Askix » Personal Finance

Bad Credit Check

Marc @ Askix — Tue, 27 Jul 2010 13:58:31 +0000

A good Credit Score can help you do more. Get your credit score from freecreditreport.com. If you have a bad credit history it can effect anything you might want to do. It is often useful to perform a bad credit check to make sure you are in good shape.

If you perform a bad credit check and find out that your credit rating is poor there are a number of things you can do. You should make sure you use a credit card but pay it off in full each month. This kind of activity can help improve a bad credit check. It proves you use credit sensibly. Other things such as owning a home rather than renting can help repair a bad credit check. This again makes you look like a stable person rather.

If you have been rejected after a bad credit check make sure you don’t get into a spiral. Every credit check on your file that is rejected only makes it look worse next time you need to get credit. If you have had a bad credit check and then keep applying for further credit from other providers you may never recover. Take a break for a while if you can and let your bad credit check repair itself. The first thing you should do if you aren’t sure is get yourself a free credit check.

See why millions choose freecreditreport.com. Get your Free Credit Report & Score today with enrollment in Triple Advantage®.

171 Money Blogs – A Big List

Marc @ Askix — Sat, 02 Feb 2008 14:57:46 +0000

I seem to be spending all my free time at the minute looking at personal finance and money blogs. As I have been going along I have been bookmarking them all so I can use them again. I have found some great stuff on these sites so I thought it would be a good idea to share them. There are a few other types of site in there as well but they are all mainly money and personal finance related. The other ones are worth a read too. There are a few sites that I have only quickly scanned but I will be going back to give them a proper read. If you spot any mistakes in the list or you know of any others I should include then leave a comment and will take a look.

The List

I promise I did check the list a few times – it took me ages – so if there are any mistakes I apologise. Hopefully all the links are working though. They were when I checked them!

Image Source – luismi1985

No Credit Check Loans

Marc @ Askix — Thu, 31 Jan 2008 21:52:28 +0000

If you ever get in to financial difficulty then as a last resort you could consider a no credit check loan. You are never going to get a great deal compared to other types of loans but it is worth knowing about them if you end in money trouble and need cash very quickly. The best thing you could do is avoid getting into this type of situation in the first place by living frugally and saving when you can. We all know this isn’t always possible though and unexpected expenses can surprise us all. If you have a good credit history there may be other options open to you so check out high street lenders first before looking at no credit check loans. They really are a last restort if you need money quickly and have a poor credit history.

The amount you can borrow without a credit check is often limited to less than £1000 but this varies between lenders. This type of loan is just what it sounds like, it allows you to get your hands on some money without having a credit check. They are similar in many ways to payday loans in that they are designed to help you out if you ever need to get money quickly to cover a more pressing debt or problem.

The rates are much higher than a secured loan and most other loan types. As you aren’t having a credit check then the lender is taking a bigger risk. Whenever there is a bigger risk for the lender there will be increased interest rates. The rates will vary depending on whether you are a home owner, the amount you want to borrow and your employment status.

This type of loan should only be used as a last resort as a secured loan with a full credit check will allow you to get a much better rate. The advantage of a no credit check loan is that it should still be available to you if you have a bad credit history including -

County Court Judgments
Individual Voluntary Arrangement
Mortgage Arrears
Missed Payments on Credit Cards

Many lenders specialise in this type of loan, one of these is Yes Loans who will try to find a loan for people knocked back by high street lenders. Another is Loan Site who again try to get fast loans for people who have struggled elsewhere. Remember though you should shop around if you do need a loan without a credit check as there are some companies out there who will take advantage of people in this type of difficult situation. You should only ever look at this type of loan when you have exhausted all other options or you need money very quickly.

Make Savings By Choice Not Necessity

Marc @ Askix — Mon, 28 Jan 2008 12:58:41 +0000

I know that a lot of people only start trying to cut back on what they are spending when they hit hard times. This isn’t the right thing to do. If you start trying to save money now then you may avoid hard times in the future. By spending a bit of time considering all your purchases and assessing your bills you can easily save 20% plus on your outgoing.

Imagine what a difference an extra 20% could make if you end up very short on money. If you save all the money you aren’t spending then it will be there for you to fall back on when you are going through a bad patch. I realise this is no good to you if you are already struggling to get by, but if you aren’t you should consider spending a little more time making savings.

As you are already on a money saving blog reading this then the chances are you do already try to save money. What a lot of people do though is make a few changes and consider a few big purchases. What you should be doing is making savings on everything not just the odd time you remember.

Many people talk with their friends about how much they saved on something like their car insurance by using a comparison site. They think they have done well and are making the most of their money. What they fail to realise is that if they did the same with their home insurance, life insurance and even their mortgage they could be saving more than 5 times as much.

So if you are only making the odd saving and not thinking how you can save on every expense then now is the time to start. Remember it is much easier to save by choice rather than by necessity.

26 Of The Best Money Blogs

Marc @ Askix — Tue, 22 Jan 2008 20:55:16 +0000

Money saving and personal finance is a popular topic on the Internet. There are thousands of websites and blogs on the subject. I have found many of them aren’t updated very often or have an ulterior motive, such as trying to sell you something. Unfortunately the best ones aren’t always easy to find so I have created a summary of the best ones I have found. They are all updated regularly and cover a wide range of topics. Some of them are backed by large companies but some like Askix.com are run by one enthusiastic individual. I have tried to group them by the type of site they are but each one will cover a whole range of topics so you should try and have a look at them all. When you have finished feel free to leave a comment giving your opinions, or letting me know the sites I missed out. If there are any really good sites missing I will add them to the list.

The Big Names
Like any topic there are a number of big names in money blogging. These are either attached to a large company or have been around for a long time and have a huge following.

Money Saving Expert – Taking it’s rightful place at the top of the list is Martin Lewis’s Money Saving Expert site. This has been around for a number of years and is the first port of call for a lot of money savers. With advice on everything you could possibly imagine.
The Money Blog – Brought to you by the Guardian newspaper. The first of a few entries from popular newspapers.
MSN Money UK Editors’ Blog – They don’t come much bigger than Microsoft. This isn’t the best of the big sites but an occasional good article makes it worth a read.
Money Central – Money advice from the Times newspaper. Not updated as often as some of the others, but good articles when they do.
This is Money Blog – Financial advice from Fleet Street journalists. A large number of authors covering a wide range of subjects.
Money Blog Network - A finance blog network from eight of the Internet’s top personal finance bloggers.

UK Blogs
This next bunch of sites are blogs primarily aimed at a UK audience. Most money saving tips are universal though so they are worth reading even if you aren’t UK based.

Money Watch – Nicely presented, regularly updated blog by a guy from Wolverhampton in England.
The Thrifty Scot – Sound advice on a huge range of topics with regular updates.
You Could Save – Fairly long running blog with one of the biggest selection of subjects covered.
Mungo Money – Finance blog of the Mungo Money website
Plonkee Money – A large blog providing sensible advice on all aspects of personal finance. A very good read.

Personal Blogs
These are personal sites that aren’t backed by a company but are just one person’s take on money saving or personal finance in general. These can often contain the best and most honest advice as they aren’t worried about damaging the name of a parent company.

My Money Blog – With daily updates on making money and spending less as one person tracks their long term goal of a having a net work of a million dollars by the age of 45.
How I Save Money – A college student documents their progress as they try get rid of their debt and gives plenty of advice along the way.
Personal Money Tips – Maintained by “Ed” who takes an analytical look at money issues and provides a very interesting read.
Being Frugal – A Christian wife and mother trying to get out of debt and providing sound advice along the way.
Saving Advice – Run by two people and packed full of money saving advice
Get Rich Slowly – A long running popular site covering lots of areas of personal finance.
The Budgeting Babe – Good advice on making the most of your money by Nicole.
Green Panda Treehouse - A college student who is trying to balance a budget. This a nice site with lots of good advice.
Neville’s Financial Blog – Tracking Neville’s road to financial success.
Blunt Money – Lots of money stories and advice.
2million’s Personal Finance Blog – A weblog of one person’s journey to reach their goal of 2 million dollars.
A Dollar a Day – Tracks a 20-something woman who plans to save a dollar a day and make smart choices on her spending. With lots of advice for others along the way.
Clever Dude – A clever dude writes about personal finance and money, how could you not take a look.
A Frugal Living Blog by a Frugal Guy – A frugal guy passing on his tips and advice on stretching your pennies that little bit it further.
Not made of money – A husband and wife team give an insight on how they successfully manage their finances, stay debt free and save money.

I am sure there are some good sites out there that I have missed and probably some I think of just after I hit publish. If you have your own favourite site that isn’t on the list then leave a comment and argue it’s case. These are some of the best I could find and enough to keep you busy for a long time, if we followed all the advice in these blogs we would be better of financially in no time at all.

Payday Loans

Marc @ Askix — Sat, 19 Jan 2008 15:56:39 +0000

None of us want to get into money trouble, but if you have cash flow problems during the month then a pay day loan might be able to help. It is basically a very short term loan that is usually paid back when you get paid at the end of the month. They are designed to get you over cash flow problems you have encountered during the month. They are also sometimes known as a short term loan or cash advance.

They usually only allow you to borrow up to £1000 and the charges can be quite high. Typically for every £100 you borrow you can end up paying £120 back. So you should only use them in emergencies. They are useful is if you have a higher interest rate debt that needs paying off quickly. You can often get the money from a payday loan instantly.

They are assessed on an individual basis but usually if you show that you will have the money coming in then credit history isn’t taken into account. You may consider a payday for a number of reasons. A common reason is to avoid defaulting on a current account. It may be cheaper to loan money in this way rather than pay your bank charges for going into the red. It may also be an option if there is a large unexpected expense, such as car problems or house repairs.

This type of loan should not be considered as a long term lending solution. People are sometimes tempted to keep the money for longer than a month, due to how easy a payday loan is to arrange. This can lead to very high interest charges though. To arrange a payday loan you usually only need a bank account with a debit card and a regular wage. Sometimes you may be requested to provide bank statements, pay slips and proof of identity and address.

There are many providers out there so be sure to shop around before deciding who to go with. Many of the popular comparisons sites (e.g. moneysupermarket.com) will allow you to compare payday loans. Remember these should only be used if there is no cheaper alternative and you need the money quickly.

How To: Avoid Debt

Marc @ Askix — Tue, 15 Jan 2008 14:06:28 +0000

Live below your means. I could end this post right now as that is the key point that some people fail to grasp. If you spend less every month than you earn then you won’t get in to debt. It is that simple. The problems come from many sources but one of the main ones is banks. They sometimes seem to want to throw money at you. You usually can’t go a week without an offer of a loan or credit card dropping through the letterbox. Remember that this isn’t free money, they are making a healthy profit on giving you it.

If you struggle not to spend more than you earn every month then the first step is to make a budget. Write down all of your regular bills and all of your other expenses across a whole month. This will show you exactly where your cash is going. Remember to included everything from bus tickets to chocolate bars. You will be surprised how much is wasted. Obviously there will be some essentials on the list which we will come back to later but there will be a lot that can be cut out. Once you have the monthly figure you need to multiply it by 12 and then add in all the yearly expenses, and include things like holidays and one off treats. This will then give you a rough idea of your total annual spend. Now you need to subtract this figure from your total net income which will hopefully leave you with a positive figure. If it does then you are already doing well but you could probably do better. If the figure is negative then you could have a big problem.

If you have worked out that you are spending more than you are earning you need to do one of two things. Either reduce your expenses or increase you income. It is likely that it will be difficult to increase your income so you will be left with reducing your outgoings. The first thing to do is look at everything listed on your budget and decide what you don’t really need. Can you make do with one night out less a month or maybe cut out the takeaway coffees? You will be surprised how much you can save by making small changes. For example if you take a sandwich to work rather than buy one you will probably save about £4 a day. That is about £1000 a year! If you have managed to cut out any expense you can total it up again and see how it is looking.

You should do the following whatever the outcome as it is always good to save yourself some money. That is to assess your monthly bills, your gas, electric, mobile etc. You can use one of the comparison sites from my earlier post to do this for you. This is where you can make some big savings. You should do the same for your house and car insurance too. Hopefully once you have done all of this the figure from your budget calculations is now a positive one.

Assuming you are able to live within your means you should look to save about 10% of your income every month to cover any unexpected surprises. This means when they inevitably happen you can deal with it without having to get an expensive loan. Look out for the upcoming post on making the most of your savings to see what to do with your 10%.

Identity Fraud

Marc @ Askix — Thu, 10 Jan 2008 20:51:13 +0000

Something nobody ever wants to go through is having their identity stolen. You can end up with your credit rating ruined and an empty bank account if you don’t stop it quickly. This is an ever growing problem so make sure you are doing everything you can to make sure the next victim isn’t you. If you follow the simple advice below you are making the job of the identity thief a little bit more difficult.

If you aren’t doing so already make sure you take care with all you paperwork. Never throw anything out without first shredding it. Anything with any of your details on is a potential risk. Make sure you take care of your personal details on the internet too. Any time you buy anything make sure it is a secure site and do a few checks to see if the site looks legitimate. Try and find out if they have a telephone number and an address. Another potential threat is on the phone, be careful what details you give to someone. If they rang you then they should be the ones confirming any details not you.

Beware of imposters, either on the phone or on the internet. If you receive a call or email asking for you to confirm details make sure you don’t give them anything. No company will ever ask you for passwords or PIN numbers over the phone or my email. Any email requesting this type of information can go straight in the bin. You should also avoid writing down your PIN numbers and passwords as they can easily be lost and end up in the wrong hands. Don’t let this mean that you pick simple easy to guess passwords though.

Many credit cards offer protection against identity theft so make sure you take advantage of it. Credit cards are very often the source of problems so take care with yours. If you ever see anything suspicious when you use your cards be very careful. It is possible to clone cards by copying the details as you pay for something. Most card scams have a camera pointing at the device to catch your PIN so make sure you cover the keypad with your hand when you enter it.

10 Top Money Tips

Marc @ Askix — Wed, 09 Jan 2008 20:36:56 +0000

Everyone is throwing advice about so where do you turn first? Well you can start here with 10 top tips for your money in 2008.

1. Start saving
You can start by setting up a standing order, no matter how small, to move some money to your ISA or savings account every month. Set it up for just after pay day and you won’t even miss it! If you really want to save but don’t trust your will power then consider an account that ties your money up for a set period.

2. Sort your pension
It doesn’t have to be a huge amount but start paying in to a pension scheme. Most schemes allow you to take a break if you need to without incurring penalties. So there is no reason not to sort it immediately.

3. Write a budget
Writing down everything you spend compared to what you earn can give you a big reality check if the result isn’t what you expected. Keep your receipts for a whole month and look at all your bills to get an accurate picture of your outgoings.

4. Review your mortgage
If your current deal is coming to an end or even worse you are already on a standard variable rate moving to a new mortgage could save you thousands.

5. Cancel store cards
Store cards almost always charge extremely high interest. You should switch to a credit card that offers 0% for a set period.

6. If in doubt just say no
If you are looking at making a big purchase or signing up to a new contract for something and have any doubts just walk away. Take a bit of time to make sure you really do make the right decision and don’t regret it later after you realise you have wasted your money.

7. Keep your debt in check
If you have debt problems then deal with them now. Don’t bury your head in the sand and do consider consolidating your debt.

8. Check your accounts
So you already made sure you had a great rate on your ISA and savings account? These change all the time so check again to make sure accounts are still leading the way.

9. Pay upfront
If you can afford to pay for goods upfront then don’t be tempted by credit unless it is going to really save you some money.

10. Bookmark Askix Now
There will be some great ideas throughout the year at Askix.com so bookmark now so you don’t miss out!

So there you are, some great tips for making the best of your money, well apart from the last one! You can’t blame me for trying though can you?

Don’t Say No To Free Money

Marc @ Askix — Wed, 09 Jan 2008 19:58:23 +0000

Are you in a pension scheme? If not then you are really turning down free money. In the UK on the basic rate of tax you could be getting an extra 22% in tax relief for all the money you put in to a pension scheme. This is on top of any contributions your employer may make. Many companies will match what you put in a scheme up to 5% of your salary. This means that if you were putting in £100 a month your employer would put in another £100 and you would get 22% tax relief. So for the £100 you put in there would be £244 going in to your pension.

It is estimated that about 20% of people aren’t in a pension scheme. It is claimed that the main reason people aren’t putting in to a pension is that they want to pay off existing debt first. This is a reasonable point but if at all possible you should start a pension. Research has shown that at current levels 22 million UK adults risk poverty in retirement.