Daily Investment Tips

The best way to get credit or loan from the mainstream lenders is to have a good FICO score. FICO credit scale runs from 300 points to 850 points; the higher the score, the better your credit standing.

FICO credit scores of under 620 is considered poor and it means obtaining loans and credit cards with reasonable terms difficult.

While a FICO credit score above 760 means you can get the best and lowest interest rates.

Tips to Improve Your FICO Credit Score

Get a free copy of your credit score from the three major credit bureaus. Read the reports thoroughly and find if they have outdated information. If there is incorrect information, file a dispute with the credit bureaus.

Start paying your debts on time. Credit bureaus report late payments every month. Every time they report your late payment the lower your FICO credit score gets. Start paying your debt on time and you will see gradual rise in your FICO credit score.

Focus on paying off the credit card debt. Call your creditors and try to renegotiate the debt. If you call them and tell them your problems and offer a realistic repayment plan they will be glad to listen to you and make accommodations.

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The best thing you can do to improve your financial health is eliminate high-interest debt. To Get out of debt, try to use any bonus, raise or tax refund to pay off credit cards in full. Even adding a few hundred dollars to your payments can make a huge difference in your plan to get out of debt, especially if you can get your credit card company to lower your rate.

Get Out of Debt Example

If your minimum payment is 4 percent of your debt, a $5,000 balance with an 18 percent interest rate would start with a $200 monthly payment, which would take 32 months to pay off and cost $1,314 in interest. If you pay $500 per month on a 5 percent card, you’ll cut your interest charges to $118 and pay off the balance in just 11 months. ..How does this simplify your life?

Once you’re out of debt, you won’t have to juggle minimum payments, and you’ll save a ton in interest, which frees up extra cash to reach the rest of your financial goals.

written by Constantine Njeru \\ tags: Bonus, Credit Card Company, Credit Cards, Debt Advice, Eliminate Debt, Extra Cash, Financial Goals, Financial Health, High Interest, Interest Charges, Interest Debt, Interest Rate, Minimum Payment, Minimum Payments, Reach Goals, Tax Refund

Long time ago if you wanted free cash for college you just needed to apply for a scholarship, if you were lucky to get it, you were set for college. Another free source for free college cash was cash from parents and relatives.

Thanks to declining economy this sources of free college cash have dried up. Other sources of free college cash have come up.

Free College Cash Websites.

Websites such as Babymint.com, Littlegrad.com, Futuretrust.com and Upromise.com, allow registered users to earn points that go towards a a college saving account.

Credit Cards

Fidelity offers an American Express card that will rebate 2 percent of all purchases to a Fidelity 529. The money will be withdrawn to finance college education. Upromise also have a credit card where registered users can earn back upto 1% of every amount spent using the upromise credit card.

Another fabulous article on the subject is at USNEWS

written by Constantine Njeru \\ tags: American Express, American Express Card, College Education, College Websites, Credit Card, Credit Cards, Declining Economy, Fabulous Article, Fidelity 529, Finance Education, Free Source, Free Websites, Futuretrust, Littlegrad, Long Time, Money, Parents, Relatives, Scholarship, Upromise, Upto

Suze Orman was once asked in a blog interview what is the most commonly asked question that you receive? Her answer was, how do I best get out of credit card debt?

if you want to get out of credit card debt Suze Orman says the first thing you need to do is : Get a pair of scissors and cut up all credit cards! If you are not willing to do this right now, it’s a sign that you need some serious help. It means that you still don’t understand the implications of having debt of this kind – and that you are still being disrespectful to yourself and to your money. Suze Orman

After cutting up the credit cards the next step is the action part. From Suze Orman book The Road To Wealth.

Step One to get out of credit card debt

Make a complete list of everything you owe

Step Two to get out of credit card debt

Calculate all your expenses and estimate how much money you can afford to pay toward reducing credit card debt each month.

Step Three of Getting out of credit card debt

Add $10 to each minimum monthly payment for each credit card that you have.

Step Four To Getting out of credit card debt

Compare the figures you get from step 2(largest amount you can afford to pay) and step 3(minimum payments). If you are lucky the figure from step 2 is larger than the figure in step 3. If it is not, you might want to look again at things you can do to save money in step 2 to get this figure up.

Step Five of Getting out of credit card debt.

The difference you have in step four should be used in paying off first the debt with the highest interest rate.

Step Six and Final step

Once the first card is paid off you will proceed to the next card with the highest interest rate.

written by Constantine Njeru \\ tags: Complete List, Credit Card Debt, Credit Cards, Credit Debt, Cutting, Getting Out Of Credit Card Debt, Highest Interest Rate, How Much Money, Minimum Payments, Next Card, Orman Suze, Pair Of Scissors, Reducing Credit Card Debt, Reducing Debt, Step 2, Step 3, Suze Orman

A good credit score is necessary if you want to get cheap loans. It is important you do your best to put your credit history in order to protect your credit score.

A credit score is determined by assessing a persons payment history, outstanding debt, number of years as a borrow and number of recent new accounts.

The following four credit tips will help you protect your credit score.

Start Borrowing Early

Start borrowing as early as possible. A person who starts borrowing money in college has an opportunity to develop a good credit history. By the time this person is applying for his/her first morgage he will show experience in his / her ability to borrow and pay bakc money. The important thing is to borrow small amounts that you can service comfortably.

Pay All Your debts In Time.

35% of your credit score is determined by how well you service your debt. Always pay your debt on time.

Dont Over Borrow.

30% of your credit score is determined by your level of debt. The more debt you are carrying the lower your credit score. Never borrwo more than you need.

Dont run away from your debts

If you are carry many credit cards this could indicate you are use one credit card to pay off another credit card. A sign you might be in financial trouble. Deal with all your debts at a time. When you borrow money to pay off an old debt you are only increasing the size of your debt. Asking for more trouble!

written by Constantine Njeru \\ tags: Borrow Money, Borrowing Money, Cheap Loans, Credit Card, Credit Cards, Credit Help, Credit History, Credit Score, Credit Tips, Debts, Financial Trouble, Improve Credit, Morgage, New Accounts, Opportunity, Payment History