Driving without insurance is not only illegal in most states, but it’s also a huge risk. It’s a mistake that could cost you your car, your license and even your freedom. If you’re involved in an accident and you don’t have insurance, you will be held liable for all damages. You could end up paying thousands of dollars out of pocket. And if you can’t pay, you could lose your car and go to jail. Driving without car insurance is just not worth the risk. [Read more…]

There’s no doubt that solutions such as a credit card for bad credit, money saving and investing apps and loan to save schemes can help build up your credit score, if and when they are used sensibly. 

With these solutions all at your disposal and so much choice, we thought we’d delve into the pros and cons of each credit building solution for you to make an informed decision on the option which is right for your specific scenario.

Credit Card for Bad Credit

A credit card for bad credit such as thimbl. which is in partnership with Vanquis Bank, works by allowing customers to have a small initial credit limit (up to £1,200), but the credit building cards have a slightly higher than normal APR %, in this example 29.5% – 59.9% APR for thimbl.

The reason for the small initial credit limit and higher than average APR % is to encourage customers not to overspend, and allow every opportunity to make small, regular repayments which can improve your credit score and help build your credit if you pay on time and pay over the minimum repayment amount.

When considering a credit building card such like thimbl. it’s always a good idea to do your due-diligence and find the card limit and APR% that is right for your financial situation. Going to reputable vendors such as Vanquis Bank who supply the thimbl. card is also worth considering.

Money Saving & Budgeting Apps

You may also want to look into money saving and budgeting apps. These apps break-down your spending and even let you invest set amounts of your income into index funds. You simply just select whether you want to go for a low, medium or high-risk investing strategy and the app does the rest for you. 

Some of these apps also allow for you to track your rent as a fixed cost, and this will also help you build your credit as the rent tracking feature is seen by creditors as a fixed, set monthly payment – ultimately demonstrating your creditworthiness. 

Loan to Save Scheme

Loan to save schemes such as LoqBox can help you build your credit by locking away your loan amount for a year whilst you pay the loan, and once the payments are made and the loans are repaid you unlock your amount in one go, plus the interest accrued during the term of your agreement.

This is a relatively new credit building scheme and is probably a good option if you are newly 18 and fresh to credit with a thin credit file or no credit history at all.

These 3 platforms, if used sensibly and in the right scenario can help you to build your credit score up.

Owning a car can add up to $10,000 in average costs to your budget each year. With the constantly rising cost of gas, routine maintenance, and the risk of needing a bigger repair, the financial cons of owning a vehicle might outweigh the pros. While the cost of traveling via car might not be as expensive as traveling on a jet from Access Global, the cost can add up, and can make a major dent in your family’s budget over time. If your household requires a vehicle due to your family’s lifestyle and responsibilities, it could be helpful to find some occasional alternatives for driving which can save you a bit of money in the long run.  [Read more…]