Your financial history is including debt, loans, accounts, credit cards, collections, outstanding balances and more. If your credit is good it will be easier to obtain financing with good rates of interest and if it’s bad impact your ability to get loans and services.

When you apply for credit financial institutions and lenders look at two main factors:

* Credit report: a record of your transactions and financial accounts, loans, debt, cards, collections, payments, outstanding balances, personal information and credit applications. The bad financial history can remain on your credit report for seven years or more.

*Credit score: A number, usually between 300 and 850, used by financial institutions and lenders to predict your likelihood to repay loans on time. Your score low if you have too much debt or do not pay up on time and if you manage your money responsibly. A score above 700 is considered very good. A score below 600 represents a risk to the lender and can cause you to receive a higher interest rate or that your application be rejected. (more…)

In addition to ensuring the economic future of your children, it is important to start planning your retirement, to meet this goal it is necessary to organize to save 10% of your monthly income.

Habits such as saving and financial planning can be great allies of single mothers who head families, as well as build a future for their children should also start working for their own future, said the director of Human Capital Skandia’s investment funds, Maria Eugenia Castillo.

In Mexico there are 4.5 million single mothers (single, widowed or divorced), of which 71.8% work, while the third lives in poverty, according to the National Population Council (CONAPO), and for this reason it is important start thinking about how to prepare for a sound financial future, he said.

“The economic risk of single mothers is that they focus all their financial efforts to provide their children with education, health, clothing, housing and entertainment, neglecting a very important aspect of life, that is their retirement,” said the expert.

While the financial priority in these cases is focused on children and supports themselves, if not start a savings plan for retirement, it is possible that in adulthood does not have the money to sustain themselves. (more…)

Here are some interesting aspects of his life:

1.- He bought his first share at age 11 and now regrets that he started too late.

2.- He bought a small farm at age 14 with savings from delivering newspapers.

3.- He still lives in the same small 3-bedroom house in Omaha that he bought after he married 50 years ago. He says he has everything he needs in that house. His house has no fence or gate.

4.- He drives his own car everywhere and does not carry a driver or bodyguard.

5.- He never travels by private jet, although he owns the largest private jet company in the world. (more…)

Today I try to give a few tips on high-yielding deposits. Frankly, the topic I am tempted for a while now, but I decided to just write about it now. The reason is in itself a tip: make haste.

The bloody battle between the unions declared the bank whose aim was to attract more funds through tempting interest rates with high profitability is coming to an end, at least temporarily. Interest rates on deposits more profitable start to fall. In savings or deposit products launched late last year or the beginning of the current notice a slight decrease in average interest rates, many financial experts confirm that this decline will occur even more pronounced. The main reason is the lowering of the interest rate of the ECB.

So my advice is do not expect much, those of you with any intention of hiring a saving deposit, as it is very likely that interest rates fall further. The current bid has still hardly a 5.75% APR or even a 6% APR in some banks, but it seems that the supply will last. (more…)

If your debt is only $ 10.000 almost never recommend my clients to go bankrupt, but each case is different. Remember that bankruptcy will affect you credit for at least 7 years, but of course, if you cannot pay your debts also be affected. If you do not have any assets (house, car, etc…) In addition, the debt is only credit card I do not recommend that you come out. This decision is affected at the same time, if right now or you’re working on plans to return to work soon (and if the labor market allows).

The worst mistake a person makes is not to call the credit card companies and explain the situation. You have to call them and tell them you want to enter the plan of financial difficulties (Financial Hardship) for them perhaps you can reduce monthly payments so you can meet with them while they fix your situation. This same make the loan consolidation companies that can lower monthly payments.

If you still think your best option is bankruptcy keep in mind that it costs money (maybe more than one thousand dollars) which could be used to make monthly payments of up to one of your cards, and after one year could have good credit yet. If you have no future plans to do anything with your credit or if your credit was damaged in advance could also go bankrupt.

The important thing is that you learn from this situation and you start to have an emergency fund of at least 3 to 6 months of your monthly expenses. If your household spent, $ 1,500 per month should have at least $ 5,000 in a savings account. This seems very hard to do, but if you start saving $ 20 a month from your paycheck that could help you save at least $ 1,000 a year with minimum effort.