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Use your checking account wisely? Your credit score could now go up
This year, people who wisely manage their checking accounts could see an increase in their credit scores.
The new UltraFICO credit score will let some consumers offer their banking activity as proof that they are credit worthy.
A credit score has never been based on income. A person who makes $20,000 per year — and pays loans faithfully — could have a higher credit score than a person making $200,000, who doesn’t pay loans on time. The credit score tries to predict if a person will pay back a loan and pay it back on time.
Some people, especially younger people, may not have much of a history of loan payments. Those people pay for things mainly in cash, and through their checking accounts and debit cards, which aren’t counted toward a credit score. If they do apply for a loan, their lack of credit history could put them in the subprime category, scores below 670. They might be denied credit.
With the UltraFICO scoring system, a lender can offer to recalculate a consumer’s score based on banking activity. People who have had a checking account for some time, maintain a balance of about $400, and don’t overdraw are likely to see their score rise, possibly high enough to get a loan and therefore build credit history.
One caution: those who do overdraw their accounts could see their scores go down in an UltraFICO calculation.
Since the subprime mortgage crisis, banks have been focused on only the most creditworthy borrowers. In 2018, a record 58.2 percent of U.S. consumers held a score between 700 and 850, the
FICO maximum. These high-score consumers aren’t taking out as many loans these days and lenders have been eager to find responsible borrowers.
Fair Isaac Corporation, the creator of the widely used FICO score, estimates 7 million people with thin credit histories could benefit from an UltraFICO recalculation. Another 26 million people could see an increase, and 4 million could see their score increase 20 points.
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Dare to DIY: Tackle small projects yourself
Does your home need a little sprucing up? Are you having trouble finding a professional to do the job with the ongoing labor shortage?
If you want to refresh your decor, repaint the walls or install a backsplash, do it yourself. With the right tools, high-quality materials, professional advice, and a little elbow grease, you’re sure to create something you’re proud of.
Visit local home improvement and hardware stores, tool rental centers, paint retailers, flooring stores, and more to find everything you need for your renovation project.
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Why you should hire a professional wedding planner for your big day
Planning a wedding is a full-time job. Have you considered hiring a professional wedding planner? Here are a few ways a pro can make your wedding day perfect for you and enjoyable for your loved ones.
• Schedule and budget. Wedding planners have timetables and finances down to a science. They’ll relieve you of all uncertainty, from timing your invitations to ordering the cake.
• Insider knowledge. A pro knows which vendors best suit your preferences and needs. Moreover, since your planner brings them steady business, you may get better deals.
• Personality management. You need someone to advocate for you when interpersonal conflicts arise. Be it the guest list, the seating plan, or a problematic relative, and your wedding planner will handle uncomfortable conversations for you.
• Quality control. A pro ensures nothing gets overlooked. They may also have unique and fun ideas you may not have thought of.
Investing in a professional may save you money on your overall wedding costs. Talk to a wedding planner near you to relax and enjoy your special day.
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The benefits of vinyl flooring
Are you renovating your home or building a new abode? When it comes to flooring, keep in mind the undeniable advantages of vinyl.
Multiple qualities
This versatile material has been gaining popularity in the world of interior design. Modern vinyl flooring has the following benefits.
•It’s cost-effective compared to other floor coverings
• It’s easy to maintain
• It’s scratch- and scuff-resistant, making it suitable for high-traffic areas
• It’s waterproof, making it practical for bathrooms and kitchens
• It can be made to look like natural stone and wood
• It’s warmer underfoot than other types of flooring materials like tile
• It’s available in several formats, including rolls, tiles, and strips
Visit a flooring retailer near you to discover the versatility of vinyl flooring.
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How the envelope budgeting method works
The envelope budgeting method uses a cash-based approach to help people who struggle with sticking to a budget to be more mindful of their spending. It allows you to see how much you spend physically.
Start by dividing your income into different spending categories, such as bills, groceries, savings, gas, and entertainment. You can tailor your categories to your specific situation. However, don’t forget to create envelopes for irregular expenses, such as taxes, insurance, and gifts.
Then, assign a certain amount of cash to each category. There’s no set amount. Your dollar amount in each envelope should reflect your needs and personal goals. For example, if you spend $100 weekly on groceries, put $400 in the monthly grocery envelope.
Once the envelope is empty, you can’t spend any more money in that category until the new budget period begins. If you have money left over in any of the envelopes, you can either keep it in that envelope for next month or remove it and add it to your savings account or emergency fund.
This method can easily apply to a budgeting app if you no longer use cash to pay bills.
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Touchless appliances for the kitchen
If you have a smart speaker in your home, you may already benefit from hands-free technology while you cook. You can use voice commands to set a timer or listen to an online recipe. Today, there are plenty of touch-free appliances that promise to optimize hygiene while increasing efficiency in the kitchen.
Sensor lights
Indoor motion detector lighting offers the same convenience and security as the lights you install on your home’s exterior. In the kitchen, you have the added benefit of keeping messy hands off of light switches. The automatic shut-off feature saves energy, too.
Faucets
Touchless faucets are available in various styles, finishes, and price points. Some even have voice control to let you adjust water volume and temperature.
Dishwashers
Hands-free dishwashers come with doors that you knock to open. They include safety features to prevent accidental activation when a person or pet bumps into it.
Refrigerators
Handleless refrigerators open with the touch of a knee or elbow. Since current models are built-ins, you must hire a professional to install them.
Cabinets
The classic touch-latch cabinet door is a simple hands-free solution you can install yourself. Get a professional to build a sophisticated electronic cabinet closure system for a more high-tech approach.
Get in touch with a local contractor to ensure your new appliances are installed and working correctly.
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Four perfect locations to hold your wedding
Are you looking for a wedding venue that reflects your spirit as a couple? Here are four venue ideas that may inspire you.
1. Yacht. Space limitations may force you to limit your guest list to your absolute nearest and dearest. However, the fresh air and breathtaking views will ensure your intimate wedding at sea is truly memorable.
2. Public building. The stunning architecture of older buildings lends itself well to the decorum of a wedding. Imagine a couple of book lovers getting married in a stately library or a pair of art lovers tying the knot in the gallery where they had their first date.
3. Converted industrial building. Many old factories and warehouses have been given new lives as event spaces. Although you may need to spend more on decorations to offset the industrial backdrop, the funky surroundings will give your celebration playful energy.
4. Vineyard or brewery. Are you particularly fond of a local brewer or winemaker? A romantic vineyard is perfect for a sophisticated celebration. Go with a casual brewery space for a laid-back vibe.
Don’t leave your venue booking to the last minute. Take time this week to explore options near you.
When booking a unique venue, don’t forget to check with local authorities regarding crowd size, noise restrictions, and alcohol service regulations.
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