5 Credit Myths that May Be Hurting Scores

by Justin Weinger on October 17, 2016

Now that summer is over and we are enjoying the fall trees turning and the cooler weather move through, that can only mean one thing; winter is coming and another holiday spending season.  Spending never really ends, there is always something will want, so you need to set limits on yourself.  Any mortgage, loan, or credit card interest rate you have is driven by credit, so why not strive to have the best score.  Whether you have great credit or issues in the past, there are a few ways to raise your credit score now. Of course if all else fails, it never hurts to look into credit repair services.

Watch Credit Card Spending, even if Paying the Balance

A large portion of your credit score is based off credit balance compared to limit, so even if you are paying off the balance each month, watch maxing out your accounts.  Depending on the timing that credit bureaus are refreshing your credit each month, it could show a large balance, lowering your score drastically.  Sure paying off the balance each month can continue to raise credit limits, showing you are a responsible spender, but do not hurt yourself in the process.

Closing Old Credit Accounts

Even if you are not using a credit card account, it is better to keep it open instead of closing.  If you have other credit accounts with balances, closing can reduce your total available credit, lowering the margin between balance and limit.  If anything cut up the card, check the online statement every month to make sure there is no suspicious activity, and leave it open.

Checking Your Own Credit will not Hurt Scores

Speaking of suspicious activity, it is important to monitor your full credit report, so at least once a year you should take advantage of getting a free copy of your credit report from any of the credit bureaus, although the score itself may be an extra charge.  Pulling this report will not impact yourself negatively, and in fact if you are interested in your scores, most of the creditors are now including your FICO score in each monthly statement, or clickable on your online statement, so you can see exactly where you are month over month.

Using Cash for Spending Will Help Credit Rating

Using credit accounts is not bad, abusing them is, so paying with cash instead of credit is not helping scores.  If anything, pay with credit, and pay off the balance each month.

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Some Items to Avoid Buying Cheap

by Justin Weinger on May 23, 2016

Buying the most expensive brand is typically not necessary, but when it comes to some items, price vs. quality comes into play.  If quality is less, you may find yourself replacing more often, or using more to get the job done.  Instead you should be finding discounts on high quality items, with in-store sales or clipping coupons.

Toilet Paper

When you purchase cheap toilet paper it is typically single ply, so in order to use a needed amount, you will need to unroll more, fold it over, and even seeming like you used the entire roll compared to a normal two-ply roll.  The cheap single ply probably is not the most comfortable to use, and if you buy cheap two-ply paper, you can expect it to feel like sandpaper, and will probably be a little red after.  Spend a little extra money and buy the good stuff, you will thank yourself.

Paper Towel

For simple wiping down counters, cheap paper towels will soak up fast and require you to pull off more sheets.  For spills, forget about it, you will have soaked and torn pieces of cheap paper towel everywhere.  Spend the extra money and buy a name brand or even a big box brand and avoid brands that contain the word “value”.

Bedding

You sleep in your bed every single day, upwards of eight hours a day, so why would you want to compromise sleeping, and your back, on a cheap mattress.  If you find yourself being tired with a stiff neck and back to go along with, it might be time to replace your cheap mattress, you will not regret it.  Same goes with sheets.  They do not have to be the highest Egyptian cotton, but something at least in the hundreds in thread count will make for a much more comfortable and cooler temperature sleep.

Investments

Investments probably sounds like an odd item to include in this list, but it’s probably the most important of them all. Too often you find people investing in penny stocks that go bust and they lose all of their money! Just like with everything else, when it comes to investments, you get what you pay for. Go with a reputable company like Banc De Binary, and check out their binary options investments.

Paint

I finally realized I needed to stop using cheap paint when I tried to paint my ceiling recently; using three coats and it still looked bad.  I purchased a premium brand that was only slightly higher in price per gallon and it made the world of difference, finishing the rest of my house in that brand.  Although I still put on two coats just to be safe, I could have even got away with one coat, but the coverage in just spending a little more money will thank your arms, patience, and wallet.

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CFDs: Their “Why” and “How”

by Justin Weinger on March 8, 2016

A CFD or Contract for Difference refers to a tradable entity which reflects the movements of the asset underlying it. The trader goes on to make losses or profits in accordance with the movement of the underlying asset in relation to the position taken. Notably, the underlying asset is never owned. It is an actually an agreement between the trader and the broker whereby they agree to pay each other the difference between the price of the asset (like EUR/USD, Gold etc) during the time the contract is made and the price when you actually decide to terminate the contract.

Contracts for Difference: A popular trading option

Now, over the past few years, CFDs have become an immensely popular way in which online traders trade commodities, stocks, indices as well as currencies. Sadly enough, there are still a few people who are apprehensive of trading with the help of CFDs since they are unable to understand the very concept of this form of trading. Once you are able to understand what it is all about, you will be in a better position to gauge whether or not you should, at all trade with CFDs. Here is a glimpse of how they work.

Contract for Difference: How it works

Though it sounds pretty mysterious to start off with, CFDs actually work like other stocks. A simple example will help you understand. Today, if you have invested $100 dollars in a particular stock and if the price of the stock rises by 20% to touch $120, then your contract would go up by 20% as well. If you decide to close the stock at that point of time then you would end up making a profit of 20%. And, if you decide to close the trade while the price has fallen by 20% then you will end up incurring losses worth 20%.

One of the most notable advantages of trading with CFDs is that you can actually access higher leverage than what you would have been able to do in case of traditional trading. The standard leverage in the CFD market begins from as low as 2% margin requirement. The margin requirement may go up (even up to 20%) in accordance with the underlying asset. Lower margin requirement means minimum capital outlay for trader and higher potential returns. In fact, it will not really be an exaggeration to say that lower margin requirement is one of the reasons why traders prefer investing in CFDs.

However, do remember that more prudent traders will warn you against relying totally on the buy and hold strategy. Make sure you have proper stop loss and risk management strategies in place so that you can actually go on to reap long term benefits.

Amazing Piece of News for CFD traders! Don’t Miss!

Notably, CMC Markets brings to you its Next Generation platform which enables you to trade commodities with as little as 0.4 point spread with an initial margin requirement of 0.50%. Do check out the website for further details.

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Challenge a Will: Save Your Inherited Asset

by Justin Weinger on February 24, 2016

Inheritance is a big part and also an identifier of what’s your standing in the family. As long as you are a legal descendant of the testator, or writer of the will, bound by blood or by law, you can claim what is rightfully yours. Due to the fraudulent act or influence of some greedy individual around you – who sees this as opportunity to take away an asset, or therefore challenging the testament, you need to make sure that you know how to handle such scenarios. Remember that there’s nothing worse than losing someone important in your life and at the same time losing the chance to experience what is legally entitled to you.

An inheritance is an investment provided by a loved one, but there are instances when a will and testament are improperly written or falsely drafted. If you find yourself at the losing end and you think you deserve the property more than anyone else then be prepared to be in court. To challenge a will is difficult, but the fact that owning a house gives loads of benefits, which will definitely help you in the future, you need to work hard to protect this asset. Some of the benefits of owning a house are:

  • Appreciation of Value
  • Shield Against Inflation
  • Property Tax Deductions
  • Capital Gain Exclusion

Here are the steps you need to do to ensure a house that is supposed to be your inheritance will be transferred legally:

THE AFTER ACTION

If you have read what is in the will, seek some legal adviser to help you in interpreting it; always trust your guts when identifying if there are any suspicious elements in the will. For the after action, understand first the content and investigate what caused the problem. You should be able to confidently point out your grounds for challenging the will. Those who succeed in challenging a will do so with the help of a great lawyer. Seek help from a trusted lawyer who fully understand your situation and can further explain what actions shall be done.

SPECIFIC LAWS TO CHALLENGE A WILL

There are two kinds of law that can help you claim your inheritance if you ever feel like there was a bias when the will was made. The first encompasses the promises of the deceased person to an individual even when they are not literally related by blood. Under this law, a person given such right need not to be personally written by the will, as long as he can prove that he was assigned to a specific property in front of the court, then he will be free to claim his right on said property.

The next one deals with the protection of family members and their inheritance of the deceased person’s assets. Subject to this provision is filing an appeal to the court, claiming you haven’t received any portion of the inheritance.

DURATION ACCORDING TO COMPLAINS

Generally, there is a given duration for you to file an appeal to the court in accordance with the law. As stated by the law, there are 3 types of complaints: Inheritance act claim for maintenance, beneficiary making a claim against an estate, and fraud or forgery.

In the first type you are given 6 months after the grant of probation, while the claim against an estate has a 12-year window after the death of the will maker. And lastly, there is no time limitation given when it comes to fraud.

Do not forget to comply with these guidelines in order to increase the chance of the court ruling in your favour. A house, after all is a good investment for you and your family’s future.

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