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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Four Ways to Boost Your Credit Score

October 27, 2014 12:18 am

A recent Federal Trade Commission study showed that approximately 26 percent of consumers have credit report mistakes that could lead to higher loan and insurance payments. More than a quarter of participants in the study found at least one error on their credit reports, and five percent had errors serious enough to affect loan terms.

“Credit reports play a crucial role in determining consumers’ financial discipline and responsibility,” said Howard Dvorkin, CPA and Chairman of Debt.com. “Detecting credit report errors allows consumers to correct inaccurate information that could potentially lead to denied loans and high interest rates.”

Dvorkin advises that consumers review their credit report and take steps to correct any issues. He recommends:

Correcting errors on credit report - Consumers should check their credit score at least three months before making a purchase. If they identify mistakes, consumers should write a letter to the credit bureau and organization responsible for reporting the inaccurate information. In the letter they should explain why the information is incorrect and what should be changed on the credit report.

Asking for a credit-line increase - The credit utilization ratio is one of the major factors that contribute to the overall credit score. Using too much of the available credit can have a negative impact on a credit score. While it’s possible to fix this issue by paying down debt, sometimes consumers may not be able to afford it. To avoid having a low score, consumers should call their card provider and ask for a reduction of their interest rate. This could help consumers to pay off their balance quicker.

Consolidating your debt – Another quick way for consumers to improve their credit score is to consider consolidating their credit card debt. This can make it easier to pay down debt and also increase the average age of revolving credit lines, which can help the credit utilization ratio.

Consumers shouldn’t add an installment loan to their credit portfolio “just because,” but if they are in need of a student or personal loan, they may be able to quickly improve their credit score. Creditors want to see that consumers can handle a wide array of debt, so having this type of loan can be beneficial. If consumers are in dire need of improving their score, taking out a small personal loan that they can pay back over time could help.

Using an old card – If consumers have a card that they haven’t used in a while, they can start making purchases with it again. Not using a card for an extended period of time could lead to credit card providers no longer reporting it to the three major bureaus. By simply using an old card, consumers can increase their credit utilization ratio and extend their history.

Source: Debt.com

Published with permission from RISMedia.


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Six Steps to an Organized Life

October 27, 2014 12:18 am

With harried schedules, many homeowners fall short on keeping their homes organized. Clutter can create a sense of chaos, preventing families from enjoying time together at home.

Help your family remain stress-free by adopting these organizational habits in and around your home.
  • Before leaving a room, take 30-60 seconds to pick up items that are out of place. This little bit of time will make a huge difference.
  • Arrange objects creatively. Maximize space even if it means hanging hooks on cabinet drawers to hang pot holders or utensils.
  • Labels can be your best friend. Be innovative and use them outside of the office. They are perfect for locating items in the pantry, closet, laundry room and more.
  • Put a weekly pantry and refrigerator cleanout on your to-do list. This gives you time to throw out the old items and empty containers to make clutter-free room for new groceries.
  • Be socially responsible and recycle. Keep a few bins around to recycle your cans, plastic and paper. This is such an easy way to teach children responsibility while keeping the earth clean.
  • Put storage accessories to use. These can range from those that are built into cabinets or even a few strategically placed bins to keep everything together. This is especially great for drawers, making them easier to clean out.
Source: Welborn Cabinet, Inc.

Published with permission from RISMedia.


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