5 Tactics to Improve Your Credit Score This Year

Published on: 03 February 2022 Last Updated on: 12 September 2024

Inflation is up, money is tight, and your credit score is in the gutter. What a way to start the year!

Instead of wallowing in self-pity, it’s time to finally do something about your unfortunate credit score. This January, kick-off an improvement plan to improve your credit score by the time the clock strikes midnight on Dec. 31.

5 Lucrative Ways Improve Your Credit Score:

1. Know What You’re Working With

You can’t fix a problem you can’t see. If you’ve been avoiding checking your credit score for fear of what you’ll find, get over yourself. Now is the time to set aside your pride and review the damage. Your credit score impacts nearly every financial move you make. Working to improve it now, before you consider shopping for a major purchase, can make your life easier.

Pull up your free annual credit report to review the data that’s been reported to the credit bureaus. If you’ve got missed payments, high credit utilization, or too many accounts, take note. Then consider your overall score. Anything under 700 should be seen as an opportunity to improve. Now you’re ready to create your action plan.

2. Take Action Daily

You can make measured improvements on your credit score just by being mindful of your daily actions. If you struggle with overspending, pause before you swipe your card. Consider whether the purchase you’re about to make meets your goals and if you’ve got the money to repay the balance.

If the answer to either is no, resist the urge to buy. Instead, save up for want-based purchases so you can treat yourself without sacrificing financial security.

In an e-commerce age, you probably can’t eliminate plastic from your purchasing repertoire entirely, but you can be smarter about it. Familiarize yourself with different payment options like a credit builder card. These cards are secured by a funds transfer or initial deposit. Every time you pay your bill, your good payment history is reported to the credit bureaus. Over time, this great track record can improve your score.

3. Get Your Budget on Point

The way you spend often dictates how well you can keep up with the demands of your bills. While everyone has core expenses across housing, food, and transportation, it’s essential to manage one’s variable expenses. Sit down with the last two months of your spending history to identify budget busters and trends you’d like to address.

If dining out is a sore spot for your budget, create a system to help you indulge with purpose. Set a dollar amount that you can spend without dipping into cash reserves dedicated for other expenses. Think about why you like to spend in this category and whether there’s another way to fill your cup.

If your real desire is to spend time with friends, pivot to hosting a small potluck dinner once a month. Adjust your spending toward this event, and you just may find you like the results better than gathering at restaurants.

4. Dispute Inaccuracies

Your comprehensive credit report may be telling lies about you. If your careful review identifies inaccuracies in your report, it’s in your best interest to dispute them. Late payments are one of the biggest dings on your credit report. If you’re a reliable payer, it’s only fair to fix any errors in your report.

First, reach out to the company reporting the information to the bureaus to dispute your account status. Then report the error to the credit reporting bureaus. You’ll need to include a dispute form and documentation supporting your case.

This process can take months to resolve, so stay the course on other credit-boosting activities while you wait. Inaccurate reports happen, so it’s important to review your credit report regularly so you can quickly address them.

5. Attack the Two Most Impactful Credit Factors

Put your energy into the most impactful parts of your credit score: on-time payments and credit utilization. Your payment history drives 35% of your credit score. If you have a history of late payments, you’re killing your score. Catch up on missed payments and create a system to help you manage your bills. Set up autopay for your core bills (rent/mortgage, utilities, insurance, etc.) so you can ensure that your obligations are covered.

The second most impactful area of your financial behavior is credit utilization, which makes up 30% of your score. Credit utilization — the percentage of your available credit that you’re using at any given time — signifies how well you manage money. Work to keep your utilization below 30% to earn a good mark from the credit bureaus.

If you can, request a credit limit increase to improve that percentage, but resist the urge to tap into it. Consider making payments toward your balance as you make changes to keep your utilization low.

Creating the Accountability to Stay on Track

Any goal is more achievable when you breathe life into it. So create a vision board of your credit score goals and post it where you can see it daily. Talk about your plan with your friends and family to create an accountability team for your new credit-building habits. Monitor your progress regularly and course-correct if you need to.

The more you interact with your plan and assess your behavior, the more likely you are to be successful. Who knows? After a year of hard work, sacrifice, and intentional effort, your score could even climb from poor to exceptional.

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4 Tips for Not Panicking When You Get a Letter From the IRS

A letter from the IRS may seem serious, but the situation that results in the letter may not always be serious. You may find that you're receiving a notification of a minor error or small sum of money that you owe. Even an audit isn't causing to panic — the IRS may simply need some additional information in your personal files. Follow these tips to handle communications from the IRS in a calm, sensible manner. Read the IRS Document Carefully: Image via Flickr by dvs You should always open and review documents from the IRS as soon as you receive them. The IRS will attempt to connect with you by mail to make initial contact regarding any issues with unpaid tax debt, tax filing errors, tax audits, and other issues. The sooner you address the problem, the easier it will typically be to find a satisfactory resolution. If you ignore letters from the IRS, it is possible for the agency to reach out to you by phone. The IRS recently started working with private debt collection companies to handle unpaid tax debt. Many telephone scams exist as well, and you should be vigilant about confirming any information that you receive by telephone. Keep Your Tax Documents Organized: Ideally, you'll have your tax documents for the last three years safely stored and ready for your review at any time you may need them. These materials include documentation regarding any protections you may enjoy through a third-party tax filing service. Many websites and companies provide audit protection or a guarantee of accuracy, which can give you valuable peace of mind if an audit should arise. If you do not have these documents on hand, you should take the time to gather them as soon as you're informed of any type of dispute or IRS audit. Having these documents provides an important sense of security going forward. Verify the Tax Issue: Before you make arrangements with the IRS to settle a debt, make sure that the amount of the debt is correct. The IRS may occasionally make errors, so it's crucial that you check the numbers for yourself and file a dispute if you believe that the figure is incorrect. Contact the IRS immediately if you believe that the agency is operating with incorrect information. Explore Your Tax Debt Options: If you owe a debt to the IRS, you don't necessarily have to pay the full sum immediately. You can explore several tax debt options. Understanding these options can help you avoid panic, particularly if you're facing a debt too large to pay at once. You may qualify for an offer in compromise, a condition in which you settle your debt with the IRS for a lower sum of money. You can also request that the IRS delay collection or set up a payment plan to handle the debt in a series of installments. If you hear from the IRS, you should take the time to thoroughly review all communications so that you understand what the IRS requests from you. If you need assistance navigating an audit, tax debt, or other situation, don't hesitate to reach out to a professional for help. Read Also: Eight Essential Tips For Getting Out Of Debt What Are The Types Of Debt That Can Be Discharged In Bankruptcy?

7 Most Popular Non-Fungible Tokens Of 2023 – So Far

Non-fungible tokens came into the spotlight in 2021. They were introduced on the crypto market way before, but the public didn’t show interest until then. Despite the crypto winter, non-fungible tokens continued to be in demand because people have seen the worth of digital assets. Even if some holders were concerned that they would lose finances due to the bear market, NFTs proved resilient. 95% of the total number of NFTs are minted on the Ethereum blockchain, and when the Ether’s price drops, NFT values will follow suit. Even if most non-fungible tokens have lost part of their value during the crypto winter, the market seems to have bounced back since the beginning of 2023. Ethereum’s price registered a steady increase over the last few months, and the NFT market is expected to head on a growth trajectory, especially because developers have announced the launch of innovative platforms and projects. Here Are The Seven Most Popular Non-Fungible Tokens Of 2023 This article explores the most popular non-fungible tokens of 2023 so you know which project to invest in; suppose you want to join the market. 1. Bored Ape Yacht Club Bored Ape Yacht Club is one of the most well-known NFT collections available on the Internet. Yuga Labs LLC launched the project, which consists of a collection of 9,999 randomly generated images of apes, created according to 170 different traits. Those who join the Bored Ape Yacht Club gain access to numerous products and activities. The project is stored on the Ethereum network and has attracted famous investors like Justin Bieber, Jimmy Fallon, Snoop Dogg, Timbaland, Paris Hilton, and Steph Curry. Initially, each NFT cost 0.08 ETH, but as the project gained more popularity, the prices spiked to 91 ETH, with some apes getting more valuable than others. Mutant Ape Yacht Club is a collection derived from the original one, including 20,000 Mutant Apes. They were created to reward the Bored Ape Yacht Club investors and encourage crypto holders to join the NFT by offering alternative products connected to a well-known collection. 2. Jump.trade Jump.trade is a unique NFT project as it’s the first Cricket NFT people can play in the Metaverse. It sold over 55000 cricket player items in the first 10 minutes after the project was launched on the market. The holders can play games or earn passive income from owning the players. The game was launched in 2022, and since then, numerous cricket enthusiasts have joined the community. 3. Azuki Azuki took the NDT sector by storm in 2022 when it was introduced, and it has maintained its popularity ever since. The project consists of 10,000 avatars that offer owners access to The Garden. Azuki is also running on the Ethereum blockchain and offers holders access to exclusive events and products. We listed Azuki among the NFT projects worth adding to your portfolio because initially, there were 8,700 items minted for 3,400 and sold out immediately. It took NFT enthusiasts only 4 minutes to purchase the entire collection. In only 30 days, the project gained $300 million in trading volume, and everyone has started to compare it with Bored Ape Yacht Club. Azuki promotes the idea of mixing the digital and physical worlds in a community-only environment. Its alliances and characters are used in live events, NFT launches, and even streetwear. 4. World of Women Unfortunately, the cryptosystem is still male-centric. However, efforts toward diversity and inclusivity are made, and projects like World of Women are created to encourage more diversity. World of Women is an NFT project started by women in collaboration with The Sandbox, the well-known play-to-earn metaverse game. It aims to grant $25 million to offer women education in the crypto sector so more could join and take advantage of its benefits. The collection is composed of 10,000 pieces of artwork of randomly generated women. Reece Witherspoon, Eva Longoria, and Dez Bryant are only some of the celebrities who invested in this project. 5. Crypto Baristas Crypto Baristas are the ideal non-fungible tokens for those who love coffee, as they are unique characters pouring coffee. The project was developed on the Rarible blockchain and consists of 60 hand-drawn characters by the Coffee Bros and Tony Bui. There are three types of Crypto Baristas NFTs according to their rarity level. The project aims to create a community of people interested in innovation, coffee, art, and investing. This project is new in the sector, but the artwork was sold as soon as it was launched. The demand for secondary sales is huge at the moment, so it’s worth keeping an eye on the characters and their holders. 6. Cool Cats Cool Cats was launched in 2021 and has become the third most popular NFT project sold on OpenSea. Investors can purchase Cool Cats items using Ethereum and other digital currencies on exchange platforms like SuperRare, Rarible, and OpenSea. The Cool Cats community is one of the most active in the industry, and the founders are working relentlessly to improve the project. The NFT project boomed in popularity after Mike Tyson used a Cool Cat NFT as a Twitter profile picture. Among the celebrities who invested in cool cats are Alexis Ohanian, Reece Whiterspoon, and Steve Aoki. Related: Beyond Digital Artwork: 5 NFT Uses 7. Hape Prime Hape Beast developed Hape Prime which became viral on social media immediately after its release in 2022. The collection of NFTs includes 3D artwork of hype beasts, which have been transposed into streetwear items. Hape Prime is derived from the Bored Ape Yacht Club collection and is one of the most successful projects. At the moment, there are over 300,000 Twitter users following the official page of the project. Besides investing in NFTs, people also purchase clothing items from the collection the brand launched in 2022. What’s more to say? The NFT sector is constantly evolving, and new projects and platforms are launched daily. While some of them could grow to the popularity of the Bored Ape Yacht Club, others could remain unknown to the public for years. Whether you are an investor or collector, we hope the above top helped you figure out what projects you should turn your attention to. Read Also: When Will The Crypto Market’s Bear Run End: Experts Answer How A Crypto Lawyer Can Help You Understand Regulations Crypto Staking: Locking Up Crypto Holdings To Earn Interest

9 Vital Options for When You’re Desperate for Money

Most people themselves in a financial jam from time to time, but not everyone knows what to do when it happens! The initial reaction is a sense of panic or desperation. But at some point, logic steps in and reminds those who are short on cash to take action and turn things around. If you're in need of money fast and you're not sure what action is best, don't worry. Take a deep breath and keep reading. Here are nine things you can do if you're desperate for money. 1. Pawn Something You Own: Maybe you don't have too much money in your bank account right now, but chances are you have plenty of things you can sell for quick cash. The real issue comes down to what you're willing to part ways with and how much you can get for the things you pawn. Take a moment to consider all the electronics you don't use anymore and the jewelry you never wear. See if there are any pieces of furniture around your home that are in good condition but that you wouldn't mind not having. It's not like you have to turn in every single thing of value you own. A few personal sacrifices can go a long way, though. 2. Go Through Your Closet: Instead of pawning one or two things of value, consider getting rid of a lot of things of average value--like a bag of old clothes. There are tons of consignment shops and thrift stores that are willing to purchase the old clothes you rarely ever wear. The thing is, your clothes have to be in good condition, and you shouldn't expect to get the same amount money back as what you paid. Still, one bag of clothes can become the money you need to do groceries for the week or get enough gas to get to work. 3. Do Odd Jobs: Another option you have to make quick money when you're short on cash is to do odd jobs. This can be especially profitable if you just got laid off. As weird as it may sound, just take a second to think about all the odd jobs you can do in one day. You could run errands for people who are too busy to do them themselves--like walk their dogs or pick up their dry cleaning. You could babysit, mow peoples' yards, or even take out their trash. There are plenty of things that people will pay others to do if it means not having to worry about it themselves! The trick is to get out of your comfort zone and swallow your pride a bit if you want these odd jobs to help you pay your bills. 4. Pick Up a Side Job: You could do a lot of random odd jobs or you could pick up one side job in addition to the work you already do. This will take up all of your time. It will make you tired and a bit restless, but it will also help make ends meet. It's worth it, and, it could be more fun than you think! A side job could be anything from bartending at night to being a coffee shop barista in the mornings. It could mean you become a waitress or waiter or that you wash dishes in the back of a restaurant, too. 5. Sell Unused Gift Cards: Here's an interesting thought: you may have more money available to you than you think. It just may not be in the form you need it. If you have a bunch of gift cards to clothing stores and online shops, sell them. This can give you the cash in hand you need for more important things like groceries, rent, and gas. It's a simple, stress-free way to make money in a short amount of time. 6. Get a Cash Advance: Getting a cash advance isn't the best idea on this list if your credit is already really bad. But, it could help you if you're in a financial jam for the first time and you have a plan to get out of it. Cash advances give you access to money from your credit card. Instead of using your credit card to pay for things, a cash advance gives you cash to do whatever you need to do. Keep in mind the interest on this charge may be higher than your card's regular level of interest. Most cash advances also apply an added fee to the transactions. If you're looking for a better alternative, try searching for payday loans online no credit check instant approval. These will work similar to a cash advance in the sense that you'll get the money you need in a short amount of time, but, you won't have to worry about charging even more to an already steep credit card statement. 7. Try Peer to Peer Lending: Still looking for options? Consider peer to peer lending! This is a solution most people don't even know about when they're desperate for cash. It works kind of like a personal loan from a bank, but it's more flexible. To get funds from peer to peer lending, you have to find a group lending platform and apply as a borrower. Then, a lender will decide whether or not to give you their own money for a set interest rate. You then create an agreement with this lender for the amount you're going to borrow and how you're going to pay it back. 8. Borrow Money From a Friend or Family Member: If you're considering peer to peer lending, you may as well borrow money from a friend or family member. There's no shame in doing this from time to time. Your loved ones want to see you succeed, and they're usually willing to help you get out of a jam. It's not a gesture to abuse, though. You shouldn't assume that borrowing from loved ones is a safety net that will always be there. But, it is one you can rely on when something unexpected comes up that you have to figure out how to pay for. 9. Take Advantage of All the Free Services You Can: Sometimes, the best way to make money is to save more of it. If you find yourself feeling desperate for more money, be careful about how you spend the money you do have. Take advantage of every free service you can--from food stamps to public transportation to doing laundry at your parent's house. These may change your way of life for a bit and require extra planning during your day to day routine. But, it can do wonders for your personal finances. How to Never Feel Desperate for Money Again: It's one thing to figure out how to make money fast when you're desperate for money, and another to establish such a good relationship with money that you never find yourself in such a place again. This is 100% possible if you put your mind to it. You don't have to be filthy rich to be financially secure. You just have to figure out better ways to make, save, and spend your money. You can turn a little bit into a lot if you know how to best make use of it. It takes time and effort. You'll have to change a lot of your spending habits and overcome a few fears about money, too. But, you'll come out the other end in a much better place. Here are some tools to help you figure out how to become financially secure. Read Also: Hotel Jobs In NYC – Top Reasons To Explore This Opportunity How To Save More Money?

5 Tactics to Improve Your Credit Score This Year

5 Lucrative Ways Improve Your Credit Score:

1. Know What You’re Working With

2. Take Action Daily

3. Get Your Budget on Point

4. Dispute Inaccuracies

5. Attack the Two Most Impactful Credit Factors

Creating the Accountability to Stay on Track

6 Ways to Stay Sales Tax Compliant

When Will The Crypto Market’s Bear Run End: Experts Answer

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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5 Tactics to Improve Your Credit Score This Year

5 Lucrative Ways Improve Your Credit Score:

1. Know What You’re Working With

2. Take Action Daily

3. Get Your Budget on Point

4. Dispute Inaccuracies

5. Attack the Two Most Impactful Credit Factors

Creating the Accountability to Stay on Track

Share this Article

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When Will The Crypto Market’s Bear Run End: Experts Answer

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related