Save Money on Auto Insurance.

Save money on auto insurance.

The only thing better than having great car insurance is having great insurance that doesn’t cost an arm and a leg. These programs will help you slash your auto insurance premiums without compromising on coverage.

1. Some insurers are test-driving “pay-as-you-drive” plans for cars equipped with on-board systems that track driving time and mileage. The insurer provides a wireless device that securely transmits information to the carrier about your driving habits to help determine your rate.
2. Before renewing your policy, ask your agent if you qualify for any discounts resulting from membership in a union, a religious affiliation, fraternal or professional organization, service in the armed forces, or through your employer. And check in your wallet for potential savings. The credit cards you’re carrying might net you discounted car insurance.
3. Up-front payment, up-front savings? Some companies offer as much as a 10% discount if you pay for your entire policy upon renewal (instead of making payments).
4. Bundle up? Most carriers offer a multi–policy discount if you purchase both auto and homeowners coverage, or insure more than one vehicle.
5. Savings for safety? Ask about discounts for cars equipped with safety features, such as anti–lock brakes, anti–theft devices, and automatic seat belts. And if you have three or more years without an accident or moving violation, ask – or rather, brag – about it; many insurance companies offer discounts to drivers with spotless records.
6. Ask about discounts for completing a defensive driving course, and find out about any savings offered for those with low-risk occupations. Statistics have shown individuals in professions like nursing, engineering and lawyers pay close attention to details and are less likely to get into accidents. Some carriers reward these folks with occupational discounts.

These are just a few ways you can save money on autmobile insurance.

At HOPE we help our clients every day save money and make wise credit decisions. If you would like to know more please call us at 704-503-3669. We are waiting on your call.

How Will My Credit Scores Effect My Home Loan?

I am often asked, "How will my credit scores effect my home loan." With the new guidlines set by lenders the requirments are bringing greater demands on the home buyer. The definition of what is a good credit score has changed drastically over the past year. It is important to get your scores as high as possible. It can make a diference of thousands of dollars over the life of your home mortgage.

It is important for you to know where you stand on your credit scores. It is good to get professional help in reading your credit file. Lenders are looking for certain criteria before they will approve you for a loan. While your credit scores are very important they are also looking today at many other factors in considering your approval.

So what is a solid credit (or FICO) score? The aggressive new FICO classifications are as follows:

-- 740 - 850: Excellent borrowers qualify for the best financing terms.

-- 700 - 739: Very good borrowers receive favorable financing.

-- 660 - 699: Good borrowers should qualify for most loans.

-- 620 - 659: Fair borrowers may qualify but may pay higher interest.

-- Below 620: Poor borrowers will likely not qualify for a loan.

At HOPE we help our clients improve their total financial picture so they can qualify for the best interest rates available to them. If you would like to know more please call our friendly staff at 704-503-3669.

Is It Best To Buy A New Car Before Or After I Buy My House?

This week we are republishing some of our most popular articles in case you missed them the first time around. I believe these articles will be very helpful to you.I am often asked, Is it best to buy a new car before or after I buy my new house?

If your goal is to refinance or purchase a home within the next 6-12 months, it’s best to wait until after you close on your home before taking out any additional loans*.  New indebtedness will almost always cause your credit scores to drop automatically, even if you are making the payments on time.  Furthermore, the new loan may have an effect on the home loan amount for which you can qualify by impacting your debt to income ratio.  Simply put, the new loan, whether car or other, could cause you to have to wait a longer time before your credit scores recover enough to qualify for the purchasing/refinancing of your home. Plus, the new loan would likely cause you to qualify for a smaller home loan amount. So if you are considering trading in, refinancing, or buying a car…wait until the day after you close on your home loan to do so.  *Additional loans include: personal loans, auto loans, and other installment loans.

HOPE educates and guides our clients through the maze of credit questions, just like this one, that can effect the outcome of their financial decisions. If you would like to find out more please call us at 704-499-9696. We are waiting on your call!

What Is A Healthy Credit Card Balance?

I am often asked,  "What is a healthy credit card balance?" It is an important question for consumers to ask since your credit card balances can impact your credit scores quite significantly. In answer to the question above, the best balance is $0.

When you allow your credit card balances to rise over 50% doing so can significantly damage your credit scores, even if you are making your monthly payments on time. Paying off your cards to $0 (and never charging more than you can afford to pay off each month) is the ultimate goal. However, that does not mean your balances have to be at $0 before you might begin to see some score benefit.

When you pay your balances to below 50% you will generally see a credit score increase to some degree. Once the balances fall below 30% you will possibly see another credit score increase. When you pay the down to 0% - 1% of your credit card limits you should receive your maximum potential credit score increase.

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Ron Lambright is considered to be one of the foremost credit experts in the entire country. With nearly 2 decades of experience, Ron is called upon weekly to speak at seminars educating attorneys, loan officers, Realtors, and consumers regarding the complex subjects of credit reporting and credit scoring. Ron is also regularly featured on talk shows and podcasts and has been published in numerous articles, educational handbooks, and blogs. He is an expert at teaching consumers and business owners how to achieve “loan ready” credit reports as well as being an expert in the fields of business financing, business credit, and credit score improvement strategies.

You can connect with Ron on the HOPE4USA Facebook page by clicking HERE. 

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Life Events Affect our Credit.

Life events can effect our credit drastically. I run into people everyday who had great credit at one time but now they find themselves in a situation where they cannot qualify for a home loan. It does not take very long and a great credit score can go down quite quickly. Sometimes it is a job lay off (there are almost 7 million Americans drawing unemployment checks right now), an accident or an illness. These things many times come upon us without warning.

Many times people find themselves unprepared for these emegencies. The bills keep coming due every month and the income has been drastically reduced. Before long they start to fall behind and new lates begin to show up on their credit reports. I have seen one new late drop a crdeit score 100 ponts while the average is probably more like 30 to 40 points. The rest of the bad news is that it will effect their credit scores for at least two years.

Whether unexpected life events have lowered your scores or just bad past credit decision there is a way back to healthy scores again. There are certain prinicipals, if followed, that will cause your scores to climb fairly rapidly. You can rebuild your credit file so that it will be healthy, assuring you of a much better interest rate.

At HOPE we educate and help our clients make wise credit decisions every day. If you would like to know how you can improve your current credit situation please give us a call at 704-503-3669. Our staff is waiting for your call.