Archive for the ‘Budget’ Category
Thursday, October 28th, 2010
Incredible!!! Roughly a $98,000 savings when you buy a home vs. continuing to rent
The following breakdown is based on monthly rent of 1200/m0nth with 40/m0nth in renters insurance vs. home purchase price of 225,000 interest rate 4%, 30 year loan, home owners insurance of 400/year and property taxes of 1500/year.
Something to think about, so if you feel that renting gives you freedom, you seem to be paying a lot of money for that freedom.
If you are unsure if you would even qualify for a loan? Ready to move forward and get going on buying a home? Need to refinance? Check us out www.UtahCreditCoach.com You would be amazed at what we can do. Why wait, you’re just flushing money down the drain.
Tags: bad credit, budget, credit bad, credit counseling, credit score, credit scores, davis county homes, I want to buy a home, increase credit score, interest rates, rent vs. own, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Budget, Credit Debt, Credit Repair, Credit Report Errors, Debt, Foreclosure, Mortgage Calculator, Rent vs. Own, Salt Lake City Homes For Sale, Saving Your Money Ideas | Comments Off
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Monday, October 25th, 2010
Two more people have made the decision to take charge of their lives and stop letting their credit report control them. It’s exciting and I cant wait to see the results. Amazing things happen when people decide to take charge. No more guess work or wasted time on what they “think they should do” now they have a complete plan with the correct steps they need to take. Congratulations
Amazing things are happening at Utahcreditcoach
Tags: bad credit, budget, credit, credit bad, credit debt, credit score, credit scores, davis county homes, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Bankruptcy, Budget, Credit Bad, Credit Debt, Credit Repair, Credit Report, Credit Score, Salt Lake City Homes For Sale | Comments Off
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Friday, October 15th, 2010
HALLOWEEN
So hold on to your wallets we are only a few weeks away. On average $65/person is spent on Halloween: children’s parties, costumes, cards, candy, decorations, office parties, gifts to others and the list goes on and on. So a family of 4 just took a $260 hit to their monthly budget… amazing how fast it adds up. Here are some simple steps to take before you start swiping the debt card.
Costumes:
Swap with friends, neighbors or siblings
Make your own with what you already have around the house
Go shop at a thrift store
Plan ahead and hit the after-Halloween sales for next year and get a jump on the holiday
Candy:
I know in my home if I buy it too early, I eat it and I mean I eat all of it. I will end up buying three times the amount I would have purchased if I just would have waited. So wait until a day or so before Halloween to make your purchase.
Buy in bulk: gather the neighbors and purchase the candy / split the cost. Price shop the stores for the best deals
Decorations:
Almost everyone loves to decorate for Halloween. Have your kids help out, make your own decorations instead of purchasing everything. Visit your local craft store. Keep your previous years decorations, you don’t have to buy new every year. Again, plan ahead, budget and purchase expensive items that you absolutely have to have after Halloween and try to catch an after Halloween sale.
Sticking to your budget and planning ahead will always save you money. Be thrifty, let the costumes, haunted houses and corn mazes be the scary parts of Halloween……… not your credit card statement in November!
Tags: budget, credit, credit card debt, davis county homes, holiday budgets, I want to buy a home, salt lake city homes, salt lake county homes, save money during the holidays, saving your money ideas, utah county homes, utah home loans
Posted in Budget, Debt, Holiday Budgets, Holiday Spending, How To Save Money, Salt Lake City Homes For Sale, Save Money During the Holidays, Saving Your Money Ideas | Comments Off
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Tuesday, October 12th, 2010
Believe it or not, Christmas is just around the corner. We are quickly approaching the “Holiday Season.” Check it out an official Christmas Countdown Clock: http://www.xmasclock.com at the time of this posting we were down to 73 days 14 hours until Christmas.
This means if you haven’t been putting money aside all year for your holiday expenses, you still have time. Sit down and create a budget. Write out your list of who you normally buy for, what you would like to spend per person and don’t forget to add in shipping/handling and Christmas cards/postage.
Now look at your budget and see if this “list” is even a possibility. Remember you do not want the January hangover due to credit card bills showing up in your mailbox or email inbox. Maybe the neighbors will get homemade cookies this year instead of a store bought gift, maybe more people will receive cards with a handwritten message or poem. There are ways to cutback, if you start now you’ll give your self more time to come up with options.
Put the moneyin a separate envelope with your final list so you stay focused and avoid overspending on impulse items. Advertisers and stores are very good at tempting you with “sale” items and displays showcasing these items throughout the store or prompted “suggested” items as you checkout online.
Shop smart; you’ll be grateful you did.
Tags: bad credit, credit, credit bad, credit card debt, davis county homes, debt management, good credit, holiday budgets, I want to buy a home, salt lake city homes, salt lake county homes, save money during the holidays, saving your money ideas, utah county homes, utah home loans
Posted in Budget, Debt, Extending Credit, Holiday Budgets, Holiday Spending, How To Save Money, Salt Lake City Homes For Sale, Save Money During the Holidays, Saving Your Money Ideas | Comments Off
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Monday, September 27th, 2010
For all the people out there who continue to ignore your overdue library notices….. STOP…. You may regret it . Anytime a debt is due the person the money is owed can and will pursue a collection. Items as small as $20 library fines have been turned over to collection agencies before resulting in utter disappointment and despair when the person who owes the money finally pulls their credit and see the huge collection hit to their report.
Another item that is often overlooked as a way for your credit score to take an additional hit – unpaid parking tickets or utilities. Again if you owe the money and have owed it for a while, you may find yourself being sent to a collection company so they can try to recover some of the money owed.
Another word of caution, if you move often, you need to make sure everyone knows how to contact you. Don’t think you can hide or that they may forget. Remember to let them know about your move, they will find you so don’t be a slave to the system. Be proactive. Pay your debts and if you can’t; try to work something out with them. Whatever you do, please do not try to disappear and remember to check your credit report. If you have any questions, please contact me asap.
Tags: bad credit, budget, consumer counseling, credit, credit score, credit scores, davis county homes, I want to buy a home, overdraft fees, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Budget, Credit Bad, Credit Debt, Credit Repair, Credit Report, Credit Score, Debt, Salt Lake City Homes For Sale | Comments Off
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Friday, September 24th, 2010
According to a recent CNNMoney.com article: By Blake Ellis: The banks get rid of one fee but consumers beware …………here come more. As millions of Americans struggle to get back on their feet it sometimes feels like more hurdles keep getting put in front of them. Consumers stay on top of everything. Open your mail, read the information your banks and credit cards send you. Do not immediately throw it into the round file can. We are in a world of constant change and we need to be aware so we can avoid as many surprises as possible.
Here are some of the changes : We all know that banks banned certain overdraft fees and excessive late charges but below is a list of new fees or increases in existing fees:
*Balance transfer fees up to 4% now
Bank of America
To charge fees to those of us who can’t keep the minimum balance requirements. A Monthly account fee to people who are having problems making ends meet?
$8.95 fee /mo if you opt. to receive paper statements and visit tellers vs. banking online
Annual credit card fees up from $29 to $99
Wells Fargo
Now that Wachovia customers have been merged they get to enjoy the fee’s Wells Fargo has already been charging their other customers
Images of cancelled checks $2
Use your savings are overdraft protection $10 fee EVERY time you transfer money
I also know from personal experience that if you miss a payment on a wells credit card they have the right to go into your other accounts and withdrawal the money to cover the payment or in full.
HSBC
$19 annual fee for customers who open line of credit after July 1
Additional $10 every day they use the credit line as protection from overdrawing their checking account
Citibank:
Monthly checking maintenance fees up to $30/month up from $3
American Express
Added $29 fee to more of its cards
JP Morgan Chase/ Discover no new fees on checking account or credit card fees.
Tags: banking fees, budget, davis county homes, debt management, I want to buy a home, overdraft fees, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Budget, Credit Debt, Debt, Salt Lake City Homes For Sale | Comments Off
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Friday, September 17th, 2010
Past Due Amounts or over credit limit amounts do and will hurt your credit score. I’m sure you’re not surprised to hear this but you may be surprised to see what damage they can really do.
Maxed Out credit card: 30-45 points
Past Due : 60-110
Double whammy double the ouch. Some cards have the option where you can say yes allow me to go over my high credit limit or no. Let them know its not ok. I know from personal experience this causes a huge mess. I won’t go into that whole mess because it would take us to a different category on communication and marriage.
Back to my topic….. I can’t stress how important it is to answer the phone when your lenders call you. Inform them of whats going on. Try to work with them, but whatever you do please keep your cards open. Not only will you have taken a hit for being maxed out and past due but now you will take another additional hit for having closed an account. If you are working on improving your FICO/credit score this will hurt multiple areas of your FICO score calculations.
There are easy ways to help your score and even easier ways to accidentlly hurt it. Please read up on what to do and what not to do and speak to an expert in this area. It will benefit you greatly.
Tags: bad credit, budget, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit debt, credit repair, credit report, credit scores, davis county homes, debt consolidation, errors on credit report, fico scores, I want to buy a home, interest rates, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Bankruptcy, Budget, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale, Short Sales | Comments Off
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Wednesday, September 15th, 2010
I wouldn’t have thought this big of an increase would be possible with everyone talking about tougher credit card laws. Credit card companies shutting down card limits. Credit scores dropping so people no longer qualify for the loans they are applying for. When I saw this statistic I was floored, needless to say I am still sitting here baffled.
Between the first and second quarters of this year, Americans added to their debt by a whopping 249% over the same time period last year. -CardHub
I see this as a sign that more people still need help as we try to recover as a country. Many people are still looking for jobs. To anyone who is trying to borrow from Peter to pay Paul, stop the madness and start moving forward. Call the companies you are having a hard time repaying and work something out. The phone call is well worth the time and money you may save in the end.
*data gathered by Cardhub
Tags: bad credit, budget, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit repair, credit score, davis county homes, debt consolidation, I want to buy a home, increase credit score, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Budget, Credit Bad, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Score, Debt, Extending Credit, Mortgage Calculator, Salt Lake City Homes For Sale, Uncategorized | Comments Off
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Tuesday, September 14th, 2010
Step 4 is to Pay your bills on time. Sounds simple but to someone who is barely making it day to day the thought of paying all their bills on time may seem impossible. Some days its down to paying the bill thats due or putting food on the table for your family. Again step three is critical to keep up on step four. You must have a budget; a place to start. Step four will always be a struggle without completing your budget and becoming knowledgeable about the whole picture.
Now assuming that you’ve completed step three; you can now look at your bills and their due dates. If the dates fall during the middle of a pay period, set it up to have them paid out of the earlier paycheck. This may be easier said than done, but it really does help out. Once you’ve switched your mindset and you get used to this happeneing, you’ll have the peace of mind of knowing you will never miss or be late on a payment.
*(this step may require you to get another part time job maybe sell some items you don’t use around your house)* You will need to build up some money so you have the ability to switch the payments to an earlier pay date.
When you get paid, Ialso suggest you immediately put money aside for groceries. That will help eliminate the desperate situation of having to choose to pay a bill or put groceries on the table. It takes time to switch your thinking and day to day lifestyle habits; but paying your bills on time is another critical piece of your FICO score. A late payment or missed payments hit your score hard. Payment history is 35% of your credit score
Missed Payment:
30 day late payment: if your credit score is around 680 you risk a possible 60-80 point drop in your score
30 day late payment: if your credit score is around 780 you risk a possible 90-110 point drop in your score
YIKES…. another reminder, please please please ….even if you setup all of your payments to deduct out of your banking account automatically, stay on top of your balances, due dates and any changes in the monthly payments required. This will also hurt you if the full payment is not made… more on that later.
Questions? Contact me, I’d love to help.
Remember if you find yourself in a situation where you can’t make the payment, contact the agency you owe the money to and work out a plan.
Tags: bad credit, consumer counseling, credit, credit bad, credit card debt, credit cards, credit counseling, credit debt, credit repair, credit report, credit score, credit scores, davis county homes, debt consolidation, errors on credit report, fico scores, I want to buy a home, interest rates, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bad Credit vs. Good Credit, Bankruptcy, Budget, Credit Counseling, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Debt, Mortgage Calculator, Salt Lake City Homes For Sale, Uncategorized | Comments Off
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Friday, September 10th, 2010
For many people, missing a payment here and there is a part of life. Life happens. You’re busy, there’s a family emergency, you forgot, for whatever the reason it just didn’t get paid. What many people don’t realize is the ding it could potentially put on their credit.
I have asked around and the majority of consumers feel a missed or late payment will only hurt your score about 10 points, after all it could happen to the best of us…
BUT 
to many people’s surprise, frustration and disappointment, a 30 day late payment could potentially have the following affect on your score:
If your FICO/Credit score is currently around 680: you could potentially drop another 60-80 points
For a FICO/Credit score around 780 to begin with: you could potentially have your score drop anywhere from 90- 100 points.
Ouch. My advice is to start an emergency fund and to start a budget. Know when you’re supposed to pay your bills, how much and what day they are due and if you can’t make the payment call them ahead of time and explain your situation. For more advice or information, contact me.
Tags: bad credit, consumer counseling, credit bad, credit card debt, credit cards, credit debt, credit repair, credit scores, davis county homes, debt consolidation, fico scores, I want to buy a home, salt lake city homes, salt lake county homes, utah county homes, utah home loans
Posted in Bankruptcy, Budget, Credit Debt, Credit Repair, Credit Report, Credit Report Errors, Credit Score, Mortgage Calculator, Salt Lake City Homes For Sale | Comments Off
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