Tips to Ease the Strain of the the Coronavirus Pandemic

by | Mar 26, 2020 | 2020 Monthly Newsletter

As the COVID-19 outbreak continues to affect our communities, including in particular our families, friends and businesses,  the THD team is very sympathetic to the stresses and burdens created for all of us.

I want to share some tips that could help ease the strain on your personal finances. 

  • If you are unable to make any of your bill payments on time, contact your lender (bank, credit card, auto loan, student loan etc.) and let them know of your hardship. Ask them to waive late fees and forgo interest charges at this time.
  • As the coronavirus pandemic continues to spread, hackers may be leveraging your vulnerability to steal your personal data, including your credit card information. Put a credit freeze or an alert on your credit or sign up for a credit monitoring service to track your credit. Credit karma and Experian are both options for this service. 
  • The IRS is not calling you or leaving you messages. Rest assured these are fake so don’t call back or provide any information at all.  
  • If your child is over the age of 18 be sure either you or they put a freeze or alert on their credit.  

We’re thinking of everyone who is being affected, either directly or indirectly. This moment reminds us that we’re all connected like never before, and we hope to do our part to support you, our community during this time.  

Please reach out if you have any questions at all.

-Erik Kaplan

Monthly Newsletter Sign-Up

Should You Cancel Unused Credit Cards or Keep Them?

by | Mar 5, 2020 | 2020 Monthly Newsletter

 

Generally speaking, I recommend clients keep unused credit cards open so they can benefit from having a large amount of available credit. This also shows they are only using a small portion of their credit limit. There are exceptions, to this rule. 

 

Here is what you should know before you make a decision:

  • You might want to close unused credit cards if it has an abundance of fees.
  • Consider closing an account that has active fees, if it will prevent you from using it and racking up more debt. 
  • Always keep some accounts open allowing your credit utilization (the ratio of your credit card debt to your total credit card limits) to be lower.  Always aim to keep your overall credit utilization below 30%, it typically shows lenders that you’re using credit, but not dependent on it.
  • Don’t close the oldest credit card account on your credit report.  This card often serves as a marker and shows the longevity for your credit history.
  • If you want to close credit card accounts, don’t close multiple accounts at once. It can come across suspicious to creditors.
  • Always check your credit reports for updates and errors after you close an account.  While the closed account and payment history may stay on your reports for seven or more years, the status should be updated to reflect that they are closed.

If you want more information about closing an account or want to review your credit report, give me a call or email me today.

-Erik Kaplan

Monthly Newsletter Sign-Up

What does your and your company’s online reputation say about you?

by | Jan 23, 2020 | 2020 Monthly Newsletter

A good credit score offers you as an individual more purchasing power, stronger interest rates, and more attractive rental agreements and job opportunities. A good credit score is often seen as an indicator of your personal financial health.
 
Similarly, what people say online about your company, services, or products will affect the financial health of your company and/or the business you work for.
 
  • 97% of all consumers research products and services online prior to making a buying decision.
  • 83% of consumers trust what they read online about a business… good or bad!
  • 72% won’t buy if there’s a negative review
  • Only 53% of consumers would consider using a business with a rating less than four-stars
Whether you are a business professional or the owner of a business, your online reputation can make or break you. Therefore, the importance of your online personal and professional reputation is and will always be important.
 
  • Do your Google results reflect the reputation you’ve worked hard to build?
  • Do you have a past court case or settlement that continues to imprint itself on you or your business’s digital identity?
  • Does your business have poor reviews (Google, Facebook and Yelp etc.)
A negative online reputation discourages people from building or deepening a relationship with you and prevents them from considering you for new opportunities.
 
I encourage you all to take a closer look at your digital footprint. If you are not completely happy with what you see email me at erik@thdcreditconsulting.com so I can introduce you to a vetted and trustworthy online reputation management company.
 
I will get you a free consultation so you will understand how they can ensure you and your company have a solid online reputation… which is key to your success.
 

​-Erik Kaplan

Monthly Newsletter Sign-Up

Credit Check for Renters: What landlords look for

by | Dec 18, 2019 | 2019 Monthly Newsletter, Ask The Expert

Are you or someone you know looking to rent a new home or apartment?

 

Did you know that potential landlords can request a “tenant credit report” using only an applicant’s name and email address?

 

Many landlords do in fact check a prospective tenant’s credit history with at least one credit reporting agency to see how responsible the applicant is with managing money.

 

Here is what they looking for?

 

A credit report contains a gold mine of information for a prospective landlord. Here are some of the things they can find out:

 

  • Has the person ever filed for bankruptcy
  • Are they late or delinquent in paying rent or bills, including student loans or car loans
  • Have they been convicted of a crime, or even arrested
  • Have they been evicted (legal rights to get information on evictions varies among states)
  • Are they involved in a lawsuit such as a personal injury claim
  • Are they financially active enough to establish a credit history
Information in credit reports covers the past seven to ten years and all 3 of the credit bureaus offer landlord tenant screening services. So, it is a simple process for any prospective landlord to screen potential tenants.

 

As a result of viewing these reports, landlords can either not rent to you because of negative information in a credit report or they can charge a higher rent because of such information.

 

How can THD Help?

 

THD can pull a rental credit report for you to see if there are any mistakes or discrepancies so you can be prepared before you apply for your next home or apartment rental.  It’s simple, just email us at asktheexpert@thdcreditconsulting.com and we can get started!

 

-Erik Kaplan

Monthly Newsletter Sign-Up

Does Experian Boost Work?

by | Oct 31, 2019 | 2019 Monthly Newsletter, Ask The Expert

Boosting your credit score often requires months of ‘good’ financial behavior. But a new tool from Experian allows you to instantly add utility and cellphone payments to your credit report, potentially increasing your credit score and helping you pay less to borrow.
 
How it works?
 
You first give Experian permission to scan bank account transactions so it can identify utility and cell phone payments. Information about these payments will then appear in the Experian credit report and be used when certain credit scores are calculated from that data.
 
The idea is to help customers with thin credit files by incorporating signs of responsible financial behavior that traditionally aren’t seen by credit reporting bureaus. Boost also may help people who are rebuilding their credit after financial setbacks. Experian estimates the product could affect up to 100 million consumers’ scores.
 
Experian Boost works with the most commonly used credit scores by lenders: FICO 8, FICO 9, VantageScore 3 and VantageScore 4. The average increase was more than 10 points and 13% of users on average moved up a credit band.
 
If a lender relies on a TransUnion or Equifax credit report for its application process, the tool won’t help your approval chances.
 
Who will benefit?
 
Experian expects that two-thirds of consumers will see an improvement. Those with thin credit histories (defined as less than five accounts) and FICO credit scores between 580 and 669 will benefit the most, Experian said.
 
Ten percent of people who previously didn’t have enough information in their credit file will now have a score. Fourteen percent of those with scores of 579 or lower moved into the 620 to 679 range, enough to get better credit terms.
 
How Do I Sign Up for Experian Boost?
 
Signing up for Experian Boost is simple. Just go to the Experian Boost page and create a free Experian account to start the process. You’ll then connect your online bank accounts so Experian can search for any qualifying on-time payments. Once you verify that you want to add the accounts to your credit file, your credit scores will be calculated using the newly added payment information.
 
The process is simple, and if you receive a boost, you’ll see your FICO® Score increase in just a few minutes. If you have any questions about this product or process email us at asktheexpert@thdcreditconsulting.com.
 

-Erik Kaplan

Monthly Newsletter Sign-Up

Coming Soon!