Denise A. Manniello of Federal Credit Repair Services

 Thanks to Geezeo you’ve mastered your money.  You’re the king (or queen) of cash flow.  You’d like to show Congress how to budget, and think saving should be in the Olympics. There’s just one problem.  Your credit still sucks.  Should be an easy fix for a pro like you, but somehow you just never get started.  Bad credit costs you money and the longer you wait to fix things the more cash you lose. Don’t be afraid to consider hiring a credit repair service.  I sat down with credit repair expert, Denise A. Manniello of Federal Credit Repair Services.  I asked Denise about her services and what people should know about credit repair. 
 

Is there a difference between credit restoration and credit repair?  

Credit restoration is typically marketed to affluent clients, households with $200,000 or more in yearly income.  While credit repair is marketed to those earning less.  Other than semantics, there is no real difference between credit restoration and credit repair services.  
 

What are some misconceptions about credit restoration?

That it’s a scam and doesn’t work.   
Fraudulent companies have given the credit repair industry a bad reputation. The Fair Credit Reporting Act and the Credit Repair Organization Act has made fraud less common than it was 7 years ago.  A reputable company will be working to remove negative items from your credit report daily.  Our clients can log in to their files through our website anytime and check out their progress.       

Credit restoration/repair has to be done by an attorney.
It’s more important to find a qualified service provider with credit industry experience. If that person happens to be an attorney, then great.  Never assume that a being a lawyer automatically qualifies someone to fix your credit.  In fact, attorneys are often not subject to the same stringent state laws as credit restoration firms.  So consumers should be aware they have more options available than just hiring a lawyer.   

Credit repair companies can guarantee results.
No credit repair company can guarantee a specific outcome because they are not the reporting company. In other words, I cannot rewrite your credit report. Credit grantors report information to the bureau directly.  Client results depend on the ability of each bureau to verify the items disputed.  I can only call attention to negative items and push to get them resolved and reported correctly. It is illegal to guarantee certain kinds of results and these guarantees are usually a sign that you’re dealing with someone less than reputable. 
 

Why or when should a person hire an expert instead of fixing their credit themselves?

The biggest factor working against people trying to repair credit on their own is lack of knowledge. Even if they are aware of the law and their rights, they don’t know how the system works as a whole. We understand why and how the credit bureaus and creditors do what they do, and we act as your representative to get you the results you want.  Having  the tools to build your dream house doesn’t mean you’re the best person for the job. The same principle applies with credit repair.
Furthermore, money and credit issues are very emotional for most people. Our affluent clients value our services because we help without judgement or negativity, this isn’t usually the case when people deal with creditors directly.  

Tell me about your typcial client. 

I typically work with affluent clients, who are at the $200,000 + household income level.  I work to educate youth through special programs in schools, and I’m seeing more clients who are interested in learning how to get and maintain exceptional credit. 

What’s the tipping point for your clients?  What makes them finally decide to call a professional?

People know they have to take action to solve the problem but want to avoid the pain of dealing with creditors directly.  They also want to save time.  Credit repair takes a tremendous amount of time and effort.  It’s easy for people to get off track because our lives are so full, but professionals are paid to keep working toward results.   Some other reasons people might call me are major life events that can affect their credit like marriage, divorce, or refinancing a home.  There are also clients who want to avoid  credit mistakes again so they call me to learn how to budget and better manage their financial lives.  

Negative items on a credit report can cost you thousands. Don’t be afraid to hire a service to get you on the road to sparkling clean credit. Thanks for answering my questions Denise.   Go to FederalCreditRepair.org   to view more common credit repair questions.

By Althea Chang | MainStreet.com

You know you should, but it’s difficult to feed the piggy bank every time you get paid. Luckily, new bank accounts and the power of automatic savings plans may make it easier. And every little bit counts, after all.

Simple Savings
“Saving is a whole lot simpler when you don’t have to think about it,” says a Bank of America marketing campaign (Stock Quote: BAC) for its Keep the Change program. With every purchase you make with your Bank of America check card, your purchase amount is rounded up to the nearest dollar, and the difference is deposited into a savings account. Bank of America also says it will match your savings for the first three months after you enroll in the program and match 5% per year after that, up to $250.

If you have a Wachovia checking account (Stock Quote: WB), you can open a Way2Save account. Each time you make a purchase with your check card, pay a bill online or set up an automatic debit from your checking account, $1 will be transferred from your checking account to your Way2Save account, which gets a guaranteed APY of 5% for the first year, plus they’ll add on 5% of the amount you’ve saved. You can also set up automatic transfers of up to $100 a month, from your checking account to your Way2Save account.

Of course, many banks let you set up automatic transfers from checking to savings accounts online, and APYs may be higher at other banks (Bank of America’s Keep the Change program paid a variable APY of just 0.20% as of Monday). But these accounts could be perfect for those without the discipline to make regular transfers on their own.

Save When You Pay
An online bill pay feature gives you the option to paying bills electronically through automatic withdrawals initiated by your utility, credit card or other company. This is a must if you tend to forget when bills are due. (Those late fees are a killer.)

Just remember, you’ll have to make sure your bank account balance has enough funds to pay the bills when they’re due, or you could be subject to insufficient fund or overdraft fees.

Retirement Savings Under Your Radar
Anyone contributing to a 401(k) knows that contributions taken right out of your paycheck really add up over time, even if the market downturn has taken a chunk out of their balances in the past year. But even if you’re self-employed and contribute to an IRA, you can make automatic contributions as well if you have an account with Fidelity, Schwab (Stock Quote: SCHW) or other financial services companies that offer the feature.

Automatic for the Children
If you have kids and you’ve been making adequate contributions to your retirement savings plans, a 529 plan is a great investment vehicle to help you save for college. And you can schedule periodic automatic payments online. Minimum contributions can be as low as $25, and you may be able to set up automatic deductions from your bank account once every week, month or quarter.

We’ve all heard the call:  pay off your credit card debt!  This current financial crisis is going to result in tighter lending standards, higher interest rates, and also golden opportunities to invest the cash you’re currently using to pay off debt.

Hopefully everyone with debt knows the basics: stop using the card; take it out of your wallet; pay off the highest interest rate first; and pay more than the minimums.  This is all great advice, but here are five more ways to pay off your debt even faster.

1.  Make weekly payments
The credit card companies will accept your money any day of the week.  Instead of trying to save up (or not spend) the money you need to pay down your debt each month, make payments weekly.  This is easy to do online, and as credit cards typically assess their interest daily, you’ll be saving more in interest every week.

2.  Give “found money” a purpose
Found money refers to funds that were misplaced or forgotten and then rediscovered. A great example is $20 found crumpled in your jeans pocket when doing the laundry. Put that $20 in your wallet, and immediately go online and send $20 from your checking account to the credit card company.  Get $50 from grandma?  Send it to Visa.  Are you paid bi-weekly?  In those wonderful two months when you get three paychecks, send as much as you can to the credit cards.

3.  Use savings
In this situation, “savings” does not mean an interest bearing money market account.  Did you go out to buy a new winter coat with $100 budgeted and spend only $80?  Send that extra $20 to the credit cards.  Did you clip coupons and save $10 at the grocery store?  Send it along.  No amount is too little.

4.  Sell your junk
You know you have things that can go.  Get onto ebay and sell your stuff, and then send your profits to the credit cards.  Make a great use of these last days of good weather to have a yard sale, and then pack up the profits for the debt companies.

5.  Pat yourself on the back
Stop being down on yourself about the debt.  Instead, focus on the progress you make.  Celebrate any extra payment – not by spending more money – by feeling good about the progress you are making.  Constantly harboring negative thoughts about your debt will only cause more harm.  Focus on the good and feel proud each time you make even a small dent in the debt.

The primary concept is simple:  make extra payments beyond your usual monthly payment.  Do this, and the balance will go down much faster and you’ll be out of debt before you know it.

- By Michele Steinberg, Geezeo.com

Many people disregard AAA because it is just another cost that they have to account for each year. However, AAA can help you save money in places you may never have thought of before. It is hard to put money towards something without understanding all it can offer you.

Here are some ways AAA can help you…

Roadside Assistance – This is typically what AAA is known for. If you travel a lot (or even if you don’t) having roadside assistance can be extremely helpful. If you get a flat tire on the side of the road and call AAA, they will call a local tow truck for you who can help you change your tire without any charge. This can be extremely beneficial to you…especially if you never learned how to change a tire!

Travel Services – Although the internet has made booking travel much easier, it is sometimes still beneficial to have someone help you. There are also people who still like to book trips the old fashioned way and have a travel agent help them. AAA also offers free road maps to those who are members, making road trips that much easier!

Ticket/Pass Discounts – You name the type of ticket you need, AAA will probably offer you some type of discount. Movie tickets, Disney World/Disney land passes, amusement parks, etc. The list goes on but if you are a AAA member it definitely benefits you to check their prices first before you purchase tickets or passes through someone else. You may be surprised by the amount of money you can save!

Shopping – AAA offers discounts in stores that you might not even realize. There are so many places that accept a AAA discount but do not necessarily advertise it to everyone that comes into the store.

Here are a few stores where you can save:
New York and Company – Save 15% on your purchase
Barnes and Noble – Receive an extra 10% in savings plus free shipping on purchases of $25 or more
Lenscrafters – Save up to 30% on eyewear and exams
Target.com – AAA members save 10%
…these are just a few stores, but there are many more!!

Prescription Savings – AAA also offers a card to members that will allow you to save on prescriptions that are not covered by your insurance. There are many prescriptions out there that your insurance will not help you pay for. Instead, the AAA prescription discount card will help you save about 20% on average to cover what your insurance won’t.

Cheap – AAA is really not too expensive. AAA memberships typically range from $28 – $82 (depending which one you choose) plus a onetime enrollment fee of $17. This really is not too much money considering how much money AAA can save you if you take advantage of all the benefits.

AAA offers great benefits and you should definitely consider whether the benefits outweigh the costs for you. Make sure to join the Geezeo AAA group in order to get more advice from other users and share how your AAA membership has helped you save!

— By Hannah Waters, Geezeo.com

Photo by: Alvimann

By WomenCo

Have you got the Midas touch with money? Or do you still think it grows on trees? See if you’re doing what it takes to save your money! Take the What’s Your Savings Style? test!

With the current economy going through a tough spot, it is easy to understand why people are wary about putting their money into a 401(k). People may be worried, but the positives definitely outweigh the negatives and putting money into your 401(k) can be extremely beneficial to your future. However, there are things to consider before you take the leap!

How Much Money You Can Afford – Think of your 401(k) as basically giving your money away until a later date. Once the money is in your 401(k) account, you really do not want to have to borrow money from the account because you get a lot of fees and taxes on this withdrawn money. Instead, make sure you budget for how much money you can afford to put in your account. It may be best to start smaller and build the amount up as time progresses.

Matching Contribution – Make sure you know if your company offers a matching contribution towards your 401(k). Let’s say your company will match up to 5% of the money that you contribute towards your 401(k)…then you should really try to contribute at least 5% of your paycheck to your account because it is basically free money from your company! This extra money from your company can be very beneficial to you when retirement time rolls around.

Tax Free – Remember, the money that you put into your 401(k) is pre-tax so you are not taxed on this income. This means that the money you put into your 401(k) will come out of your paycheck before the taxes are taken out and you will end up paying less taxes each paycheck that comes through.

What Type of Investor You Are – There are different types of 401(k) plans you can enroll in. You must decide whether you are a conservative, moderate, or aggressive investor in order to find the plan that is right for you. When considering what type of investor you are you should also consider how many years you have until retirement. Say for instance that you plan to retire in just three years, then a conservative 401(k) may be the best choice for you since you are more concerned with short-term changes in the market. However, if you are planning to retire in about 15 years, then a moderate or aggressive account may be better for you since you have more time to ride out fluctuations in the market.

Small Changes – Contributing even a small amount of money towards your 401(k) will help you save for your future. You may not even notice the small amount of money that is taken out of your account each paycheck. These small changes can help you a great deal with your savings.

Although investing in your 401(k) may be a big decision, there are many people you can ask for advice and help if you feel as though you do not completely understand the process. Friends, family, co-workers and human resources should all be able to offer you advice and guidance throughout the decision making process.

— By Hannah Waters, Geezeo.com

Photo by: octaviolopez

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It is easy for all of us to get so caught up in our daily routines that when a big change happens, such as a downturn in the economy, it is extremely hard for people to adjust. However, with the current economy the way it is, everyone needs to make some changes and shift with the times. This may mean becoming more open-minded to accomplish this task.

Non-Brand Names – What is it that makes people so drawn to products just because of the brand name written on the box? With people beginning to cut back their spending and trying to save more, they are being more open to which products they buy. Before the turn in the economy, many people would not buy anything unless it had a brand name on it. But with the current downturn, grocery stores and other retailers have been pushing the cost savings of their store brand products to draw customers in. As consumers make the switch to generic and store brands to save money, it is questionable as to whether they will switch back once the economy turns back around.

Other Career Options – You might have graduated with a specific degree from college, but with the economy pushing back and jobs being difficult to find, people are looking towards other avenues for their careers that they would not have considered before. Being more open-minded in your career search broadens the amount of jobs that you can apply for and the amount of job offers you may get. Now is not the time to be super picky, especially if you are a recent college graduate without any experience. You should take jobs that you can get in order to get the experience. Once the economy starts to look up, then you should really focus on finding that job or field that you love.

Satisfaction with Current Situation – Making the best of your current situation (whatever that may be) will help you get through things until the economy brightens and you are able to stabilize your life. Many people who were unhappy with their jobs a year ago are now just happy to have a job and are finding ways to adjust to their situations at their current job. This may mean people are trying harder, finding things that motivate them, turning the negative things into positives, and seeking out ways to progress in their career at their company in order to keep their job.

Finding Other Ways to Save – If you or your significant other has lost a job, you have had no choice but to find other ways to save. This means you are becoming more open to cutting things out of your life that you were not willing to give up in the past. Although you may not have a choice, being open-minded makes the transition go smoothly. If you think that things will turn around for you in the future, then you can give something up and hope that it will return when the money starts coming in again. Finding alternative ways to save such as a CD, high interest savings account, or putting additional money in your 401(k) may also benefit you greatly. Putting money away somewhere that you cannot blow through really quickly will help you continue to save money for your future even though times are tough now.

Without making slight changes and being more open-minded, people would be finding themselves in an even worse situation. Although many are struggling to make ends meet, being more open-minded allows you to breathe a little bit and make the best of the economy and things you cannot change. Being open-minded in such tough times allows you to manage your fears and stay in control.

— By Hannah Waters, Geezeo.com

Photo by: Alvimann

Whether you have two years until retirement or 30 years, you should still be thinking towards your future and preparing for retirement. With the downturn in the economy, people closer to retirement age are worried about whether or not they will have enough money to get through the rest of their life.

Here are some things you need to do before you retire…

Increase Your Savings – As you near retirement age, you should increase the amount of money you put into savings each year. By increasing the money you put into savings each year, you are ensuring that you will be able to retire when you want to. Set a timeline for yourself and budget out how much you would like to put into savings each year. Although things like job loss interfere with your savings, be sure to stick to your budget schedule as much as possible.

Keep Money in your 401(k) – If you are younger and have not already done so, make sure you open a 401(k) as soon as possible! Having a 401(k) is a great way to put money away towards your retirement. One important factor to remember is NOT to take money out of your 401(k) before you need it. When you remove money you have to pay fees and taxes that are not worth it. Making sure to keep your money in your 401(k) will ensure that you will have a greater return on your money in the future.

Benefits – Figure out what will happen with your benefits when you retire. Although some companies help their employees once they retire, many are stopping this policy because it costs too much money for them to continue to support you. Find out whether or not your company will continue to help you out…if not, you need to make sure that you apply for Medicare. Medicare will help you with hospital insurance, medical insurance, and to help pay for prescription drugs. As you get older, you become more vulnerable to infections, colds, etc. and without medical insurance you may find yourself paying for some very hefty bills from the doctor.

Be Flexible – Try to be flexible with the time you are planning on retiring. Changing the age that you retire until a later date may really benefit you and allow you to save a little bit more money to help you in the future. Although you want to enjoy your time in retirement, many people take up a part-time job in order to supplement the money that they put into savings and make it last longer. This part time job can be something fun and something you have always wanted to do so that you do not really have to consider it a “job.”

Retirement is meant to be one of the best times of your life, but it can only work out that way if you have prepared yourself for the future along the way. Take initiative with your own life and start planning for retirement as early as possible.

Take your retirement IQ quiz to see where you stand and what you know!

— By Hannah Waters, Geezeo.com

Photo by: Kevin P.

Your perfect little bundle of joy can cost a great deal of money long before they come home from the hospital. With everyone tightening their belts and trying to save more, cutting down the money you put towards your baby can save you a great deal. Babies are going to be expensive anyway, but there may be some places where you can cut some costs out and save some money for their college fund instead.

Do Not Go Overboard on Maternity Clothes – When your pregnancy is over, you will never wear your maternity clothes again (unless you plan on having another baby sometime in the future). People do not expect you to have as many outfits when you are pregnant as you do when you are not pregnant. Sometimes people get so caught up in having a variety of outfits that they just continue to spend on maternity clothes and later wish they had saved some of that money instead. It is difficult to not buy any maternity clothes, but you definitely do not have to spend a ridiculous amount of money. You could even ask some of your friends if you could borrow their clothes (if they are not using them).

Accept Hand-Me-Downs – There is no problem in accepting hand-me-downs from people who have had children in the past. If the clothes or baby toys or cribs are still in great condition then accepting these from others can save you a great deal of money. If people are willing to give you things that helped them out when they had children, then accepting them will help you out as well. Saving money in any way possible will help when the baby arrives and you have to spend even more money on diapers, formula, etc.

Budget Your Spending – Putting a cap on how much you want to spend on new items for your baby is extremely important. With all the clothes and baby products on the market, it is extremely easy to get caught up in spending on all the cute things or items that you might think you need until the baby arrives and then you never use them at all. Making sure you have a reasonable budget (and one that will not put you in debt) will really help you control your spending and have some money for when the baby arrives.

Listen to Advice from Friends/Family – Advice from people who have already had children is very valuable. They may have bought items in the past that they never used or have some great advice on how to save some money as your baby grows.

Think to the Future – Although it is hard to think of the future before your baby is even born, if everyone is buying you clothes for your newborn baby, you will not have any clothes for when they start growing a little bit. If people ask you what you need after you have your baby and want to buy you a gift, be honest with them and explain that you would like clothes for 10-12 months instead of for 3-6 months. Babies grow very quickly; you want to make sure you have all your bases covered.

Expensive is a word that comes along with baby…they are one in the same. However, these tips are definitely some ways that you can cut back your spending and still enjoy your bundle of joy.

— By Hannah Waters, Geezeo.com

Photo By: Gracey

If we are brutally honest with ourselves, then money is the root of all problems. Okay, maybe not ALL problems, but a decent amount of them stem from money. Problems in relationships are no different. Often, money can make or break a relationship without you even noticing it is happening.

Here are some ways this can happen…

1.) Lack of Communication – Lack of communication is one of the biggest problems with relationships in general. However, when you add money into the mix things get even messier than they already were. Setting a budget together and communication to one another where the money is going each week or month is extremely important to understanding your financial situation as a couple. Without a budget and some knowledge of where the money goes, both people in the relationship can just continue to spend without realizing that the money source is being depleted very quickly.

2.) Overspending – Overspending on either side can be dangerous. If you both overspend without realizing it, the money that you needed to pay the bills may be gone without you even realizing it. This goes along with communication. If you find something that you want, you must be sure to communicate it with your significant other in order to not overspend, especially when times are tough.

3.) Moving Too Fast – Sharing a bank account and moving into a relationship too fast can also be a big downfall. Money is an extremely personal thing and when you work hard for your money you want to ensure it is being spent in the right way. Getting a joint bank account and throwing your money into the same account too early is just waiting for something bad to happen. The other person may spend your money and you may not have enough money left to spend for yourself. Try to keep things separate until you know how strong the relationship is and whether or not it will last.

4.) Secret Spending – Make sure you are being honest with one another. Secret spending such as gambling or bad shopping habits can lead to a great deal of unwanted fights and problems. If you have a problem, make sure your significant other is aware of it so that you can help each other stay in line.

5.) Responsibilities – Just like it is someone’s job to take out the trash or empty the dishwasher, make sure you are making sure that it is someone’s “job” to pay the bills each month and organize the finances. Without this being someone’s responsibility, some bills may slip through the cracks and forget to be paid each month. Keeping track of the money is crucial to survival when you are on your own, when you add a family into the mix it becomes even more crucial to understand how much you do or do not have.

Money problems affect family relationships and friendships as well as romantic relationships, much of which stems from lending money to people close to you and not getting repaid. Communication, planning, and being organized is definitely the key to good financial planning in a relationship. Make sure that you both have the same goals and budget in mind in order to keep the relationship stable.

— By Hannah Waters, Geezeo.com

Photo By: Jane M. Sawyer