Saturday, August 21, 2021

Your Credit Report

 The only thing a credit score does is to rate how well you handle debt. Those items that are commonly reported to the credit bureaus are mortgage payments, credit cards and loans. Some utility companies have begun to report monthly payments.

The only thing a credit score does is to measure how well you handle debt. It is used by banks, credit card companies and companies that have their own credit cards to determine your risk level for extending credit.

A poor credit score can affect your ability to obtain some jobs. For instance if you have a low score you may have problems in obtaining jobs in the financial world and organizations that require a security clearance. Many companies today run a credit report when you are being hired. The item they are looking for is late payments.

You do not need a credit score to get a mortgage. A mortgage company can do a manual underwriting  where you produce your financial records for them to see historically how you handle your income and spending.

If you are having financial problems we can help you get on the right track by providing you with a plan to have financial peace.

Monday, August 16, 2021

Finished BS 3

 

Names are not shown to protect the privacy of the writer. This was a post on Facebook.

My tired self just drove 40 miles to the bank (I live in the sticks) to deposit the last bit of cash tips to finish baby step 3.

20 months ago, I was newly divorced w $40K in debt. I worked 2-3 jobs for the last 20 months. I had mostly stayed at home while married and had no clue how i would do this, but i was determined to have financial freedom.
I have 4 kids (half time) and don't get child support.
I recently took a job at my kids school. I start in a few weeks. Its a huge pay cut from my full time bartending job but I DONT CARE cuz now I can finally be on my kids schedules. It will cover the bills. I can do side hustles when they are with their dad . . . If I choose to. I cannot imagine the concept of free time and tucking my kids in every night, but I will know it soon!

Comment: Fathers need to pay child support.

Sunday, August 15, 2021

Getting Our of Debt

A post from Facebook

Getting out of debt is hard work. Here is a message in social media that I read on how one gentleman worked toward getting out of debt. In advertising the phrase "try it you'll like it!"

It was close to $40,000 in 9 months. I didn't think it was possible. We have relatively low cost of living because we share rent and utilities with my sister. Saying no a lot. Finding things like furniture in decent condition on the side of the road and reselling on marketplace. Stimulus checks and tax return. I have a friend that I can work for occasionally where I can make good money. Also, I was lucky that I could use an insurance claim to pay off a car loan and paid cash for a used car. It was a combination of minimal spending, luck, and focus.
I wouldn't let money stay in my account. As soon as it hit my account, I would pay my debt immediately. No temptations that way.