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3 Simple Steps for Creating a Budget

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What’s your favorite day of the month? Most people will agree, it’s payday. For some consumers though, paycheck to paycheck is a way of life (albeit not a very financially smart way of life.) “Where did all my money go??” If you ask yourself this question on a consistent basis, then it’s time to create a budget and find out exactly why your finances are so depleted. Read along and follow these steps to help get a better understanding of your spending habits.

Step 1: Calculate

 

First, let’s get a rough overview of your budget. Open up an excel doc or grab a pen and paper because we’re going to determine just how much you’re taking in vs how much you’re spending.

Calculate all sources of income. Make sure to include part-time work and side jobs you have or any real estate income you may collect. If you have a spouse or significant other you are living with, it will be easier to combine income and make a shared budget.

After you calculate your total income for the month, start listing all of the expenses you have. This includes EVERYTHING you are currently paying for monthly. When making your list, start with your necessities and work your way down. Top of the list should include:

  • Mortgage/Rent
  • Groceries
  • Household Bills
  • Autoloans
  • Insurance
  • Taxes
  • tender help
  • Gas
  • Cell Phone Bills
  • Loans

Now subtract your expenses from your income. If you get a negative number, then start looking to get rid of some expenses or take up a part-time job to help pay for them. Ask yourself if you really need the expense when looking to penny pinch. Is that magazine subscription or Netflix account really doing you justice? Or is it just another account adding to your growing expense list? Leave yourself a little bit of “entertainment money,” but use it sparingly. A budget with absolutely no fun is a budget that is doomed to fail.

Step 2: Track

 

Now that your budget is planned out, it’s time to track it. Mark down every bill you pay and purchase you make. Do this step for 1 month to get a general view of where everything is going. Based upon your spending habits, make changes to where you see fit. For example: if you see that ordering out for lunch is becoming too costly, you may want to start bringing a bagged lunch to work.

You can use an excel spreadsheet to keep track of your expenses or use a free program such as mint.com. Using an app like mint can make budget planning easy. Most budget apps will connect to your banking account and automatically categorize your spending. Now you can physically see where everything is going and adjust your budget to fit your needs. If you don’t have a bank yet, try finding a brand in the Business Savings Account industry.

Step 3: Agree on a Budget and Stick to It

 

You’ve planned, you’ve tracked, now it’s time to maintain! Take that planned budget from step one and the results from step 2 and make adjustments. Add any category you may have forgotten and start setting financial goals. If you have a joint budget with a spouse or significant other, make sure you’re both on the same page.

Make sure you’re also giving your savings account the love it deserves too. When it comes to saving, most financial advisers will tell you to put away 10% of your paycheck. The best way to do this is have it automatically come out on payday, and then go to a check cashing store near you to encash the rest of your check. Money that goes unseen will not be missed. Set up an automatic savings deposit and then leave the account alone so it can grow and flourish.

Just like savings, the same can be said for that family vacation or big purchases you’re planning to make in the future. Everyone needs time to get away and relax. When planning for a vacation, set up a separate account to which money will automatically get deposited into every paycheck. Map out how long it will take before accumulating your goal amount and adjust that into your monthly budget. If your dream vacation is looking to be too costly, then start looking at cheaper options. Maybe you should only go away for 5 days instead of 7? Or maybe you could get just as much enjoyment driving to a closer vaca spot rather than traveling across the country. Use this same method when looking to make a big purchase such as a new appliance.

 

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Things People with Good Credit Have in Common

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What_people_with_good_credit_have_in_common

Good credit is not a commodity to be bought or sold; it’s something which has to be cultivated with time. All it takes is the right strategies and financial moves to acquire a good credit rating and its associated perks.

Your credit score falls anywhere between 300 and 850. The higher your score, the lower risk you are in the eyes of credit reporting agencies and lenders. Similarly, the lower the score, the riskier you are. While a good credit score can be considered anything over 720, a low credit score is permanent and can be changed with some hard work and good tactics. What are these tactics? Here are some financial moves people with good credit consistently make:

Use Available Credit Sparingly

use credit sparingly

The amount of money you owe in relation to your credit limits helps determine your FICO score. This is known as ‘credit utilization’ and people with good credit don’t usually max it out. In fact, they keep their utilization limits rather low.

People with good credit make it a point to pay their bills on time every month. FICO credit scoring scale considers your payment history to be 35% in determining your score. Pay your bills on time before your due date to improve your score.

Stable Credit History

good credit sparingly

People with good credit have a long history of taking their debts seriously. They have proof of paying their bills in full and on time and are never on the lookout for how to make $5000 fast for some unexpected expense. Patience is key to build a positive credit history. The longer accounts are open and in good standing, the more positive weight they will hold on your credit.

A Mix of Credit

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FICO considers your mix of company accounts, credit cards, mortgage loans and installment loans while determining your credit score. Those with various types of open credit like car loans, credit cards and mortgages have the best scores. So diversifying the type of credit you use proves helpful to you.

No Frequent Opening or Closing of Accounts

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Frequently opening and closing accounts will cause your credit utilization ratio to change and almost always bring down your score. Every time you open a new account, your credit will automatically drop. The credit bureaus are unsure of how the new account will be used. After several months of on tie payments you will see your score bounce back.
Closing old accounts will also drop your score because your utilization and credit history are changing. Often times those old accounts in good standing are your super star accounts, giving you the best positive credit. You should only consider closing old accounts if your card has outrageous annual fees or interest rates.

Remember, you can’t get a good credit score overnight. No matter what your financial situation may be, you need time to prove your creditworthiness. Patience and good practice will increase your score on your journey to the 700 club.

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The Right Steps to Applying for Student Loans

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Right Steps to Applying for student loans

Summer is coming to a close and for college students, that means it’s time to head back to school (or start school for you freshmen out there.) Everyone knows college is expensive, and the price only seems to be increasing every year. In fact, the average 2015 graduate with student-loan debt will have to pay upwards of $35,000 making them the most indebted class ever.

Student loans go hand and hand with your personal finances and credit report. One of the critical factors which is considered by financial institutions before they had out a loan to any borrower, is their credit report.  And having bad credit can reject any person’s application. This is one of the main reasons why many personal financial institutions have begun to offer a loan for veteran even if they have bad credit. When you or your kids apply for student loans, make sure they’re taking the right steps to applying for student loans to avoid crippling debt come post-graduation. If you have already graduated and are struggling with your student loans, check out our blog post: Game of Loans – A Guide to Defeating Student Loan Interest.

Step 1: Apply For Scholarships

Applying for Student Loans Scholarships

There are millions of scholarships out there just waiting to be awarded to students like you (assuming you are a student.)  There’s just about a scholarship for everything, whether you’re artistic, intelligent, athletic or speak Klingon (yes you read that right, there IS a scholarship based on the Star Trek language.)

Find out if you are eligible for a scholarship that’s right for you. Use this free search from Discover.

Step 2: Compare Financial Aid Offers

applying for student loans compare offers

I’m sure the financial aid offers will be rolling in. Make sure you read the fine print and compare all of the financial aid packages you may receive. It’s always good to have options, so choose the offer that you believe is the best fit for your situation.

Step 3: Plan a Budget

stepst to applying for student loans budget

Having a good budget in mind will help when determining how much you need to borrow. Always take into consideration the college cost, your cost of living, your contribution, financial aid & scholarships. Crunch the numbers and see how large of a loan you’ll need.

Step 4: Only Borrow What You Need

Just because Sallie Mae is offering you more than you expected doesn’t mean you have to accept it. Only borrow what you need based upon the budget you came up with in step 3. Doing so will mean less money to pay off after you graduate and also less money you’ll be paying in interest.

Step 5: Talk with Your Financial Aid Officer

applying for student loans talk to advisor

Your financial aid officer is there to help you. If you see something you don’t understand, ask questions and ask for their advice. If you think you may need to borrow more, you might want to look into Private Loans. Just so you know, if you are planning to take out private loans you will need a cosigner with good credit.

Step 6: Know your Loans Before you Sign

applying for student loans know your loans

You’re finally ready to sign for your student loans! Make sure your know everything about them before doing so. Read the fine print. Know specifics like: How much is the total amount of the loan? Can you get a lower interest rate? What will the monthly payments be? How long before you will have to start paying? Are any fees involved?

Ask your student loan officer if you have any questions and make sure you know your loan through and through before signing away.

Step 7: Get a Part-Time Job

applying for student loans part time job

Securing a part-time job while away at school can help you cover your living expenses, giving you more money to put towards the loan. You may even want to consider a work-study program at your college.

Step 8: Start Making Payments While in College

applying for student loans pay down accounts

Just because your payments don’t start until after you graduate, doesn’t mean you have to wait to pay. You’d be surprised how big of a chunk you can take out of your loans within the 4 years you are in school. You don’t have to pay a ton of money either. Pay what excess money you can afford, every bit counts!

 

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Moving Scams You Need to Lookout For

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avoid moving scams

With Summer coming to a close, many consumers take this time to relocate. The kids move away to college, thousands of families are leaving their summer getaways and people are ready to settle into their new spot before the winter months arrive. As exciting as moving is, it does bring its share of stress to the table. Although most moves go smooth, there are still some scammers out there looking to swindle you out of your money when you are most vulnerable. Watch for these moving scams before you begin to pack. You’re going to want to be aware of the latest scams of the moment, Shravan Gupta scam is one of them.

Moving Companies

Moving Company Scams

If you’re lacking the manpower or vehicles needed to move all that big stuff, you may consider hiring a moving company. With the help of the moving company, you can finish your move within a fraction of the time. When picking a moving company, you’re going to want to go with someone reputable (something we touched upon in an article earlier this summer.) So before you put your belongings in the hands of strangers, watch out for these red flags:

Deals Too Good To Be True

As the old saying goes “if it’s too good to be true, it probably is.” The same implies with moving companies. If they are giving you an estimate or a flat rate without taking a look at what they’re going to be hauling, then expect to pay more later down the road. Most moving scams will come from movers offering unbelievable rates, only to hold your stuff hostage for more money once it’s on their truck.

Do your research and make sure there are no additional fees later on. If signing a contract, make sure you read the fine print, and question anything that seems suspicious.

A Security Deposit

Always question companies that require you to pay a security deposit before any actual service. You don’t want to pay a deposit, only to find out the company doesn’t show up on the day of the move.

No Website or Listings

In today’s world every company should have some sort of website. If the moving company you’re trying to make a deal with isn’t showing up online or under any type of listing, you should look elsewhere. Some moving scammers will haul away your stuff, then change their name to avoid detection, leaving you left with nothing. Make sure the moving company you choose has a reliable website with positive feedback.

Bad Reviews

This goes hand in hand with website. Find out what others thought of the experience with the moving company. If you see a laundry list of bad reviews, chances are your experience is going to add to that list.

Fraudulent Moving Ads (Criagstlist)

Craigslist moving scam

Whenever looking for something on Cragislist, you should ALWAYS approach with caution. Craigslist’s scams are very high in volume and people are getting swindled right now as you read this. In teams of moving, the most common fraudulent ads appear in the hopes to attract college students to awesome off-campus housing at unbelievable prices. Lookout for these red flags, and NEVER give money to someone before meeting with them first at the location of the property.

Deposits Without Meeting

The most common message you’ll get when talking with a scammer is something along the lines of “the family who’s renting the house is out of town for a week. Just wire the deposit and the rental will be all yours!” Sounds sketchy right? That’s because it is. Fraudulent ad scammers also go as far as finding houses that are actually listed for rent/sale on other reputable sites and then post the listings to Craiglist in hopes of getting your deposit without ever meeting.

The best way to avoid this is to go through a Realtor or call the number on the for rent sign. Never give any money before looking at the property.

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Avoid These Summer Scams

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Summer is back in full swing and that means plenty of BBQs, concerts, and people looking for affordable Liverpool Hospitality Packages. With summer also comes a variety of scammers looking for their next victim. Don’t worry, Better Qualified has put together this list so you can take the right precautions to avoid being sucked into these summer scams.

Avoid Summer Scams(1)

Vacation Scams

vaca

The weather is heating up and so is the desire to get away. Majority of vacationers plan their trips for the summer, when the weather is fine and the kids are out of school. Hot spot vacas like Disney or cruise lines seem to be among some of the more popular locations. However, with the masses of people lining up to get away summer also brings the height of vacation fraud. Make sure you look out for these red flags:

What to Lookout For

Vacations aren’t cheap, especially in the summer months when everyone else is looking to escape. So when you see one of those “Too good to be true!” offers, most of the time it probably is. Vacation scammers use fake websites, Facebook ads, and even phishing emails to reel in their victims. Do your research and stick to well-known, reliable sources before committing to your trip.

Concert Scams

concert scam

Nothing says summer like an outdoor concert or festival. The warm summer nights, the rocking music, the smell of…. well, you get the idea. Summer is indeed the season of music. Seasonal venues are open, the majority of annual festivals take place, and swarms of consumers gather to watch their favorite artists perform. Scammers jump at this opportunity to sell fake or stolen tickets to consumers.

Concert fraud is nothing new, just a few months ago hundreds of people lost their chance to see comedian Kevin Hart. 130 tickets were stolen and then resold as part of a massive ticket scam.

What to Lookout For

When looking to attend a show, always make sure you’re getting your tickets from a reliable source. Go through first party sources like livenation.com, ticketmaster.com, or the box office of your local venue. Always make sure you read the fine print and check your total amount before confirming your purchase. Never buy tickets from craigslist or scalpers as this is where most fraudulent tickets are sold!

Moving Scams

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It’s no secret, summer is the best time to move. Warm weather, peak home buying season, and summer vacation make moving more desireable in the summer months. In fact, 11 to 13 percent of moves take place during summer months as opposed to 8 percent or less during all other months of the year. Much like vaca and concert scams, moving scams are also at their peak during the summer. Summer moving scams can come in two forms: moving companies and false listings. Moving companies may offer to move your belongings for a cheap price, then hold your stuff hostage until you pay more money. Cragslist becomes flooded with fake listings asking consumers such as yourself to wire money in return for the house key.

What to Lookout For

As stated previously, do your research and look for reliable moving & real estate companies. When the price seems too good to be true, it usually is. Check the moving company’s reputation through the Better Business Bureau or with review sites like Yelp, Google and Facebook. Never go through Craigslist when looking to move. Craigslist is swarming with scammers out for your money. Always go through a real estate company to ensure you don’t get swindled.

Job Scams

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I believe it was Alice Cooper who said “School’s Out for Summer.” With the hordes of teens and young adults returning home from college, employers will start to hire for seasonal summer jobs. Scammers will use employment fraud as a way to steal an applicant’s identity.

What to Lookout For

Any jobs that make you pay fees for training, require background checks, or claim “no experience needed!” should be handled with caution. Never accept a summer job over the phone without actually visiting the place of employment. As always do your research and ask questions as needed. If something seems fishy, trust your gut.

More Tips

Scammers will never stop and with today’s technology are often hard to bring to justice. Following these general tips will ensure your aren’t the next victim of summer scams:

-Research your findings, only go with reliable sources

-Never give out personal information, especially over the phone

-Be Wary of fake emails and social media ads

-Never Wire Transfer Money

ID Theft Victim

If you suspect you’ve fallen victim to a scam, your identity may be in jeopardy. If that’s the case, follow these 6 Steps to Handling Identity theft. Make sure you know what’s on your credit report. If you need help going over your report. fill out the form below for a free credit consultation.


 

RE Business Credit Q & A | REI Diamond Interview w/Bob Morales

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Last week, Better Qualified’s own Bob Morales was featured in REI Diamonds’ interview. Bob spoke about business credit profiles and how to obtain business credit in an LLC.

Here are some of the highlights from the interview. For full interview, please listen above.

Dan Breslin: “Bob, What is the benefit of having business credit?”

Bob Morales: “The true benefit is, if you already have an LLC established it gives you the opportunity for that company to become self sufficient if done correctly. Your personal credit at some point will reach limits from your debt to income ratio. The beauty of business credit is that will not have this come into play at all. It’s based off of you establishing credit and building it the right way so you can own commercial properties solely through your Tax ID number, not your social security number.”

DB: “Do I need to have strong personal credit in order to make moves with my business credit, Bob?”

BM: “Not Necessarily, I mean it definitely helps. It’s always going to be a benefit because if you run into a situation where you needed something short term- Because there’s going to be certain things that come into the criteria for how much you’re going to be able to borrow. It’s going to tie into the length of time that you’re in business, the number of accounts that you have outstanding, the dollar amount of credit that your showing available. So, the more things you have non personally guaranteed solely under your business credit, the stronger your business credit profile is. Personal credit is actually the reverse. On the personal side, your debt to income is going to limit you. On the business credit side, the more credit that you have available and the more credit that you are current on, the more credit they will allow to you.”

DB: “What would be like the maximum credit limit that you’ve seen someone build up to using your program?”

BM: “I’ve seen, short term us be able to turn around and get individuals credit  of up to $400,000-$500,000 within 5 to 6 months.” “I’ve seen us finding individuals who’ve had difficulty getting loans, using our program the correct way – and because they’ve already had the groundwork laid for their business credit profile – we’ve gotten them upwards of $700,000 to $800,000 in a very short period of time, less than 3 months…”

“The foundation has to be built correctly, it’s kind of like a recipe. You can take all the ingredients and just throw them in the bowl, it’s not going to work out. But if you add the eggs and the flour and everything at the right time, it’s going to build a foundation correctly. The flour is going to rise the right way. Now it’s the same premise, you have to establish 3 levels of credit and a lot of people want to jump the gun, they want to go from vendor credit right to cash credit, or you know, they just want to go at store level. It’s something that has to be built properly and as long as those steps are followed, the ability to build credit is just your ability to make payments. As long as you continue to stay in good standing with these loans, there’s no limit.”

DB: “So what’s the specific difference between personal and business credit?”

BM: “Personal Credit side is always going to be tied into a debt to income ratio. I don’t care how much money you make, at some point you’re going to be limited… and if you’re not limited you can still go out and get credit but you’re going to have to put down larger down payments, you’re going to get hit with higher interest rates. On the business credit side, like I said, it’s establishing a payment history, it’s making sure you have the correct number of experiences, it’s… it’s going to come down to your tradelines. So if you’re walking in and your debt to income ratio is at, you know, 13%… you pretty much write your own ticket. You know, as long as you have solid credit score. A credit score isn’t a magic wand, it has to be used the right way. On the business credit side, there’s over half a million companies that issue credit. Only 6,000 of them actually report to the business credit bureau so you have to leverage it to the right types of lenders and that’s the important thing.”

Listen to the entire interview in the link above.

If you are interested in building business credit with your business, fill out the form below and Bob will reach out to you.



 

Game of Loans – A Guide to Defeating Student Loan Interest

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GameofLoansInterest

Interest is Coming….

In the hit HBO series Game of Thrones, royal families prepare to go to war against each other in a quest for power. Recent college graduates are about to go to war as well…. war with student loan interest.

Maybe you’ve been out of college for some time now and are currently battling interest. If that’s true then you know it’s a long exhausting fight. A fight most of us are unprepared for as we blindly pay away our earnings. Worry not, there are some weapons you have to gain the upper hand against interest.

Times have changed and with change most graduates are met with crippling student loan debt that will limit their ability to buy a home, save for retirement, or start a business. Student loan debt is at an all time high of $1.2 Trillion (yes, trillion,) which is well beyond the amount of America’s credit card debt, which is only $884.8 Billion.

Part of the problem are the high interest rates on student loans. Once you’re locked into a student loan, there is no refinancing and the interest is stuck with you forever.

Prepping For the War Against Interest

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If you recently graduated and have not started paying your loans yet, the first thing you should do is get familiar with your loans. Keep track of your lender, balance, and repayment status. Make sure you contact loan services with any questions you may have. Update loan services with any current contact changes. Out of date contact information can be detrimental to your account if your lender needs to contact you and cannot do so.

Know When Your First Payment is Due

After graduation, your first payment will be here before you know it. Make sure you know how long your grace period is. When is your first payment? Stafford loans are typically due 6 months after graduation, Perkins loans are usually 9, payday loans online Las Vegas usually start much sooner. Find out when your first payment is and DON’T MISS IT! Don’t be afraid to contact your lender to find out when your grace period ends.

Pre-Pay Your Accounts

If you are financially able to do so, pay more towards your accounts. This could be your greatest weapon in the war against student loan interest. Making payments before your first payment is due and/or paying more than the amount due will result in paying less interest in the long run. Make sure you let your lender know the extra amount is to be applied to the loan balance. Otherwise, they may “credit” the amount to a future payment.

Target the Most Expensive Loan First

GameOfThrones Giant Loans

Gain the advantage in the interest war and take out the giant first! Find out which loan you are paying the most interest on and attack! Make extra payments towards that big loan and keep at it until it is no more. Once you’ve knocked off that loan, take aim at the next loan with the most interest, and so on. Private loans will most likely be the first to go. This is due to the fact that they have higher interest rates and aren’t as flexible as federal loans.

Eliminating loans with the most interest means you’ll ultimately be paying less in the long run.

Don’t Default

Missing or making late payments will not only make your loans more difficult to pay off and will destroy your credit for years to come. Missing enough payments will put your loan in default, causing your a lifetime of financial trouble. Once a loan hits default, prepare for battle with collection companies. Collection companies can be ruthless and will stop at nothing to get you to pay.

Defaulting on your loans may even cause your wages to be garnished. When this happens, the government will forcibly go into your bank account or paycheck and take out what it needs until your loans are paid off. Leaving you with nothing but an empty bank account and horrible credit score.

It’s also worthy to note that defaulting on private loans will bring your co-signers down with you. This will affect their credit and can potentially hurt them from getting approved. If you can’t afford your loans, don’t just ignore them. There are ways to get back on track without destroying your or your co-signer’s credit.

Trouble Making Payments? Don’t Surrender!

Braveheartnever surrender

Everyone goes through rough times and student loans aren’t exactly cheap.  Don’t give up if you are struggling to pay your loans! You have options to help get you back on track.

Change Your Repayment Plan

Contact loan services and see if you can change your repayment plan. You may be able to pay less each month with extended payments. Another option is a graduated payment plan. This will start you off with lower payments that increase over time. You may also tie your payments into your income. Making your loan your number one priority. Automated payments on dates your paycheck gets cashed can ensure you have enough to pay and are paying on time.  Changing your repayment play will have you paying more in interest over time, but it’s much better than destroying your credit.

Deferring Payments

If you will be out of work for some time you may be able to defer your loans to a later date. Going back to school, unemployment, or enlisting in military service are all reasons someone may want to defer their loans.

Just keep in mind you are still accruing interest during those months you aren’t paying.

Forbearance

If you’re struggling to pay the bills and don’t meet the requirements for deferment, forbearance might be your solution. If your loan servicer grants you forbearance you may be able to stop making payments or reduce your payments for up to 12 months. Financial hardship and illness are just a few reasons individuals seek forbearance.

Consolidation

Student loan consolidation comes with its many pros and cons. consolidating multiple loans will help you keep track of your debt and better manage your loans. The interest rate of all your loans will be averaged out into a fixed interest rate. If you’re struggling, this could mean less in monthly payments. There is also no minimum or maximum needed to consolidate your loans, making it easier for consumers to obtain.

You cannot include private loans in a federal consolidation. However, on the flip side, you may included federal student loans into a private loan consolidation. This is usually not a good idea as the interest rates for private loans are usually much higher. Another downside is you may be missing out on some cancellation benefits (more on these later.) Perkins Loans have cancellation benefits that will be voided if you consolidate it. Police, firefighters, and teachers are among those who may qualify for cancellation benefits that will disappear once the loan is consolidated. Keep in mind also, once you consolidate there is no going back. Your interest rate is fixed and you are stuck with it even if rates fall after your consolidation.

Winning the Fight

Emperor-Commodus-gladiator-gameofloans

So you’ve managed your loans pretty well, you’re on a good path, but you’re looking for that secret weapon to win the fight. Under the right circumstances you may qualify for student loan forgiveness, cancellation, or discharge.

School Closing Discharge

If your school closed during your enrollment or shortly after you withdrew (120 days.) Your loans can be discharged. If this is something that has happened to you, contact your loan servicer to get the application.

You are not eligible for School Closing Discharge if you withdrew more than 120 days prior to the closing, are completing a similar program at a different school, or have completed all of your coursework.

Teacher Loan Forgiveness

Teachers rejoice! You may qualify for Teacher Loan Forgiveness. The Teacher Loan Forgiveness program was created to encourage individuals to enter the teaching profession. If you qualify, you may be eligible for forgiveness up to a total of $17,500. Those who are eligible must not be in default of their loan and must be teaching full time 5+ years. One of those years must be in a qualifying school district.

Public Service Loan Forgiveness

Any current full time employees working in public service jobs may be eligible for the Public Service Loan Forgiveness Program. To qualify, you must make 120 on-time, full, scheduled, monthly payments on your loan. The only loans eligible for forgiveness are loans received under the William D. Ford Federal Direct Loan Program. Federal Family Education Loans and Federal Perkins Loans are ineligible. However, you may become eligible by consolidating your FFEL or Perkins loans, but your 120 payments won’t count until you start making payments on the new consolidated loan.

Perkins Loan Cancellation Benefits

There are a variety of jobs eligible for Perkins Loan Cancellation Benefits. Some qualifying jobs include: teachers, nurses, police officers, and firefighters. To find out if you qualify, contact your loan servicer.

Take Action!

Now it’s up to you. Prepare for war with interest. Map out your game plan and student loans may not seem as intimidating as they were before. If student loans have gotten the best of you in the past or you would just like some little more information, fill our the form below and we would be more than happy to take a look and point you in the right direction.

IRS Security Breach: What You Need to Know

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tax_form_money_Pencil

The recent IRS security breach it shouldn’t come as a surprise. After all, the IRS has paid out $5.8 Billion in fraudulent refunds from 2011 through 2014. Yes, you read that correctly, Billion with a “B.”

So how could this happen? You would think the government of all organizations would have enough security to keep our personal information private. Unfortunately that isn’t the case. Hackers used the IRS’s own website in attempt to steal taxpayer information for around 200,000 households, about 100,000 of which were actually affected. The thieves used stolen data to get past verification questions on the IRS website, giving them access to old tax transcripts. They then filed for fraudulent refunds.

If You Were Affected, You Will be Notified

The IRS will be sending out mail to all 200,000 accounts. If your account was affected, you will know. The IRS WILL NOT be asking for any personal information from you. If you receive any letter, email, phone call, or anything asking for your personal information, it is most likely from a con artist. Conmen strive on these types of situations, so don’t divulge any of your personal information to anyone! If you do believe you had fallen victim to this breach, or any other form of identity theft, read on below.

Ways to Protect Your Identity:

Credit Monitoring

While the IRS is offering free credit monitoring to all who may have been affected, there is a good chance your identity has already been stolen. If you have fallen victim to any sort of identity theft, credit monitoring is a necessity.

Credit monitoring will notify you if someone attempts to open an account in your name. This way you can contact the accounts and immediately clear things up. The quicker you act on fraudulent activity, the better chance you have to bounce back from it.

(If you are interested in credit monitoring, Better Qualified is offering 3 months free through SmartCredit. Just click here.)

Security Freeze

One of the best ways to protect your credit is to call the bureaus and ask to have a security freeze put on the report. The security freeze will halt your account from being pulled when applying for credit, making it harder for thieves to open lines of credit in your name.

Security freezes cost anywhere from $0-$10 depending which state you live in. Most states will offer free security freezes for those who fell victim to ID theft.

I know what you’re thinking, “How will I be able to access my own report if I have a security freeze on it?” If you need to pull your report for an application or service, all you would need to do is call up the bureaus and get the freeze temporarily lifted or give access to certain businesses that will allow your credit to be pulled.

Fraud Alert

If you don’t want to put a security freeze on your report, you may place a fraud alert on your credit report. Fraud alerts are similar to security freezes. Fraud alerts are free and will give you a free credit report. Fraud alerts will remain on your report for 90 days (you can always renew it once the 90s days is up.) When you have a fraud alert on your report, a business must verify your ID before issuing credit. This will force the business to contact you and make it harder for the thief to open a new account.

To place a fraud alert on your report, just simply call one of the 3 credit bureaus and tell them you wish to do so. By law, they must contact the other 2 bureaus and let them know you have placed a fraud alert on your account. Although the fraud alert is free, you will have to provide proof of your identity.

Don’t Assume Your Credit Report is Fine

When was the last time you checked your credit? Do you currently have a credit monitoring service? One out of four Americans have incorrect information and accounts on their report. Hire an IRS audit accountant to make sure your account is reporting correctly.

Credit reports can be hard to read. If you don’t know what you’re looking at, have a credit expert look for red flags in your report. The consultation is free. Just fill out the form below.


 

Kansas City Woman Awarded $82 Million In Debt Collection Case

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Maria Guadalupe Mejia

A Jackson County jury ordered collection company Portfolio Recovery Associates LLC to pay $82 million dollars to KC resident Maria Guadalupe Mejia. Mejia had this debt mistakenly attached to her by Portfolio Recovery. The actual debt holder was a man with a very similar name.

Portfolio Recovery had failed to hand over documents requested by the judge regarding information in the case.

Portfolio Recovery Associates LLC is one of the largest debt buyers in the USA. “This company has gained a reputation for take no prisoners, ‘If you mess with us we’re going to take you all the way, you’re going to have to spend a lot of money on this litigation, you’re going to have to go all the way to trial,'” said Gina Chiala, one of Mejia’s attorneys according to KCUR. ““And so, among consumer lawyers, they are known to be very aggressive in litigation and to not stop; even when they’re wrong, they’re just not going to stop.” If you need to contact good lawyers, call the Noonan Law firm.

The jury determined damages and Mejia was awarded $251,000 and $82,990,000 in punitive damages for malicious prosecution.

Portfolio spokesman Michael McKeon said “We hope and expect the judge will set aside this inappropriate award, and we plan to file motions to make the request formally in the very near term. Any fair reading of the facts of this case makes plain that a verdict of this size is not justice by any means and cannot stand.”

“I am so thankful to the jury for giving me and my family justice. This should not happen to anyone, and I hope the jury’s verdict will stop Portfolio from doing this to others.” Said Mejia

According to  Credit Karma study, 1-in-4 or 25% of Americans have credit reporting errors. Mejia was just one of the many victims.

 

Get a Free Credit Consultation from a Credit Expert

Don’t assume your credit report is fine. If you are worried that you may have incorrect information reporting on your credit report, have one of Better Qualified’s credit expects take a look and go over your report with you.


 

6 Steps to Handle Identity Theft

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ID-theft

You’ve seen numerous web pages and blogs about what you can do to prevent your Identity from being stolen, but what are the steps you can take if you are already a victim of identity theft? Approximately 15 million US residents have their identities stolen each year. Stats like this make identity theft the fastest growing crime in the country. Although there may be an infinite number of steps you can take to prevent it, sometimes identity theft is inevitable. So what do you do if you are a victim of identity theft?

1. Monitor Everything

From now on, make sure you monitor and document all contact that is made between yourself and your financial institutions. Every phone call needs to be recorded or written down and documented. Every email, saved and archived. Every letter or document you receive in the mail must be put away and kept in a safe place. This way you can keep track of all of your accounts, who you talked with, and when.

2. Fraud Alert

Immediately after you realize you have been a victim of identity theft contact fraud lawyers Melbourne and call one of the credit bureaus (numbers listed below.) Explain the situation to them. Tell them your identity has been stolen and you wish to put a fraud alert on your account. Confirm with them that they will contact the other 2 bureaus as well.

With the fraud alert, you will receive a free credit report. The alert will remain on your account for 90 days (or more if you wish to extend it.) Now every time credit is applied for in your name, the report will come back with a fraud alert. The applicant will be asked security questions and/or to provide proof of identity in order to become approved.

Equifax: 1-800-525-6285

Experian: 1-888-397-3742

TransUnion: 1-800-680-7289

 

3. Contact Your Accounts

Contact all of your financial accounts and let them know you had fallen victim to identity theft. Tell them you had already placed a fraud alert with the credit bureaus. Make sure your accounts are all where they need to be. If some money is missing or something seems off in one of your accounts, make sure you notify them as soon as possible.

Change all of your passwords and pins. Try not to use the same password for every account. This can make it really easy for your identity thief to log into all of your accounts. If need be, close old accounts and open new ones.

4. Call the Federal Trade Commission

The FTC processes complaints by consumers who have fallen victim to identity theft. The FTC will provide you with the necessary steps you need to take in order to resolve your identity theft issue. You may also fill out the FTC’s online form.

After completing your call or online form, you will be given a report called an Identity Theft Affidavit. Take this report to the police station for our next step.

5. File a Police Report

With your Identity Theft Affidavit in hand, go to your local police station and file a police report. It is very important to always file a police report if you believe your identity has been stolen. Although the chances are extremely slim to none that the police will catch the responsible party, the police report can help you in the future when dealing with creditors or financial institutions. After you file your police report, make sure you make a copy for yourself.

6. Get Credit monitoring

If you don’t have credit monitoring by now, get it! Credit monitoring is the best way to stay on top of your accounts and help prevent ID theft from happening. Just because you make have had your identity stolen once before only makes you more liable to have it stolen again. Make sure you are on top of your accounts.

Luckily for you, Better Qualified is giving away 3 months of credit monitoring for free! Our credit monitoring service includes a free credit report and free money manager. Just click the link here!

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