Poor Man Survival
Self Reliance
tools for independent minded people…
ISSN 2161-5543
A
Digest of Urban Survival Resources
“Too many people spend money they haven't earned,
to buy things they don't want, to impress people that they don't like.”
― Will Rogers
― Will Rogers
Shortcuts to a better credit score-Even
with crappy credit
Whether you’re
seeking to buy or rent a new home or auto, get a credit card or even a higher
paying career, your credit score often pays an important role in determining
the rate you pay so it is important to know your score and the resources you
have if you need to do some repair work.
Start by going to AnnualCreditReport.com, it is the only
website authorized by federal law to provide the free credit report you are
entitled to…almost all others have strings attached. Stagger your reports for each of three major
credit bureaus so you get one free report each quarter [Equifax, Experion, and
TransUnion].
Mistakes are common to all three reporting agencies.
Recently, an insurance carrier of mine said I had late payment on a credit
card. Ironically, I haven’t used a
credit card in ten years and double checked my credit report and nothing showed
up. [Nor have I had any late payments].
When I presented a copy to my insurance carrier, they lowered my
premium.
This annual credit report provides a snapshot of your
credit history, but not your FICO score, the 3-digit number from 300-850 [an
arbitrary system they’ve devised] that reflects that history. If you apply for a loan, the lender will
disclose your score. [In my case, not
having any loans or credit cards gives me an adverse score]…or you can purchase
it for $19.95 at MyFICO.com.
There’s more to good credit than paying off balances on
time. Often, people, like myself, who
pay everything on time don’t have scores in the top-tier range because they
have a high balance to limit ratio. If
your limit is $300 and your balance is $295 every month every month, you’ll get
docked for that. You want to use 30% or
less of your allowable limit. Asking
your credit card company to raise your limit so you’re using less available
credit will raise your score fast.
Rebuilding Damaged Credit
Years ago I wrote a best-selling manual [now out of
print] called Shortcuts to AAA Credit-Even After Bankruptcy and many of those
methods still apply today especially given the hard times so many of the middle
class have gone through and creditors are seeing a growth again in the marginal
B and C credit markets [lower creditworthy people] but people are still
managing to obtain credit even with blemished credit including open collection
accounts [usually if the collection accounts don’t exceed $2,000 you can still
secure a home loan]; auto loans are even easier to obtain – just be prepared to
pay higher interest rates.
Even though more than two-thirds of the millennial
generation is among the most educated, they are also among the most indebted
from credit cards and student loans, while their participation in savings
accounts has dropped significantly in this age group…poverty is up and
employment is down among this age group… home ownership for them is at an all
time low and more than a quarter of them report that they could not cover a
$3,000 emergency, where with their own savings or by borrowing from family or
friends, and thus live day to day with the knowledge that one mistake or
accident could lead to financial ruin.
If for instance, you have a bankruptcy on your record but
have been working and maintaining a good payment history with your landlord,
utility providers, and keeping a good history with your bank [not bouncing
checks] you should apply for a secured credit card. That means a certain portion of your savings
account, it varies by bank, is held as collateral…say $500 as a minimum, and
the bank issues a Visa or Mastercard in your name. The $500 is your credit line and as long as
you pay off your charges each month in a timely fashion, this is reported to
the credit bureau as a positive on your behalf.
Eventually, the bank will release collateral if you’ve maintained a good
history and then you can use this good history to secure other forms of credit
as you rebuild credit. Bank of America
is one such bank but you should check with yours to see if they offer this
program.
You may also file a consumer letter with the credit
bureau of up to 100 words explaining why you declared bankruptcy…the vast
majority of personal bankruptcies are due to uninsured medical bills which even
under Obamacare, many find insurmountable.
Find Free Credit Repair Resources
·
Check the Department of Justice which offers
tips on their website along with links to approved counseling agencies. Go to:
Justice.gov/ust/eo/bapcpa/ccde/index.htm
·
Check out the National Foundation for Credit
Counseling, the oldest organization around with a focus on providing free or
affordable services at: NFCC.org or call
800-388-2227
·
Find free legal help with credit card companies
at: HelpWithMyBank.gov
You might also find this free site useful which helps
folks find the best credit cards, mortgage rates and loans: CreditSesame.com
Yours for another revolution,
Bruce ‘the Poor Man’
Additional
Resources
A banking service called Simple, founded in 2009, is rapidly growing and creating converts to their way of doing banking business. Read more to see what Simple may be able to do for you.
How To Escape The Bad
Money Habits You Picked Up From Your Parents (Lifehacker AU): "A
content marketer and social media consultant in Lexington, Kentucky, grew up
believing her family was struggling. It wasn’t until McCombs graduated
university that she found out her dad, a software engineer, actually earned a
sizeable yearly salary. So why was her mother so tight-fisted?"
A side hustle is doing something in addition to your primary job, in order to get ahead financially. Perhaps you’re a salaried employee who cannot just log more hours to earn more pay, or maybe you’re a military servicemember who isn’t eligible for a hard-earned raise. Enter the side hustle.
For those who are fortunate enough to have tucked away a decent amount of money for a rainy day, it’s important to use it for the right reasons. Here we’ve laid out five ways people misuse their emergency fund and how to avoid them.
I Am a Recovering
Shopaholic
How she overcomes the shopping urge
How she overcomes the shopping urge
The Anatomy of a Breakdown
The Prepper’s Blueprint: The Step-By-Step Guide To Help You Through Any Disaster
Prepper’s Home Defense: Security Strategies to Protect Your Family by Any Means Necessary
Contact! A Tactical Manual for Post Collapse Survival
As I’ve said
for the past 25 years “We don’t need another election, We need another
revolution!”
Arm Up System-Defense Without Regulation
PM’s Guide to Home Defense
PM’s Guide to Home Defense
When it comes to college safety, most parents and
grandparents don’t like to think about it — even though American students face
an escalating wave of campus crime, including rapes and deadly attacks by
active shooters.
There is no middle ground when it comes to protecting the
lives of your children and grandchildren on college campuses. It’s all or
nothing. You have either prepared them or you have not. In a life-or-death
situation, your children can only survive or not.
Your children and grandchildren are at serious risk. Just
look at the statistics: One-in-five students is sexually assaulted during
college. In 90% of rape cases, the attacker is acquainted with the victim. And
the average perpetrator has committed multiple sexual assaults.
It is a crazy world out there with plenty of violence and everyone knows you that under most circumstances, police usually arrive after the fact. Your rights to defend yourself are often under attack, even for non-lethal self-defense tools…Includes 2 books and 3 bonus CD ROMS
http://www.bonanza.com/listings/Guide-to-Home-Defense-Arm-Up-System-Defense-W-out-Regulation-Bonuses/370808566
{Note:
We also offer a Three Set CD-ROM-only version at a lesser price for
those with limited budgets]
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shopping my storefront…
A Smoking Frog Feature, Shallow Planet
Production
1 comment:
Like you, I seldom use credit anymore but these are very useful points and resources.
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