1) The first thing to do is input your current household balance. Do NOT use the 'Reset Household Budget' option. Instead, use the 'Credit' option on the 'Credits and Debits' page (see paragraph 2 below).
The 'Reset Household Budget' option is to be used only when you fail to enter a 'Credit' or 'Debit' and need to balance your Personal Finance Center against your bank statement.
2) To set your current household balance, use the 'Credit' option on the 'Credit and Debits' page. Insert today's date, select the 'Credit' radio button, enter an amount, then click the 'Add Record' bar.
3) Now you are ready to begin inputting debits (payments) as they occur. Simply enter the date of the payment, select the 'Debit' radio button, enter an amount, and then choose the appropriate 'Type of Payment' option. If; for example, you are recording an auto loan payment, select 'Auto Loan' from the 'Type of Payment' drop down menu. Next, if the payment will reach the creditor late, select the 'Late Payment' radio button. If you are paying the bill by check or money order, enter the check/money order number. If paying by cash, simply leave the 'Check Number' field blank. Finally, click on the 'Add Record' bar and you're done!
4) After entering Credits and Debits, click on the 'Credit Grade' option to view an estimation of your credit score, and to review Tips on how to improve your credit. Note: The 'Credit Grade' is an estimation only, and does not factor in any defaulted debts or transactions prior to the date you began using the software.
MISTAKES? - How to correct a 'Credit' or 'Debit' entry:
*) Place your mouse pointer over the entry, click your left mouse button once, then click on the right mouse button. From the menu that will appear, highlight (select) the 'edit record' option. It's that easy!
SORTING RECORDS - CreditFederal.com makes it easy:
*) To sort (view) specific records, click on the 'View History' icon, located to the upper right of your records entries. A small box will appear.
*) You will have the option to View 'Credits' or 'Debits'.
*) If you select 'Credits', you have the option to view all Credits, or Credits that occurred during a specific time frame.
*) If you select 'Debits', you have the option to view all Debits, or Debits that occurred during a specific time frame, and/or to view Debits by 'Type of Payment'. This feature is most useful for seeing how much you spend in each 'Type of Payment' category, plus to calculate expenses which may be a tax deduction factor for your situation.
CREDIT GRADE - Late Payments and other Factors:
*) This software will provide a 'Credit Grade' estimation. The Credit Grade is an estimation only, based upon your 'Credit and Debit' entries and does not calculate defaulted debts. If; for example, you defaulted on a medical bill, the software does not factor that in that debt. Also, if you create a New 'Type of Payment', our software will not factor in those payments/debits. Hence, we suggest using our pre-installed 'Type of Payment' options.
*) The software can; however, give you a 'Credit Grade' estimation based upon your 'Credits and Debits' entries.
*) The software will make adjustments to the 'Credit Grade' based upon these 'Credits and Debits' entries: Late Payments, No Revolving Credit (Credit Cards), No Active Loans, and Debt-to-Income Ratio.
BILL DUE DATES - Payment Reminders: CreditFederal.com offers two ways to help you remember to pay your bills on time:
*) You can use the Bill Due Date page of your Personal Finance Center. On this page, you simply type in your bill due dates, and check it daily to see if any bills are due.
*) Or, you can use the Free Email Reminders provided by CreditFederal.com.You can set up reminders to be sent to you via email days or weeks before each bill is due, and you can setup automated monthly reminders as well. This free service is available at www.creditfederal.com/reminder-pay-bills.html
24 HOURS A DAY - CreditFederal.com is ready to help:
*) As you use the software you will see tips on how you may improve your credit, as well as financial offers. The 'Click Here' links will send you to the appropriate section of CreditFederal.com where you can apply for credit cards, loans, debt help and other services. (Note: In order to access CreditFederal.com via the Personal Finance Center links, your computer must already be online.)
HISTORY - The CreditFederal.com Personal Finance Center software:
As a free public service to consumers, CreditFederal.com developed this useful and easy to use software. CreditFederal.com wants to be a vital and beneficial service to U.S. consumers of all credit types, and not simply a financial resource to obtain credit. From January 2001 to present, CreditFederal.com has served millions of U.S. credit consumers, but none more important than you.
The software includes these financial functions:
* Balance Calculator - users can view their current household balance, as well as sort and view expenses and deposits by Type, Date, and other factors.
* Bank Checking Account Statement Manager - instead of merely their checkbook register, users can manage their checking entries via the software. Whereas checkbook registers (printed ledgers) do not offer the ability to rearrange or sort entries, CreditFederal.com's software facilitates these actions.
* Bill Payment Reminder - our newest release includes a Bill Due Date section. Users can input their bills and when they are due to help them remember to send payments on time.
* Credit Score - the software also includes a 'Credit Score' feature, which analyzes users' debits and credits to calculate a credit score.
The software is free and downloadable to business or home computers, and does not require any sensitive data such as bank account details.
There are no ads nor popups, and the software has an 'uninstall' feature which enables easy removal from a computer.
If you need an all-in-one software with a balance calculator, bank checking account statement manager, bill payment reminder and a credit score, download our Free Personal Finance software.
Debt
Managing
debts may call for professional help and choosing between several available
options to get out of
debt may be needed. Debt consolidation is one popular choice during financial
hardships. Many online companies have helped people survive problems by matching
them to a consolidation agency. Consolidation is a process of bringing multiple debts and financial obligations together
in order, to be able to find a more manageable monthly payment.
This
can have different forms. One consolidation method is when debtors take out a personal loan for the amount of their existing debts.
They then pay off their balances with the new loan. Some consumers choose to consolidate debt through a professional
company that provides loans. The company will talk to lenders and confirm a payoff
amount with them. When this is done, the accounts included in the consolidation will be closed or canceled so that
the account holder can no longer access them. If there are credit card accounts,
they might be closed or the person may be counseled to stop using them and
advised not to open any new credit card accounts.
Regardless
if debt consolidation is handled by a professional company or using a do-it-yourself
method by taking out a loan, it may affect a credit score. As debts are paid off,
the utilization rate, which is the amount of debt relative to the total credit will go down. For example, if
a credit card has a $5,000 limit and the card is maxed out before the consolidation,
that is at a 100% utilization which is not good. When that debt is paid off, it will hit 0%
utilization which can be good for credit scores. If the account is left open but
not used, there can be a positive effect on credit scores.
Using
a reputable consolidation service has helped many people consolidate the right
way. The wrong way is getting a loan or working with a professional company to pay off
debts, and begin charging while still owing debts. This is like doubling
debts. This has negative effects on the utilization rate and can cause credit scores to
plummet. There is also the stress of struggling with the same issues and problems
as before and taking on new debts. A wise step is after getting a debt consolidation loan
to pay off old debts, leave credit card accounts open and unused for a while.
Debt
Managing
debts may call for professional help and choosing between several available
options to get out of
debt may be needed. Debt consolidation is one popular choice during financial
hardships. Many online companies have helped people survive problems by matching
them to a consolidation agency. Consolidation is a process of bringing multiple debts and financial obligations together
in order, to be able to find a more manageable monthly payment.
This
can have different forms. One consolidation method is when debtors take out a personal loan for the amount of their existing debts.
They then pay off their balances with the new loan. Some consumers choose to consolidate debt through a professional
company that provides loans. The company will talk to lenders and confirm a payoff
amount with them. When this is done, the accounts included in the consolidation will be closed or canceled so that
the account holder can no longer access them. If there are credit card accounts,
they might be closed or the person may be counseled to stop using them and
advised not to open any new credit card accounts.
Regardless
if debt consolidation is handled by a professional company or using a do-it-yourself
method by taking out a loan, it may affect a credit score. As debts are paid off,
the utilization rate, which is the amount of debt relative to the total credit will go down. For example, if
a credit card has a $5,000 limit and the card is maxed out before the consolidation,
that is at a 100% utilization which is not good. When that debt is paid off, it will hit 0%
utilization which can be good for credit scores. If the account is left open but
not used, there can be a positive effect on credit scores.
Using
a reputable consolidation service has helped many people consolidate the right
way. The wrong way is getting a loan or working with a professional company to pay off
debts, and begin charging while still owing debts. This is like doubling
debts. This has negative effects on the utilization rate and can cause credit scores to
plummet. There is also the stress of struggling with the same issues and problems
as before and taking on new debts. A wise step is after getting a debt consolidation loan
to pay off old debts, leave credit card accounts open and unused for a while.
Personal Finance Help:
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Tip of the Day: To curb credit card charges, wrap your credit card in a sheet of paper and keep a log of purchases written on the paper, with a grand total of charges in view each time you reach for your card. Before swiping your card, figure out how many hours you'll have to work in order to payoff the charge and jot on the paper: "IOU #Hours of Work". Perhaps seeing how long you'll need to work to payoff the charge will help curb spending.
