Credit Access and Disability What are the importance of score in a Situation of Crisis Advertiser disclosure: You’re our primary priority. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site doesn’t feature every company or financial product that is available in the marketplace however, we’re confident that the advice we provide and the information we offer as well as the tools we design are independent, objective, straightforward — and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on our website), but it does not affect our advice or suggestions, which are grounded in thousands of hours of study. Our partners do not pay us to guarantee favorable review of their services or products. . Disability and Credit Access: Why Scores Are Key In a Time of Crisis. Having a good credit can help you get affordable interest loans as well as credit card to help cover your bills in an emergency. Here’s how to get started. By Caitlin Mims Content Manager Credit scores, credit cards Caitlin Mims is a Content management specialist on the credit cards team of NerdWallet. Prior to joining NerdWallet she worked as editor for CreditCards.com as well as Bankrate. Caitlin is a writer on personal financial matters for the past seven years. She has written about credit cards credit scores, retirement planning and the financial challenges women have to face. She is located in Denver, Colorado. Aug 16 20, 2022 edited by Kenley Young Assigning Editor | Credit cards, credit scores Kenley Young directs daily credit cards coverage for NerdWallet. Previously, he was an editor of the homepage and digital content producer at Fox Sports, and before being a front-page editor at Yahoo. He has decades of experience in digital and print media, including stints as an editor at the copy desk, a wire editor and an editor in the metro area for the McClatchy newspaper chain. Email:

. A majority or all of the products we feature are made by our partners who compensate us. This impacts the types of products we review and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here’s a list of and . From the time Erin Noon Kay was little Her mom taught her to manage money. This is an important practice for any parent to teach their children however for Noon Kay it was necessary. She was born with cerebral palsy. And in addition to regular budgeting she had to understand how to navigate the confusing benefits system offered by the government. Noon Kay — who founded Claiming Disability, a company that advocates for people with disabilities through outreach activities and media representation explained that many people who are disabled don’t manage their finances on their own. Instead their finances are handled by a non-profit as well as their families, which means they can’t acquire the necessary skills themselves. “I do not think we’re providing disabled people with a benefit when we try to shelter them from the reality of their lives,” says Noon Kay 33. “Like If my mother would have sheltered me from all of these realities, it would’ve been a huge shock.” One of the most neglected aspects that is often neglected in the field of finance management is credit. Having good credit ( of at least 690) means being able to access options in the event of an emergency in the event that you lose your job or become unable to work. People who are disabled are less likely to work full time and tend to earn less on average than those without disabilities, according to Tom Foley, executive director of the National Disability Institute, or NDI. The disability community is one of the largest groups, making emergency situations more difficult to manage. For some, debt is the only way to go. After all, the answer isn’t always as simple as spending less funds: If you suffer from a disability, some expenses which are usually viewed as luxuries are absolute necessities. Foley gave the example of someone’s air conditioning going out in the middle of summer. If you have a disability and live in Georgia, getting that fixed is not a luxury; it’s probably necessary for survival. However, if you have low credit (FICO scores that are lower than 629) then your options for covering such are very limited. “It’s all of these things that make someone in a vulnerable economic situation that makes it much more difficult to manage credit,” says Foley. A 2017 NDI study of survey data of the Financial Industry Regulatory Authority, or FINRA discovered that those with disabilities are significantly less likely to use credit cards than general population and are much more likely to face financial burdens and also to utilize “alternative credit services” like pawnshops or payday loans. Payday loans can come with APRs higher than 300%. If you’re in bad credit or no credit at all, there are that will be more affordable to repay. But those with good credit have even better options, such as low-interest loans and 0% intro APR credit cards. >> MORE: How to start building your credit Building your credit isn’t easy in the event that you’re in financial trouble. However, it’s not difficult. Most importantly, it boils down to knowing how to handle any debt you accumulate. In reality, Noon Kay credits her mother’s financial education for the credit score she enjoys today. Here’s how you can start: Create an account that will be reported to the credit bureaus Many credit scoring models don’t keep the track of utility or rent payment, but credit card as well as loans are typically disclosed to . Getting a credit card is one of the easiest ways you can be sure that your account will actually help your credit There are other options for those with weak or weak credit. (More on that below.) >> > MORE: Make on-time payments when you have an account that’s disclosed to the credit bureaus, make every payment on time because that’s one of the main factors in your credit scores. If you’re a holder of a credit card it doesn’t require you to pay off your entire balance. So long as you make your minimum monthly payment, you’ll be able to protect your credit. But remember: Merely paying the minimum amount . The interest rate on credit cards is likely to be much less than a payday loan, but the APR can still be at or above the double-digits. If you’re struggling to make your minimum monthly payment take the initiative to contact your credit card issuer first. The issuer might have a offer to reduce your monthly bills and maintain the account on good standing. >> MORE Credit cards that could aid if your credit score isn’t as great, you might have some difficulties getting approval for a variety of credit cards, including most reward cards. But you do still have certain options such as secured credit cards. Secured credit cards, unlike others, they they require the deposit of cash upfront. Once you close the account in good standing — or are able to upgrade it to a standard unsecure card with responsible usage over time — you’ll be able to get your money back. Major issuers such as Capital One and Discover offer secured credit cards. Because the deposit lowers the risk for card issuers and therefore makes it easier for those with poor or no credit to get accepted. It’s actually possible to get secured credit cards , or even bank accounts — although such products may have other drawbacks, like annual charges or the inability to upgrade to higher-end cards. Credit cards that are ‘alternative’ based on your credit score, you may be able to qualify for an unsecured credit card that uses nontraditional underwriting standards to make approval decisions. These cards might be able to take a look at your credit score, but they’ll also consider other aspects like earnings, employment, and banking information. This isn’t going to be the most suitable option for everyone. If you’re on a you may have difficulty getting approved. However, it’s an option to think about when your credit score isn’t as strong as the rest of your financial history. Be an authorized user can also build credit through being a part of someone else’s credit card account. It is recommended to inquire with someone with good financial habits and makes every payment on time since you’re building your credit by piggybacking on the account of their. If you’re an authorized user, you’re able to purchase an actual card to make purchases using it, but that’s not necessary; your credit may benefit without ever having to use the card. However, authorized users don’t have the power to alter the account, nor are they responsible for the payment made on the account. The responsibility falls on the account’s primary holder which is why it’s important for the two of you to set expectations and rules prior to the time of your meeting. If you rack up charges that the primary account holder isn’t able to repay, each of you will be impacted negatively on your credit score. Author bio Caitlin Mims is a content management specialist at NerdWallet which covers credit cards. Previously, she was an editor for CreditCards.com. On a similar note… find the right credit card for you. Whether you want to pay lower interest or earn rewards, the right card’s available. Answer a few simple inquiries and we’ll be able to narrow down the search for you. Explore even more in credit Cards Get more smart money moves delivered directly to your inbox. Sign up and we’ll send you Nerdy posts on the money topics which matter to you the most and other strategies to help you get more out of your money. Take all the appropriate financial moves

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