Merrick Bank Financial Resolutions

New Year’s Resolutions You Can Keep

 

With the fresh start promise of a New Year, many resolutions include things like improving your health or addressing an ongoing challenge or issue. If you have issues with things like budgeting or cutting costs, there are many steps you can take that can quickly support your resolution. Of course, change doesn’t happen overnight, but taking one step at a time toward small improvements, you can begin to establish new habits that can help you budget and save money.

 

Set a reasonable budget and work your way up
First, you need to know what you’re spending and where you’re spending it. Write it down or if you’d rather, work in a spreadsheet. Either way, spend time studying and understanding at a very basic level what is coming in and what is going out every month. Managing budgets can be daunting, but not managing them can be devastating — Hit yours straight on.

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how credit affects employment

How Your Credit History Can Impact Your Job Search

Most consumers are aware that having a good credit report is extremely important if they decide to apply for a loan or mortgage. What many people don’t know is that their credit history can also be a determining factor in getting a job or promotion.

Federal laws allow potential and current employers to view a modified version of your credit report for purposes of hiring and promoting. This can be unnerving to people who have been unemployed or have a less-than-stellar credit history. In fact, there’s a push to outlaw pre-employment credit checks, and some states have already banned or limited them.

Job applicants also have rights when it comes to this practice. It’s helpful to understand your rights and how to work within them. The good news is that employers must have your prior written authorization before they can request your credit report, and the report they receive won’t include your account numbers, year of birth or references to your spouse. Furthermore, if you are denied a job because of a negative credit report, the company is required by law to give you a copy of the report along with a written description of your rights.

Many consumers are aware that multiple inquiries by creditors into their credit history can affect their creditworthiness if those inquiries are seen by potential lenders. However, credit inquiries made for employment purposes are considered “soft inquiries” and are not shown to lenders.

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