Credit Unions and Traditional Banks

Understanding the institution that you entrust your personal or business money with is very crucial. Chandler credit union best establishment. They have really diversified how people bank today. People are slowly shunning down the traditional way of banking opting for Credit Unions. A Traditional bank is only involved in keeping your money for you, making you a customer whereas with a credit union you are a member.

Why Credit Unions?

It feels good to be part of a banking institution that you keep your money with, but it feels even greater when you know you are a member. Credit Unions let the members vote and are part of the board, the traditional banks are run by stakeholders and no one else has a say in how the bank is run.

A traditional bank will focus more on rendering commercial loans for big and credible investors. A credit Union, on the contrary, focuses on enhancing members’ savings and offering consumer loans.

The Three pluses of a Credit Union

1. Organized-A credit union is an organized institution which in most cases is local; this emphasizes on the members needs. This is not the case with a traditional bank; banks are open to all making it hard to focus on the average banker.

2. Non-profit-Through lower loan rates and higher saving rates, a credit union guarantees its members profits, unlike the traditional bank which earns profits that are then paid to the stakeholders.

3. Members volunteer-The traditional banks have paid board members to run the institution. With a credit union members volunteer to be part of the board. This really creates for diversity and growth of a banking institution since the different members can run for the election to be part of the board.

There are more advantages with Credit Unions. Look for one near you to understand more on why it is best compared to traditional banking.

Asian female graduate giving money in classroom - education cost concept

When to Pay Off Your Student Loan

You’re now a college graduate and on the hunt for that dream job. But this excitement is tampered by a reality check because you have hefty student loans to pay off and you don’t know when you’ll be able to pay on them. Thankfully most lenders offer graduates a grace period after graduation that lasts six months. You’re probably wondering when you should begin the payment process after the grace period ends. Ideally you want to wait until you have a steady income so that you will not get into more debt by taking out a loan to repay the ones you have.

When is the right time?

For those who wish to pay off their student loans as early as possible, there are advantages and disadvantages. One advantage is that by paying them off early you can save thousands of dollars in interest payments and this means a better return on your investment. Another benefit of early payment is that you increase the ability to save up for long term goals such as homeownership, entrepreneurship, starting a family or even returning to school for an advanced degree. A disadvantage of paying off student loan debt early is that you lose out on tax benefits. This is because the interest you pay on the loans are tax deductible.

You may say, “But I want to save up for retirement. Is it okay if I delay student loan repayment?” You can begin loan repayments now and worry about saving for retirement later but this is not a good idea because when you land that dream job, you should do what you can to reduce debt so that you will not stress out over how much you’ll need to save for retirement. In fact, it might be possible for you to pay off some of the student loans while saving income for retirement at the same time.

Once you decided that it is the right time to begin loan repayments, here is how you can pay them quicker. Talk with your lender to see if you can obtain income based repayment. This is when your monthly payments are determined by how much you earn rather than the amount that is set by the lender. If you’re a student in your final stretch of school, then it’s a good idea to repay some of the loans now Another option is to get a consolidation loan. In conclusion, it’s never too early to start paying down student loan debt and if you ever get have issue with late payments and need help to repair your credit score you can read our article here to help you out.

servies for repairing your credit

Having credit repair companies fix your credit score

Many people are having issues with their credit report. It has been studied that over 70% of consumers have a bad credit score. When you have a bad credit score, you might be restricted to enjoy some financial help and benefits from the financial institutions. Luckily, there is a way of fixing your credit report, and it is called your credit repair guide.

What is credit repair?

This is the process of pointing out errors, finding ways of fixing the mistakes, and supervising the legal institutions to ensure that the identified error is corrected. In simple terms, this is the process of fixing the bad credit report.

How vital is it?
improving your credit scoreCredit repair is an important strategy that can help an individual fix their bad credit report. Therefore, it will help in the following ways;

Improved insurance policies. Most of the insurance companies will offer policies that are based on the credit report of the client. So if the report is fixed, the client will be offered better insurance policies.

• Better mortgage/loan resources. When you have a bad credit report, you will not be open to many loan or mortgage opportunities. Nonetheless, if you have a credit repair, you will be sure of getting more loan options.

• Better job opportunities. Most of the employers will highly consider the credit report of the applicant. When you have your credit report fixed, you will be more confident, and you can have higher chances of getting a good job.

Top 5 Credit Repair Companies

Fixing your credit report is all about finding the right credit company. That said, here are top five credit repair companies list for Nov 2015.

1. Lexington Law
This credit company will require around $99.95 to sign up, and you will be charged a minimum of $59.95 a month. The company has been active for around 24 years, and it has a BBB rating of A+. It favors active military, family members and couples by giving them a discount of 50%. You will also enjoy a free credit score and a free credit report summary. You are free to cancel it whenever.

2. Sky Blue
It will cost you about $59 to start up the Sky Blue services. You will be charged $59 a month, and there is a 100% money back guarantee. Sky Blue has an experience period of about 26 years, along with a BBB rating of A+. It is also open to cancellation whenever you want.

3. Credit Repair
This one has an experience of 18 years, and it also has a lower start up fee of $12.95. The monthly fee is $89.95. The company offers score tracking and analysis. It will also monitor the TransUnion credit for free. You will also get a mobile app, and regular alerts. The credit score analysis is available 24/7.

4. The Credit People
This company will only cost you a start up fee of $19, along with a monthly fee of $59. You can also pay an upfront fee of $299. When you pay the upfront fee, you will not have to pay any other fee for six months. They have an experience of 14 years, and you can enjoy a 100% monthly fee.

5. Ovation Credit Services
This will cost you a start up fee of $89, along with $49 monthly fee. There is a special discount offered to the military, couples, family members, friends, and seniors. You will also enjoy a speedy, same-day service. They are cheap enough to allow anyone to enjoy their services.

Woman in home office using computer talking on telephone

Cost of Starting a New Business from Home

Many people have started successful businesses from a garage or a spare room in their home.

There are many things a person can do – e.g. music, writing, backyard mechanics, backyard computers, all sorts of tutoring, sewing, cleaning etc. One lady I met even started a whole modelling business with just a few clients.

The first thing you need to do is have a definite idea and formulate a Business Plan. This should be based on something that you know a lot about and are happy doing.

The next thing you need is a unique business name – preferably one that catches people’s attention and is easy to remember. Ideally the name should be registered with the appropriate Government Agency. Once I tried to register one of my business names, but the cost was several hundred dollars which I couldn’t afford – So I just typed up my own certificate with the copyright symbol and date. I also put a copy of this in a sealed, self addressed envelope with the postage date clearly viable. I was hoping that this would solve any possible Intellectual Property problems.

How to figure out your cost

You will need to work out your set up costs. These will be almost nil if you are doing something like tutoring – because the spare tuition room in your home is already there. Enterprises like backyard mechanics have bigger set up and operating expenses. Its best to speak with a certified CPA specialist.

 

How do you get clients and start to generate an income? Telling your neighbors and friends what you are doing costs nothing. The best advertising is word of mouth and many businesses rely just on referrals. Placing an ad on your local shopping center notice board or in a shop window also costs nothing. Ads in the local newspaper are relatively cheap – as are letter box drops.

Once you have a few clients and have established yourself as serious, then there are many government organisations that offer assistance and advice. You may even be able to apply for a grant or low interest loan.

Another good reason to start a home based business is that you can negative gear a lot of your costs and offset it against your income – costs like phone, transport, stationery and proportionate rent (which you pay anyway)

In my own position, as a person who was unemployed goes, I found that Social Security supported what I did as long as I was honest and kept then informed of how much money I was earning. If you have questions that were left unanswered feel free to email me here.