Should I Co-sign A loan, credit card, or Apartment for a Family member? www.3wayfunding.com

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Should I Co-sign A loan, credit card, or Apartment for a Family member?

If you’re a parent then I suggest to add your kids on your credit accounts as authorize user.  This will build up their credit, so you as the parent will not need to co-sign for their student loans, cars, and apartments. 

Now, if you have a family member or love one that having credit issues and they ask if you would sign for them a car, credit card, or apartment, then I would suggest you not to do it.  The reason is that it could ruin the relationship.  For example, if a family needs to move into a new apartment and they ask you to co-sign and you decide to do it.  If that person loses his or her job, then you’ll be stuck with making the payments or ruining your personal credit and the relationship.

I always suggest if a person is having credit issues offer to help them repair their personal credit, if they refuse, then you know that person is not the one to be offering help too.  Some may argue that you should look at how financially responsible the person is in order to determine if it’s worth you putting your good personal credit on the line.  However, you must factor in that things could happen to the person or their employment and that may leave you on the hook for extra bills.

So, in conclusion, I would suggest find other ways to help them, rather reserve the relationship then jeopardize personal credit if the person is not will to fix their own credit.

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How to get a business loan for people with bad credit?

The easiest way to get a business loan for people with bad credit is to take out a loan thru your 401k plan it’s called a ROB (ROLL OVER BUSINESS LOAN).  If you don’t have a 401k or Roth, you may want to consider putting up some assets for a collateral loan.  It’s a lot of lenders that will ignore your personal credit if you have an asset to borrow against.  Those assets make be a piece of land, a car, or a family heirloom.

However, if you don’t have any assets to use as collateral, you make want to borrow the money from a family member of a friend or ask them if they would be willing go into business with you.  You make want to also start putting a small portion of your paycheck aside to help you move toward you goal of saving up to start your business.  

Now depending on what type of business you’re going into, you make be able to pick up a few clients and see if they will give you an advance toward future business. 

Most don’t realize it really does not cost a lot to start a business the issue for most is finding the right customer for your product or service.

Should I Buy A House Vs Buying An Apartment Building? www.3wayfunding.com

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Should I Buy A House Vs Buying An Apartment Complex

If you’ve never owned any real estate and your in the market looking at homes and apartment buildings, you make want to consider who’s going to pay for that piece of real estate.  Let’s say you’ve found a house you like and an apartment building in the same area.  The mortgage on the new house is $1500.00 and the apartment building is $1500.00. 

One person decides to buy the new house for his family.  Now, he’s the only one responsible for that piece of real estate.  So, if he loses his income, he’s going to more likely lose the house and hurt his credit.  Now the other person decided to buy the 4 family complex.  His mortgage is also $1500.00, however he decides to rent out 3 of the units for $500.00 each, which covers his mortgage.  So whether he has a regular income or not his still keeps his piece of real estate. 

Also, the second person decided to add solar panels to the property and switch everything over to electric, and increase rents to $850.00 for each unit.  He decides to pay all utilities for those three tenants.  He gains an extra $1050.00 in rental income and he still does not have to pay any of his income into this piece of real estate.  He also gets to save up to buy the house the first person lost and the tenants from the apartment complex are paying for that house to. 

How credit unions are different from other financial institutions? www.3wayfunding.com

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When trying to decide whether to use a credit union or a bank when applying for a credit card. There are a few factors to consider.

1.) With a credit union you are a member, or a stakeholder. With a bank you are simply a customer. Banks are for-profit institutions and their goal is to make money for the stockholders of the company. A credit union is not-for-profit entity and their goal is pass through the profits to the members. This comes in the form of added member benefits such as low fees and low rates.

2.) Its a misconstrued opinion that credit unions have limited branch and ATM locations. However, many credit unions belong to larger networks, such as the Credit Union Service Centers.

3.) Most credit unions offer credit cards just like a typical bank. What isn’t so typical are the exceptionally low APR rates they offer.

4.) Credit unions have many available ATMs, but they are also fee free! The average fee for an ATM is $2.33 and is on the rise. Now if you use your bank issued ATM card at a third party ATM, then you just doubled your fees. With a credit union ATM card, you can withdraw your own money fee free as long as it’s at a participating ATM. Even if you withdraw money from a third party, you may have to pay their fee, but most credit unions don’t charge for the transactions themselves. I’m too busy to walk into a branch office every time I want to withdraw some money, and I feel that I shouldn’t have to pay hefty fees when I do.

5.) At a credit union, credit cards, home equity loans, mortgages, auto loans, and personal loans all enjoy lower rates than you will find at a bank. At the same time, savings, checking, money market, and CD’s have higher rates. I don’t typically endorse putting any significant amount of your money into savings and CD’s as inflation tends to outpace them, however, most people feel more comfortable doing so and they might as well earn a higher rate!

How to use an ucc-1 to build personal credit? www.3wayfunding.com

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How to file an ucc-1 to build personal credit?

The ucc-1 is a financial instrument used by creditors to file against a piece of property or equipment in order to loan money or credit.  The way it works is that you the borrower have an asset that you use as collateral.  The lender or bank takes that asset and file a ucc-1.  Then when the loan is paid back in full.  The lender or bank files a ucc-3 to release the collateral. 

The problem with using this method as an individual trying to build personal credit is that the process could take anywhere from 60 days to 120 days.  In that same amount of time you could have repaired your personal credit, and then applied for personal credit cards or personal lines of credit. 

If you have a blank personal credit file or rebuilding your personal credit the fastest way for you to build it is to add authorize users, get a prepaid debit card, or a certificate of deposit and borrow against it and that would show as a secured loan on your credit report.

Now, if you wish to learn more about how to use authorize user account to build personal credit

click here.

If you do not want to use your personal credit as collateral but you have 3 to 6 months of bank statements lenders will use your accounts receivable to lend you money or credit for your business.  This process is a much faster process to build personal credit  than filing a ucc-1 financial instrument.

• How often does a credit score change? www.3wayfunding.com

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How often does a credit score change?

Your credit score may only change once a month.  Now, you credit file with change two to three times a month, depending on how much credit information is being picked up by the credit bureaus.  Let’s say you have high credit card balances and you decide to pay them off in full.  The credit file will start reflecting that information immediate, however the credit scores may not be affected from this until maybe a month of two later. 

Also, each credit bureau will pick that information up at different times of the month.  Experian.com may report this information at the beginning of the month, Equifax.com may report this information in the middle of the month, and transunion.com may pick this information up at the end of the month.  This is the major reason your credit scores will more likely be the same number?

Now even though you make have great credit scores many banks and lenders may use their own credit scoring when deciding to give you credit cards or personal loans.  So, the best way to see if you’re going to be approved for a credit card or a personal loan is to make your monthly payments on time, keep your credit card balance below 30%, and keep you inquires to a minimum of 8 within a 2 year period. 

How to Get Rid Of Your #creditcard Debt Fast? www.3wayfunding.com

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Learn, how to pay off credit card debt fast without doing a balance transfer or consolidating your credit card bills?

You need to write down each credit card balance from smallest amount to largest amount.  Then you will pay only the minimum on all your other credit cards until you paid the full balance of the smallest credit card first.  Then take that payment that you were paying to the first credit card and add it to the next credit card and continue paying on it until you’ve paid that bill off.  The reason you want to do this is that it makes you feel that you’ve accomplished something.

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HOW DOES #BADCREDIT HURT ME IF YOU'RE A MILLIONAIRE? www.3wayfunding.com

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How does bad credit hurt me if You're A Millionaire?



When you have money and bad credit you are going to struggle to live the lifestyle you want because you don’t show a paper trail to show you’re a credit person.  You pay out more money in interest on loans and credit cards.  If you have just cash everything you buy is going to be questioned.  Say you want to buy a New Cadillac Truck and you have enough money to pay 20% down payment, but because you have bad credit your interest rate could go from 10% to 17%.  Now say you have a 750 fico score, but no money.  You can get that same Cadillac Truck with no money down and interest rates as low as 4%.  Now, I hope you see why is to earn how to fix your bad credit.  Let’s look at another situation, You looking to buy a house in a new development, you have the 20% cash to pay down but your interest rate will be around 8% to 11%.  Another person that has a 750 credit score buys the house next to yours with 3% down that he borrowed and his interest rate is from 3% to 4%.  You had the 20% down but because you have bad credit your house payment is double their house payment.  Having bad credit hurts you in other ways as well.  Say, you want to money up to a higher job position in the company, but all your co-workers know you have bad credit so you’re no longer a candidate for that job position.  This is how bad credit hurts you too.


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Credit Repair Tips and Tutorials: How To Remove Hard Inquiries off my credit report? www.3wayfunding.com

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Learn how to remove hard credit inquiries for your credit report by first filing disputes with the credit bureaus then with the creditors.  Now, let’s look at how long do hard inquiries affect your credit score.  They affect the credit score up to 6 to 9 months, however they stay on your credit file for 2 years. Now understanding how many points does your credit score drop when you apply for a loan.  That depends on what type of loan your applying whether that be a mortgage, car, personal, or credit card. With each loan it could vary from 1 point up to 12 points. When you’re trying to remove hard inquiries from your credit file there are 2 thing you could say to have them removed but first I must tell you that if you’ve been approved for a account then I would not encourage you to have the hard inquiry removed.  The reason for this is that you may create a dispute of identity theft and have the account closed down.  However on the other hand if you had a hard inquiry added to your credit report from a collection company or a denial from a creditor you can easily have those inquiries disputed.  The way you would do this is by writing letters to the credit bureaus stating that you did not give permission to pull your credit and that this is an invasion of your privacy.  The other way to have the hard inquiries removed is by writing to the creditors and informing them that you were coerced or pressured into applying for the credit card after you informed their employee you would not qualify and they stated it would not affect your credit score.

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Credit Repair Tips and Tutorial: How many credit cards should I own? www.3wayfunding.com

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Learn, how many credit cards you need get a 850 credit score? First thing you need to know how to get your free credit report online and how to get your free credit score online.  Once you have those 2 items, it depends on what are your main goals are you trying to get a mortgage.  Do you know, how to get a mortgage?  If that’s your objective, then you’ll only need between 3 to 5 credit cards, because you do not want to carry to much credit card debt it lowers your borrowing power.  If you trying learn, how to build travel rewards points.  Some people have up to 20 different credit cards.
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Car Buying Tips and Tutorial: How to buy a new car? www.3wayfunding.com

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As it gets closer to tax season many are considering buying a new or used car.  I’m here to show you how to buy a car, whether it be new or used.  If you’re looking to finance a new car, you need to make sure your credit is good and also get preapproved through a credit union because they have rates usually lower than any other lender.  Once you’re preapproved then go to a dealership and asked for their invoice price on the car not the manufactures price, because that price has already been marked up.  If you are not comfortable buying a car now you may want to consider renting a car under your business name.  The reason for this is, if you’re not able to make a payment it does not affect your personal credit.  If you have established business credit cards, you may also considering buy your car with one of those that way your personal credit is protected and you can get the business tax write off.

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FREE CREDIT SCORE ONLINE TUTORIAL: HOW TO GET MY FREE CREDIT SCORE ONLINE? www.3wayfunding.com

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Learn, How to get your free credit score online? Learn, how to get your free creditkarma.com credit report online that shows you your equifax.com and Transunion.com credit reports, and why banks like US bank and navy federal credit union uses the same credit scoring system which is fico 08.  Learn how to get your freecreditscore.com report from Experian.com and why banks like Bank of America uses it.  You'll also get your free annualcreditreport.com that also gives you your experian.com, equifax.com, and transunion.com report.  However, you do need to purchase the credit scores, also keep in mind you do not need a credit card to get access to these free reports.

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TRAFFIC AND CONVERSIONS 2016 NOTES. https://houstonmcmiller.com/home

How to set up a C-Corporation and Why? https://houstonmcmiller.com/busin...

How Does too many inquiries affect my Credit Score? https://houstonmcmiller.com/home 1-888-883-3013

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How Does too many inquiries affect my Credit Score?

It is often cited that having too many credit inquiries on your credit history can contribute to a low credit score. Whilst this is true in the long run and applying for a credit on a number of occasions over a long period of time can detrimentally affect your score, a number of inquiries in a short space of time when shopping for the best interest rates is often recognized by credit scorers and not taken into consideration as ‘over-inquiring.’

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How is Credit Score negatively affected? https://houstonmcmiller.com/home 1-888-883-3013

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How is Credit Score negatively affected?

Credit score is calculated on your financial performances over your lifetime. Financial irresponsibility results in a low credit score; ways to negatively affect this include too many inquiries for credit, late or non-repayments, large outstanding loans or overdrafts, a number of high balance credit cards and more.

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Who does Credit Score matter to? https://houstonmcmiller.com/home 1-888-883-3013

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Who does Credit Score matter to?

Credit score matters the most to two linked parties, the lender and the consumer. To lenders, credit scores are a way of defining how risky a potential loan or mortgage is; allowing them to increase the rates or deny service to a risky consumer. Consumers will find that without a good credit score, they will struggle to obtain approval or affordable rates on a number of types of credit.

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How is Credit Score calculated? https://houstonmcmiller.com/home 1-888-883-3013

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How is Credit Score calculated?

Credit score is calculated using three main values. The calculation first looks at information on your account and profile (your existing credit, outstanding loans, overdrafts), it then checks public records for any black marks on you such as bankruptcies or summons. The third factor is inquiries, both on your part of applying for loans and credits, and of lenders inquiring as to your credit score. Modern credit scores are also now calculated taking into account the credit score of everybody else, to place you in a percentile which can influence your approval and interest rate.

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What is a Credit Score? https://houstonmcmiller.com/home 1-888-883-3013

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What is a Credit Score?

A credit score, sometimes called a credit rating, is a calculated ‘measure of risk.’ Calculated using a number of different factors, your credit score represents the risk factor that a lender will be assuming when providing you with credit for a mortgage, loan, credit card etc. Not only will it affect a lender’s decision on whether or not to offer you credit, but it will also affect the interest rate they you are given and the amount of money you will pay back.

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