A common misconception is that your credit score takes months to improve. While that’s true in some cases, quick ways to boost your score are available depending on what’s holding your score down. In fact, those with a lower score are actually in a better position to boost their credit quicker than those with a higher score. It’s all about strategizing and putting yourself in the best possible position to increase your score. Following these 6 simple steps can help…

1. Pay Your Credit Card Back Timely and Keep Your Balances Low

One of the biggest factors in your credit score is paying back balances in a timely manner. Set up monthly reminders for yourself to pay back bills, or set up autopay to ensure that you never miss a payment. Keep your balances as low as you can by paying off your card multiple times in a month or by paying over the minimum payment amount. As a rule of thumb, try not to overspend on your credit card. Those with higher credit scores tend to use only 7% of their credit limit, however, as long as you’re keeping your spending within 30% of your credit limit and payments are made on time each month, then you’ll continue to boost your score.

2. Dispute Errors on Your Credit Report

Everyone is entitled to receive a FREE credit report from each of the three bureaus per year – your Experion, FICO, and your TransUnion reports. It is important to request those annually to ensure that your credit report is 100% accurate. Even having one or two debts that the bureau claims you haven’t paid that you actually have can have a major negative impact on your credit score. If you find that your credit report is inaccurate, make sure to dispute as soon as possible. Credit bureaus have a 30-day window to investigate and respond.

3. Limit Applying For New Accounts

A red flag to many credit bureaus is when they see that you have applied for multiple credit cards or loans. Every application submitted leads to a hard inquiry on your credit, which negatively impacts your score each time. While it’s only a small impact for each hard inquiry, these inquiries add up over time and can lead to a major dip in your credit score.

4. Become An Authorized User On Another User's Credit Card

If you know someone and trust someone that is good with their credit, such as a spouse or family member, ask to become an authorized user on one of their cards. Regardless of if you have access to the card or not, you will then benefit from their good credit habits and your score will increase. Be sure to 100% trust their credit abilities, however, because if they have bad habits that will negatively impact your score as well as theirs, at least for the card that you are an authorized user on.

5. Request An Increase In Your Credit Limit

Raising your credit limit is another good way to increase your score in the long run. If you are a reliable customer with your credit agency or bank, make payments on time, and/or have been with them for a while consider asking for an increase in your credit limit. If they say no, then it could be good to consider opening a new credit card to increase the line of credit available in your name.

6. Apply For a Secured Credit Card

A secured credit card is a great way to build credit if you are new to credit or if you are trying to build your credit up and do not trust yourself with a high credit limit. Typically secured credit cards require a $200 deposit into the secured account or they will require an annual fee. Each month, you make payments just like an unsecured credit card, and once the account is closed in good standing, you are eligible to get the $200 deposit back.

Anyone can tell you that since Covid, the real estate market has been on fire! Finding a good home at the right price, especially as a first-time home buyer, can be a challenge. However, there are a few things you can do to give yourself a competitive edge in this market…

1. Work With A Real Estate Agent

Real estate agents know the market better than everyone and can help you find something that is both exactly what you need AND within your budget. Don’t settle for just any agent, however, and make sure that you look into reviews and recommendations and decide on one that has your best interests at heart, has inside knowledge, and will be prompt with sending in and replying to offers/negotiating for you.

2. Get Preapproved For A Mortgage

Before you even begin looking for a home, get preapproved for a mortgage. This gives you an idea of your budget and what you will be able to afford. Not only that, but it puts you in a stronger position to negotiate for homes that are within your budget.

3. Check Your Credit Score and Improve If Needed

A good credit score gives you a competitive edge over others that are in the market for a new home. It can really make the difference in what you get preapproved for, your interest rates, and even in your offer getting accepted. Check your score before you even begin to house hunt, and work on improving your score if needed by making payments on time, disputing any credit errors, and keeping your outstanding debts as low as possible.

4. Don’t Be Afraid To Walk Away

It’s important to remember that you may not always get your first choice in home. Between bidding wars, insistence that certain inspections get waived, etc., there’s a lot that could go wrong. Don’t be afraid to walk away if you’re finding yourself unwilling to compromise – there will ALWAYS be another home.

5. Be Prepared To Move Quickly

In a hot market like today’s, properties can move very quickly – sometimes within 24 hours of being on the market. If you are interested in a home, put in a strong offer right away as soon as you find a home that checks the majority of your boxes.

Many new parents face financial struggles as it is, finding it harder to save for a home with your new bundle of joy. Between childcare, diapers, and all the other costs of having a child, buying a home can sometimes just be placed on the back burner. Rent-to-own therefore can be an amazing option for new parents, giving them the opportunity to live in the home that you will eventually own, all while saving up still for your down payment. Keep reading to learn more about why this may be the best option for many new parents…

1. You’re Able To Move In Immediately

Unlike straight-up buying a new home, which requires time for bidding, closing costs, etc., renting-to-own allows you to move into your new home immediately without having to wait. This way, you and your family can begin settling in immediately and imagining your future in your new home.

2. Lower Upfront Costs

With a rent-to-own arrangement, you pay a lower deposit than you normally would when buying a home outright. This allows you to save more money to eventually put toward your down payment and can be especially helpful when you have a limited budget to buy a home with.

3. Smaller Mortgages

Renting-to-own allows you to pay a smaller mortgage each month, which in turn will help you save money to put towards a down payment. This way, you avoid becoming house poor while being new parents, and you can still stretch your budget to the max.

4. Build Credit

Another benefit of rent-to-own arrangements is that it allows you to improve your credit score. By making regular payments and showing the lender that you are serious about the house and your credit score, you can build your credit score and get a better interest rate at the same time.

5. Investment Potential

Rent-to-own also provides an excellent way for new parents to invest in their future. By signing a rent-to-own arrangement, you will be committing to buying the house in the future, which is a great way to diversify your investment portfolio. And with a smaller mortgage, you won’t have to worry about the high payments that come with other types of investments.

6. Tax Benefits

Rent-to-own arrangements allow new parents to deduct some of their rental payments and other related charges from their taxes. Therefore, it helps in saving the money that would otherwise be spent on taxes.

Buying your first home is a major milestone in life and requires careful planning and saving. For first-time home buyers, understanding the process of buying a home and how to save money for it can be overwhelming.

One of the biggest keys to saving for your first home is to set a realistic budget for yourself and stick to it! Budgeting can be hard, but figuring out how much you make monthly versus your monthly expenses is a great place to start so that you can determine your monthly budget. This also helps you to cut out any unnecessary expenses, such as maybe subscriptions you are not utilizing or unplanned shopping trips that lead to you blowing through hundreds in just one day. Stick to that budget to the best of your abilities and you’ll find saving 100% easier.

You should also be setting aside some money each month to start an emergency fund for any unforeseen expenses, such as car issues, medical expenses, and more. Even setting aside $50 to $100 a month can add up over time and by the time that you have to use these emergency funds, it will avoid you from dipping into your savings account and depleting the funds from there.

Finally, a great way to save money is to invest in low-risk investments with high returns. These low-risk investments can be a safe way to grow your money quicker than you would with traditional savings accounts. It also avoids the potential losses that could come with the high-risk options, which means less of a chance of losing your money and bigger returns overall.

Overall, saving for a home can be an extremely daunting task, but it doesn’t have to be. With proper planning and budgeting, you could have a down-payment for the home of your dreams in just a few years. Start early and stick to your budget, and you’ll find yourself unpacking in your beautiful new home in no time at all.

The Supplemental Nutrition Assistance Program, commonly referred to as SNAP, is a federal program that gives monthly funds to its accepted applicants that allows them to buy food. This program lets those accepted buy food without stretching their already thin budgets, allowing them to focus their hard-earned money on medical bills, utilities, rent, and other daunting expenses.

The amount that applicants can be approved for varies, depending on your family’s income and size, but it can be the difference between someone picking between eating for the night or being able to pay rent/utilities. These benefits are available to those that meet the criteria, which includes the total household income being below a certain level, savings and bank accounts being below a certain amount, and at least one US citizen or someone with an eligible immigration living in the household.

Applying for SNAP is as easy as finding the form online and filling it out there, or you can mail it in. The process and application varied per state, so if you have any questions regarding the process, it’s best to contact a local SNAP application counselor who can walk you through what you need to do. Applications can take up to 30 days to process and be accepted, and an interview with your local SNAP office could be required during your application review process.

SNAP benefits are accepted at local grocery stores, convenience stores, farmers markets, and online delivery services like Walmart or Amazon. These benefits can be used to purchase most of your groceries, such as fruits, vegetables, meats, grains, snacks, etc. You can even purchase seeds to begin growing your own produce with SNAP. Things such as alcohol, tobacco, medicines, and other non-food household products are not accepted with SNAP and will have to be paid for through the applicant’s own funds.

SNAP can be an excellent choice for struggling families to begin thriving again, so if you think that you fit these requirements and could benefit from SNAP, reach out to your local SNAP application counselor today and see what next steps you can take to be approved.