Categories
Legal Social Security Disability

Non-Medical Requirements Needed For SSDI

What Are the Non-Medical Requirements Needed For SSDI

There are a number of qualifications needed to apply successfully for Social Security Disability Insurance benefits. When you apply, the Social Security Administration will look at a variety of factors to see if you qualify, and there are the standard requirements of being able to show medical proof of disability, but there are non-medical requirements as well.

Social Security Disability Insurance Requirements

To qualify for Social Security Disability Insurance benefits, you must show medical and non-medical needs. There are three basic conditions for being considered eligible for SSDI payments, they are:

  1. You must show a “medically determinable” disability that significantly limits your ability to be gainfully employed.
  2. Your medical condition must either be terminal or be expected to last no less than 12 months.
  3. You must have earned a sufficient number of standard work credits with the Social Security Administration.

When used to consider the eligibility of SSDI recipients, gainful employment is defined by the SSA as earning or being able to earn, about $1,300 per month or more. This limit is $2,190 if your disability is blindness.

In addition to the medical requirements of proving a medically determinable disability, and that the disability is expected to last a minimum of 12 months, or result in the death of the recipient, there is a need to show that you are “insured” with the Social Security Administration by having earned enough work credits during the time you were employed.

Non-Medical Requirements

When you are employed, you pay federal Social Security payroll taxes, a portion of which is FICA. Taxes collected under FICA go into the Social Security trust fund and are used to pay SSDI benefits to recipients. Part of the application process for SSDI will be a mandatory review of your employment history to show that you have contributed to the system such that you qualify for benefits.

The work credits required to be eligible vary with the age of the applicant. If the applicant is under 24, they will only need to have worked for about 1.5 years, accumulating a minimum of 6 work credits. Applicants between 24 and 30 will need to show a work history of between 2 and 4.5 years, with a minimum of 8 to 18 work credits. Those between 31 and 42 will need to show 5 years of work and 20 credits to gain eligibility. After 42, you are required to earn a minimum of 2 credits every 2 years.

Documents sufficient for proving work history include income tax returns, pay stubs, W2 forms, detailed job history, and so on.

If you fail to meet the required number of work credits for SSDI, you may still be able to qualify for SSI. To show a need for SSI you will need to show less than $2,000 in assets, or $3,000 for couples, and limited income.

Categories
Career & Education Debt Education Financial Loans

Student Loans for Bad Credit

student loans for bad credit

When you are figuring out how you will be funding your education for the next several years, having bad credit can really impact your options. Federal student loans are a great option to start with, but they only go so far, and many still have a tuition gap to fill. If there is a concern with the credit history and score for the student applying, there are still some viable methods for getting the funding needed to get the education they are aiming for.

The federal loans do not require any credit history and they have a wide variety of flexible repayment options. However, borrowing limits are often too low for many state or private universities, and so there are still significant costs due from the student before term. Often private lenders will require student borrowers to have a credit score minimum of 690, which can exclude many potential students. Here are some tips for those with bad credit, or simply limited credit history:

1.   Always Start With Federal Loans

No matter what the credit condition of the applicant, they should always start with the FAFSA and federal student loan programs. This will also put the student through an eligibility check for additional funding sources such as grants and scholarships, as well as work-study programs. The interest rates of federal loans are often fixed and below 5%. One of the additional bonuses is the flexible repayment options, like income-based repayment.

2.   Do Everything You Can To Get A Co-Signer

This will dramatically improve the overall interest rates and terms of all loans that the student will qualify for, and will often allow them to qualify for additional loans their credit alone would not allow. The big caveat with this is that it is frequently difficult to find anyone other than perhaps a parent or grandparent to be your cosigner. This is because the cosigner will become responsible for the debt as well if the primary signer defaults.

3.   Compare The Basic Features And Interest

Many of the independent companies will have a wide variety of interest rates and terms that will largely be dependant on the applicant’s credit specifics. Providers such as Ascent have interest rates that range from below 7% to over 14% on fixed rates, and 5.8% to 12.9% on a variable, while other popular bad credit student loan providers A.M. Money Private Student Loan and MPOWER Private Student Loan both strictly offer fixed-rate loans only.

A.M. Money Private Student Loan, MPOWER Private Student Loan, and Funding U Private Student Loan are all providers that will be able to service loans for without requiring a minimum credit score. They offer a variety of fixed interest rates as well as terms for their student loans. They will each use slightly different criteria to gauge loan approval, such as GPA, and some students with special status like DACA. Limitations often include availability limited by state or by the school.

Categories
Legal Social Security Disability

Medical Conditions and Disabilities: Do You Qualify?

Medical Conditions and Disability Claims: Do You Qualify?

If you have a medical condition that impacts your day to day life, you may want to file a disability claim. The Social Security Administration’s Listing of Medical Impairments is a guide containing medical conditions that, given certain conditions are met, automatically qualify you for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).

For those that have a medical condition on the list, they’re typically considered disabled and should be able to receive benefits. The process is fairly straightforward, provided your condition qualifies and you are able to provide sufficient proof of disability.

List of Impairments

The conditions that will put you into the disabled category vary based on your age. There are separate lists for those under 18 and over 18. The list of medical conditions for adults to qualify for SSI or SSDI include:

  • Mental Disorders: Autism, schizophrenia, anxiety, depression, intellectual disability
  • Musculoskeletal Problems: Back conditions and other issues with the bones and joints
  • Blood Disorders: Hemophilia, sickle cell, etc.
  • Digestive Tract Issues: Inflammatory bowel disease, Crohn’s disease, etc.
  • Cardiovascular Conditions: Coronary artery disease, chronic heart failure, etc.
  • Respiratory Illnesses: Asthma, cystic fibrosis, etc.
  • Neurological Disorders: Cerebral palsy, Parkinson’s disease, ALS, multiple sclerosis, etc.
  • Immune System Disorders: Lupus, rheumatoid arthritis, HIV & AIDS, chronic kidney disease
  • Sense & Speech Issues: Loss of speech, loss of hearing, blindness, etc.

What If Your Condition Isn’t Listed?

The possibilities for disabilities are so varied, it would be almost impossible to list all of the potential conditions. Even if you have a serious medical condition that prevents you from obtaining any gainful employment, you may still be able to make a successful SSDI or SSI claim.

The first requirement for possible consideration is that the condition must be medically determinable. This simply means that you need to have a real condition that has been established in the medical community via laboratory or clinical testing.

The next condition is that the medical issue must limit or reduce your residual functional capacity. Your residual functional capacity can be calculated by evaluating your most demanding or exerting activity that can still be accomplished despite your medical impairment.

A disability claims examiner will use your residual functional capacity to decide your exertional level. Your exertional level will range from “sedentary work” to “very heavy work” based on how much weight is able to be lifted and carried safely.

Medical Evidence Needed

In order to gain approval for medical Social Security disability, you’ll need to be able to show some proof of the severity of your condition. Medical evidence can include:

  • Blood work panels
  • CAT scans
  • Mental health records
  • MRA
  • Physician examination
  • Treatment notes and reports

For your medical evidence to be considered valid, it needs to be within the timeframe that the disability occurred. Additionally, you need to be able to prove that your health is poor enough to impact your ability to perform normal work duties.

If you need help with your case, speak with an experienced SSDI attorney near you.

Categories
Credit Financial

Credit Cards: Best Low-Interest Cards of 2021

credit cards with low interest rates

When you qualify for a low credit card interest rate, you qualify to reduce the overall cost of your debt over a longer period. When you borrow money or use credit, you usually have to pay a premium on that borrowed money in the form of interest.

Citi Diamond Preferred Card

This is a card with a 0% introductory rate, but the great part about the introductory rate is that it lasts for a year and a half. A full 18 months of zero interest can be a goldmine if you have some debt to catch up on. Once the intro period is over the interest rate will revert to the rate stated in the terms, generally a 14%-27% variable APR. To qualify for this card the applicant will need excellent credit and a FICO of between 720 and 850.

Discover Cash Back

Discover has reinvented itself in recent years as a very competitive card company, and this card is another reason why. The $0 annual fee and 0% APR intro period for a robust 14 months make this an attractive card that you do not need to have nearly-perfect credit to qualify for. They will accept applicants with a credit score as low as 690 with improving terms for scores up to 850.

Chase Freedom Unlimited

The Chase Freedom Unlimited card is another great card with a 0% APR for 15 months on purchases. It also has an entry point for consumers with credit scores from 850 down to just 690, so if you have faced some credit challenges this card might be a great match to get caught up.

In the first 3 months, spending $500 on purchases earns a $200 bonus, a legitimately nice return. The customer also earns 5% on travel purchases, 3% at restaurants, other dining, and drugstores. There is no minimum to redeem the cashback, like on some other cards.

Blue Cash Everyday Card

For a card with a great 0% APR intro period, and nice cash back benefits beyond that, the Blue Cash Everyday card is an enticing option. The intro period is a leisurely 15 months, and the APR after that can range from 13.99% up to 23.99%.

If you spend $1,000 in the first 3 months, you get $200 back. Additionally, you 3% back at grocery stores, up to $6,000 in a year, 2% back from gas stations and select department stores, and 1% back on other purchases.

U.S. Bank Visa Platinum Card

If you are one of the few who can qualify for the U.S. Bank Visa Platinum card, you should certainly consider having one. They provide a 0% intro APR for a massive 20 months, and a variable APR of between 14.49% and 24.49% after that. You’ll need a credit score of 720-850 to get in the door. Additionally, paying with the card provides up to $600 to protect against cellphone damage and theft.

Categories
Financial Loans

What Are The Best Car Loans

best car loans

When purchasing a car, one major obstacle for many people is the cost. Even inexpensive cars can cost thousands of dollars. Many people don’t have thousands of dollars to spend at once, especially if they need a new car as soon as possible. Getting a car loan can help you cover the cost of the car while offering easy ways to repay.

When shopping for a vehicle, one of the steps that shouldn’t be neglected is looking for auto loans. Finding the right loan can help you save money while repaying the loan and negotiating with dealerships. Having a car can help you negotiate a lower rate, or even decrease monthly payments.

PenFed Credit Union

PenFed Credit Union offers low rates for new and used auto loans. They even offer to refinance loans. They offer loans from $500 up to $100,000 so that no car is out of reach. Depending on what kind of loan you are applying for, rates can start as low as 1.39% for a new car. To get a loan from PenFed, you will need to join the credit union, but those standards are easy to meet.

LightStream

LightStream is an auto loan company where the application can be completed entirely online with money often coming in the next day. They offer a variety of loan types, including new and used cars and classic car loans. The loan rates range from 2.49% to 9.49%, with applicants with the best credit getting the lowest rates.

Bank of America

Bank of America is a familiar financial institution to many, making them a welcome choice for many people. They also offer rates as low as 2.59% with a maximum of $7,500 for a loan. They do not give out loans for cars older than ten years or with more than 125,000 miles. Borrowers can choose from a 48, 60, or 72-month long loan after completing the quick application process.

Consumers Credit Union

Consumers Credit Union offers auto loans as low as 2.69% for up to 60 months. They also don’t have a minimum or maximum loan amount, loans are approved based on your credit history and the car report. Borrowers must also be a member of the credit union, which requires a payment of $5.

myAutoLoan

myAutoLoan is the best choice for people with a poor credit score. This is a marketplace option where borrowers can compare multiple offers and choose the loan best for them. The application process is quick and borrowers can compare four lenders. Loans are as low as 2.49% for new, used, and refinancing loan options.

Summary

Buying a car is expensive and many people can struggle to cover the expensive costs. Having a loan will help you buy off the car without a high-interest rate. Even if you have a history of bad or low credit, it is possible to find a lender that will help you. Get the car of your dreams with an auto loan.       

Categories
Credit Financial Loans

Auto Loans for People With Bad Credit

auto loans for bad credit

We’ve all been there at one point or another: you need a new vehicle badly, but your credit history has not been looking the best these past few years. While that may have been a crippling issue just a decade ago, these days there are more and more options for getting auto loans to those with bad credit.

While there are sometimes bad credit loans available from popular lenders, there are some lenders that have specifically entered the market to help those with credit problems and limitations. The downside to these loan programs is that they often require higher interest rates and as a result, higher payments on the loans themselves. But there are still some great benefits to some of these lending programs, take a look:

New Roads Auto Loan

New Roads is a direct lending division of Consumer Portfolio Services Inc. Consumer Portfolio Services Inc. is a general finance company that offers indirect automobile financing to consumers with bad credit. They also can help consumers with low incomes or limited credit histories.

New Roads has loan programs for both new and used vehicles, refinancing, as well as lease buyout options. While they do not require a down payment, financing without one means you finance a larger amount. This can increase the amount you pay over the life of your loan.

They consider applications from consumers who still have a repossession or bankruptcy (open or closed) on their credit reports. They also make allowances for co-buyers as well. One downside is that New Roads is only available in 30 states, so depending on where you live, you may not have access to them.

Capital One Auto Finance

One of the biggest draws to Capital One, in addition to their willingness to work with less-than-stellar credit, is the ability to prequalify for a loan, before having them do a hard pull to confirm. As people trying to rebuild their credit know, a hard inquiry can affect your credit score if you have too many within too short of a time. With Capital One you can get a pre-qualification and can check the estimated terms and payments before deciding if you want to commit to a full application.

They offer loans for all types of vehicles both new and used, and they offer to refinance existing loans from other loan servicers as well. They have a minimum loan amount of $4,000, and the loans can only be used at a participating car dealership, though there are 12,000 of those. In order to apply and qualify, you will need to be 18, have an income of between $1,500 and $1,800 monthly, and live within the lower 48 states.

The maximum loan amount you will be approved for will depend heavily on your income, credit history, and other factors. However, when you are approved, you will be able to use the Auto Navigator tool to find your vehicle of choice.

Categories
Credit Financial

How to Reduce the Interest on Your Credit Cards

Heres How to Reduce the Interest on Your Credit Cards

Are you paying a lot of credit card interest? Do you even know how much interest you are paying each month or year? Some credit card users receive quite a shock when they finally see those totals. Consumers spend over $1,000/year on just interest each year.

So what can you do about this? Can you reduce the interest on your credit cards? Yes, you can.

3 Ways to Reduce Credit Card Interest

1.     Pay off your balance in full each month.

By paying your entire balance each month, you avoid interest entirely.  This is easier said than done.  If your goal is to pay zero interest, you will need to make a plan that includes budgeting all credit card purchases.  Even if many find it difficult, this is achievable.

2.     Ask your Credit Card Company for a rate reduction.

Is this even a thing that credit card companies are willing to do? Of course, it is. 

Credit card companies like to let consumers think that some higher power decides interest rates.  They want you to believe there is nothing anyone can do to change your number. Not questioning your interest rate always works out in their favor because it means your likely to pay more money directly to them.

Your credit card company’s primary focus is to keep you as a customer and paying interest as long as possible.  If they think you might leave because of a higher interest rate, they can be surprisingly willing to discuss reducing it. 

How to ask:

  • First, consider what your goal is.  Just trying to save money? Have a unique situation that’s making you do this? Different goals might require you to take different approaches.
  • Next, gather some potential offers or options. Can you get approved for a 0% balance transfer? Is there any other way that taking your business to someone else might help achieve your goal?
  • Finally, call customer service.  Let them know about your options.  Tell them why you are considering making changes.  Say you would rather not go, but that they need to give you a reason to stay.

3.     Transfer your balance to another card.

A surprising number of credit cards offer 0% APR as an introductory offer for new customers.  Transferring all (or some) of your balance to one of these accounts could give you just the time you need to pay down that balance with no interest adding to it.  Just be fully aware that you will end up right back where you started if you fail to pay down the balance.

Of course, you can be stuck with your current interest payments.  Occasionally the circumstances just don’t make that rate reduction possible. Those occasions are much rarer than most people realize, and even when they do occur, it is only temporary.  By simply being aware of the options you have as a consumer, you can control how much it costs you to use credit cards.

Categories
Legal Social Security Disability

Social Security Disability Law: A Beginner’s Guide

Social Security Disability Law A Beginners Guide

The Social Security program, along with disability benefits, has been the subject of an increasing focus in the media. People often have questions about the law concerning Social Security, and how it and its associated benefits operate. This is due in no small part to how confusing the laws are surrounding disability and benefit plans.

Many people have pointed out how frustratingly ironic it is. That while the Social Security Disability Law was initially created to improve the lives of the disabled, but the seemingly endless red tape and bureaucratic processes that must be followed make the application incredibly challenging.

What Exactly Is The Social Security Disability Law

The Social Security Disability Law is a federal law that lays out the rules that dictate who can receive disability benefits from the federal government. If you are determined to meet the requirements, you are then eligible to receive the benefits. So, the state in which you live is obligated to meet the requirements needed for your comfort and quality of life.

One of the challenges lies with pursuing the correct benefits, as the criteria for each are different. Failing to meet them will result in rejection or denial of benefits. The two types of benefits are:

  • Social Security Disability Insurance: These benefits require the applicant to prove they have a disability, and that before that they paid into the Social Security System.
  • Social Security Income Program: These benefits require that the applicant is over the age of 65, or be blind, or have a disability, and have low income. These benefits do not require that the applicant prove they paid into the Social Security System prior.

The next hurdle that often poses a significant challenge for some people, is proving the disability. Proving disability is often where people need to work with a disability lawyer. They can help you establish your disability in a legally tangible way. This way you can get the benefits you deserve.

Applications And Appeals

When considering an application for benefits there is a basic process that must be followed, as well as for disputing a decision you find unfavorable.

First, you’ll submit your initial application to the Social Security Administration. This can be done in several ways including by phone, in person, or online. This is a long procedure that involves submitting much of the documentation needed to establish eligibility. Only about 30% of applicants are approved in this manner. If your case is among the 70% of denials, then you can dispute the decision.

This dispute process has four distinct stages, which are:

  • 1 – This is an initial reconsideration that requires you to submit more documentation to support your case, if denied you advance to Stage 2.
  • 2 – Hearing with an Administrative Law Judge, if denied you advance to Stage 3.
  • 3 – Appeal to the appeals council, if denied you advance to Stage 4.
  • 4 – Bring your case before a federal court for a final determination.
Categories
Financial Legal Savings Social Security Disability

The Difference Between 401k vs. Social Security

401k vs. Social Security

Many people wonder which is better to rely on, Social Security payments or your 401k income. What they don’t realize is that you can receive both Social Security as well as 401k income. Whatever income you receive from your 401k plan will also not affect your Social Security benefits. This is because it is considered income from a non-wage source.

Most workers count the days until they can retire at full retirement age, 66 years old. They frequently begin receiving Social Security benefits within the first few months of their retirement, as well as their 401k income. Some will retire as early as 62 in exchange for lower monthly benefit payments from Social Security going forward. At the other end of the spectrum, some delay collecting Social Security until the latest allowable age of 70. This means they reap the benefits of much larger monthly payments in return.

Why 401k Income Has No Effect On Social Security Payments

One of the foundational tenets of Social Security is that the credit system for qualifying for benefits is based on taxable wages. These wages are the ones that you earned during your highest-paid 35 years of work. Your contributions to your 401k are made with wages paid to you by an American company. Fortunately, they have already paid the Social Security taxes on those wages.

Many people contribute as heavily as possible to their 401k, however, under the impression that those contributions are tax-free. Well, they are, sort of. Those contributions can be made free of income tax imposed by federal and state entities. However, not by contributions required by the Federal Income Contributions Act, or FICA.

No matter what, your wages will always have the tax for Social Security paid before anything else can reduce your income level. So you do still pay some taxes, up to a preset threshold that is determined by the IRS.

The Difference In Dollars

So you are getting close to retirement age, or maybe just planning well ahead to ensure your comfort, and you want to get down to numbers on what retirement is going to look like. Well, there are a few scenarios centered around when you retire. You can begin collecting Social Security at 62, the full age of 66, or as late as 70. While you might get to begin enjoying retirement early, the change in benefit amounts by delaying can be incredible.

Using the top-end numbers for 2021, the highest monthly benefit when retiring at 62 is about $2,300 while waiting until 66 gives a monthly payment of more than $3,100. And for those waiting until 70, they can collect a massive benefit of nearly $3,900.

If you are planning on retiring early, your 401k income can certainly supplement your Social Security income without affecting it. On the other hand, if you have a few years to go, you may still be able to start taking life a little easier by utilizing your 401k income while you delay Social Security collection until you get the maximum benefit.

Categories
Credit Financial

How to Get Credit Card Approved

How to Get Approved for a Credit Card

You’ve probably heard your friends and family talk about the benefits of having a credit card. There are definitely perks to having a credit card, but how do you get approved for one? If you have no credit or poor credit, it may seem like it would be impossible to be approved for a line of credit.

There is no way to guarantee you’ll be eligible to get a credit card but there are some ways that may improve your chances of approval.

Get Started on the Right Foot

Building good credit can be done if you stay on top of your bills from the beginning. Credit card companies look at your payment history as well as the following:

  • Only apply for what you need. You can always apply for an additional card or two down the line if you decide they’re needed, but acquiring multiple loans and credit cards in a short time frame makes lenders think your finances have taken a turn for the worse.
  • Stay below your credit limit. In fact, you should aim to keep your overall credit utilization ratio under 30% for each of your lines of credit.
  • Always check your statements to ensure they are accurate. You want to do this so that your score isn’t negatively affected by incorrect information. This is also helpful to keep an eye out for suspicious activities and potential security risks.
  • Pay more than the minimum if you can. If you can only afford to pay more than the minimum once in a while, that’s fine. Any higher payments will look good for you.
  • Know your credit score and make sure to check your credit report. Credit reports are usually accurate, but errors do happen. You can get one free copy of your credit report per year through the 3 major credit reporting companies.

Monitor Your Credit

Before you get a credit card, you should get a copy of your credit report so you can see your score and the information that is impacting it. You’ll be able to access information like your payment history, previous credit checks, and recently acquired accounts. When you apply for a credit card, the bank will check your credit score to see how likely you are to make your payments on time.

Don’t Use too Much Credit

In order to ensure you don’t end up with a credit card you can’t afford, it’s important to understand your debt to income ratio. This comparison of your income versus what you owe will help you figure out what kind of monthly payments you can afford.

Be Patient

If your credit isn’t at a point where you are able to get a credit card, it is not the end of the line. Fixing credit and establishing credit from zero takes time. If you need to increase your approval chances quickly, consider becoming an authorized user on a friend or relative’s account, get a secured card, or getting a loan with a co-signer.