My credit application was rejected, what happens next? You are entitled to receive a free credit report from the bureau (or bureaus) the creditor used which influenced the denial decision. Check to ensure there are no errors and; if so, report them to the respective bureau.
Some online banking offers easy bill paying, account balance review and free checking account activation.
Online banking is ideal if you want to avoid monthly fees, and do most of your banking online. A free bank checking account offers easy online bill paying, instant account balance and debit review.
Avoid overdraft and bounced check fees by managing your bank checking account so you don’t overdraw it.
Always know how much money you have in your checking account by keeping your account register updated. Record all checks, other withdrawals and deposits the instant they occur, and also remember to deduct monthly fees and/or check fees if your bank charges them.
Pay special attention to your online transactions and ATM usage. Don’t forget about any automatic debits you may have set up for loan or other payments. Also remember that you may have checks that have not yet cleared the bank.
Review your account statements monthly, the instant you receive them. Between statements, you can find out which payments have cleared and check your balance by calling your bank or by checking online.
If you overdraw your account, deposit money into the account as soon as possible to cover the overdraft amount plus any fees your bank may charge.
Joint Checking Accounts - Many married couples and family members find opening and using joint savings or checking accounts convenient and useful. With only one account, there is only one set of fees to pay and many married couples find pooling the money together makes budgeting easier.
However, joint bank accounts are riskier than separate accounts. If the relationship between the account holders turns sour, there is chance that one holder may drain the account without the knowledge of the other. Therefore, those considering opening a joint savings or checking account should discuss its benefits and downsides before making a decision.
Here are a few things to consider before opening a joint bank account.
Have Joint Account with Someone You Trust. The most important thing is trust. Only have a joint account with someone you can trust completely. This usually isn’t a big problem where family finances are concerned and where putting the money into a shared account makes bill paying and debt repayments easier. Elderly parents can also trust their adult children with their finances if they have a shared account.
Choose the Appropriate Signatory Option. Banks usually give joint account holders the options of “both to sign” or “either to sign”. Those who can’t trust their partner completely can choose the “both to sign” option so that transactions can only be carried out with the consent of both parties. If trust is not an issue at all, the “either to sign” option is very useful as it allows either account holder to transact independently of the other. What suits one household may not suit another. So choose the appropriate signatory option carefully.
One option for married couples is to each put all of their earnings into one joint checking account. If both spouses are comfortable with this approach, it's certainly the easiest logistically. If one of you is deeply in debt or is notoriously bad at keeping track of checks and ATM withdrawals, this may not be the best method for you. Account co-owners enjoy the right to spend, give away or transfer funds to other accounts, without the consent or knowledge of other account holder(s). In many cases, the "wronged" party can get back some of the money, but legal action is required.
Advice: Compare for benefits. Review all the terms and conditions and special offers before you apply for a bank checking account. Some banks offer a bonus for opening a checking account, such as a no fee period or a special rate.
Visit our articles to learn more information about bank checking accounts and loans, federal regulations and news.
Sometimes there is some emotional conflict when people try to decide which way to go about paying down debts. They wonder if they should pay off bills with the highest interest rates first, or pay off the smaller bills. Deciding to start with the smallest bills, can help to get going on the task and be more motivated. There is a good feeling to know one debt has been paid in full and something is getting accomplished. Setting goals to get debts paid off, must begin with changing behavior. This means spending money wisely. Knowing the bills must be paid is one thing, but actually getting it done can be harder. By paying off a small debt, it may encourage more good intentions to continue to get out of debt.
To get started, target one small debt and try to pay more than what is required each month. Consider paying something weekly, in addition to making the regular payment on time. It is surprising how you begin to see your efforts pay off. Keep a list of the small debts and the order in which to pay each one in full, and mark them off the list as it is done. Seeing the results of every small bill paid, will be uplifting. Keeping the list with each debt scratched off, will remind you how hard you have worked and how far you must go to finish the job.
Getting into debt is fun and easy, getting out of debt is stressful and requires a plan of action. Before spending one dollar, ask yourself if the expense is wasteful and if you can live without spending your hard earned money. If the answer is that you can live without spending the money, you will realize you now have more money left to pay down more of the bills. Keep sending in money for bills and keep getting closer to being out of debt. When help is needed, consider seeking a professional for advice and debt counseling.
I lost my job... what do I tell creditors about my past due bills? Try to keep spending under control so you can pay your bills using existing bank and brokerage accounts for, say, the next three to six months. If possible, avoid withdrawing or borrowing money from your retirement savings. If you anticipate problems paying debts, such as your mortgage or the minimum due on your credit card, contact your creditors immediately and attempt to work out a payment plan. One reason to keep loan and credit card payments current is so that you can maintain the best possible credit record. Prospective employers may review your credit reports when you apply for a new job. Also, carefully review your employer's severance benefits, including the temporary continuation of your salary and health insurance, and try to negotiate a better deal.
When money is needed for events or functions during the year, some people simply take out a personal line of credit so they always have a way to get money. A credit line like this can provide money to pay for whatever may be needed, whether it is for family fun, paying off bills, holidays, or medical expenses. These lines of credit can be a great resource when used wisely,
Having a credit line usually requires good or excellent credit, so that eliminates people with blemished credit. When credit is a problem, the only way to get money fast could be to use an acquaintance, credit cards, or payday loans. Everyone needs money to get them through some tough times. Financial institutions are limiting credit, so getting approved for a line of credit may be difficult.
For those who have a line, it can be tempting to use it too much and end up in debt. Sometimes just borrowing a small amount of money and being able to repay it on time can be the best way to handle personal finances. Paying as you go is a very wise way to manage money, it can prevent huge debt problems, and help improve credit scores by not paying late.
Consumers throughout the United States apply and get approved for fast cash loans every day. Many use them to try to rebuild scores. This is possible when good paying habits are reported to major credit bureaus. If loans are repeatedly applied for and repaid, it may establish a positive relationship with the lender so getting more loans in the future could be quicker.
Quick paycheck loans, are usually used when a paycheck is depleted and there is no money left for other needed expenses. It happens all the time. This type of loan has become a very popular method for getting money. Each lender has their own interest rates, terms, and fees, so comparing lenders is necessary to get the best rates.
Giving people who have poor credit a small loan can be risky at times. But for loans that have collateral, such as a home, those may prove to be too risky for some borrowers. They could end up loosing a home if there are too many missed payments. When a borrower defaults, the lender can sell the house to make up for the loss.
Not every lender will give loans to people with bad credit. Usually, banks and credit unions like to see above average credit before they will approve a loan. When there is less than average credit, they may approve a loan, but it could have higher interest rates.
Finding extra money can sometimes be the answer that can help fix a financial problem. Research all the choices and apply with the lender who has the best repayment choices and the lowest rates.
Make sure the money is repaid on or by the date due. Check out any questions and answers on the website of the lender.
Married Couples Joint Credit: Before exchanging wedding vows, exchange credit reports and have a candid discussion about your finances. Be open and honest about matters that could be a source of friction in the future, such as major outstanding debts from student loans or credit cards. Some experts suggest that both of you order your latest credit reports and then, together, sit down and review them to avoid major surprises. Credit reports include information on debts outstanding and, for example, whether someone has filed for bankruptcy. By federal law, you can receive one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (AnnualCreditReport.com or call toll-free 1-877-322-8228). Set short-term and long-term financial goals. Figure out how much money each of you should be able to spend for "fun" and how much you should set aside for important goals, perhaps to buy a home. Financial advisors suggest that young couples consider preparing and following a monthly budget. Understand the risks and responsibilities of jointly held accounts. If a husband and wife are co-owners of a credit card and one of them goes on a spending spree, the other spouse may be held responsible for paying the bill. Likewise, irresponsible use of a jointly owned credit card by one spouse would be reported on both of their credit histories, and that could damage the "innocent" partner's chances of getting a good loan or credit card in the future. And when two people use the same checking account, they should share one checkbook and record all transactions, because otherwise they risk losing track of their balance and paying charges for insufficient funds.
Should I destroy all my credit cards when money is tight? Access to credit may be helpful in tight times, allowing you to manage unforeseen expenses such an emergency home or car repair. Just be sure to evaluate how using credit now will affect your budget in the future. • With a good credit history, you may be able to work with existing lenders to lower your interest rate and negotiate better terms for existing loans. • When you receive gifts of money, get a bonus or pay off a debt, use the extra money as “powerpayments” to pay down your remaining debt. • Make certain you are getting any available perks associated with your credit cards, such as credit toward payments, points toward frequent flyer miles or gifts that could be used for upcoming occasions.