The best thing about scouring powder is its abrasive action. The worst is the harsh chemical smell. To get all the benefits without the caustic chemicals, use baking soda instead. In most instances, baking soda will work just as well as scouring powder.
Simply clean tiles
For an easy, natural tile cleaner, mix together ¼ cup baking soda and 1 gallon warm water. Scrub with a sponge or mop, then rinse. For tough stains, wait 10 to 15 before rinsing.
Love your grout again
Is there anything more satisfying than nice, clean grout? A simple paste of 3 parts baking soda and 1 part water is all you need. Make a new batch each time you plan to attack the space between your tiles.
Remove scuffs
To get rid of scuff marks left on vinyl flooring by dark-soled shoes, rub some baking soda into the spot with a wet rag. The marks will disappear.
Show off crystal-clean crystal
To clean your cut crystal, mix a teaspoon of baking soda with warm water, then dab it onto the crystal with a soft rag. Rinse with water, and buff with a dry, soft cloth.
Supercharge your detergent
To boost the power of your dishwasher detergent, sprinkle a little baking soda in the dishwasher every time you run it. It will also help fight foul odors before they start.
SEE ALSO: Who Knew's 12 Dishwasher Tips and Tricks
Know this skillet saver
The teriyaki chicken you made for dinner was delicious, but the sweet sauce left terrible black burns on the bottom of your frying pan. To clean it, first sprinkle the pan with ¼ to ½ cup baking soda, and fill the pan halfway with water. Bring the water to a boil, and the burned pieces should start to release. When most of the pieces are removed, turn off the heat, dump the water, and wash as usual.
As the water boils, you may want to use a spatula to help the process along.
Get better-tasting coffee
The secret many of us miss: Make sure you clean your coffee maker regularly. Just add several tablespoons of baking soda to your pot, fill it with water, and run it as usual. Then repeat using only water.
Tackle tough appliances
If you haven’t had time to clean up and now there’s dried-on food stuck in the blades of your blender or food processor, bring baking soda to the rescue. Add 1 tablespoon baking soda along with 1 cup warm water to the bowl, put the lid on, and let it blend for 10 to 15 seconds. Wash as usual.
Perk up your plastic
Have plastic storage containers with lingering odors? Wash them with hot water plus 2 tablespoons baking soda.
I can’t even count how many times our boys have left something to fester in a water bottle or thermos! Simply fill the container with hot water and ½ cup baking soda, then let it sit overnight. In the morning, rinse well and it should be as good as new.
The brightest white cabinets
White kitchen cabinets can be beautiful, but they can also show grease, dust, and dirt more than their darker counterparts. To keep them looking their best, add water to a small amount of baking soda until it’s a runny paste. Scrub the mixture on the cabinets, and then rinse with warm water.
Simple step to a shiny sink
For a spectacularly shiny finish on a stainless steel or aluminum sink, rub a liberal amount of baking soda in a circular motion all over its surface with a damp sponge.
RELATED: Domestic CEO's How to Clean Your Sink
Disposal smarts
Instead of throwing away baking soda when it’s finished its 30-day stint in your fridge, dump it down the garbage disposal with running water. It will keep your disposal fresh, too!
Freshen rugs and upholstery
Sprinkle rugs, couches, and upholstered chairs with baking soda and let it sit an hour before you vacuum. It will keep them cleaner and fresher over the long haul.
Sprinkle some baking soda into the bag of your vacuum cleaner to keep it smelling fresh.
Save money on delicate detergents
Use this homemade solution: Dissolve 1 cup baking soda in 1 cup warm water. Add the solution directly to your standard washing machine, or add it to the soap dispenser of a front loader. The baking soda will clean your clothes without harming their delicate fibers.
All-Natural Fabric Softener: Just add ¼ to ½ cup baking soda to the wash cycle.
Erase wall marks
What’s the easiest way to remove crayon, pencil, ink, and furniture scuffs from painted surfaces? Sprinkle baking soda on a damp sponge, rub clean, and rinse.
Vinyl siding super-cleaner
From bird poop to tree sap to standard weather damage, vinyl siding can get very dirty. And while brand-name cleaners will no doubt get the job done, they tend to be costly and loaded with toxic chemicals. Instead, combine baking soda with enough water to form a paste, then scrub into your siding with a damp rag until the stains lift. Rinse off with a hose and, if necessary, repeat on stubborn stains.
Lift oil stains
Cleaning oil spots off the driveway is difficult, and the cleaners can be quite expensive. Instead, sprinkle baking soda over the stains, then rub with a wet scrub brush soaked with hot water. The baking soda breaks apart oil particles, so with a little elbow grease, you can have your driveway looking new in no time.
Clean battery leaks
If battery acid leaks inside the compartments of your appliances, there’s no need to throw them away. Simply take a few spoonfuls of baking soda and add water until it’s the consistency of toothpaste. Spread it on your battery terminals, let it sit for 15 minutes, and wipe clean. The acid should come off easily.
Must-try for musty books
Place the books in a paper grocery bag with an open box of baking soda. Fold over the bag, staple it shut, and let it sit for a week or two. Your books should smell considerably better when you take them out.
Refresh suitcases
Is your suitcase a bit musty? The night before packing, pour a cup of baking soda in it, close it, and shake. In the morning, vacuum up the baking soda and the smell should be gone.
Get gloves on more easily
Sprinkle a little baking soda into each of your latex gloves, and they’ll stick less when you’re putting them on and taking them off.
If you have kids, you’ve had to clean up vomit. Baking soda can make the job a little less gross if you sprinkle some on top as soon as possible. It will soak up some of the mess and make the smell easier to deal with when you have to go at it with the paper towels.
The best student loans can help you earn a college degree that will lead to higher earnings later in life. They also come with low interest rates and reasonable fees (or no fees), which will make it easier to keep costs down while youâre in school and once youâre in repayment mode.
For most people, federal student loans are the best deal. With federal student loans, you can qualify for low fixed interest rates and federal protections like deferment, forbearance, and income-driven repayment plans. To find out how much you can borrow with federal student loans, you should fill out a FAFSA form. Doing so can also help you determine if you qualify for any additional student aid, and if so, how much.
While federal student loans are usually the best deal for borrowers, many students need to turn to private student loans at some point during their college careers. This is often the case when federal student loan limits have been exhausted, or when federal student loans are no longer an option due to other circumstances. We’re providing the top 8 options, at least according to us, as well as a guide to help you get the best rate.
Apply now with our top pick: College Ave
Most Important Factors When Applying for Student Loans
Start with a federal loan. Fill out a FAFSA form prior to applying for a private loan to make sure youâre getting all the benefits you can.
Compare loans across multiple lenders. Consider using a comparison company like Credible to do so.
Always read the fine print. Fees arenât always boasted on the front of a lenderâs website, so take time to learn about what youâre getting into.
Start paying as soon as you can to avoid getting crushed by compound interest.
Best Private Student Loans of 2021
Fortunately, there are many private student loan options that come with low interest rates and fair terms. The best student loans of 2021 come from the following private lenders and loan comparison companies:
Best for Flexibility
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Best Loan Comparison
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Best for Low Rates and Fees
Get Started
Best for No Fees
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Best Student Loans from a Major Bank
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Best Student Loans with No Cosigner Required
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Best for Fair Credit
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Best for Comprehensive Comparisons
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#1: College Ave â Best for Flexibility
College Ave offers private student loans for undergraduate and graduate students as well as parents who want to take out loans to help their kids get through college. Variable APRs as low as 3.70% are available for undergraduate students, but you can also opt for a fixed rate as low as 4.72% if you have excellent credit. College Ave offers some of the most flexible repayment options available today, letting you choose from interest-only payments, flat payments, and deferred payments depending on your needs. College Ave even lets you fill out your entire student loan application online, and they offer an array of helpful tools that can help you figure out how much you can afford to borrow, what your monthly payment will be, and more.
Qualify in Just 3 Minutes with College Ave
#2: Credible â Best Loan Comparison
Credible doesnât offer its own student loans; instead, it serves as a loan aggregator and comparison site. This means that, when you check out student loans on Credible, you have the benefit of comparing multiple loan options in one place. Not only is this convenient, but comparing rates and terms is the best way to ensure you get a good deal. Credible even lets you get prequalified without a hard inquiry on your credit report, and you can see loan offers from up to nine student lenders at a time. Fixed interest rates start as low as 4.40% for borrowers with excellent credit, and variable rates start at 3.17% APR with autopay.
Compare Dozens of Rates at Once with Credible
#3: Sallie Mae â Best for Low Rates and Fees
Sallie Mae offers its own selection of private student loans for undergraduate students, graduate students, and parents. Interest rates offered can be surprisingly low, starting at 2.87% APR for variable rate loans and 4.74% for fixed-rate loans. Sallie Mae student loans also come without an origination fee or prepayment fees, as well as rate reductions for students who set up autopay. You can choose to start repaying your student loans while youâre in school or wait until you graduate as well. Overall, Sallie Mae offers some of the best âdealsâ for private student loans, and you can even complete the entire loan process online.
Get Access to Chegg Study FREE with Sallie Mae
#4: Discover â Best for No Fees
While Discover is well known for their excellent rewards credit cards and personal loan offerings, they also offer high-quality student loans with low rates and fees. Not only do Discover student loans come with low variable rates that start at 3.75%, but you wonât pay an application fee, an origination fee, or late fees. Discover student loans are available for undergraduate students, graduate students, professional students, and other lifelong learners. You can even earn rewards for having a 3.0 GPA or better when you apply for your loan, and Discover offers access to U.S. based student loan specialists who can answer all your questions before you apply.
Apply for a Loan with Discover
#5: Citizens Bank â Best Student Loans from a Major Bank
Citizens Bank offers their own flexible student loans for undergraduate students, graduate students, and parent borrowers. Students can borrow with or without a cosigner and multi-year approval is available. With multi-year approval you can apply for student funding one time and secure several years of college funding at once. This saves you from additional paperwork and subsequent hard inquiries on your credit report. Citizens Bank student loans come with variable rates as low as 2.83% APR for students with excellent credit, and you can make full payments or interest-only payments while youâre in school or wait until you graduate to begin repaying your loan. Also keep in mind that, like others on this list, Citizens Bank lets you apply for their student loans online and from the comfort of your home.
#6: Ascent â Best Student Loans with No Cosigner Required
Ascent is another popular lender that offers private student loans to undergraduate and graduate students. Variable interest rates start at 3.31% whether you have a cosigner or not, and there are no application fees required to apply for a student loan either way. Terms are available for 5 to 15 years, and Ascent even offers cash rewards for student borrowers who graduate and meet certain terms. Also note that Ascent lets you earn money for each friend you refer who takes out a new student loan or refinances an existing loan.
Get a Loan in Minutes with Ascent
#7: Earnest â Best for Fair Credit
Earnest is another online lender that offers reasonable student loans for undergraduate and graduate students who need to borrow money for school. They also offer a free application process, a 9-month grace period after graduation, no origination fees or prepayment fees, and a .25% rate discount when you set up autopay. Earnest even lets you skip a payment once per year without a penalty, and there are no late payment fees. Variable rates start as low as 3.35%, and you may be able to qualify for a loan from Earnest with only âfairâ credit. For their student loan refinancing products, for example, you need a minimum credit score of 650 to apply.
Learn Your Rate in Minutes with Earnest
#8: LendKey â Best for Comprehensive Comparisons
LendKey is an online lending marketplace that lets you compare student loan options across a broad range of loan providers, including credit unions. LendKey loans come with no application fees and variable APRs as low as 4.05%. They also have excellent reviews on Trustpilot and an easy application process that makes applying for a student loan online a breeze. You can apply for a loan from LendKey as an individual, but itâs possible youâll get better rates with a cosigner on board. Either way, LendKey lets you see and compare a wide range of loan offers in one place and with only one application submitted.
Pay Zero Application Fees with LendKey!
How to Get the Best Student Loans
The lenders above offer some of the best student loans available today, but thereâs more to getting a good loan than just choosing the right student loan company. The following tips can ensure you save money on your education and escape college with the smallest student loan burden possible.
Consider Federal Student Loans First
Like we mentioned already, federal student loans are almost always the best deal for borrowers who can qualify. Not only do federal loans come with low fixed interest rates, but they come with borrower protections like deferment and forbearance. Federal student loans also let you qualify for income-driven repayment plans like Pay As You Earn (PAYE) and Income Based Repayment (IBR) as well as Public Service Loan Forgiveness (PSLF).
Compare Multiple Lenders
If you have exhausted federal student loans and need to take out a private student loan, the best step you can take is comparing loans across multiple lenders. Some may be able to offer you a lower interest rate based on your credit score or available cosigner, and some lenders may offer payment plans that meet your needs better. If you only want to fill out a loan application once, it can make sense to compare multiple loan offers with a service like Credible.
Improve Your Credit Score
Private student loans are notoriously difficult to qualify for when your credit score is less than stellar or you donât have a cosigner. With that in mind, you may want to spend some time improving your credit score before you apply. Since your payment history and the amounts you owe in relation to your credit limits are the two most important factors that make up your FICO score, make sure youâre paying all your bills early or on time and try to pay down debt to improve your credit utilization. Most experts say a utilization rate of 30% or less will help you achieve the highest credit score possible with other factors considered.
Check Your Credit Score for Free with Experian
Get a Quality Cosigner
If your credit score isnât at least âvery good,â or 740 or higher, you may want to see about getting a cosigner for your private student loan. A parent, family member, or close family friend who has excellent credit can help you qualify for a student loan with the best rates and terms available today. Just remember that your cosigner will be liable for your loan just as you are, meaning they will have to repay your loan if you default. With that in mind, you should only lean on a cosignerâs help if you plan to repay your loan amount in full.
Consider Variable and Fixed Interest Rates
While private student loans offer insanely low rates for borrowers with good credit, their variable rates tend to be lower. This is why you should always take the time to compare variable and fixed rates across multiple lenders to find the best deal. If you believe you can pay your student loans off in a few short years, a variable interest rate may help you save money. If you need a decade or longer to pay your student loans off, on the other hand, a low fixed interest rate may provide you with more peace of mind.
Check for Discounts
As you compare student loan providers, make sure to check for discounts that might apply to your situation. Many private student loan companies offer discounts if you set your loan up on automatic payments, for example. Some also offer discounts or rewards for good grades or for referring friends. It’s possible you could qualify for other discounts as well depending on the provider, but you’ll never know unless you check.
Beware of Fees
While the interest rate on your student loan plays a huge role in your long-term loan costs, donât forget to check for additional fees. Some student loan companies charge application fees or prepayment penalties if you pay your loan off early, for example. Others charge origination fees that tack on a few additional percentage points to your loan amount right off the bat. If you can find a student loan with a low interest rate and no additional fees, youâll be much better off. Since loan fees may not be prominently advertised on student loan provider websites, however, keep in mind that you may need to dig into their fine print to find them.
Make Payments While Youâre in School
Finally, no matter which loan you end up with, it makes a lot of sense to make payments while youâre still in school if you’re earning any kind of income. Even if you make interest-only payments while you attend college part-time or full-time, you can save yourself from paying thousands of dollars in additional interest payments later in life. Remember that compound interest can be a blessing or a curse. If you can keep interest at bay by making payments while youâre in school, you can squash compound interest and keep your loan balances from growing. If you let compound interest run its course, on the other hand, you may wind up owing more than you borrowed in the first place by the time you graduate school and start repayment.
What to Watch Out For
A private student loan may be exactly what you need in order to finish your degree and move up to the working world, but there are plenty of âgotchasâ to be aware of. Consider all these factors as you apply for a new private student loan or refinance existing loans you have with a private lender.
Interest that accrues while youâre in school: Remember that subsidized loans may not accrue interest until you graduate from college and enter repayment mode, but that unsubsidized loans typically start accruing interest right away. Since private student loans are unsubsidized, youâll need to be especially careful about ballooning interest and long-term loan costs.
Getting a cosigner: Make sure you only apply for a private student loan with a cosigner if youâre entirely sure you can repay your loan over the long haul. If you fail to keep up with your end of the bargain, you could destroy trust with that person and their credit score in one fell swoop.
Youâll lose out on some protections: Also remember that private student loans come with fewer protections than federal student loans. You wonât have the option for income-driven repayment plans with private loans, nor will you be able to qualify for federal deferment or forbearance. For this reason, private student loans are best for students who are confident in their ability to repay their loans on their chosen timeline.
In Summary: The Best Student Loans
Company
Best Of…
College Ave
Best for Flexibility
Credible
Best for Loan Comparison
Sallie Mae
Best for Low Rates and Fees
Discover
Best for No Fees
Citizens Bank
Best Student Loans from a Major Bank
Ascent
Best Student Loans with No Cosigner Required
Earnest
Best for Fair Credit
LendKey
Best for Comprehensive Comparisons
The post Here Are The Best Student Loans of 2021 appeared first on Good Financial Cents®.
Buying a house is a big decision, but it can feel especially overwhelming to place an offer on a home less than 24 hours after seeing it for the first time. Plus youâre under pressure to outbid several other buyers â or risk losing the house.
While these circumstances might sound extraordinary, theyâre not. With housing inventory nationwide at an all time-low â down 22% from last year according to the National Association of Realtors â itâs no wonder buyers are competing for the same few houses.
I was in this exact position last fall. Here are seven key takeaways from my experience buying in a sellerâs market.
Get a Pre-Approval Letter
In order to be competitive in a hot sellerâs market, you will need to line up your financing in advance.
Besides all the usual suspects, like saving up for a down payment and improving your credit score, youâll also want to get a pre-approval letter from your bank. It states that a bank would approve you for a mortgage of a certain amount, and acts as a guarantee to the seller that you can actually afford to buy their house.
This is where it helps to know your budget up front.
âItâs important to understand that the strength of financing is a key consideration a seller takes into account when selecting an offer,â said real estate developer Bill Samuel.
No seller wants to risk accepting an offer that might fall through. Aand since pre-approval letters can take some time to get, have one ready before you find your dream house.
Be Friendly With Neighbors
This might sound crazy, but making a good impression on your new neighbors can actually make a difference when it comes time for a seller to review offers.
Since youâll likely be visiting the home at least once before making an offer, be prepared to talk to any neighbors you might run into. In close-knit neighborhoods, or ones where people share resources (like an HOA), sellers might care a bit more about the type of person they sell the house to.
If you happen to meet a neighbor when visiting the home, introduce yourself and make a good impression. You never know how much their opinion of you might factor into any final decisions.
Submit an Offer Quickly
After youâve seen a house, and decided you love it, be prepared to submit an offer quicklyâ as in, ASAP.
Work with your real estate agent to determine how many other offers the seller already has (or expects to get) and then be prepared to draft something up that day. In our case, we toured our home for the very first time at 11 a.m. on a Monday â it came on the market the evening before â and made an offer by 4 p.m. that same day.
If that sounds fast, it is. But by the time we submitted our offer, the seller already had three others. This is where it helps to have a great real estate agent on your side.
âHaving a realtor who can get your offer submitted quickly is crucial,â said Erik Wright, owner of New Horizon Home Buyers. âYou want to get your offer in front of the seller first, and make it strong. Purchase price is the obvious factor and in a competitive market, houses often go for over asking price. However, a strong offer has several factors and it depends on whatâs most important to the seller.â
Work with your real estate agent to find out what matters most to the seller â is it money, closing quickly, something else entirely? Then make sure your offer addresses their needs.
Minimize Your Contingencies (Within Reason)
Another way to win over your seller (and prevail in any bidding wars) is by keeping your contingencies to a minimum.
Contingencies are the contractual stipulations buyers and sellers must meet before the deal can close. Unsurprisingly, sellers donât like to have too many of them to deal with. Contingencies can include such things as requesting a seller to make certain repairs, getting a home inspection, or even the fact that youâll need to sell your old house before being able to buy the new one.
âIn a really aggressive sellerâs market, a home buyer who has to sell a current property should do so before placing an offer on another home,â said Jason Gelios of Community Choice Realty. âDonât always assume that the seller will take the highest price. Other conveniences can play a factor in gaining the sellerâs attention, especially things like faster closing times and less restrictions.â
While my partner and I didnât make the highest offer on our house, we did have the fewest contingencies â mainly, we didnât ask too much of our seller in the way of repairs, or have another house to sell in order to afford the new one.
All that said, there are certain contingencies you should never forgo, and a home inspection is one of them. Getting your home inspected is hugely important, since inspectors will often find things even the sellers werenât aware of. No matter how much you love a house, donât be afraid of exercising your right to an inspection.
According to buyer protection laws in most states, sellers are required to report any findings in home inspections to subsequent buyers. In other words, if an inspector finds something wrong with the house, the seller will have to deal with it one way or anotherâ either with you, or the next buyer should you choose to drop out of the deal.
FROM THE HOME BUYING FORUM
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Make a Generous Earnest Money Deposit
When trying to woo your seller in a competitive market, it helps to make a generous earnest money deposit. An earnest money deposit is a good-faith deposit requested by the seller when you enter into a contract to buy the house and typically run anywhere from 1% to 3% of the sale price of the home.
When deciding how much of an earnest money deposit to include in your offer, keep in mind that whatever amount you give comes off the price of the home (and is returned to you if the deal falls through). In other words, thereâs no reason to be cheap. If you can, go slightly above the sellerâs requested deposit amount. Even if itâs just a little more than what theyâre asking, that gesture of good faith might just be what gets you the house.
Offer Above Asking Price
Wait. Why would anyone make an offer thatâs above asking price? Because the competition did it first, and in a hot sellerâs market, offering above asking price is often what it takes to even be considered.
Upping your offer may not break the bank as much as youâre fearing. âWith interest rates so low these days, offering more than what the seller is asking may not make a drastic difference in your overall monthly payments,â real estate agent Pavel Khaykin of Pavel Buys Houses said.
Letâs say the listing price on your dream home is $320,000 and youâre able to put down a 6% down payment. That leaves you with a mortgage of roughly $301,000. For a 30-year fixed mortgage at an interest rate of 3%, that translates into $1,269 monthly payments. Now letâs say you decide to bid a little higher on the home and offer $10,000 over asking price. This would only bump up your monthly payment (assuming you qualify for that low interest rate) by $42.
Lace Up Your Running Shoes
In a hot sellerâs market, youâve got to be ready to move fast. Often this is more of a change in mindset than anything else. When my partner and I first started looking at homes, we considered ourselves casual buyers â that is, until our dream home came on the market late one Sunday night. From there, things moved quickly. We saw the home, made an offer, were under contract by morning, and spent the next month and a half going through the process of closing on the house.
If youâre serious about finding your dream home in the next few months, the best thing you can do is know what you want from the outset, and get your ducks in a row to make a compelling offer when you find it. Maybe this means making a list of your must-haves in a house, and working to improve your credit score. It might also mean reaching out to a real estate agent before you need one, and getting that pre-approval letter in place.
Although inventory is low, new houses come on the market all the time.
Larissa Runkle is a contributor to The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
The coronavirus pandemic put a halt on a whole lot of awesome things, including date night. If youâve been with your sweetie for years, it can be tough to find something special to do when youâre spending most of your time at home together. And if you were just getting started dating, itâs hard to establish a connection when youâre apart.
But there are still free and low-cost ways to keep up the date night tradition.
Although theyâve been married for over a decade, Kenny and Celina Beaumont have always realized the importance of romance â especially after having kids.
âIf weâre not happy and having fun,â Celina told us in an interview, âour householdâs not going to be happy and having fun.â
So theyâve kept their long-standing date night tradition alive through the pandemic with some pretty adorable dates â one of which you may even have seen a glimpse of on John Krasinskiâs âSome Good News.â (Look for the fine dining experience around 7:55!)
But dinner dates are just the beginning. Here are some of our favorite at-home date night ideas.
Date Nights if Youâre at Home Together
If you were already cohabitating, there are plenty of ways to set aside some special time for each other.
1. Fine Dining
You can definitely recreate the restaurant experience at home, complete with dressing up for the occasion and actually sitting down and being waited on. Thatâs exactly what the Beaumonts did. According to Celina, Kenny and the kids had been conspiring about the idea for several days before surprising her.
They printed real menus, got dressed up and dined al fresco on a three-course meal at âJack & Oliviaâsâ â so named for their kids. Kenny cooked up the steaks, while the kids made the salad and dessert.
2. Ballroom (or Any Other Kind of) Dancing
You might not make it out to your local Arthur Murray studio, but that doesnât mean you canât learn how to dance. Some couplesâ counselors suggest that a tango or two can be as good for your relationship as it is fun.
Crank up a YouTube video, clear out a spot on the living room floor, and give it a whirl. After all, nobody except your SO â and maybe the cat â is watching.
3. Game Night
It might not sound like the peak of romance to some, but sitting down to a game of Scrabble or Chess together is a great way to spend some quality time while also giving your brain a workout. If youâre really geeky, you might even take on a match or four of Magic: The Gathering.
We recommend adding fancy duds to the equation to make it feel even more date-y.
4. Virtual Hometown Tours
If you didnât grow up in the same place as your SO, and youâve yet to show them around in person, Google Earth offers a great date night opportunity: a virtual tour of your hometown, complete with stops at all the most important places.
Even if you hail from the same place (or have already gone home to meet the parents), you could use Google Earth or Google Maps to show your sweetheart around your college campus â or explore a city youâre hoping to visit together someday.
5. At-Home Spa Services
Treat yourself â and your beau â to some DIY indulgence. Whether you give each other manicures, facials, or massages, itâs bound to be a whole lot more affordable (and considerably more fun) than it would be in a salon. Check out this list of spa treatments you can do at home.
Tips for Successful At-Home Date Nights
Even with the best of intentions and lots of planning, itâs easy for an at-home date night to feel like ⦠well, just another night at home.
Here are some tips to keep it feeling romantic.
Put away your phone. Celina and Kenny say they make a point of putting their screens down during dates.
Wait until after bedtime. Itâs fun to get the kids in on the action â but if they go to bed earlier than you do, those couple hours of quiet can be a great time to rekindle your connection.
Look for the silver linings. Although staying home is hard in a whole lot of ways, it also offers a lot of opportunity for closeness, especially in a world where weâre usually running all over the place.
âWe never get to spend this much time with each other,â Celina said of her family. Try to look at your at-home dates as an opportunity to slow down and enjoy yourselves.
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Date Night Ideas if Youâre Apart
Thanks to technology, there are some ways to recreate a date experience even if youâre miles apart.
6. Virtual Coffee (or Cocktails)
Video call applications like Zoom and FaceTime make it easy to recreate classic low-stakes, first-date ideas like grabbing a drink or a cup of coffee.
7. Reading to Each Other
This oneâs super romantic whether youâre at home together or apart. If youâre not in the same place, you can read to each other over video chat or over the plain-old phone.
The options are endless: You could pick a book neither of you have read before or revisit an old favorite.
8. Live Streaming Concerts and Events
From superstars to local up-and-comers, lots of entertainers have transferred their live shows to streaming services. Many are free, though itâs nice to drop a tip for these struggling artists.
Re-create the concert experience at home with a cocktail and maybe a band T-shirt, and enjoy unlimited bathroom breaks without having to snake through a pushy crowd.
9. Virtual Movie Nights
Thereâs nothing quite as cozy as snuggling up with your sweetheart for a movie, whether at the theater or on the couch at home. But even if youâre stuck apart, you can spend time in front of the silver screen together.
A browser extension called Teleparty easily syncs Netflix, Disney, Hulu and HBO videos for multiple parties while also providing a scrolling text chat along the right side of the screen.
If your movie or TV show is on another service â or if, quaintly and adorably enough, youâre going to watch the same DVD in separate houses at the same time â you can always hop on the phone and queue up the video. Donât forget the popcorn!
10. Art Therapy
A seriously romantic idea for the bold: re-create each otherâs likenesses while on a video chatting application like FaceTime.
If thatâs a little too intimate, you could simply spend time together being creative, whether that means knitting, cross-stitching, painting or something else entirely. You could even make plans to gift each other the products of your art therapy session.
Tips for Successful Date Nights Spent Apart
Here are some tips to make it feel more like youâre actually together.
Get dressed. Itâs all too easy to lie around the house in pajamas all day⦠and even attend your dates that way. Wearing real clothes can make you feel more like youâre on a real date.
Connect often. If you canât be with each other in person, spending digital time together is extra important. Maybe try to move your date night tradition from one night a week to two or three.
Remember: Itâs only temporary. They say absence makes the heart grow fonder, and although we donât know when this pandemic is going to end, end it shall.
Jamie Cattanachâs work has been featured at Fodorâs, Yahoo, SELF, The Huffington Post, The Motley Fool and other outlets. Learn more at www.jamiecattanach.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
There’s nothing fun about declaring bankruptcy, but those who emerge from it can be thankful for the opportunity to rebuild their personal finances without the burden of debt. Unfortunately, bankruptcy also does damage to your credit, making it difficult to get approved for credit cards and other lines of credit. Since credit cards are a good way to build or rebuild credit, we have the details for some credit cards to get after bankruptcy.
Secured Credit Cards
Secured credit cards generally have lower credit score requirements and often can be obtained post-bankruptcy. While they do require an upfront security deposit to open, they otherwise work just like traditional credit cards and can help you rebuild your credit. When choosing a secure credit card, look for one that lets you build toward unsecured credit status and reports to all three credit bureaus so it helps you positively impact your credit.
Credit Cards for Bad Credit
Secured credit cards are often considered bad debt credit cards because they’re targeted to people with poor or no credit. But you can also find credit cards that are approved for people with less-than-stellar credit and don’t require a security deposit. In return for the chance to get positive reporting on your credit report via one of these cards, you might have to pay an annual fee or deal with a high interest rate.
Credit Card for After Bankruptcy
Thereâs no single best credit card to get after a bankruptcy, but there are many options to consider. Carefully review the details of relevant credit card offers before making a decision for yourself.
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
17.39% (variable)
Balance Transfer:
N/A
Annual Fee:
$35
Credit Needed:
Fair-Poor-Bad-No Credit
Snapshot of Card Features
No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
Build credit quickly. OpenSky reports to all 3 major credit bureaus.
99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search âOpenSky Cardâ in Facebook.)
OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
*View our Cardholder Agreement located at the bottom of the application page for details of the card
Card Details +
Annual Fee: $35
APR: 17.39% (variable)
Why we picked it: This card helps you build credit while still offering a fairly low interest rate and a refundable deposit for as little as $200 (some restrictions apply; see cardholder agreement for details).
The details: There is no credit check necessary to apply, and you can apply in less than 5 minutes. Your responsible use of the card is reported to all three credit bureaus each month. And when you need extra credit, you may be eligible for a credit line increase.
Drawbacks: There is an annual fee, which isn’t necessarily bad in exchange for building credit.
Read Our Full Review
First Progress Platinum Elite Mastercard Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
Apply Now
on First Progress’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
19.99% Variable APR for Purchases
Balance Transfer:
N/A
Annual Fee:
$29
Credit Needed:
Poor-No Credit
Rates and Fees
Snapshot of Card Features
Receive Your Card More Quickly with New Expedited Processing Option
No Credit History or Minimum Credit Score Required for Approval
Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
Card Details +
Annual Fee: $29
APR: 19.99% Variable APR for Purchases
Why we picked it: With responsible use, this card can be a good place to start working to rebuild your credit. There is no minimum credit score required for approval, and it also reports to all three credit bureaus each month.
The details: You can secure your credit line by putting down a fully refundable deposit of $200 to $2,000 during the application process. When you pay off your balance, you can receive your deposit back. Its expedited processing option lets you receive your card more quickly, and you can apply in minutes with no negative impact to your credit score.
Drawbacks: While the APR isn’t super high for a bad-credit credit card, it’s still high enough to run up hefty interest charges. You’ll want to pay the balance off as often as possible to avoid that extra expense. The card is not yet available in all states.
Milestone Unsecured Mastercard
Milestone® Unsecured Mastercard®
Apply Now
on Milestone’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
24.90%
Balance Transfer:
N/A
Annual Fee:
$35 – $99*
Credit Needed:
Poor-Bad
Snapshot of Card Features
Easy pre-qualification process which does not affect your credit score
Choice of card image at no extra charge
Less than perfect credit is okay, even with a prior bankruptcy!
Mobile friendly online access from anywhere
Accepted nationwide, wherever Mastercard is accepted
Unsecured credit card, no deposit required
Protection from fraud, if your card happens to be lost or stolen
Card Details +
Annual Fee: $35 – $99*
APR: 24.90%
Why we picked it: It is possible to be approved with poor credit and a bankruptcy on your credit report, but you don’t have to start with a security deposit. Plus, you can choose your card image at no extra charge!
The details: Prequalification doesn’t require a hard credit inquiry, so you can find out if you’re a likely candidate for this card without impacting your credit. You can access your account via mobile to manage it, helping you stay on track with positive payment history and balance management, and the card comes with decent fraud protection.
Drawbacks: The annual fee can be pretty high depending on the terms you’re approved for. The interest rate is also fairly high, so you might not want to carry over large balances between statements.
Indigo Mastercard for Less Than Perfect Credit
Indigo® Mastercard® for Less than Perfect Credit
Apply Now
on Indigo’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
24.90%
Balance Transfer:
N/A
Annual Fee:
$0 – $99*
Credit Needed:
Poor-Bad
Snapshot of Card Features
Less than perfect credit histories can qualify, even with prior bankruptcy!
Choose your card design with chip technology at no additional cost
Quick pre-qualification available with no impact to your credit score
Easy pre-qualification process with fast response
24/7 access to your account, even on mobile!
Protection from fraud, if your card happens to be lost or stolen
Accepted nationwide wherever Mastercard is accepted
Card Details +
Annual Fee: $0 – $99*
APR: 24.90%
Why we picked it: You can prequalify for this card without impacting your credit, and thereâs no security deposit required.
The details: The APR is fairly steep, so you probably want to limit what balances you carry over each month. How much the annual fee is depends on your credit profile. However, it doesn’t require a security deposit.
Drawbacks: A potentially high annual fee and less-than-stellar APR make this a potentially expensive way to build credit.
Avant Credit Card
Avant Credit Card
Apply Now
on Avant’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
25.99% (variable)
Balance Transfer:
N/A
Annual Fee:
$39
Credit Needed:
Fair
Snapshot of Card Features
No deposit required
No penalty APR
No hidden fees
Fast and easy application process
Help strengthen your credit history with responsible use
Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee: The greater of $10 or 3% of the amount of the cash advance
Avant branded credit products are issued by WebBank, member FDIC
Card Details +
Annual fee: $39
APR: 25.99% (variable)
Why we picked it: Thereâs no deposit required, no penalty APR, and no hidden fees.
The details: What you see is what you get with this card. With responsible use, you can strengthen your credit history.
Drawbacks: There is an annual fee and the variable APR can be a bit steep. You may also need fair credit to qualify.
Read Our Full Review
Surge Mastercard
Surge Mastercard® Credit Card
Apply Now
on Surge’s secure website
Card Details
Intro Apr:
N/A
Ongoing Apr:
See Terms*
Balance Transfer:
N/A
Annual Fee:
See Terms*
Credit Needed:
Fair-Poor-Bad
Snapshot of Card Features
All credit types welcome to apply!
Monthly reporting to the three major credit bureaus
See if youâre Pre-Qualified without impacting your credit score
Fast and easy application process; results in seconds
Use your card at locations everywhere that Mastercard® is accepted
Free online account access 24/7
Checking Account Required
Card Details +
Annual fee: See Terms*
APR: See Terms*
Why we picked it: All credit types are welcome to apply, and the pre-qualification process wonât impact your credit score.
The details: Surge can be used anywhere Mastercard is accepted. , and the card reports to all three major credit bureaus.
Drawbacks: You need a checking account to apply. Because the card is specifically for people with less-than-perfect credit scores, interest rates and terms may be a bit high.
Read Our Full Review
How to Choose a Credit Card After Bankruptcy
After a bankruptcy, improving your finances and rebuilding your credit should be a priority. Do some research and pick a credit card that helps you achieve that goal. If you feel that you can’t responsibly manage credit right now, you should wait until you’re in a better place to submit a credit card application.
Since secured credit cards require an upfront security deposit, you’ll need to determine how much money you can afford. Most secured cards will give you a credit line that equals the amount of your original deposit.
While high APRs and annual fees are common with all of these credit cards, you should compare rates across several cards to find the ones that are best for your spending habits.
Some cards for bad credit are designed to exploit people using unfair terms or policies that make it difficult to rebuild your finances. You may even start receiving multiple credit card offers in the mail after your bankruptcy is discharged. Watch out for red flags to avoid getting burned.
And remember: A credit card can only build credit if you use it correctly. You should keep your credit card balance below 30% of the available credit limit and make all your payments on time to help build your credit.
The post Easiest Credit Cards to Get After Bankruptcy appeared first on Credit.com.
Only a decade ago, people called a taxi company when they needed a ride. The same act is now as simple as hitting a few buttons on your smartphone.
Ride-share companies like Lyft make getting a ride to almost anywhere a breeze, and the service may cost a lot less than you think.
If you charge your Lyft rides to a credit card that doles out points or miles, thatâs even better. In this guide, weâll go over the absolute best credit cards to use when you ride with Lyft as well as other ways to maximize your ride-share dollars.
See related: Everything you need to know about maximizing rewards on ride-shares
Chase Sapphire Reserve®: Best for Lyft discounts
Chase Sapphire Preferred® Card: Best for extra value at a lower fee
American Express® Green Card: Best for budget-minded travelers
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
Best credit cards to earn rewards with Lyft
There are a handful of credit cards that can help you earn rewards each time you ride with Lyft. Here are your best options:
See related:Â Best cards for Uber, UberEATS
Chase Sapphire Reserve®: Best for Lyft discounts
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In January 2020, the Chase Sapphire Reserve began to offer a one-year complimentary Lyft Pink membership. For a $19.99 monthly fee, Lyft Pink offers passengers 15% off all car rides, in addition to priority airport pickups, special discounts and more flexibility in cancellations, among other benefits. The Reserve is also offering 10 points per dollar on Lyft purchases through March 2022.
Besides these perks, the card comes with a 3-point-per-dollar rate on restaurants and travel, including Lyft, after the $300 annual travel credit. Speaking of the credit, it applies to most travel purchases, including rides with Lyft.
The Chase Sapphire Reserve card is one of the best travel credit cards on the market, but it also comes with a rather high price â the card charges an annual fee of $550. If you donât travel often enough to justify the fee, you might want to look into cards that have a lower annual fee or none at all.
Here are more details:
One-year complimentary Lyft Pink membership (a $199 value)
10 points per dollar on Lyft purchases through March 2022
3 points per dollar spent on restaurants and travel,
$300 annual credit travel that applies to most travel purchases, including rides with Lyft
50,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 50% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
Up to $100 Global Entry/TSA Precheck credit every four years
Priority Pass Select membership
$550 annual fee
exciting new benefits for its World and World Elite credit card members. This includes a $10 Lyft credit for World Elite cardholders, which will be automatically applied to your next ride after you take five Lyft rides within a calendar month. The most popular World Elite Mastercards include the Capital One® Savor® Cash Rewards Credit Card*, the Citi Prestige® Card and the Barclaycard Arrival Plus World Elite Mastercard.
Chase Sapphire Preferred® Card: Best for extra value at a lower annual fee
Similar to the Chase Sapphire Reserve, the Chase Sapphire Preferred rewards cardholders for eating out (or ordering takeout) and traveling and offers 5 points per dollar on Lyft through March 2022. The base rewards rate is lower at 2 points per dollar on dining and travel and 1 point per dollar on other purchases, but the annual fee is also lower at $95.
If youâre not ready to shell out $550 per year that the Reserve charges, the Preferred can be a better alternative. Plus, it offers a higher sign-up bonus than the Reserve â youâll get 60,000 points after you spend $4,000 in the first three months (compare with a 50,000-point sign-up bonus if you spend $4,000 in first three months on the Reserve).
Take a look at the card details:
5 points per dollar on Lyft through March 2022
2 points per dollar spent on dining and travel
60,000-point sign-up bonus if you spend $4,000 in first three months
Redeem points through the Chase Ultimate Rewards portal, and get 25% more travel for free
Transfer points to airline and hotel partners at a 1:1 ratio
$95 annual fee
American Express® Green Card: Best for budget-minded travelers
Another credit card that offers rewards for travel and transit (including ride-shares such as Lyft) is the American Express Green Card. While it doesnât offer the luxury travel perks other Amex cards are known for, it can be a good choice for budget-minded travelers. With this card, you can get 3 points per dollar on dining, travel and transit, and 1 point per dollar on everything else. The Amex Green also comes with perks such as up to $100 in annual statement credits for LoungeBuddy purchases and up to $100 per year for CLEAR membership.
The Platinum Card® from American Express (up to $15 per month) and up to $120 on the American Express® Gold Card (up to $10 per month).
Hereâs what the card offers at a glance:
3 points per dollar spent on travel and transit, including ride-shares
3 points per dollar spent on dining
30,000 bonus points when you spend $2,000 in the first three months
Up to $100 per year in statement credits for LoungeBuddy purchases
Up to $100 per year in statement credits for CLEAR membership
$150 annual fee
Wells Fargo Propel American Express® card: Best no annual fee card for ride shares
If youâre looking for a credit card that would earn you rewards on Lyft rides and not charge an annual fee, the Wells Fargo Propel American Express is definitely an option worth looking into.
The card earns 3 points per dollar in numerous categories, including dining out, gas stations, transit, flights, hotels, homestays, car rentals and select streaming services â and ride-shares. All other purchases earn 1 point per dollar. You can choose to redeem your rewards for flights through Go Far Rewards or statement credits.
Hereâs a closer look:
Earn 3 points per dollar on dining out, gas stations, ride-shares including Lyft, transit, flights, hotels, homestays, car rentals and select streaming services
Earn 20,000 bonus points when you spend $1,000 on your card within three months of account opening
Redeem for flights through Go Far Rewards
Cash in your points for statement credits
No annual fee
More ways to maximize rewards (and save money) when you pay for ride-sharing services
While using the right credit card can help you score more rewards each time you ride with Lyft, there are other ways to make the most of your ride-share spending. Here are some tips that can help you maximize each dollar you spend, save money and even earn airline miles:
Connect your Lyft account with your Delta SkyMiles account. Regardless of which credit card you use to pay for your Lyft rides, you can earn Delta SkyMiles for each dollar you spend. All you are required to do is connect your Delta and Lyft accounts online. From there, youâll earn 1 Delta mile for each dollar you spend on regular rides and 2 miles per dollar for rides to or from an airport.
Price shop with both ride-sharing companies. The best way to spend less on ride-sharing is to make the two main companies â Uber and Lyft â compete. Download both apps on your phone and check pricing with each before you request a ride. If one ride-sharing company is significantly cheaper, they should be your obvious choice.
Avoid surge pricing when you can. Both Uber and Lyft enact âsurge pricingâ in situations where demand is especially high. If you can avoid paying for a ride during a surge, you will save money over time. This is yet another reason to compare pricing on both apps before you book a ride; both ride-sharing companies may not have surge pricing at the same time.
Refer friends and watch out for coupons. If youâre just now signing up for Lyft, make sure someone who already has the app sends you a referral code that makes your first ride free. Also note that, once you have your own Lyft account, youâll get a free or discounted ride for each new person you refer who signs up and takes a ride. Finally, keep your eye out for special promotions and coupons you can add to your account.
Bottom line
To find the best cards for Lyft to share with you, weâve compared all cards that offer benefits and perks related to ride-sharing and Lyft specifically. These cards can help you maximize your potential earnings and savings on Lyft rides, and if you use Lyft frequently, one of these products can be a great addition to your wallet.
*All information about the Capital One Savor Cash Rewards Credit Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. Capital One Savor Credit Card is no longer available through CreditCards.com.
With Valentineâs Day around the corner, youâre probably thinking about your plans for the big day. Whether youâre celebrating with your significant other or friends, love is definitely in the air. But do you feel that love for your credit score? Thatâs rightâitâs time for you to fall in love with your credit score. And weâre here to help.
What Is a Credit Score?
A credit score is a single number that reflects the overall state of your credit history. Itâs used by lenders to determine your eligibility for a loan. The score is calculated and reported by the three major credit bureaus, which are Experian, Equifax and TransUnion. Every bureau calculates its own score, so you can have a different score with each agency.
What’s an Excellent Credit Score?
Credit scores are broken into ranges. Scores in higher ranges are considered good or excellent. People with these higher scores can typically get approved for more loan options and may get better terms, interest rates, APRs, etc.
How credit scores are broken up depends on which model is used. Firstly, thereâs FICO. This credit score range was developed by FICO, a company that specializes in predictive analytics. FICO uses your credit information to create your credit score, which will help lenders predict your behavior. Hereâs the FICO score range:
800 to 850: excellent
740 to 799: very good
670 to 739: good
580 to 669: fair
300 to 579: very poor
Then thereâs VantageScore, which is a result of a joint venture from the three major credit bureaus. Hereâs the VantageScore credit score range:
750 to 850: excellent
700 to 749: good
650 to 699: fair
600 to 649: poor
300 to 599: bad
Donât forget that Experian, Equifax and TransUnion each have their own credit score. Thatâs why itâs important to check them out whenever you can!
How to Feel the Love for Your Credit Score
You wouldnât settle for a mediocre date, so why settle for a mediocre credit score? If youâre ready to fall head over heels for your score, it might be time to improve your credit. Weâve got some tips on how to love your credit score the right wayâby treating it right.
1. Educate Yourself About Credit
You know how people like to say âWhat you donât know canât hurt youâ? That definitely doesnât apply to your finances. Take time to educate yourself about creditâespecially your credit.
First, learn about the five factors that play into your credit score:
Payment history: Making up 35% of your score, this refers to how often you have late payments.
Credit utilization: This refers to the amount of your credit that you use. Your credit utilization ratio should be less than 30%. This also makes up 30% of your credit score.
Average age of accounts: If you have some older accounts, itâll show lenders that you have great financial management skills. This makes up 15% of your credit score.
Account types: Itâs best to have a good mix of accounts, such as revolving accounts and installment accounts. This makes up 10% of your score.
Inquiries: When you apply for credit, itâs common for lenders to do a hard pull on your credit. This results in an inquiry on your report. Inquiries only make up 10% of your score.
You should also learn about your own credit. Order your free credit report to see exactly where you stand so you can start improving your credit.
2. Get Organized and Pay Your Billson Time
Timely paymentsâwhich means never being late with loan payments or defaulting on loansâis the biggest factor in your credit score. This accounts for almost a third of your score.
Sure, getting organized and being on the ball financially sounds like a chore. But it also means that youâll be caught up on all your payments. Youâll feel freedom when you know you paid all the bills for the month.
Get a month ahead on bills so you’re never rushing to pay anything. You get the added benefit of a cushion that can be helpful if emergencies do arise. Plus when you make on-time payments your, credit score could rise.
3. Work with Professionals to Clear Up Errors
Finding an error on your credit report can feel like finding skeletons in your significant otherâs closet. Are they real? Is it a false alarm? The best way to tackle an error on your credit report is to go to a professional to help clear the air.
If you’re feeling ready to dump your credit score over a mistake, it might be time to call in the professionals. Instead of a couple’s counselor, you need a credit repair agency. Sure, they can do the things you could do yourselfâbut with a lot of time and effort on your part. But the professionals can intervene for you to provide experienced guidance and resources to help get errors on your credit report fixed.
Get to Know Your Credit Score Now
Every good relationship starts with getting to know each other. Before you can fall in love with your credit score, you need to get to know what’s going on with it now and understand your own goals for the future. Start by getting your free credit report card to understand your score and how you rank on each of the five factors that play into it.Â
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The post Fall in Love with Your Credit Score appeared first on Credit.com.
In a recession itâs common for many people to rely on credit cards and loans to balance their finances. Itâs the ultimate catch-22 since, during a recession, these financial products can be even harder to qualify for.
This holds true, according to historical data from the Federal Reserve Bank of St. Louis. It found that during the 2007 recession, loan growth at traditional banks decreased and remained deflated over the next four years.Â
Credit can be a powerful tool to help you make ends meet and keep moving forward financially. Hereâs what you can do if youâre struggling to access credit during a weak economy.
Lending becomes riskier in a weak economy. Does this mean youâre completely out of luck if you have bad credit? Not necessarily, but you might need to take the time to understand all of your alternatives.
How Does a Financial Downturn Affect Lending?
Giving someone a loan or approving them for a credit card carries a certain amount of risk for a lender. After all, thereâs a chance you could stop making payments and the lender could lose all the funds you borrowed, especially with unsecured loans.
For lenders, this concept is called, âdelinquencyâ. Theyâre constantly trying to get their delinquency rate lower; in a booming economy, the delinquency rate at commercial banks is usually under 2%.
Lending becomes riskier in a weak economy. There are all sorts of reasons a person might stop paying their loan or credit card bills. You might lose your job, or unexpected medical bills might demand more of your budget. Because lenders know the chances of anyone becoming delinquent are much higher in a weak economy, they tend to restrict their lending criteria so theyâre only serving the lowest-risk borrowers. That can leave people with poor credit in a tough financial position.
Before approving you for a loan, lenders typically look at criteria such as:
Income stability
Debt-to-income ratio
Credit score
Co-signers, if applicable
Down payment size (for loans, like a mortgage)
Does this mean youâre completely out of luck if you have bad credit? Not necessarily, but you might need to take the time to understand all of your alternatives.
5 Ways to Help Get Your Credit Application Approved
Although every lender has different approval criteria, these strategies speak to typical commonalities across most lenders.
1. Pay Off Debt
Paying off some of your debt might feel bold, but it can be helpful when it comes to an application for credit. Repaying your debt reduces your debt-to-income ratio, typically an important metric lenders look at for loans such as a mortgage. Also, paying off debt could help improve your credit utilization ratio, which is a measure of how much available credit youâre currently using right now. If youâre using most of the credit thatâs available to you, that could indicate you donât have enough cash on hand.
Not sure what debt-to-income ratio to aim for? The Consumer Financial Protection Bureau suggests keeping yours no higher than 43%.
For those with poor credit, a trusted cosigner can make the difference between getting approved for credit or starting back at square one.
When someone cosigns for your loan theyâll need to provide information on their income, employment and credit score â as if they were applying for the loan on their own. Ideally, their credit score and income should be higher than yours. This gives your lender enough confidence to write the loan knowing that, if you canât make your payments, your cosigner is liable for the bill.
Since your cosigner is legally responsible for your debt, their credit is negatively impacted if you stop making payments. For this reason, many people are wary of cosigning.
In a recession, it might be difficult to find someone with enough financial stability to cosign for you. If you go this route, have a candid conversation with your prospective cosigner in advance about expectations in the worst-case scenario.
3. Raise Your Credit Score
If your credit score just isnât high enough to qualify for conventional credit you could take some time to focus on improving it. Raising your credit score might sound daunting, but itâs definitely possible.Â
Here are some strategies you can pursue:
Report your rent payments. Rent payments arenât typically included as part of the equation when calculating your credit score, but they can be. Some companies, like Rental Kharma, will report your timely rent payments to credit reporting agencies. Showing a history of positive payment can help improve your credit score.Â
Make sure your credit report is updated. Itâs not uncommon for your credit report to have mistakes in it that can artificially deflate your credit score. Request a free copy of your credit report every year, which you can do online through Experian Free Credit Report. If you find inaccuracies, disputing them could help improve your credit score.Â
Bring all of your payments current. If youâve fallen behind on any payments, bringing everything current is an important part of improving your credit score. If your lender or credit card company is reporting late payments a long history of this can damage your credit score. When possible speak to your creditor to work out a solution, before you anticipate being late on a payment.
Use a credit repair agency. If tackling your credit score is overwhelming you could opt to work with a reputable credit repair agency to help you get back on track. Be sure to compare credit repair agencies before moving forward with one. Companies that offer a free consultation and have a strong track record are ideal to work with.
Raising your credit isnât an immediate solution â itâs not going to help you get a loan or qualify for a credit card tomorrow. However, making these changes now can start to add up over time.
4. Find an Online Lender or Credit Union
Although traditional banks can be strict with their lending policies, some smaller lenders or credit unions offer some flexibility. For example, credit unions are authorized to provide Payday Loan Alternatives (PALs). These are small-dollar, short-term loans available to borrowers whoâve been a member of qualifying credit unions for at least a month.
Some online lenders might also have more relaxed criteria for writing loans in a weak economy. However, you should remember that if you have bad credit youâre likely considered a riskier applicant, which means a higher interest rate. Before signing for a line of credit, compare several lenders on the basis of your quoted APR â which includes any fees like an origination fee, your loanâs term, and any additional fees, such as late fees.
If youâre trying to apply for a mortgage or auto loan, increasing your down payment could help if youâre having a tough time getting approved.
When you increase your down payment, you essentially decrease the size of your loan, and lower the lenderâs risk. If you donât have enough cash on hand to increase your down payment, this might mean opting for a less expensive car or home so that the lump sum down payment that you have covers a greater proportion of the purchase cost.
Loans vs. Credit Cards: Differences in Credit Approval
Not all types of credit are created equal. Personal loans are considered installment credit and are repaid in fixed payments over a set period of time. Credit cards are considered revolving credit, you can keep borrowing to your approved limit as long as you make your minimum payments.
When it comes to credit approvals, one benefit loans have over credit cards is that you might be able to get a secured loan. A secured loan means the lender has some piece of collateral they can recover from you should you stop making payments.
The collateral could be your home, car or other valuable asset, like jewelry or equipment. Having that security might give the lender more flexibility in some situations because they know that, in the worst case scenario, they could sell the collateral item to recover their loss.
The Bottom Line
Borrowing during a financial downturn can be difficult and it might not always be the answer to your situation. Adding to your debt load in a weak economy is a risk. For example, you could unexpectedly lose your job and not be able to pay your bills. Having an added monthly debt payment in your budget can add another challenge to your financial situation.
However, if you can afford to borrow funds during an economic recession, reduced interest rates in these situations can lessen the overall cost of borrowing.
These tips can help tidy your finances so youâre a more attractive borrower to lenders. Thereâs no guarantee your application will be accepted, but improving your finances now gives you a greater borrowing advantage in the future.
Lately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven’t talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day.
Due to this, it is a topic I am always happy to cover. Paying off your student loans is a wonderful feeling and I want to help everyone else experience the same.
Background on my student loans.
To start off, I am going to provide a quick background on my student loans.
I worked full-time all throughout college. I worked as a retail manager from when I was a teenager until I graduated with my two undergraduate degrees (I was a double major). Then, I was lucky and found a financial analyst position right when I graduated. I took around six months off from college, then I went back to get my Finance MBA, all while still working full-time and building my business.
Even though I worked full-time, I didn’t really put any money towards my student loan debt while I was in college.
Instead, I spent money on ridiculous things like going to my favorite Mexican restaurant WAY too many times each week and spending money on clothing that I didn’t need.
I didn’t have a realistic budget back then, at least not a good one. I didn’t think about my student loan repayment plan at all either!
So, when I finished my Finance MBA, I finally came to terms with the fact that I needed to start getting real about my student loans. I had six months after the day I graduated with my Finance MBA until my student loans would come out of deferment.
I knew I had to create an action plan to get rid of my student loans.
And that’s when I took a HUGE gulp and decided to add up the total of what I owed.
After adding all of my student loans together, I realized I had $38,000 in student loan debt. No, this might not be as much as some of the crazy stories you hear out there where others have hundreds of thousands of dollars worth of student loan debt, but I wasn’t exactly near the average of what others owed either. I also wasn’t happy because I kept thinking about how I had been working full-time for many years, yet I didn’t even put a dent on my student loans.
After totaling what I owed, I decided to buckle down and start my debt payoff near the end of 2012.
I ended up finishing paying off my student loans in early July of 2013, which means it took right around seven months for me to pay them off completely.
It’s still something I cannot believe is true. I always thought I would have student loans hanging over my head for years, so I am extremely grateful that I was able to eliminate them so quickly.
Now, you may be wondering “Well, how do I do the same?” Or you might even be thinking that it’s not possible for you.
However, I believe you CAN do the same and that it IS possible for you.
For some, it might take longer to pay off your student loans or it might even take less. It depends on how much you owe, how much time you can spend on making more money, and honestly, it also depends on how bad you want it.
Related tip: I highly recommend SoFi for student loan refinancing. You can lower the interest rate on your student loans significantly by using SoFi which may help you shave thousands off your student loan bill over time.
Related content: How Do Student Loans Work?
Here are my tips to pay off your student loans quickly:
Do you know how much student loan debt you have?
Like I said above, the first thing that made me jumpstart my student loan repayment plan was the fact that I took the time to add up how much student loan debt I had.
It shocked me so much that I probably wanted to throw up. That’s good though because it can be a good source of motivation for most people. I know it was for me!
When you add up your student loans, do not just take a guess. Actually pull up each student loan and tally everything down to the exact penny.
I highly recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more, and it is FREE.
Understand your student loans.
There are many people out there who do not fully understand their student loans. There are many things you should do your research on so that you can create the best student loan repayment plan.
This mainly includes:
Your interest rate. Some student loans have fixed interest rates, whereas others might have variable rates. You’ll want to figure out what the interest rate on your loans are because that may impact the student loan repayment plan you decide on. For example, you might choose to pay off your student loans that have the highest interest rates first so that you can pay less money over time.
Student loan reimbursements. Some employers will give you money to put towards your student loans, but you should always do your research when it comes to this area. Some employers will require that you work for them for a certain amount of time, you have great grades, good attendance, and they might have other requirements as well. There are many employers out there who will pay your student loans back (fully or partially), so definitely look into this option.
Auto-payments. For most student loans, you can probably auto-pay them and receive a discount. Always look into this as you may be able to lower your interest rate by 0.25% on each of your student loans.
Create a budget.
If you don’t have one already, then you should create a budget immediately.
First, include your actual income and expenses for each month. This will help show you how much money you have left over each month and how much money should be going towards your student loan debt each month.
Cut your budget to create a quicker student loan repayment plan.
The next step is to cut your budget so that you can have a better student loan repayment plan. Even though you may have just created a budget, you should go through it line by line and see what you really do not need to be spending money on.
There’s probably SOMETHING that can be cut.
You might not have even realized it until after you wrote down exactly how much money you were shoveling towards nonsense until now. However, now is better than never!
We worked towards cutting our budget as much as we could. I can’t remember exactly how much we cut it by, but I know that it was enough to where I felt like I was putting a dent in my student loans.
Even if all you can cut is $100 each month, that is much better than nothing. That’s $1,200 a year right there!
Side note: If you are still in college, I highly recommend that you check out Campus Book Rentals. It allows you to get your text books for cheap. I almost ALWAYS rented my text books and it saved me a ton of money!
Earn more money as a part of your student loan repayment plan.
The month I paid off my student loans was a month where I earned over $11,000 in extra income. While this does sound crazy, I did start off by making just $0 in extra income. Everyone has to start somewhere.
Even if $11,000 a month isn’t possible for you, I’m sure something is. If you can make an extra $1,000 a month in extra income, that can help you knock out your student loans in no time.
Related articles:
75+ Ways To Make Extra Money
10 Ways To Make Money Online From The Comfort of Your Home
10 Things I’ve Done To Make Extra Money
Ways To Make An Extra $1,000 A Month
How to Earn Extra Income Part 1
Pay more than the minimum payment each month.
The point of all of the above is to help you pay off your student loans. However, you can always go a little bit further and pay off your student loans more quickly. The key to this is that you will need to pay more than the minimum each month for you to speed up your student loan repayment plan process.
It may sound hard, but it really doesn’t have to be. Whatever extra you can afford, you should think about putting it towards your student loans. You may be able to shave years of your student loans!
How much student loan debt do you have? What’s your student loan repayment plan?
The post How I Paid Off $38,000 In Student Loan Debt In 7 Months appeared first on Making Sense Of Cents.
Cable companies aren’t in the habit of reporting your payments to the credit bureaus, at least when it comes to your traditional credit reports. But if that’s something you want, there is a way to get those monthly bills to help your credit score.
Simply put, consider paying for cable with your credit card.
Unlike cable providers, credit card issuers do generally report to the major credit reporting agencies, so using your plastic to pay for a bill that you’re already in the habit of covering from month to month can help you build a payment history, the single biggest factor in establishing credit scores.
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Of course, for this strategy to work, you have to pay that credit card off on time and, ideally, in full. Otherwise, it will have the opposite effect on your score and you’ll wind up paying interest just to watch your favorite television shows.
To make sure you don’t miss a payment, sign up for alerts or, even, set your credit card bill to auto-pay. You could also pay the charge off via a linked debit card account as soon as it’s processed if you’re worried about winding up with a big balance (which could affect your credit utilization, another major factor of credit scores) at the end of the month.
A Few More Tips & Tricks
There’s a chance that your provider will charge a fee for paying by credit card, so be sure to check that there’s no extra charge before using this method. And, if you do set that credit card to auto-pay, monitor your monthly cable statements. You don’t want to miss a new fee or billing error and wind up paying more than you owe or intended.
Rewards credit cards can earn you some points, miles or cash back, so if you have one in your wallet, you might want to use that particular piece of plastic to pay your cable bill. If your credit is on the brink and you don’t have any credit cards, you can consider applying for (and then using) a secured credit card, which is designed specifically to help people build credit. (You can learn more about the best secured credit cards in America here.)
A Quick Reminder
Unpaid cable bills can damage your credit, even when they’re not being covered by a credit card. Accounts that go unpaid long enough can wind up in collections, which will hurt your scores. (You can see how any collections accounts may be affecting your credit by viewing your free credit score, updated every 14 days, on Credit.com.)
If your credit is in rough shape, due to an collection account or other payment history troubles, you may be able to improve your scores by paying delinquent accounts, addressing high credit card balances and disputing any errors that may be weighing them down. And remember, you can build good credit in the long term by making all loan payments on time, keeping debt levels low and adding to the mix of accounts you have, as your score and wallet can handle it.
More on Credit Reports & Credit Scores:
The Credit.com Credit Reports Learning Center
How to Get Your Free Annual Credit Report
How Credit Impacts Your Day-to-Day Life
Image:Â Ivanko_Brnjakovic
The post How to Use Your Cable Bill to Build Credit appeared first on Credit.com.
Lately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven’t talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day.