Credit Score in the Dumps? How to Uncover it’s True Potential

A less than ideal credit score can limit your ability to make larger purchases. There are things that you can do now that will help to improve your credit rating. Here are some of the steps that you’ll want to take in order to uncover the true potential of your credit score.

Schedule Your Payments

Late payments work against your credit score. One solution that will help you to avoid having late payments is to schedule your payments. There are online tools that will help you to achieve this goal. 

The caution with automatic payments is that you’ll need to ensure that you have enough money in your account to cover your expenses. Missed or delinquent payments are just as detrimental to your credit score as late payments.

Stop Revolving Debt

You may have heard the term revolving debt used and wondered what it meant in relation to your situation. This is more commonly seen with the type of debt that you collect by using credit cards. The balance that you carry on these cards adds to your debt load.



If you have too much debt, you’re considered higher risk and this can lower your credit score. Paying off your high interest loans and limiting your use of credit will help to get your credit score back on track.

Learn the Tricks

As with anything, there are tricks that you can learn that will help to improve your credit score. Work with a fast credit repair company so that you can learn these tricks a little faster. 

For example, overextending yourself can lead to you having trouble paying your debt down. You may find yourself making minimum payments and accumulating more debt in order to eliminate your other debts. Over time, this can cause your credit score to drop.

Apply Judiciously

Every time that you apply for credit, it counts against your credit score. This may not seem like such a big deal until you want to apply for something that really matters. Applying for credit judiciously will help you to get the things that you really want. 

It will also serve to improve your credit score if you can show that you can handle your financial situation without having to take out more credit to get it done.

A good credit rating can quickly be lost and take a lot of time to rebuild. Consider these tips if you want to get your credit score back in shape.

Can Your Money Make Money? How to Save for Retirement through Investing

If you have started planning for retirement, you may have already estimated your financial need for the future. This estimate may be based on a projected budget in retirement as well as the use of online retirement calculators. 

If you are floored by the huge amount of cash that you need to save between now and your desired retirement date, you are in good company. The good news is that your money can actually make money for you when you invest it wisely. These are some of ways that your cash can multiply over the years.

Interest

Today’s savings accounts have fairly low interest rates. In some cases, they barely keep pace with the rate of inflation. However, when you stash at least some of your money in a savings account, your bank will make regular interest deposits in your account. 

You will notice that your account balance grows slowly over time as a result even if you do not contribute any additional money to it. Because the rate of return on a savings account is low, however, you should also consider putting some of your money in these other investment vehicles.

CDs

The rate of return on CDs varies by financial institution, the term length and the amount of money that you invest. You will generally enjoy a higher return when you buy a CD with a longer term and a larger investment. 




However, if you cash out the CD prematurely, you may lose money. Therefore, only buy CDs with money that you know that you will not need until the end of the term.

Dividend Stocks

While stock prices fluctuate dramatically, the stock market in general has trended upward over the decades. With all stocks, you profit when you sell them at a higher price than what you purchased them for. This is only one way to profit from stocks. Some companies may a regular dividend on their stock. 

A quarterly dividend is most common, but this varies. You can request dividend reinvestment, which means that you will buy additional shares of the same stock with the dividend that you receive. You can also receive the dividend as cash in your investment account.

Real Estate Investments

Real estate investments can also be lucrative, and rental property is among the most common way to profit from real estate. Real estate investors make money through property value appreciation, and this can be realized when the property is sold or when the investor takes out a cash-out refinance loan. 

If the property is income producing, the investor generally will receive monthly cash flow. Another way to benefit financially from real estate investments is through tax deductions.

As you can see, there are numerous ways for your money to make money for you. A smart idea is to fund your savings account with a reasonable amount of money, and this can serve as an emergency savings account. You can then purchase other investments to create a diversified, balanced portfolio.

How Older Adults Can Access Their Social Security Benefits

If you work until the age of 66, you will be able to claim your full Social Security benefit for retirement. This age is subject to change, however. Individuals who were born in 1956 will need to wait until they are 66 and four months to claim their full benefit. The retirement age will continue to increase until it reaches 67 for everyone born in 1960 or later.

What Are Your Options if You Need to Claim Early?

If you start collecting social security benefits before the age to receive full benefits, you get a smaller payment. Currently, you receive 25 percent less than if you wait until full retirement age to begin collecting benefits. For most people, it makes sense to wait until you reach the full retirement age to begin collecting social security.

What if You Need to Retire Early?

It is estimated that one in every four workers will become disabled before reaching retirement age. In cases where this happens, you may qualify for disability payments. To qualify for social security disability, you must have a medical condition that will prevent you from working for at least a year, or that will result in your death. 



If you have a partial disability or a short-term health condition, you do not qualify for this benefit. You must meet the definition of disability as it is spelled out by the social security administration and be younger than the full retirement age. Certain family members of the disabled may also be able to collect disability payments.

What is the Process for Applying for Social Security Disability?

If you believe that you or a family member qualifies for social security disability, you can fill out an application online. The process to collect disability from the social security administration can be lengthy and complicated. 

It often makes sense to contact one of many social security lawyers to speed the process along. It is not uncommon to initially be rejected for disability, but for the payments to be granted on appeal.

What Happens When You Reach Full Retirement Age?

If you are still receiving disability payments when you reach full retirement age, your payments will convert to retirement benefits. When most workers retire, their social security is based on their previous 35 years earnings. 

To prevent years spent collecting disability from lowering your retirement benefit amounts, the Social Security Administration ignores the years spent collecting disability when determining your benefits.

The process of applying for social security benefits can be overwhelming and intimidating, particularly if it is happening at a time when you are already facing a health crisis. 

Having someone to help walk you through the process can provide emotional support at this critical time. Someone familiar with the process can also make sure you have the paperwork necessary to get your claim submitted properly.

Budgeting for a Family: Ways to Work Toward Financial Freedom

When you have a family to provide for, it's essential to make sure you do everything you can to plan for the future. Not only is it important to have the necessities like food, clothing and shelter, but it's also best to create a life that you all can enjoy. 

Whether you'd like to go on a family vacation, out to the movies or make an investment, it's good to have the financial freedom to do so. In order to make it happen, you'll want to have a budget in place. 

In addition to a budget, there are ways you can create wiggle room so that your family can achieve the financial freedom you desire.

Use coupons

Get creative about the ways you create more room in your budget. Grocery shopping for a family is completely different from grocery shopping for yourself. You'll spend a lot more money. In order to keep costs low, it's good to shop in bulk. 

However, it's also great to use coupons. Now, there are tons of coupon apps you can download in order to get the discounts you desire. When you're shopping online, it's a good idea to download various widgets and apps that'll feature different discounts before you purchase the items in your online shopping cart.

Create passive streams of income

Passive streams of income are essential in order to build wealth. If you don't have various vehicles set in place, it's time to start building them. If you're an excellent writer, consider writing a series of eBooks. 




Upload them to the sites of major book retailers, and promote them consistently in order to earn money. Invest in the stock market or in the foreign exchange market.

Readjust your bills

Reconsider your cable bill. Get rid of a few of the luxurious amenities for a little while. If you're in a bind and you're a homeowner, you might want to consider shifting the interest rate on your mortgage loan by switching to a home equity loan. In some cases, this can be a really helpful move to allow you some breathing room.

DIY

Do your own manicures and pedicures. Style the children's hair yourself. Cut your own grass. There are certain tasks you can do on your own as they will help you refocus that money into more lucrative investments.

As you work hard to turn this goal into reality for your family, you might get discouraged along the way. There will probably times when you'll lose motivation, and feel compelled to give up. 

However, think about the fact that you're working for more than just yourself. You're working in order to help your family experience a better future. When you're able to keep things in perspective, it'll be easier to continue on the journey to financial freedom.