Pinwheel’s Post

My article featured in Wealth of Geeks blog (formerly MoneyLifeWax) on credit score tips including screenshots at end of article how I achieved an 800 FICO Credit Score in my 20’s and 7 steps for people to improve their credit score. https://lnkd.in/gG85jgsx #FinanceTips #Credit #CreditScore #PersonalFinance #Finance

Credit Card Terms are Oppressive! A colleague asked me what the impact on credit card debt using CashMap’s strategy. I’d never been asked before. I did a little research and learned that as of 2019, the average American household with revolving credit card debt has a balance $6,849 at 24 percent. Ouch! If a household was making the minimum payment of $136.98 and had only $200 left after they paid all their monthly expenses, the standard options available to them are depressing! Using CashMap’s strategy, if they were to secure a personal line of credit at 10 percent, the card will be paid off in 23 months and they will pay just $251! If the line was at 24%, total interest payments will be $555. These results are achieved without changing the family’s budget. If they continued to pay the credit card company $136.98 per month, it will take 45 years to pay off their card. They will pay $67,122 in interest. If they wanted to use the traditional approach and pay off the card in two years, their monthly payment will be $362.11 and the total interest they will pay is $1,841.74. Why is CashMap’s strategy so much less? They did two simple things: They shifted their income to the line of credit, and they scheduled and paid their living expenses on the last day of the line of credit’s billing cycle. Putting your dollars to work creates amazing results! The fact that banks aren’t teaching this simple strategy is unconscionable! Imagine what this family can do with the additional $66,871 – savings for a child’s education, a down payment for a home or money that can be accrued for retirement. Instead, a bank is profiting. Wrong, wrong, wrong! I’ve been told that getting a line of credit and rescheduling paying my bills is too much work. Really?? I’m left scratching my head – taking 20 minutes max to reschedule the day a pay my bills isn’t worth saving $66,871 and being done with the debt in 23 months. Folks, I just don’t get it! I called one of Washington State’s largest credit unions. I learned they offer personal lines of credit in $1,000 increments beginning at 10%. These results are so stunning, I’m shocked and am creating a new video about the results. Watch it here, and follow along with this handy downloadable: https://lnkd.in/demKYxst https://lnkd.in/dT7iWt3M #debt #debtmanagement #debtfree #debtfreejourney #loans #india #studentloans #mortgage 

"Before we dive deep into the factors that shape a credit score, it helps to understand why companies care about credit scores in the first place. Spoiler alert: It’s all about the money." #CreditScore #FICO #CreditRating

"Before we dive deep into the factors that shape a credit score, it helps to understand why companies care about credit scores in the first place. Spoiler alert: It’s all about the money." #CreditScore #FICO #CreditRating

myFICO: What College-Bound Students Should Know About Credit Cards https://ow.ly/mRAZ50PtTHX #technology #fintech #fintechtrends #fintechrevolution #myFICO

Credit card usage is increasing among Gen Z - but what does this mean for credit unions, and what can CUs do to take advantage of this rapidly growing segment?

I hope everyone enjoyed their Thanksgiving Holidays! We’re publishing a special post-holiday edition of The Scanner today instead of last Friday as there were some noteworthy industry headlines last week. The Scanner (SPECIAL POST-HOLIDAY EDITION): CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct, 11 States and CFPB Order Prehired to Provide Students $30 Million+ in Relief for Illegal Student Lending Practices and Cease Operations, More Student Loan Borrowers Filing for Bankruptcy to Offload Debt, and more top headlines from this past week. Catch up on all the top news from this past week: https://hubs.la/Q02b6xmv0 READER NOTE: If you find this of value, please like, comment, or repost it to your network. #banks #consumerlending #compliance #creditrisk #creditreporting #cfpb #fintech #news #industryupdates #TheScanner

💰 Countless American consumers and small businesses struggle to receive loans or access capital from traditional lenders. Plaid created a solution that aims to fill that gap, using AI to capture more under-the-radar income and expense activity. Consumer Report is a new product that “gives lenders a more complete real-time overview of a prospective borrower’s full cash flow picture.” Learn more in this recent American Banker article ⬇️

Is Maximizing Credit Card Rewards Worth It?

The reality of the current economic situation is that many Americans are one hiccup away from financial stress. This means that many of your customers are living paycheck to paycheck and have little to no money saved for a rainy day or even a minor emergency. As a retailer, it’s important to offer financing options that benefit people trying to build or improve their credit, while still allowing them the chance to get what they need. #consumerinsights #fintech #snapfinance #consumerfinancing