Ever wonder when is the best time to work on your credit score?
Should you work on it around the first of the year when you’re looking at your budget, taxes, and spending for the previous year? When you’re wishing you had enough money to take a vacation this summer? Should you work on your credit when you’re in desperate need of a credit card so you can afford Christmas gifts? How about when your car goes kaput and it’s past time to invest in another one? Or when you want to buy the home of your dreams?
The truth is that there is no perfect time to start improving your credit score!
Why wait until a major expense looms and you’re scurrying around trying to find somewhere, anywhere to get the funds you need to get past the latest financial crisis? Instead, why not start working on your credit score now, before you need good credit, before you’re forced to accept that higher interest rate mortgage, car loan, or credit card!
Let’s be perfectly honest here, the time is going to pass anyway, so why not work on your credit now?
Well, it’s October, and you know what that means? Yes, your mailbox is likely filled with all sorts of offers… credit cards with no interest, catalogs with pre-approved lines of credit, and personal loan offers! Some of them look pretty tempting, don’t they? But, should you fill any of them out and return them? Should you complete the application online? Should you even consider the offers at all?
Honestly, yes and no to all of these questions. While the offers are definitely worth considering, you also need to do your research before applying for ANY credit card, catalog card, or personal loan.
First and foremost, check your credit score! Most of the mailers that you receive are based on the demographics of your state, city, town, or even your specific neighborhood, and not necessarily on your specific credit profile, so checking your credit first gives you the basic information that you need to start with before you even consider a single offer. If the offer is for a credit score that’s much higher than yours, you are likely to be rejected, which definitely hurts your credit score. And if the offer is for a credit score that’s much lower than yours, you will most certainly pay a higher interest rate, additional fees, and lose out on the perks that come with a credit card for better credit. So, start with your credit score.
Once you have your credit score in hand, you’re ready to move on to the next step. Consider each offer carefully! Remember, these are bulk rate mailers, and they’re not necessarily tailored to your specific needs, so what looks good at first may not compare to other options that you most likely have with other credit card, catalog, or personal loan vendors.
The best place to start is the individual credit vendor’s website. Are they legitimate? Are the terms that you see in your offer the same as you find online? Are they typically for individuals with credit scores in the same range as your credit score? Remember, these days, everything and anything is fair game to scammers out there trying to steal your money, your identity, or worse, and as such, you must consider everything and anything as suspect.
Once you’ve determined that the offer is legitimate, then it’s time to compare the offer in your hands to other offers that are out there. Are you getting the best interest rate? Are you getting the best rewards? Would you be paying fees? Is there a better option for you?
Unless you do the research, you can and you will lose out on the best credit card offers, and that will most certainly cost you more in the long run. So, do the research first, and then enjoy the benefits of those credit offers!
Getting the best interest rates on mortgages, auto loans, personal loans, and even credit cards depends largely on two things – your credit score and the market. Yesterday, the Federal Reserve raised the interest rate by .25% and they “signaled” two more planned interest rate hikes this year alone – that means that the rates on every single loan of any kind can be expected to go up by that same .25%.
Now, while that doesn’t seem like a lot of money, over the term of any loan, it can add up to a significant amount of money that you will pay in interest. For example, that 30 year home loan, or that 6 year car loan, or even those credit cards that you’re only paying the minimum payments on each month… ALL of them will cost more, and not just with this rate increase, but with the two more that are expected before the end of this year.
So, what should you do? Well, if you’re considering buying a home or a new car, now is definitely the time to lock in those loans! And those credit cards? Maybe it’s time to take out a personal loan at a lower, fixed rate so that you can get those paid off, too. But remember, interest rates are going up again, so you don’t have much time to waste. Here are some of the best personal loan offers we’ve found today:
Credit cards are a great way to build credit, buy things, and earn rewards, but using a credit card can get pretty costly over time, especially if you carry large balances, or if you’re forced to use the cards to cover big ticket emergency expenses or things that you can’t pay off right away. That’s where personal loans come in.
You see, a personal loan, which is defined as an unsecured installment loan, typically has a much lower, fixed interest rate than credit cards and a set monthly payment, so you know when it will be paid off. And it usually takes a lot less time to pay off a personal loan than just making minimum payments on your credit card, so you’ll save lots of money on interest, especially if you have good to excellent credit. (Even those of us with less than perfect credit will normally still save money with a personal loan vs. a credit card, especially since credit card interest rates for fair to bad credit are still significantly higher than most personal loan rates for the same credit range.)
Not sure how to go about getting that personal loan? The first thing you’ll want to do is to figure out exactly how much you want to borrow, then check your credit score so you’ll know up front what kind of rate to expect when you apply. Next, you’ll want to start your search for the right personal loan for you – you can start with your bank, but don’t overlook online lenders, as they may offer better interest rates, with different qualifiers, so it may be easier to get the personal loan that you need. (And don’t be afraid to ask questions of the lenders you’re considering, compare their rates with those of other lenders, or even negotiate a little on the terms – the personal loan business is highly competitive and you can use this to your advantage!)
Once you’ve determined where you want to apply, you’ll need to fill out an application for the loan, but the process has been somewhat streamlined over the years, so it won’t take long to complete the application, provide proof of income, and assuming you’re approved, have the money deposited directly into your checking or savings account. (Most of the time, the entire process takes a few hours to a couple of days.)
Think a personal loan might be something that would work for you?
Here are a few lenders you might want to consider:
Well, it’s tax time again and you know what that means? Time to gather all of your 2017 wage and expense information, sit down with the numbers, and file that tax return. Of course, if you’re like most people, when you gather those receipts, you’ll also review your checkbook, bank statements, and even your credit card bills looking for every single deduction. And while you’re looking at all of the ways that you’ve spent money over the past year, you may want to take a little time to think about all of the ways that you might save money this year.
How many credit card statements did you have to review? How high are the balances? What’s the interest rate on each card? And even more importantly, how much could you save if you were able to pay off all those credit cards and make one single, low interest payment each month? Would you save hundreds or even thousands of dollars? How much sooner would you be able to pay off one bill if you had a lower interest rate and if that bill was the only loan that you had to pay each month?
Have we captured your attention yet? If any one of the questions that we have posed sounds like something that you might benefit from, then you might just want to look into taking out a personal loan from one of these lenders:
Monthly credit card bills eating up all your cash?
Even if you’ve got reasonably good credit, you can still find yourself with too many credit card bills, and those bills can ruin your budget, cause you to be short on cash, and they can even cause you to go deeper into debt. That’s right, too many bills can actually drag you deeper into debt, even as hard as you’re working to pay them off!
How many times have you paid all your bills and then had to use a credit card to pay for groceries because you’re short on cash?
That kind of defeats the purpose of paying extra on your credit cards, doesn’t it? But, if you keep only paying the minimum payments, it can take years to pay off those credit cards, and you can’t afford to be strapped forever, can you? And you don’t want to risk ruining your credit with the traditional “debt consolidation” companies out there, so what do you do?
If you’ve got good credit, the best way to free up cash in your monthly budget without ruining your credit score is to take out a personal loan to pay off those high interest credit cards. Then, instead of having to pay a bunch of different sized payments every month, you’ll simply make one payment (typically a lot less than you’re paying now), once a month. Terms for personal loans range from 36 months to 60 months. That’s far less than the 7-10 years that it takes to pay off credit cards if you only make the monthly payment.
Think a personal loan might be the right choice for you?
If you’re serious about freeing up some cash AND getting out of debt sooner rather than later, one of the best options is a personal loan. With a personal loan, you’ll finally be able to pay off your credit cards, free up extra cash in your monthly budget, and start paying off all your debt. And you’ll probably save a lot of money while you do it!
The average personal loan saves the borrower hundreds, if not thousands, over the course of the loan. Money that you could use elsewhere. So, go ahead, apply for your personal loan today, and plan what you’ll do with the extra money in your budget tomorrow!
Even those of us with great credit can sometimes get carried away and end up with too much credit card debt… debt that saps your monthly budget and can take years to pay off. But, since debt consolidation companies can sometimes cause your credit score to take a nosedive, you just keep paying those minimum payments and never seeming to make any real headway on your bills, right? Wrong. There are some really good options for people with good credit scores!
A personal loan is a great way to pay off credit card debt. With a personal loan, not only can you pay off those credit cards, but you’ll lower those budget killing monthly payments and save thousands on interest over the course of the loan.
January is one of the most financially depressing months of the year for nearly all of us… I mean, let’s face it. The holidays are now long gone, it’s not quite time to file those income tax returns (but you’re faithfully gathering those documents), and literally all of those credit card bills from Christmas are rolling in!
Who doesn’t dread opening those monthly credit card statements?
As you go through those monthly bills, you begin to realize that you’ve not only overspent on Christmas, but you’re going to have to pay an incredibly high amount of interest in order to get them paid off. And you realize just how much that interest is going to take out of your monthly budget, not to mention how long you’ll be paying it!
With a personal loan, there’s a better way.
If your credit card debt has overtaken your financial life, ruined your monthly budget, and left you strapped for cash, then it’s time to make some changes in your spending habits, and simplify your financial life. Instead of paying minimum monthly payments for literally years and years, why not pay off all those credit cards and have just one simple monthly payment?
A personal loan just might be the best financial decision you’ll make this year!
Think about it… with a personal loan, you can pay off those high interest credit card bills, potentially saving hundreds or even thousands of dollars in interest, and give yourself a little financial “breathing room” each month. And it’s as easy as filling out an online application.
Trapped under a staggering amount of credit card debt? Barely able to make those monthly minimum credit card payments?
Even if you’ve got excellent credit, there are times when you can still get in way over your head when it comes to credit card spending, and once you get in too deep, it can be nearly impossible to get out. Fortunately, there’s a way not only to get out from under those high minimum payments, lower your interest rates, and even raise your credit score!
With a personal loan, you can combine all of your credit card debt into one easy monthly payment that you can pay off in as little as two years or less, with a fixed, lower interest rate than you’re likely paying right now, and you might actually raise your credit score in the process! Even better, the whole process from completing the application to seeing the money in your account once you’re approved normally only takes a couple of days. That’s right… you are just days away from getting out from under that debt!