4 Most Common Reasons You Get Turned Down For a Loan

When it comes to applying for getting financed for something, it’s important to compare options in order to determine which one gives you the best odds of being approved.  Otherwise, you could find yourself unable to be approved to borrow money for whatever you are seeking it out for.

Whether it be for trying to purchase a home, a car, or start a business, it’s in your best interest to make sure that you get approved for being able to make your dreams come true.  Here are some of the reasons you may not get approved, and what you can do to avoid them.

Poor Payment History

Failing to make payments on time can quickly start to make your credit score plummet.  When lenders see that you have a reputation for failing to make payments on the date expected of you then you will find yourself with a derogatory mark on your name for years to come.

It’s important to be incredibly careful about paying on time so that you don’t have to live with this mark against you on your credit history.  This will give you a checkered reputation which won’t do you any favors at getting approved.

Delinquent Accounts

Anytime that you have failed to pay a bill or have a claim against you which has gone to a collections agency, this will make a huge stain on your file.  If a lender sees that you have an outstanding payment against you they are not likely to trust that you are worthy of being lent to.

Make sure that if you find yourself with an outstanding debt on your credit report that you handle it immediately.  This can be done by either paying it or taking the actions necessary to contest it to remove it from your file.

Credit History Is Too Young

In the world of finance, young credit history is the same as bad history.  Lenders want to see what kind of a past you have and whether you are able to handle paying things back.

Once you have established yourself as a responsible bill payer with a consistent pattern of paying your debts, you will be much more likely to be approved.

Large Amount Of Current Debts

Most experts agree that using more than 30% of your total available credit will cast a negative light on your name to potential lenders.

Make sure that you keep your debts down when seeking new loans.  Otherwise, you’ll be seen as someone who can’t take on any more debt and may fail to make payments back.  Therefore, you may want to consider paying off a portion of your debts before going to the trouble of applying for new loans which you may get denied.

Should you consider getting a debt consolidation loan?

If you are like many other people, and have a mortgage as well as other loans that have been necessary to you for various purposes, keeping up with your payments can often become challenging and even frustrating. Sometimes, it is easy to overlook an account, and deal with unwanted phone calls from collectors or debt notices that are only bringing you stress. If you have decided to not let your debt control your life anymore, one great solution you have the possibility to opt for is to consolidate debt. Debt consolidation debts have increased in popularity, and cone you discover the benefits this option provides, you will understand why. Here’s why you should give this possibility more of your thought:

Single payment

The main thing that makes debt paying so frustrating often is that need to keep track of various accounts. Managing expenses, when you have many bills to pay on a monthly basis can smoothies get confusing, and you can frequently leave behind important payments, which will only bring you extra charges and issues with lenders. By consolidating all your debts into a single account, you will need to handle only one single payment at the end of each month, which will naturally make things far easier for you. With only a single source to think off, you will be able to focus on paying your debt quicker.

Lower your interest rate

Depending on the company you resort to, lowering your interest rate is also possible. It’s a known fact that debt consolidation offers the possibility to save money on interest. You might be having multiple credit cards at the moment, which might be maxed out, and credit cards usually have extremely expensive interest rates. By relying on a debt consolidation company, and cumulating all of your debts into one single account, the chances are that you will be offered a cheaper interest rate, and saving some money is certainly a plus that you cannot overlook.

Less stress

Last but not least, one other thing that makes this possibility so appealing is the stress reduction that comes with it. Because you probably need to keep track of numerous debt accounts at the moment, you must be constantly worrying about staying on top and tracking all your expenses. Debt is known to be a significant stress factor, and anything that can help you in this department is worth your attention. With debt consolidation, you can lower your stress level significantly, and focus on more important matters in life.

Debt consolidation can be a great solution for you, considering the numerous benefits this option actually brings. By accessing this type of loan, a lot of stress can be taken off your shoulders. However, in order for you to actually be able to acquire al of these advantages, it’s imperative to resort to the right debt consolidation company, and that implies making a thoroughly informed decision. After researching the topic in an extensive manner and finding out what your options are, choose the best offer for your particular needs.

Looking at an Oftentimes Forgotten Trading Pattern

As a technical trader, I spend a good amount of time looking for repetitive patterns that re-occur over and over and over again. With the help of data-crunching software, anyone can easily write a few scripts and perform their own analysis to find highly repetitive setups.  

When it comes to repetitive patterns, we often talk about chart patterns such as breakout confirmation, bullish and bearish reversal pivots, and continuation patterns that occur frequently with a high degree of accuracy.  However, we often overlook ONE type of highly repetitive pattern that occurs every year.

This pattern is very easy to trade.  

It is not s-e-x-y, which is why I consider it “The Forgotten Pattern”, but it works!

~Seasonality Patterns~

Seasonality is simply a period of time when an asset (i.e., stock) tends to move in the same direction every year. That’s it!  So, if XYZ stock moved up from November 2 to November 22 over 17 of the past 20 years, the assumption is that it is also likely to move up this year as well. 

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3 Reasons You Should Consider Switching Banks

There are many options when it comes to banking, but when it comes to financial services, people tend to stay loyal to their current institutions. The time and effort it takes to switch financial institutions often prevents many of us from making a change. Here are 3 reasons why you should consider switching banks today.

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Fees, Fees and More Fees

A bank that is nickeling and diming you all the time is eating into your savings and draining your bank account. It isn’t reasonable to charge you a constant stream of fees to hit the ATM, get cash back at transactions or even check account balances.

There are material and handling costs when new checks and debit cards are made, so fees there are reasonable. Account maintenance fees are common if you don’t maintain a minimum balance or arrange direct deposit of your paycheck or pension checks at the bank. If you’re maintaining a sizeable balance there and they still bill you to manage the account plus every little transaction, you should look for someone who won’t charge you continually to keep your money there.

Security? What Security?

A bank that has suffered a security breach is not unique. What can differ radically is the importance banks put on security and how they treat affected customers. Banks that don’t bother securing ATMs from skimmers and make customers jump through hoops when they think their account information has been stolen aren’t worth your time, though it may take a while to transfer your remaining assets to a new bank. If your bank has been lax on security and slow to provide assistance, switch.

This is aside from whether or not the FDIC covers the bank. If the FDIC doesn’t cover the bank, it isn’t a legitimate bank. Note that the National Credit Union Share Insurance Fund offers the same protection for credit unions. If no such group insures your money, move it to a real institution now.

Not Rewarding Your Loyalty

If a bank doesn’t care about your loyalty, you should consider going somewhere else. For example, refusing to look at a ten year history of never bouncing a check and then having hefty fees applied because they processed your bills before your deposits is failing to reward your loyal service, much less provide customer service. Bad or non-existent bank loyalty programs can be a factor in deciding where to go as well.

Remember that you need to be careful about the rewards they give, since a “cash back” or “point rewards” credit card comes with a higher interest rate. That means the $5 cash back on that $500 purchase comes with several dollars more paid in interest on the borrowed money, and you’re spending ten thousand dollars to get that “free” plane ticket.

Just because you’ve been with a bank since forever, doesn’t mean that you shouldn’t consider switching. If you feel like your bank is neglecting you, or that the fees don’t match the benefits, you should consider switching banks right away.

Financial tips for working teenagers

There are many teenagers working to complete the graduation, and they work continuously to ensure that the necessary level of satisfaction is achieved from their end. However, they do not have adequate knowledge as far as money Management is concerned.

To make it easy for you, here are some tips that should help.

1. Spend money to a certain extent only

With the intention to live a satisfied life, you need to be sure that you are constantly pushing yourself to get the results you need, and, in the process, you might make unnecessary expenses that will haunt you later on. In this case, it is advisable to make sure that you categorize your expenses and spend only a certain sum of your total earnings on things you need.

It is possible that you might face a number of difficulties at the start of your campaign, but soon you’ll understand what is important and what should be avoided.

2. Limit the use of credit cards

Being a teenager, it is not advisable to use a credit card more often. We know that some of the best credit cards offer extensive benefits for can help get amazing discounts on your purchases. In such cases, using a credit card is good but don’t make it a habit of swiping your credit card anywhere and anytime. Remember that if you are not in a position to make a payment for the same at a later date, your credit rating will be affected and it will have a negative impact on your future.

3. Get rid of your student loan as soon as possible

It is important to get rid of your student loan as soon as possible because it is a debt that will play on your mind for a long time. There are many students who do not consider repaying their student loan to be important. Creating this mindset is not good because you know that you’ll have to repay it someday or the other hand the sooner you consider starting the repayment process, easier will it be for you to get out of the debt zone.

4. Invest in yourself

Remember that you are still young and there are a number of luxuries you can enjoy only at this age. With this being said, you should make sure that you are investing a certain amount of your earnings in yourself. In this case, health-related expenses should top the list. You should understand that investing in yourself will help you in feeling good about the expense made and it will keep you satisfied.

2018 Financial tips

Things are bound to change in 2018, and there will be many milestones we will reach, but it is important to set financial goals on an urgent basis so that you do not make a mess of the opportunities you’ll get in the coming years. With this, let us focus on the following financial tips that should be incorporated into your financial planning chart for 2018.

1. Spend less on luxuries and more on achieving your goals

As noted above, we are confident that you’ll get many opportunities in 2018 and if you want to make the most of the possibilities available, you should make sure that your funds are invested in the right direction. So, make sure that you do not spend unnecessarily on luxuries and invest most of your earnings on achieving your goals set for 2018 and the coming years.

2. Make sure that you improve your credit rating constantly

A Dent in your rating can be difficult to be repaired over a period, and so it is important to be sure that you make constant attempts to improve your credit rating and never let it fall. This is important because it will help you and get the necessary business loan if needed. We are not saying that you cannot survive without a business loan, but if there is an urgent need and the same can be satisfied by your credit rating, you should make sure that you maintain it. Another point to be seen is that a strong credit report will also help you in getting some of the best credit cards available for you.

3. Contribute to a retirement plan

It is important to contribute to a retirement plan and start with it as soon as possible. Remember that you can contribute a certain sum of your total earnings to a retirement fund and make sure that you do not have to be dependent on anyone post-retirement. With this, it is important to analyze the age of retirement even. Depending on your age, the amount to be contributed can be modified and thus, the desired level of satisfaction will be achieved.

4. Create an emergency fund

It is suggested to have an emergency fund that can help you get out of trouble when there is no other alternative available. Many people create an emergency fund but use it for their luxuries, and this is not the right thing to do. It is an emergency fund, and you should use that only in case of an emergency.

4 Lessons We Can Learn from Tai Lopez’s Financial Success

Millions of people on the internet follow the life and advice of investor, entrepreneur, and multi-millionaire Tai Lopez. To many people, he is a go-to source for financial advice and general motivation. His history alone has provided many people with inspiration, as he built himself up from practically nothing to become one of the most influential businessmen of this millennium.

But, to customize a common saying, greater lessons come from studying a person’s actions than from listening to their words. So let’s take a look at what we can really learn from this successful speaker’s life, history, and actions, and how those have translated to a financial success.

You Can’t Underestimate the Value of Books

While Tai spends plenty of time talking about how important books are, the proof of his words can be found in his actions. Tai himself reads an entire book every day, and he credits much of his success to his avid reading habit. It was a habit that he began when he asked his grandfather the answers to some of life’s most difficult questions. His grandfather responded by sending him a package of 11 books and a note that read, “Start by reading these.” It’s a habit that has persisted throughout his life, and it seems to have paid off.

Social Media Matters

Take a look around the internet, and you’ll notice that Tai Lopez is pretty much everywhere. He’s on every social media platform out there, and he’s accrued millions of followers and almost every single one of them. While you could argue that his reputation has been the cause, and the followers are the effect, evidence seems to indicate that his social media activity has a direct impact on his successes.

Looking through his profiles and podcasts, you’ll notice that he posts every single day on almost every platform. This level of engagement keeps people interested and earns you more followers. And followers become customers, if you know what you’re doing—and it seems like Tai knows what he’s doing.

Sharing Knowledge Is Good for You

It seems that a lot of business owners think that keeping knowledge to themselves is the way to go. And, in some cases, this might be true. After all, you don’t want to go around sharing your business’s greatest secrets with everyone in the industry. But when it comes to life lessons and general knowledge that you’ve accrued, paying it forward can really pay off.

Tai Lopez offers a complete course that is dedicated to sharing his knowledge and helping others achieve what he’s done. This course, known as The 67 Steps, has become one of his most successful endeavors.

Everyone Should Have a Brand

Most people think that a “brand” is something that only businesses have. But if you want to establish yourself as anyone with significant influence, then you need to build a brand around yourself. Tai has modeled this idea in his life by building a personal brand that people recognize around the globe.

When asked about his personal brand, Tai had this to say: “I built a personal brand around who I already am, instead of who I wanted people to see me as, and I think that’s where a lot of people go wrong. It has to be authentic, otherwise no one is going to get on board.”

This life habit has paid off for him, and can be applied to anyone who wants to have a strong presence on the internet—either as an individual or as a business. By branding yourself and making yourself easily recognizable, you’ll draw people in, and that can translate to income very quickly.

Studying the habits of successful individual can provide you with a blueprint for your own future success. What other successful individuals do you model your habits after?

Norma Walton, Not Your Parents’ Workforce

One of our businesses was growing and we were looking for someone to work 16 hours every weekend. I had been doing the work myself while growing the business, but the business had become busy enough that it could afford to pay someone to do that work.

First I chatted with my friend’s husband. He works during the week and is saving up for an apartment for his young family so was keen on weekend work to supplement what he earned from his regular job. He is 27 years old. He did an excellent job for me for a few weekends then told me that he had decided he could no longer work after 5 pm…ever.

Next, I chatted with a hard working woman with whom I work from time to time and I mentioned that we had this position available. She told me her son Mitch was desperate to make money and that she was sure he would love to do it. Mitch is a nice single 35-year old guy whom I knew and liked. I immediately offered the work to him. He thanked me for thinking of him but explained that he never worked on Friday, Saturday or Sunday.

The third was a 32-year old Uber driver named Nur whom I met when he drove me home. A former fighter pilot, he had emigrated from Afghanistan via America. He told me he needed to make money. He did the work one weekend, collected his money, then he just didn’t show up for work the next weekend. It was obviously beneath him. I haven’t heard from him since.

Fourth time lucky. The fellow who now works with me on the weekends is from Barbados. He emigrated to Canada a year ago because it was impossible to make a good life in Barbados unless you were a member of the police or the military and he didn’t qualify for either. He loves Canada because if you work hard, you can create a decent life for yourself. He came here a year ago. He has found opportunities through keenness. He obtained his forklift truck driver’s license. He then started working for an agency each week while working to upgrade his license. He works with me on the weekend and is saving up to secure his own studio apartment near York University and then to afford a car. He is 27 and so far very reliable.

Back when I was a teenager into my early 20s, I was always interested in making money if I could fit it into my school and sports schedule. I began working when I was 13 years old and secured my license the day I turned 16. I was not unusual among my peer group. We all wanted to make money, play sports, drive cars and get our own place. Leisure time was what you grabbed late at night or over a couple of hours on the weekend, if you were lucky and had finished all your chores at home.

In my (now dinosaur-like) experience, if you wanted to make extra money, you needed to work evenings, weekends, nights, mornings, afternoons – basically, anytime anyone would pay you. You needed to show up for work when you were required. Keenness was critical. Asking for more work was important. Basically, everything else in your life took a back seat to making that extra money you wanted so you could accomplish whatever objective you had at that time.

The type of work was not as relevant as how much you were being paid per hour and how many hours you could secure. Being fulfilled at work was not even a consideration. I remember working three summers in a row on the line at Ford putting hood covers on because 27 years ago they paid $25 an hour. I can still do that specific job in my sleep because I put 60 hood covers on every hour for 48 hours a week for three summers in a row…138,240 hood covers. The job was mind-numbing but that money helped put me through school and paid for my car expenses. Needless to say, I had very little leisure time those summers.

My values are no longer prevalent. In seeking to fill this weekend position, it became apparent to me that the workforce has changed since I was a girl. Work-life balance in your 20s and 30s is now valued far more than money. People say they want to make extra money, but they mean only if it does not inconvenience them in living their best life. Hence a lot of people in their 20s and 30s are living with their parents, with siblings or with roommates. They don’t drive. They value leisure time more than making money.

For better or worse, while trying to hire someone for weekend work, I realized that this is not my or my parents’ workforce.

3 Tips For Making A Successful Insurance Claim

While you consistently pay your insurance premiums each and every month, when it comes time to file a claim, you may find that getting paid out for any damages could be harder than you think. But if you get in a car accident, have a house fire, or get your property damaged, you’re likely going to need the money from your insurance company to pay for the repairs or replacement. So to help ensure that you can successfully file your insurance claim and get the money you need, here are three tips you should follow when working with your insurance carrier over a claim.

Call Your Insurance Company Once You Begin A Claim

To give you the best chance of getting your insurance claim paid out, Nathaniel Meyersohn, a contributor to CNN Money, recommends that you call your insurance company as soon as you’re ready to start filing your claim. When you speak to them, ask them what the next steps you should take are and what information or actions they need you to provide. By following their rules about filing a claim, you can ensure that you don’t waste any of your own time trying to figure it out on your own. Also, if you need immediate help, speaking directly to your insurance company can help expedite certain processes, like sending out a claims adjuster.

Give All The Information Up Front

To get everything moving at a good clip for your insurance claim, it’s important that you acquire all the right information to give to your insurance carrier. Especially when you have a car accident and are injured, it’s vital that you give your insurance carrier all the information you have regarding what happened at the accident. For example, DMV.org advises giving them your name and policy number along with the date of the incident and the personal information of anyone who was involved in or witnessed the incident. By providing all the information up front, you can keep from having to go back and get more and more information, which can prolong the conclusion of your claim.

Rigorously Document Your Destroyed Belongings

In the instance of something like a house fire, it’s important that you keep track of all the damage that was done and which of your belongings you’ll need to replace. To do this, FindLaw.com recommends making a list of everything that you own and keeping everything, even the things that are ruined, until you’ve been paid out for your claim. This will ensure that you have proof regarding your belongings and give you a greater chance of getting everything you need replaced.

To ensure you get covered for all that you should, consider using the tips mentioned above when making an insurance claim.

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