Cash – Work From Homee http://work-fromhomee.com/ Tue, 27 Sep 2022 17:18:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://work-fromhomee.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Cash – Work From Homee http://work-fromhomee.com/ 32 32 2022 Truist Mortgage Review – Forbes Advisor https://work-fromhomee.com/2022-truist-mortgage-review-forbes-advisor/ Tue, 27 Sep 2022 15:23:59 +0000 https://work-fromhomee.com/2022-truist-mortgage-review-forbes-advisor/ Truist’s Better Business Bureau (BBB) ​​rating is 1.11 stars out of 5.00 based on 1,791 reviews as of September 22, 2022. The BBB has closed 1,914 complaints about the company in the past 12 months and 3,570 complaints over the past three years. Keep in mind that Truist offers a wide variety of banking and […]]]>

Truist’s Better Business Bureau (BBB) ​​rating is 1.11 stars out of 5.00 based on 1,791 reviews as of September 22, 2022. The BBB has closed 1,914 complaints about the company in the past 12 months and 3,570 complaints over the past three years. Keep in mind that Truist offers a wide variety of banking and lending products, so these reviews don’t just reflect consumer sentiments about the company’s mortgage offerings.

The BBB gives Truist an A+ rating, but that rating isn’t based on customer reviews. Instead, it reflects how the company responds to complaints, its time in business, its size, and other factors.

The CFPB received 1,279 complaints about Truist’s mortgage services from December 2019 (the time Truist was formed) to September 2022. Most of these complaints were about issues during the payment process while others were about issues payment of a mortgage, during the application process. or taking out a loan.

Note that the CFPB does not verify the accuracy of consumer complaints. Also, while these numbers may seem high, they don’t compare to the large number of clients that Truist serves in a wide range of areas, including mortgages.

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Seize the Moment with Integra’s Quick and Convenient Credit Opportunities https://work-fromhomee.com/seize-the-moment-with-integras-quick-and-convenient-credit-opportunities/ Thu, 22 Sep 2022 12:50:41 +0000 https://work-fromhomee.com/seize-the-moment-with-integras-quick-and-convenient-credit-opportunities/ Customers can access bad credit loans, installment loans, personal loans, online loans, fast loans and lines of credit. Their loan application is streamlined to provide a quick and secure process. After the clients submit the online application and get the approval, the money is sent directly to the client’s bank account. Integra Credit offers an […]]]>

Customers can access bad credit loans, installment loans, personal loans, online loans, fast loans and lines of credit. Their loan application is streamlined to provide a quick and secure process. After the clients submit the online application and get the approval, the money is sent directly to the client’s bank account. Integra Credit offers an attractive option for non-prepayment penalties when servicing loans.

They have inspired the adoption of flexible installment and open credit products. With a combined experience spanning over three decades, the team currently vouch for flexibility and compliant products to spice up the lending market. Robert Jackson is the company’s spokesperson.

Integra Credit’s services have been enhanced by introducing a cutting-edge consumer lending platform supported by sophisticated analytics to disburse credit products to a wide range of customers seeking affordable low-cost personal loans. cost. To facilitate a seamless process, customers can apply for installment loans online from the comfort of their home or on the go from their mobile device.

Personal loans are an essential component of the financing instruments offered by Integra Credit. When applying, customers must provide officials with their Social Security number and proof of income, among other relevant details. The personal loan approval process takes only a short time. The maximum amount one can borrow is $3,000, but variations exist by state. Integra Credit has also set the highest level of confidentiality to protect personal information in its custody. Customers are welcome to visit the website to learn more about Integra Credit loans and terms of service.

Integra Credit enjoys rave reviews from many verified customers on TrustPilot. Here is an example: “Excellent customer service, very informative and direct. True to every word of how everything would turn out. I would definitely recommend Integra Credit.” Besides zero prepayment penalties, customers can pay the minimum amount due or more than the amount due to settle the balance much faster.

For an enhanced customer experience, the lending company is committed to providing convenient and transparent lending products. Due to their upfront disclosure policy, customers can rest assured that the loans come with no surprise fees or hidden charges. Integra Credit can be reached at 855-345-5550.

Media Contact

Company Name
Integra Credit
Contact Name
Robert Jackson
Call
855-345-5550
Country
United States
Website
https://www.integracredit.com/

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Using Same Day Installment Loans Online From Direct Lenders https://work-fromhomee.com/using-same-day-installment-loans-online-from-direct-lenders/ Mon, 19 Sep 2022 21:19:49 +0000 https://work-fromhomee.com/using-same-day-installment-loans-online-from-direct-lenders/ If you are looking for money, it means you are having some kind of difficulty. Have you ever considered taking out same day installment loans from online direct lenders? It can be a reasonable solution to the critical financial situation. You can refer to a direct lender or you can refer to the network of […]]]>


If you are looking for money, it means you are having some kind of difficulty. Have you ever considered taking out same day installment loans from online direct lenders? It can be a reasonable solution to the critical financial situation.

You can refer to a direct lender or you can refer to the network of lenders. The second option saves you tedious research. On Instantcashtime.com, you can access the best loan offers on the market.

These days, it’s easier than ever to get a loan. You just need to act with caution. And you should have as much information about the product as possible.

How do installment loans work?

With same day installment loans from online direct lenders, you can solve your financial problem for a while. This type of loan is issued for a longer period of time, while the repayment can be made in installments over a certain period of time. Unlike payday loans, you don’t have to repay the entire loan all at once.

Same day installment loans from online direct lenders can be issued in different amounts of money. This depends on lender policy and state law, as there may be certain restrictions and limitations. An average installment loan can reach $20,000. Interest rates ranging from 6% to 36% further increase the final debt of the loan.

Installment loans are usually unsecured, which means they don’t need collateral like a car or a house. Instead, the lender uses your credit and financial data to decide if you qualify for a loan.

Get an installment loan online with bad credit

Regardless of your credit history, you can get same day installment loans from online direct lenders. https://www.instantcashtime.com/debit-card-loans/ . If your credit score is bad, you still have a chance of getting loan approval. As mentioned above, lenders may take many aspects into consideration when deciding on your application – loan size, repayment period, and monthly income. The basic qualifications are that you must be at least the minimum legal age to contract in your state, have an active bank account, provide an active email address, and be a citizen of the United States.

As long as you can prove your ability to make full refund on time, you won’t have to go through a credit check. A “soft” credit check will however be carried out. Fortunately, this does not affect your credit score.

Get the fast financial help you need

Since you can get a loan online with quick approval, you don’t have to wait for your money to arrive in your bank account. If you need money right now, just fill out an online application. The whole process has been digitized.

With an online loan, you can get the financial help you need in no time. When working with network direct lenders like InstantCashAdvance, you borrow your money instantly. This type of loan service allows you to make your loan decision the same day!

What to do if you can’t repay your installment loan

Life can be tough from time to time. By getting same day online installment loans from direct lenders, you take responsibility for paying back. In fact, you sign the loan agreement to finalize the deal. Before doing so, you should read the terms and conditions.

The main thing lenders are interested in is some type of commitment on your part. Your lender wants to work with you to repay. Proactively working with your lender can minimize message severity and improve flexibility.

If you are unable to cover your debt, the lender may assign you to a collection agency. The main objective is to get you to repay your loan. If there is collateral attached to the loan, you will need to say “Goodbye” to it. The lender will most likely contact you to repossess the collateral as stated in the agreement. Remember state law. Depending on your state of residence, you and the lender will have different laws to follow.

The impact of not reimbursing your installment loan can be bad to very bad. Your credit rating will be affected. You may have to pay additional fees and interest rates. It will be more difficult for you to take out loans in the future. Make sure you know your rights and the laws in your state. Do not borrow money if you are not sure of your financial capabilities!

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The Dark and Secret World of New Zealand Credit Scoring https://work-fromhomee.com/the-dark-and-secret-world-of-new-zealand-credit-scoring/ Sat, 17 Sep 2022 17:00:00 +0000 https://work-fromhomee.com/the-dark-and-secret-world-of-new-zealand-credit-scoring/ Rob Stock is a Stuff business journalist specializing in money and consumer issues. ANALYSIS: In July, I met a woman who had recently come out of an abusive relationship. This meeting launched me on a frustrated and disappointing journey to understand how the zero to 1000 credit scores assigned to each of us actually worked. […]]]>

Rob Stock is a Stuff business journalist specializing in money and consumer issues.

ANALYSIS: In July, I met a woman who had recently come out of an abusive relationship.

This meeting launched me on a frustrated and disappointing journey to understand how the zero to 1000 credit scores assigned to each of us actually worked.

After the relationship ended, a loan company sued her for the entirety of a car loan her former partner had used to buy a car.

Charity Good Shepherd managed to persuade Aotea Finance to split the loan and only sue her for half, but it destroyed her credit rating.

READ MORE:
* Lessons on debt from a young woman who drowned in debt
* Loans program for low income people helps beat loan sharks
* BNZ clients get refund due to errors in loan documents

Banks, including the Bank of New Zealand, are canceling some loans taken out by victims of domestic violence, but are reluctant to talk about it openly, fearing a series of misrepresentations.

Prior to the abusive relationship, the woman was good with money, but now had a credit score of around 200.

Credit Simple, owned by credit reporting company Illion, says your credit score shows how creditworthy you are and a good score is over 500.

good shepherd

Good Shepherd Chair Diana Crossan asks Fincap policy adviser Jake Lilley and BNZ managing director of customer care Martin King about the policy of lenders who write off debt for women forced into debt loans by abusive partners.

Those with good scores get better offers from banks, telecom operators, insurance companies and electricity companies. A bad score can make it harder to get a rental, and sometimes even a job.

And yet, this woman’s score did not reflect her ability with money, but her past abusive relationship. It would take several years of good payment behavior to repair its score.

A bank told me that when it canceled loans to victims of domestic violence, it also helped them clean up their credit reports.

For every escapee from an abusive relationship who receives this help, how many do not? This was the first of many questions that I have yet to get an answer to.

The credit reporting system is an extensive financial monitoring system.

When we register with a bank, insurer, obtain a loan or open a feeding account, we “consent” to their passing information to the three credit reporting companies: Illion, Equifax and local company Centrix.

They compile credit reports on each of us and calculate credit scores.

The system helps trade, we are told. It allows lenders to decide who to lend to and at what price. It helps power companies decide who should pay up front for their electricity.

In the United States, scholars have accused the credit reporting system of being racist, as well as entrenching poverty and privilege.

The credit score is an American invention.  It was created in the 1980s and hailed as enabling more people to qualify for loans.  Critics say the system is unfair and entrenches poverty, especially among ethnic minorities.

PA

The credit score is an American invention. It was created in the 1980s and hailed as enabling more people to qualify for loans. Critics say the system is unfair and entrenches poverty, especially among ethnic minorities.

That’s because, like the abuse victim I met, people with lower credit scores find life harder and more expensive.

In New Zealand, studies of the sector do not seem to have been done, including whether the system is biased and whether it is used for legitimate purposes.

A senior property manager told me that after two decades in the business, he felt the scores had no predictive value for whether tenants would pay their rent on time.

A credit score and credit information is only useful if it has predictive value.

After meeting the abused woman, I had a second credit score shock when I applied for a $15,000 loan from Latitude for a story verifying the lender’s advertisement that it offered loans “from 8 .99%”.

I had a credit score of 984 out of 1000 on my Credit Simple credit report, yet I was offered a 20.99% loan.

Latitude said there was an error in the information given to it by Equifax.

Equifax gave me a credit score of 832.

I still had two questions: how can I have two scores out of 1000 so different, and how often do people get offered overpriced credit because of mistakes?

I checked my score at Centrix. It was 866.

What explains the differences?

Centrix chief executive Keith McLaughlin said part of the variation was due to not all credit reporting companies having the same information.

Centrix chief executive Keith McLaughlin says a low credit score makes someone's life harder because it means more expensive credit.

Abigail Dougherty / Stuff

Centrix chief executive Keith McLaughlin says a low credit score makes someone’s life harder because it means more expensive credit.

“We have a lot more comprehensive data in our systems than others,” McLaughlin said.

“It allows us to be much more precise and much more precise.”

Could this mean that the cost of a loan could partly be based on the choice of credit bureau by lenders? How would that be fair?

If my three credit scores accurately reflect my creditworthiness, then my three scores of 832, 985, and 866 should all represent the same risk of me defaulting on a loan.

I can’t tell you if that’s the case because while the three credit reporting companies provide analytical reports to their customers (like banks, power companies) they don’t share them with the public. .

I asked for help understanding the scores, but foreign companies Illion and Equifax refused my requests, prompting this reaction from McLaughlin: “I’m quite surprised, because credit scores are very important in the life.”

Centrix was more open. Its credit ratings represent the risk that a person will default on their payment obligations over the next 12 months, if the trends of the past 12 months repeat.

If a lender gives loans to five people with a score of 559, they can expect one of the loans to have missed payments.

A score of 192 means the lender can expect only 0.17 good accounts for every bad one. A score of 781 means he should get 27 good counts for one bad.

Centrix credit scores range from zero to 1000. We all have one, and they indicate how creditworthy we are.  Source: Centrix

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Centrix credit scores range from zero to 1000. We all have one, and they indicate how creditworthy we are. Source: Centrix

My Equifax credit file contained a “relative risk” score of 19.32. His call center didn’t know what that meant.

Eventually, I received a short email from a public relations person at Equifax saying, “A relative risk of 2.5 means the candidate is 2.5 times better than the population average.”

So I’m 19.2 times less likely to default on an account than the average person?

To complicate all this, banks and property managers decide how to use the scores.

After several frustrating weeks, I have a growing list of questions about the accuracy and fairness aspects of the credit reporting system.

It works for people like me, mostly it seems, but does it let others down and entrench iniquity?

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“How can I repay my jobless loans? » https://work-fromhomee.com/how-can-i-repay-my-jobless-loans/ Wed, 14 Sep 2022 05:03:31 +0000 https://work-fromhomee.com/how-can-i-repay-my-jobless-loans/ I lost my job in March of this year and have a personal loan and car finance from a local bank. The personal loan is 129,000 Dh ($35,125) and the monthly payments are 4,000 Dh. The car loan was initially 76,000 Dh. I took out both loans less than a year ago. Since losing my […]]]>

I lost my job in March of this year and have a personal loan and car finance from a local bank.

The personal loan is 129,000 Dh ($35,125) and the monthly payments are 4,000 Dh. The car loan was initially 76,000 Dh. I took out both loans less than a year ago.

Since losing my job, I have used my savings to pay the two loan installments each month to avoid any missed payments and bad credit.

The bank also froze Dh80,000 of my pension, which I had planned to put back into a retirement fund once I started working again.

I was hoping to find a job soon but unfortunately I haven’t found one yet, so I contacted the bank to help me reschedule my loans.

At first, the bank told me that the 80,000 Dh could not be paid on the loans and that I had to continue with the monthly payments.

I then made another request for the collection department to contact me and they told me that they would use the 80,000 Dh against the loans and then reschedule them.

But this solution does not help me because I cannot pay the monthly payments until I find a job. I also explained to them that I did not want to touch the money that was intended for my pension.

They refused my request and said there was nothing they could do and I had to borrow money from friends or family to cover what was owed.

I don’t want to have bad credit because I lost my job and can’t afford to make the payments right now.

I also want to apply for a mortgage to buy a house in the future and am worried about the long term effect this will have on my credit rating.

I’m trying to find the right way to do this. I want to know what my rights are and how I can solve this problem. Can you help me please? Facebook, Dubai

Debt Speaker 1: Steve Cronin, Founder of DeadSimpleSaving.com

Getting into debt can be manageable if you have a stable salary, but as you’ve seen, a loss of income can lead to many challenges.

When you have a personal loan, you put your finances in the hands of the bank. Such a loan is not secured by a specific asset such as a house or a car – it depends on you and your ability to generate income or pay from your savings.

It looks like you’ve burned through your savings, if you can’t make monthly payments. You have a car, however, you may be able to sell it.

A classic pitfall is that new cars lose value in the first two years much faster than the loan balance. So even if you sell the car, you might not receive Dhs 76,000.

If you can sell it for, say, Dh60,000, the bank must agree to add the remaining Dh16,000 to your personal loan, as the rest becomes unsecured debt once the car is sold.

It’s hard to imagine how you can prevent your pension money from being used to pay off part of your personal loan. I assume this is money you intended to invest in a pension, rather than a retirement plan.

If so, neither you nor the bank would be able to access it unless you are over retirement age.

If your personal loan was taken out over a three-year period, you pay around 7% of the declining rate (note, not the flat rate, which tends to be lower).

Seven percent is what you might expect to earn in the stock market over the long term, but that’s an aggressive projection for a pension.

So you’d probably be better off using the 80,000 Dh to pay off your debt anyway, then once you find a job, start saving hard to replenish your retirement pension.

You can’t do much without a job to pay off that debt, other than relying on help from others (you can always offer them a lower interest rate) or selling any assets you own.

Do whatever you can to find a job, even part-time. You can always change jobs once the debt is paid off.

Non-payment of three consecutive loan installments would be considered a default, which would in effect hurt your credit rating for at least five years.

Another avenue is to speak to a UAE charity for debt support. There are a number of them, such as Dirham Al Kair.

Beware, if you end up getting a large mortgage and find yourself out of a job again, you could, in theory, lose your home.

Your current challenge is a warning not to go into more debt than you can afford.

Don’t hide your problems out of embarrassment. Your friends and family can learn a valuable lesson from your situation, even if it hurts to be the one teaching them.

Debt 2 Panelist: Carol Glynn, Founder of Conscious Finance Coaching

I’m so sorry you lost your job and ended up in this situation, but kudos for keeping track of your monthly repayments all this time. This will help you in your negotiations with the bank.

It is unfortunate that the bank was not more helpful. Go in person to your bank’s branch and ask to speak to your relationship manager.

I would reconsider using the pension money to pay your monthly payments in the short term

Carol Glynn, Founder of Conscious Finance Coaching

Bring proof of your previous payments and, if possible, bring proof of your attempts to find a job. Ask them to restructure your loan or possibly give you a repayment holiday while you continue your job search.

I would reconsider using pension money to pay your monthly payments in the short term.

This will protect your credit score, reduce your penalties and interest, and reduce pressure on your cash flow. You can focus on replenishing your pension fund when you start earning money again.

You can consider some options. If you sold your car, would that be enough to pay off your car loan? This would remove the burden of a loan.

Do you have other assets that you can sell and use the funds to pay off the loan until you find a new job?

Are there other sources of income that you can use? Consider applying for positions outside of your usual job description to increase your chances of finding a new job. Do you have any skills you can use to earn money part-time or freelance while you search for a full-time job?

I would also recommend analyzing your monthly expenses to make sure you are using the funds you have available most efficiently.

Failure to repay the debt on time and in full when due will affect your credit rating. However, when you find a new job, you can work to fix it by making sure you pay your dues on time and in full each month. Over time, your credit score will improve again.

The Debt Panel is a weekly column to help readers manage their debts more effectively. If you have a question for the panel, write to pf@thenational.ae

Updated: September 14, 2022, 5:00 a.m.

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Why Bank of America’s New Mortgage Program Is Good — But Not Great https://work-fromhomee.com/why-bank-of-americas-new-mortgage-program-is-good-but-not-great/ Sat, 10 Sep 2022 08:30:31 +0000 https://work-fromhomee.com/why-bank-of-americas-new-mortgage-program-is-good-but-not-great/ Bank of America recently announced a new mortgage pilot program, Community Affordable Loan Solution, which will require no down payment, mortgage insurance or closing costs and will accept other ways to qualify for mortgages beyond credit. While open to all who qualify, regardless of race, the program is launching in predominantly Black and Hispanic ZIP […]]]>

Bank of America recently announced a new mortgage pilot program, Community Affordable Loan Solution, which will require no down payment, mortgage insurance or closing costs and will accept other ways to qualify for mortgages beyond credit. While open to all who qualify, regardless of race, the program is launching in predominantly Black and Hispanic ZIP codes and can be seen as an effort to close the racial gap in employment. home ownership.

For now, it will be available in Charlotte, Dallas, Detroit, Los Angeles and Miami.

This is not the first time that national lenders have announced initiatives like this. And while the program will undoubtedly help some borrowers who qualify, America won’t close its racial homeownership gap by tweaking mortgage product offerings. If it were that simple, we would have already closed it. Instead, the property difference between black and white households is just as wide today as it was when the Fair Housing Act became law in 1968.

Bank of America offers a useful option, but what good is a mortgage product if the home buying system is set up in a way that makes it difficult for people who need this type of program to get in?

Bank of America offers a useful option, but what good is a mortgage product if the home buying system is set up in a way that makes it difficult for people who need this type of program to get in?

We can close the racial divide in homeownership, but it will require systemic changes in our home buying process; not just tinker around the edges. It is essential to think holistically about the home buying process from start to finish and develop a more streamlined system that provides essential information about this process to people looking to buy a home.

In fact, if we don’t fix the system, new mortgage products like those from Bank of America will likely be underutilized. For example, not requiring a down payment will not help a potential buyer if they cannot qualify for a mortgage due to credit or debt issues. And while I commend Bank of America for expanding the way a homebuyer’s credit history is assessed — using factors like paying rent, utilities, and phone bills on time — it is important to know that it will not be used as a means of compensating for bad credit. . Rather, it is a method for borrowers who have been excluded from traditional forms of construction credit (i.e., underwriting credit cards or loans) to establish some sort of track record of credit.

Indeed, there is a difference between no credit and bad credit. And tackling the latter and making home ownership a reality – in a way that doesn’t lower credit standards to the point of poor outcomes for families and neighborhoods (remember the housing crisis of 2008?) – means teaching potential buyers how to develop strategies to improve their credit.

In my 30 years of working with first-time buyers, I have lost count of the number of people who have been surprised to learn that, yes, they can buy a house (even if they have work to do to qualify for a mortgage). Many have been people of color. There are several reasons for this surprise, but the main one is that no one they know has ever owned a house. Misconceptions can also get in the way. A common rule is that you need at least 20% down payment while many programs require much less.

Between the lack of representation of the possible and the false information, offering a good education to the accession to the property has become essential. And I’m not talking about the “tick the box” course that lenders often require a week before closing. I’m talking about the kind of preparation that helps someone in the beginning stages of buying a home, find out how to qualify for an affordable and secure mortgage. To the credit of Bank of America, it offers Educational resources to help first-time buyers through the process. Still, much of it seems to lack the kind of interaction and clarity that I’ve seen make first-time buyers more informed and confident.

Beyond the problems plaguing potential buyers, our system is not designed to ensure the long-term success of owners. Foreclosure rates for black and Hispanic households are disproportionately higher than for white households. While this will not address all of the overt discrimination and microaggressions that contribute to families of color losing their homes, part of the education process is to prepare people to develop savings habits and manage household finances. housekeeping appropriately. This is extremely important, as new owners who were tenants are often unprepared for unexpected expenses, such as repairs that their landlord would have been responsible for. When the time comes, a homeowner needs enough savings or the ability to borrow for a necessary repair. We should be teaching people how to develop these habits when they are motivated to buy a home, but such education is rarely built into the home buying process.

Beyond the problems plaguing potential buyers, our system is not designed to ensure the long-term success of owners.

But there are other flaws in the system that have nothing to do with the buyer’s financial situation. For example, the vast majority of loan officers and real estate agents earn commissions based on the price of real estate and the size of the loan. Imagine you’re a buyer who qualifies for a good mortgage (one with a fixed rate, affordable interest rate, and reasonable fees), but you can’t get a loan officer or realtor for you. help because what you can afford is too low to get their attention. This is not uncommon, especially when the housing and refinance markets are very hot and real estate agents and loan officers are looking for the biggest sales. We can solve this problem by ensuring that at least some home buying professionals earn salaries rather than commissions. Households should not be punished for staying within their means.

Fortunately, there are organizations that take a holistic approach to helping families become homeowners. Community Development Financial Institutions, community development credit unions, and nonprofits like the one I lead—Homewise—focus on responsible service to underserved populations. But we need to dramatically expand the capacity of this nascent network focused on helping first-time homebuyers so it can more effectively deliver the services, support and funding these communities need.

There simply isn’t a single quick fix that will close the race gap in homeownership. The obstacles homebuyers face are systemic, but they are often also buyer-specific. That’s why we need to develop a unified system that helps homebuyers from start to finish. And we need policy makers at government, philanthropy and national banking levels to invest in building such a system. It will take time and resources — and it won’t happen overnight. But as the old saying goes: the best time to plant a tree was 30 years ago. The second best time is now.

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Start in college? Here’s why a student credit card is essential https://work-fromhomee.com/start-in-college-heres-why-a-student-credit-card-is-essential/ Sun, 04 Sep 2022 11:00:29 +0000 https://work-fromhomee.com/start-in-college-heres-why-a-student-credit-card-is-essential/ Image source: Getty Images Now is the perfect time to start building a good credit history. Key points Student credit cards are a good introduction to credit for students. If you get a student credit card and pay the bill on time, it can help you build a high credit score. The fall semester is […]]]>

Image source: Getty Images

Now is the perfect time to start building a good credit history.


Key points

  • Student credit cards are a good introduction to credit for students.
  • If you get a student credit card and pay the bill on time, it can help you build a high credit score.

The fall semester is starting again, so if you’re in college, it’s probably a busy time for you. Between moving into dorms or an apartment, enrolling in classes, and buying books, there’s a lot to do.

As you prepare for college life, there’s also a smart money move you can make right now. If you don’t have a student credit card yet, it’s worth getting one. By getting a student card and using it wisely, you can get a head start on building your credit score and maybe even get some extra perks in the process.

How Student Credit Cards Work

A student credit card is a type of credit card designed specifically for students. If you know how credit cards work, student cards work the same way.

When you get a student credit card, the card issuer approves you for a credit limit, also called a line of credit. This is the maximum balance you can have on the card. Student cards normally start with low limits, such as $500.

Each month, the card issuer sends you a credit card statement. Your credit card statement will contain:

  • Charges you made during this billing cycle
  • The statement balance, which is the total amount you owe
  • The minimum payment amount required
  • The payment due date

Here’s the key to using credit cards successfully — pay the full statement balance each month. When you pay in full, you pay no interest on your purchases. You only pay the actual cost of these purchases.

On the other hand, if you don’t pay in full, that’s when the card issuer may start charging interest. This basically means you pay extra for purchases you haven’t paid for. Some people only make minimum payments, but it takes a long time to pay off your balance and it costs you a lot of interest.

LEARN MORE: How does credit card interest work?

Why should you get a student credit card?

The main reason to get a student credit card is that it can help you build your credit history. Your credit history is what determines your credit score, a number that will have a big impact on your life.

For example, when you apply to rent an apartment, chances are the landlord will do a credit check. If you don’t yet have a credit score, you may need to find a co-signer, such as a relative with a high credit score, for your lease. Or, the landlord might require a larger security deposit.

This is just one example among many others. Your credit score also comes into play when applying for loans, such as car loans and mortgages. In most states, it can even affect how much you pay for car insurance.

If there is no information about your credit history, you will not have a credit score. It’s called being invisible credit, and it’s a problem for many people, especially young adults. No credit score means that lenders and other third parties have nothing to do when they check your credit.

But if you used a student credit card and paid on time, you won’t have this problem. Each time you pay your bill on time, the card issuer flags that payment in your credit history. Each is like a good grade, and over time, that positive activity adds up to a high credit score.

This is an important advantage, but it is far from the only advantage of a student credit card. Here are a few others you should know about:

  • A credit card is a safe way to pay for your purchases. Almost all credit cards offer zero fraud liability, meaning you are not responsible for fraudulent charges made with your card.
  • Some student credit cards offer rewards, such as cash back, on your purchases.
  • Many credit card companies offer free identity protection and credit monitoring to their cardholders. This allows you to stay on top of your credit score and credit file activity.

How to get a student credit card

The first step to getting a student credit card is finding the right one. If you have a bank account with a bank or credit union, check to see if they have student cards available. Some do, and it’s often easier to get approved for a credit card when you’re already a customer of the card issuer.

Otherwise, browse the best student credit cards and choose the one you like. Once you have found a card, you can apply for it online. Credit card applications ask for personal and financial information, including:

  • Full name
  • Date of Birth
  • Physical address
  • Phone number
  • E-mail address
  • Social Security number
  • Annual revenue

You will need some form of income to be approved for a credit card. However, it does not have to be employment income. If you receive scholarships or grants, or even an allowance from your parents, you can include this as income on your credit card application.

Credit cards have a mixed reputation in personal finance circles, and it’s true that bad credit habits can land you in debt. But when used responsibly, they are a useful financial tool. Your credit score is extremely important, so it makes sense to start working on it now.

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Student loan forgiveness can hurt credit scores – Financial expert predicts ‘uphill battle’ https://work-fromhomee.com/student-loan-forgiveness-can-hurt-credit-scores-financial-expert-predicts-uphill-battle/ Fri, 02 Sep 2022 22:13:20 +0000 https://work-fromhomee.com/student-loan-forgiveness-can-hurt-credit-scores-financial-expert-predicts-uphill-battle/ © Bospar PR President Biden’s Aug. 24 announcement of student loan relief measures is good news for many of the 43 million Americans who have a large balance. But some financial experts and social advocates have expressed concerns about the accessibility of funding and its long-term ramifications. Cancellation of student loans: economists radically disagree on […]]]>

© Bospar PR

President Biden’s Aug. 24 announcement of student loan relief measures is good news for many of the 43 million Americans who have a large balance. But some financial experts and social advocates have expressed concerns about the accessibility of funding and its long-term ramifications.

Cancellation of student loans: economists radically disagree on future inflationary effects
Poll Results: Should student loans be forgiven? Americans are divided

One of them is entrepreneur and investor Raghunandan G (“Raghu”), who is also CEO and co-founder of Zolvéa cross-border neobank that helps people moving to a new country access credit construction based on their credit profile in their home country.

Raghu thinks one of the problems with student loan forgiveness is that it can impact a benefactor’s credit rating.

“Without a strong credit history and credit score, student borrowers will face an uphill battle for decades,” he said. “While President Biden’s recent actions will give borrowers additional time and resources to improve their credit scores in a positive direction, these gains do not guarantee a successful loan interest rate change.”

Part of the problem, from Raghu’s perspective, is that a student loan makes up a large portion of a person’s credit mix, impacting their overall score. And not having this type of regular installment loan could lower that score.

“A student loan is part of the credit mix. The credit cards that students have is another part of the mix. …And if they have good repayment behavior, it all adds up,” says Raghu. “Now if there is a student who only has a student loan [and no other debt], and then because of the forgiveness, right now they don’t have a student loan, their ability to build a credit rating stops immediately. And this is where the real challenge comes in, as they will want to keep improving their credit score. »

Raghu added that even if all of your student loan debt is not forgiven, canceling $10,000 will undoubtedly shorten the term of the loan. “When the term of the loan is shortened, it has a negative impact on the credit rating,” he pointed out.

And it’s not just the ability to get loans in the future that will impact students who aren’t able to raise their credit score. It could also affect their ability to find a job once they graduate.

“[Many] employers have a credit history check. Thus, a student’s job opportunities may also stretch a bit more, mainly if they are unable to improve their credit rating. And all the loans, all the insurance they take out later on, it all gets expensive if they don’t really have a good credit rating. In the long run, it hurts the students,” Raghu noted.

See: Credit ratings remain at all-time highs, but that could change when COVID-era stimulus programs end
Find out: can you have bad credit even with a good income?

Although he made it clear that loan forgiveness is a good thing, “When it comes to building a credit score for a student, it wouldn’t really help them at all. If they don’t have other credit products, they need to start looking for other credit products now He suggested opening up credit cards and lines of credit for things like cable, rent, smart phones and other items – but always spend within your means to pay off the balance each month.

“Funneling some of their regular expenses through some of these credit-building products, rent payments and things like that, would also help anyone build their credit history.”

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About the Author

Selena Fragassi joined GOBankingRates.com in 2022, adding to her 15 years of journalism with signings to Spin, Paste, Nylon, Popmatters, The AV Club, Loudwire, Chicago Sun-Times, Chicago Tribune, Chicago Magazine and others. She currently resides in Chicago with her pets and is working on a first historical fiction novel about World War II. She holds a degree in fiction writing from Columbia College in Chicago.

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New Roads Auto Loans Releases ‘Most Trusted Car Brands’ https://work-fromhomee.com/new-roads-auto-loans-releases-most-trusted-car-brands/ Wed, 31 Aug 2022 15:12:57 +0000 https://work-fromhomee.com/new-roads-auto-loans-releases-most-trusted-car-brands/ The reliability of your car can dictate and even make or break your entire car ownership experience. IRVINE, CA (PRWEB) August 31, 2022 New Roads Auto Loans has announced the release of its latest “Most Trusted Car Brands” resource. This guide provides an overview of the most reliable car brands including Kia, Toyota, Lexus, […]]]>

The reliability of your car can dictate and even make or break your entire car ownership experience.

New Roads Auto Loans has announced the release of its latest “Most Trusted Car Brands” resource. This guide provides an overview of the most reliable car brands including Kia, Toyota, Lexus, Cadillac, Honda and Mazda.

“The reliability of your car can dictate and even make or break your entire car ownership experience,” according to New Roads Auto Loans. Consumers should look for vehicles that are known for their reliability and have low risk of breakdowns or few service or warranty issues.

Kia vehicles are known for their powertrain warranty and offer two outstanding models, the 2022 Niro EV and the 2022 Sportage. Toyota’s Prius and Aygo are two of the most reliable models on the automotive market, and on the market High-end, Lexus vehicles are known to have few issues and maintenance issues. Cadillacs are considered to have high safety ratings, including the 2022 Cadillac XT5 and the 2022 Cadillac Escalade. Honda vehicles are known for their consistency and longevity, and Mazda vehicles offer consumers sporty options that are also reliable.

To learn more about the most reliable car brands, please visit New Roads Auto Loans here.

About New Roads Auto Loans:

At New Roads, we know that credit problems can happen to good people. But we also believe that having a late-model car is essential to modern life, and credit issues shouldn’t stop you from getting a good car or truck. That’s why we specialize in providing car loans to people with credit problems. If you have bad credit and are worried about qualifying for a car loan, don’t worry. New Roads is backed by Consumer Portfolio Services (CPS), we have financed over 900,000 vehicles since 1991 for consumers with credit issues.

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How to get out of your auto loan (2022) https://work-fromhomee.com/how-to-get-out-of-your-auto-loan-2022/ Thu, 25 Aug 2022 19:28:15 +0000 https://work-fromhomee.com/how-to-get-out-of-your-auto-loan-2022/ If you need to withdraw from your auto loan, there are things you can do. These include negotiating with your lender, refinancing your car, selling your car, or voluntary repossession. Be aware that many of them do not eliminate your car loan payment, but give you access to different terms and payment amounts. 1. Negotiate […]]]>

If you need to withdraw from your auto loan, there are things you can do. These include negotiating with your lender, refinancing your car, selling your car, or voluntary repossession. Be aware that many of them do not eliminate your car loan payment, but give you access to different terms and payment amounts.

1. Negotiate with your lender

When you’re in a tough financial situation, the first thing to do is call your lender and discuss your options. You are not the first borrower to go through difficulties. Lenders have policies in place for this, and you may be able to negotiate a break in payments, known as forbearance.

Your current lender may also be able to change the amount of your monthly car payment in hopes that you will return it later. It can help to show the reason for the difficulties and explain how you can make higher payments in the future.

Are there auto loan forgiveness programs?

Lenders are unlikely to completely cancel your loan unless you return your car (which we’ll discuss later). They can work with you on your payment size or due date, loan terms, or deferral instead. If you declare bankruptcy, you will have to return the car because the lender still has a lien on the vehicle even if the loan is cancelled.

Can someone take over my car loan?

Someone can’t just take over your auto loan with the exact terms you have. A minority of lenders allow car loan transfers, but the secondary owner must apply for the loan and be approved. If your lender won’t allow a transfer, which is likely, you may be able to refinance the loan in the other person’s name or have them co-sign a refinance loan and cover the payments.

2. Refinance your car loan

The second best option is to refinance your car loan. In an ideal situation, you can get a lower interest rate now than when you bought the vehicle. This way, you can get a lower monthly payment and save money on the refinanced auto loan.

However, you may not be able to get a better interest rate, especially if you are behind on your payments. You can still refinance your car with the same or even higher interest rate than before, but you’ll pay more for the car in the end.

The advantage of refinancing is that you can get a lower payment and make your car loan a little more manageable. You will keep the car and you will have a new loan with new conditions. In many cases, you will also benefit from a short break in payments, usually between 30 and 90 days.

3. Pay off your loan

If it’s feasible for you, paying off your loan is one way to get out of your car loan and keep your credit score intact. Here are some ways to pay off your car loan early:

  • Pay the remaining balance in full
  • Make periodic payments above the required amount
  • Round your payment amount to the nearest $50 or $100 each month

What’s the best way to pay off a car loan?

If you want to pay off your car loan, make sure there are no prepayment penalties or penalties that don’t exceed what you’d save in interest. Paying the remainder of the loan in cash will save you the most interest, but you may also benefit from larger periodic payments.

4. Sell your car

Another way to get out of your auto credit is to sell your car. Ideally, you owe less than the value of your car and you can pay off the loan with the sale. Before listing your vehicle, contact your lender for a reimbursement amount.

If your lender is a bank, you may need to complete paperwork at a bank with the buyer. If you used an online lender, you may need to complete the sale at a partner bank’s location.

You’ll get out of your car loan once you pay off the lender and close the sale. If you are upside down on the loan, you will need to cover the negative net worth yourself or take out a personal loan to do this.

5. Opt for voluntary take-back

In some cases, refinancing your car may not be enough to get you out. To completely get out of your car loan, you can return your car to voluntary repossession.

Can you return your car to the finance company?

With a voluntary repossession, you give the finance company possession of your car. It’s better than a standard repo because you work with the lender to return a portion of what you borrowed through the value of the vehicle. However, this is not an ideal option because you are not repaying the loan in cash.

How to return your car without ruining your credit

Unfortunately, giving your car to the lender will hurt your credit. It won’t hurt your credit as much as a full repossession, but you’ll still take a hit. To have a better result, make sure you are not upside down on the loan. You may also get a better result if you can afford to pay off part of the loan when you return the car.

6. Last resort options

These last two options should be avoided whenever possible: default on the loan or file for bankruptcy.

Default on loan

If you don’t do anything long enough, you’ll simply be in default. This is the worst case scenario for a car loan. Default forces you to take no action and ignore calls from your lender.

Lenders do not want their customers to default. Although it’s difficult, we recommend that you answer the phone and work out some sort of agreement with the lender before it’s too late.

If you default, your credit will suffer a severe blow and will be affected for seven years. The lender can also repossess your vehicle depending on your situation. You will have a hard time finding another credit as long as this account is on your credit report.

File the balance sheet

You may consider filing for bankruptcy if your financial situation is dire. However, this will not automatically get you out of car loan debt. And if you get out of it, you risk losing the car in the process. A judge can grant relief in some cases, but every situation is different. We recommend speaking with a personal finance advisor to make the best decision.

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