Home » Education
Category Archives: Education
Repossession Credit Scores: What You Need to Know
One of the harsh truths of secured loans is that your asset can be repossessed if you fail to make the payments. In the words of the FTC, âyour consumer rights may be limitedâ if you miss your monthly payments, and when that happens, both your financial situation and your bank balance will take a hit.
On this guide, weâll look at what can happen when you fall behind on your car payments, and how much damage it can do to your credit score.
What is a Car Repossession?
An auto loan is a loan acquired for the sole purpose of purchasing a car. The lender covers the cost of the car, you get the vehicle you want, and in return you pay a fixed monthly sum until the loan balance is repaid.
If you fail to make to make a payment or youâre late, the lender may assume possession of your car and sell it to offset the losses. At the same time, they will report your missed and late payments to the main credit bureaus, and your credit score will take a hit. Whatâs more, if the sale is not enough to cover the remainder of the debt, you may be asked to pay the residual balance.
The same process applies to a title loan, whereby your car is used as collateral for a loan but isnât actually the purpose of the loan.
To avoid repossession, you need to make your car payments on time every month. If you are late or make a partial payment, you may incur penalties and itâs possible that your credit score will suffer as well. If you continue to delay payment, the lender will seek to cover their costs as quickly and painlessly as possible.
How a Repossession Can Impact Your Credit Score
Car repossession can impact your credit history and credit score in several ways. Firstly, all missed and late car payments will be reported to the credit bureaus and will remain on your account for up to 7 years. They can also reduce your credit score.Â
Secondly, if your car is repossessed on top of late payments, you could lose up to 100 points from your credit score, significantly reducing your chances of being accepted for a credit card, loan or mortgage in the future.Â
And thatâs not the end of it. If you have had your car for less than a couple of years, thereâs a good chance the sale price will be much less than the loan balance. Car repossession doesnât wipe the slate clean and could still leave you with a sizable issue. If you have a $10,000 balance and the car is sold for $5,000, you will owe $5,000 on the loan and the lender may also hit you with towing charges.
Donât assume that the car is worth more than the value of the loan and that everything will be okay. The lender isnât selling it direct; they wonât get the best price. Repossessed vehicles are sold cheaply, often for much less than their value, and in most cases, a balance remains.Â
Lenders may be lenient with this balance as itâs not secured, so their options are limited. However, they can also file a judgment or sell it to a collection agency, at which point your problems increase and your credit score drops even further.
How Does a Repo Take Place?
If you have a substantial credit card debt and miss a payment, your creditor will typically take it easy on you. They canât legally report the missed payment until at least 30-days have passed and most creditors wonât sell the account to a collection agency until it is at least 180-days overdue.
This leads many borrowers into a false sense of security, believing that an auto loan lender will be just as forgiving. But this is simply not true. Some lenders will repo your car just 90-days after your last payment, others will do it after 60 days. They donât make as many allowances because they donât need toâthey can simply seize your asset, get most of the money back, and then chase the rest as needed.
Most repossessions happen quickly and with little warning. The lender will contact you beforehand and request that you pay what you owe, but the actual repo process doesnât work quite like what you may have seen on TV.Â
Theyâre not allowed to break down your door or threaten you; theyâre not allowed to use force. And, most of the time, they donât need to. If they see your car, they will load it onto their truck and disappear. Theyâre so used to this process that they can typically do it in less than 60-seconds.
It doesnât matter whether youâre at home or at workâyou just lost your ride.
What Can You Do Before a Repo Hits Your Credit Score?
Fortunately, there are ways to avoid the repo process and escape the damage. You just need to act quickly and donât bury your head in the sand, as many borrowers do.
Request a Deferment
An auto loan lender wonât waste as much time as a creditor, simply because they donât need to. However, they still understand that they wonât get top dollar for the car and are generally happy to make a few allowances if it means you have more chance of meeting your payments.
If you sense that your financial situation is on the decline, contact your lender and request a deferment. This should be done as soon as possible, preferably before you miss a payment.
A deferment buys you a little extra time, allowing you to take the next month or two off and adding these payments onto the end of the term. The FTC recommends that you get any agreement in writing, just in case they renege on their promise.
Refinance
One of the best ways to avoid car repossession, is to refinance your loan and secure more favorable terms. The balance may increase, and youâll likely find yourself paying more interest over the long-term, but in the short-term, youâll have smaller monthly payments to contend with and this makes the loan more manageable.
You will need a good credit score for this to work (although there are some bad credit lenders) but it will allow you to tweak the terms in your favor and potentially improve your credit situation.
Sell the Car Yourself
Desperate times call for desperate measures; if youâre on the brink of facing repossession, you should consider selling the car yourself. Youâll likely get more than your lender would and you can use this to clear the balance.Â
Before you sell, calculate how much is left and make sure the sale will cover it. If not, you will need to find the additional funds yourself, preferably without acquiring additional debt. Ask friends or family members if they can help you out.
How Long a Repo Can Affect Your Credit Score
The damage caused by a repossession can remain on your credit score for 7 years, causing some financial difficulty. However, the damage will lessen over time and within three or four years it will be negligible at best.
Derogatory marks cease to have an impact on your credit score a long time before it disappears off your credit report, and itâs the same for late payments and repossessions.
Still, that doesnât mean you should take things lightly. The lender can make life very difficult for you if you donât meet your payments every month and donât work with them to find a solution.
What About Voluntary Repossession?
If youâre missing payments because youâve lost your job or suffered a major change in your financial circumstances, it may be time to consider voluntary repossession, in which case there are no missed payments and you donât need to worry about repo men knocking on your door or coming to your workplace.
With voluntary repossession, the borrower contacts the lender, informs them they can no longer afford the payments, and arranges a time and a place to return the car. However, while this is a better option, it can do similar damage to the borrowerâs credit score as a voluntary repossession, like a traditional repossession, is still a defaulted loan.
Missed payments aside, the only difference concerns how the repossession shows on the borrowerâs credit report. Voluntary repossession will look better to a creditor who manually scans the report, but the majority of lenders run automatic checks and wonât notice a difference.
Summary: Act Quickly
If you have student loan, credit card, and other unsecured debt, a repo could reduce your chances of a successful debt payoff and potentially prevent you from getting a mortgage. But itâs not the end of the world. You can get a deferment, refinance or reinstate the loan, and even if the worst does happen, it may only take a year or so to get back on track after you fix your financial woes.
Repossession Credit Scores: What You Need to Know is a post from Pocket Your Dollars.
Source: pocketyourdollars.com
How to Avoid the Financial Blunders People Make in Their 20s
Nobody is perfect when it comes to their finances â even millionaires slip up sometimes.
So when you start to think youâre worse off than your parents, or your nephew, or your friends, remember that all 20-somethings have made mistakes that can cost them big time.
But if youâre guilty of making some of these blunders, donât fret. You can still redeem yourself! Here are some of the worst blunders you can make, and tips to help dig you out of the hole.
Blunder No. 1: Not Getting Free Gift Cards When You Shop
What do you usually do with your receipts? You check out, they hand you a mile-long piece of paper, and you frantically stuff it to the bottom of a grocery bag. Pretty worthless.
But a free app called Fetch Rewards will turn them into gift cards. It partners with tons of brands to give you points for every grocery receipt you share. Then you can exchange them for gift cards to places like Amazon, Walmart, Chipotle and dozens of other retailers.
And itâs perfect for those of us who donât want to put a ton of work into this. All you have to do is send Fetch a photo of your receipt, and it does everything for you. No scanning barcodes or searching for offers â and you can use it with any grocery receipt.
When you download the app, use the code PENNY to automatically earn 2,000 points when you scan your first receipt. Then start snapping photos of your recent receipts to see how many points you can earn without a single trip to the store!
Not so bad for a useless receipt, right?
Blunder No. 2: Not Earning Anything On Your Savings
Youâve probably heard the best way to grow your money is to stick it in a savings account and leave it there for, well, ever. Thatâs bad advice.
But maybe youâre just looking for a place to safely stash it away â but still earn money. Under your mattress or in a safe will get you nothing. And a typical savings account wonât do you much better. (Ahem, 0.05% is nothing these days.)
But a debit card called Aspiration lets you earn up to 5% cash back and up to 20 times the average interest on the money in your account.
Not too shabby!
Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for âthis is totally safe.â
Blunder No. 3: Paying Too Much Interest To Credit Card Companies
If you have credit card debt, you know. The anxiety, the interest rates, the fear youâre never going to escapeâ¦
And the truth is, your credit card company doesnât really care. Itâs just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? Youâll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), youâll get out of debt that much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but donât worry â they wonât spam you with phone calls.
Blunder No. 4: Paying Too Much For Car Insurance
Whenâs the last time you checked car insurance prices?
You should shop your options every six months or so â it could save you some serious money. Letâs be real, though. Itâs probably not the first thing you think about when you wake up. But it doesnât have to be.
A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and itâll show you your options.
Using Insure.com, people have saved an average of $540 a year.
Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.
Blunder No. 5: Thinking You Donât Have Enough Money To Invest
Take a look at the Forbes Richest People list, and youâll notice almost all the billionaires have one thing in common â they own another company.
But if you work for a living and donât happen to have millions of dollars lying around, that can sound totally out of reach.
But with an app called Stash, it doesnât have to be. It lets you be a part of something thatâs normally exclusive to the richest of the rich â on Stash you can buy pieces of other companies for as little as $1.
Thatâs right â you can invest in pieces of well-known companies, such as Amazon, Google, Apple and more for as little as $1. The best part? If these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.1
It takes two minutes to sign up, and itâs totally secure. With Stash, all your investments are protected by the Securities Investor Protection Corporation (SIPC) â thatâs industry talk for, âYour moneyâs safe.â2
Plus, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account.*
Blunder No. 6: Assuming Life Insurance Is Expensive And Time Consuming
Have you thought about how your family would manage without your income after youâre gone? How theyâll pay the bills? Send the kids through school? Nowâs a good time to start planning for the future by looking into a term life insurance policy.
Youâre probably thinking: I donât have the time or money for that. But your application can take minutes â and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $16 a month. The peace of mind knowing your family is taken care of is priceless.
If youâre under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
1Not all stocks pay out dividends, and there is no guarantee that dividends will be paid each year.
2To note, SIPC coverage does not insure against the potential loss of market value.
For Securities priced over $1,000, purchase of fractional shares starts at $0.05.
*Offer is subject to Promotion Terms and Conditions. To be eligible to participate in this Promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a funding account to your Invest account AND deposit $5.00 into your Invest account.
The Penny Hoarder is a Paid Affiliate/partner of Stash.Â
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.Â
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Source: thepennyhoarder.com
By: Sirenbliss
Horrible experience with a radio station. I owed a 100 dollar bill, and got overwhelmed financially. I am not sure how to handle them now because — the debt, a year old now — is trying to be recovered by someone at the radio station who is calling associates of mine trying to find my name and number … people have been contacting me telling me the collector verbally stated that I owe them money and are trying to collect. Anyway — I am exhausted. Because its a business debt its not protected under the FDCPA. Does anyone know what other protections might be available to me legally? I am contacting an attorney to have them write a cease and desist letter for defamation. Thanks … any thoughts would be appreciated
Source: credit.com
How and When to Talk to a Credit Bureau
Your credit score can have a huge impact on your lifeâfor better or worse. In many ways, the three major credit bureaus are the keepers of your credit score. Theyâre responsible for maintaining credit reports, which means you may need to contact them about the information included on yours. While this may seem daunting, it’s really not complicated.
Read on to learn about when to contact a credit bureau and how to do it. Contact information and tips have been provided for each of the three credit bureausâExperian, Equifax and TransUnionâto make it as simple as possible.
When to Contact a Credit Bureau
Anytime you notice inaccuracies on your credit report, you should immediately contact the credit bureau. This can include misspelled names, incorrect address information, unreported salary changes or erroneous employment information.
Here are some other reasons why you might need to contact a credit bureau:
- There are credit cards, collections missed payments or anything else on your report that you don’t recognize.
- You’re in credit disputes with your credit card issuer or financial institution. You can address this with the credit bureaus, which are required to investigate.
For help talking to the credit bureaus and starting a credit repair plan, you can work with a professional credit repair agency. They offer credit monitoring, credit repair services and text alerts so you don’t miss a thing.
- You want to get a hard inquiry removed from your history, especially if it’s an unauthorized inquiry.
- An account is missing from your report.
- You want to remove inaccurate or unfair collection accounts from your report. Keep in mind that if you can’t dispute them successfully, these accounts can stay on your account for a number of years.
- You want to request a free annual credit report.
- You want to put a temporary freeze or lock on your credit file.
- You notice any sign of fraud on your credit report.
Information to Gather before You Call
You want to have the right information on hand when you call a credit bureau. Prepare yourself by collecting the following information in advance, just in case:
- Your name, address, Social Security number and date of birth
- A copy of your annual credit report
- Evidence of the inaccuracies or errors, if relevant
- Personal financial information, such as your mortgage information, depending on the reported issue
- Any other supporting documentation
Credit Bureau Contact Information
Because there are so many potential reasons to contact a credit bureauâgeneral inquiries, disputes and credit freezes, for exampleâthere are many different phone numbers and online contact forms to wade through. If you call the wrong number, you may simply be told they cannot help you and directed to call a different number, wasting precious time and energy.
To help you avoid that frustration, weâve gathered several ways you can contact the credit bureaus for common inquiries here.
Equifax Phone Numbers
|
Reason to Contact |
Phone Number |
Availability |
|
General inquiries |
866-640-2273 |
|
|
Service cancellation |
866-243-8181 |
8 a.m. to 3 a.m. (ET) |
|
Request a copy of your credit report |
866-349-5191 |
8 a.m. to midnight (ET) |
|
Fraud alert |
800-525-6285 |
8 a.m. to midnight (ET) |
|
Credit dispute |
866-349-5191 |
8 a.m. to midnight (ET) |
|
Credit freeze |
888-298-0045 |
8 a.m. to midnight (ET) |
|
2017 data breach |
888-548-7878 |
8 a.m. to midnight (ET) |
|
Opt out of mailing lists |
888-567-8688
|
|
If you donât like talking on the phone, Equifax also offers live chat support. You can chat with a member of their customer support team between 8 a.m. and midnight (ET), Monday through Friday.
TransUnion Phone Numbers
|
Reason to Contact |
Phone Number |
Availability |
|
General inquiries |
833-395-6938 |
8 a.m. to 11 p.m. (ET) |
|
Credit dispute |
833-395-6941 |
8 a.m to 11:00 p.m. (ET) MondayâFriday |
|
Credit freeze |
888-909-8872 |
8 a.m. to 11 p.m. (ET) |
|
Fraud alert |
800-680-7289 |
8 a.m.to 11 p.m. (ET) |
|
Free annual report |
877-322-8228 |
|
|
Havenât received your report |
800-888-4213 |
|
|
Manage your subscription |
833-806-1626 |
8 a.m. to 9 p.m. (ET) MondayâFriday
8 a.m. to 5 p.m. (ET) |
|
Technical support |
833-806-1626 |
8 a.m. to 9 pm. (ET) MondayâFriday 8 a.m. to 5 p.m. (ET) |
Experian Phone Numbers
|
Reason to Contact |
Phone Number |
Availability |
|
Experian membership |
479-343-6239 |
6 a.m. to 8 p.m. (PT) 8 a.m. to 5 p.m. (PT) |
|
Free credit report |
888-397-3742 |
|
|
Credit dispute |
866-200-6020 |
|
|
Fraud alert |
888-397-3742 |
|
|
Credit freeze |
888-397-3742 |
|
|
Cancel membership |
479-343-6239 |
|
|
ProtectMyID subscription |
866-960-6943 |
|
|
Opt out of prescreened offers |
888-567-8688 |
|
Alternatives to Calling Credit Bureaus
Not all experts think calling a credit bureau is the best approach. Don Petersen, an attorney at Howard Lewis & Peterson, PC, in Utah, recommends calling a bureau for only basic administrative questionsâsuch as updating an address or asking if a recent data breach has affected you.
For most other issues, Petersen advises his clients to write to credit bureaus or submit disputes online. This provides you with an official record of your request.
If you do prefer to call a credit bureau, take notes during the call and follow up in writing after the telephone conversation. In your follow-up letter, you should include the name of the representative you spoke with as well as details of what transpired in your conversation.
Send important requestsâespecially disputesâthrough certified mail. This allows you to track the letter and ensure that the credit bureau responds in a timely manner. Never send original copies of documents, as the bureaus may not return anything you send.
Equifax Mailing Addresses
|
Reason for Contact |
Address |
|
Credit dispute |
Equifax Information Services LLC |
|
Request a copy of your credit report |
Equifax Disclosure Department |
|
Fraud alert |
Equifax Information Services LLC |
|
Credit freeze |
Equifax Information Services LLC |
TransUnion Mailing Addresses
|
Reason to Contact |
Address |
|
Credit freeze |
TransUnion |
|
Credit dispute |
TransUnion Consumer Solutions |
|
Fraud alert |
TransUnion Fraud Victim Assistance |
|
Request credit report |
TransUnion LLC |
Experian Mailing Addresses
|
Reason to Contact |
Address |
|
Credit dispute |
Experian Dispute Department |
|
Credit freeze |
Experian Security Freeze |
|
Privacy |
Chief Privacy Officer |
|
Report a relativeâs death |
Experian |
Track Your Credit
Under the Fair Credit Reporting Act, you have the right to obtain a free copy of all three reports once each year. These free reports can be accessed on the government-mandated site operated by the big three credit bureaus, AnnualCreditReport.com.
You can also sign up for the free credit report card offered by Credit.com, which provides a snapshot of your credit as well as the ability to dig deeper into the elements that affect your credit score. When you sign up, youâll also get regular emails with tips and tricks for keeping your credit healthy.
The post How and When to Talk to a Credit Bureau appeared first on Credit.com.
Source: credit.com
Why You Should Never Dispute Credit Report Errors Online
Thanks to modern technology, you can do just about anything online, including dealing with errors on your credit report. While it sounds easy to initiate a dispute through the credit bureausâ website, it may not…
The post Why You Should Never Dispute Credit Report Errors Online appeared first on Crediful.
How To Freeze Your Credit After The Equifax Hack
Here’s how you can freeze your credit to avoid fraudulent activity. This is especially important after a hack like the one experienced by Equifax recently.
The post How To Freeze Your Credit After The Equifax Hack appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.
Source: biblemoneymatters.com
What Do New FICO Changes Mean for Me?
Have you ever applied for a credit card, car loan or mortgage? If so, then one of the first things the lender looked at was your FICO score. It has a major impact not only on getting approved in the first place, but also on the interest rate you will receive after approval.
On August 7, FICO announced some pretty major changes in how they will be calculating that ever-important number. Before you can understand how the changes will or won’t impact you, you need to have a firm grasp of the basics.
What is my FICO score?
Your FICO score, or credit score, is a number ranging from 300-850 that shows lenders how reliable you will be in repaying your debts. A bad score is anything below 560, not very good is 560-659, good is 660-724, very good is 725-759, and anything above 760 is classified as great. While it is best to be in the great range, you can sometimes qualify for the best available interest rates with 720 or above.
In order to calculate your credit score, FICO pulls information from your credit reports from the three major reporting agencies: Experian, TransUnion, and Equifax. When banks and other lending institutions consider your application, they look at several factors. The first is usually your FICO score, which will either get you in the door or get it slammed in your face, but after that they consider other aspects of your finances, such as income and the detailed history on the credit report itself.
What are the changes, and how will they affect me?
There will be four notable changes to how FICO evaluates your credit score once the announced new model is released. Some of them will be very good for some people, some of them will be bad for others, and some of them may prove to show negligible changes.
The first, and biggest, is that medical debts will no longer be considered when calculating your score. This is a huge relief. Many otherwise fiscally responsible people go into massive debt when a medical emergency happens. Others don’t even know they owe money on medical bills in the first place, as they thought their insurance was going to cover their costs. When they realize they owe money, the responsible consumers pay it back, but it still leaves a scar on their credit report and, therefore, their FICO score.
With this new change, your FICO score will not be impacted. In fact, if you have no other negatives on your credit report (which would mean you most likely have a halfway decent score), you can expect to see your FICO score increase by up to 25 points.
Changes will also be made in considering debts that you have paid off. Currently, after you’ve paid off a debt, it stays on your credit report for seven years. That will continue to be the case after FICO’s updates go into effect, but FICO will no longer look at those debts, even though they show up on your credit report. If you have consumer debts that you have paid off, and they’re the only thing holding you back, you may see your score improve, as well.
There will also be an update to consider the creditworthiness of people who do not have an extensive report, taking into consideration things beyond just paying your month-to-month bills on time. (A lot of times, the people you are paying those bills to don’t even report that anyways.) Depending on how this is done, it could be a boon for those who are unable to get credit not because they are irresponsible, but simply because they have never chosen to borrow money before.
The final update is not good news for those who hold consumer debt. If you owe money and it isn’t paid in full, you can expect to see your credit score take a hit.
Hold your horses – and your enthusiasm.
While FICO has announced that it will make these changes, the new model has not gone into effect. It will not be ready to release to lenders until late 2014 or early 2015. Even then, banks have to choose to adopt it. Thismodel will be FICO 9. FICO 8 was introduced in 2009, and some lending institutions still have not updated since FICO 7. Just because they are releasing a new model doesn’t mean that your lending institution will apply it to their evaluation process.
Another thing to remember is that while your FICO score gets you in the door, banks will look at your credit report. All of those things FICO ignores will still show up. If your medical debts are deemed too oppressive for you to possibly be able to pay for a mortgage on top of them, you may still be denied. And while FICO will ignore debt that has been paid off and closed, it will still stay on that pesky credit report for seven years for all of your potential lenders to see.
While these changes could be a great way to get your foot in the door with lenders, they’re not a holy grail to your credit problems. The same tried and true wisdom will still apply: Spend responsibly, make sure the information on your credit report is accurate and pay off any debts as quickly as possible.
Femme Frugality is a personal finance blogger and freelance writer. You can find more of her writing on her blog, where she shares both factual articles and esoteric ruminations on money.
The post What Do New FICO Changes Mean for Me? appeared first on MintLife Blog.
Source: mint.intuit.com
6 Tips to Survive Tandem Parking
Tandem parking is probably the least enjoyable âtandem thing to do.” There’s tandem skydiving, tandem bikes, but tandem parking ⦠doesn’t that sound like a hassle?
What is tandem parking?
Tandem parking means you have to essentially share one large spot with the person you live with.
If you live in an urban area where street parking is difficult to find, you’re probably lucky to have a parking spot at all. Many big cities and multifamily developers have reduced the number of parking in new complexes. Multifamily developers are seeing less of a need to build parking lots simply because city dwellers now have the option to hop on city bikes, scooters, ride-share or take public transportation.
In Seattle, for example, 30 percent of new buildings proposed in the past several years don’t include any parking at all. Some designers have advocated for parking garages to be built as flex space that can be converted. Additionally, it’s pretty common now for building management for newer developments to charge tenants for parking.
Despite the cost, some renters are still willing to pay 5 percent more for parking.
How does tandem parking work?
Tandem parking is a very long parking spot in which two cars could park â one in front of the other. Technically, it’s two parking spots in either a covered or open lot, but if you were on the inside, the car behind you would need to back out in order for you to get out.
It may be one step above having to circle your block for a street parking spot, but if you and your household have busy schedules, it may pose an issue.
Why do some apartment buildings have tandem parking?
Apartment buildings have tandem parking mostly because space is limited. Older developments tend to have tandem parking, but new buildings also offer this kind of parking structure, as well. Buildings that use tandem spots may often be able to squeeze in more spots.
Here are six tips for managing and dealing with tandem parking with neighbors.
1. Consider a rotation
If the area outside your apartment isn’t all that crowded for street parking, try a rotation from month to month with your roommate. Flip a coin or negotiate to decide who gets to park in the spot. This could also be contingent on who has a busier work or travel schedule.
Perhaps it can change based on the season, as well. For example, in the colder winter months, you can make the rotation week to week since it’s not ideal to park outside in the harsh winter weather with snow on the ground.
2. Pay extra to permanently claim the spot as yours
Depending on how much you covet your parking spot, perhaps you can negotiate to pay a little more each month to make the on-site spot yours.
Of course, this would only work if both parties agreed. However, it could be worth a shot, especially if your roommate wants to save a little cash each month.
If your roommate is not on board with this idea, perhaps you can look into nearby garages and find out how much they cost to rent each month.
There are also free apps such as SpotAngels and SpotHero to help you find parking spots in urban cities. You can set filters to show you garages or parking meters.
3. Understand your schedules
Because the cars are positioned one in front of the other, the most efficient first step is to understand your tandem partner’s daily schedule. This is probably the most important part of sharing a tandem spot, especially if the previous two tips aren’t an option. If you have similar working hours, a month-to-month swapping of who gets to park on the inside vs. outside may work out.
Whoever tends to leave first in the morning should park last, but schedules may change frequently, too. If that’s the case, communicate frequently about these changes. Also, consider getting a whiteboard to place near the door in your apartment that gives the latest update on when you need to leave in the morning or when you’ll arrive home in the evening.
4. Get a key
If you’ve ever seen a solo valet worker hustle to move cars to bring your car from the depths of the endless rows of cars, you know moving cars is time-consuming. While backing out your roommate’s car isn’t nearly as much work, it can definitely cause delays and isn’t ideal if you’re in a hurry.
In the event of an emergency or if you need to leave and they’re not home or still sleeping, you could give each other a spare car key.
Whether you keep the keys inside of a lockbox in the garage or on your keyring, having a plan for this will give both vehicle owners peace of mind.
5. Communicate often
If you both work sporadic schedules, send a text reminder of when you’ll be home and if you need to leave early in the morning. Having this plan could help you get in and out faster.
If you’re dealing with multiple people in your household who share two tandem spots, you may want to create a WhatsApp channel dedicated to schedule updates. There are also GPS apps that show in real-time when you’ll arrive home, in case your roommate needs to move their car before you get home.
6. Talk to your landlord
Perhaps you live in a building where you sometimes see empty parking spots.
Talk to your landlord, and see if you could pay a little extra to take one of the empty spots, even if it’s just temporary.
There’s no harm in asking your landlord about the options, especially if you and your roommate are having a hard time managing the tandem spot.
Tandem parking is manageable
While most apartment dwellers would rather have individual parking spaces rather than tandem spots, the way you manage it can make your lives easier.
Of course, tandem parking is a lot easier if you generally get along with your roommate(s). If you’re swapping extra car keys, it’s important to have trust and believe they won’t be careless with your car in case they need to move it.
Know each other’s schedules and communicate frequently about any changes or emergencies that may arise.
The post 6 Tips to Survive Tandem Parking appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
What is a Walk-Up Apartment?
A walk-up apartment is an apartment located in a building accessible only by stairs. There’s no elevator to reach the upper floors of the building â just your legs and lots of steps.
Things to consider before moving into a walk-up apartment
Walk-up apartments can be a lot of work so they might seem less desirable. Due to the low demand, that means they can be more affordable â even in an expensive city like Manhattan.
Buildings with walk-up apartments are usually smaller and have fewer tenants, giving you a more private living situation. And you can ditch the gym membership since you’ll be getting your exercise every day via the stairs.
But there are lots of obvious downsides to a walk-up apartment. If you decide to move into one, it’ll be difficult hauling all of your furniture up multiple flights of stairs. It can be tiring walking up and down stairs each day and even worse if you’re someone who’s bouncing in and out of the house regularly.
Pros of a walk-up apartment
- More affordable rent price
- Exercise
- More privacy
Cons of a walk-up apartment
- Difficult to move into
- Tiring
- Not ideal for someone who is frequently in and out of the house
It’s all about perspective
Whether or not a walk-up apartment is right for you all comes down to your perspective. What one person views as a pro might be viewed as a con to you or vice-versa. Make sure the pros outweigh the cons from your perspective before moving into a walk-up apartment.
Additional resources
- How to Move Furniture Up the Stairs Without Scratching
- How to Start Working Out Without Paying for a Gym Membership
- What is an Accessible Apartment?
- How Your Apartment Can Help You Lose Weight
- 6 Ways to Get Fit in Your Apartment
The post What is a Walk-Up Apartment? appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.