Financial education

4 Simple & Smart Suggestions To Boost Your Credit Score

Credit Score

Do you often pay high interest rates on your loans or credit cards? Or, does your lender or card issuer ask you to pay more as EMI than someone you may know? If your answer to any one of the two questions is ‘Yes’, then you are a victim of a low credit score.

A high credit score brings with it several benefits like a low interest rate, better terms, higher repayment tenure, and broader discounts. Such benefits can conveniently decrease your interest bills than the current home loan or other loans’ interest rates. Read this article to discover four simple yet effective ways to boost your credit score.

The Top-4 Ways to Enhance Your Credit Score

When you apply for a home loan or any other loan, the lender would take a look at your credit score and determine the interest rate. If you want a lower interest rate than the current home loan interest rates, you have to increase your credit score. At this point, it is prudent to note that the current home loan interest rates are the lowest when compared to other loans.

However, before taking steps to increase the score, you should find out the reasons why your score is nose diving.

Here are the ways you can boost your credit score!

1. Pay More When You Can Afford To

If you have an existing loan, like a home loan, the chances are high that you pay a fixed amount every month. In the case of a floating rate of interest, your EMIs increase or decrease depending on market rates.

As you continue paying the EMIs on time, your credit score slowly ascends to the top. To accelerate the process, you can pay something extra when you manage some extra cash. Doing so can increase your credit score considerably, as it reduces your credit utilisation ratio.

2. Extend Your Loan Term

At times, your lender may tell you the advantages of closing off your loan account, like a home loan, early. The lure of massive savings may prompt you to opt for a short tenure loan. While it’s true that a short duration indeed makes you debt-free earlier, it can also increase your loan bills, making it challenging to repay on time.

In such cases, it is better to request your lender to increase the loan term. As you repay the loan bills before due dates, your credit score would jump healthily and steadily.

3. Keep Your Credit Utilisation Ratio Low

The Credit Utilisation Ratio (CUR) is the amount you owe to lenders compared to your net monthly income. If your CUR is 50%, it means you spend 50% of your net earnings to pay credit bills, including home loan EMIs.

If you aspire for a high credit score, your CUR must be below 30%. A low CUR means less stress on your financial health and better credit score.

4. Keep an Eye on the Credit Bureau

While it may seem too naive a suggestion, it can sometimes be the reason behind a low credit score. There are instances when the credit bureau is late in updating your records or might have updated it incorrectly.

It would be best if you check your credit score at least once every month and point out any anomaly. CIBIL, for example, provides you with the CIBIL Dispute Resolution Form, which you can submit online with details of the error.

Conclusion

Boosting your credit score can open up a door of opportunities. In best cases, you can get a much lower interest rate on your loans, like a home loan, than the current interest rates.

Positive Words Research – 4 Simple & Smart Suggestions To Boost Your Credit Score

Essential Shopping Tips for Students on a Budget

College Money

Limited resources can spell doom to your college life. You have limited money to spend on entertainment, personal projects, and crucial academic needs. Save money by getting cheap help on homework. The helpers also allow you to focus on money making ventures like a job or entrepreneurship.

Luckily for students, there are numerous options when your finances begin to run low. Here are tips to help you shop for supplies without spending a fortune or running out of cash.

Create A Budget

Write down what you need to buy. A list will give you an idea of how much you will spend when you get to the supermarket. You can evaluate the items on the list against the money at hand. The list also helps you to establish priorities. Because the items are on the list, you can identify what stays and the items that can be discarded.

A budget keeps you disciplined when shopping. The discipline will enable you to remain within your budget. You will also tame the spending habits that could lead you bankruptcy. Always create a budget to help track the expenses and determine where your money goes.

Hunt For Promotions And Sales

Businesses and brands are always offering items and services at a discount. The offers and promotions help you to get the same quality of goods or services at a cheaper price. It will result in huge savings, leaving you with more money for future expenses or allowing you to buy more.

There are seasons that come with plenty of promotional sales. In other cases, brands entering the market or supermarkets opening their doors will run promotions. You should also time your buying to coincide with promotional seasons like Christmas, New Year, Black Friday, and such seasons when prices are significantly reduced. You get the same quality of goods and services but at a lower price.

Utilize Your Student Status

Students receive special consideration from time to time. Students on budget can take advantage of such consideration to save money. For instance, entry to a movie store could be a dollar lower than the ordinary person. All you need is to tag your student ID along.

In some cases, you are requested to make your student booking early. Take advantage of the student status to enjoy premium services at a bargain. The status lasts just a few years. Once it is over, you will have to pay the standard market price for the same services.

Use Cash-Back Apps And Loyalty Points

Stores and businesses entice people to use their apps with discounts. You lose nothing by downloading the apps and using them in your shopping. The promotion may be once in a while but it will lead to huge cumulative savings.

Loyalty points are redeemed when making purchases. You get goods worth a particular amount based on your accumulated loyalty points. Stick to a particular store to accumulate enough points to use during your next shopping expedition.

Avoid Wasting Food

Food is one of the most expensive items on your budget. You spend on food every day. Buy food at affordable stores and avoid wastage. If the food is too much, you can save it for future helping. Learn to prepare leftover foods such that they are palatable. If you can tame your food bill, your budget will reduce significantly.

Living on budget as a student does not mean that your life should be miserable. Budget for your finances and always look for opportunities to save. Adjust your priorities even as you take advantage of your student status to enjoy discounts.

Positive Words Research – Essential Shopping Tips for Students on a Budget

Why Does Financial Abundance Feel So Far Away and What Can You Do About It?

Why-Does-Financial-Abundance-Feel-So-Far-Away-and-What-Can-You-Do-About-It

Most of us have an idea of where we would like to be in life and it often includes a desire towards financial abundance. Call it wealth. Call it prosperity. Whatever you choose to call it, it’s probably right there, up on your wishlist. 

Why Does Financial Abundance Feel So Far Away and What Can You Do About It?

But from wishing it to actually attracting it sometimes feels like a road longer than the one we signed up for. So what do we do to get there? Or better yet, what should we stop doing in order to achieve the financial abundance we covet so much? The questions seem pretty straightforward, but the answers can require some careful soul searching and definitely a lot of personal work. This is why we’re going to go through a list of solutions that will hopefully embolden you to change the way you think about money and empower you to attract more:

1. Dig Deep to Uncover What You’re Manifesting as Financial Abundance

If you’ve ever heard about the law of attraction, know that it’s not just another theory flung around by modern pseudo-thinkers, but it’s actually the way things work in life. If you believe and want something for yourself, the universe will make way and get it closer to you. It will remove all obstacles and eventually send you the right opportunities that can help you open the doors you want. 

However, if you know what you want and have a clear vision of how your financial life could look like for you, but your reality still doesn’t reflect that it must be that somewhere in your subconscious you don’t actually believe you can achieve it. In other words, what you actually believe is that you’re unworthy of having financial wealth. This is where you need to start digging deep with the goal of discovering your financial blueprint. We all have blueprints that guide us through every aspect of life and your money-related one was probably developed in your childhood. 

Try to remember what your financial education felt like, how your parents felt about money and what they felt they deserved money-wise. Write every new discovery down and read it again every time you need to stop your negative brain from taking charge. This is a good first step to unlocking the financial abundance you always wanted for yourself.

2. Work On Dismantling Old Beliefs and Replacing Them With New Ones For Financial Freedom

Once you’ve got the answers to all these questions, it’s time to look at your life and see how these beliefs manifested themselves without a shadow of doubt throughout your life. Once you become aware of the power these toxic thoughts had on you, you can start dissociating from them and bid them farewell. 

It’s okay to want more and it’s even healthier to start thinking you deserve it. Of course, this won’t happen overnight, but as long as you start telling yourself empowering words daily, you will manage to rewire your subconscious in a way that’s more financially supportive. This is a process that takes time and progress may not always be straightforward. Old beliefs will sometimes creep into everything you approach financially, so it’s important to take notice of them and stop them in their tracks.

3. Let Abundance Flow Into Other Areas of Your Life As Well For Financial Prosperity

Abundance is abundance, no matter what areas of your life you are manifesting it in. If financial abundance is taking a little longer to attract, know that if you start embodying abundance in other areas too, your overall vibration will rise and will make room for higher financial grounds too. 

What you need to do in order for this to happen is to commit to living your life with an emphasis on adding more value to others. As soon as you start giving recognition, praise, inspiration, and support to others, you’ll start feeling a lot more grateful for what you have and you’ll tap into that inner wealth that will eventually build more positive emotions for you. If you give out of a place of genuine generosity, you will receive just that – generosity a hundred times back.

These tips are only the stepping stones on which you can envision and create a better financial future for yourself. Additionally to this, you also need to stop making excuses for yourself, even for life’s more trivial activities, and to commit to offering yourself the best possible version of life because you truly feel you deserve that and nothing less. Don’t settle, don’t compromise, practice gratitude, empower others and work hard on changing your blueprints. The rest will soon fall into place.

About the Author

‘Claudia Spataru is a free spirit located in Bucharest, Romania and always in search of answers to life’s greatest questions. She loves to understand how people work, what makes them tick and find ways to help them reach higher grounds. She adores the sea, traveling and laughing.’