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Publisher : Independently published (December 15, 2018)
Language : English
Paperback : 103 pages
ISBN-10 : 1791751024
ISBN-13 : 978-1791751029
Item Weight : 5.3 ounces
Dimensions : 6 x 0.24 x 9 inches
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In this high inflationary environment, many people are struggling to manage their expenses. Things like gas, groceries and childcare can quickly add up. Add in any variable debt that you might have, such as from carrying a credit card balance, and it can be tough to make ends meet.
While you don’t want to necessarily dig yourself a deeper hole, some homeowners find that borrowing against their home equity provides them with the breathing room they need.
Perhaps you’ve improved your spending habits and are comfortable taking on new debt, but decisions you made when you were younger are catching up to you. If you can pay off higher-interest debt with a home equity loan or HELOC, for example, then you might save money on interest payments.
But if you have bad credit, can you still qualify for a home equity loan? It depends on what your credit report looks like and the lender’s requirements.
That said, you often need a credit score of at least 680 to get a home equity loan. Some lenders will go below that number, but in general, the lower your credit score, the harder it will be to find a lender and get favorable terms.
However, there are steps you can take to improve your chances to qualify for a home equity loan and find more favorable terms. If you think a home equity loan could be advantageous for your personal financial situation then start exploring your options.
How to get a home equity loan with bad credit
Here are five ways to improve your chances of getting a home equity loan with bad credit.
Review credit reports for errors
Your credit score might be lower than it should be based on errors on your credit report. A Federal Trade Commission (FTC) study found that around 5% of people have had a more than 25-point credit score change by correcting credit report errors, so it makes sense to check and dispute errors, which you can do for free. The FTC advises consumers to check their credit reports for free from each of the three big credit bureaus once every 12 months via AnnualCreditReport.com.
Perhaps you paid off a balance that is still showing as unpaid on your credit report. Or maybe you never opened an account that’s showing up on your credit report, which could be a sign of identity theft that you’d want to correct before it causes more damage.
Make sure you have enough equity
If you’re trying to take out a home equity loan that, when combined with your mortgage balance, leaves you with very little equity in your home, that could make interest rates higher. And if you’re struggling with your credit score, that makes it even harder to get good terms.
So, talk to lenders about how different combined loan-to-value (CLTV) ratios affect interest rates. Many lenders will go to around 85% CLTV, but perhaps if you took out a home equity loan at a lower ratio, you’d get better terms. Or maybe you’re trying to qualify at a 90% CLTV, but the lender would only do that for a borrower with a higher credit score.
In that case, you might wait to take out a home equity loan until, say, real estate conditions potentially improve to the point where your home’s value gives you more equity.
You can check your home equity loan eligibility here now.
Stop activities that can lower your score further
In addition to addressing issues like credit report errors and fraud, you can also improve your credit score by stopping activities that have a damaging effect.
For example, having a high credit utilization ratio, such as from maxing out your credit cards each month, can hurt your credit score. A rule of thumb is to keep your credit utilization ratio below 30%, but ideally, you want to be in the range of 1-9%, says Experian.
So, if your credit limit for a credit card is $10,000, you might limit your spending on that card to $100-900 per statement and pay that off each month. Keep in mind that your credit utilization applies to specific accounts as well as your overall borrowing.
With time, better habits can improve your credit score.
Lower your debt-to-income ratio
Another way to improve your chances to qualify for a home equity loan with bad credit, especially without paying ultra-high interest rates, is to lower your debt-to-income (DTI) ratio.
For this area, the rule of thumb is that you want your debts to add up to a maximum of 43% of your income. But perhaps getting significantly lower than that limit would make a lender more willing to work with you even if you have bad credit.
How can you lower your DTI ratio?
Suppose your household has two cars, each with a car loan. Yet maybe you and your spouse both work from home and you don’t necessarily need two cars anymore. In that case, maybe you could sell your car and eliminate that debt, thereby lowering your debt-to-income ratio.
Shop around
Lastly, if you have bad credit, don’t assume that if one lender refuses you then all will. Different lenders have different requirements, so shop around and see who’s willing to work with you and what their terms are.
Even if you don’t qualify yet for a home equity loan, you can get a better sense of what you need to aim for by shopping around. Perhaps you can find a lender that has a minimum credit score requirement that you think you can reach in a few months, and having that benchmark could be the motivation you need to get there. You can shop around for home equity loan lenders here.
The bottom line
Overall, having bad credit can make it more challenging to get a home equity loan, but it’s not impossible. You might need some patience to find a lender and/or improve your credit score, but you probably don’t want to rush into this decision anyway.
If you made hasty borrowing decisions in the past that dropped your credit score, for example, then you probably wouldn’t want to make that mistake again, especially because you’d be putting your home at risk of foreclosure if you don’t pay back the loan.
But if you’re confident that you’re on solid financial footing and can manage a home equity loan, then it can make sense to search for a lender that will work with your credit situation.
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It’s no secret that a supportive boss can play an instrumental role in your ability to thrive both at work and at home. In this piece, the authors take this finding one step further. Their research highlights how your boss can also indirectly influence your co-parent’s ability to thrive as well. While it may not always be an option to choose your supervisor, by understanding how this process unfolds, you can take steps to more consciously navigate complex work, parenting, and partnership decisions to maximize opportunities for both you and your co-parent to thrive in all facets of life.
A recent Washington Post article highlighted a seemingly obvious, yet critically important finding from research conducted by Maureen Perry-Jenkins: When parents work in more supportive environments, they are able to be more effective in their parenting roles. This, in turn, leads to better developmental outcomes for their children. It’s no surprise that this news article quickly made the rounds across social media for parents — it articulates what so many working parents have felt: that our experiences at work shape the experiences of our home lives.
While writing Parents Who Lead, one of us (Alyssa) heard countless examples of dual-career parents who described the invasive, negative impact that an unsupportive work environment (think micromanaging boss, lack of family-supportive policies, presenteeism culture) can have on the entire family. It was common to hear one parent complain about their partner’s work and how carrying the resulting extra burden at home meant that they couldn’t fully engage at work themselves. And, happily, we also heard the positive flip side of this story. When one parent was meaningfully supported at work, their co-parent felt better able to fully show up as a parent and in their own career.
As a team of researchers and working parents ourselves, we set out to investigate this question: How does our co-parent’s support (or lack thereof) in the work environment influence our ability to thrive at home and at work?
To answer this question, we identified 100 dual-career couples with children and surveyed them at multiple time points over a year and a half during the pandemic. We asked each parent to tell us about the extent to which their work environment was supportive of their lives outside of work. We asked these questions about several facets of the work environment — their direct supervisor, their coworkers, and the broader organizational culture. We also asked both parents about their home lives, including the extent to which their partner was a supportive co-parent. Finally, we asked them to describe the degree to which they felt that they were thriving at work and at home. From an academic perspective, thriving is defined as two distinct but related psychological states — vitality and learning. When you thrive, you feel energized, enthusiastic, and a sense of continuous growth and learning. Beyond merely surviving, we wanted to know why some working parents were able to thrive (especially during the pandemic, which placed immense pressure on the family system).
What we found supported our initial supposition that when one co-parent has a supportive work environment, it makes it significantly more likely that their co-parent will be able thrive both at home and in their own careers. Diving deeper into the data yielded some fascinating findings.
First, we found that not all types of support at work are equally important. The supportiveness of one’s supervisor was significantly more impactful on both the co-parent and their partner than other forms of support at work (either from coworkers or the organizational culture, more broadly). In other words, even after controlling for the supportiveness of your own boss, the supportiveness of your co-parent’s boss affects how likely you are to thrive at work and home.
Second, as organizational psychologists, we wanted to understand how this process unfolded. We found that partners who had supportive supervisors were, in turn, more supportive of their co-parent at home. Having a supportive supervisor allowed individuals to bring more time and energy to their home lives. They were able to take on more of the parenting and domestic responsibilities, as well as be a more focused, engaged, and patient co-parent. Simply put, when you have an unsupportive boss, it’s hard to show up fully for your family. As a result, the demands of managing the home domain fall disproportionately to your co-parent, which drains them of the capacity to fully thrive in their home and work lives. This effect held true regardless of parent gender and number of children.
While there is still much to untangle about how the work environments of the couples in our study affect their children and partner, these initial findings present significant takeaways for working parents.
1. Recognize and manage spillover.
While we may want to believe we can “turn off” work stress when we’re off-the-clock, our research suggests that this frequently isn’t the case. Work-family scholars refer to this as “spillover”— when experiences at work impact your ability to fully engage at home, both positively and negatively.
After a great day at work, you’re more likely to be an energetic parent and partner. But, after a draining and frustrating one, negative moods don’t necessarily dissipate right away. By becoming more aware of this process, you can develop tools for capitalizing on the positive energy and minimizing the transfer of negativity. For example, developing a commute ritual (even if it’s just from the desk to the couch) may be a useful tool for managing spillover.
2. Practice mindful division of labor.
When we dove into the research on how one partner’s boss affects their co-parent, one of the key drivers was the extent to which unsupportive bosses were associated with less equal co-parenting. While demanding work roles may mean that not every chore or task can be shared 50/50, it does highlight the importance of consciously and collaboratively determining how family responsibilities will be distributed. Experimenting with new ways to divide and manage responsibilities is an important strategy for dual-career parents to improve both partners’ satisfaction and performance at work and home.
3. Prioritize having the right boss.
While we may not have control over who we work for and with, there are times of career transition when we do have the capacity to prioritize different facets of our future roles. In those instances, recognize the potential impact that a supportive supervisor will play in your life, and seek out a supportive boss.
4. Manage up.
Since choosing your direct supervisor isn’t always an option, it’s important to be proactive in managing the relationship with the boss that you do have. Research suggests that you can manage up to facilitate greater alignment, communication, and support in your relationship with your direct supervisor. And, if your co-parent feels trapped, you can help them identify strategies for doing so, as well.
5. Cultivate communities of support.
While our research focused on the supportiveness of the workplace, it’s only one dimension of our lives that affects our immediate family. Yet, many of us focus only on work and immediate family as potential levers of support, overlooking our wider community. By cultivating a broader network of support around you — whether from extended family, neighbors, friends, community or school resources — you may find that you become less reliant on the supportiveness of your direct supervisor to facilitate wellness in your career and home. By creatively building and leveraging support in other domains of your life, you bolster your ability to thrive in challenging circumstances.
It’s no secret that a supportive boss can play an instrumental role in your ability to thrive both at work and at home. Our research takes this finding one step further by highlighting how your boss can also indirectly influence your co-parent’s ability to thrive, as well. While it may not always be an option to choose the ideal supervisor, by understanding how this process unfolds, you can take steps to more consciously navigate complex work, parenting, and partnership decisions to maximize opportunities for both you and your co-parent to thrive in all facets of life.
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Unexpected Consequences: How Running Every Day To Escape Stress Can Actually Be Bad for You SciTechDaily
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Statements regarding dietary supplements have not been evaluated by the FDA and are not intended to diagnose, treat, cure, or prevent any disease or health condition.
Package Dimensions : 7.01 x 2.6 x 2.6 inches; 10.55 Ounces
Date First Available : July 27, 2022
Manufacturer : GuruNanda
ASIN : B0B7S539BD
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IDEAL FOR DAILY USE: GuruNanda Oil Pulling is an alcohol-free, fluoride-free, preservative-free & contains no artificial flavors, making it safe to use daily for long-term oral care. It is recommended to oil pull at the beginning of your day on an empty stomach as a pre-brush mouthwash for ultimate benefits. Incorporate our GuruNanda ayurvedic oil pulling blend into your oral healthcare routine today and start noticing all the healthcare benefits.
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