Charles Brennan, CEO of Dollar Loan Center in Las Vegas, Nevada, Offers Sensible Money Tips

May 3, 2013 By Leave a Comment
Charles Brennan

Charles Brennan

Charles Brennan started Las Vegas, Nevada based Dollar Loan Center in 1998 to address a gap in short-term lending services.  What started with just one store in Las Vegas, Nevada, has now grown to include 80 locations in four states.  Dollar Loan Center offers signature loans to help borrowers cover emergency expenses that crop up before payday.  Differentiating itself from typical payday loan centers, Charles Brennan and Dollar Loan Centers do not charge upfront or processing fees and only charge simple, daily interest until the loan is repaid, never longer.  In the following interview, Charles Brennan offers simple tips for saving money.

Information Nation:  Welcome and thank you for joining us today from your home in Las Vegas, Nevada.

Charles Brennan:  Happy to do it.

Information Nation:  Let’s get right to it; what are some steps our readers in Las Vegas, Nevada and beyond can take today to save money?

Charles Brennan:  Start by not letting your money blow out the window, doors and cracks of your home.  By simply covering the pesky drafts around the house, people can reduce their heating expenses by three to eighteen percent.

Information Nation:  Great tip!  What else?

Charles Brennan:  Sign up for group discount sites, such as groupon.com or livingsocial.com, which offer regular deals on the things your family needs and enjoys.  Also, shop on BOGO days at the grocery store.

Information Nation:  It seems like prices fluctuate so much; how do we get a handle on these changes?

Charles Brennan:  Yes, it’s true.  In the coming year, healthcare, taxes, public transit, and meat and dairy products will end up costing us all more.  Bloomberg and Reuters are great sources for financial news, or even 15 minutes a day online at a financial website or 2.

Information Nation:  What about long-term savings?

Charles Brennan:  The best advice I can give here is start today!  Surround yourself with people that you want to be like financially in the future.  Live confident and ask your boss for a raise if you feel you deserve it and start by saving that amount immediately.

Information Nation:  Okay, but what if people don’t know where to start?

Charles Brennan:  I recommend first thinking about the major goals and objectives to be accomplished with the help of money.  When appropriate, talk to family members and work on the list together.  If you are a leader, lead; if you are a follower, follow a good, conservative leader that will have your best interests in mind.

Information Nation:  What types of goals and objectives typically end up on these lists?

Charles Brennan:  Of course lists will vary for each person, but people may include a new home or second home, vacation plans, college tuition, or retirement savings, for example.

Information Nation:  Then what?

Charles Brennan:  Then the list should be prioritized in a meaningful way.  After that, meeting with a financial advisor might be a good step or even an on-line budgeting tool.

Information Nation:  What will a financial adviser do?

Charles Brennan:  A financial adviser will go through the goals and objectives and help work through ways in which to accomplish them realistically.

Information Nation:  This has been really helpful.

Charles Brennan:  My pleasure, and happy savings!  Don’t forget that where you live will have a huge impact on your bottom line.  State taxes vary substantially from state to state.  Every penny you can save on taxes makes that piggy bank grow!

With dual interests in finance and music, Charles Brennan has been fortunate to find success promoting concerts and musicians as well as helping people through financial crises. Currently residing in Las Vegas, Nevada, Charles Brennan recently opened the Brennan Rock ‘n Roll Academy, located in his hometown of Sioux Falls, South Dakota.

 

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Four Myths about Spending Cuts

April 2, 2013 By Leave a Comment

Many analysts believe that the ongoing political discussion regarding automatic spending cuts has complicated the public’s understanding on the issue. Presentation Solutions takes a look at several myths circulating in America.

Myth #1: Obama should be blamed for the spending cuts. This idea has been thoroughly discussed and argued by both sides of the aisle.  The dreaded sequester was included in an initial deal proposed in 2011 to help resolve the ugly debt ceiling fight.

According to the Price of Politics by Bob Woodward, the current administration came up with the idea to include the measure, and this was supported by both chambers through the passing of the Budget Control Act in 2011, signed into law by President Obama.

Most observers believe that neither of the two sides has genuinely pushed for talks to negotiate for the replacement of the sequester.

Myth #2: Sequester will impact the world as we know it immediately. The sequestration law led to the establishment of measures to undertake cuts by federal agencies. In reality, it will take some time before the actual execution is implemented. Effects will take months to sink in, not a couple of weeks.

For instance, we will see the laying-off of many federal workers but the scheduling and duration of the lay-offs will vary considerably. Public impact by such cuts will not be immediate.

Myth #3: It’s easy to cut $85 billion. It will be easier to prove this statement if the cuts were evenly subtracted from all sectors of the $3.5 trillion federal budget. It would be more acceptable if cuts were done strategically in a manner that would not adversely affect sectors that are working properly. Unfortunately, this is not the way the bill has been structured. Agencies will have no choice but to cut efficiently-run programs in  the same way as over-staffed ones.

The $85 billion is to be removed from a tiny portion of the budgetary allocation, and worse still, it has to be cut in slightly over seven months – March 1 to September 30 – and not twelve months.

Myth #4: The cuts will either have a negative impact on the economy or they won’t felt at all:  The cuts will definitely affect the economy, but it’s not easy to tell the extent to which it will be affected. Based on assumptions, the spending cuts, if conducted throughout the year, will slow down economic progress by 0.6 percent in 2013, and cut down on the number of full-time positions by 750,000.

Filed Under: Finance, General

Dennis Dachtler Sacramento Wealth Manager Offers Unique Services

January 7, 2013 By Leave a Comment

Dennis Dachtler Sacramento

As a leading wealth management expert with three decades of experience, Dennis Dachtler, Sacramento based entrepreneur and founder of Dachtler Wealth Management, explains why his company makes financial planning easy.

Q. How does Dachtler Wealth Management decide which course of action is best for clients?

First, we sit down with each client and evaluate his or her current needs. We then determine what their future expectations and necessities are. Once we have all the information we require, we create a FAC, a Financial Action Checklist.

Dennis Dachtler, Sacramento Area Financial Planner

Q. What types of items are included on the checklist?

It is a sort of “to do” list of goals. It will detail specific tax reduction and wealth accumulation strategies that we feel are best suited to the client’s needs.

Dennis Dachtler, Sacramento Area Financial Planner

Q. Do all clients have the same needs?

No, in fact, since each client has a unique set of circumstances, we design their checklist – no two are the same.

Dennis Dachtler, Sacramento Area Financial Planner

Q. How do your clients receive updates on their account(s)?

They all have access to a personal portal of information made available through our website 24/7. The information is updated daily. As well, we schedule quarterly conferences with each client to discuss progress and any potential changes.

Dennis Dachtler, Sacramento Area Financial Planner

Q. How do you inform your clients of relevant tax law changes and pertinent laws that might affect their assets?

We have a full calendar of events for both our clients and the community. We publish a regular newsletter that outlines tax changes and offer e-seminars and educational resources on our website, dachtlerwealth.com. Consult your tax advisor or attorney regarding tax issues specific to your circumstances.

Dennis Dachtler, Sacramento Area Financial Planner

Q. The “My Personal Wealth” area of your website is for clients; can it be used for other purposes?

This little piece of the Internet can also be used as a storage facility for important documents and copies of priceless family photos. It is sort of a vault to help our clients keep track of their life.

Dennis Dachtler, Sacramento Area Financial Planner

Q. What is the iMoney section of your website?

It’s part of the educational resources mentioned previously. Here, clients, and the general public, can get a quick lesson or two about retirement topics.

Dennis Dachtler, Sacramento Area Financial Planner

Q. Such as?

Retirement confidence, the cost of raising children and how it affects savings, and information on annuities and other financial products are all topics currently available on iMoney.

Dennis Dachtler, Sacramento Area Financial Planner

Q. Do you have any resources for potential and current clients who just want to get an idea of their savings capabilities without actually committing to a financial review?

Our website offers a wide array of tools that can act as a guide for individuals wishing to get a better idea of their current situation. We have Risk Management and Estate Planning calculators and even a financial IQ test.

Dennis Dachtler, Sacramento Area Financial Planner

Q. How can our readers contact you to get started?

It’s easy! Visit us online or call the office at 800.333.1855

Dennis Dachtler, Sacramento Area Financial Planner

 

Dennis Dachtler is licensed to sell annuities and insurance products and provide investment services. He is a registered representative with Ameritas.

 

Opinions expressed herein are those of the Registered Representative and may differ from those of Ameritas Investment Corp and affiliates.  Information is gathered from sources deemed to be reliable; however, we cannot guarantee their accuracy.  Past performance is not indicative of future results. This information should not be construed as investment, legal or tax advice.  Participants should consult with their financial representative, attorney or tax advisor regarding your situation.

 

 

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Dennis Dachtler Discusses Retirement Planning

November 19, 2012 By Leave a Comment
Dennis Dachtler

Dennis Dachtler

Dennis Dachtler and the team at Dachtler Wealth focus on helping people of all ages plan for retirement. Through Dachtler Wealth Management, Dennis Dachtler counsels clients on everything from investments to family money management. One of the most important facets of wealth planning is setting aside money for the later years, Dennis Dachtler says. Below, Dennis Dachtler answers a few of the common questions that clients often pose.

Q: Will Social Security cover all of my expenses once I’ve retired?

Dennis Dachtler: It’s important not to rely on Social Security as a sole source of retirement income. Chances are you’ll have to wait until age 70 to see real income from Social Security, and many people want to retire before that time.

Q: With today’s low interest rates, where’s the best place to put my money if I want to save for retirement?

Dennis Dachtler: Even in today’s economy, there are great options for those wanting to save for retirement. I recommend many of my clients invest in a Roth IRA, which allows people over the age of 50 to put in up to $6,000 per year into an account, but each individual case is different.  It is important to sit down with a financial planner in order to figure out exactly what retirement savings plan is right for you.

Q: What about 401(k)s?

Dennis Dachtler: 401(k) plans also allow those who are 50+ to put in an extra $5,000. Both 401(k) plans and Roth IRAs are tax deferred and Roth IRAs can possibly grow tax free.

Q: Should I take the earliest retirement option available or continue to work as long as I can?

Dennis Dachtler: Many people today are putting off retirement. This not only helps you earn additional income, but it puts off cutting into that nest egg. Since each individual case is different, it’s important to sit down with a financial planner to look at your particular set of circumstances.

Q: You talk about the four phases of retirement. Can you describe those for me?

Dennis Dachtler: For many people, retirement will come in these four phases: pre-retirement, early retirement, full retirement, and final retirement. In pre-retirement, the person is still working but preparing for retirement. Early retirement is that honeymoon phase where the new retiree may travel and do all the things he or she has worked for all these years. In full retirement, many retirees settle into a daily routine and final retirement can see more health problems and less activity. It’s important to know these phases in order to plan financially for them.

Q: What final things should I consider as I plan for retirement?

Dennis Dachtler: It’s important to remember that many people are living longer than ever. Your savings may need to stretch further than it ever has in the past.

Dennis Dachtler helps clients plan for retirement through Dachtler Wealth Management, a company he founded immediately after achieving his Bachelor of Science in marketing and communications. For more information on how Dachtler Wealth Management can help you, go online to www.dachtlerwealth.com.

 

The views expressed are not necessarily the opinion of Ameritas Investment Corp. (AIC) and should not be construed, directly or indirectly, as an offer to buy or sell any securities mentioned herein. This article is for informational purposes only.  This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice as individual situations will vary. For specific advice about your situation, please consult with a financial professional.

Securities and investment advisory services are offered solely through Ameritas Investment Corp. (AIC).  Member FINRA/SIPC.  AIC and Dachtler Wealth Management are not affiliated.  Additional products and services may be offered through Dennis Dachtler or Dachtler Wealth Management that are not offered through AIC.

This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your Registered Representative. Read it carefully before you invest or send money.  A Representative from Dachtler Wealth Management will contact you to provide requested information.  Representatives of AIC do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation. Securities products are currently limited to residents of AL, AR, AZ, CA, CO, FL, GA, IN, KS, LA, MN, MO, NC, NE, NM, NV, OR, PA, TN, TX, UT & WA.

 

 

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Kale Flagg: Combating Rejection with More Prospects

November 6, 2012 By Leave a Comment
Kale Flagg

Kale Flagg

Lack of discipline is another precursor to failure, says Flagg. There are only twenty-four hours in a day. What we do with our time, more than anything else in our lives, determines whether we are a spectator or the lead character in the game of life, asserts Kale Flagg. The truth is that most people waste time. They spend far too much time watching TV and procrastinating, evaluating, and saying they are going to do things, but not actually doing those things. Those people live on an island that Kale Flagg refers to as “Someday Island;” but someday never seems to come.

According to Kale Flagg, it’s important to pick a mountain and start climbing. Flagg has noticed that while people get excited about choosing a mountain peak, when the excitement wears off, most lack the discipline to climb every day, day in and day out. In fact, most people never accomplish greatness in life because they simply stop. They don’t maintain the discipline. Kale Flagg compares it to dieting, working out, and then just stopping. Only in this case, the person alters his or her own destiny by giving up. As Kale Flagg puts it, people lose the chance of becoming legends because they don’t have “stick-to-it-ness.”

Kale Flagg has seen talented sales professionals leave the field due to the high number of rejections that are an inevitable part of the selling process. The former Wall Street entrepreneur offers those who are new to sales and marketing this valuable piece of advice: maintain a large number of prospects.

As Kale Flagg describes, many times a sales manager will allow new employees to come in and start making calls right away. Cautions Kale Flagg–do not do that! Hold people’s hands if you have to, suggests Flagg, but don’t let them start making solicitations until they have a plethora of options on their sales lists. If there are only six names on the list and all those contacts say no, your new sales star has a high probability of being dust, points out Kale Flagg. However, if the prospect has 100 names on that list, rejections from the first five or six will be okay because he or she will still have hope.

A part-time salesperson should be collecting at least five to ten prospective leads per day, according to Kale Flagg. As a serious part-timer, those numbers should increase. Someone who works in sales full-time should see those numbers grow to thirty to forty names per day, every day, once that person starts entering the cold market, suggests Flagg. He says that when someone is building a business, 80% of that person’s time should be spent prospecting. Prospecting means gathering names, setting up appointments, and talking to people, explains Kale Flagg.

In the early days, it’s important to avoid getting caught up in busywork, points out Kale Flagg. He has observed that many people do the busy work, which is primarily organizing and reorganizing prospect lists, inventorying product, and other administrative functions. In those early days, Kale Flagg emphasizes the importance of having new prospects focus on building a list. By spending 80% of their time actively generating leads, Kale Flagg promises that a Sales Manager will not only incite the rest of the team to do the same, you’ll help keep the “fear monster” at bay, away from your sales people.

Kale Flagg has built an impressive career. Today, currently serving as General Partner of the American Redevelopment Fund, LP, Kale Flagg helps other entrepreneurs achieve their dreams.

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Instant Tax Solutions Speaks About Unpaid Business Taxes

October 23, 2012 By Leave a Comment

As specialists in tax debt relief, Instant Tax Solutions sees business owners who run into trouble with the IRS due to back payroll taxes or other payroll tax related issues. Recently Information Nation spoke with Instant Tax Solutions about this very important issue.

Information Nation:Thank you for speaking with us today.

Instant Tax Solutions:Our pleasure.

Information Nation:What happens when businesses fail to pay their taxes?

Instant Tax Solutions:The IRS comes in and the business owner can find himself or herself in deep trouble.

Information Nation:Lots of fines and penalties, right?

Instant Tax Solutions:Yes, but it can be much more than that. It may be considered a Federal crime.

Information Nation: That sounds serious.

Instant Tax Solutions:Yes. Since the IRS sees it as a Trust Tax, they take swift and severe action when it appears payments have been missed.

Information Nation:So, simply failing to file one form can be that devastating?

Instant Tax Solutions:Absolutely. Failure to report leads the IRS to believe that the business has failed to set aside the funds. It’s considered theft on a grand scale.

Information Nation:Well, what happens to companies that continually fail to file?

Instant Tax Solutions:They can get shut down, for one. The IRS generally doesn’t wait around for them to get even further behind.

Information Nation:What should a business owner do if they have failed to remit the form and/or pay the taxes?

Instant Tax Solutions:Immediately call an experienced tax attorney. At Instant Tax Solutions, we help businesses every day keep from having to close due to a single snafu on their tax record.

Information Nation:Business owners have the same rights as an individual though, right?

Instant Tax Solutions:For the most part, yes. They may be entitled to repay the amount owed through an installment agreement or in the case of a firm with very few assets, an Offer in Compromise.

Information Nation:Those sound confusing.

Instant Tax Solutions:Not really. Not if you know what you are doing, anyway. Here at Instant Tax Solutions, we deal with this daily. Our attorneys, enrolled agents, as well as our large staff of IRS-knowledgeable tax pros are on top of all the legalities involved with settling past-due tax debt.

Information Nation:Very good to know! Hopefully, we’ll never have this issue but of we do, we’ll have your number on speed dial! What is that number again?

Instant Tax Solutions: 888.946.2999, and you can also visit us online at www.InstantTaxSolutions.com

 

Instant Tax Solutions is a nationally respected tax debt relief firm based in Post Falls, Idaho. Their 40 plus tax professionals are knowledgeable in all areas of IRS delinquency and procedure. They aim to aid and educate their clients and ensure an open line of communication throughout the term of their service. Founded in the mid 2000s by Byron Pedersen and Ian Woodman, Instant Tax Solutions was built on the belief that sometimes, good people find themselves in bad situations and that they deserve the same respect they enjoyed prior to their hardship.

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Jeffrey Kale Flagg Offers Advice to Sales Managers

October 15, 2012 By Leave a Comment
Jeffrey Kale Flagg

Jeffrey Kale Flagg

It’s crunch time and you need to pep talk to your sales team. Jeffrey Kale Flagg says that sometimes, it is what you don’t say that motivates others to perform.

Jeffrey Kale Flagg asks, “How many times have you heard your kids say, ‘Watch me! Watch this! Look at me!’” And while watching, did you smile and give positive reinforcement? According to Jeffrey Kale Flagg, just like your kids want you to praise them, the same is true with your employees. Freely dispense recognition–because if done consistently and based solely on achievement, it will build loyalty, a strong work ethic and a successful sales organization, says Jeffrey Kale Flagg.

Significantly, points out Jeffrey Kale Flagg, the key to the power of recognition is that it must be given away­–only then is the magic released. Ever notice how some people never seem to reach the pinnacle of success because they are so driven for personal recognition that they take credit for the accomplishments of others? On the other hand, there are those who are successful at getting their people recognized for real accomplishments, and they always seem to end up in the spotlight–with what Jeffrey Kale Flagg calls the pot of gold?

Use common sense, cautions Jeffrey Kale Flagg. Don’t tell your people they are doing a good job if they are not. But, when your employees are doing well, give recognition in abundance and do it publicly. The bottom line, according to Jeffrey Kale Flagg, is that you must recognize people for their desire, for their potential, and for their contribution. If you empower and motivate your team to feel like a million bucks, not only will they find personal success but they will also contribute to yours.

Increase good habits by rewarding your team with recognition. Conversely, Jeffrey Kale Flagg suggests that you may decrease bad habits by withholding attention and recognition. If someone is doing something undesirable or counterproductive, don’t treat that person badly, just point out what he/she is doing wrong and then focus all of your energy on other people. Jeffrey Kale Flagg says that the negative behavior will quickly disappear.

It is a difficult lesson for many to understand, acknowledges Jeffrey Kale Flagg, but frequently withholding recognition is a much more powerful motivator than giving recognition! If you recognize a team member for something that was undeserved, or give them a promotion that a person wasn’t fully qualified for, you are saying there are alternative ways to earn recognition, and you may be creating an excuse-oriented whiner. Jeffrey Kale Flagg cautions that this is a big mistake.

There is magic to recognition. But, as Jeffrey Kale Flagg cautions, there is also a catch. If you ever keep recognition that should be given away–or if you ever give away undeserved recognition–you can turn the magic into poison. False recognition and awards will actually de-motivate others instead of motivate them. Make sure that you recognize your people skillfully, publicly, fairly and abundantly-and that your message is clear: The key to success, and the key to recognition, is accomplishing results. No excuses. No justifications–just results. Remember this, says Jeffrey Kale Flagg, and you will have a better team and a better bottom line.

 

Filed Under: Finance Tagged With: , , ,

TexasLending.com: How a Credit Score is Determined

August 29, 2012 By Leave a Comment
TexasLending.com

TexasLending.com

The team at TexasLending.com fields many questions from clients regarding the credit process. Specifically, TexasLending.com reports that clients are curious about what factors go into determining his or her credit score, and what steps to take in order to repair any issues that may have arisen.

The first step to understanding how to repair one’s credit is to get a basic understanding of how the process works, says the team at TexasLending.com, explaining that a credit score is actually a mathematical formula based on a variety of factors. A person’s credit rating builds over time, TexasLending.com adds, with the intention of predicting a person’s likelihood of paying back any loan in a timely, reliable manner.

According to TexasLending.com, there are a variety of resources used to collect credit score information, one of which is the FICO score. FICO looks at twenty different factors, according to TexasLending.com, in five different categories. With FICO, the largest determining factor is how a consumer pays bills. Since a consumer’s most recent payment activity is given priority, TexasLending.com emphasizes that a person who has a past history of late or missed payments can start repairing a poor credit rating immediately.

Late and missed payments are certainly not good, but collection accounts are worse. Bankruptcies are even more serious, TexasLending.com states, yet are still a negative factor that can eventually be overcome.

Income to debt ratio is weighted second most important, according to TexasLending.com. During an initial consultation, your TexasLending.com representative will discuss these factors and advise either increasing your income or reducing your debt—likely a combination of both.

According to TexasLending.com, FICO also takes into account a person’s length of credit history and the types of credit he or she has had. TexasLending.com points out that FICO doesn’t look at a person’s employment status, income or education level, or marital status. While the loan officer may look at these things as part of the loan application process, TexasLending.com notes that these items aren’t included as part of a credit score.

For customers with low credit scores, TexasLending.com recommends taking a look at the credit report. Sometimes consumers are able to contact reporting agencies and successfully contest items that are erroneous on these reports, TexasLending.com has found. This can improve a person’s credit score right away. Then the client can begin the work of paying bills on time and reducing debt, one item at a time, until a good credit score is achieved.

For more information, visit Texas Lending online at www.texaslending.com.

TexasLending.com
4100 Alpha Rd.
Dallas, TX  75244
NMLS# 137773

 

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Anticipating the Impact of Global Trends

August 3, 2012 By Leave a Comment
FXDD

FXDD

At FXDD we don’t claim to be able to see the future, but we do pay special attention to global trends as they are developing, and strive to provide insight that you may not receive from other Forex brokers. We don’t have a crystal ball, but at FXDD, we do understand that the right approach can make all the difference in the world.

Global trends alone can be difficult to identify, but FXDD knows that taking it to the next level is even more difficult. Once you identify the global trend, i.e., that a market condition is in place and moving up or down, the test is to understand its impact on currencies.

FXDD recommends traders use a combination of technical and fundamental analysis to better anticipate where global trends are headed, and how this might impact the Forex market. While software programs and charts can certainly provide invaluable information, FXDD recommends adding the human factor to the equation.

There are some who say that using both fundamental and technical analysis simply puts the two at odds, making the effort counterproductive. At FXDD, we understand this thought process, but disagree with the conclusion. While some say these contrasting types of analysis are mutually exclusive, we see that many traders are instinctively combining the two.

Traders who pride themselves on technical data are also watching employment data and the decisions that come out of central bank meetings. And similarly, the fundamental trader is also tracking data to find an edge. While some may claim to have the magic formula that can be programmed into trading software, we believe it’s a combination of art and science that determines how things will play out in the Forex market.

A program could spit out technical data showing that Spain is having issues with its debt that will likely devalue the Euro, but FXDD would also consider fundamental analysis as part of the process. For example, FXDD also understands that the elections in France or a signal from Germany that it is working to help stabilize the Greek economy, may be enough offset the other news.

Traders can learn more about these types of scenarios and others by going to www.FXDD.com and signing up for FXDD webinars or taking FXDD tutorials on these topics. We urge FXDD customers to take advantage of our toolbox and our unparalleled customer service to be sure they understand the risks involved with trading based on fundamental and technical analysis.

Filed Under: Finance Tagged With: , , ,

Texas Lending (TexasLending.com) Offers Tips to Improve Your Credit

July 19, 2012 By Leave a Comment
Texas Lending

Texas Lending

Texas Lending (TexasLending.com) regularly speaks with clients who have been denied loans due to a poor credit rating and acknowledges that this can be frustrating. There are a few things customers can do to improve credit and, over time, begin to qualify for a home loan. Texas Lending recommends a few tips to begin to turn a credit rating around:

Step One: Pull Your Credit Report

One free credit report per year is available from each of the major credit bureaus. Texas Lending routes customers to annualcreditreport.com, but points out that these reports don’t include your FICO scores. Texas Lending can connect you with the report you’ll need to get a thorough look at your credit.

Once you’ve obtained your credit report, Texas Lending recommends reviewing it for errors. Any errors can be disputed in writing with the credit bureaus and the company that erroneously reported the information.

Step Two: Pay Bills on Time

The team at Texas Lending has a few tips for making sure your bills are paid on time. If you haven’t yet set up auto-pay, Texas Lending advises doing so immediately. This can be done through the debtor. If you choose to continue to manage bills yourself, set up text notifications or automatic reminders to pay certain bills. Paying your bills on time is key to repairing your credit.

Step Three: Reduce Your Debt

One of the best things you can do to begin to take control of your finances is to reduce your debt. Texas Lending advises clients to put credit cards away and stop buying things they can’t afford. Determine which credit cards charge the highest amount of interest and pay those credit cards first. As you pay off each card, you’ll notice your minimum monthly payments dwindling, allowing you to put more toward paying off the other cards.

As you begin to pay your bills on time regularly, Texas Lending says your FICO score will almost immediately begin to improve. Texas Lending cautions it’s imperative that you pay your bills on time. Even a few late days can have a negative impact on your score, Texas Lending warns.

If a payment has gone to collections, simply paying it off won’t remove it from your credit report. As Texas Lending tells clients, collection accounts remain on a person’s credit report for seven years.

For those who have fallen into financial hardship, Texas Lending recommends seeking the assistance of a credit counselor. While this won’t necessarily improve your FICO score immediately, a licensed credit counselor can work with debtors to make sure a payment plan is arranged that you can manage. Over time, paying these creditors on time can begin to improve your credit situation.

Texas Lending has been a trusted lender in the Dallas/Fort Worth area for more than a decade. Fully able to help borrowers with all mortgage needs, Texas Lending is expanding its services to help homeowners in Oklahoma, Florida, Kansas, and other states.

For more information, visit Texas Lending online at www.TexasLending.com

TexasLending.com
4100 Alpha Rd. Suite 400
Dallas, TX 75244
NMLS# 137773
Filed Under: Finance, Real Estate Tagged With: , , , ,
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