Rebuilding Credit After Bankruptcy
Time is Your Credit’s Best Friend
Time is the biggest player in rebuilding your credit after filing for bankruptcy. The further in the past the bankruptcy filing is, the less damage it will cause to your credit score.
To “speed up” the rebuilding process, you will need to have a plan, work hard, and probably accept higher interest rates and fees.
So, unless you’re planning to make a major purchase on credit in the coming three to five years, you may want to consider the long route and just wait it out. Continue reading “Rebuilding Credit After Bankruptcy” »
Free Extreme Couponing Class in Boise
Extreme Couponing The Right Way!
Debt Reduction Services is excited to announce that we are partnering with Sarah Barrand, from www.AThriftyMom.com, to offer free entry to an extreme couponing class that shows you how you can save up to 90% on your grocery bill!
Come learn where to find thrifty deals and how to use coupons to save lots of money by combining coupons with sales ads and product promotions for maximum savings.
Registration is limited to the first 250 responses! Act Now!
Email your name and a guests name to Couponing@DebtReductionServices.org to register for this free class.
You may refer additional guests by emailing them a link to this page so that they may register themselves. Continue reading “Free Extreme Couponing Class in Boise” »
Lowering Your Home Heating Expenses
Reduce Your Home Heating Bill
For those of us that live in cooler climates here are a few ideas that might help you save on your monthly heating bill. You can shave quite a bit off of money off of your bill by doing a few or even all of these relatively easy to implement ideas.
- Lower the thermostat setting
If you currently run your thermostat at 72 degrees try lowering it to 69 degrees. Wear a sweater or an additional layer of clothing for extra comfort while you adapt to the cooler setting. By just making a slight change in the setting you can save several dollars per month on your bill. Continue reading “Lowering Your Home Heating Expenses” »
How to Talk to Your Children About Money
Above all other lessons, strive to model healthy money management behaviors in your own finances. Many of us may make a mistake or two along the way regarding our credit, incurring excessive consumer debt, or failing to honor our financial promises. However, the effort of trying will be noticed by your children. Be honest and proactive when discussing money with children. Let them know it’s important to you. Continue reading “How to Talk to Your Children About Money” »
Credit Counseling News: Debit Card Fees Coming Soon
Your bank may be charging you an additional $5.00 per month to use your debit card. Last week news broke that Bank of America is developing a plan that may charge consumers for everyday use of their debit cards. Other banks have been brought into the discussion as potentially charging for debit card use as well.
How do you feel about being charged a fee to continue using your debit card? Continue reading “Credit Counseling News: Debit Card Fees Coming Soon” »
Active Military Receive Free Service
Debt Reduction Services Supports Our Troops
Free Military Credit Counseling
New Program Announcement:
Debt Reduction Services Inc., a nonprofit credit counseling organization, supports America’s Service Men and Women. We sincerely express our gratitude for their efforts and commitment to providing a safer world for all.
As a token of gratitude we would like to offer any active Military member, regardless of Branch or Services rendered our services at no cost. Continue reading “Active Military Receive Free Service” »
FICO Explained
What in the World Is a FICO?
When it comes to credit scores (also generically referred to as a credit rating), most Americans know that they are important and that they can have a major impact on our financial lives. However, very few know what goes into a credit score or just how influential it can be.
First of all, the term, “credit score” does NOT refer to a SINGLE scoring system. In the US, there are over a thousand credit scoring models in existence, created and used by hundreds of creditors and consumer reporting agencies. However, the most common credit scoring model (used in about 80% of all credit-based decisions) was developed by Fair Isaac Corporation (FICO for short). Continue reading “FICO Explained” »
What’s on a Credit Report?
Seriously, how are we, the average Joe or Jane on the street, supposed to build (or rebuild) our credit when no one ever teaches what’s on our credit to begin with? Well, here’s the answer:
• Contact information (no impact on credit score): It simply includes the names, addresses, employers, and, sometimes, marital statuses under which you have applied for credit in the past.
• Credit/Trade Lines: Details on the various lines of credit the consumer has had in the past 7-10 years, including balances, terms and their history of on-time payments. Continue reading “What’s on a Credit Report?” »
Why Care About Your Credit?
It’s a fair question: “If I’m not planning to make a purchase on credit anytime soon, why should I care about my credit?” While it’s true that the most commonly known use of credit has to do with getting approved for a loan, there are other situations when credit can have a positive or negative impact (direct or indirect) on our lives.
1. Many employers check job applicants’ credit prior to making a hiring decision. This may seem unfair and irrelevant to many, but employers reason that since a person’s credit is indicative of their efforts to repay financial obligations, employers may use that information as an additional insight into the job applicant’s overall qualifications for employment. When the potential employer is in the finance, law enforcement or government sector, credit checks are even more common. Continue reading “Why Care About Your Credit?” »
“Leveling” our Expenses
I regularly teach in my Budgeting (“Spending Plan”) classes that our goal should be to turn as many of our Variable and Periodic expenses into Fixed (or “level”) expenses as possible.
A Fixed expense is one that occurs every single month at the same cost. Examples are rent or mortgage, car payments, 401(k) contributions, monthly bus passes and day care center bills.
A Variable expense occurs every month also, but the amount varies. Electricity, heating, gasoline, and groceries are among the most common variable expenses in our household budgets.
A Periodic expense, obviously, occurs less than monthly, irregularly or just once in a life time. Typical of this type of expense are medical-related charges, vacations, car or home repair, taxes, and most insurance premiums. Continue reading ““Leveling” our Expenses” »