Monthly Archives: July 2022

3 Tips for Improving Your Credit Score

Having “bad credit” can cause a lot of problems. It can make it difficult to get a loan, credit card, or even a job. Generally, scoring below 580 on the FICO score is considered having bad credit. Luckily, there are ways to move up.

Here are 3 top ways to improve your low credit score.

Set Up Automatic Bill Payments

Payment history is the largest percentage factor in credit score calculations, so late fees and missed payments can really hurt your score.

One way to make sure you never miss another payment is to set up automatic bill payments with your bank. Automated payments are not just for old people with poor memories in senior housing facilities. They’re for anyone who wants to make sure their bills are paid on time.

Typically, you can set this up through your bank’s online system. If not, try calling customer service or swinging by the bank.

However, keep in mind that not all billers are equipped to accept automated payments. Small businesses, for instance, may not have this capability. In this case, set up a reminder system for yourself with an app or a journal.

Check Your Credit Report for Errors

It’s possible for there to be errors in your credit report. In fact, one in five people reportedly has an error on their reports. 

These errors could be dragging down your score needlessly. An error like an incorrect late payment could be preventing you from getting the credit score you deserve.

Luckily, you can order your free annual credit report from each of the three main credit bureaus (Experian, TransUnion, and Equifax) and see for yourself.

What do you do if you catch an error? You can file a dispute with the credit bureau in question and have them investigate the error. If they find that you’re right, they will remove the incorrect information from your report and your score should improve. 

Limit Frequent Requests for New Credit

Applications for new credit are called hard inquiries and can temporarily lower your credit score.

When you apply for a new line of credit, the lender will do a hard inquiry on your report to see if you’re a good candidate for the loan or credit card. Too many hard inquiries in a short period can make you look desperate for credit and can lower your score.

To avoid this, only apply for new lines of credit when you really need them. And, if you’re shopping around for an auto loan or mortgage loan, do all your applications within a 14 to 45-day period. This will count as one hard inquiry because the credit bureaus will see that you’re rate shopping.

Improving your credit score is possible. With these tips, you can make it happen. Just remember to be patient.

Silver set to reach all-time highs in 2022 as demand continues to increase

Various market analysts have been predicting that the price of silver or rather, the demand for more silver is likely to increase in 2022. This has a lot with the rising use of silver in solar panels and other industries. This is also pushed further by the fledgling economy, rising inflation, and general instability in the world.

Global demand for silver is expected to reach 1.1 billion ounces this year, this is up 5% from 2021, according to the annual report compiled by Silver Institute and other financial institutions. This is the highest it has ever been in over a decade. This means that the markets are favourable for anyone who might want to sell silver.

This demand for silver will push the money market from a deficit of 51.8 million ounces in 2021 to a deficit of 71.5 million ounces this year.

The uncertainty surrounding the war in Ukraine and the potential for global trade poses a risk to economic demand, which accounts for about half of spending. Spending growth is beginning to recover after the early decline of the COVID-19 outbreak. 

After furious trading from the Reddit group announcement on the WallStreetBets message boards, the price of silver rose by 36% last year to 278.7 million ounces, the highest it has been since 2015.

The increase in the price-performance ratio of silver investments did not last long, but the retail market remains tight. Buyers keep their valuable gold and silver as safe-haven investments to protect themselves against inflation and environmental uncertainty.

According to the report, silver jewellery demand in 2021 increased by 21% to 181.4 million ounces but remains below pre-contagion levels due to rising prices limiting some precious metal purchases on the market.

Currency prices are now hovering around all-time highs in 2022, following a sharp rise in gold prices as global sanctions on Russia affect metal prices as well as gas and oil prices and even the price of grain.

The price of silver has steadily increased in recent months. As of May 9, 2022, the selling price of silver in US dollar terms was $22.46 per ounce or $0.79 per gram.

As demand increases, the silver smelting rate will also increase. When demand decreases, the cost of silver will also decrease. High-income products are more valuable than low-income items like 950, 925, 900, 800 silver, sterling silver, or hallmarked silver. Items marked as “plated” are not pure silver and have the lowest value because they only have a thin layer of silver on the surface.

The best-selling silver is silver bullion which has a purity of 99.99%.

How and where to sell silver bullion bars or coins?

There are a lot of places where you can sell silver bullion and these places aren’t that hard to find. You can sell it at the same place that sells gold or other precious metals. Silver can also be sold to online buyers, coin shops, and banks. Finding local buyers should be easy. When you enter “sell silver near me” on Google, you’ll see search results that tell you where to go for cash.