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Credit CardsFinance

Improving Your Credit Score Like Never Before

A credit score is one of the most vital aspects that a person has to deal with in his lifetime. The moment you take your first personal loan or make credit card payment, you become eligible to be considered for the credit score. Even after knowing its importance and criticalness for a person’s financial success, many people take wrong steps and as a result harm their credit health. If you or any of your loved one has done the same recently, then make sure you do everything that’s possible to improve your credit score as soon as possible. Here are a few tips that will help you do so-

Take Expert Opinion

If the situation is very critical and you don’t want to delay it any further, then get in touch with an expert firm. For this, you can take the help of relevant people and know what are the best fast credit repair companies in the world that can help you in your pursuit. Doing so will not only save your time but also get you desired results in a hassle-free manner. All the top notch companies use various tools and software to get swift results. When you contact a good credit repair company, you are exposed to these tools and entitled to receive the benefits in return. So, don’t prolong the quest and focus on getting an expert opinion about your credit score as soon as possible.

 

Stop Delaying Payments

Regardless of the reasons, any delay in the payments like credit card bills, loan EMIs, etc. puts a negative impact on your credit record. In case you have been delaying payments lately, then stop doing it as soon as possible. Make sure all of your payments are made on or before the deadline without any failure. Doing so will improve your repo in front of the financial institutions and at the same time put a positive impact on the credit score. Though this process may seem tough and prolonged, if you keep the basics right and keep making payments on time, then you will soon start noticing positive results.

Many people have benefitted from good credit scores in the past, and now it’s your turn to get some benefit. Follow the steps mentioned here to start improving your credit score like never before, and chase all your dreams in a hassle-free manner.

Author Bio: Laura is an experienced credit advisor and loves to share her knowledge with people from all around the globe.

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Finance

Reasons To Opt For Peer To Peer Lending

Peer to peer lending is a next-generation investment option that already became popular across various countries globally. In this unique lending process, you can apply for the loan directly from the lender without the involvement of any bank or any other financial sectors.

Without explaining much, the borrowers have the freedom of lending as much capital they want to invest in their business or for any other investments. Overall, the peer to peer lending process is beneficial for both the lender and the borrower.

 There are many lenders that have already shared various positive reviews on their experience in lending the capitals and definitely about the ROI they have bagged so far. Coming to the borrowers, they are also happy for receiving the capital they are looking for. Usually, people look forward to this type of lending platform when the banks deny offering them the loan they look for. You can search the best peer to peer lending sites to know more on the investments and required information you’re looking for.

Exclusive reasons to opt for the peer to peer lending—

Flexible loan terms

There are a few reputed peer to peer lending companies that offer the facility of flexible loan terms to their consumers. Usually, such platforms ensure the loan repayment terms not more than three years but in some companies, the borrowers have the freedom to choose their own amortization and loan repayment and they can extend it to three to five years. On the contrary, if you’re interested in having a shorter loan and you want it to pay it back quickly without facing any penalty for prepayment or similar hassles, you too have the facility to apply for similar lending options.

Easy steps to follow

One of the biggest advantages of choosing a peer to peer lending is the easiest loan application steps it offers. If you’re planning to start a new business or want to make more money with any new investment and for that, you don’t have to waste your precious time and efforts in visiting banks. You can go online and pick any of your chosen peer to peer sites and apply online for the loan. Read the given terms carefully before applying and if you agree to that, move ahead to submit your application.

There is no such prohibition for utilizing the money that you’ll be given as capital. All you need to do is to payback the lent money on time to avoid any anticipated penalties.

Author Name:  Laura works in a reputed peer to peer lending company. With her year of experience in the finance sector, she finds it her responsibility to share helpful information to individuals looking forward to similar suggestions for borrowing money.

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Credit Cards

Understanding how credit scores work

In today’s society, if you want to buy any big-ticket item, you need good credit. Example of these things are houses, cars and any other item requires payments for over a year. Your credit score lets lenders know how likely you are to pay them back on time. This is not the only use for it, depending on your actual score, will determine the interest on the said purchase. The better your score, the less interest you will pay and vice versa with a poor score. You can even be denied financing if your credit it too low. But, how does credit scores work and how can you achieve a high credit score?

Let’s break down how your credit score is decided. There are four different categories that make up your credit score and some weigh heavier than others. Here is a quick break down of these categories.

  1. Payment History makes up the largest factor out of all the four. Lenders take a hard look at an individual’s payment history, to see if you have a history of paying on time or not. So, if you have never missed a payment, you will get a good boost from this category.
  2. Next is your outstanding debt. If you have a tendency to keep your cards at their limits, you can do serious damage to your credit. This tells lenders ta=hat you are barely holding on financially. Which can make lenders uneasy.
  3. Length of credit, the longer you have had credit, the more information there is on you. Which can paint a better picture of you to a lender.
  4. Types of credit that you have had is the last factor. Having debt to a wide variety of things, like cars or small loans. Can show case the experience you have with dealing with different kind of credit and make you more appealing to new types of credit.

This information is great to help beginners, but what happens if I want to raise my credit? Well that becomes a bit trickier then just keeping good credit. Most of the time, you can fix your credit over time and proper financial habits. But, if you want to repair your credit score fast there are services that you can hire to help raise it. Though keep in mind these services do take some time. Another big issue to worry about are fraudulent services that don’t help you and take your money. The best way to weed these companies out, are to research them and find customer and professional feedback from multiple sources. Companies like these will promise you that they can get things removed from your credit. Which in certain cases that can be true, that is often on some very strict criteria and cannot be just simply removed. Be wary of these kinds of services that promise so much. But, there are services that can help improve your score faster than on your own. Just be mindful when dealing with your credit.

Your credit score is a valuable tool when trying to get a loan. It is important to take care of it and maintain a high score. But, don’t be concern if you have a low score. With proper steps and some professional help, you can restore a credit score to a high value.

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Finance

Mistakes to Avoid While Calculating Loan Amount and EMI

Be it a home loan or a business loan, some factors should be taken into consideration while calculating the loan amount. While there are tools like EMI calculator, which make the job of calculating EMI simpler, it is still crucial to stay vigilant to ensure smooth repayment. Some mistakes that you should avoid while calculating loan amount and EMI are mentioned in this post.

Home loans and business loans are two of the most common types of loans availed in India. To meet the growing needs of all the different types of borrowers, NBFCs now offer many different types of home and business loans to meet the specific requirements of the borrowers. However, when it comes to taking a loan, there are many different factors that one should consider.

Calculating loan amount and EMI is one such important factor. If it is a home loan, for instance, NBFCs usually offer up to 80% of the cost of the property in the form of a loan. However, not every borrower is required to avail this maximum home loan amount.

While an online EMI calculator surely makes this job easier, it is still very important to thoroughly calculate how much loan you need to ensure that the repayment process is smooth and free from any penalties. Some of the mistakes that you should avoid while calculating home loan amount and EMI are mentioned below-

  • Borrowing More Than You Can Repay

It is rightly said that one should not live beyond their means. When it comes to calculating the loan amount, it is very important only to borrow an amount which you can easily repay without stressing your other personal and professional expenses. It is usually recommended that the EMI of a home loan should not be more than 30%-40% of one’s monthly income.

  • Going for a Long Repayment Tenure

For a home loan, NBFCs usually offer a maximum tenure of 30 years. While choosing a longer tenure is very tempting as it reduces the monthly EMI, one should go for the shortest possible tenure that they can afford. As the outgo of interest increases with the increase in tenure, there can be a substantial difference between the total amount one pays for a 10-year loan and 20-year loan.

  • Not Considering Lifestyle Expenses

While calculating how much EMI one can pay on a monthly basis, it is very important to consider lifestyle expenses too. Borrowers who like to splurge on vacations, entertainment, and outside food on a regular basis can be in serious trouble if they fail to consider this important aspect while calculating their loan amount and EMI.

  • Borrowing Hastily

A home loan or a business loan is a long term commitment and the EMI usually, makes up for a significant expenditure in your monthly budget. Thus, borrowers should surely take some time out to think about all the different aspects, like current income, the possibility of decrement or increment in future, current lifestyle, current expenses of the family, future expenditures, other investments, etc. before taking a loan.

While many different types of loans are now widely offered by NBFCs to make it easier for us to achieve our dreams, proper calculation of how much loan you need and EMI you can pay is very important. It is by staying vigilant throughout the borrowing and repaying process; one can ensure financial stability and achieve the goals of their personal and professional life.

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Finance

A home back home- NRI Home Loan made easy!

Most Non Resident Indians are now getting lured by the consistent growth of the Real Estate back in the country. As a developing economy, India has a lot of opportunities to offer in terms of stability, good land rates and easy policies to make a house. Here are five points you should bear in mind while considering a NRI Home Loan:

1) What do you get as an NRI in terms of a home loan?
When you look at it largely, procuring a home loan as an NRI is as convenient as for a resident. You can apply home loan for four type of properties- ones that are already constructed; ones that are under construction; existing properties liable for changes and existing plots where homes can be made. You can either apply for a home loan for a new property or to make changes in an existing property. In both the scenarios, different lenders in the market will offer loan with different terms and conditions.

2) How much can you apply for as an NRI?
There is no set rule or a percentage fixed for an NRI. You can get an NRI home loan on the basis of three criterions- the first and foremost being your gross or net income; second being your country of current residency and last but not of least importance is the education and professional qualification that your application comes with. Based on all of these, a bank will further offer you a loan most suited to your needs along with different terms and conditions.

3) The rate of interests along with the tenure
The rate of interest is one factor where there is differentiation between an NRI and a resident Indian pertaining to home loan procurement. A resident can apply up to a loan of 30 years depending upon his age and net income; whereas an NRI has to re-pay his loan within five to fifteen years. This largely depends on your loan amount as well as bank. An NRI is also subjected to an increase of 0.25%-0.50% increase in the interest that he pays.

4) Change in loan scenario if there is a change in the NRI status
To repay your loan, you have to use your NRE account or an NRO account. In between the tenure, if you happen to change your status from an NRI to a resident; then all the conditions of the loan specially the interest as well as the tenure will be changed. This is highly unadvisable as the process can get tedious and troublesome for the buyer.

5) Documentation required
The documentation required to get a NRI home loan is quite an obvious list but still an elaborate one. You require the following documents to be eligible for a loan:

– A valid visa
– An official permit of your work
– Copies of passport
– A work experience certificate reflecting upon how much you have worked.
– Statements from the bank
– NRE or NRO accounts statements
– A resident card, if you are currently based in the Middle-East
Your bank is sure to provide you with an exhaustive list of the documents you require.

All of these points need to be kept in mind when you are applying for a NRI Home Loan.

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Finance

Things You Must Know About CPA And Tax Preparation Services

Bookkeeping can be a messy job. As an entrepreneur or owner of a small business, you wouldn’t want to waste your time doing things that can be easily delegated. Regardless of your business objectives, requirements, sector, and industry, you need to hire a financial and tax advisor. You don’t need a random accounting firm, but professional services of a Certified Public Accountant, simply known as CPA. With changing tax norms and complex regulations, CPAs are becoming more relevant for small businesses. In this post, we will talk about the advantages of hiring an accounting firm and things that you must check before making a choice.

Incredible benefits   

Accounting and tax services are always flexible. Depending on your business needs, you can seek all sorts of help, right from the management of daily transactions to specific inputs on financial decisions. A CPA also looks into the tax norms, so as to reduce the tax liability of his clients.  If you have missed out on important dates, you can also ask for late tax return preparation help. Accountants will also check for all accounts receivables, so that you can keep a check on your customer base. As required, they may also offer direct assistance with various financial investments, to reduce future hassles.

Choosing the right service

Honestly, the whole process of selecting a CPA can be confusing. There are numerous firms around, and each one probably will claim to be the best in the industry. However, you just need to keep an eye on a few basics. Firstly, the company should be experienced in your industry. Some CPA firms only deal with certain sectors, so choose a service that understands your business and overall operations. Secondly, the company/service should be available to take questions and offer quick help. You don’t want to wait for days to talk to your CPA, especially when you an impending decision to make.  Thirdly, don’t miss on charges and costs. Accounting firms often charge their clients in different ways. Some may want a fixed fee each year, while others may seek payment for every individual task.

Lastly, you should be comfortable with your CPA. Accountants work with financial data and internal information, and you need to have complete trust on the company you choose. Ask questions regarding their services, and if possible, seek a personal appointment to know their work approach and ethics. You won’t change the accounting service every year, so take some time before taking the final call!

 

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FinanceForex

Online Forex Trading with TraderVC

Online forex trading has become very popular among traders all across the world. One of the reasons for its popularity is the convenience that it provides for users. Now anyone can sit in the comfort of their homes and conduct forex trading transactions with the click of a few buttons on their PC, laptop, tablet, smartphone or other mobile device. There is no need for any commuting as everything from the actual investment to the receipt and distribution of profits is all done digitally. If you are looking for a forex trading opportunity, TraderVC reviews show that the platform is the one to choose.

As a trader, you can choose from a variety of popular currency pairs and gain access to the world’s leading forex markets. You are able to see, in live time, how each currency is changing and are able to process transactions in real time. With forex trading, timing is key, and the Trader VC platform allows you to capitalize on that. If you are new to forex trading, the Trader VC platform offers a wealth of trading tools and a trading academy that will help you to get started on the right path.

Conducting online forex trading is a simple 4-step process on the Trader VC platform. To begin, simply choose your trading instrument, then choose your trading asset. Step 3 is to make your prediction and in the final step you simply enter the amount that you wish to invest in that trade and click on the invest button. That’s it! The site offers several ways that you can deposit your investment funds including through credit card, Paypal, money transfer, Skrill and many more. When you are ready to withdraw and profits gained through your forex trading, simply make the request and relax. The process is quick and seamless.

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Finance

What Are The Reasons For Hiring A Tax Preparer?

If you don’t have sufficient knowledge on the latest updates rules of the IRS, it is better you appoint a professional tax preparer and give him/her the responsibility of your tax filing. One of the most crucial reasons that most taxpayers hire a professional CPA or a tax firm is to avoid anticipated mistakes while tax filing. Often it becomes difficult for a pro to prepare his/her tax because they lack time. Whatever may be the reason, hiring an expert tax preparer is always a good step that you can take and we have a few good reasons to convince you.

Avoid mistakes and heavy penalties

You can prepare an error free tax file with the help of a firm or individual efficient in tax preparation West Palm Beach or any particular area you are located. It is quite possible that you being a taxpayer are not that well acquainted with the rules and laws of the tax filing. Each year, more or less, the structure of the forms is changed that becomes more confusing for the taxpayers filing for it. If you have also experienced the same then instead of doing the recurring mistakes, you can move ahead for a professional support.

Visit a CPA firm or a wealth management firm that also ensures tax preparation services or you can also hire an independent tax consultant for the job. Avoid doing mistakes in the filing otherwise, you can be highly penalized for the errors shown in the papers. Instead of DIY, it’s high time when you consider hiring a professional that can offer you an error free tax preparation by following the latest updates per the rule book of the IRS.

Save Time

After rushing for the daily errands, you may feel tired while preparing the tax. It can be hectic and time-consuming if you’re not well aware of the laws and rules that have been changed in the recent past by the IRS. Instead of spending hours and killing time, you can appoint a professional tax preparer that can take the responsibility of preparing your tax along with dealing with the previous discrepancies pointed out by the tax department. Only a certified professional can resolve the difficult issues for the clients and help them in avoiding paying the havoc penalties for the previous errors.

Professional guidance

Having an expert tax prepare by your side can increase your confidence. Apart from submitting an error free form, you can expect guidance from the expert. Considering your annual income and the amount of tax you pay, the tax consultant can help you by suggesting investment plans following which you can easily save more taxes and utilize the money for your future investments.

Finally, it is completely your decision by how you will prepare your taxes whether by yourself or with the help of a tax preparer considering the circumstances. But, whatever you do, make sure you should give your best efforts in doing the returns to pass the IRS auditing successfully.

Author’s Bio: Luke Durante is a professional tax preparer owing a firm for the last couple of years. He is also a dedicated author, helping his readers by sharing tips and ideas about taxation and the new IRS laws and amendments.

 

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Finance

5 Parameters to Consider While Choosing the Best Mutual Fund Scheme

Choosing the right investment scheme is pivotal to earn valuable returns. However, with the wide variety of mutual funds schemes available in the market, making the right choice can be difficult. In this write-up, we list down the vital parameters to consider to make your choice easier.

Every investor, depending on their personal financial goals and risk taking abilities have different reasons to invest in mutual funds. Whilst everyone wants to invest in a scheme that would offer them best returns, but not all investors are able to choose to right mutual fund scheme to invest in. If you are an amateur investor, the following tips will help you choose the right scheme:

Performance metrics

While choosing an investment scheme, it is imperative that you do a research on its performance metrics. Look at its recent as well as long-term performance. This will give a fair idea about how profitable it has been over the years. Check how the scheme has performed as compared to other similar schemes. It would be a wise idea to assess its quartile rankings; if a scheme has been among the top ranking ones over a period, you can be fairly certain that it is a safe investment haven. Try to notice a pattern in the performance and make your decision accordingly.

Ratio Analysis

No matter if you want to invest in mid-cap mutual funds or any other invest scheme, it is pivotal that you do a ratio analysis of the scheme; you must check for factors like standard deviation and Sharpe ratio. It is advisable to check the ALPHA of the fund, which would give a clear picture of how much funds has the fund manager generated from a certain portfolio in comparison to its benchmark. To put it the other way, ALPHA analysis is basically assessing the fund manager’s performance ranking.

Total Expense Ratio

This is one of the most important parameters to consider while choosing the right mutual fund scheme. You must look into the various expenses associated with the scheme; if the scheme has a high expense ratio, it would affect the returns. Although the expense ratio for all mutual fund schemes is capped by SEBI, it is advisable to look for schemes with lower expense ratio. Remember, money saved is money earned.

Fund manager’s credentials

Fund managers play a crucial role in the performance of the fund. Although mutual funds investment is very much process oriented, the fund manager’s experience, judgment and his viewpoint on different funds matter a lot. Before investing in any scheme it is important to get to know to the fund manager and review his past performance record. If you find that due to a change in the fund manager there has been a significant impact on the fund’s performance, which does not suit your risk appetite then you may want to exit the fund.

Fund Size

Typically, the size of the fund does not have any effect on the fund’s performance. However, sometimes the size of the fund can be too big for the fund manager to be able to buy small or mid cap stocks and as a result, it would not be feasible for small-time or low-risk investors to invest in the funds.

Disclaimer: Mutual fund investments are subject to market risks. Please read the scheme information and other related documents before investing.

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Finance

What is Systematic Investment Plan (SIP) Mutual Fund?

For a lot of us who may be just starting to invest or look at different kinds of investments, SIPs Investment plans could sound like a good idea. If you have heard about the rise and fall of the market and how you could lose all your money, the idea or a regular investment that could give your regular returns does sound soothing. Here’s all you need to know about SIP Mutual Funds.

SIPs allow you to invest a small amount regularly. This could be quarterly or monthly or even weekly basis. It helps you cultivate a habit to save regularly and build towards you future. An SIP links your bank account and auto debits the money you plan to invest from your back account. Every time you add money, the scheme purchases a number of units based on the market rate. Over a period of time, the units are purchased at different rates and you can benefit from the Rupee-cost Averaging and the compounded interest on your investment.

What is Rupee Cost Averaging?

Instead of waiting to find a right time to invest in the market, with an SIP you can begin investing immediately and the changing market trend will decide if you purchase more units at a lesser price or fewer ones at a higher price. When the market seems to volatile you could achieve a lower average cost per unit than your actual investment.

Compounded interest?

Most of us are familiar with this term in the context of loans. With investments, you gain the compounded interest. Therefore, the sooner you begin investing the more time your money has to multiply. Simply put, compound interest helps you gain an interest even on the money you received as an interest the previous year, therefore multiplying it. As your base amount keeps on increasing, the compounded interest on the same increases too!

Why should you invest in SIP?

  • Start small:

An SIP allows you to begin investment at a young age and even with a small amount. You don’t need to worry about collecting a large sum of money before investing it in mutual funds or shares or fixed deposits. SIPs allow you to begin investing immediately

  • Compounded interest

As explained earlier, the sooner you invest the more returns you would receive at the end due to the compounded interest. Even if your initial investment was small, the compounded interest would ensure gains.

  • Flexibility

While investing for a long term can promise you higher returns, you can invest at anytime and for a short period of time too. Over the years as you earn more, you could increase the amount, or decrease it in case you plan to invest your money somewhere else.

  • Discipline

Having a systematic investment plan helps you to discipline yourself to save a particular amount at the end of every month, therefore, you will automatically learn to budget your expenses and keep a check on them as well. Once you know you money could help you make more money, why would you invest in something that could be lying around in your room for the next 3 years.

Since the amount can be auto debited from your bank, investing in a SIP mutual fund will be super easy! You don’t have to worry about missing the date or having to travel to pay every month or week. It also saves you from the pressure of investing a huge sum since you can just invest a small amount that could add up to a bigger one at the end of the year.

Summary: Understand SIPs and how they work. For someone just beginning to invest, SIPs could be a perfect solution for various reasons.

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