Fencing

We asked the Stall and Stable Facebook community to see what they would do with $150,000 cash. The answers came rolling in – most with hope and optimism, some with a bit of grumbling. In this episode, Helena shares those answers with you, and provides insight about some of the more common responses and misconceptions. It is interesting that so many farm owners have no idea just what $150,000 will (and won’t) buy. Listen in!

This episode is brought to you by AMERICAN STALLS

Thinking about building a barn, arena, or barn with living quarters? Go to BarnPros first!

How to Optimize Your Credit Score

Your credit score is one method of assessing your potential risk of defaulting on a loan. Regardless of what your current credit score is, it can always be better, and the better it is, the easier it will be for you to obtain additional credit, and at more favorable terms. Here are a few tips to help you prepare for turning that dream project into a reality, by beefing up your credit score:

1. Make sure the information on your credit report is accurate (get a free report at annualcreditreport.com).
2. If you discover any problems, ask your creditors to remove anything questionable. 
3. Manage your finances well by paying your bills and debts on time. 
4. Reduce non-essential spending and put what you save toward your current debts. 
5. Don’t carry a balance on your credit cards, or pay as much as you can each month. 
6. Open new credit accounts sparingly. 
7. Don’t use more than 30% of your available credit limit. 
8. Don’t close existing credit accounts. 
9. If you are having trouble making payments, contact your creditors to request forbearance assistance. 
10. Be sure to make payments before the credit bureau ‘reporting date’, which is usually (but not always) 45 days after the payment due date. 
11. To avoid paying bills and debts late, set up electronic auto-pay through your online banking program. 
12. If your credit score isn’t strong enough on a standalone basis to get a loan, see if you can get someone to co-sign or guarantee the loan for you. 
13. Subscribe to self-reporting credit enhancement services (ex: Experian Boost). 
14. Get a secured credit card. (What is that?)
15. Take out a ‘credit-builder’ loan. 
16. Beware of identity theft by proactively monitoring changes in your credit score. 

If you need help improving your credit score, free resources are available from the Consumer Finance Protection Bureau.

If you need planning assistance for your barn or business, book a Stall and Stable appointment.