Posts tagged with "payday loans stephenville"

How Is Your Credit Score Calculated?

Your credit score reflects the health of your credit history, with a higher number being better. Anything above 700 is good. If your score is below 580, many lending companies will not give you a loan. Before you can improve your score, you need to have a better idea of how it’s calculated.

Primary Considerations That Go Into Your Score

The first thing you need to know is that there are three major bureaus that calculate your credit score. They are Equifax, TransUnion, and Experian. Don’t be surprised to find that each of these companies has calculated a different score for you; that’s because each company uses its own model for determining your score. But there are several key components that go in regardless of the model used, components that you actually have a great deal of control over.

The main considerations are:

  • Credit Card Accounts: How many different credit card accounts do you have? Don’t just consider your main cards, like Discover or Visa. Factor in all the store credit cards you’ve acquired as well. When it comes to your credit score, having too many cards can be harmful.
  • Current Loans: Do you have many loans that will take a long time to pay back? If you have mortgages, student loans, car loans, and others, you’ll want to try to pay at least some of them down significantly to improve your credit score.
  • Payment History: Do youmake your payments on time? If you’ve never missed a payment, your score is likely pretty good.

 

Some Additional Important Factors

Another consideration is the length of your credit history. If you’ve just opened your first credit card account, you won’t have much of a credit history yet. But don’t worry — in a few months or so, your history will build and your score will reflect your credit picture more accurately.

Another factor that affects your score is whether or not your credit cards are maxed out. Lenders want to see that you are able to pay your balances, at least the minimum that’s due each month. Also, if too many different agencies are inquiring about your credit all at once, your score can go down, at least temporarily.

What Can Hurt Your Credit Score

Of course, missing payments is a biggie. Late payments stay on your credit reports for years. Also, watch the spending and repayment habits of anyone who shares your account, such as a spouse. If they’re handling their credit cards irresponsibly, their scores will drop — and so will yours.

Read our previous post, What Hurts Your Credit Score, to find out what else can cause your score to drop.

Ways To Boost Your Score

You’ll be happy to know that there are many ways to increase your credit score. We can’t stress this enough: pay as much of your balance as you can every month, and make sure that all of your payments are received on time. Start to do this consistently, and watch your score improve steadily.

Another way to boost your score is to curb your spending to give you a chance to catch up with payments and reduce your balance. In addition, stop applying for every credit card offer that comes your way; each new credit card application brings your score down.

When You Need Money Fast

When you need cash quickly, such as for an emergency, but your credit score is keeping banks from lending you money, consider a payday loan. This type of loan is considered short-term, and it’s designed to get you through unforeseen circumstances until your next paycheck comes in.

Payday Loans In Texas

At Your Loan Depot, we specialize in fast-cash loans that help people with good credit, bad credit, and everything in between access funds quickly for emergencies and unexpected expenses. Our payday loans and title loans can be just what you need to pay for an emergency now, which can be a big help in between paychecks.

Fill out our payday loan application online to get started. If you have any questions, give us a call. The courteous representatives at Your Loan Depot will answer your questions and explain any terms you may not understand. We are here to help you through whatever financial emergencies you may encounter. We have several payday loan locations throughout Texas to serve you, including our offices in Stephenville, Corsica, Mansfield, and Houston. Get in touch with us today!

Your Step-by-step Guide to Getting Out of Debt

Take A Good Look At Your Finances

The first step is to assess your financial situation to see exactly where you are. Tally up everything, including how much you have in assets and savings, and how much you owe. This is your launching point, showing you what you have to work with, and what you need to pay down first.

Step 1: Add Up Your Total Debt

As part of your financial picture, make a list of all of your loans and other forms of debt. A spreadsheet is helpful for this step, but even creating a handwritten list is useful. On your list or spreadsheet, include the name of each institution, the amount of money owed, and the interest rate for each loan.

Step 2: Put Money Aside Every Month

Each time you get paid, put money aside. Create a savings account for the sole purpose of paying down loans. Use this account to make payments on what you owe, thus bringing down your balances. Make it a habit to pay down debt every month, even if it’s a small amount. This habit will serve you well your whole life.

Step 3: Pay Down Your Debt At Least Once A Month

While monthly payments are a must, you can make payments twice a month, or even weekly, to get out of debt more quickly. The more you get into the practice of paying back what you borrow, the faster you’ll get out of debt, and the better position you’ll be in for the next time you need a loan, whether for home remodeling, paying for school, getting a car, taking care of emergencies, or any other reason.

Step 4: Curb Spending

Take a close look at the money you spend. Before taking out your wallet and grabbing your credit card to make a purchase, ask yourself, “Do I really need this?” Chances are, you don’t. Save your money instead of spending it. You’ll have more available to pay down your debts.

Step 5: Look For Bargains

When you absolutely must purchase something, such as a new pair of shoes for work because your current ones have worn through, or a new water heater because your old one has stopped working, look for deals. Price around, find the sales, and use coupons. It never hurts to ask for a discount; the worst that can happen is you’ll get a “no,” but you may be in for a pleasant surprise when the vendor is willing to offer you ten, fifteen, or even twenty percent (or more) off on your purchase or on services rendered.

Step 6: Sell What You No Longer Need

There’s a good chance that, over the years, you’ve accumulated items you no longer need. If possible, scale down and sell your extras. If you have three cars, consider selling one that barely gets used. If you have expensive gym equipment or electronics you hardly use, think about selling. Then apply what you get from selling your wares to paying down your loans.

Step 7: Adopt Frugality For Life

Now that you’ve gotten into the habit of saving more, spending less, and paying down debt, keep going. This is a habit that will serve you well for life. Living more frugally will help your financial picture and put your mind at ease.

When You Need A Loan

As you pay down your loans and work your way to getting out of debt, there may be times when you urgently need money to pay for an unforeseen expense. Maybe you need to cover out-of-pocket expenses related to an emergency medical procedure for a loved one, or you find yourself having to pay for training that will make you more marketable. A short-term loan can help you pay for unexpected expenses even as you continue to pay off your overall debt.

Look to Your Loan Depot when you need cash quickly but don’t want to take out a huge loan. We have offices in Stephenville, Corsicana, Mansfield, and several other payday loan locations throughout Texas to serve you. Start by filling out our payday loan application to see how much you qualify for. Be sure to keep following the steps outlined above to get yourself out of debt, but rest assured that you can turn to Your Loan Depot when you need a short-term loan for unexpected expenses.