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Owens Financial Consulting

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Owens Financial Consulting

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Lisa| Founder & Credit + Career Empowerment Coach

Credit Empowerment ✨| Financial education & empowerment for women |
Helping women rebuild confidence after a setback

📚Stability•Opportunity•Self-Belief
📞 Book a call⬇️

09/19/2024

Doing your best is not just a matter of personal achievement, it is also about planting the seeds for a better future.

Every effort you put in today can lead to fruitful outcomes tomorrow. It may not always be easy, but the reward for consistent hard work is immeasurable. When you give your best, you inspire those around you and set an example of excellence. It may take time to see the results of your hard work, but trust that they will come. Remember that success is not always immediate but always within reach. So keep planting those seeds, striving for your best, and watching your efforts bloom into a bountiful harvest.

Happy Thursday! ✨

09/17/2024

On-time payments are the biggest factor affecting your credit score, so missing a payment can sting.

If you have otherwise spotless credit, a payment that's more than 30 days past due can knock as many as 100 points off your credit score. If your score is already low, it won’t hurt it as much but will still do damage. 🫤

But sometimes it's impossible to pay on time, because of job loss or another financial crisis. If you're in a tight spot, look into help and strategies for when you can't pay all your bills.

Here's what you need to know about how late payments work and how to address them.

When is a payment marked late on credit reports?

➡️By federal law, a late payment cannot be reported to the credit reporting bureaus until it is at least 30 days past due. An overlooked bill won't hurt your credit as long as you pay before the 30-day mark, although you may have to pay a late fee.

Let’s take a look at some of the common reasons why you should not delay paying your pending credit card bills:

1. You could be charged late fees
2.Your interest rate may rise
3. Withdrawal of interest free credit period
4. Adverse effect on your credit score
5. Decrease in credit limit

It is always better to be safe than face the consequences of a late credit card payment.

What's on your credit reports is important because that's the data used in calculating your credit scores. Since payment history is the biggest element in what makes up your credit scores, going 30 days or more past due can really hurt.

Need help with your credit score? Book a call from the link in my bio or at calendly.com/owensfinancialconsulting ✨

09/16/2024

You're here today, still moving forward, and that's something to be proud of. Even when things get tough, you're making it through. Your determination is inspiring, and you've got what it takes to keep moving forward. 💛

09/06/2024

Happy Friday!

You’ve worked hard all week, now it’s time to relax and unwind.I hope everyone have a wonderful weekend. 💛

09/05/2024

Debt Avalanche vs. Debt Snowball:

Paying off debt is no easy task, especially if you pay the minimum amount due each month. To get free and clear, you often have to accelerate payments.

There are two distinct strategies to settle outstanding balances: the debt avalanche method and the debt snowball method.

The two strategies diverge over which debt you single out first. In the debt avalanche method, you pay extra money toward the debt with the highest interest rate. With the debt snowball method, you pay down the smallest debt first and work your way up, regardless of the interest rate.

💸• Debt avalanche and debt snowball are both types of accelerated debt repayment plans.
💸• The debt avalanche method involves making minimum payments on all debt, then using any extra funds to pay off the debt with the highest interest rate.
💸• The debt snowball method involves making minimum payments on all debt, then paying off the smallest debts first before moving on to bigger ones.
💸• The debt avalanche method can result in paying less interest over time but requires discipline.

While both are helpful strategies to get debt out of your life, one method might be more straightforward for you to stick with and significantly impact your finances.

Follow for more tips! ✨

Need help with your credit score? Book a call with me from the link in my bio or click here: calendly.com/owensfinancialconsulting

09/04/2024

Taking the time to make yourself a priority is essential to living a balanced, fulfilled life.

Investing in yourself is the best decision you can make. When you believe in yourself and your abilities, anything is possible.

No challenge is too big and no obstacle is insurmountable. Self-belief gives you the courage to take risks, take action and face any obstacle that comes your way. Self-belief is the foundation of success and it allows you to have faith in yourself and your abilities. So remember, when you invest in yourself, anything is possible.

Happy Wednesday!✨

09/03/2024

On-time payments are the biggest factor affecting your credit score, so missing a payment can sting. If you have otherwise spotless credit, a payment that's more than 30 days past due can knock as many as 100 points off your credit score.

What's on your credit reports is important because that's the data used in calculating your credit scores. Since payment history is the biggest element in what makes up your credit scores, going 30 days or more past due can really hurt

Benefits of paying your Credit Card bills on time:

👉 Improves financial health: Timely Credit Card bill payment is a crucial component of overall financial health. It helps build good credit habits and avoids costly mistakes that can lead to debt and financial stress. By staying on top of Credit Card payments, you can exert greater control over your finances and set yourself up for long-term financial well-being.

👉 Helps in maintaining a good Credit Score (improves it as well): Paying Credit Card bills on time helps in maintaining and improving your credit score. However, if you miss a payment, your Credit Score will take a hit. You’d have to do it all over again, as a late/missed payment will lead to a more severe point drop, especially if you have an excellent Credit Score (it unlocks the best deals on loans and Credit Cards for you). Remember that, typically, a missed payment will remain on your credit report for seven years.

Need help with your credit score? Book a call from the link in my bio or at calendly.com/owensfinancialconsulting ✨

09/02/2024

Happy Monday! A new week, a new day, and a new morning to start fresh and achieve your goals. I hope you have a great week ahead.

08/23/2024

Happy Friday!

High five yourself for getting through another week.

I hope everyone have a wonderful weekend. 💛

08/22/2024

Keeping credit card accounts open for as long as possible is a smart strategy for building and maintaining good credit, especially if you're planning to take out a loan in the near future. Evaluate the age of the account and its credit limit before closing it, but take stock of your spending habits and any fees associated with the card too.

Every financial decision is a personal one; while keeping unused accounts open is generally best, you might find that closing one is the better choice for you.

Credit scoring models reward you for having long-standing credit accounts, and for using only a small portion of your credit limit.

It might sound counterintuitive to keep a credit card account open if you're not using it. That's especially true if you believe closing an account will keep you from overspending. But closing a credit card could negatively affect your credit score. Here's how:

➡️1. Increased Credit Utilization
Your credit utilization rate is the amount of revolving debt you currently have compared to your total credit limit. The lower the rate, the better. That shows lenders you're not maxing out your cards, and you can be trusted to use credit responsibly if they extend it to you.

➡️2. Decreased Average Age of Accounts
A less weighty factor in your credit score is your length of credit history, or how long you've been actively using credit. Closing a credit card account—especially the oldest one—reduces the average age of your accounts.

Particularly if you're planning to apply for new credit soon—in the form of a mortgage or an auto loan, for instance—keeping unused credit cards open can help protect a good credit score.

Check your credit report to identify your oldest credit card account and plan, in most cases, to keep it open. That's also a smart idea when the card you're considering closing has a high credit limit and cancelling it would greatly reduce your amount of available credit.

Need help with your credit score? Book a FREE Consultation - https://calendly.com/owensfinancialconsulting✨

08/21/2024

Don't let the fear of failure hold you back. It’s better to try and fail than to never try at all.

Failure is a natural part of the learning process and can often lead to valuable lessons and growth. So take a chance and don't be afraid to stumble. It's better to have tried and failed than to never have tried at all. Remember, success is not achieved by avoiding failure, but by persevering through it.

Remember, the biggest regret you can have is not trying at all. So, don’t be afraid to fail, be afraid not to try.

Happy Wednesday!✨

08/20/2024

What are secured credit cards? 🤔⁠
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Secured credit cards are a special type of card that requires a cash deposit — usually equal to your credit limit — to be made when you open the account. This money then acts as collateral every time you make a purchase. If you fail to make payments on time or default on your debt, your lender can use the deposit to reimburse itself.⁠
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A secured credit card might be right for you if:⁠
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You're looking to establish or build credit. Whether you're trying to improve your credit scores or start building a credit history, a secured credit card can be a great option. Because a cash deposit backs them, secured credit cards usually have more lenient approval requirements, making them more accessible to some borrowers than unsecured cards.⁠
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You don't mind paying a refundable deposit. Although a secured credit card requires you to come up with an up-front cash deposit, the funds will generally be returned to you when you close your account, provided you've paid your balance in full and on time each month.⁠
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You want to work your way up to an unsecured credit card. Secured credit cards are often used as a stepping-stone to approval for an unsecured credit card. Once you've improved your credit scores and shown financial institutions you are able to use credit responsibly, you may be able to transition to an unsecured credit card.⁠
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Secured credit cards work similarly to debit cards in that you're using your own money as insurance for transactions rather than borrowing funds from a lender. However, unlike a debit card, the payment history for your secured card may be reported to the three nationwide consumer reporting agencies (CRAs) — Equifax, TransUnion and Experian.⁠
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Provided your lenders report your payment history to the CRAs, a secured credit card can be a helpful tool for building and improving credit. Because secured cards are essentially insured with your own money, they may be more accessible than other types of credit cards. This is especially true for high-risk borrowers or those with little to no credit history. ✨

Need help with your credit score?
Book a free consultation: calendly.com/owensfinancialconsulting

Address

1560 E Southlake Boulevard Ste 100 Southlake
Texas City, TX
76092

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.owensfinancialconsulting.com/, http://calendly.com/owensfinancialconsulting

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