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Having bad credit can be worse than having no credit at all. A lousy credit score can lead to a steeper credit hole to climb out of, and can take years to fix.

All is not lost. Borrowers with bad credit scores can still get approved for a new credit card, though they’ll have to jump through a few more financial hoops than other people.

If you’re trying to qualify for an unsecured card because you have bad credit, here are some things you’ll need to provide:

Proof of Income
The Credit Card Act of 2009 requires that borrowers be checked that they have an “ability to pay” to have credit extended to them. That can include proof of your annual income, as well as your partner’s.

The credit card issuer may have minimum income requirements of $10,000 or $12,000 per year. If you earn less than that, or you already have too much debt, you may be denied.

Bank Account
A checking or savings account may be needed to determine your financial stability. If you can’t find a bank that will let you open an account because you have a poor banking history, look for a bank or credit union that offers “second chance” accounts.

These accounts often don’t have overdraft protection, but can have low or no monthly fees and no minimum balance requirements, so you can rebuild your banking history.

NoCredit History Red Flags
Most credit cards run credit checks to look for signs that your financial life is getting worse. Bankruptcy, liens, lawsuits and debt, among other things, could hurt your chance of getting approved.

Before applying for a credit card, clean up your existing accounts by getting caught up on payments and paying your bills on time.

A bankruptcy can be one of the biggest roadblocks, so you may want to try getting a credit card from your local bank or credit union, which might have less strict requirements for their credit cards.

No Bad Blood
Lastly, having a clean history with the credit card company that you’re trying to get a new credit card from can help your application. If you’ve defaulted on payments with a certain company, you may be better off not seeking a credit card from them for a while and focusing on a company that you’ll have a clean slate with.

Bear in mind banks are always looking for business, so finding a credit card somewhere while you try to rebuild your credit shouldn’t be impossible.

Published with permission from RISMedia.

Looking to boost your daily productivity? Start by taking a look at your morning habits. Incorporating just a few of these into your get-up-and-go routine may help.

Say no to snooze. Hitting the snooze button is tempting, but starting your day by procrastinating your wake-up will not set you up for productivity! Set your phone or alarm clock across the room so you have to rise to shut it off.

Have a “you” ritual. Whether it’s a walk with your pup, reading a few poems from your favorite poem book or listening to a short podcast, do something for yourself first-thing.

Savor silence. Even if you’re not a meditator, sitting for a few moments of silence in a favorite spot in your house can clear your mind and ready you for the day.

Make a morning list. Savor your cup of coffee as you go over a daily task list of the items you need to tackle. This will help set you straight for the day. If you’re extra ambitious, make a weekly and monthly to-do list as well.

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A common phone call that new credit cardholders get from their bank is an offer for credit card add-on products, such as protection against fraud and identity theft. Payment protection is another service offered regularly, providing a monthly payment to the cardholders account if they lose their job or are sick in the hospital.

Credit monitoring and debt-cancellation products are optional and are paid for through a monthly or annual fee.

Before signing up for these products, consumers should know some facts about them, such as that theyre not required to activate a new credit card. There are also some questions to ask the salesperson to make sure theyre only getting the add-on products they want. Here are some things to consider:

Buying them is optional: Not only are such products not required to be purchased before a credit card is activated, but some salespeople imply that theyre free. The Consumer Financial Protection Bureau found that one bank didnt ask consumers if they wanted the product, but confirmed enrollment by asking for their city of birth.

The bank also made it seem like consumers were receiving a benefit or simply updating their account, or that they were agreeing to receive more information about the product.

Services paid for not always provided: The CFPB has also found that some cardholders didn’t receive the credit monitoring services they paid for because the bank didn’t properly process their authorization or match the cardholders information to their files.

Hard to cancel: Debt cancellation products can be marketed as easy to cancel, but thats not always the case.

The CFPB found that a bank had a sales incentive plan that paid customer service representatives for a “save” when they kept a customer enrolled after attempting to cancel. Consumers were often unable to cancel unless they were willing to demand cancellation multiple times in succession.

Get it in writing: Before buying any credit card add-on products, review the terms, costs and benefits in writing. When asking for written information, make it clear that you don’t want to enroll in anything until you have the written information and decide you want the product.

Also avoid “trial periods” until you read the terms of the trial period in writing. Some trial periods allow the company to begin automatically charging you for the product at the end of the trial period, unless you call or write the company.

I hope you found this real estate information helpful. Please contact me for all your real estate needs today!

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In an age where the majority of our communication happens from behind a screen, our face-to-face interactions are often lacking. Below are several tips for having clearer communication.

1. Make eye contact. Direct eye contact can go a long way in having a clear conversation. Not only will it help you pick up on non-verbal cues, but it will show respect ” you’re not staring off into space.

2. Listen. Communication is often stalled when one (or more) parties involved simply awaits their turn to speak. This limits our attention and makes it nearly impossible to truly hear what the other person is saying. When someone is speaking, try hard to clear your mind and focus on what they’re saying, and how they’re saying it.

3. Write it out. While face-to-face communication is vital for all relationships, whether they’re personal or professional, when you’re in a heated or complicated situation, writing your thoughts down can be helpful. Whether you actually send what you’ve written to the person you need to communicate with or just use it as practice for what you will say when the time comes, getting your thoughts and feelings down on paper can be a useful tool.

Are you interested in learning about real estate? Feel free to contact me directly.

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Your investing style and tolerance for risk can help determine what type of stock mutual funds you invest in. The two main types of funds ” growth and value ” have different characteristics that can match your investing style.

Owning a mix of both funds is probably a smart move, but it can still be worthwhile to understand how each fund works. Here are some short explanations of growth vs. value funds:

Characteristics

Growth businesses are likely to reinvest profits, instead of paying out dividends to shareholders, as a way to grow. Growth stocks can be seen as expensive and overvalued.

Growth stocks tend to be newer companies with products that are expected to be in high demand in the future.

Value funds are stocks that are undervalued by the market, meaning their prices dont reflect their fundamental worth. They can trade at a lower price when compared to their fundamentals.

Value stocks can be undervalued for various reasons. An earnings report can have some bad news or a company may fall on hard times.

Measurements

Growth funds are expected to have faster than average growth in revenues, earnings or cash flow. They often have above-market price-to-earnings and price-to-sales ratios as higher sales and earnings justify higher valuations.

Value companies have lower-than-average sales and earnings growth rates, lower dividend yields, and lower price-to-earnings ratios.

Returns

Growth funds are expected to offer higher returns than the overall market when stock prices are rising overall, while underperforming the market when stock prices drop.

Value funds focus on perceived safety instead of growth, and often use their earnings to pay dividends. This allows value funds to provide more income than growth funds, though they can appreciate long-term if the market recognizes their true value.

Risk

Growth funds generally have a higher risk than value funds, and thus require a higher tolerance for risk, and a longer time horizon, than value funds. The increase of growth funds may not always be realized.

Value funds have the risk of possibly never realizing their intrinsic value. The market may have correctly priced such companies, preventing them from gaining in price.

Whichever investing style you choose, be sure to carefully study the companies you want to invest in and understand the fundamentals behind them before putting your money into them.

Published with permission from RISMedia.