2020 has been a challenging year for most of us. Below you will find a quick summary of the 2020 Credit Review.
The COVID-19 pandemic that started in China at the end of 2019 started expanding throughout the world at the beginning of 2020.
Many of us know of friends, family, acquaintances that contracted the virus and some have died.
The US Economy
As the deadly virus was spreading in the USA, our economy was shut down by closing businesses and limiting the physical interaction in an attempt to slow down the spread of the virus. However, the saying “it spreads like a virus” was based on facts and it happened in 2020. Many businesses closed down for good as a result of the shut-down and the unemployment raised to high numbers. It is now predicted that the Chinese economy will surpass the US economy by 2028, earlier than previously predicted due to the coronavirus pandemic.
After the big dip at the beginning of 2020, after the pandemic news hit the USA, the Stock Market came back strong at its highest levels by December.
Nevertheless the 2020 turmoil, the interest rates continued to be low. Thus, the real estate market has done very well as buyers took advantage of the low interest rates to get loans and invest in real-estate.
Many know that owning real-estate helps increase credit scores for some.
Banks allowed creditors to defer their monthly credit card payments for few months beginning from March without reporting them as late with the credit reporting agencies. That helped many of us from having our credit scores drop as we awaited the government financial help.
Happy New Year! 2021
As we are now awaiting the second stimulus checks, we are hoping for a better, brighter and a healthier 2021.
Do you need to have a 2020 credit review done?
Call us at 702.541.8215 if you need help repairing your credit score and your credit report
If you have not done it before and need to get a new loan, to buy a car for example, you learn that the lender wants to see your credit reports and scores.
The information is abundantly on the internet. It may also be confusing sometimes.
We did the research for you and we found that https://www.usa.gov/credit-reports is a good website to start learning about credit reports and scores.
CARES Act = Coronavirus Aid, Relief, and Economic Security Act
Programs available to eligible Nevadans under the CARES Act:
Pandemic Unemployment Assistance (PUA)
PUA is available through December 26, 2020 to eligible individuals:
- 1099 contract workers
- Gig workers
- Employees whose wages are not reported for unemployment insurance
- Employees who have not earned enough wages or worked enough hours for regular unemployment benefits
- Individuals who were going to start work but could not due to COVID-19 pandemic
Pandemic Emergency Unemployment Compensation (PEUC)
This program has been implemented effective May 10, 2020. It is payable through December 31, 2020 to eligible claimants whose claims have been exhausted.
Federal Pandemic Unemployment Compensation (FPUC)
Eligible individuals received an additional $600 per week in addition to their weekly benefit amount from another unemployment compensation program. The program ended July 25, 2020.
Lost Wages Assistance (LWA)
Lost Wages Assistance (LWA) provides an additional $300 per week to any “eligible claimant” affected by COVID-19 that is collecting benefits under the following programs:
- Unemployment Insurance (UI)
- State Extended Benefits (SEB)
- Trade Readjustment Allowance (TRA)
- Pandemic Emergency Unemployment Compensation (PEUC), and
- Pandemic Unemployment Assistance (PUA)
To receive LWA, claimants must be unemployed due to COVID and be eligible to collect at least $100 benefits for UI, PEUC, PUA, SEB, or TRA for weeks ending 08/01/2020 to 09/05/2020.
LWA is payable beginning the week ending August 1, 2020 and will end the week ending September 05, 2020.
Have you recently been denied for a credit card because of insufficient credit history? How can you build your credit if no one will qualify you for a credit card?
Apply for a secured credit card to start building your credit history
To get qualified for a secured credit card, you’ll have to provide your credit card issuer with a security deposit prior to approval. The limit on your secured credit card will be the amount of your security deposit.
The credit card issuer reports your purchases and repayment activity to credit bureaus the same way as the unsecured credit card issuers. That will help you build your credit history.
Use the secured credit card responsibly
Once you received your secured credit card, use it regularly, without overspending and get into a healthy habit of paying it on time.
The secured credit card will incur interest on statement balances that are not paid in full and on time. These charges can add up quickly and they will increase your card balance which will negatively impact your credit score.
It is important to pay attention to how much you spend and when you repay. Make your credit card payments on time, all the time.
Monitor your credit score
Check your credit score and credit history regularly as you get used to your credit card. Your credit card issuer may give you free access to your score.
With controlled spending and on-time payments, your credit score and credit history will improve over time.
High credit scores will help you qualify for low interest loans and unsecured credit cards that offer rewards.
Popular credit cards: CITI ▪ CHASE ▪ CapitalOne
If you already have a credit history and need help improving your credit score, our credit repair specialists are a phone call away.
Few factors affect your credit score that are related to your past and current financial activities.
Payment history includes a record that shows if you paid your bills on time. It includes medical bills, so if there are any that you may have forgotten about, they will show in your payment history record.
This record holds information on credit accounts you have opened over the years, how long you have had the credit accounts.
What other factors affect your credit score?
Credit usage shows the current credit account balances compared to the credit limit. The older the credit history and the lower the balance, the better score on your credit.
An overall look at the total amount of your recently reported balances. Any delinquencies are included here.
This report shows the recently opened credit accounts as well as the recent credit checks performed on your account.
There is a maximum limit on a credit card or account. The available credit is calculated by deducting the account balance from the maximum limit.
We can help you improve your credit score. Call us to learn what steps and procedures we follow in providing you with a successful outcome.
Accepting credit and debit card payments is one of the first tasks for starting a small business. There are several credit card processing options to choose from. If you start your small business and your sales are $5000 or less a month and the average transaction is $100 or more, you will find out that a merchant service aggregator, such as Square, Stripe, PayPal, will cost you less in processing fees than signing up for a merchant account.
It is also convenient for a small, startup business to have a simple per transaction credit card processing charge then having to pay monthly processing and gateway fees, on top of the per-transaction or bankcard discount fees.
If your average transaction is around $10 – $20, then you should probably sign up for a merchant account. If you don’t want where to start, call your small business bank and they can provide useful information.
An individual credit report will be completed before the business will be approved for the merchant account.
If you need to improve your credit score before applying for a merchant account for your business, call Fast Credit Solutions for an initial account review.
U.S. Department of Labor publishes new guidance related to employee leaves as the workplaces reopen.
Questions and answers related to employee leaves and “COVID-19 and the American Workplace” can be found on the DOL website: “Families First Coronavirus Response Act: Questions and Answers”. One of the topic that is addressed on the DOL website is:
Can employees that are not teleworking take expanded family and medical leave intermittently while a child’s school or place of care is closed, or child care provider is unavailable, due to COVID-19-related reasons?
Yes, but only with the employer’s permission. Intermittent expanded family and medical leave should be permitted only when the worker and the company agree upon such a schedule.
Employers and employees collaboration to achieve flexibility is encouraged by the DOL. Therefore, if employers and employees agree to intermittent leave on a day-by-day basis, the department supports such voluntary arrangements.
If you need help repairing your credit, Fast Credit Solutions is the trusted credit repair agency in the Las Vegas area. Call us today to start your credit repair process.
The first 2 quarters of 2020 have been very difficult for all and for the economy. However, the houses are still selling in Las Vegas, according to ShowingTime MarketStats.
The decreased number of new listings on the market and houses still selling in Las Vegas is the combination of higher demand and lower inventory which drives the sale prices up. If you’ve been thinking of buying a new home, this may be the good time to buy.
As a home buyer, it is important to have a strong credit record to qualify for a loan to purchase your new home. Small issues, like a forgotten unpaid old medical bill, a payment that you didn’t submit on time, can affect your credit score and therefore your qualifying requirements for a new home loan.
It might be a hassle to identify and correct the issues that affect your credit score. Fast Credit Solutions can do the work for you. Our team has years of experience helping people like you. Call us or click read more below to fill our contact form.
Continue reading Houses are still selling in Las Vegas
The IRS started sending stimulus checks in April. Taxpayers that filed their 2018 and 2019 returns and most seniors and retirees have automatically been issued the payments without further action on their part.
For those eligible to receive the payment but have not received it, you can fill out eligibility forms on the IRS website https://www.irs.gov/coronavirus/economic-impact-payments
Credit card companies offer payment assistance and payment deferment for a month for those that are affected by the business closures due to the coronavirus outbreak. Some have options to request the deferment online, others you must call. The payment deferment makes the minimum payment to zero, so you are not required to make a payment this month. However, it does not remove the interest.
To request the payment deferment from Capital One, call 800.227.4825. They are friendly and willing to help.
For payment assistance from Chase, go to https://www.chase.com/paymentassistance
American Express offers a deferment on both minimum payment and interest. Their financial hardship assistance number is 866.703.4169