Many of us would like to be financially set as early as we can. That means by the time most of us hit fifty years old, we should have almost no bills to pay with enough money to retire and enjoy life. Unfortunately, most of us did not plan well or took on risky investments that kept us in the dark. Whatever reasons that may be, I am putting forth information on financial settings, including on how to have a better credit rating based on your credit scores. I will be discussing steps on how to improve your credit scores and how to take advantages of them to reap the benefits. Many people are probably unaware of the power of their credit scores and how they can affect their lives on a daily basis. I will also discuss the meaning behind the numbers and why it is import to get the highest credit scores possible to maximized your benefits.
With regard to financial settings, I will discuss various ways on how to go about getting the most of them. These can include side opportunities to make extra income, information on stocks if you do invest, exposing ideas on “how to” with your money, and other financial information to that you may be unaware of. Putting these information at your finger tips, will give you the ultimate power to decide what you need to enjoy the best of financial freedom. In these uncertain times, the right information can set you up for the better. It is very crucial that you find the right information for yourself and your future as I bring them to you. The decision-making will be solely on you should you find the following information interesting.
Credit scores updates
Credit scores have been the center for the approval of loans, credit cards, renting, insurance companies, and other companies who rely on this factor to approve you for their services. If you follow the news recently, on 01/23/2020 the credit rating bureaus, EquiFax, Experian, and TransUnion will rely on other information starting this summer of 2020. FICO 8 will no longer be a deciding factor. They will focus on the new FICO 10/10 T. However, some companies might not adopt the new scoring system right away but will probably use to the Vantage Score rating system. To make matters worst, the new FICO 10/10 T will go back up to 24 months of credit usage by the individual. If they find that you had spikes in your credit usage for whatever reason that maybe during the 24 months past history, you will probably see your scores drop depending on the credit ratio of your total limit. This will definitely hurt those who are trying to build up their credit scores. Personally, I don’t think that it is fair by any means.
Numbers behind the credit scores
Credit scores numbers are measured on how well you maintain, payback, or use your credit limit. The number ranges from 250 to 900 or 350 to 850 depending on what you credit or loan acquired. According to Experian a score of 300-579 is poor, 580-669 is fair, 670-739 is good, 740-799 is very good, and 800-850 is exceptional. Experian states that the average FICO score for the U.S. is 701. FICO scores are divided in deciding categories. FICO score 8 and Mortgage score ranges from 300 to 850. FICO Auto score and Bankcard score ranges from 250-900. Depending on where your scores land, they can hurt or benefit you when trying to get approved by lenders or companies who rely on the value of your credit scores to approve you for anything. Not just the present scores but the entire history of your credit scores, which can be the ultimate deciding factor.
Companies want to see your worth or decide if you are a risk factor to them when looking at your credit history. That means that the three major credit bureaus, EquiFax, Experian, and TransUnion will have different number ratings based on your history. For example: You might have EquiFax rating you at 700, Experian at 730, and TransUnion at 705. When trying to get a loan, say an auto loan for instance, the auto loan company most likely will use the middle score which would be the 705 score as I have found out personally. The higher your scores, and you would be of a lesser risks to the company and in return you will likely save more interests on the life of the loan. The benefits of have a higher credit scores pays off. Some people are unaware of how to maintain their credit scores in the upper range. They also think that the numbers don’t matter. They do matter.
There are few ways which one can keep their credit scores in the upper range anywhere from 770 to 900. Let’s say you have three credit cards with the maximum of $10,000 each, which would bring your total credit limit at $30,000. If you use just 30% of the $30,000 total limit, you would have used $9,000. The reason for this is that the credit bureaus set the standard to be at 30% usage of the total credit limit. If you use more than 30% of the total credit limit, your scores will drop drastically. It is better to have more credit cards and utilized each of them at the 30% or less usage. If you had just one credit card of $10,000 credit limit, you would only use 30% which would be $3,000. Any more than 30% usage, your scores would drop and it’ll look bad on the credit report. That’s why it is best to get as much credit cards as you can. Take advantage of the offers and use them at 30% or less. However, the experts would agree that if you use the credit cards, pay them off as fast as you can. When the new FICO 10/10T roles out this year, there might be changes to a new standard of usage. Some speculate that it might be at or less than 20% of total credit limit. We’ll just have to wait and see.
Credit scores are becoming a major factor as more and more companies use them to lower their risks when approving new customers. I even see companies use your credit scores to determine whether they should hire you as an employee. This idea can tell the hiring companies a lot about your financial behaviors. I really think that if a company uses your credit scores to value you as a new employee, is not being genuine. What if the person is trying to better his/her self? If he/she has the experience and qualification to do the job and all he/she ever wanted was to work for a better company, I don’t see anything wrong with that. But to just decline him/her based on her credit scores is just not good hiring ethics. I personally don’t think that is how it should be. That would just destroy the person who had finally found the opportunity to better his/her self. Sorry for my honest rant. But I’m sure most people would agree with me on this unfair advantage it can have on struggling individuals, who are trying to better themselves when seeking a new job qualification.
About financial settings and side opportunities
If anyone can make a little more than they are making right now, they would be happier. I’m not talking about millionaires and billionaires. The rich people have their own goals and settings as they have an abundance amount of cash to play with. I am talking about ordinary folks who are trying to make ends meet or want to take advantage of their freedom by earning more and enjoy life. The question one needs to ask is, “What or how much do I need to be contented?” This question alone can determine your goal to a better life. After you’ve decided, you need to factor in the main components like time, effort, ideas and the right mind setting. Most of us can squeeze time but lack of effort. Most of us have an idea or ideas but lack of the right mind setting. If we can integrate these main components together, then our goals can be reached. It’s all about how desperate you are in reaching that goal. There are tons of companies who would pay you for your work which are related to their business agenda without you being an actual employee. There are other companies who would pay you for simple things that you do on your own like writing, blogging, taking pictures, etc.
The idea of having a second income without directly working for a company via remotely as a non-employee can be beneficial. Let’s say you had a rough day at work, wouldn’t it be nice to come home and make some extra bucks with some spare time while enjoying some family value time? I mean, who would want to go to a second job site after coming off from a rough one? This can cause strain in a relationship if you have one and drain whatever energy you had left as you become more and more miserable. Unfortunately, many people don’t know about these side opportunities. They just work and drain themselves until they reach retirement, with no real enjoyment of life. I personally know a co-worker who worked very hard with lots of overtime for fifty-years and retire. He died a year later. I think that an eight-hour job is just enough to enjoy a decent retirement. But if you can find a side opportunity that you enjoy and make good money from it at the same time, then your retirement would be a much more comfortable one and almost stress free.
Financial settings and side opportunities info
There are ways to use your money to grow and prosper comfortably at an early age. When looking to invest your money, you might want to think about stocks and bonds, real estate(building, buying, or selling), owning a business, or simply do odd works that companies pay you for without being an actual employee. I have tried many business opportunities out there for the last 25 years. I’ve bought many business information, including books/e-books. Some were legit and some were not. I even lost money on them. I am going to list the ones that are legit. It is up to you to find the ones you’re interested in. Some of them might require money or no money at all to get started. Here are the lists of making money opportunities from home without being a direct employee. That means you work when you want or just invest and reap the benefits.
1) Have you ever want to just be a lazy land lord without owning a single property? Click this link: Best real estate crowdfunding service This site has a full list of real estate comparison. You pick which one you want to invest your money with.
2) Taking photos/pictures and getting paid: Foam.com This is free to join. It pays you a $5 license fee for your pictures but you also get 50% commission of the photo you sell. How nice is that?
3) This site lists 24 proven strategies on how to make $100 + fast. Click: Listen Money Matters That’s it for now. I will be listing more in the future.
Conclusion
Whatever you choose to do with your life, it is up to you to decide. Never let anyone decide for you. It’s your money and your choice. This should be solely on you to make the right decision. If anyone makes that decision for you, then you are not in control. I’ve invested in many business schemes out there and I’ve lost a lot. I also learned from them. If you do speak to an adviser about your money concerns, keep in mind that’s all they should do. Never let them control your money. Most likely they know how to play the risk level well. But I’ll be blunt about it. They really don’t know much than you. You can probably play at the same risk level as them if you pay attention to what you’re investing in. I wish everyone the best on their financial journey.
Best wishes,
john@healthy-and-wealthy-lifestyles.com
