Defynance - Blog , Career

#ProTip: Check your Credit Report at Least Three Times a Year for FREE!

Sat, 24 Feb 2024 17:51:41 +0000

If you have a credit card in your wallet, you have a credit history. If you have a loan or have borrowed money for a large purchase, you have a credit history. When it comes to financial dealings, it’s good to know your history. You don’t need to know every little detail though, and that’s where a credit report comes in.

Your credit report plays an important role when it comes to financial milestones like purchasing a home or buying a car. It tells the story of your credit history by letting potential lenders know if you pay your bills on time and how much debt, if any, you are carrying. You will want to ensure that it demonstrates your responsibility in terms of finances so it’s a good idea to review it on a regular basis.

Thankfully, under federal law, you have the right to get one free report each year from the three national credit bureaus (Equifax, Experian, and TransUnion). To make things easy, you can request your reports online from a single website: AnnualCreditReport.com.

By providing some identifying information like your name, places you have lived, Social Security number and your birthday, you will be able to get a detailed report that outlines all of your credit related data.

Be proactive and check this report at least three times each year or before you apply for a loan, insurance, or credit. Not only is it a good way to identify signs of potential identity theft, it’s also important to make sure there are no mistakes or errors that would cause you to miss out on lower interest rates.

Since you can get one free report from each bureau annually, consider spacing them out over the span of a year and get one every four months. This way, you can catch any discrepancies early to reduce any negative impact it may have. You have worked hard to build a good credit report so make sure to check it often.

Does my credit score really matter?

Sat, 24 Feb 2024 17:51:25 +0000

Credit is a pretty important factor in a lot of decisions, but does credit really matter? Credit will affect a lot of decisions in your life, including mortgages, car loans, and credit card approval. If it’s important for you to secure any type of funding to purchase something, then credit more than likely will be a factor. However, even if your credit is bad, you can still get approved for some loans, just not at as great of a rate as you could get.

If you don’t plan on using debt to get you through some of the bigger purchases in life, then your score may not be as relevant. In the end, it does matter what your score is anytime you try to secure any type of credit. The lower your score is, the worse the rate you will get from a lender.

What else matters?

Besides your credit score, there are some important factors that will go into your decision. One thing that a lot of creditors will look at is how stable your income is and how much of it goes towards other debt. This is called the debt to income ratio, which is just the amount of debt you pay each month divided by the amount of income you make each month. Typically, this should be under 60%, but the lower the better.

If my credit isn’t good, what do I do?

First, you should know what factors go into your score. Knowing this can consciously help you improve your score and make you aware of what factors matter. The main factors are the average length of your credit, the number of accounts you have, the total percent of revolving credit used, and your payment history. A big part of your score is just making sure you make your payments on time and don’t overuse your credit card. If you have a high revolving credit balance, work on paying that off. This is also good because typically revolving credit has higher interest rates than loans.

While your credit score may not be the only thing, it’s definitely an important part of many lending decisions. If you focus on improving the factors that make up your credit, over time it will fix itself. The good news is that many of the items that show up on a credit report aren’t permanent. Waiting until the negative points on your report disappear and continue to keep a clean record will improve your score.

Why You Should Learn How to Code

Sat, 24 Feb 2024 17:51:07 +0000

Did you know that 8 out of 10 top companies in the world are from the tech sector? And not only that, but almost a quarter of S&P500 is also from tech. That doesn’t tell us why we should learn to code, and it also does not mean that everyone in these companies knows how to code, but what it tells us is how much technology is dominating the world and how much people value that dominance.

“Everybody in this country should learn how to program a computer… because it teaches you how to think.”

– Steve Jobs

Where to start?

The truth is, coding has made things easier by giving us lots of solutions for the real world. It doesn’t matter if you are a non-programmer, beginner, or experienced person; there are multiple reasons you should learn to code.

Attractive Salary and Multiple Career Opportunities

Technology is vast, and we can find it all around us. Coding is a fundamental skill for programming. There are plenty of job opportunities or freelance gigs available if you know how to code. Currently, there is a shortage of programmers, and thus, they are in high demand. The average salary for these jobs is also attractive because it requires critical thinking and situation analysis.

Coding improves your problem-solving skills

Apart from easy job search, coding literacy can help you to improve your problem-solving skills. Coding forces you to find logic in simple behaviors; it teaches you how to structure big problems and divide them into small chunks. It is a healthy exercise for the left side of your brain.

Coding can help you save time in the long run

Have you ever been in a situation where you spend an entire hour every week to format the same report for your boss? Understanding coding can help you to automate your monotonous copy-paste weekly reports and spend your time elsewhere in your job. From macros in excel to some advanced automation tools are at your disposal. To use them effectively, you, of course, need to know some basic programming.

Coding can allow you to pursue passion projects

Coding is a fantastic skill for you if you’re the sort of person who has tons of ideas and wants to get started on everything yesterday. Not having to look elsewhere for a coder saves both time and money, plus it means you can keep changing and redesigning as your idea develops.

Anyone can do it

Unlike other tech skills that require a degree, there are free resources to start learning to code.

These are some great and free resources that can help you get started:

How to Get a Job After College

Sat, 24 Feb 2024 17:50:51 +0000

You just got your degree, now what? In most cases, you’re either going to begin working or pursuing another degree. If you’re one of the many who are looking to work afterwards, it can be difficult to find the right job after college. 53% of graduates are either unemployed or working in a job that doesn’t require a Bachelor’s Degree. With companies strugg ling to fill job s, now is a great time to bolster your resume and land that job.

Update Your Resume

Your resume is the first impression that the person who will be hiring you has, so you want to make sure it’s in tip top shape. Make sure that you have all your most recent positions listed with the correct dates and have 3-4 points about each position. Also, do not make the points a copy and paste of the job description, make them quantifiable achievements you had. For example, as the manager of XYZ Stores, do not put “I managed day to day operations of the store”. Instead use something like “Increased sales of stores by 20% by implementing….” and so on. You want to highlight what you achieved in the position to make yourself stand out. Make the reader know what you bring to the table. Use this link to write an amazing resume.

Utilize Your Network to help you get a job after college

The phrase “It’s not about what you know, but who you know” is a phrase for a reason. If you have a connection to someone in an organization, it greatly increases your chances of getting an interview and getting hired. Referrals make up 7% of applications, but 40% of hires, so getting a referral will greatly increase your odds of getting hired. Attend a career fair or networking event in your area to get in front of people who can refer you to their HR department. A personal connection is better than sending a resume online.

Use Job Board Websites

However, sometimes you need to just put your resume out there and hope for the best. Sites like Indeed are great when you’re looking for a job. Even if you don’t know anybody, you can still get an interview with a strong resume and cover letter. If you updated your resume and wrote a solid cover letter, you still have a good chance of getting an interview. Make sure you apply to all the relevant jobs that you can. It may be time consuming, but it’s worth it to get a good job. Remember to tailor your cover letter and resume to the job you’re applying for to increase your odds.

Ace the Interview to Get a Job After College

Once your resume gets you into the interview room, you still have to impress more than the other candidates. Make sure you practice some common interview questions so that you can answer many scenarios. Try to think of about 5 stories that you can bring up that follow the S.T.A.R. method; make sure they cover different skills through scenarios you’ve been in. Having some stories that can cover a variety of questions will allow you to speak in any situation and ace the interview.

Getting a job can be a long and frustrating process, but you can make it as easy as possible for yourself. The more you practice and continue to apply to programs, the better you will get. You will start to understand what the hiring managers look for and can begin to tailor to them. If you are struggling to find a job, don’t give up hope. There’s plenty of positions out there for you.

6 Successful Job Interview Tips To Get You Hired

Sat, 24 Feb 2024 17:50:37 +0000

Now that you have received a call to interview for your dream job, make sure to make the most of this opportunity. A job seeker undergoes multiple phases during the hiring process. The interview is the most crucial phase as you interact with the company speaking to people who are responsible for the hiring decision. Even the smartest and most qualified individuals can find the interview process overwhelming. Here are a few tips to successfully get through this process.

Research

When selected for an interview, do thorough research about the company. Learn about its mission, vision, culture, values, and history. The company’s website, social media, news articles, and review websites like Glassdoor, Salary.com, etc. offer invaluable insights.

Also, researching the interviewer or people on the interviewing panel on LinkedIn or other social media channels could aid you in understanding their mindset. Additionally, common links like college attended, hobbies, and other interests can help in establishing instant rapport and even start to build a relationship with them.

Knowing the company and the people interviewing you goes a long way to show how prepared you are and how much you want the job.

Prepare & Practice

Make a list of commonly asked interview questions. Frame answers to these questions based on your experience and qualifications and the company’s requirements. These questions are generally asked at the beginning, which gives you an opportunity to make a good first impression.

Secondly, practice answering more job-focused questions with someone to make them conversational. Make sure to keep your answers focused and concise. Consider the STAR (Situation, Task, Action, Risk) method to exemplify your skills. Through this method, you can illustrate how you possess a particular skill that is required for the role.

Identify a situation or task where you demonstrated that skill.

Describe the actions you took to resolve the matter.
Discuss the results of your actions.

Other strategies include consulting with a mentor or someone who has been in a hiring position before. Utilizing your professional network to connect with someone inside the company to get more insights about the company and the people you are interviewing with.

Be On-Time

As the saying goes, “If you’re early, you’re on time. If you’re on time, you’re late.” Reach the venue at least 15 minutes before the interview. Acquaint yourself with the surroundings and make observations. This extra time helps you to adjust to the environment and can even calm down any anxiety before the interview.

Professional Conduct

Keep your conduct as professional as possible when you interact with anyone from the company. Right from what you wear to how you communicate, always be professional. Even if the company culture seems casual, do not presume it to be so when you go for an interview. During the interview, make sure to listen before you respond. Listening is crucial to understanding, which is necessary to respond effectively. However, in case of any confusion, do not hesitate to ask a follow-up question to get a better understanding before answering.

You should aim to come across as confident yet coachable. You definitely don’t want to come across as arrogant or a know-it-all. Always be yourself. Employers are looking for a skill set, experience, and also someone who will fit well into the culture of the company and internalize its values.

Ask Your Questions

In the end, you might get an opportunity to ask any questions you have. Prepare a few insightful questions regarding the company, the expectations they have for the role, growth prospects, benefits, and compensation. Check out this link to frame the most appropriate questions.

Post Interview

As a common courtesy, thank your interviewer for their time and send a thank you email shortly after the interview. It may not get you a job offer but will certainly give you an edge by demonstrating your character and professionalism.

Succeeding in job interviews takes research, practice, and persistence. The more effort you put into your interview preparation; the more success you will obtain in securing job offers. To find more information visit Defynance ROEP.

My Credit is Bad, Now What?

Sat, 24 Feb 2024 17:50:24 +0000

You’re certainly not the first adult to ruin your credit. For some of you, this has happened, not once but twice. In fact, 68% of Americans destroy their credit by the age of 30. The good thing is, it can be fixed. The bad thing is, the longer it takes to fix it, the more it will continue to have a negative impact on your life. While many of us received our first credit card as a teenager, a great percentage of us have never received the proper education and consulting necessary to go with it. Because of this, we have been more prone to ruin our credit, way before we understand the smart way to utilize it.

So, your credit is bad, now what?

The first thing you should do is find out how bad is Bad.

When calculating your credit score, a number of factors weigh-in, to determine your creditworthiness. The two most popular scoring companies for rating credit scores in the United States are FICO and VantageScore. While both companies may utilize different approaches when it comes to calculating credit scores, they meet in the middle on those factors that matter the most. Such factors include:

Your Payment History

The sum of all charges you have made via your account in general, including debit, credit and savings accounts.

Credit Utilization

The amount of revolving credit you’re currently using divided by the total amount of revolving credit you have available. In other words, it’s how much you currently owe divided by your credit limit.

Credit Mix

The types of accounts that make up a consumer’s credit report. The credit mix determines 10% of a consumer’s FICO score.

Credit Inquiries

A soft credit inquiry refers to all credit inquiries where your credit is not being reviewed by a potential lender. A hard inquiry occurs when a financial institution, such as a lender or credit card issuer, checks your credit when making a lending decision. They commonly take place when you apply for a mortgage, loan or credit card, and you typically have to authorize them.

Total Debt and Balances

The sum of all short- and long-term debt. Net debt is calculated by subtracting all cash and cash equivalents from the total of short- and long-term debt. Short-term debt adds all categories of debt due in less than 12 months.

Payment history for FICO, accounts for 35% of your score, meanwhile, credit utilization accounts for another 30%. There are other major factors to consider still. Do you have negative remarks on your credit report, such as bankruptcies, or even collections?

Negative information can stay on your credit report for over seven years from the date of the last activity and up to ten years for bankruptcies. With these factors dragging your score down, lenders will either avoid you or hit you with unrealistic interest rates, leaving you with little to no money left in your pocket each month.

As bad as all of this sounds, there’s hope. No matter what negative items are reporting on your credit account right now, you can have them removed and start rebuilding your credit within the next thirty days. That’s right—repossessions, evictions, late payments, etc. But you have to start now.

Your next move should be to consult with a professional credit repair specialist.

Make the move today that will change your life tomorrow. Speak with a professional now.

If student loan debt is causing you headaches, an income share agreement may be able to get you out of your student loan debt. Defynance has a product that will let you refinance your student loan debt using a debt-free income share agreement. It’s best to explore all available options when dealing with your credit!

This article was written by at the forefront of her Entrepreneurial professions, Leslie T Mitchell has taken the world of business by storm. Most recently, her hosting of “Woman on Assignment”, a television show that focuses on an accelerated approach towards empowerment, through teaching the modalities of establishing a solid financial infrastructure. Has reached and impacted thousands through her following and present community. We would like to present a blog that she has worked tirelessly on, as a non-profit life aid tool for the public.

A Quick Glance At The Top 5 Job Search Websites

Sat, 24 Feb 2024 17:49:49 +0000

As modern-day classifieds, job search websites are a boon for both job seekers and recruiters. These websites compile all the available job postings in the market accompanied by several resources like career coaching, resume building, networking, interview tips, etc. For recruiters, they are an excellent resource for building a talent pipeline and filling roles.

After scanning through them, Defynance has come up with the following list of the 5 Best Job Search websites:

Indeed

With over 250 million monthly users, Indeed is the largest job search platform catering to job seekers across several professions and experience levels with nearly 10 new job listings added every second. It is free for job seekers but creating an account can enable you to receive email alerts to new job postings, messages from recruiters and prospective employers, and upload resumes to complete job applications quicker.

Indeed also provides salary information and reviews about the company enabling informed decision making. They have a user-friendly and highly intuitive interface with multiple filters to make the job search process less stressful for first-time users.

Monster

Founded in 1994, Monster.com is the true pioneer of online recruiting. Every minute, 29 resumes are uploaded and 7,900 job search searches are initiated on Monster. Like Indeed, it caters to job seekers from all experience levels and types (full-time, part-time, temporary, freelance, etc.). Monster offers salary research tools for free and guidance to improve resumes, LinkedIn profiles, and cover letters for fees ranging from $129 to $349.

Monster, however, is ranked below Indeed due to limited job search filters and fewer job listings. Some job listings do require an account but applying to job postings linked to another website can be done without an account.

Recognized as the largest professional networking platform with 810 million registered users from around the world and across all industries, LinkedIn has gained quite a reputation with both job seekers and recruiters. Unlike most other job search platforms, LinkedIn allows you to connect with recruiters while developing your professional network based on direct connections, following influencers, companies, and participating in various types of groups. You can read more about the importance of professional networking in one of our earlier blogs.

Creating a profile is the first step with LinkedIn. Your profile acts as a digital resume based on which recruiters and employers show interest. Hence, it is critical to invest the time and effort to make sure your profile is detailed, accurate, and optimized for search. You can use your LinkedIn account to apply for jobs posted by companies and recruiters.

LinkedIn also offers a monthly premium membership option that allows you to see who viewed your profile, detailed insights on other applicants, and the ability to send messages to people you’ve not yet connected with.

Glassdoor

Glassdoor has clearly emerged as a winner for employer research and insights for job seekers seeking salary transparency and honest reviews from existing employees. Today, Glassdoor boasts 2.1 million employers in its database, 110 million company reviews and insights, and 54 million monthly visitors. It offers detailed information about company culture, salary information, benefits data, leadership, and management.

To start your job search on Glassdoor, create a profile, upload your resume, and sign up for email alerts to receive curated lists of job opportunities. You can also browse active listings using the site’s search bar.

Defynance Career Resources

To best assist our income-driven student loan refinancing customers and job seekers at large, we have curated an ecosystem of career resources to help optimize income and minimize unemployment of our customers and users. We don’t plan to become another Indeed, Monster, LinkedIn, or Glassdoor but rather act as a facilitator to help guide our customers to the best resources targeted to their needs. We would love your feedback to continue improving our career resources.

Click here to learn more.

A Quick Glance At 6 Moves To Boost Your Earning Potential

Sat, 24 Feb 2024 17:49:32 +0000

As you progress in your career, income is bound to increase with growing expertise and knowledge of the industry. However, this is a gradual process that takes its own sweet time. By putting in some extra effort and optimally utilizing your time, you can maximize your earning potential and build wealth. There are several moves that will help you achieve these goals:

Online Learning Certifications

Online learning is a gift of technology, giving you access to worldwide courses and degrees without any geographical barriers. These learning platforms provide you with a wide range of cost-effective certification courses to upgrade your skills and match industry standards. These certifications bring value to your profile making you eligible for a pay raise, taking on a more challenging role, or even finding a better job. If you are passionate about learning, an additional degree could accelerate your career growth to new heights.

Find A Side Hustle

If you have a fair amount of free time after regular working hours, pick a side hustle to earn extra income. This could mean turning one of your hobbies into a small business or taking on a few odd jobs. Additionally, you may also invest in learning the most sought-after trending skills that can improve your income-earning prospects. Freelancing on a project too is a great option. Here is a list of ways to start side hustling.

Learn A New Language

Knowing a foreign la nguage is a coveted asset in your profile. Fluency in a second language can lead you to high-paying jobs. In your existing job, you would have an edge in handling communications with overseas clients and staff. If you become proficient in another language, an interpreter or translator job on the side can earn you a handsome amount.

Become Tech Savvy

In this tech-powered world, you will always be rewarded for your technical know-how and your ability to adapt to technological changes. Going a step beyond that, try to learn new tools to complete your tasks efficiently. Keep yourself updated with the automation tools of your chosen field. If your employer does not recognize and reward your newly acquired skills, you will be in a stronger position to find a better job

Career Change

The Covid pandemic is leading to more and more people reassessing their career and life goals. This has led to what is being called the “Great Resignation“. Perhaps it’s time for you to reassess as well. Plus, switching careers isn’t the challenge it used to be. Thus, whether you’re not satisfied with your job, your priorities have changed, you’ve found a new passion, or you’re just ready for a new challenge, it’s a great time to choose a new path for yourself.

Networking

Connecting with the right type of people can take you places. Develop your professional network from a learning and growth perspective. Online networking has made it easier to connect with professionals globally. Needless to say, networking can open doors to many new opportunities, mentors, industry experts, etc. Here are some of the biggest advantages of networking.

These moves can certainly bring a positive change to your earning potential. It is essential that you recognize your skills and refine them to achieve your goals.

The Defynance Resources Optimizing Earning Potential (ROEP) ecosystem is an excellent platform for career guidance and growth. Make sure to visit us and discover new ways to achieve professional success.

Tips to Keep a Good Credit Score

Sat, 24 Feb 2024 17:49:20 +0000

You spent the last few years building up your credit by limiting spending on credit cards and making all your payments on time. Now you finally got the credit score that you were aiming for, but now what? A good credit score can help you get access to more and cheaper lines of credit, but how do you make sure that it doesn’t just go back down? The following tips can help you keep a good credit score after working so hard for that achievement.

Avoid unnecessary credit inquiries to keep a good credit score

A factor, although a tiny one, is the number of inquiries you have on your credit report. Once you see that you got a great credit score, you may be attempted to apply for many new lines of credit. This could end up hurting you and your credit score. Each time you apply to a new line of credit, an inquiry will show up on your account and stay there for two years. Even though it plays a minor role, this can still hurt your new credit score and affect access to credit.

Don’t open too many accounts too quickly

One of the largest factors in your credit score is the average age of your credit. Opening too many accounts in a short period of time could tank your average credit age, especially if you don’t have many credit lines. While also adding new inquiries, your credit score would lower until you hold the credit for a longer period of time.

In a similar vein, closing any open accounts that you have will also affect your average age of credit. If you’ve had a credit card for a few years and decide to close it because you got a new one, you would only be hurting your score further. Having both the cards would be beneficial for the length of credit and also your debt utilization. If you keep the old card, you will have a higher total credit limit to utilize.

Keep making payments on time to keep a good credit score

This one should be a no-brainer. You made payments on time to get your credit score and now you have to continue to do so to keep your good credit score. Remember that late payments will stay on a credit report for up to seven years, so they’re not easy to get rid of. Just keep making your payments on time and avoid using too much credit that would stretch your income.

Don’t use too much of your credit

Another large factor in your credit score is your credit utilization. You generally want to keep the amount of credit you use across all your credit cards to below 30% of your total credit limit. Of course, the lower you can keep it the better. One way to do this is to just pay off your credit card in full at the end of each month, if possible. This way you never have to worry if you are using too much of your credit and tank your credit score.

Remember that credit isn’t free money and just because you have access to more credit, doesn’t mean that you should use it. It can be easy to go crazy and start spending, but this could end up hurting you and your credit score in the long run. Also, always track your credit score using a tool like Credit Karma. These tools can show you how your credit score is progressing and also give you tips to keep your score high or even improve it.

If student loans are giving you and your credit score headaches, you could try refinancing them. Defynance offers a refinancing solution that uses income share agreements, instead of a traditional loan. This helps ensure that your payments are always affordable, so even if you’re in a cash crunch, it can be one less debt payment to worry about.

How To Start Your Side Hustle

Sat, 24 Feb 2024 17:46:39 +0000

Are you currently strapped for cash? A lot of people are starting to feel the squeeze on their wallets. Maybe that’s why 34% of Americans have a side hustle. You may not even be that strapped for cash, but still want some extra money to spend. A side hustle can be an easy way to make that extra money, and it’s easier than ever to start working a side job. You can enjoy flexible hours and still make decent enough money on your own time.

Work a part-time job

You could spend your free time working at a local business. These positions are often low skill, but allow you to make extra money. You could work a few hours a week at a retail store or a local restaurant to help bring in some extra dough. It’s pretty easy and straight forward to apply at a lot of small businesses. Of course, you’ll rarely be able to set your own hours and be stuck to their schedule.

Join the gig economy

With the availability of apps now, this is probably the easiest way to start your own side hustle. In most cases, all you need is a car. And in others, you don’t even need that. You can normally get started right away and there’s no interview process.

There’s also jobs for anyone out there. If you love dogs, you can even get paid to watch them. And if that isn’t your cup of tea, there’s other stuff out there too. In fact, there’s jobs for almost anyone that allow you to work on your own schedule.

Start your own side hustle

If you’re feeling ambitious enough, you could even start your own business. Maybe you’re a graphic designer who wants to use and improve their skills. You could start your own company to work on that. You can also start your own business for whatever you want. With the rise of eCommerce, the costs of starting a business are lower than ever. There’s plenty of tools out there that will help you find your niche.

If you are struggling, make sure you look at our other tips to make sure you have a budget that fits your needs. Or, if student loans are causing your stress, you can refinance your student loans with Defynance. Defynance uses income share agreements to refinance your student loans. An income share agreement adjusts with your income, giving you protection in your times of need.