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Can You Get a Personal Loan With a Credit Score of 550?
October 7, 2020
Credit score plays a very important role in taking out loans that have the best interest rates. Having a good credit score means you don’t have to worry much about a loan getting approved. But what if your score is far from being ‘good’, can you still get a nod from banks and businesses with a 550 credit score?
If you’ll talk about scores, Fair Isaac Corporation (FICO®) is one of the most used references by lenders if they want to see your current FICO® score. The score ranges from 300 to 850 — the latter is considered a perfect score.
In a recent report from Experian, only 1.2% of Americans have a perfect score of 850. Comparing it to past data, the number of consumers having a perfect score rose by 63% over the past decade.
Despite the increase, it is still considered small as compared to the total population of Americans.
A 550 credit score is a poor score. You may be able to secure a personal loan with a credit score of 550, but you’re more likely to get a low loan amount and pay a higher interest rate.
Secured vs Unsecured Credit Card: What's The Difference?
October 7, 2020
Under lockdown restrictions, most people have been required to purchase goods virtually. Online trading has been the best option since cashless payments are encouraged. While uncertainties continue, credit cards have become our daily convenience.
If you have been planning to apply for one but do not have enough knowledge, upon research, you may have encountered secured credit cards and thought of its difference from the regular ones.
As advised, if you have no or bad credit, a secured credit card can help in building a positive credit history. Although secured cards share many similarities with unsecured credit cards, the major difference between the two is that when a card is unsecured, you don’t have to put money down as collateral.
Penny Saved will delve into its comparison thoroughly to help you whichever fits your situation.
Secured Credit Cards
Noting that secured credit cards can help in your credit history, it requires you to make a minimum or security deposit to get a credit limit.
The security deposit acts as a guarantee if you default on payments, but is fully refundable should you upgrade to an unsecured card or pay off your balance in full and close your account.
How Much Should I Save Each Month?
October 7, 2020
Saving is one of the most basic yet overlooked areas of personal finance. People often fail to embrace the importance of saving one’s money especially today where everything can be bought through just a click of a button or a touch of a screen.
Senseless buying that eventually leads to overspending which will definitely lead to a badly budgeted month. So how much should I save every month? Most experts recommend saving 20% of your income every month.
According to the 50-30-20 rule, a saving system made popular by Senator Elizabeth Warren, 50% of your income after taxes should be set aside for your monthly necessities, 30% will be your limiter for things that you can actually afford, and that you should save as much as 20% of your salary after taxes as a savings goal set aside in your bank account and other forms of investment every month.
What is the 50-30-20 rule?
Senator Elizabeth Warren, being an expert in bankruptcy law, created the 50-30-20 budget system before she even became a politician, as a guide for Americans to be financially prepared for emergencies or just plainly as a system that will help people set aside money, saving up, and budget their monthly income.
What Are The Disadvantages of a HELOC
October 6, 2020
A Home Equity Line of Credit or a HELOC, popularly known for its convenience, is a type of credit that lets you borrow money when you need it.
Akin to a credit card and a known low-cost loan which has a variable interest rate that tends to be lower than standard APRs, HELOCs will only let you borrow the actual amount of money you need.
The pros and cons of HELOCs are rampant on the internet thus, in this article, we will focus on the cons of HELOCs.
Where NOT to Spend a Home Equity Line of Credit
As humans with natural wants and needs, we tend to prioritize immediate wants over long-term necessities. Some however are immediate necessities but prove to be over budget. Often, the question is: is this the right loan or credit for it?
1. Pay for a Vacation
Vacations are an integral part of a person’s well-being, however, using your home equity to relax will definitely lead to the opposite of relaxation as HELOCs tend to be unstable when it comes to the monthly payment due to its floating APR. Thus, vacations are a no for this type of home equity loan. Maybe try a personal loan for that dream vacation.
450 Credit Score: Is It Good or Bad?
October 6, 2020
Can I get a loan with a 450 credit score? I’ll be straightforward: sure you can get a loan, but your 450 score is a bad place to be in if you’re looking for great and affordable rates or even hassle-free loan applications.
You’re also unlikely to qualify for most mortgage products with that score and can even get higher than usual deposit payments by companies for installment based payments.
So getting a 450 on your score is very unfavorable for you, the money lenders, and banks alike which may lead to the rejection of your personal loan application.
But don’t worry, building your score isn’t impossible. You just have to know what and how creditworthiness works and being aware of your poor creditworthiness is already a start.
What Makes a Good Credit Score?
Credit bureaus, credit-reporting agencies or here in the United States, consumer reporting agencies are agencies that research and collect individuals’ credit information.
Credit bureaus gather information such as an individual’s debt history, bill-paying habits, and an individual’s performance in their previous loan.
Top 8 Most Prestigious Credit Cards and Their Perks
October 6, 2020
Credit cards from credit companies, banks, and other financial institutions are readily available to most people who want them. Many of these lenders will aggressively market them to get as many customers as possible.
But for the world’s most exclusive credit cards, that’s not the case. Some of these credit cards can only be obtained upon invitation. Others require you to have a large spending limit annually. However, they do offer excellent perks.
But to obtain these credit cards, you have to be quite wealthy or an excellent client. You must also spend more than the average American earns.
The average American household earns an income of $78,500. That should give you an idea of just how much money you should be spending to qualify for such exclusive cards.
Here’s what you need to know about the most exclusive credit cards:
1. Centurion® Card from American Express, Aka the Black Card
The Centurion Card courtesy of American Express, aka the Amex Black Cards, is offered by American Express by invitation only. It is not a black card by Visa, but it is one of the most exclusive credit cards in the world.
What Can You Get from Personal Finance Blogging
June 11, 2018
People who put up their personal finance blog would definitely say that they decided to take that route for their business. This is the usual reasoning for it. Who would not love to write about being frugal? From money saving tips, up to expenses, there are really so many topics to talk about when it comes to this discussion. It sure is not limited.
Blogs are written on a daily basis. To make it better, time is an utmost requirement. However, apart from acting as a loan advisor, there are many benefits to putting up this kind of blog that most individuals should learn about. What are these?
The Benefits of Personal Finance Blogging
Here are some of the advantages you may get from personal finance blogging. Check on these and more:
Meet new friends. Once you leave comments on the sites of other bloggers, you would be surprised with the ongoing conversation that you can actually start. The response and the follow cannot be underestimated. It would feel as if they are talking directly to you. You will also be touched about the feedback given from time to time. This is a way to learn how you can improve. Interaction is a key and you must consider it.
Become a social media expert. You might use to be contented with YouTube and Facebook prior to your financial blogging. However, when you start writing, you will get to realize the role of social media to build traffic for your blog. This is a way to know more audience so that you could spread the word too. Engaging is a must here, and there are many platforms to do so. At the end of the day, it is only going to be a rewarding feeling. Learn your way through these sites. Once you become an expert, you will find them simple to use to your advantage. That is for sure.
Awareness to run a business. There are so many people who are passionate about their business. They are the individuals who are almost willing to work almost day and night. For those who are their own boss, this is not new anymore. When you are already feeling financial blogging, you will find yourself driven to create and produce quality contents to increase visibility. You will devote time because you will already learn how businesses are run. This is an understanding you must achieve eventually.
Get free resources. When you get yourself into blogging, you will be amazed at the great courses available so that you may improve your presence on the web. If you are one who blogs on a budget, you must be creative enough to have that work on your means. There might come a point when there is a need for a substitute. That should be okay too. This is a chance to find solutions to more problems.
The internet is always available to your advantage. Use it and make the most of it for your business. This should be easy and effective.
Can You Get a Personal Loan With a Credit Score of 550?
October 7, 2020
Credit score plays a very important role in taking out loans that have the best interest rates. Having a good credit score means you don’t have to worry much about a loan getting approved. But what if your score is far from being ‘good’, can you still get a nod from banks and businesses with a 550 credit score?
If you’ll talk about scores, Fair Isaac Corporation (FICO®) is one of the most used references by lenders if they want to see your current FICO® score. The score ranges from 300 to 850 — the latter is considered a perfect score.
In a recent report from Experian, only 1.2% of Americans have a perfect score of 850. Comparing it to past data, the number of consumers having a perfect score rose by 63% over the past decade.
Despite the increase, it is still considered small as compared to the total population of Americans.
A 550 credit score is a poor score. You may be able to secure a personal loan with a credit score of 550, but you’re more likely to get a low loan amount and pay a higher interest rate.
Secured vs Unsecured Credit Card: What's The Difference?
October 7, 2020
Under lockdown restrictions, most people have been required to purchase goods virtually. Online trading has been the best option since cashless payments are encouraged. While uncertainties continue, credit cards have become our daily convenience.
If you have been planning to apply for one but do not have enough knowledge, upon research, you may have encountered secured credit cards and thought of its difference from the regular ones.
As advised, if you have no or bad credit, a secured credit card can help in building a positive credit history. Although secured cards share many similarities with unsecured credit cards, the major difference between the two is that when a card is unsecured, you don’t have to put money down as collateral.
Penny Saved will delve into its comparison thoroughly to help you whichever fits your situation.
Secured Credit Cards
Noting that secured credit cards can help in your credit history, it requires you to make a minimum or security deposit to get a credit limit.
The security deposit acts as a guarantee if you default on payments, but is fully refundable should you upgrade to an unsecured card or pay off your balance in full and close your account.
How Much Should I Save Each Month?
October 7, 2020
Saving is one of the most basic yet overlooked areas of personal finance. People often fail to embrace the importance of saving one’s money especially today where everything can be bought through just a click of a button or a touch of a screen.
Senseless buying that eventually leads to overspending which will definitely lead to a badly budgeted month. So how much should I save every month? Most experts recommend saving 20% of your income every month.
According to the 50-30-20 rule, a saving system made popular by Senator Elizabeth Warren, 50% of your income after taxes should be set aside for your monthly necessities, 30% will be your limiter for things that you can actually afford, and that you should save as much as 20% of your salary after taxes as a savings goal set aside in your bank account and other forms of investment every month.
What is the 50-30-20 rule?
Senator Elizabeth Warren, being an expert in bankruptcy law, created the 50-30-20 budget system before she even became a politician, as a guide for Americans to be financially prepared for emergencies or just plainly as a system that will help people set aside money, saving up, and budget their monthly income.
What Are The Disadvantages of a HELOC
October 6, 2020
A Home Equity Line of Credit or a HELOC, popularly known for its convenience, is a type of credit that lets you borrow money when you need it.
Akin to a credit card and a known low-cost loan which has a variable interest rate that tends to be lower than standard APRs, HELOCs will only let you borrow the actual amount of money you need.
The pros and cons of HELOCs are rampant on the internet thus, in this article, we will focus on the cons of HELOCs.
Where NOT to Spend a Home Equity Line of Credit
As humans with natural wants and needs, we tend to prioritize immediate wants over long-term necessities. Some however are immediate necessities but prove to be over budget. Often, the question is: is this the right loan or credit for it?
1. Pay for a Vacation
Vacations are an integral part of a person’s well-being, however, using your home equity to relax will definitely lead to the opposite of relaxation as HELOCs tend to be unstable when it comes to the monthly payment due to its floating APR. Thus, vacations are a no for this type of home equity loan. Maybe try a personal loan for that dream vacation.
450 Credit Score: Is It Good or Bad?
October 6, 2020
Can I get a loan with a 450 credit score? I’ll be straightforward: sure you can get a loan, but your 450 score is a bad place to be in if you’re looking for great and affordable rates or even hassle-free loan applications.
You’re also unlikely to qualify for most mortgage products with that score and can even get higher than usual deposit payments by companies for installment based payments.
So getting a 450 on your score is very unfavorable for you, the money lenders, and banks alike which may lead to the rejection of your personal loan application.
But don’t worry, building your score isn’t impossible. You just have to know what and how creditworthiness works and being aware of your poor creditworthiness is already a start.
What Makes a Good Credit Score?
Credit bureaus, credit-reporting agencies or here in the United States, consumer reporting agencies are agencies that research and collect individuals’ credit information.
Credit bureaus gather information such as an individual’s debt history, bill-paying habits, and an individual’s performance in their previous loan.
Top 8 Most Prestigious Credit Cards and Their Perks
October 6, 2020
Credit cards from credit companies, banks, and other financial institutions are readily available to most people who want them. Many of these lenders will aggressively market them to get as many customers as possible.
But for the world’s most exclusive credit cards, that’s not the case. Some of these credit cards can only be obtained upon invitation. Others require you to have a large spending limit annually. However, they do offer excellent perks.
But to obtain these credit cards, you have to be quite wealthy or an excellent client. You must also spend more than the average American earns.
The average American household earns an income of $78,500. That should give you an idea of just how much money you should be spending to qualify for such exclusive cards.
Here’s what you need to know about the most exclusive credit cards:
1. Centurion® Card from American Express, Aka the Black Card
The Centurion Card courtesy of American Express, aka the Amex Black Cards, is offered by American Express by invitation only. It is not a black card by Visa, but it is one of the most exclusive credit cards in the world.
What Can You Get from Personal Finance Blogging
June 11, 2018
People who put up their personal finance blog would definitely say that they decided to take that route for their business. This is the usual reasoning for it. Who would not love to write about being frugal? From money saving tips, up to expenses, there are really so many topics to talk about when it comes to this discussion. It sure is not limited.
Blogs are written on a daily basis. To make it better, time is an utmost requirement. However, apart from acting as a loan advisor, there are many benefits to putting up this kind of blog that most individuals should learn about. What are these?
The Benefits of Personal Finance Blogging
Here are some of the advantages you may get from personal finance blogging. Check on these and more:
Meet new friends. Once you leave comments on the sites of other bloggers, you would be surprised with the ongoing conversation that you can actually start. The response and the follow cannot be underestimated. It would feel as if they are talking directly to you. You will also be touched about the feedback given from time to time. This is a way to learn how you can improve. Interaction is a key and you must consider it.
Become a social media expert. You might use to be contented with YouTube and Facebook prior to your financial blogging. However, when you start writing, you will get to realize the role of social media to build traffic for your blog. This is a way to know more audience so that you could spread the word too. Engaging is a must here, and there are many platforms to do so. At the end of the day, it is only going to be a rewarding feeling. Learn your way through these sites. Once you become an expert, you will find them simple to use to your advantage. That is for sure.
Awareness to run a business. There are so many people who are passionate about their business. They are the individuals who are almost willing to work almost day and night. For those who are their own boss, this is not new anymore. When you are already feeling financial blogging, you will find yourself driven to create and produce quality contents to increase visibility. You will devote time because you will already learn how businesses are run. This is an understanding you must achieve eventually.
Get free resources. When you get yourself into blogging, you will be amazed at the great courses available so that you may improve your presence on the web. If you are one who blogs on a budget, you must be creative enough to have that work on your means. There might come a point when there is a need for a substitute. That should be okay too. This is a chance to find solutions to more problems.
The internet is always available to your advantage. Use it and make the most of it for your business. This should be easy and effective.
Who is
Penny Saved?
From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.
We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.
We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!
Who is
Penny Saved?
From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.
We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.
We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!
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