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    Good credit raises your chances of obtaining an unsecured loan.

    Published February 1, 2012 | By DFWMoneyMatters

    If уоu аrе соnѕіdеrіng trуіng tо gеt аn unsecured loan уоu wіll nееd tо mаkе ѕurе thаt уоu hаvе а rеаllу good credit background. Thе reason іѕ thаt thіѕ іѕ thе kind оf loan whеrе thе lender dоеѕ nоt require thаt уоu hаvе аnу kind оf collateral іn order tо gеt thе loan. Anоthеr thіng tо note hеrе іѕ thаt thеѕе kinds оf loans uѕuаllу hаvе а lot higher interest rate thаn а secured loan generally does.Before уоu gо аnd meet wіth thе lender уоu wіll nееd tо gather uр аll оf уоur paycheck stubs оr hаvе ѕоmе sort оf statement thаt shows уоur monthly income thаt ѕhоuld gо bасk ѕіx tо twelve months. Thеу nееd tо ѕее thаt уоu hаvе а steady income coming in, іn order fоr thеm tо соnѕіdеr giving уоu thіѕ kind оf а loan.

    You ѕhоuld fіrѕt gо tо уоur bank оr financial institution thаt уоu deal wіth оn а regular basis аnd ѕее іf thеу offer unsecured loans аѕ part оf thеіr loan program. Yоu wіll mоrе thаn lіkеlу gеt bеttеr terms іf уоu аlrеаdу dо business wіth them.It’s important thаt уоu аrе аblе tо show thеm thаt уоur income іѕ stable whеn уоu gо tо meet wіth them, thіѕ іѕ whу уоu nееd tо hаvе аll оf уоur proof оf income handy whеn уоu gо tо meet wіth them. If уоu happen tо bе trуіng tо borrow frоm а lender thаt works online аnd уоu don’t hаvе а face tо face wіth thеm уоu ѕhоuld аѕk уоur employer fоr а letter thаt confirms уоur income аnd уоur job security.It’s а smart thіng tо dо іf уоu shop аrоund compare thе dіffеrеnt terms thаt аrе аvаіlаblе tо уоu thrоugh dіffеrеnt lenders. Yоu thеn саn uѕе thе information аѕ а wау tо bargain whеn уоu аrе dealing wіth а сеrtаіn lending institution tо trу аnd gеt thе bеѕt rate thаt уоu can.When уоu hаvе decided оn whо tо gо wіth уоu саn thеn sit dоwn аnd negotiate thе loan аnd it’s terms, еѕресіаllу thе interest rate.

    Thе lender wіll mоrе thаn lіkеlу trу tо offer уоu а rate thаt іѕ inflated аnd уоu саn trу thеn tо ѕее іf уоu can’t talk thеm dоwn wіth rеgаrdѕ tо that. If уоu hаvе good credit mоѕt оf thеѕе lenders wіll аllоw уоu tо negotiate. It’s important tо note hеrе thаt аnу unsecured loan nееdѕ tо аlwауѕ соmе wіth а fixed rate wіth а fixed monthly payment.Make ѕurе thаt аftеr thе documents аrе written uр thаt thеу аrе еxасtlу thе ѕаmе аѕ whаt уоu discussed wіth thе lender. Yоu don’t wаnt tо find оut lаtеr thаt thеrе wаѕ а mistake оr thеу changed ѕоmеthіng wіthоut telling уоu аhеаd оf time. If уоu dо find а discrepancy thеn уоu nееd tо simply walk аwау аnd find ѕоmеоnе еlѕе tо gеt thе loan from.If thе loan уоu gеt іѕ thrоugh уоur оwn bank, уоu mіght bе аblе tо gеt thеm tо tаkе а percentage оff оf уоur interest bу tаkіng monthly payments rіght оut оf уоur bank account, ѕо mаkе ѕurе thаt уоu аѕk thеm аbоut this.

    Posted in Loans

    How To Use Credit Cards Effectively

    Published January 16, 2012 | By DFWMoneyMatters

     

    Now days, credit cards аrе thе common mode оf paying purchases, еѕресіаllу when purchasing services and products online. It іѕ thе mоѕt convenient wау to pay online,  as it makes it easy and secure to buy things online.  But, whаt іѕ thе effect оf thіѕ convenience оn уоur personal finance? Iѕ іt beneficial оr detrimental? Mаnу people wоuld ѕау thаt thеу аrе mаіnlу beneficial ѕіnсе thеу аrе easy tо use. However, thеrе аrе ѕоmе people thаt ѕау thаt thеу аrе vеrу detrimental tо personal finance bесаuѕе thеу саuѕе mоrе expenses аnd еvеn financial chaos if а purchase іѕ mаdе wіthоut thоrоugh planning. Sо whаt thеn іѕ thе real score? Credit cards аrе good fоr уоur personal finance іf thеу аrе uѕеd properly. Whаt does using it  properly really mean? It means thаt уоu оnlу uѕе уоur thеm fоr emergencies.

    Emergencies dо nоt соmе еvеrу day, ѕо expenses undеr thіѕ category ѕhоuld bе rare. Also, fоr а good controlled personal finance budgeting; uѕе credit cards оnlу whеn уоu саn match thе expense wіth аn income. Otherwise, dо nоt uѕе thе card іf thеrе іѕ nо fund tо pay fоr it within 30 days. Nеvеr uѕе уоur credit card оn impulse buying, and try to leave it at home if possible. Also try not to pay your bills with credit cards, it is a good habit to always pay them with your debit card.  If something іѕ nоt listed іn уоur thіngѕ tо buy, thеn уоu dо nоt really nееd it. When уоu apply fоr credit cards, choose а card thаt hаѕ reward points аnd cash back if possible. Credit cards  wіth universal uѕе аnd lоw interest rates аrе thе bеѕt choice fоr уоur personal finance needs. It is good to have credit cards, and it can help build your credit, as long as you do not over spend. Whеn special sales uѕіng thе cards аrе offered, only tаkе advantage оf  discounts аnd purchase offerings that you really need .

    It іѕ true thаt credit cards саn ruin уоur personal finance, еѕресіаllу whеn uѕеd irresponsibly.Irresponsible usage wоuld include impulse purchases, unnecessary purchases, аnd hoarding.  Going on a shopping spree for the sake of shopping, and then dealing with debt later, is not a pretty picture. In order tо hаvе sound personal finance, уоur credit cards ѕhоuld bе uѕеd wisely. Bеfоrе уоu mаkе аnу purchase, аlwауѕ check уоur balance іn order nоt tо gо over your credit limit and incur extra fees. Credit card debt is a major problem in our economy, and it is good to stay educated in the matter.  Practicing аnd applying thеѕе procedures wіll help you stay out of credit card debt, and increases the chances of having a good credit score.

    Posted in Credit Cards, Credit Tips, Debt Management

    File your 2011 Federal Tax Return Online Using your last paycheck stub!

    Published January 2, 2012 | By DFWMoneyMatters

     The 2011 tax season is here, and as the laws keep changing, it can get very confusing and frustrating to do your taxes. But did you know there are free online resources that allow you to file your taxes and e-file for free? H&R Block has a great and free service that allows you to file your federal tax return online. The good news is that you don’t have to wait for your W2 to come in the mail. If you have your last paycheck stub from 2011, and you worked at the same job the full year, then that is all you will need to file your tax return.  The software is really easy to use, but make sure you have your last paycheck handy and your dependent’s information like social security numbers and date of birth. The software walks you step-by-step through the process  and will even check your return for errors before you file. What is really convenient is that it will allow you to e-file your refund and get your tax refund faster. Now keep in mind I live in Texas and all of this info is for a federal tax return, as we do not have a state income tax. So the information for state tax returns may vary significantly.

    That being said, it is really quick and easy to file your federal tax return online, starting now! Your last paycheck should have your total income, contributions to 401k, taxes you paid, social security taxes, etc. Most of the information you will need is there already. Depending on your filing status, and on the deductions you are wanting to take you may not be able to complete your filing online right away. There are some forms that are not available yet. For example tax  form 8863 will not be available until January 14, 2012. If you’re interested in claiming the American Opportunity Credit or Lifetime Learning Credit, you will have to complete this IRS tax form, so your refund may be delayed.

    If you have a fairly simple tax situation, a lot of the time it is easier to do it yourself online, and you can also go to a local H&R block office to have a tax professional review it before you submit it, to make sure you get the maximum refund. This solution is recommended if you have had the same job for the full year and have a fairly simple return. However if you have a home based business, lots of properties, or invest a lot of your money, it is usually better to consult with a tax professional. Usually they will be able to complete your tax return with your last paycheck stub as well. Be careful of companies that try to give you a “loan” until your tax refund arrives, these loans usually have high interest rates and are not recommended unless you really need the cash right away. Also make sure that you do a direct deposit to your bank account, even if it takes a little longer, sometimes companies will try to talk you into getting your tax refund through a debit card they provide you. That is not usually a good idea, since if you lose that card, your money is lost. This is profitable to the companies because they make a certain percentage when you use the card at retailers. Tax season doesn’t have to be a hassle and you can make it pay off to your benefit.

    Posted in Money Matters, Taxes

    Creating a Budget and sticking to it can keep you out of debt for 2012

    Published December 23, 2011 | By DFWMoneyMatters

    Since 2012 is around the corner, a lot of people’s new year’s resolution will be to be debt free. That can mean many things from, paying off your current debt, creating a budget, and also having an emergency fund. Creating a budget can be a daunting task, but in reality it is a simple and proven way to keep yourself from over spending, and out of debt. It can actually be very simple to create a budget. Make a list of your most common set expenses that don’t usually change, like your rent or car payments.  Those are fixed expenses that you can’t really cut back on. Try to calculate how much money per month you will dedicate to paying off your current debt. Once all the debt is paid, keep using that money to save it as an emergency fund.

    Another easy thing to do  would be to create a list of expenses that is a little more flexible. For example like how much you can spend on entertainment, eating out, or clothes.  Make sure that you keep track somehow of how much money you spend. This could be in a digital way like an excel spreadsheet or just a place where you keep all of your receipts can work as well. At the end of the month add it all up, and if you notice you over spent in a certain category, cut back on another to compensate for it. Always have a budget and a way to measure it, it is a great way to stay out of debt. Another great idea would be to have someone like a friend or spouse keep you accountable and make you stick to your budget. With these simple tips, you can make 2012 be a step closer to a good financial future.

    Posted in Budgeting, Personal Finance

    Negotiate everything, 7 Words that Can save you a TON of Money

    Published December 9, 2011 | By DFWMoneyMatters

    Always be frugal! Never  settle for the first price you get for anything, no matter how small. When car shopping, most people do not take the first price. In that situation it is very likely that there will be a lot of negotiating. To keep more of your money it is a smart idea to always try to get a better price for anything you buy.

    The first step to being a great negotiator is to build rapport, and make the person who has the power to change the price, like you. The easiest way to do this is to find a common interest or make them feel special in some way. Once the price is presented to you, the best way to get them to agree to a lower price is to ask the magical question: “ Is that the best you can do?”  Generally you will be surprised that people are more willing to bend the rules a little. You can do this for anything like purchasing a bed, a cell phone, roofing, anything and everything. More than likely the sales person will be paid a commission and they would rather get a little bit of your money than have nothing.

    Posted in Money Matters, Personal Finance, Ways To Save Money

    Tips to finding Dallas Self Storage Facility Units

    Published December 1, 2011 | By DFWMoneyMatters

    Looking for a storage unit can be painful. I mean, there are over 200 storage facilities in the Dallas-Ft. Worth area, with an average of over 100 units each. That’s 20,000 units to choose from, all different sizes with different unit types (first floor vs. second floor, climate controlled vs. non climate controlled, drive-up vs. indoor) and with different prices. Calling around is basically not an option, so I Googled Dallas storage and found SpareFoot.com.

    All of a sudden, I’ve got all the information I need to make a decision: price, distance from my current location, amenities, specials, and the ability to book online to reserve a unit.

    Moving into the unit is even easier if you’ve booked on SpareFoot in advance. The storage facility already had my name, email address, and phone number, so it took less time to fill out the required forms. And the final benefit: on top of the discount that the storage facility already offered, SpareFoot has a $20 rebate for anybody who books and moves into a storage unit.

    I couldn’t have asked for a better experience. I hope to find a similar website for looking at parking spaces in Dallas, which is similarly hard to find. So if you need a place to store your belongings, check SpareFoot.com out!

    Posted in Featured Business

    How to Start Investing and Trading in the Forex Market

    Published November 29, 2011 | By DFWMoneyMatters

    One of the best ways to make your money work for you is through investing it right. Stocks, bonds and other long-term investments usually take many years to show any return. Many people are intimidated of trading stocks or currencies, but getting started with Forex trading is much easier than you think.

    Whenever you convert one currency to another that is what you call foreign exchange or forex. When you do it in the global currency market through a Forex Broker then it can be considered as forex Trading.

    Forex Trading is just one of those ways to make your finances grow and if you are interested about it then you must start knowing the basics. With as little as $100 you can initiate looking for currency trading opportunities but of course you need to find a forex broker  which stresses integrity just like those being introduced by AVA FX – an award winning Online Trading Center which also offers state-of-the-art trading platform named metatrader 4.

    If you are really a newbie in this field then you may initially begin and practice on a demo account  and from there identify how much money you can invest on your account. This will help you to obtain a feel of real time market trading transactions and will also test your comfort zone with regards to the trading platform of your choice.

    Once you get in to the trading system then you may start learning about the market terminologies and on the procedure itself as well as on the strategies needed to make your account grow. AVA FX for instance also offers free advanced online forex trading tools and also has multi lingual services to fully assist their traders. You may also try to look at on how forex trading differs from stock trading or even cfd trading. Try to study on the market trends too as represented by charts and graphs. There is where you would get to understand support and resistance. It can be a source of your trading decision.

    Once you get comfortable with the follow of your demo forex trading then you can compose yourself to get into the live trading. On the other hand, you must remember that the risk which you have to manage this time is something real. While you expect gains there are also instance of losses that you have to deal with. Learn to accept some downward slopes along the process.

    On the onset, make sure that you are with a trusted broker whom will give you ease and comfort with constant trading support, whom will help you analyze trends to decide and something whom is not just after some commissions or fees just like the AVA FX way.

    For more information on how to get started with Forex, Check out our free Live Forex Trading Webinar : www.avafx.com

    Posted in Investing

    November Holiday Shopping Tips for Black Friday & Cyber Monday 2011

    Published November 14, 2011 | By DFWMoneyMatters

    The holidays are here and this is the best time of the year to find great deals on big items like furniture, computers, electronics and more. This could be gifts you are going to buy anyways for Christmas, or things  for yourself that you may just want. You can take advantage of the upcoming Black Friday & Cyber Monday shopping events to save a lot of money this holiday season. This time of year is the best   to make your big purchases and early shoppers are rewarded with lower prices. Here is a list of ways to make your shopping go smoother and more rewarding.

    Prioritize and make a list of the things you know you will need to buy.

    Start looking at online ads and decide if you can save more money buy going to a store or shopping online.

    If you have  a smartphone, find an app that allows you to check pricing at other major retailers.

    Every major retailer has black Friday ads online, take time to look through them

    If you choose to go to a retail store determine which store you will go to first ahead of  time.

    If you have a partner or close friends, you can also shop for each other and get more great deals.

    If you have young children to take care of, sometimes shopping online will be much easier.

    Be careful driving in traffic, and stay safe, as many people will be in a rush.

    Since shopping starts so early a good idea to get a good night’s rest, and to eat breakfast so you have plenty of energy.

    If you’re going to party to hard on Thursday for thanksgiving, the wisest thing to do would be to shop online.

    Shopping now is smart, not only because you will save money but also because most of the hot items like iphones, game consoles, and other popular gifts will more than likely be sold out as it gets closer to Christmas. Also you get time to wrap your gifts and it won’t be another last minute race to gift wrap them all.

    Posted in Shopping, Ways To Save Money

    4 Deadly Money Mistakes Teleseminar by T Harv Eker

    Published November 7, 2011 | By DFWMoneyMatters

    T Harv Eker is the great author of the book The Millinaire Mind, He has a great company in which he goes through out the country with a mission to re-program your money blue-print. I have personally attended his seminars and would highly recommend him. Check out this
    When it comes to money….which of the following questions do you relate to?

    - Do you feel frustrated?

    - Are you working way too hard with little to show for it?

    - Are you losing ground in your financial battle, maybe going backwards instead of forwards?

    - Do you ever feel like you want to give up on the whole idea of wealth and wonder if it’s really worth it?

    - Do you consider yourself a fairly high achiever but you’re not achieving your financial potential?

    - Have you lost your financial confidence and are you worried about the future?

    - Did you lose money in the markets or real estate and wonder if you’ll ever get it back?

    - Are you afraid that you won’t be able to retire when you planned, or if you do, you won’t be able to live the way you want?

    - Are you doing well financially but just not happy, and you can’t put your finger on the problem?

    - Are you fed up with the government, big corporations and Wall Street and feeling like their greed is making it harder on you?

    - Are your relationships being affected by your finances?

    - Is your self confidence being affected by your finances?

    If you answered yes to any of these questions then chances are, you are making one or more of these 4 deadly mistakes.

    If you ever want to get rich, if you want be financially free, if you want to stop worrying about money and get it handled once and for all, do whatever it takes to be on this (what many people are calling) “shocking” teleseminar.

    WARNING: WHAT YOU FIND OUT ON THIS TELESEMINAR WILL BE VERY EYE OPENING AND POSSIBLY QUITE DISTURBING.

    By the end of this teleseminar, you will have finally found the solution you’ve been looking for….the true secret to wealth.

    The 4 Deadly Money Mistakes
    How To Stop Killing Your Financial Future
    Live Teleseminar with T. Harv Eker

    Go here to check it out

    Posted in Featured Business

    4 Ways to Build Your Credit Without Having Credit Card Debt – Alternative Credit Building Methods

    Published October 18, 2011 | By DFWMoneyMatters

    College grads often enter the workforce with high expectations, and a good outlook, but little employment or financial history. At this time in their lives they may need a credit card or car loan, but without a track record it might be hard for them to qualify. Credit card issuers approve consumer cards based on financial data like credit history, monthly income, and employment. This history is required for approval, so if a company has little financial information to go on, odds of this are pretty slim. Without any type of positive history, getting new credit or a loan can be impossible. But, there are a few techniques that can help a college grad or anyone else with little or no credit history.

     

    Here are the top 4 easy methods to build a history without a credit card:

    A Credit Builder Loan

    Many credit unions offer a type of loan that is set up specifically to help consumers build or repair their credit scores. This “credit builder loan” works over a period of usually 6 to 12 months and costs very little in interest. With the credit builder loan program, a credit union will lend the consumer $250 – $1000 and place the cash in an interest bearing CD. They will then pay off the loan over the 6 – 12 month period, and then collect the money from the CD or let it continue to accrue interest. This is a painless process that can help anyone build a history or raise a credit score. A “credit builder loan” can be preferable to a traditional loan, as is it very low interest and the credit union can help walk you through this process.

    Set Up An Account With PRBC

    The alternative credit scoring company PRBC uses payment history as a way to build your credit. Currently FICO scores are not calculated using rent payments, utility bills, insurance payments, or cell phones plans. Once you set up an account with PRBC, they will keep these records and work with FICO to create a score through FICO’s Expansion Score program. Creditors and lenders have the ability to access this score and may approve an application for a loan or credit based on this information. FICO states that the credit data provided by “Expansion Score” is just as accurate at predicting risk as their traditional credit scoring system. This means lenders and creditors shouldn’t have any bias towards approving an application with this alternative data. Currently, there isn’t much information available that compares approval rates using alternative information compared to traditional FICO scores. But, according to the Equal Credit Opportunity Act, creditors legally must consider any information that supports a borrowers “credit worthiness”.

    Get a Co-Signer

    Getting a parent, close relative, or friend to take responsibility for a debt as a co-signer is one way to get approved with no history. By agreeing to co-sign for a loan or credit card, the co-signer will be completely responsible for this debt if it goes into default. If an applicant has a co-signer, they should keep them in the loop about their plans for the card, and how they will pay for the bill. They might even want to send them a copy of your credit card statement each month, so they feel secure that the borrower is using it responsibly. Due to the recent CARD act, it may be necessary for people under 21 to have a co-signer in order to be approved for a new credit card.

    Secured Cards

    Secured credit cards can be a way that almost anyone can start building credit history, without a traditional credit card. These cards work just like other credit cards, but they debit funds out of a prepaid account. This takes away the risk for the card issuer, so most people can qualify for these cards, even with a poor credit history. Secured cards may have more fees than unsecured credit cards, so applicants should know how they will be charged, before they make a large deposit. It is also important to make sure that the card you pick reports all transactions to the 3 major credit bureaus. Since you may be using this card to build your credit history, this feature is essential when choosing a secured card.

    A financial history is important because it shows how much of a risk you are to a lender. Without this, these companies will have no evidence that you are responsible with your money. By using one of the techniques above, you can start building a financial record that businesses can use to evaluate your credit worthiness. The process of building credit doesn’t happen overnight. But, with time and good financial habits, you will be on your way to qualifying for unsecured cards and loans.

    About:

    Ross runs the site Great Credit Score, which focuses on topics like personal finance, credit, and debt. He also plans to document his experience investing in dividend stocks, bonds, and precious metals.

    Posted in Credit, Credit Cards, Credit Tips
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