Young person Getting Financially on Track
Author: thejoshua
Posted: Wed Jul 13, 2005 1:41 pm
Post subject: Young person getting financially on track
After tax income is $1950 after bills I have about $1100 remaining. I have $4000 in the bank and about $200 CC balance. I have bad credit which I'm trying to improve, and only one card with one year of on time payments, no lates. In December I will have an extra $400 per month, after my car is paid off and my rent drops $100 although my bank account will be empty from the car pay off. I am not building credit on the car however because it's not in my name. I'm also starting school part time online at a loca community college, which hopefully will eventually land me a better job. My goal is to buy a condo in the next few years which average about $200k for my area. As for work I run a small service & retail business for an owner here in town. I take care of everything regarding the business. Payroll, inventory, bill paying, interviews etc. etc. Should I be looking for more pay for my experience?
Any suggestions onhow to reach my condo goal? Should I be searching for a new job? How can I improve my credit? Any help would be awesome.
Author: Sarasotatony
Posted: Wed Jul 20, 2005 9:35 pm
Post subject: Young person Getting financially on track
You are doing a lot better than I was at 22! Don't apply for any new credit for another year or two. Go to each of the three credit bureaus and buy your credit score ($6.95 for Equifax and $5.95 for the other two). Don't sign up for those credit monitoring deals--they are unnecessary. Don't forget: You can now get a free credit report from each of the bureaus. For great advice that helped me build up my credit, go to: www.bankrate.com Type in whatever key words in the search box and you will have all the financial information you need. Also: Tivo or watch the Suze Orman Show on Saturday night (MSNBC) (8:00 pm-10:00 pm eastern). She gives invaluable advice. Good luck!
Author: thejoshua
Posted: Thu Jul 21, 2005 2:58 pm
Post subject: young person getting financially on track
I actually just got a circuit city card and bought a TV interest free for two years, hopefull that helps out my credit a bit more.
Author: PFFrank
Posted: Fri Jul 22, 2005 7:15 pm
Post subject: young person getting financially on track
thejoshua wrote:
I actually just got a circuit city card and bought a TV interest free for two years, hopefull that helps out my credit a bit more.
Be VERY careful with this. If there is minimum monthly payment due, DO NOT BE LATE. And, if at all possible, pay off the entire balance before the interest free period is up. You'll have to read the details of the agreement, but usually if you are late with a monthly payment, the "interest-free" turns to 20%+ interest rate. Also, if the entire amount financed is not paid off by the end of the two years, they then tack on ALL THE ACCUMULATING INTEREST OVER THE LAST TWO YEARS.
So, please, please, PLEASE be careful and pay off the balance sooner than later.
_________________
PFFrank.com
Personal Finance, Frankly Speaking
Posted: Wed Jul 13, 2005 1:41 pm
Post subject: Young person getting financially on track
After tax income is $1950 after bills I have about $1100 remaining. I have $4000 in the bank and about $200 CC balance. I have bad credit which I'm trying to improve, and only one card with one year of on time payments, no lates. In December I will have an extra $400 per month, after my car is paid off and my rent drops $100 although my bank account will be empty from the car pay off. I am not building credit on the car however because it's not in my name. I'm also starting school part time online at a loca community college, which hopefully will eventually land me a better job. My goal is to buy a condo in the next few years which average about $200k for my area. As for work I run a small service & retail business for an owner here in town. I take care of everything regarding the business. Payroll, inventory, bill paying, interviews etc. etc. Should I be looking for more pay for my experience?
Any suggestions onhow to reach my condo goal? Should I be searching for a new job? How can I improve my credit? Any help would be awesome.
Author: Sarasotatony
Posted: Wed Jul 20, 2005 9:35 pm
Post subject: Young person Getting financially on track
You are doing a lot better than I was at 22! Don't apply for any new credit for another year or two. Go to each of the three credit bureaus and buy your credit score ($6.95 for Equifax and $5.95 for the other two). Don't sign up for those credit monitoring deals--they are unnecessary. Don't forget: You can now get a free credit report from each of the bureaus. For great advice that helped me build up my credit, go to: www.bankrate.com Type in whatever key words in the search box and you will have all the financial information you need. Also: Tivo or watch the Suze Orman Show on Saturday night (MSNBC) (8:00 pm-10:00 pm eastern). She gives invaluable advice. Good luck!
Author: thejoshua
Posted: Thu Jul 21, 2005 2:58 pm
Post subject: young person getting financially on track
I actually just got a circuit city card and bought a TV interest free for two years, hopefull that helps out my credit a bit more.
Author: PFFrank
Posted: Fri Jul 22, 2005 7:15 pm
Post subject: young person getting financially on track
thejoshua wrote:
I actually just got a circuit city card and bought a TV interest free for two years, hopefull that helps out my credit a bit more.
Be VERY careful with this. If there is minimum monthly payment due, DO NOT BE LATE. And, if at all possible, pay off the entire balance before the interest free period is up. You'll have to read the details of the agreement, but usually if you are late with a monthly payment, the "interest-free" turns to 20%+ interest rate. Also, if the entire amount financed is not paid off by the end of the two years, they then tack on ALL THE ACCUMULATING INTEREST OVER THE LAST TWO YEARS.
So, please, please, PLEASE be careful and pay off the balance sooner than later.
_________________
PFFrank.com
Personal Finance, Frankly Speaking
posted by CardRatings.com at 1:22 PM
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