Girls Just Wanna Have Funds Women's Personal Finance Blog

Recent economic difficulties being experienced throughout the world have created a number of problems for hard-working people, and one of the most significant is the problem of consumer debt. Faced with stagnant wages, rising costs of living and an increased risk of unemployment, many are being forced to turn to short-term loan-providers for financial relief. However, thousands of consumers are becoming reliant on debt, and that is having a profound effect on their lives. Breaking free from debt is never easy, but taking these ten important steps will certainly help. 1. Don’t Ignore the Problem The incessant phone calls, letters ... Read More »

Southwest Air is hands down my favorite airline, second only to Jet Blue.  When I came across the Southwest Rewards card  I jumped on the deal because I have quite a few trips planned this year. And earning free airline tickets via the Rapid Rewards program can’t hurt!  If you travel a lot then you know expenses racks up quickly and anything you can do to get a few freebies and perks makes it easier on your wallet.     You’ll love Southwest Air for the following reasons: No baggage fees Great customer service Always on time (flights are rarely ... Read More »

Should students have or even use credit cards?  This is a highly debatable topic since so many feel that credit cards  + students often equal financial disaster.  Because of this,  banks and financial institutions have become more risk averse than before in the aftermath of the recession and the financial meltdown, when defaults grew at an alarming pace. More and more banks now offer credit only to people they deem financially responsible. Banks use credit scores as reported by the major credit reference agencies, such as Experian and Equifax, to determine whether an applicant is in good standing.  What this ... Read More »

Are credit cards really evil?  Not at all.  In fact, credit cards can be used to leverage your existing cash while teaching you boundaries and limits when spending using credit. Believe it or not, while there are consumers who struggle with debt repayment, there are some who benefit tremendously from using credit cards wisely.   If you travel, pay for gas or groceries or even use the ATM, there’s a rewards card out there with your name on it. The following details tips that you’ll need to keep in mind when choosing a rewards credit card. Lifestyle Credit Cards For example, ... Read More »

When it comes to applying for a loan or a credit card, it seems like there are a lot of rules that nobody ever teaches you. One of the most important relates to how credit checks can affect your credit score. First of all, it’s important to clarify the difference between a credit report and a credit score. The credit report shows your history with credit, such as credit card bills, mortgage payments, car loans, and credit checks/inquiries. The credit score, on the other hand, is a number that summarizes your credit worthiness. Fortunately, there are two kinds of credit ... Read More »

At some point in our lives all of us have faced financial problems and to solve these problems we have taken financial assistance. This financial help normally comes in the form of loans from banks or debt on our credit cards. In the short term this may seem a viable solution but in the long run you end up suffering. Actually what you are doing is increasing your financial burden. You don’t have any money in the first place and on top of that you take on more debt. Paying off these expenses can take a long time and throughout ... Read More »

Recently, Float Money (www.floatmoney.com), unveiled their unique online borrowing model that they predict will reinvent the consumer credit industry. Float has created a unique loan and credit product for the average American Jane – it gives members the opportunity to access a line of credit that is repaid interest-free. Float members leverage their regular shopping with Float’s retail merchants into a tangible asset that can be borrowed against for no cost to the consumer. How Does it Work? Float members build a credit line (your Float Line) which is determined by two things: Your Membership Level, which is initially determined ... Read More »

Editor’s Note: I love this guest post by Jay Fleischman because I can totally relate!  Keeping my credit in tact while planning for and going through my divorce was top of mind for me.  I know that we often talk about doing away with the need for credit but the reality is that when you split you’ll need to get a new place, buy a new car and a host of other transitional needs that some times require credit.  So while I hate that we make it a holy grail, it is also something that we need to keep in tact ... Read More »

This week my blogging friends have graciously agreed to take over while I take a break.   Today, Miranda shares with us the topic of whether to buy or lease a car.  I am actually in the market for a new car so this is actually right on time!  One of the decisions you have to make as you purchase a mode of transportation is whether you want to buy a car, or lease it. While there are those who are adamant that leasing a car is always the wrong thing to do, the reality is that leasing works well ... Read More »

Let’s cut to the chase.  The score itself isn’t important and here’s why: Your credit score is anyone’s guess because it isn’t something that one can nail down because so many banks, lenders, credit grantors et al use various scoring models to grant you credit of any sort.  The algorithms used to determine the scores are different and always changing.  Not to mention that they aren’t typically available to the public.  So in essence you’re stuck chasing a score that maybe your creditor doesn’t even use! Here are the most popular scoring models and their respective ranges: Equifax BEACON Score: ... Read More »

Good credit is almost as important as food these days. Now, if your credit is bad or poor, chances are that you will lose many benefits and opportunities. Whether you want a loan for your house or a car loan, the first thing all lenders check is your credit worthiness. A high credit score (about 723+) means you’re good investment, while a poor credit score means you’re bad investment. So, it is natural to want to try to get your credit “fixed” by the so called experts and as quickly as possible. That way, most people figure they could have ... Read More »

Y’all have no idea how I wish this were possible!  But if you’ve been researching how to discharge your student loans in bankruptcy for any length of time then you know that it’s darn near impossible to do so. But if you’re curious on how one would go about it, check this out.  You have to pass a few tests that prove undue hardship and the specifics are anything but clear: The most popular test, Brunner, requires a debtor to show that his loan payments would require him to sacrifice a “minimal standard of living” into the future and that ... Read More »

Removing charged off debts can be tricky, and here’s why.  There are a few things you must consider and it requires research and good communication/negotiation skills You have to take a look at your state’s statute of limitations and them determine the last date of activity on the delinquent account.  This may mean contacting the original creditor to find out this information quickly.  The trick is to speak to them about facts only.  I know the general hard and fast rule is that you never speak to them over the phone but I have been successful in getting the information ... Read More »

  Have you been dodging your debt obligations?  Or maybe you’re not in a position to pay up right now.  Well, if the account was charged off, you’re not off the hook just yet.  You should know that if the account is 6 six months or more delinquent, then the debt account has been charged off by the bank. What This Means The bank charges off the account as a way of writing off bad debts.  However, instead of you getting off the hook completely, the account is then sold to a collection agency for pennies on the dollar.  This ... Read More »

If you’ve tried to secure a mortgage loan with nearly perfect credit and an appropriate down payment (15-20 percent) but you were denied, chances are you weren’t applying for an FHA loan. Private lending guidelines in today’s market are much stricter than in previous years. And, with good reason. Private lenders are risking their capital hoping that you won’t default, leaving them with yet another bad loan on their books. The problem Borrowers with problematic credit histories Down payments of less than 20 percent Private lenders are concerned about a borrower’s past and, therefore, requiring higher down payments to reduce ... Read More »