regarding this term, thus it is important to know about two accounts which influence your credit score and history.
1. Installment Loans – these loans are fixed in nature and you have to make the payments on monthly or such basis. Example for these is mortgage, car loan, student loan etc.
2. Revolving Loans – these are very important for making up your credit score. These are all the credit cards which you own from master to visa to discover to American express.
The ratio between the amount you owe and the balances on your revolving credit loans is directly proportional to your debt to credit ratio. Installment loans hold lesser weight and have less impact on your credit score. It would affect your credit score only if you make any default in payments. If you want to figure out your debt to credit ratio then you will simply have to follow this. Just add up all your total credit limits and note that. The write down how much you owe on each card. Divide both the numbers and that would be your debt to credit ratio.
Length of Credit History – 15%
Length of credit history is the third major thing which affects your credit score. If your credit is for longer duration then it would prove to be fruitful for you and your credit score. The people who have credit score above 700 must have had credit for long duration, good payment history and high credit limits with low balances and favorable debt to credit ratio.
You must follow a tip in order to avail good credit history or score, while establishing credit especially when it involves revolving lines of credit like credit cards, never close your accent. Keep all your accounts active for long period of times. If you close account then it would devoid you of all the good credit history which is linked with that account. It thereby increases your debt to credit ratio which would lower your credit score.
Types of Credit Used – 10% of Your Credit Score
There are two types’ accounts which you can use while taking loans for repaying your dues they are: revolving account and installment account. There must be favorable balance between the two types otherwise it would lead to increase in debt to credit ratio and which would lower your credit score eventually. Thus if you have three credit cards then three installment loans would be a good balance for you.
New Credit Applications – 10% of Your Credit Score
The final leg of categories which affect the credit score of a person is credit applications. Whenever you apply for credit your credit scores drop down cause of enquiry which the creditor makes. But if you apply for only one credit card your score is not likely to drop but on the contrary if you apply for a number of credit cards and loans then your score will obviously drop that too significantly. The credit bureaus generally penalize people who go for multiple loans or credit as they are trying to get more and more into debts.
If you are making inquiries of rates for mortgage or automobile loan, inquiry within 30 days will not have any effect on your credit score if you get approved for that loan within 30 days.
The enquiries on your credit stay for 24 months in your credit history and normally have less impact as the time gap lifts. An inquiry only happens when you apply for credit; in case you are pulling your own credit then it would not lead to any inquiry.
Posted by Stuart on Apr 11, 2014 in Money saving Tips | 0 comments
So not everyone is a miser. You might want to live a flamboyant life. But the question is does your income support your desires? Are you living the paycheck to paycheck life in order to support your life? Well, if the answer is yes then you will have to stop doing it right away or you would sooner or later find yourself in a mess.
Maybe you don’t realize it now but you would in the near future when you will crave for stability but it would be a distant dream instead.
Ways to Earn Quick Money
So in order to earn some quick cash you can host a lavish garage sale. This is a good and fast means of earning good amount of cash in hand. Plus it also comes with another fringe benefit that is you get rid of the things you apparently don’t need at your home. So don’t get emotional with that stuff lying in your house and put that to use for making some cash which would equip you in many ways. It is like getting two-fold bargain. Plus you don’t have to incur any extra cost for hosting a garage sale. It is better to give away useless items and ear some quick cash using it.
Small Home Businesses
If you have any hobby or something which you think you can use for earning some cash, then it is the right time to pursue it. Try and indulge into a small time business which will help in covering your expenses and which would require minimal expenses in setting up. For instance if you bake well then start a bakery class for kids or ladies at your place. You can this way groom your skills and put your idle time to use and at the same time earn some cash. Take tuitions, guitar lessons or painting lessons. Hobbies can actually help you in earning good cash then why not make use of it. Plus it is always good to have a profession out of your hobby. This way you stay a lot more focuses and motivated.
You can apply for part-time or freelancer jobs. There are many jobs out there which require you to work for few hours. For example there are many online sites which ask you to generate meaningful content for them and in exchange they pay you according to your skill and experience and industry standards. There are many temporary jobs which you can look for in order to kill your financial crunch. You can even start up with blogging if you are good at writing or something creative. Go for babysitting, gardening, work at a bookstore or library. In order to settle down your dues you can take help of such part-time jobs. This would also keep you way from falling prey to the hands of lenders and loans.
You can even start coaching students at your own place for money. If you are good at academics or any particular subject then you can use your knowledge in teaching or tutoring your neighborhood kids. You can also give guitar coaching classes or bakery classes. It all depends on your innate skill and competencies. This is a very good way of self employment and requires practically no investment to set up.
Ending Paycheck to Paycheck Lifestyle
There are some easy ways using which you can cut down your expenses and end your paycheck to paycheck lifestyle. You will not have to take any additional personal loans with bad credit as well for settling your dues and paying for your expenses. Some of these methods are outlined below.
Cut Down Unnecessary Expenditure
You are not a kid anymore. You are an adult and will have to pay for your own bills. So, stop making unnecessary expenditures and putting yourself in unfavorable financial conditions. Keep a tab on your expenses and plan before making one. If there is something which requires heavy investment then think more than twice before going for such expenditure. Adopt various techniques to save some money for example go for car-pool or public transport try and cook your lunch instead of eating out that often. Check on discounts before buying something or going somewhere. You will be shocked to see the result afterwards. Planning your money and using it wisely can help you achieve financial stability.
Make a Budget
Budget should be a must for you. You must know your expenses and the money you have to pay for those. You must have a concrete budget to make good use of your available funds. A proper budget can help you in saving and mapping your expenses. A proper plan can prevent you from making unnecessary expenses. Budget can easily make you responsible and put an end to your paycheck to paycheck kind of lifestyle. Also the total amount in your monthly budget should be less than your income in order to make room for saving money for future contingencies.
Start a Savings Account
This is a rule which every adult should follow. Having a savings account cultivates a habit of saving in individuals and it also makes them responsible about their money. Plus it also protects them from making unwanted expenditures. Savings account also gives you interest. Thus your money is actually multiplying without you doing any work. It would obviously relieve you from your paycheck to paycheck lifestyle and also it would make you self-reliable to face future contingencies.
These are just a few ways which can help you manage your finances well. However, the key to successful financial management and keeping debts at bay is to keep your expenses limited to your needs and postpone your desires for a better time.
No matter how old you are or how much money you’ve currently got in the bank, seeking out the best techniques for ensuring you get the most out of your savings could be very beneficial in the near future. You might feel flush at the moment, but things can change very quickly nowadays, which means you could find yourself on the unemployment line before the end of 2014. With this in mind, it’s important that we all start to use our funds in the wisest way possible. That is the only thing that will guarantee we keep our heads above water if things start to go wrong, and so you should definitely spend some time giving consideration to your options right away.
There are obviously many different methods you could use, but today I’ve decided to write solely about the safest ones available to you. Not everything in this article will be suitable for everyone, but most of you should find something that could help. So, spend the next 5 minutes having a quick read through all the information below this introduction and see if you can’t gain some inspiration from my suggestions.
Cut Back On Spending
The best way to keep hold of any amount of cash is to reduce any outgoings you might have. In most cases, the largest expenditure for UK residents relates to their household bills and food shopping – both of which can be decreased. For the bills, try to use less electric or get onto a different deal that offers lower prices. In the same way, deciding to do your weekly shop at Aldi or one of the other budget supermarkets can result in significant savings, often over 50% for most people.
Consider Making Investments
So long as you’ve got more than a couple of thousand pounds in the bank, identifying lucrative investment opportunities could help to see you keep it all, and even make a profit in some situations. Don’t worry if you haven’t a clue where to start, these days there are many companies out there who deal specifically with tax efficient investments and who will be more than willing to offer you sound advice. At the end of the day, it’s in their interests for you to make a profit, so you can be certain they’ll have their best people on the job.
Get Rid Of Your Car
This is especially sensible for people under the age of 30 who currently pay quite a lot of money out each month to insurers. We’ve got a great public transport system in the UK that makes it simple for anyone to travel around the country in a speedy manner without the use of a personal automobile, and so long as you book all your tickets in advance, it actually works out to be much cheaper traveling this way. On top of that, you’ll be doing the environment a favour.
Well, that’s about all I’ve got time for today. Sufficed to say, you all need to start thinking about using your money to improve your financial situations as we approach 2014. It’s going to be a bumpy ride, but those who identified the need for planning earliest will fare better than the rest of the population.
See you after Christmas!
Posted by Stuart on Nov 13, 2013 in Money saving Tips | 0 comments
Okay, let’s get some things out of the way. Social media is an absolute need. It doesn’t matter whether or not you think teens improperly use it and are simply not utilizing any kind of comprehensible dialect on them. These days only Google is bigger than the usual social networking platforms. For a very short time the social media sites has turned into the easiest way for meeting friends, reading news or getting advice for desired products online. In fact, so many social networks have flown the net, so that you may get confused which one to select. Facebook is still the King, although there is a huge competition between them and Twitter. Then there isInstagram, Pinterest, LinkedIn, Google+ and not to forget our old time favorite, YouTube.
Each platform has its own immense qualities and the time people spend on them totally worth it. But when we’re talking about business then you must decide which one of them will achieve monetarily viable fan base that would help you win more target customers. And therefore, today we ask the question, Instagram vs Twitter – where should you invest your time in building a fan base?
These two social website platforms have gained a huge fan base for a short time and have grown in popularity which made them among the biggest internet giants in their own rights. With regards to business, one of them must be better even in just a couple aspects. We’ve decidedto help you choose which one is better, thanks to some statistics. Obviously, what we can do is just give you an advice, the overall decision is in your hands.
Stats of Instagram
With the popularization of theiOS app, now you can have Instagram both as web and Android version. This impressing platform is on full steam ahead without showing any signs of slowing down. With the infusion of Facebook’s pocketbook, Instagram is surely set to only get bigger. Much like YouTube where videos are shared every day, Instagram lets you share both pictures and videos with the rest of the world. Below you’ll find some statistics that can give you a vision on how big Instagram is for now.
- Instagram was founded in October 2010 and till now it’s gaining between 100-150 million active users per month.
- The quantity of traffic that goes through Instagram each day is roughly, 7.3 million people.
- So far, the quantity of photos that have been shared on Instagram is a staggering 16 Billion and it gets 40 million photos posted daily by users.
The following statistics show the various activity on Instagram:
- Volume of likes every second – 8500
- Volume of comments every second on Instagram– 1000
- Monthly, the normal length of time each user spends on Instagram – 257 minutes.
- Another interesting statement is that the biggest Instagram user is between 18-29 year olds
- The data show that women use Instagram more often than men, also
There could be a slight variation in these numbers as they’re all gathered not just from company reports but from other sources, too. But whatever the slight margin may be, you can clearly see just how big Instagram is. And the best thing for Instagram is that it couldn’t be destroyed by the giant of Facebook as its goal is to move forward and become larger and better.
Data of Twitter
Everybody has heard about Twitter. And as the biggest competitor of Facebook, it disserves our great attention. Arguably second to Facebook as far as social media platforms go, Twitter has, over its several years of existence, transformed itself into an unstoppable force of connectivity. It’s being used by thousands of companies, government offices, high profile people or just usual individuals in their everyday life. Well, Twitter is not a source for a lot of information right now but it’s the best place where you can share your thoughts, opinions, productfeedbacks, photos or everything else. There are also sites that will allow you to Buy Twitter Followers to increase web presence. Here are some statistics which will help you compare Twitter to Instagram, and make you realize how big the first platform is yet.
- Number of registered users – 554,750,000
- Number of people signing up every day – 135,000
- All of them makes about 58 million tweets every day
- Another fact shows that Twitter has about 2.1 billion queries on various search engines – again daily
- The quantity of unique visitors on Twitter each month – 190 million
- Quantity of effective users every single month – 115 million
- About 40% of individuals simply watch others tweets
- The extraordinary fact is that the amount of tweets per second is 9,100
There, these are the numbers as far as the two platforms are involved. Mathematicians insist that numbers don’t lie. Based on this information, Twitter stays at the top of the chart. But that is only for the moment. In fact, Instagram is an extremely young platform and doesn’t have the experience of Twitter yet. Anyway, the most challenging times are coming for Facebook who’ll need to improve its performance to continue feeling like the King of the social networks. So the big question remains, Instagramvs Twitter – where will you invest your time in building a fan base.
Believe or not, the proper answer is… Select the both!To run an effective marketing strategy you should use each of them. In fact, if you browse them more carefully, you’ll understand how different are those two social media sites and what a unique value each of them have. While the power of Instagram is hidden in its purely visual function, Twitter involves smart wordplay. With Instagram, you can post photos and videos related to your business and we all know that people love videos and photos as a message medium. With the ever fleeting attention spans it has something which will help your business grow.
But what you should consider is this, Twitter now has bigger numbers and the chances that somebody is going to tweet about whatever picture or video you just put up on Instagram as a company is very high. You need to be able to know what people are saying about you on a platform that gets 2.1 billion searches every day on Google and Fifty eight million tweets daily. Like any businessman, you’ll need to know what people are saying about you in Twitter which has more than half a billion registered users till now. While browsing this social media, you’re already doing a great marketing research for your firm. So, the decision that you need both platforms for your marketing campaigns remains. The usage of these two social media sites in a combination is the perfect solution for you. In case you have any information or just need some additional advices, feel free to contact us at Followers Boost and we’ll show you how to manage your social media accounts, so that you can build your social identity on the network and gain more target clients
Because you work very hard to earn the money that you have, you must find the best way available to you when the purchase of a new or used car is in your future. The Money Advice Service.org website says, “There’s a lot of money involved. In fact, it’s probably the second most expensive thing you’ll buy after a home.” It’s not a simple decision; it’s an expensive venture that requires careful planning and attention to details so that you won’t buy a car that you can’t really afford. By following some common sense tips, you’ll be able to get a good deal, a car that you can afford, and a payment that you can make on a regular basis.
Competitive used car loans can provide you with reliable transportation and an attractive car that you can afford
Point #1-Be sure that you can make the monthly payment. You need to think about your income, the total of your monthly expenditures, and the balance that you have between the two. Making the monthly payment to which you agree is important in maintaining good credit history for any other purchases that you may want to make in your future.
Point #2-Do some competitive shopping for the best rates on car loans. If you can make a sizeable deposit on the purchase of your vehicle, your payments will be smaller and you’ll save a great deal in interest. It is very important to remember that you do not want to deplete your savings account with the deposit on a car. You must have funds set aside for emergencies that are sure to arise in your life.
Point #3-Set limits on the car that you’ll purchase. It’s wise to get a target price in mind so that you won’t enter a car dealership, see a shiny new car, and make an impulsive purchase that you’ll regret. Make a budget and stick to it so you will feel confident about the purchase that you made.
Point #4-Check for any early pay-off penalties. If you are an excellent saver or you receive a bonus for exceptional job performance you may want to use these funds to either pay down or pay off your car loan. Before you agree to any contract, it’s wise to check for any penalties for early payment.
Point #5-Choose the used car loan that suits your individual needs. If you are buying a good used car, you should check for a loan that meets and exceeds your needs and one that is easily met. You can shop around on the Internet for the best UK rates and find one that works within the budget that you set. Having good self-discipline when it comes to buying a car is paramount to the satisfaction that you’ll have with the deal that you make.
It’s always smart to only buy what you can afford and what your finances will support. By considering the points above, you’ll be ready to make your purchase in an educated and prepared manner.
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