Information on Virginia Unemployment Insurance Benefits

For unemployment insurance relief during COVID-19 outbreak visit the Virginia Employment Commission to apply for unemployment.

https://www.vec.virginia.gov/unemployed/online-sevices-for-unemployment-benefits

In order to file for unemployment insurance (UI) you must have be separated from your employer or have had your hours reduced.

You will need the following information to file your claim:

• Your Social Security Number.
• The accurate employer names, addresses, telephone numbers and dates of employment within the last 18 months.
• The name and local number of your local union hall, if you obtain work through a union.
• Your Alien Registration Number of you are not a U.S. citizen.
• If you do not have any non-Virginia employers you must have an accurate mailing address, phone number, dates of employment for them.
• Make sure you have you gather your banking info to utilize direct deposit for unemployment benefits.

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11 Tips and Tricks That Will Keep You From Overspending

These suggestions and skills will help you avoid the temptation to overspend. Shopping can cause problems, whether you are a compulsive shopper or an occasional impulse buyer. Spending more than you can afford, running a balance on your credit cards and feeling stressed out of debt – all these behaviors can pose a risk to your financial stability. Turning the pattern around involves changing habits. Here are tips. strategies and skills to help stop impulse spending.

• Shop from a list
• Procrastinate
• Shop with cash or a debit card
• Shop alone – or with a trusted friend
• Shop your own closet
• Channel the impulse
• Plan your splurges
• Start using a budget
• Stop shopping as entertainment
• Don’t buy anything you can’t return
• Get help if overspending is damaging your finances, relationships or self-respect, get help and support you need. Debtors Anonymous is a free, 12-step program whose purpose is “threefold”
  • to stop incurring unsecured debt
  • to share your experience with the newcomer and;
  • to reach out to other debtors

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Can’t make your mortgage payment? Here’s How to Request Relief

If you are worried about missing an upcoming mortgage payment, you have some options. The coronavirus pandemic and millions of jobs lost due to it are an enormous challenge for American households.

Once you’ve put food on the table, the next most pressing question is, “How do I hang onto my home?”

I you’re in a tight spot right now, you may qualify for mortgage relief.

Following is a look at newly available types of relief for homeowners struggling during the pandemic.

How and when you contact your servicer depends on the severity of your financial hardship.

• If you can’t pay the mortgage this month: Call your credit card company
• If you can pay the mortgage now but worry you’ll be in trouble later
  • Don’t call yet. Check your mortgage website for instructions because phone lines may be jammed with people needing immediate help.
  • Also, check the Consumer Financial Protection Bureau’s guide to coronavirus mortgage relief options

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Using your credit card wisely can be a significant savings for YOU!

• Pay your bill in full every month – you will save on interest and avoid late penalties
• Always pay your bills on time
• Avoid paying the minimum balance – it will take longer to pay off and you will pay more overall
• Call your creditors if you have trouble paying your bill on time
• Negotiate a lower interest rate on your credit card to reduce costs
• Know the interest rate on each of your credit cards
• Know the fees for taking a cash advance on your credit card (may be double your cc interest rate)
• Have a plan to use your credit cards
  • Is it for special emergencies?
  • Vacations, or other purposes?
  • Stick with the plan to avoid over use and damage to your credit score

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What is the difference between a credit lock and a credit freeze?

They both are used to prevent your personal financial data from being stolen.

Credit lock – service requires a fee and provides easy access with an app on your phone.

Credit freeze – must register with each of the credit reporting agencies separately. This is a FREE service. To Unlock a credit freeze log into your account takes about one hour – but give yourself three business days to apply for credit. You can also lock your credit card or debit card by going on to the bank website to complete the process.

Most credit cards now have a safety feature called a chip to prevent capturing your info electronically. Except for gas stations. When you get gas try to use the pump closest to the front door to the station. Skimmers are devices that fraudsters place on the ATM component to steal your information by 2021 – this should no longer be an issue of concern.

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Should I refinance my mortgage now?

Consider this if you have a great credit score:

Refinance your mortgage if your interest rates is 4% or higher. The savings are tremendous!

1. Mortgage of 100,000 10% for 30 years =$215,000 (total amount repaid)
2. Mortgage of 100,000 5% for 30 years =$177,098 (total amount repaid)
3. Mortgage of 100,000 2% for 30 years = $133,063.01 (total amount repaid)

*Beware

Adjustable rate mortgages payments increase when interest rates increases. Home equity loans – a home equity line of credit (HELOC) late penalties are often more harsh than a regular mortgage. *Use an attorney for large financial transactions (costs $200-500) to prevent issues with predatory loans and lenders. Banks are always trying to find new ways to make money – and may not always be in your best interest.

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What are the 4 components of a credit mix?

Installment loans = auto, student, and mortgage loans

Charge cards = Bank credit cards

Service credit = Gas station credit cards

Revolving credit = Department store credit cards

Using these four components and making payments on time will improve your credit score!

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What is your credit score based on?

• 35% = Payment history (longer is better)
• 30%= Credit utilization
• 15% = Credit history length (longer is better)
• 10% = Credit mix (revolving credit, charge cards, service credit, installment credit)
• 10% = New credit (avoid purchasing a car, house, add new credit periodically and pace yourself)

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Your Credit report can be compared to your report card – it gives a detail analysis of how you are doing. Your FICO score can be compare to an A, B, or C grading system. Credit score values:

A= 800+ is excellent (1% chance of making late payments)

B= 740-799 – very good

C= 670-739 – good

D= 580-699 – fair

F+ 579 and below is poor (61% chance of being late)

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Having Good Credit has many benefits

If you have good credit…

• Don’t have to put a down payment for a cellphone, gas, electric or cable bill as an example.
• Pay lower interest rates on loans (pay less over life of the loan)
• Lower insurance premiums
• Lower down payment on large purchases
  • Bad credit will always cost you more. Down payment for utilities

Think about it:

If your income is low and you have good credit it’s better than earning a high income with bad credit

The best scenario is: good credit and good income

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