Tell my audience about yourself. What made you want to start your website www.turnonepoundintoonemillion.com?
I started the blog to track my progress in money making. I was experimenting with ‘doubling’ where you double your money in a series of steps from a penny to a million pounds. I started with a pound and then tried this for a while, using various methods to double my money. However, I started finding ways to earn money, which was much easier and shifted to doing that instead, but use the blog to report my progress and write articles on making money, spending less, paying back debts etc.
Please name some quick and easy ways for a person to improve their credit even if they’ve recently been through a divorce or some type of financial calamity?
Improving a credit rating takes a long time and for a good reason. You need to be able to prove that you are no longer a lending risk. In fact, it is a good thing as it gives you time to learn about good money management and hopefully by the time your credit record improves, you will not want to borrow money any more.
Improving the credit rating can be done by paying rent, mortgage and bills on time. You also need to make sure that outstanding debts are paid back. Some people think that borrowing more money and paying it back can prove their credit worthiness, but this is a risk as you may have trouble making the repayments and it does not necessarily work.
When a person walks into a car dealership what are some credit questions you recommend that consumer ask the salesman or finance manager?
The first things I would ask would be what the interest rates and the fees were. I have been ripped off in a car dealership before when they didn’t tell me about the arrangement fee on a car loan. I would be much wiser now and ensure that I read all the terms and conditions before signing anything.
I would also find out how long the loan would be for, what the monthly repayments would be and whether there were penalties if it was paid back early. I would also find out what the late payment fees were and whether payment holidays could be taken if I lost my job or was just unable to pay.
How long does the credit restoration process take?
I think this will depend on the person and the amount of debt that they have. It will change form case to case. However, if you feel your credit rating is incorrect, perhaps because you have worked hard to improve it, then check it and make sure that you are not still being penalised for debts that you have paid off.
If a person can’t purchase a vehicle in cash, what’s the ideal down payment you recommend they have? Does a larger down payment mean a shorter loan and APR?
I would recommend saving to buy a vehicle with cash if you can. This is the cheapest way to buy a car unless you can get interest free credit. It is worth saving up rather than buying a car immediately, if possible.
However, if you have no choice and need to buy a car then consider value for money. Make sure that you add in the cost of the loan to the cost of the car and work out whether it will be good value. It may be better to buy something smaller and cheaper.
It is best to make the largest down payment that you can because this will mean you borrow less money and therefore reduce the cost of the loan. The term will be lower and this will mean the total interest repaid will be less. The APR may or may not be changed depending on deposit this will vary between garages and deals.
In your a first time car buyer and you’ve never shopped for insurance before, what are some tips to get the lowest payment possible? What are some questions you should ask your insurance agent?
Car insurance can be really expensive, especially if you are young. Make sure that you do a lot of price comparisons before you buy. Use comparison websites and look at insurers that are not listed on these and see which is the cheapest.
It is important though to not assume the cheapest will be the best. In the past I went for a very cheap insurer and had to make a claim. They gave me no money for a courtesy car and this cost over £200 so it would have been cheaper to have gone with a more expensive company that did give a free courtesy car when the vehicle was being repaired.
So ask the insurance agent what cover you get for the money and make sure that you are getting the insurance cover that you need for that price.
Besides www.turnonepoundintoonemillion.com what are some of websites/blogs you would recommend our visitors visit while trying to improve their credit?
I think that it is a good idea to read as many financial blogs as possible. This will teach you more about money management, which is something that I did not learn in school. I feel it is essential though. These websites have some fantastic information on them:
I would also recommend some sites of fellow bloggers who are trying to make money online by doubling:
Munny 4 Hunny
Double To A Million Plan
Good luck in improving your credit and increasing your financial knowledge at the same time!
Turn One Pound Into One Million
This is our fourteenth interview in our “1000 Interview Challenge” If your interested in an interview, please contact me.
This interview was conducted by Shane McC. Shane currently is attending RISD studying computer programming. He enjoys traveling and plays hockey. He played for the Boston Junior Bruins of the EJHL during the 01-02 season. You can follow him on Google+
