Welcome to credit2finance.com
This website will provide you with a variety of resources useful to you in building or improving your credit and obtaining credit & financing for your Personal and/or Business needs.
The first important concept to keep in mind is that you need decent or good credit to obtain financing, loans, and credit cards.
So the first thing is to make sure you have good credit or are in the process of building or improving your credit.
Part of the process in improving credit can be to obtain some easier credit cards or a personal loan to help bring your fico score up with the credit bureaus.
We’ll provide on this website various resources to help with credit and loans.
Maintaining good Credit is very important in today’s society. Credit is required for many daily activities, purchases, and comforts that we have come to view as necessary for every-day life.
For example even car insurance companies are now accessing your personal credit to determine if you will be accepted and how much your insurance rate will be.
It’s also important to carefully build and protect your credit rating which is reflected by the 3 main credit bureaus by your fico scores. Each of the credit bureaus may have a different rating for your score depending on the information each one has about your credit history.
So part of the process will be to periodically check your credit with each of the 3 credit bureaus to make sure they each have accurate information, and you can dispute what you feel is not correct.
For business credit there are different methods and resources that apply, which will be covered more in the Business Credit section.
Some basic rules that are helpful in building credit, are to maintain a monthly budget of your expenses and closely watch for un-needed expenses that will put you off-track.
Once you start building your credit, it’s very important to have a reliable method to pay your bills on time and never miss any payments.
One missed payment or collection on your credit can drop your score by as much as 40 to 90 points, and this could take as much as a year to get back to your original score.
We are all very dependent on credit for small and big purchases including car and home.
But it’s very important to use credit mainly for things that are really needed for you and your family, and avoid getting into the habit of paying for everything by credit cards unless you are able to pay down for those basic expenses every month.
There is a risk in charging for too many things and then only paying your minimum payment on your credit cards each month. This will quickly cause you to being maxed out on your credit limits on every card and then you’ll have to look to get more credit, which if you repeat the cycle will end up in getting your credit card debt into larger and larger amounts reaching $10,000 to $30,000 and possibly higher.
Then if you add all your other loan payments such as car and mortgage, it may reach a point where it’s very difficult to keep up with your overall monthly payments, and once you miss one or more payments, your credit score begins to drop and it becomes very difficult to turn things around.
So you need good credit to function normally in today’s society, unless you happen to have a lot of cash or a large income then it may be less crucial.
But for most middle-income families a tight monthly budget and close attention to timely payments is very important.
If used carefully, credit can help you to live a more comfortable lifestyle.
Way back for example, people did not have access to credit like we do today, and had to save for many years before being able to buy many of the comforts that today we take for granted.
PLANNING & FINANCIAL TOOLS
Some of the best tools to use are spreadsheets and/or financial money programs that can help plan and keep a very tight watch on your monthly finances.
For example in one or more spreadsheets, you can keep a list of what payments are due on what date each month. Keep that list close by, or print it out each month, and check off as you make each payment. This will help you immensely in keeping track and never missing any payments.
In financial money programs like Quicken, you can tie into your bank accounts, plan payments, and have automatic reminders for payments, and much more, so this is very much worth the small investment to own the software. Click here to see the different versions of the software available.
You can also setup automatic payments through your various creditors, which will withdraw the funds on the due date each month. The potential problem is that you still have to make sure that you have sufficient funds in your bank to cover those payments when they reach your bank.
So whether you make payments manually or automatically, you still have to have a good planning method in place to keep track of how much you will need each week of the current month so you don’t have any surprises.
Next it’s good to plan one or two months ahead, and if you can, to have the money set aside to cover the next month, and eventually you could set aside for 2 or 3 months in advance.
This would gradually take you out of living day-to-day or week-to-week where any financial emergency can set you back and put a lot more pressure on you and your family.
Many people have gone through financial difficulties in recent years due to problems with the economy.
If you find yourself in the position of having to start over or to rebuild your credit from scratch, then the suggestions above are even more important.
It might be necessary to really economize and watch your spending even more carefully, so that gradually you get into a better and stronger financial position a month at a time.
Plan things for the short-term as well as the long-term, and keep a positive view of the future with the confidence that you can improve things a little at a time, and eventually reach your financial goals.
This website will gradually provide more information and resources to help in keeping a healthy and worthwhile Credit and Financial life.
Here are links within our website to some of the resources needed to build and maintain good credit.
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