10 Ways to Dramatically Improve Your Credit Score

(This is a guest article by Karen Schweitzer*)

Everyone knows that paying bills on time will have a positive impact on credit scores. What many people don’t realize is that there are lots of other ways to improve your score--no matter how low it is. Here are 10 tips to keep in mind:

Check your report for errors. A low credit score can sometimes be a byproduct of errors on your credit report. Since an estimated four out of five reports have errors on them, there is a very good chance that yours does as well. If you do find an error, you can dispute it with creditors and the three credit bureaus before any more harm is done to your score.

Add as much info as you can. Depending on what is already included, adding information to your credit report can sometimes increase your credit score. Things to add include: birth date, address, telephone numbers, bank account numbers, and employer.

Get a credit card. Getting a credit card is a good way to establish credit history. The longer your credit history is, the better it is for your score. And when you use credit and pay it back responsibly, it impacts your score in other positive ways.

Piggyback on someone else's card. When you add your name to someone else's credit card account, you can piggyback on their good credit. Every time they make a charge and pay it off, it helps your credit score. One warning--only do this if you are absolutely sure that the person with the account is responsible and able to make the required payments. Late payments or slow payments on the card can have a negative impact on your score.

Request higher limits. When coupled with low balances, high credit card limits can boost your credit score. Most credit card companies will up your credit limit if you make the request. If you're a good customer, you can request and get higher limits several times throughout the year.

Negotiate better terms. Having better terms (lower interest rates) on your credit cards can make them easier to pay on time. And as everyone knows, paying on time is the best way to steadily improve your credit score.

Re-open closed accounts - Closing an account is never a good idea. Even if you don’t want to use a particular card anymore, you should still keep the account open. Long credit histories are always better than short credit histories. If you recently closed an account, call the creditor and request to re-open the SAME account. Within a few weeks, you'll probably see a double-digit increase in your score.

Get a loan. Getting and paying regularly on car loans, personal loans, student loans, home equity loans, and other types of credit typically issued by banks can lead to double-digit improvements in your credit score in just a few months time. Be careful not to make any late payments through. Just one late payment on a loan can undo months of dedication and hard work.

Lower your debt. This is usually easier said than done, but it is a good way to improve your credit score. Having a low debt-to-income ratio makes it easier to get a loan. It also makes it easier to pump your score up in a few months time.

Pay off old debts. Old debts and past due accounts can be a huge drain on your score. Even small bills of less than $100 will drag your score down. Paying off these old debts will not create an immediate boost in your score, but it will prevent the debts from working against you as you try to employ other score-hoisting tactics.

*About the author: This is a guest post by education writer Karen Schweitzer. Karen is the About.com Guide to Business School. She also writes about online courses for OnlineCourses.org.

*Image Credit: Photograph by khalid almasoud [via Flickr Creative Commons]

How to Spot Financial Abuse

(This is a guest article by Lewis Bennett*)

Financial abuse is the act of stealing or defrauding someone of their money, possessions, or property. It is a very common form of abuse in the United States. If you are being financially abused, or know someone who is, then there are a number of ways that you can beat this problem but first you must learn how to identify it.

The following is a list of some of the indicators of financial abuse:

• Forging a signature

If you notice that someone else is signing cheques for a friend or relative you will want to help them notify their bank immediately. Also pay close attention to any additional names being added onto a bank account, or large amounts of money being withdrawn by another person on behalf of your relative or friend. Elderly people often fall victim to this scam.


• Inability to afford things

Another sign of financial abuse is when you notice that you or someone you know is suddenly unable to pay their bills or purchase items that they need and should be able to afford. This could happen when they are attempting to take out money at an ATM or if they are trying to pay for groceries with their debit card. Review financial statements and make sure that the reason they have insufficient funds is legitimate.


• Things going missing

The most common form of financial abuse is when possessions of value start going missing. People with abusive partners and the elderly often find that valuable items around their home will start disappearing. In most cases the abuser will sell these items.


• Unexplained changes to a will

This is another symptom of financial abuse that is especially prevalent among the elderly. Sometimes people will try to befriend elderly people hoping that they can make their way onto their will. If you are suffering from poor mental or physical health it can affect your decision-making processes. Predators will take advantage of these people to get on a will. You don’t want to be suspicious of everyone that might befriend an elderly relative but it’s also naïve to think that there aren’t people out there doing this.

How can this occur?

Often the person in question will be exploited by someone that they thought they could trust. This could be a carer, family friend, or even a member of the family. This can make spotting financial abuse difficult at times as it can be hard to distinguish. However, it is important to remember that no matter who is responsible for the abuse, it can all be dealt with by professional means.

Financial abuse can occur in the person’s own home, in a retirement home, or in a day care centre. The key is to be vigilant and recognise the signs above.

People that are most susceptible to financial abuse

Although people that suffer financial abuse come from a range of backgrounds, the following factors will make a person much more vulnerable:

• Spending a lot of time alone
• Mental or physical disabilities
• Loneliness
• Poor understanding of financial matters
• Having unemployed family members or family with drug problems
• Having family members that have recently died

Reasons for the financial abuse within the family

Oftentimes a family member such as son, daughter, grandchild, or spouse perpetrates these acts. They do this for a number of reasons:

• They have drug, gambling, or financial problems
• They stand to inherit a significant amount of money, which they feel is rightfully theirs
• They have grudges with other family members and they want to prevent them from inheriting money
• They have had a bad relationship with the family member and feel that they are owed this money

Who Should I Contact if I feel this is Happening?

If you are concerned for yourself or for someone that you know, then you should contact Health & Human Services in order to explain the situation to them. They should then be able to investigate the circumstances of this further.

Should you feel that a crime has been committed and you have proof of such, then you can contact the police. The important thing to remember is that you must contact someone for help immediately and do not let the situation continue. The police will likely suggest that you contact the bank to freeze bank accounts that might be jeopardized by the financial abuse.

If you feel that you require any legal advice then you should contact a professional body, such as a solicitor, for further help and guidance.

*About the author: This information was put together by IVA Advice, a provider of free debt advice and resources

*Image Credit: Photograph by seretuaccidente [via Flickr Creative Commons]

Learning to Save - Tips on Starting Your Investment Portfolio

(This is a guest article by Jeff Roberts*)

So you’ve done it... you landed that new job, and are well on your way to becoming the financially responsible adult your parents always dreamed of. And now for the first order of business - how to spend that newly fattened paycheck. Sure, you could buy gold and jewelry, a phone that does everything short of making coffee, or a new wardrobe to make sure you’re the snazziest accessory in your corner office. And while buying like there’s no tomorrow certainly holds an immense appeal, spending all of your extra earnings every month is a surefire way to end up in debt fast. After treating yourself to a few luxuries, it may be time give some serious thought to using your money more wisely. Now is the perfect opportunity to develop and begin to grow an investment portfolio. Think of it as a way to ensure that your money is making more money.

A portfolio is a collection of mixed investments. The assets within your investment portfolio can include everything from stocks and bonds to gold certificates and real estate (Or anything else that is expected to retain value long term). In essence, developing and building your portfolio is the most important part of diversification; the key to limiting your risk and maximizing your return. But if you’ve never invested (or, as is the case for many young Americans, even saved) before, the idea of building a portfolio can seem like a daunting task. The key, then, is to take it slowly; learning as you go which options are the best for you. There are, however, some basic guidelines that can help just about any budding investor:

Start with a goal
Knowing where you want to be is an essential first step in deciding how to begin. Of course, your investment goals will vary wildly based upon what stage of life you’re in, so you should be prepared to evaluate accordingly. A single person who is out of college and embarking on their first major career choice can afford to be more aggressive and take larger risks than, say, someone who has a family depending on them or is still struggling to pay huge student loan bills.

Money management is an abstract concept that can seem baffling, but everyone has dreams that they want to see realized. Come up with a concrete goal that you’d like to achieve, and suddenly setting aside money for your investments won’t seem like as much of a hardship. Motivation is a key ingredient to a successful investment strategy.

Do your research
This is probably the most important part of building a portfolio. Educate yourself on the basics of investing in general. You have to have a solid foundation on which to base your investment decisions. A great place to start is with the company that employs you, as it’s always a good idea to work with something you know a little something about. Read your company’s quarterly and annual reports, and compare them with the competition. (As an added bonus, you will develop a keener understanding of what makes your field of business tick) Use the internet, the newspaper, and the library as your tools for understanding as much as you can about the investment world. Once you have a general idea of how investing works, it’s time to talk to an investment advisor. Ask pertinent questions, and make note of any advice they offer you. You work hard for your money—don’t risk it until you’re sure that you know what you’re doing.

It’s also a good idea to find a mentor; someone who isn’t interested in selling you a product or service. A friend, family member, or coworker who does well in the market may have valuable insight for you.

Know what you can afford
Before you can even begin to assemble your portfolio, you need to determine your risk tolerance. Decide from the very beginning just how much you can comfortably afford every month. Some people like to carve out a certain amount (such as 10% of their paycheck) while others prefer to divert something along the lines of their weekly designer coffee habit.

It’s important to look for investment products that are within your level of acceptable risk. Start with something safe (mutual funds and bonds are usually very forgiving) to help you build confidence. If your employer offers a 401(k), use this as a jumping off point.

Keep in mind that if you keep all of your financial work with one bank, they will usually repay your loyalty with lower fees and better rates.

You’re ready to get started. Remember, this is supposed to be fun—you’re taking an active role in building your wealth. Build a trial portfolio of the stocks you’ve chosen based on your research. Look into respectable online brokerages with affordable fees. (Stick to the ones that don’t require a minimum investment amount to get started) If you’re dedicated… you’ll be surprised at just how quickly you can see your portfolio taking off.

*About the author: This is a guest post by Jeff Roberts, an industry expert on the Gold Market. Jeff also consults for Goldline International.

*Image Credit: Photograph by thinkpanama [via Flickr Creative Commons]

10 Tips For an Affordable College Education

(This is a guest article by Adrienne Carlson*)

It’s one of the most important phases of our lives; it’s the passage of rite we go through as we transform into adults from youngsters; and on the downside, it’s also a pretty expensive proposition. So if you want to maximize your college experience, you need to minimize your expenditure and debt. And if you’re looking for ways to do this, here are 10 tips for an affordable college education:

1. Search for grants and scholarships for which you are eligible, if you are not eligible, find out how you can change your status and work towards it. Grants and scholarships are attractive options to afford college because you don’t have to pay them back.


2. Check out the various loan programs sponsored by the Federal government to help students with their college costs. They carry a low interest rate and are your best bet if you have to borrow money to finance your education.


3. Save well in advance for your college tuition. If you’re bent on getting the best education possible, if you’re dedicated and determined to make it to college on your own steam, save from a very young age.


4. Ask your parents to put aside money towards your college education when you’re in middle school and work really hard at your grades in order to convince them that you do mean business and that their sacrifices are not in vain.


5. Get a part-time job or offer your services freelance in order to make extra money when you’re at college. It will be tough, but it beats borrowing money at exorbitant rates or being broke all through college.


6. Do your research thoroughly before you enroll at a particular college. Check out all the fees that you have to pay in a year and ensure that you have adequate funds or the means to procure them before you sign up.


7. Don’t spend unnecessarily and keep track of all your expenditure. Do not fall victim to peer pressure, especially when you know you cannot afford it and that you’re going to regret spending this money in the days to come.


8. Enroll in colleges that are close to where you live so you can save on accommodation and food expenses. Weigh the costs of travelling to school every day against the costs of staying on campus and having to pay for food and other expenses.


9. If you’re taking out a loan to finance your education, consider one that offers a forgiveness program and lets you work off your debt once you graduate. Loan forgiveness programs are available for people of certain professions, like doctors, teachers, nurses and others involved in service to the public.


10. If none of the above seems likely to be happening, choose a community college that teaches you a profession which you can use to make money once you graduate. If you’re bent on going to regular college, you could work at a part-time job even as you study in order to save money for tuition.

College is a wonderful experience; make it even better by staying debt free and graduating without a financial burden to bear.

*About the author: This guest article was written by Adrienne Carlson, who regularly writes on the topic of accredited online university. Adrienne welcomes your comments and questions at her email address: adrienne.carlson83@yahoo.com

*Image Credit: Photograph by LuMaxArt [via Flickr Creative Commons]

33 Debt-Reducing, Money-Saving Calculators for the Newly Frugal

(This is a guest article by Garrett French*)

To get ahead financially you can either make more money or spend less money. If "make more" isn't on your horizon it's time to adopt some frugal habits! Frugal habits can help you stretch your existing cash farther - or help you reduce debt sooner. Making the decision to adopt frugal habits will be easier if you can see how much extra money you'll be saving.

Here are the debt-busting frugality-growing calculators you'll find in this calculator collection:

• 6 Eating, Drinking, and Merriment Savings Calculators


• 9 Daily Commuter Vehicle Savings Calculators


• 4 Alternative Transportation Calculators for Daily Commuters


• 3 Purchase Decision Making Calculators for Impulse and Big Purchases


• 3 Kids Savings Calculators for the Early Years


• 5 Around the House Calculators for Home Ownership Savings


• 3 Appliance Savings Calculators

6 Eating, Drinking, and Merriment Savings Calculators

If you can make even small reductions to your regular expenses - drinking water instead of soda if you go out to eat for example - you'll save large amounts of money over the course of a year. These calculators demonstrate how much you'll save when making changes to your daily consumption.

1) Brown Bag Savings Calculator: "This calculator will show you how much you could save if you brought your own lunch to work instead of eating out. Plus, it will also show you how much your brown-bag savings would grow if you invested the difference."

2) Booze/Beverage Savings Calculator: "Here is a new and fun savings calculator -- the booze savings calculator. Personally, I never drink anyway, but if I did, I cannot imagine paying the prices even moderately priced restaurants and bars charge for beer, wine and mixed drinks ($2.75, $3.25 and up, often way up)."

3) Coffee Savings Calculator: "Calculate how much you could save if you stopped buying coffee or tea in the coffeeshop, and instead made your own coffee (or quit drinking it altogether)."

4) Cigarette Costs Calculator: "Calculate how much you could save if you stopped smoking. This counts just the cost of the cigarettes and not of health and other costs associated with smoking."

5) Free Printable Grocery Store Price Book (worksheet): "Create a list of frequently purchased products, track prices and only purchase products when they are truly 'on sale'"

6) Drink More Water: Are You Drinking Enough Water?: "Some people claim that drinking water before a meal can reduce how much you eat. Further, drinking water can reduce spending on other beverages."

9 Daily Commuter Vehicle Savings Calculators

Like food and drink, transportation is another of those regular expenses that can end up costing you thousands over the course of a year. Understanding what your vehicle choices may cost you - new vs. used situations, gas mileage or even car pooling - can help you put thousands of dollars back in your bank account every year.

1) Which is better: new or used?: "The debate is endless - you're the only person who can decide whether a new car or used car is a better purchase for you. Use this calculator for financial input on your decision."

2) How long should I keep a vehicle?: "Use this calculator to get a rough idea of how long you should hold onto a new car."

3) Compare MPG Savings in 2 Cars: "The real cost savings of MPG reveal themselves over the course of several years... This calculator will show you what your longer term gas costs will be."

4) Gas Guzzling Comparison Calculator: "Enter the current gas guzzling MPG of that SUV you bought when gas was $1.49 a gallon, and then enter the new MPG of that new Prius you've been thinking about. Then enter your daily round-trip commute, your driving days per year and the number of years to add up."

5) Edmunds.com - Gas Mileage Savings: "You would like to save money on gas so you're considering trading in your gas guzzler for a more fuel efficient car. This calculator shows how long will it take before you pay off the balance of a vehicle purchase and really begin saving money."

6) Gas Costs: How much can you save with a more fuel efficient car?: "Calculate how much one can save by driving a more fuel efficient car."

7) Cost of Commuting by Car: "Calculate how much your daily commute by car costs."

8) Commute Cost Calculator: "Compare the actual cost of three different commuting modes."

9) Gasoline Price vs. Cable Bill Calculator: "Some folks complain about paying an extra dollar per gallon for their gas while paying $50, $70 or much more on their cable bills..."

4 Alternative Transportation Calculators for Daily Commuters

Bikes and public transportation can save you thousands and thousands of dollars annually. Do the math for yourself and make the switch!

1) Bike to Work Calculator: "Use this calculator to see how much you can save on gas costs and CO2 emissions by riding your bike to work."

2) Calculate Your Savings by Riding Public Transportation: "This calculator will help you compare the price of using public transportation with the price of paying at the pump and then parking your car in town."

3) The Cycle to Work Calculator (£): "How much fuel & money will you save? How many calories will you burn? How long will your journey take?"

4) Bike Your Drive iPhone App: "Track your mileage, CO2 offsets and more—in real time!"

3 Purchase Decision Making Calculators for Impulse and Big Purchases

There's the 30 second rule where you think about whether you really need an item for 30 full seconds. There's the 30 day rule for larger purchases where you think about it for 30 days. Both of these methods are designed to help you prevent impulse purchases that aren't connected to your financial goals. These calculators will help you make smarter, more cost-efficient purchase decisions too!

1) What Is The Value Of Reducing, Postponing or Foregoing Expenses?: "Use this calculator to help determine what you could accumulate by not eating out as much, eliminating the newspaper, not renting as many videos and other discretionary monthly expenses."

2) FIX OR REPLACE (Digital Equipment) CALCULATOR: "Sometimes it makes more sense to repair your digital equipment (TVs, cameras, receivers, etc...) than to buy new... sometimes NOT."

3) Generic vs. Store-brand Savings Calculator: "Switch from national brand or store brand items to its functional, less expensive equivalent such as generic, store-brand, private label or regional products and this calculator will show you how much discount you will get and how much money you'll save over the course of your lifetime."

3 Kids Savings Calculators for the Early Years

Children are expensive. For years and years and years. These calculators will help you run the numbers on a few major decisions that often accompany young kids.

1) Cloth Diaper Savings Calculator: "Compare the costs of cloth diapers to disposable diapers and make the decision for yourself."

2) Stay at Home Calculator: Can You Afford To Stay At Home?: "Use our calculator to see if your household can afford for you to stay home with the kids."

3) Budgeting Child Care Options: "See what your child care costs are, and compare one income and two income options."

5 Around the House Calculators for Home Ownership Savings

Saving money around the house begins with determining whether or not it makes sense to BUY or RENT in your area. From there you can work up to protecting your heating and cooling expenses with effective insulation. Small investments can have huge payoffs over the course of several years - use these tools to save yourself money!

1) Is it Better to Buy or Rent?: "Compare the costs of renting and buying equivalent homes."

2) Home Energy Saver: Web-Based DIY Energy Audit Tool: "Find the best ways to save energy in YOUR home!"

3) Calculate Your Bulb Savings When Switching to High-Efficiency Bulbs: "Cutting energy use saves you money on your electric bills and reduces the amount of global warming pollution created to power your home."

4) Insulation Upgrade Cost Saving Calculator: "Use this calculator to estimate the cost saving and greenhouse gas reduction for upgrading your insulation or windows."

5) ZIP-Code Insulation Program: "will tell you the most economic insulation level for your new or existing house..."

3 Appliance Savings Calculators

Inefficient appliances can have a major impact on your monthly bills. Use these calculators to see what a difference an energy efficient appliance could have on your monthly power bills.

1) Refrigerator Energy Calculator: "With this calculator you can compare you can see how much you'll save by swapping an old refrigerator with a new one. Or, you can compare energy costs between two new refrigerators."

2) Washer Dryer Energy Calculator: "Compare costs over 2 washers' life time."

3) Electric Appliance Operating Cost Calculator: "Estimate the cost of operating any given electrical appliance, based on the average KWH (kilowatt hours) used per day, and on the average cost per KWH charged by your electric company."

*About the author: This is a guest post by MyCESI.org, a Debt Management Program with Certified Debt Counselors and the publisher of 103 Free Debt Reduction Calculators.

*Image Credit: Photograph by ppinacio [via Flickr Creative Commons]