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It is easy to get overwhelmed by the task of getting your finances in order. You might even find yourself wondering what exactly finance is as it covers such a broad range of issues. On one hand, finance involves the management of funds. On the other, it includes the process of obtaining these funds in the first place.

We can group the field of finance into three main categories:

Financial problems can cause a great deal of stress therefore our Financial experts aim to provide you with the highest quality advice. Whether your inquiry is about pension plans, credit reports loans, the experts at Expert-answers.com are available to assist you 24/7 with your finance needs.

Simply fill in the form provided and wait for a response. All advice is free and confidential.

  • Personal finance – This area focuses on an individuals or a family’s financial status. It includes future strategies of funding and budgeting help.
  • Corporate finance – This branch of finance is concerned with the activities and procedures involved in the financial side of running a business.
  • Public finance – Also called government finance, this covers taxation, official expenses, debt issuance policies, and budgeting, payment of public services.

When and why should you get financial advice?

Business owners have many day to day roles as their business develops but there comes a time when it’s in your company’s best interest to speak to someone with specific financial experience.

Here are some of the most frequently asked questions:

What are the 5 basics of personal finance?
Though there are several aspects to personal finance which fit into one of five categories: income, spending, savings, investing and protection. These five areas are critical to shaping your personal financial planning.

What would happen if you lost your job?

It’s unpleasant to think about losing your job but it’s a good idea to be prepared in case you or a supporting member of your household ever faces unemployment.

Determine what’s essential to your budget and what isn’t. This will show you how much money you need in your emergency fund to get you through tough times. Essential expenses include:

  • Rent or mortgage
  • Utilities
  • Car payments
  • Groceries
  • Healthcare

If the unthinkable does happen, the sooner you can gather your wits and take steps to get back on track financially, the better.

What’s the best way to pay off debt?

The most reliable way to eliminate debt is to avoid spending beyond your means, particularly with credit cards. Ideally, this will allow you to pay your bills on time each month and avoid accumulating interest.

If you have multiple accounts and can’t clear them each month, consider “snowballing” your payments. By paying off smaller debts first, you’ll see results quickly and be inspired to continue. Here’s how:

List all of your debts, from smallest to largest.
Make sure you can pay the minimum balance on each account.
Now direct as much extra money as you can each month to the smallest bill until it’s paid in full.
When that debt is cleared, move to the next smallest balance and repeat.
Continue working your way to the largest balance until all you’ve paid all debts.

How do I check my credit rating?

Credit reports provide an insight into your payment behaviours and lenders use them in their decision-making process. Check your credit record and correct any errors that you come across.
You won’t know what lending criteria lenders will score you against since these are not publicly available but each lender will probably have a different way to score customers and if one doesn’t want to lend to you, it doesn’t mean that all won’t.
There are 3 main credit reference agencies in the UK whose reports lenders will have access to: Experian, Equifax or Callcredit/Noddle. All three agencies are required to provide you with your credit report for £2, and you can access this online or by asking for a written copy. You may be able to register for a free trial with these companies and see your file for no extra cost. Just cancel before the trial period is up or you might get billed.

How do I maintain a good credit score?

you need to:

  • Pay debts on time
  • Pay all bills on time
  • Close old, inactive accounts
  • Do Not apply for additional credit, definitely not payday loans
  • Avoid using or going over your overdraft
  • Close any out-of-date joint current accounts that you hold with another person in case they weren’t responsible with their money. If you’re still linked to them, their bad credit record can negatively impact yours
  • Records remain on your credit file for around 6 years. Bear in mind that since 2011, any payday loans you’ve taken out will be listed on your credit file – even if you paid them off on time. They make lenders think you can’t cope with having a mortgage.

What Harms My Credit Score?

It’s very helpful to understand the things that can harm your credit rating. Here are some things that are detrimental to your credit score:

  • Late payments
  • More than ⅓ of your credit score is payment history, so this is crucial
  • Missing payments completely
  • An account sent to collections because of failure to pay
  • Having an account charged off
  • This means a statement by a creditor that a debt probably won’t be paid and so is counted as a loss/‘written off)
  • Defaulting on a loan
  • Filing for bankruptcy
  • Having your home repossessed
  • Getting a court judgement against you
  • This could be where a court has been forced to step in and order you to pay a late bill
  • High credit card balances
  • Maxed-out credit cards

How Do I Improve My Credit Score?

Measures you can take to begin to improve your credit score:

  • Regularly check your credit report. Ensure the information is correct
  • Never miss a repayment
  • If possible, pay more than the minimum each month
  • Check any financial links to other people
  • The poor credit score of someone you’re connected to financially could harm you, too.
  • Register to vote
  • Keep your credit utilisation low
  • Avoid maxing out your credit cards
  • Pay bills by direct debit to reduce the risk of missing a payment.
  • Prove you can manage debt
  • If you’ve never had a credit card before, get one and use it sparingly then pay off the balance.
  • Close unused accounts
  • Consolidate debt
  • Be cautious about how often and to whom you apply for credit
  • Every credit check leaves a trace on your record. Too many could make you look desperate and lacking control.

The Finance Experts at Expert-answers.com have years of experience, and are ready to take your question. This is a very easy way to get practical advice for FREE.

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