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Disability and Credit Access The importance of scores in a Time of Crisis Advertiser disclosure: You're our primary priority. Every time. We believe that every person should be able to make financial decisions with confidence. Although our site does not feature every business or financial product available on the market, we're proud of the advice we offer and the information we offer and the tools we develop are impartial, independent easy to use and cost-free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on our website) however it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners do not promise us favorable review of their services or products. . Disability and Credit Access The importance of scores in a Crisis Having good credit can help you obtain affordable interest loans or credit cards that can help you pay your bills during an emergency. Here's how to get started. By Caitlin Mims Content Management Specialist Credit score, credit cards Caitlin Mims works as a content management specialist for the credit card team at NerdWallet. Before joining NerdWallet, she was the editor of CreditCards.com and Bankrate. Caitlin wrote about personal financial matters for the past seven years. She has written about credit cards retirement planning, credit scores and the financial issues women face. She is based in Denver, Colorado. Aug 16, 20, 2022 edited By Kenley Young Assigning Editor | Credit score, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has years of experience in digital and print media, including periods as an editor at the copy desk as well as a wire editor as well as an editor of the metro for the McClatchy Newspaper chain. Email:
. The majority of products we feature are made by our partners, who pay us. This influences which products we feature as well as the place and way the product is featured on the page. But, it doesn't affect our assessments. Our views are our own. Here is a list of and . Since Erin Noon Kay was little Her mom taught her to manage money. This is an important practice for any parent to learn however for Noon Kay it was essential. Her birthmark was cerebral palsy. In addition to general budgeting, she needed to be able to navigate the complex benefits system of the government. Noon Kay -- the founder of Claiming Disability, a company which advocates for those with disabilities through outreach activities and media representation -- explained that a lot of disabled people do not handle their own finances. Instead, their finances will be handled by a non-profit or by their family members, meaning they aren't taught the techniques to manage their finances. "I believe we're not providing disabled people with a benefit by trying to protect them from the reality of their own life," says Noon Kay, 33. "Like the way my mom would have sheltered me from all these realities, it would have been a major shock." One of the most neglected aspects that is often neglected in the field of finance management is the credit. Being able to score a credit score ( minimum 690) implies being able to access options in an emergency if, say, you are fired or disabled and cannot work. However, people with disabilities are already less likely to work full-time and are less likely to earn in the average than people without disabilities, says Tom Foley, executive director of the National Disability Institute, or NDI. And he speculates that the disabled community is among the largest groups, making emergencies harder to manage. For some, going into debt is the only option. The option isn't always as simple as paying less funds: If you suffer from an impairment, certain expenses that are often viewed as luxuries are absolute necessity. Foley offered the instance of someone's air conditioning going out in the middle of summer. If you suffer from a disability and reside in Georgia, getting that fixed is not a luxury; it's likely to be essential for your survival. Unfortunately, if you also have bad credit (FICO scores of 629 or less), your options for covering such are restricted. "It's all of these elements all conspiring to put someone in a really vulnerable economic situation that makes it much more difficult to manage credit," says Foley. A 2017 NDI analysis of data from surveys from the Financial Industry Regulatory Authority, also known as FINRA, found that people who are disabled are less likely to make use of credit cards than general population, and are more likely to face financial burdens and also to utilize "alternative credit services" like pawnshops or payday loans. Payday loans have APRs that can be up to 300 percent. If you have bad credit, or zero credit, there are that will be easier to pay off. For those with credit that is good, they have even better options, like low-interest loans and 0% intro APR credit cards. More How to begin building your credit Credit building can be a challenge when you're in financial trouble. But it's not difficult. It's all down to learning to manage any debt you acquire. In actual fact, Noon Kay credits her mom's financial lessons with her credit score today. Here's how to start: Create an account that will be reported to the credit bureaus The majority of credit scoring models do not keep records of utility or rent payments, however credit cards as well as loans are generally recorded to . Getting a credit card is one of the most effective ways you can be sure that the account you choose to use will aid your credit score There are other options for people with low or weak credit. (More on that below.) >More: Make timely payments once you have an account reported to the credit bureaus, be sure to make every payment on time because that's one of the main elements in your credit score. If you're a holder of credit cards, you don't even have to pay off the whole balance. As long as you pay your minimum payment and you'll be able to safeguard your credit. However, remember to pay your minimum balance . The interest on credit cards is likely to be much less than a payday loan, but the APR will still typically sit in the double digits. If you're having trouble making your minimum monthly payment, be proactive and get in touch with your credit card company first. The issuer might have a solution to lower the amount of your monthly payment and keep the account on good condition. More Credit cards that could assist if your credit rating isn't perfect You may have difficulties getting approval for a variety of credit cards, which includes the majority of rewards cards. However, you have certain alternatives: Secured credit cards Unlike others, they they require a cash deposit upfront. Once you close the account and are in satisfactory standing, and you are eligible to upgrade it to a conventional credit card that is secured by responsible use in the future -- you'll be able to get that deposit back. Large issuers like Capital One and Discover offer secured credit cards. Since the deposit decreases the the risk for card issuers, it's easier for applicants who have poor credit or zero credit scores to get approved. In fact, it's possible to get secured cards that are even bank accounts -however, these products could be a bit costly, for instance, annual fees , or no upgrade paths to higher-end cards. Credit cards that are 'alternative' based on your credit score you may be able to be eligible for an unsecured card that can use nontraditional underwriting standards to make approval decisions. The cards will still examine your credit history, but they'll also consider other aspects like your income, job as well as banking details. It's not the best option for every person. If you're a high risk , you may have difficulty getting approved. It's a possibility to consider in the event that your credit rating isn't as strong as the rest of your financial history. Become an authorized user You may also increase your credit score by becoming an on someone else's credit card account. It is recommended to inquire with someone who has good financial habits and pays every payment on time because you're building credit by piggybacking off their account. If you're an authorized user, you'll be able to get your own physical card and make purchases using it, but that's not required. Your credit could see a benefit without ever having to use the card. However, authorized users do not have the ability to make changes to the account and are not responsible for the payment made on it. The responsibility falls on the primary account holder so it's a good idea for the two of you to establish rules and expectations in advance. If you rack up charges that the primary account holder can't pay , then each of you will suffer negative impacts to your credit. The author's bio: Caitlin Mims is a content management specialist at NerdWallet covering credit cards. In the past, she worked as an editor at CreditCards.com. Similar to... find the perfect credit card for you. If you're looking to lower your interest rate or earn more rewards, the right card's out there. Just answer a few questions and we'll narrow your search for you. Get even deeper into Credit Cards Discover more intelligent money moves delivered directly to your inbox Sign up and we'll send you Nerdy posts on the money topics which matter to you the most along with other ways to get the most out of your money. Make all the right financial moves
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