bcnbdcub

Step 2: Secure Your Credit!

The next step is to get a good credit card... Secured or Unsecured doesn't matter. Remember... its how you control the credit that counts! (think about Step 1) When in doubt, a secured credit card is always a sure way to rebuild that credit!

Secured credit cards are a great choice for those having trouble obtaining credit. A secured credit card can provide the best opportunity to establish credit. The credit card providers require a deposit equal to the credit line as collateral. While you build your credit, you are also earning a small return on the savings.

For example, Orchard Bank and New Millennium Bank both offer a secured credit card that requires as little as $200 to get started and reports to all three credit bureaus! As all secured cards go, there will be some start up fees (between $50-$150 is normal) so you will begin with a balance right away. As we discussed before, you need to get below 20% of the credit limit as soon as possible. (Hint: a $300 credit limit will allow you to carry a $60 balance at the 20% target.)

However, many card issuers also offer unsecured cards. During the application process for Orchard Bank, they will tell you which one you may best qualify for. So if you don't quite qualify for the unsecured right now, there won't be an extra hit to your credit score to get the secured card! Try now and see what's available for you! Contact the author for ideas on where to apply.

Ed Nailor is a loan officer with 1st Metropolitan Mortgage in Charlotte, NC as well as webmaster and website designer. For more information on mortgage home loans in North Carolina or real estate in Charlotte, NC, please visit http://www.EdNailor.com

# posted by cgocbjeg : 3:30 PM  0 comments

How do you guarantee youll have social security income for retirement? There are two things you have to do in order to do this, but first you need to understand this one simple concept about money.

The one concept you need to know is what the word economics really means in relation to what you are trying to achieve financially. Now dont get all nervous about this word economics. The fact is, the definition used by the media, banks, governments and even educational institutions, is the incorrect definition for what an individual is doing with their money when I talk about economics.

Economics originally meant the art or science of managing a business or household. Social security, meaning financial security, can be guaranteed by practicing good economics with your own money.

To practice the real art of economics in your household or company there are 2 basic principles you have to understand in order to create your own social security program.

1) Make more money than you spend, and 2) dont waste the money that you make. Lets look at how you accomplish #2.

We all shop and spend money. Where is it written in stone that you have to pay full retail price? Is there a way to shop that makes you wealthier? Try to buy items from a wholesale storeor better yet, buy the item direct from the manufacturer. This takes some scouting and time, but it is a breeze on the Internet. You save rather than wasting your money. In the end, it becomes a fun game!

So here is how to play the game. Decide what you want to buy. Next, check out the retail price, the distributor price, and the manufacturers wholesale price for the item. To get wealthier, use your most imaginative investigative skills to find where to buy that item at the most acceptable quality and at the lowest possible price. Take the money that you saved and invest it. As this money accumulates over the years, by doing this on just a few of the following items in this article, you will pay yourself a retirement sum more assured and larger than the government program social security checks!

Dont be fooled by the sale signs at the full retail price stores. A friend remembers when he worked in a mens clothing department store. This retail store set a sale price by doubling the cost of the item and then marking it off by 40%. By doing this, they could mark the items on sale and charge 60% more for the items.

As another example, why shop for a new refrigerator costing $900 at a major appliance store? Why not go to an appliance outlet store and buy a similar one with a full warranty for $450? That leaves an extra $450 in your bank account.

A friend of mine, who is a business consultant, lives by the motto, "Never pay retail." He tells the story of shopping for bedroom furniture costing $2,000 on sale at a modern furniture store that has poor quality veneer over fiberboard. Instead, he bought a beautiful 40-year-old, solid hardwood, finely crafted furniture for $600 at a consignment store. That saved him $1,400 on something that is used for a few hours each day. He also got quality furniture that will last more than 40 years.

Another friend of mine recently bought a $25,000 car, 2 years old, in pristine condition, with very low miles on it for $13,000. She purchased it through someone who buys for private individuals straight from the used car auctions. Rather than buying a new car, if you do this a few times and invest the difference, do you see how your Social Security check grows? In the coming months, some will have security and others will not.

Practice good economics. Dont pay full retail price. Get a real Social Security check that you create!

Sandra Simmons, President of Money Management Solutions has years of experience helping business owners and individuals manage their money to reach their financial goals. Watch the FREE demo video of her financial planning software when you visit the website.

2007 Sandra S. Simmons. All Rights Reserved.

# posted by cgocbjeg : 1:55 PM  0 comments