Dec 21

Investing Advice & Tips

Not only do we want to help you obtain the best mortgage possible, we strive to help you with many financial matters, such as obtaining credit, a bank account, and even investing.

Investing in gold is one of the subjects we’d like to cover today.

Precious metals investing has become popular ever since the financial crisis of 2008, when many folks lost their homes due to unscrupulous mortgage brokers and banks. In fact, not only did many people lose their homes, but they also lost their retirement accounts and 401k’s to drastic market collapse.

If those same people had even 10% of their retirement invested in gold, most would have had a sufficient hedge against that collapse. At a modest 30% they would have even profited during the crisis!

The price of gold has fluctuated greatly over the last few years, including a run near $2,000 per ounce. Today it hovers around $1300/ounce, which is still $500/ounce higher than it was back in 2008. Gold is simply a sound long term investment.

We highly recommend you research the top dealers by checking the BBB reports, Trustlink, Yelp and RipOffReport.com as the industry has a bit of a black eye due to some fly by night scam artists. Please be careful out there!

Here you can see some of the reviews of the top companies, all in one place:

Regal AssetsRosland CapitalAmerican BullionGoldlineLear Capital

Nov 09

Ten Ways To Avoid Chexsystems And Bad Credit

Every consumer in the nation has heard the terms Chexsystems and bad credit. Such terms are a nightmare to the consumer, because they prevent those people from getting some key items that they need. A bad consumer report prevents people from being granted reasonable car loans, mortgages, shopping cards and the like. A poor report from Chexsystems will cause a bank to deny a person a checking or savings account. To avoid these situations, one can follow this simple guideline of the 10 best ways to prevent either situation.

Keep Records of Bank Transactions

Most transactions that lead to a consumer being placed on the Chexsystems report involve poor balance estimations and high banking error fees. One of the best ways to prevent either of those situations is to use a balance sheet and record every transaction accurately.

track your spending

Keep a Bank Account Padded

A good way to help prevent overdrawing an account is to keep it padded with at least $50 that the consumer will not spend. This $50 can cover any accidental miscalculations or small emergencies, so that the consumer never has to worry about going over.

Sign up for Overdraft Protection

Most banks offer some type of overdraft protection to increase the banking error margin. Some banks allow consumers to connect their checking accounts to a savings account, while others will offer them a separate credit line. Using this service can save a person from ending up on the C list with a canceled account.

atm machines

Correct Negative Balances Immediately

If a problem does occur with an overdraft or bounced check, the consumer’s best option is to take action immediately. Fees increase when some bank accounts obtain negative balances. The longer the customer waits to pay the balance, the harder it will be to pay save the account. Eventually, the bank will close the account and report him or her to Chexsystems.

Check the Bank Account Frequently

Staying on top of one’s balances is a great way to avoid mistakes. Many times, the bank will impose monthly fees and other deductions that will cause a balance to decline. A consumer who logs in to online banking every day can prevent an accidental overdraft situation. Additionally, that person might be able to make a move to fix something before the fees hit the account.

Use Credit Cards Sparingly

multiple credit cards

Using credit cards only when it is completely necessary helps the consumer to maintain a positive credit profile. To avoid a poor profile, one should only use 50 percent of the available balance or less. Additionally, a person’s first step to purchase something should primarily involve cash. A plastic card should be an alternative method rather than a daily practice.

Pay Bills on Time

Although it may seem like common sense to pay credit card bills on time, late payments are one of the leading reasons that people have poor reports. Some bill payments take three days to process. Therefore, the consumer should make a card payment at least three days before the due date, so that the payment has time to post to the account. Late payments affect a report more than most other actions.

Figure Disposable Income

save money

Another top reason that people receive poor ratings is lack of calculating. Some consumers go over their budget, because they did not take the time to calculate disposable income. This income is the amount of money a consumer has left after paying household bills. One of the golden rules of finance is to avoid borrowing money if you cannot pay it back. Those who do not have enough disposable income should not take loans.

Consolidate

When times get rough, but the consumer’s worthiness score is still intact, he or she can apply for a consolidation loan. A consolidation loan can get a consumer the best interest rates. It will also help that person to organize finances and gain relief from the stress of paying multiple lenders. Many times, the ease of the consolidation process will save the customer from falling down financially.

Access Credit Reports Once per Year

One should obtain a report every year to review the items that the bureaus have place on it. Anyone can dispute an account that he or she does not recognize or agree with. The bureaus will remove any account the merchant cannot validate with documentation.

three credit reporting agencies

Just following these 10 steps can help a consumer a great deal. To avoid the aforementioned negative consumer labels, one must practice smart spending and effective bank account management.

Aug 25

Opening A Bank Account: Best Practices

It is difficult to get through life without a checking account. Not only does having such an account make managing your money a bit simpler, but it is also a sign that you are financially stable and trustworthy. Before you decide to work with a particular bank, take the time to decide on a bank with which you feel comfortable. Doing so means being familiar with whether you are eligible for an account, how the fees and costs work and what services are offered by that bank.

Look at the Process

When you open a bank account, take the time to consider exactly whether you are able to open an account at the location in question. While most national chains will offer an account to almost anyone, there are some local banks and credit unions that might have membership requirements or residency requirements. In fact, there are even banks and unions that might only accept members from certain professions — so doing your homework is a good way to avoid embarrassment at the counter.

If the bank requires any form of background or credit check for you to open an account, you need to know a bit about the system used to determine your eligibility. Most banks use the Chexsystems network to determine whether or not you can open an account. This system will usually let institutions know whether or not you have mishandled a checking account in the past, so most people will have a fair idea of whether they are eligible to open a new account. If you find that your application has been denied because of an issue with Chexystems, you can go to the Chexsystems website to order a consumer report and learn more about that issue.

Fees and Costs

Once you determine if you can open an account, you should figure out whether you should open that account. Banks have varying fee and pricing structures and some simply do not work out for certain consumers. Before you open an account, you need to know not only how much it will cost to maintain that account but also the other fees that might be associated with the account. The fee structures can often be misleading, so looking at the raw costs might not do you much good.

Instead, try to look at the real costs. A bank that advertises no-fee checking but has high fees for transactions or for various services might actually cost you more in the long run than a bank with a maintenance fee. In many cases, a maintenance fee on a higher-tier account can even be waived if you maintain a certain balance or have a certain number of direct deposits each month. If you can determine your real costs, you can save money.

Services Offered

You should also take the time to consider the services that a bank offers before you open an account. A bank is more than just a place in which you can deposit money — it is a place in which you can let your money grow. Almost every bank offers the basics — a low interest rate for money in a savings account, the ability to withdraw money at an ATM and basic checking services — but some banks do offer more. If you are in need of a loan or a credit line, for example, you might want to work with a bank that has a reputation for being a friendly lender. If you regularly deal with high-level or international transactions, on the other hand, you might want a bank that specializes in dealing with businesses.

No matter what services the bank offers, you need to make sure that you choose a bank that offers the services that you need. Do not look to the far future when choosing a bank account — just think about what you will need today and what you might need in the near future. If you can do that, you stand a solid chance of finding a bank that offers the right services at the right price. While it is helpful to have options, you should always look for those options that you actually need.

When you look a a bank, always take the time to think about how it can serve you. You may have had trouble with banks in the past, but that does not need to happen in the future. Take the time to order a Chexsystems consumer report, investigate the fees and services of multiple banks and learn to make choices that actually suit your lifestyle — if you can do all of that, you can open a checking account that can make managing your money easier.