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DID YOU KNOW?

	Many people who have filed bankruptcy in the past apply for credit the wrong way. They fill out a credit application and hope for the best. Best case, they probably end up paying a lot more in interest and finance charges - hundreds or even thousands of dollars more, depending on what they're buying. That said, in this article we are going to talk about the RIGHT way to apply for credit and loans. So what is it? Well there are three steps: 1) Learn how to increase your credit score 2) Know the credit approval process 3) Know how to apply for credit and loans Now, you want to get all three of these steps right. Not just one or two, but all THREE! See if you miss one, or don't do it just right, you can end up paying $100s, $1,000s or $10,000s in additional interest and finance charges, depending on what you're financing. Here are the three steps in more detail... Step One: Learn how to increase your credit score. Increasing your credit score is a key factor in lowering the interest rate you pay on loans and getting approved for them as well. Unfortunately, there are a lot of myths out there that can actually hurt your credit score. There a number of ways to increase your credit score. One way is to watch your credit card balances. Lenders don't like to see them go above 50% of the available credit limit. For example, if you have a credit limit of $3,000 and you're current balancing owing is $1,800 (60%) that can hurt your credit score. In this situation, there are two ways you can fix the problem. First, of course, is to pay the balance down so that it's less than 50% of the credit limit. The other way is to get a credit limit increase: If you can get a credit limit increase to $5,000 that will means you will be at less than 50% of your credit limit ($1,800 balance versus $5,000 credit limit). And you didn't have to pay down the balance by a penny! Another way to increase your credit score is to add years of positive credit history to your account. Most people don't know about this and it's 100% legal. But that's another article in itself. The point I am trying to make is that there are a number of strategies you can use to increase your credit score. Best of all, many of them can be implemented quickly and easily. Step Two: Know the credit approval process What do potential lenders look for? Here you need to know the questions to ask. For example, do they work with people who have had a bankruptcy in the past? What is the minimum credit score they want to see? These are just the initial questions. There are a number of other questions. There are also a number of items that send up red flags if a lender sees them on your credit application - ones that could jeopardize your chances of qualifying for the loan or cost you more money in interest. Another factor when applying for credit and loans is timing. You don't want to apply for credit and loans until you've increased your credit score (most people make this mistake). That brings us to step three... Step 3: Know how to apply for credit and loans. Knowing which lenders to approach and how to negotiate with them is also really important. Apply for a loan or credit with the WRONG lender and you're practically guaranteed to be turned down; or, you end up paying a pile of interest. Then there's there is the negotiation process. This especially important when you're buying a car - for example, people will spend a lot of time negotiating the price of the car they're buying and the value of their trade in (if they have one) - and STILL be taken advantage of. They don't know how to REALLY negotiate for a car. Think about it. How often do you buy a car? If you are like most of people it's probably once every so many years. Now, how many times a day do you think a busy car dealership negotiates with buyers? Multiply that by weeks, months and years and you can see that they have slightly more experience. You should now have an idea of the RIGHT way to apply for credit after bankruptcy. Though I wasn't able to go into detail on ALL of the strategies you can use to increase your credit score and qualify for credit and loans at more reasonable rates this should at least give you a starting point. Copyright (c) 2006 Innovative Solutions Publishing, Inc. All rights reserved. DISCLAIMER: This information is designed to provide only a general overview of the subject matter herein. This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought. Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

Denying yourself the small things in life can be misery.

In the last few years of so, if you've been reading most of the information about personal finance that's been flowing from countless sources you'll have heard about how it's the little things that add up to big dollars. An example they give would be 'give up your $3 gourmet coffee every morning, or stop drinking 5 cans of soda a day, and by the time you turn 65 you'll have an additional $100,000 in the retirement fund'.

I'm not here to defend or attack the source of this information. Nor am I going to say you shouldn't cut back on the caffeine, everyone has to make a health choice about their life. What I am saying is that by cutting out the little sources of pleasure in life, you may be setting yourself up for suffering and unexpected misery.

The math behind the long-term projections by others who call themselves "financial experts" is probably very sound. Over many years, a few dollars every day will add up to a large chunk of change just as their multi-year projections show. Everyone who has bought anything on payments knows how a small payment each month adds up to serious money after 30 years.

Being realistic is one of the keys to saving money. Is denying yourself a couple bucks a day practical or even the best way to accumulate future wealth? Is this the most fundamental and best method you can use to be able to afford retirement? I say the answer is no and no. While it is a very good idea to be financially frugal, as in smart, it is irresponsible to think that one strategy, one little adjustment in the day will improve anybody's financial situation.

Why it doesn't work like they say

• What money? - In theory, by not spending $3 a day on your morning gourmet coffee you will be saving $15 a week. In reality, that $3 a day probably rides around in your pocket until it becomes an extra candy bar for the kids, or another slice of pizza at the convenience store. You might as well admit it; $3 lacks sufficient size to be noticeable by itself, and if you don't notice it being spent, than you won't notice it being saved either.

• What bank? - How do you put $3 a day into savings? Do you stop by the ATM on the way to work and make a deposit? No, in fact, most people stopping by the ATM are withdrawing a $20 or larger bill. If you do drop $3 a day into your home piggy bank, how long will it sit there? You have to have real discipline to leave the money there the next time you have a 'small emergency' and need $10 for the paperboy. Again, accumulating the $3 a day and making a trip to the bank once a month sounds good, but in reality most Americans lack the discipline to make it work. In fact, that is why the American savings rate is at its lowest level in years - the average man on the street will not discipline himself to put money away for the future.

• It is denial. - Day-in and Day-out denying yourself of one of life's little pleasures can be terribly annoying when you have nothing to show for it at the end. If the only change in your finances you make is to cut out a cup of coffee, you will be horribly disappointed when you have no more savings after a year than you had before your money diet. Just like a food diet where you cut out one type of food and the scale doesn't back down, when you cut out a spending choice and your savings doesn't grow, you will be more liable to throw your hands in the air and declare it to be an impossible "Who cares".

What I say will work

Allow me to reiterate that simply stopping yourself from drinking coffee on the way to work will not produce noticeable changes in your savings account. Instead, consider implementing lifestyle-based savings strategies you will see your piggy bank over flowing. I don't have time to go into detail in this article, but when you overhaul your lifestyle you might be able to have your coffee and save the money too.

• Are you buying a mansion? - Americans as a whole have been on a housing frenzy for a while and you have to make sure you don't get caught up in the maelstrom. The best thing you can do your lifestyle and of course your finances, is to do yourself right when you buy a house. You don't need a mansion just because it seems everyone else does. Buy a house that you can afford early in your working career and then stay there. Imagine how much of your income you can save as it increases over the years while your housing costs remain the same. Again, the key again is lifestyle and discipline. Keep your lifestyle simple, and have the discipline to put the unused money into a savings plan.

• Family Matters. - The size of your family is a highly personal economic decision, rightly guided by spiritual and emotional reflections. With that said, however, you have to be aware that the cost of raising a family is increasing at a rate faster than most incomes. Consider the cost of child care, education, and spoiling that child because both parents are at work.

• Driven by Expenses - Americans have loved cars ever since they first came on the market. Unfortunately, the trend over the past few years has been towards bigger, fancier, and costlier. Why spend extra money on a new car, with the latest gadgets? Just like buying a house, decide how large and what style of car you need, buy the best one you can afford, and drive it into the ground. Many vehicles will drive just as well after they are paid for as they did before. Stay in the driver's seat on insurance costs as well, and you can rack up serious money over the vehicles 10 - 20 year lifetime.

I don't want anyone to misunderstand me; you can save money by cutting out the little things in life. The problem is that usually the money not spent on the little things goes into buying something else. Overhauling your lifestyle can make the little things count and give you the discipline necessary to hang onto the money.

Even better, overhauling your lifestyle can result in real money for your savings plan. Go ahead and drink a cup of coffee on your way to work, and enjoy peace of mind knowing that you can enjoy one of life's little pleasures after making changes in your lifestyle that truly will provide for long term financial security.