Author: Little House

Setbacks and Perseverance: Step 3

Sometimes there are set backs to a plan. For instance, my husband and I have been hard at work making sure we pay our bills on time, keep our debt low, etc. to improve our credit scores. However some things are definitely out of our control. One of these is a credit card, held by Chase bank, that was closed for some arguable reasons. Chase’s reasoning was total available credit on bankcards too low, too few open accounts with time greater then 24 months and average length of time since bankcards opening too short. Chase seems to be canceling many peoples cards for similar reasons, if you’re interested, check out the complaints here. We were livid, to say the least. In the past 9 months we’ve paid this card off and have used it lightly about every 8 weeks to keep it active, then pay it off in full before finance charges accrue. I guess Chase didn’t like our plan since they weren’t making any money off of us. How this will affect my husbands credit score, we’re not sure as of yet. On a more positive note, the same week Chase closed his card, Wells Fargo raised his credit card limit by almost the same amount that was lost by Chase. Maybe they’ll balance each other out. On to step 3 of our plan: save a bunch of...

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Crunching Credit Scores: Step 2

Credit scores flummox me a bit since there are so many unknown variables. For instance, length of credit history plays up to 15% of a role in determining a credit score. Well, if you’re 67, your credit history is much longer and more varied, versus 37, out of college 15 years with some early mistakes hindering that darn score. Since mishaps, or defaults, take 7 years to fall off or be removed from your credit report, mistakes you made in your 20’s or early 30’s, may still affect you into your more mature late 30’s or early 40’s. On to step two: boost credit score. Luckily, most of my mishaps have been removed or have fallen off, boosting my score a wee bit. Some other things that affect credit scores and how to navigate through them also include: credit to debt ratio: this needs to stay below 30% or lenders see you as someone who may default at any minute. Since I’ve paid down all my revolving credit cards, this one is already looking good. A credit cards guide would be helpful. types of credit: lenders like to see a variety of loans, not just revolving credit lines. Installment loans, like a car loan or student loan, count toward this. I am currently paying on a student loan and once it is in good standing (2 months to go)...

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An Easy Plan: Step 1

My plan seems easy enough, almost too easy really. But, as most people know, it’s not. Trying to pay down debt and accrue a lump sum of money takes work, a plan, a budget, and a spouse who goes along with the plan! Actually, if it weren’t for my loving, cooperative (and handsome) spouse we wouldn’t even be thinking of purchasing anytime soon. For example, a year ago houses were so far out of our reach, over $500,000 for a fixer-upper, we never even brought up the topic. However, this year has changed all that with the market completely deflating. For the first time ever out of my husband’s mouth came the words, “I think we should buy a house.” I nearly passed out. After reeling with this news, I agreed and we began establishing a plan. Step one on our plan: Pay down debt This is most important, especially since it affects step two, boost our credit scores. One afternoon we gathered all the credit card bills (I’m quite organized and each has a file folder of its own) and began figuring out which ones we could pay off or pay down. We were in a good financial position; my husband brought in a new client and was making more monthly than in the past. We were able to pay off the smaller balances in full right away....

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Starting New…

Possibly one of the most daunting tasks is purchasing a house. It is by far any person’s largest purchase, and on credit, for that matter. Unless, of course, you are wealthy or inherited a family-owned residence, a typical homeowner has a mortgage, or loan. It is also one’s biggest monthly bill, yes of course, renters have these too, I should know, because I’m still one myself. However, within the next 9-12 months this will change. I will become a homeowner. Moreover, in a suburb of Los Angeles. Why aren’t I already a homeowner? Well, it’s definitely not an age thing, I’m well into my 30’s, and by many standards (the American Dream for instance), should already own a home. But, of course, living in the most over-priced city in America, according to Forbes, purchasing a house is a little scary, to say the least. So, how am I going to enter into the elite homeowners circle? With a lot of work! A summary of my plan: pay down debt boost credit score save a lot of money A 3-step plan that seems simple enough. Maybe too simple or naive, but I have to start somewhere. Please follow and like...

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