Rebuilding Peace of Mind and Your Credit

Many times – and way too often these days – we read or hear of someone in dire financial difficulties. Although most of the time the human reaction is to sympathize with the situation, the truth is that words we read or hear are hollow and abstract, no matter how hard we try to imagine … Continue reading “Rebuilding Peace of Mind and Your Credit”

Many times – and way too often these days – we read or hear of someone in dire financial difficulties. Although most of the time the human reaction is to sympathize with the situation, the truth is that words we read or hear are hollow and abstract, no matter how hard we try to imagine being in the other person’s shoes.

With no feelings to share, we cannot relate to the anguish we read or hear about. At least, until it hits us right at home.

When financial difficulties intrude in our life disrupting it, we can suddenly understand the pain too well. Shock, humiliation, stress and a general feeling of failure begin to whisper in our ear day and night especially at night.

As stress increases, we search for a way out, but when our options dwindle we feel trapped. Personal relationships get strained in the process, adding tension to an already gloomy emotional state.

At this point, recovering peace of mind is just as important as rebuilding the finances and, consequently, one’s credit.

In fact, according to the Substance Abuse and Mental Health Services Administration of the United States, in order to fight back and regain control of one’s life, engaging in stress relief coping techniques is very important. This is what they recommend:

* Trying to keep things in perspective – recognize the good aspects of life and retain hope for the future.
* Strengthening connections with family and friends who can provide important emotional support.
* Engaging in activities such as physical exercise, sports or hobbies that can relieve stress and anxiety.
* Developing new employment skills that can provide a practical and highly effective means of coping and directly address financial difficulties.

(For more information see http://www.samhsa.gov/ECONOMY ).

Of course, all of this is a lot easier said than done, but it can be done.

Above all, it is the feeling of helplessness that needs to be fought off and that’s where the above suggestions can truly help, for example, working on new employment skills and finding someone who can provide emotional support, such as a pastor, a good friend, or a family member.

Once the feeling of helplessness has been reduced, it is time to work on a sensible financial plan, taking it one step at a time in order to avoid being overwhelmed. This is where the recovery process could benefit from a consolidation loan or a title loan on a vehicle or other property.

A quick injection of cash from a reputable title or consolidation loan provider, without the restrictions and bureaucracy of the banks, can provide immediate relief, reducing the stress and allowing sufficient time to rebuild finances, credit and above all, peace of mind.

Getting a Cheap Credit Report

For many consumers fighting against bad credit it is crucial to obtain a copy of their credit report. But with so many services and agencies online it is not easy to decide which offer to got with, which service is going to cost less in the long run. Here are some easy to follow tips and tricks to save some money on getting a credit report. This is an essential step towards consolidating bad debt and getting the real picture about your finances.

Credit reference agencies hold all your financial records for six years. Every credit you have had, paid off, applied for is going to be included in this report and the most important thing is that it is going to determine your credit rating. A credit rating is important as the better it is the more likely you will be to get accepted for finance and consolidation loans. If you are thinking of putting your finances right this year, you will need a cheap credit report to be able to analyze the details and correct everything that does not match your records.

In order to get a cheap credit report you need to get in touch with one of the Credit Bureaus to claim a copy. You must have come across many offers offering a free credit report, however most of these offers are free trials more than real free offers. There is nothing wrong about signing up for a continuous service that monitors the changes on your file and notifies you. But you need to read the small print in order to be able to make an informed decision.

You have to decide if you need a one-off up-to-date report of you would like to keep an eye on your credit score and rating for a while. If it is a one-off report you need you have to get the cheapest option possible by contacting the credit reference agency yourself. You can go to their website and claim your copy there or call them, alternatively you can write to them. But do not sign up for a subscription.

If on the other hand, you are keen on maintaining a good credit score and keep a close eye on your file a continuity service is going to be cheaper and more relevant. You can get notification in email, text message or even phone whenever there is a change on your file, that means if someone is issuing a credit search on your name without you knowing you can dispute that.

The other very important reason why many consumers opt for these cost-effective solutions for getting a credit report is that they are trying to protect themselves from fraud. Some of the services you can sign up for offer free protection and dispute resolution if you fall a victim of fraud, and that is when we can say: getting a cheap credit report is worth it.

The Credit Preview for Equipment Financing and Leasing

Many companies have been affected by the fluctuations in the economy the last couple of years. Sales would surge one month, completely go flat the next and it has been difficult for many of us to manage cash flow and the repayment of debt. Company and small business credit has taken a hit and damage has been done, yet we still push forward to improve our businesses and try to grow them into the future. The situation makes us hesitant to take on new debt or try to finance new equipment even though it is absolutely necessary if we are to survive. New equipment will allow us to offer the latest product or services or simply keep up with the growing market trends in our industries.

It’s time to apply for that new machine but we cringe at what the procedure might reveal. A solid solution which many progressive finance companies are offering is called the Credit Preview; it is a step which can take a lot of pain out of the application process. A preview doesn’t cost you anything and will provide valuable information on the condition of your company.

The Credit Preview entails taking your basic minimal business and financial information and reviewing it to determine if there is good potential for a finance approval without requiring all of your tax returns, financial statements, debt schedule, etc. It will save you time, stress and energy since the preview will offer quick feedback on the chances of getting approved. Finance companies understand it doesn’t make sense to dig out 2-3 years of financials if your business has no chance for the type of approval you’re wanting.

A standard Credit Preview only requires the following:

1) Credit Application – should be completely filled out, legible and be sure to sign

2) 3 months of current bank statements – all pages should be included since the underwriter is trying to determine the money coming into your business

3) Vendor Quote or Proposal detailing how much equipment, labor, etc. is involved. The underwriter wants to see how much “soft” costs like labor and consultation is part of the purchase as opposed to “hard” costs like equipment and machines.

That’s all that is needed. The Credit Preview process will provide a much better analysis than those online “quickie” finance credit reviews which only checks your credit score; the preview checks 8 different areas to get a true picture of where you stand and how to move forward. Even with damaged credit, at least you will know some of your alternatives.