Los Angeles, California, Dec. 02, 2020 (GLOBE NEWSWIRE) — “Debt” is an anxiety-inducing topic for most Americans. According to financial experts, about 80% of Americans have some form of consumer debt and are $38,000 in debt, excluding mortgage debt. Unfortunately, financial literacy isn’t a topic that’s extensively covered in schools. As a result, many Americans lack valuable knowledge on personal finance topics — including how credit cards and loans actually work, or how to get out of debt quickly should they experience financial hardship. When times are tough, the concept of “free” money is very appealing and overrides reservations about amassing large amounts of consumer debt.
While consumers have numerous debt-relief options — ranging from consumer credit counselling to debt settlement to bankruptcy — the actual road to recovery is fraught with numerous hazards that include repayment terms with unaffordable monthly payments, repayment terms that take too long, exorbitant fees, and false promises.
With over a decade of experience in the credit and finance industries, these are problems the founders of DIY Debt Relief understand all too well. Debt relief — specifically settling delinquent accounts with creditors and collectors — cost consumers more time and money than most can afford. Compounding the problem are unscrupulous service providers that make promises they can’t keep — charging too much for the service they provide and taking too long to provide said relief. It was with these issues in mind that DIY Debt Relief was created.
DIY Debt Relief is a web-based company that provides educational videos and supporting materials to offer a “do it yourself” alternative for distressed consumers. By eliminating the need for a third-party service provider, consumers can avoid the prohibitive fees they charge — which in turn reduces the amount of time needed to settle accounts, pay off the agreed upon balances, and become debt-free. Additionally, even creditors and collectors who often refuse to work with third-party service providers are all too eager to work with consumers directly.
The content, tools and resources DIY Debt Relief provide are designed to help consumers assess, evaluate, and improve their financial situation. The information is based on United States federal laws and regulations which govern the actions of creditors and debt collectors, which means they can be accessed and utilized in all 50 states. With these assets in hand, consumers can create a plan of action to get their delinquent, unsecured debt paid off as quickly and as affordably as possible. And with the belief that credit repair is the next logical step after the debt settlement and repayment process is completed, DIY Debt Relief provides additional resources and information teaching consumers how to quickly and correctly rebuild their credit profiles and FICO scores.
The DIY Debt Relief process is easy to follow, gives the consumer control, is less expensive to implement, takes less time to complete, and can provide better results. Rather than relying on a third-party to entrust your financial future to, consumers now have the option of taking the initiative and doing the necessary work to get themselves to the debt-free future they deserve. With the goal of taking DIY Debt Relief internationally, the eventual next step is to make the videos in other languages. For right now, DIY Debt Relief’s videos educate on debt relief only in the United States — but its possibilities are endless, its effect promising, and its only trajectory from here is up.
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Do Auto Lenders Look at Your Other Debts?
Yes, auto lenders do care about your other debts and obligations. They factor it into your debt to income ratio, which has a say in whether or not you have enough income to repay a loan and vehicle expenses in tandem with your other monthly debt payments.
What Kind of Debt Do Auto Lenders Consider?
When you apply for a car loan, the lender takes a look at your situation, income, and credit reports. Most bad credit auto lenders require that you have around $1,500 to $2,500 of monthly income (before taxes), but their credit score requirements can vary.
Something that all lenders require is that you have enough income to repay the car loan while still keeping up with your other monthly payments. Your debt to income (DTI) ratio is a calculation that shows lenders how much of your income is being used by the bills you pay. Your monthly gross income is divided by your monthly debt payments. If less than 45% to 50% of your monthly income is going to be taken up with your projected car payment and other debts, then you’re on the right track to get approved for a car loan, income-wise.
Debts and monthly bills that auto lenders typically consider include:
- Rent or mortgage payments
- Insurance premiums
- Active auto loans
- Credit card minimum monthly payments
- Student debt payments
- Alimony or child support payments
Utilities, on the other hand, aren’t included. So things like groceries, electric bill, and water bill aren’t added to your DTI ratio calculation.
Does the Number of Debts Matter?
How many active credit lines you have doesn’t typically matter as much to your DTI ratio, since the amount you have to pay each month is what’s factored in. Say you have five credit cards, but their balances are all very low. This could be seen as you successfully managing multiple credit lines and bode well for you.
In fact, having multiple active credit lines is good for your credit score, as long as they’re being managed and you can comfortably afford them all.
However, if you have high balances on your other monthly obligations and high monthly payments, it could push your DTI ratio out of balance.
Lowering Your DTI Ratio
If you already have a lot of monthly payments and are worried about meeting an auto lender’s requirements, then here are some tips.
- Pay down your credit cards before applying – If you have high credit card debt, try paying it down as much as possible. Not only does having revolving credit accounts with balances higher than 30% of their spending limits harm your credit score, but paying down your balances proves you can handle credit. If your credit cards have a zero balance, then you don’t have a minimum payment to make each month – which improves your DTI ratio!
- Have additional income? Include it – While most auto lenders only accept one source of income to meet income requirements, additional income from other jobs or unearned income, such as Social Security, can typically be used to lower your DTI ratio. Include all of your income sources on a car loan application.
- Consider a co-borrower – If you have a spouse or life partner, you may be able to include them in the auto loan application as a co-borrower. Co-borrowers combine their incomes to meet income requirements and share responsibility for the auto loan and vehicle together.
Having too much debt you have to pay each month can influence your approval odds for a car loan. Paying down your monthly obligations is one of the better ways to improve your DTI ratio, or adding other income to the auto loan application.
Looking for Car Loan Connections?
While having enough income and a low enough DTI ratio are all great, your credit score matters, too. If your credit score isn’t high enough, it could mean getting turned down for vehicle financing despite having a solid financial situation.
But you may not be out of luck just yet.
Here at Auto Credit Express, we’ve created a coast-to-coast network of special finance dealerships that assist borrowers with credit challenges. We’ll look for a dealer in your local area after you complete our free auto loan request form. Don’t let your credit get in the way of your next car loan, and get started with us today!
Does Your Credit Need Repairing?
Presented by Mike Zirbel
Many people had their financial plans derailed in 2020. You or a spouse may have lost a job or been hit with unexpected expenses for medical care, assisting family members, or other reasons. Financial stress may have forced you to make tough choices, such as deciding which bills to pay, scaling back on your savings, or borrowing from a 401(k) account. As a result, you may need to get back on track financially. One of the first areas to tackle should be your credit score.
Even if your finances didn’t take a hit during the pandemic, it’s wise to keep track of your credit score. A strong credit score forms the basis of a solid financial foundation. It affects· your ability to get a job; your access to loans for a car, house, or education; and your ability to qualify for various types of insurance. Can you repair or upgrade your credit score? Yes, but the first step is to understand what your credit score and credit report are based on, as well as how to monitor your credit.
Understanding Your Credit Score
Here’s what you need to know about your credit score:
Your FICO score. The FICO score, based on a model created by Fair Isaac Corporation, is the most commonly used scoring system of a person’s credit history. Lenders use these scores to evaluate your creditworthiness, which means the probability that you will repay credit cards and loans in a timely manner. A lower FICO score can result in higher interest rates for credit or loans, as well as shorter repayment terms, a requirement for a cosigner, or even outright denial of a loan.
FICO scores range from 300 to 850. Generally, scores greater than 800 are considered excellent, while scores below 640 are considered below average, or subprime. Most lenders use the average score of the three most well-known reporting agencies (Experian, TransUnion, and Equifax).
Your FICO credit score is based on five factors:
- Payment history (35 percent)
- Total amount owed compared with available credit, known as credit utilization (30 percent)
- Length of credit history (15 percent)
- Types of credit used (10 percent)
- New credit cards or loans opened and credit inquiries (10 percent)
Alternative credit scores. Besides FICO, these recently adopted sources provide alternative credit scores:
- Vantage provides a single score based on the three major reporting agencies but differs from FICO in that it gives varying levels of importance to different parts of your credit report. Most websites that offer free credit scores, such as Credit Karma, use the VantageScore.
- UltraFICO, which is used only by Experian, lets consumers enhance their credit score by linking with their checking, savings, or money market accounts.
- Experian Boost helps consumers improve their FICO score by giving them credit for on-time phone and utility payments. Experian Boost is offered only through Experian.
UltraFICO and Experian Boost are intended primarily for consumers with subprime credit scores, as well as people without enough usage to receive a score. These services are especially helpful to those with borderline credit scores.
Understanding Your Credit Report
Once you know your credit score, you’ll also want to know what went into that three-digit figure – which you can find out by reviewing your credit report.
Credit reports contain a comprehensive record of your credit history, including personal information, account information, and whether you have paid your bills on time. Your credit report also contains information on any accounts that have been sent to a collections agent and whether you’ve filed for bankruptcy or received a bankruptcy discharge.
Checking Your Credit Report
With so much of your financial life based on your credit report, accuracy is important. Unfortunately, the Federal Trade Commission (FTC) estimates one in five consumers has at least one error on their report. That’s why it’s so important to make checking your credit report a habit. There are several ways to do so:
- Go to AnnualCreditReport.com. Everyone has the right to a free report from each of the three major credit reporting agencies each year.
- Go to lnnovis, another reporting agency that provides free credit reports. Although your free report will not include a credit score, it’s wise to verify information from this source because companies may use it to check your credit history.
- Go to Credit Karma, NerdWallet, and Bankrate for free access to one or two of the major credit reports, as well as additional services such as credit monitoring and free credit scores.
- Check out organizations such as Life Lock and Identity Guard which, for a fee, provide enhanced credit monitoring and identity theft protection.
Freezing Your Credit
Since 2013, consumers have been able to freeze their credit files free of charge. A credit freeze imposes restricted access to credit reports, making it more difficult for identity thieves to open accounts in someone else’s name. During a freeze, you can still access your credit history and open new accounts though you’ll have to temporarily lift the freeze to do so.
A freeze won’t affect your credit score. But you should be aware that a freeze cannot prevent someone else from making charges to your existing accounts. So, even if you have a credit freeze in place, be sure to keep monitoring your current accounts.
Repairing Your Credit: 7 Important Steps
Repairing your credit score will require time, patience, and discipline. Know that there is no quick fix. Instead, work your way through these steps for improving your credit score over time:
- Review your credit reports for errors and dispute any inaccurate or missing information. Be aware that simply checking your credit report or FICO score will have no effect on your credit score. You’ll need to take action to dispute incorrect or missing information. The FTC website provides consumer information on how to file and resolve credit disputes.
- Pay your bills on time. Even if you have missed payments, get current with your bills.
- Tackle past-due accounts and reduce the amount of debt you owe. You could start by paying off debts with the smallest balance to the largest (the debt snowball method) or from the highest interest rate to the lowest (the debt avalanche method).
- Be cautious when opening new credit cards. New credit accounts should be opened only on an as-needed basis. Although closing unused credit cards is often seen as a short-term strategy to increase a credit score, you should know that closing an account does not remove it from your credit report.
- Conside rconsumer credit counseling. A great resource for educational materials and workshops is the U.S. Department of Justice’s U.S. Trustee Program, which maintains a list of credit counseling agencies approved to provide pre-bankruptcy advice.
- Be wary of credit repair services. These companies offer to act on behalf of the consumer and negotiate with creditors, but they may also charge unreasonable fees and upfront charges, as well as mislead customers about their ability to fix credit.
- Consider bankruptcy only as a last resort. Filing for bankruptcy can allow people to keep their house, car, and other property. It also has serious consequences, however, including lowering your credit score. If you ‘re exploring bankruptcy, the U.S. Trustee Program maintains a state-by state list of government-approved organizations that supervise bankruptcy cases and trustees.
Meeting Your Financial Goals
Your credit history is an important cornerstone of your financial plan. That’s why making a commitment to monitor and manage your credit score and report is so important. Although the process may take time and patience, working to repair your credit is well worth the effort. It’s an important part of staying on track to meeting your long-term financial goals.
These tools/hyperlinks are being provided as a courtesy and are for informational purposes only. We make no representation as to the completeness or accuracy of information provided at these websites.
Michael W Zirbel is a financial professional with 307 Financial Services, LLC at 416 E Main ST. Riverton, WY. 82501. He offers securities as a Registered Representative of Commonwealth Financial Network®, Member FINRAl’SIPC. He can be reached at 307-856-8200 or at [email protected].
© 2021 Commonwealth Financial Network®
Best 3 Month Payday Loans Online even for bad credit » Live Insurance News
How to Get a 3 Month Loan
To find the opportunity of getting a Payday loan with 3-month repayment term, you just need to surf the Net and meet the lender’s requirements. They are usually limited to a government-issued ID, proof of income, active bank account and social security number.
Each of us may come across financial difficulties from time to time and happen to look for emergency funding. No matter whether you need quick cash for car repairs or medical emergencies, you can always take out a $ 100, $ 200 or $ 300 loan to cover urgent expenses even with bad credit. So where can you get a loan offer with instant approval?
3 Months Payday Loan is what you deserve!
If you find yourself in a difficult financial situation, then 3 Months Payday Loan is definitely what you need to go by. This type of financing is a great option when you need money now and cannot apply for a traditional bank loan. 3 Months Payday Loan is a simple short-term financing that does not require collateral or credit checks for approval.
So, if you find yourself in an emergency and want to get a loan today, then online payday lenders will be the best solution for you. Such Loans are much easier to obtain than bank loans as they have a minimum number of eligibility criteria.
How a 3 Months Payday Loan is different?
These types of loans are quite similar, but they have a difference. Traditional Payday Loan is paid within 30 days or earlier (on the day of your next paycheck). Thus, most borrowers think that 30 days is a short enough period of time to repay a loan. Besides, traditional lenders often offer small Payday Loans from $ 100 to $ 1000.
3 Months Payday Loan is a more convenient financing option, since you will have three months to pay off the loan. Moreover, lenders provide large loan amounts of up to $ 3,000 dollars so that borrowers can cope with all financial difficulties.
3 Month Payday Loans for bad credit – review all the process
As already mentioned, this type of Payday Loan works in the same way as the traditional Payday Loan, but has a longer repayment period. As a rule, 3 Month Payday lenders offer loan amount of $ 100, $ 500, $ 1000, $ 1500, $ 2000, $ 2500, and $ 3000. The loan amount you can get will depend on the lender you choose, your income and the state of your residence.
You can apply for a 3 Month Payday Loan both online and in person. If you prefer face-to-face service, then you need to find a lender’s store location near you, visit his office, fill out paperwork, wait for approval and only then get cash advance.
Online 3 Months Payday Loans turn out the fastest, most convenient and safest way of financing. You don’t have to go to the lender’s store as the entire process can be completed 100% online and the money will be transferred directly to your bank account same day.
Apply for a 3 Month Payday Loan in minutes
In order to get a 30 – 90 day loan, just follow a few simple steps:
- Choose the best lender offering Payday Loans for 3 months.
- Submit your loan application online. Fill out accurate personal information such as name, address, income, and more.
- Expect instant approval with a guaranteed response to your application the same day you submitted it.
- Take out the money which is to be transferred directly to your bank account!
Do 3 Month Payday Loans suit bad credit applicants?
If you need emergency financing, you are probably worried about getting a loan with bad credit. You shouldn’t.
You can get a 3 Month Payday Loan even if you have poor credit. However, interest rates and other loan conditions may be less favorable.
Make sure that you can repay the loan before applying for financing. If you cannot repay the debt on time within 3 months, then you will be charged a fee for late payment and you also risk falling into a debt trap from which it can be difficult to get out.
Who qualifies for a 3 Month Payday Loan?
The advantage of this loan is that you do not have to meet plenty requirements. While they may vary, you can review the main ones:
- US citizenship
- Minimum 18 years old
- A government-issued ID
- A social security number
- An active checking account
- Proof of a regular source of income
What should you know before applying for a 3 Month Payday Loan?
- They provide borrowers with instant approval and quick funding to your bank account the very next business day.
- You can apply completely online with no store visit, no Teletrack, no credit check, no faxing, and no collateral.
- A good or excellent credit rating is not a must. These loans were created so that people with any type of credit could apply and receive the money they need.
- These loans are very expensive. Since 3 Months Payday Loans are unsecured and have minimal requirements, they have extremely high interest rates.
- You should be aware of hidden and additional fees and penalty charges. Some lenders charge early repayment and late payment fees.
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