A credit score is a measure of one’s creditworthiness, usually presented as a 3-digit number between 300 and 850. If one has a higher score, it makes one a better candidate for loans. However, a bad credit score can make it challenging to obtain loans. Fortunately, some apps available in the market can assist one in improving one’s credit score. Continue reading this article to learn about the best apps to help improve a bad credit score. 3 apps to help improve a bad credit score Credit Karma With an experience that spans more than a decade, Credit Karma is one of the best apps to consider when trying to improve a bad credit score. One may come across various beneficial tools that can trigger changes in the credit score while using this app. This includes access to one’s credit report, tips to increase credit score, and even products that can prove beneficial in saving money. Experian As a credit-building software, Experian gives its customers access to adaptable and straightforward offerings. This comprises access to FICO and Experian credit scores, the Experian Boost feature, credit score change alerts, and credit card recommendations. All of these features are available to users for free, providing them with easy access to all the necessary information.

During the pandemic, the government issued multiple orders that directed certain businesses to shut down or required employees to work from home. Even partial curfews and restricted travel or movement directives directly affected the functioning of a business. That is why the government also introduced the Employee Retention Credit or ERC to eligible businesses impacted by the scale of these orders. The tax credit provides businesses much-needed leverage to survive and recover operations post-pandemic. Who can avail of the credit? Changes in regulations and policies could significantly impact travel, business operations, meetings, and other activities that a company relies on to remain profitable. Employers can apply for employee retention credit regardless of the organization’s size or tax exemption status. This credit incentivizes employers to keep their employees on payroll and receive a tax refund in return for retaining their workforce. The credit amount is 50% of $10,000 in the wages paid to the employee for eligible quarters in 2020. This works out to $5,000 per employee per quarter. For 2021, the credit amount is 70% of the $10,000 in wages paid to the employee for eligible quarters in 2020. This works out to $7,000 per employee per quarter. Businesses can claim tax credits per quarter to offset slow business or losses incurred due to government orders.

An airline credit card is a co-branded travel rewards card that is jointly offered by an airline and a card issuer network. This card allows users to earn frequent flier miles to win travel benefits on their purchases. They also offer benefits such as sign-on bonuses, priority boarding, free checked baggage, access to airport lounges, elite status, and more. Currently, these are the six best airline credit cards one can avail of: Capital One Venture X Rewards Credit Card The Capital Card is one of the most premium travel credit cards with a fairly low annual fee of $395. The card offers up to a 10x reward rate on flights, hotels, and rental cars, making it a crowd favorite. United Club℠ Infinite Card Users can earn up to 4 miles per dollar spent on on United®. The card comes at an annual cost of $525 but offers several perks, such as up to 80,000 bonus miles (conditions apply), free first and second-checked bags, Premier Access travel services, and more. Chase Freedom Flex℠ For those looking for a card with no annual fee, the Chase Freedom Flex is ideal. It offers a quarterly cashback reward rate of up to 5% on rotating categories, to a combined maximum of $1500.

When considering low-risk investment options, a certificate of deposit (CD) is one of the most common options. CDs offer a safe way to grow savings while earning a fixed interest rate over a set period. However, like any financial endeavor, opening a CD requires careful consideration and knowledge to avoid common pitfalls and get the most out of the investment. So, here are five common mistakes to avoid when opening a CD: Not exploring all options One of the most common mistakes while opening a CD is not shopping around for the best rates. Banks and credit unions offer varying interest rates on CDs. Failing to compare rates could make one miss out on higher returns. So, one must explore various financial institutions and choose one offering the most competitive interest rates. Ignoring the fine print All financial products come with terms and conditions, and CDs are no exception. Ignoring the fine print could lead to unexpected surprises and financial losses. Some CDs have penalties for early withdrawal, while others may automatically renew at less favorable rates. So, it is crucial to read and understand the terms of the CD agreement beforehand to ensure it aligns with individual financial goals.

Navigating the complexities of debt can be an arduous journey. Thankfully, there are a few ways to exit the debt trap. Debt relief programs, for instance, are a helpful solution where individuals hire a debt relief company to strategize debt repayment. The company offers many benefits to borrowers, like negotiating debt amounts, extending repayment periods, and lowering interest rates. It also ensures lenders recoup at least a part of their loan amount. How can one benefit from a debt relief program? When debt-ridden individuals enroll in a debt relief program, the designated company provides them with financial counseling. This counseling helps them reorganize their finances in a way that makes it easier for them to repay their debts. Here’s how debt relief programs can benefit an individual: Debt consolidation It involves securing a new debt with a lower interest rate and using that amount to settle multiple other debts. Debt consolidation results in more affordable monthly payments. Some companies provide this service exclusively to those with smaller debts. In recent times, applying for debt consolidation programs has become easier at reputable companies because of their user-friendly websites. Debt settlement Debt settlement aims to settle debts through a single lump-sum payment.

As this year’s tax filing season approaches, understanding tax deductions and leveraging tax benefits can significantly help individuals save money for specific purposes. The government offers various tax breaks to citizens, which are categorized based on different factors to offer a valuable opportunity for financial relief. To make the most of these tax benefits, individuals must be aware of the tax breaks that are available during the ongoing financial year. Child and Dependent Care Credit The Child and Dependent Care Credit (CDCC) covers a specific portion of daycare and other costs for children under 13. It also partially covers the expenses incurred for a parent, spouse, or any other dependent who cannot care for oneself. Usually, the coverage is applicable for 35% of $3,000 of expenses incurred in caring for one dependent and $6,000 if two or more dependents are involved. Lifetime learning credit The lifetime learning credit enables one to claim 20% of the first installment of $10,000 one pays for their fees and tuition. The maximum amount that may be claimed through this initiative is $2,000. Other expenses, such as conveyance and accommodation, are not included. Child tax credit The child tax credit allows parents to claim up to $2,000 for each child, with $1,700 of this amount being potentially refundable.

Climbing out of financial debt does not have to be difficult if one handles their resources and spending well. To do this, it is important to set realistic goals and expectations while also ensuring that they align with the current financial situation. Some mistakes, however, can complicate and prolong the debt repayment process. Here are five such mistakes to avoid so that one can achieve financial freedom sooner rather than later: 1. Not adjusting expenses One way to lower the ratio of debt to savings is to change spending habits. For example, one can consider preparing food at home rather than dining out, using cash instead of credit cards, avoiding unnecessary expenses, or splitting rent. While these changes may seem insignificant, they can help speed up debt repayment. 2. Tampering with the retirement plan Some retirement plans like 401(k) allow investors to withdraw money prematurely from the account. This might tempt one to use this money to pay off debt, but it is not a wise move. Early withdrawals come with penalties, and the purpose of the account is to secure life after retirement. Further, the investment here grows steadily, so the longer the money stays in the account, the better the returns.

A lot of hard work goes into saving money. It takes extensive planning, budgeting, and mindful spending. So, it is crucial that people put their money in the right savings account. Having a savings account is a great way of earning interest and moving faster towards one’s financial goal. However, people tend to make mistakes when selecting a savings account. Here are three mistakes to avoid while opening a savings account. Not shopping around It is always necessary to shop around for the kind of interest, perks, and security each bank or other financial organization has to offer. Avoid investing in the first one that catches the eye. Compare multiple savings accounts from different places to arrive at the right choice. Also, keep an eye on the fees, customer service, accessibility, interest rate, and any additional benefits. This research can go a long way in helping make the right decision. Only focusing on the interest There are times when people select a savings account that comes with an attractive interest rate. But later on, it could cost them in terms of fees for the account. While some savings accounts demand a one-time fee, others come with the caveat of an annual charge.

Debit cards are a common and convenient form of payment. They are a hassle-free and stress-free payment method and do not require loans or credits. People who are not fond of digital transactions can turn to debit cards for their needs. But before going down that path, it is essential to learn about the safe practices of using a debit card. One should avoid these common debit card mistakes for safe use. 1. Failing to check hidden fees Debit cards are associated with an existing bank account and usually do not carry any fees. However, some banks might add annual fees to the discussion. People need to ensure that the card they select does not carry any additional charges. Thoroughly read any paperwork before signing up for the card, and ensure no other hidden terms or fees exist. 2. Not having a plan Make sure to plan out expenses. Try segregating purchases and expenses based on the perks of using a debit card. People with more than one debit card can find this rewarding, as it can maximize their savings and rewards. For instance, customers planning to make a substantial purchase that they may have to return, should use credit cards instead of debit cards.

When it comes to receiving their salary, no employee wants to take risks. A single day’s delay can negatively impact the relationship between an individual and their employer. Thus, it is vital for business owners to avoid any payroll-related errors, as a single mistake can adversely affect the organization. Small businesses are more prone to such errors since they lack staff and software. So, here are three payroll errors to avoid for smooth operations. Incorrect employee classification People added to an organization’s payroll do not necessarily all belong to the same criteria. There is a chance that some individuals are contractors and some salaried employees. Despite most organizations having primarily salaried employees, not categorizing and listing the types and classification can get tricky. These nuanced details can later lead to prolonged procedures and the possibility of legal issues. Thus, business owners should carefully review the laws and guidelines while filling out the payroll details. If uncertain, they must seek advice from experts and speak to an attorney if needed. Not calculating overtime This is not just about simply forgetting to calculate the overtime, which is also a fairly common error. If there are miscalculations in calculating overtime, it can take weeks or even months for the issue to be rectified.