Tag Archive for: debt

90 Day Challenge: Do What You Love

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Today, we’re kicking off our 90-Day Challenge!

What is the 90-Day Challenge? Simply put, it’s when we pick an activity we love to do and stick with it for 30, 60, or 90 days.

The key is choosing an activity that’s fun, fast, and CHEAP. Reading, hiking, swimming, biking, writing—it can be just about anything as long as it doesn’t cost too much.

By focusing on activities we enjoy, we stay focused and busy—which leads to spending less on random things out of sheer boredom. Boredom is one of the main reasons we hop online and shop, or go out for expensive meals, or find other ways to spend our hard-earned cash on things we don’t really need.

Give yourself a specific (and fun) purpose this coming month, and you’ll quickly (and easily) break free of bad financial habits!

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What does the mortgage approval process look like?

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Do you know what the mortgage approval process looks like? Well, here’s a snapshot:

The mortgage approval process is determined by three main factors:

  1. Credit score.
  2. Income/savings.
  3. How much money you put down on a house (or the loan-to-value).

The higher each factor is, the easier it is to get a loan. Why? Because there’s little to no risk for a mortgage company. You’ve proven you’re financially stable.

What if one of these three factors aren’t good? Well, you need to find a way to balance things out.

To learn more credit strategies, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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Credit Matters More Than Ever

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Credit has mattered for many years, but now it matters more than ever. Find out why with this article from CSR!

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Credit Pitfall: High balance on a small credit card

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One of the biggest credit pitfalls people fall into is when they have a high balance on a small credit card. For example:

You have a $500 credit card and charge $400 on it. When creditors see you’re using 80% of your available credit, they mark you as HIGH risk. Now, let’s say you have a $1,000 credit card and charge $400 to it. Guess what? You’re no longer a risk because you’re only using 40% of your credit instead of 80%. To creditors, this means you’re a responsible, savvy, frugal adult.

Go you!

Your Mortgage Credit Coach Icon

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Do you think credit is out of reach?

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Do you think credit is out of reach? Guess what? It’s not. Even if you don’t have any credit, you can still get credit. There are people out there who have a total credit score of zero. In fact, almost 11% of Americans either do not have credit or have too little credit to score. But, it’s always available. You just have to work for it.

To learn more credit strategies, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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