How Long Does It Take To Rebuild Credit?

How Long Does It Take to Rebuild Credit?

Source: debt.org

CreditRepair-websitestory-Graphic

Typically, it takes at least 3-6 months of good credit behavior to see a noticeable change in your credit score. It is difficult to make a change any faster, unless the negative information on your credit report was a minor blip, like being late with bill payments one month.

While it is impossible to put a specific time frame on credit repair, it is safe to say the less negative information you have on your report – late payments, maxed out credit cards, constant credit applications, bankruptcy, etc. – the easier it is to repair your credit score.

It takes more time to repair a bad credit score than it does to build a good one. Mistakes penalize your credit score and can prevent you from being approved for a loan. Though there are lenders that offer loans with bad credit, they end up costing hundreds or thousands of dollars in higher interest rates when borrowing. A poor credit score also can be a roadblock to renting an apartment, setting up utilities, and maybe even getting a job!

You are not going to lose nearly as many points if you are late with one payment as you will if you are delinquent for several months to the point where your account has been turned over to a collection agency. The severity of the second situation is far greater than the first and your score will reflect that.

Here are some time frames for negative information that detracts from your credit score.

  • A delinquent account remains on your credit report for seven years.
  • Car repossession stays on your report for seven years.
  • Chapter 7 bankruptcy is on your report for 10 years. Chapter 13 remains for seven years.
  • Credit application inquiries remain on your report for two years.
  • Public record items such as property liens are on your report seven years.

Remember that the damage to your credit score diminishes over time. So, for example, a Chapter 13 bankruptcy in Year Six has negligible impact when compared to its effect in Year One.

JD Bancshares, Inc. Declares Cash Dividend

PRESS RELEASE 
October 20, 2021 
JD Bancshares, Inc. 

FOR IMMEDIATE RELEASE
For more information contact:
Bruce Elder (CEO) (337-246-5399)
Paul Brummett (CFO) (337-824-1422)
Website: www.jdbank.com

JD Bancshares, Inc. Declares Cash Dividend
Jennings, La., October 20, 2021 (ACCESSWIRE) – JD Bancshares, Inc. (OTCQX: JDVB) Dan L. Donald, Jr.,  Chairman of the Board of Directors of JD Bancshares, Inc., announced that at its regularly scheduled  meeting on October 19, 2021, the Board voted to pay a cash dividend in the amount of $0.25 per share  on November 5, 2021 to the shareholders of record on October 29, 2021.

The amount and payment of future dividends for the JD Bancshares, Inc. common stock is determined on a quarterly basis, based on earnings, financial condition, capital requirements and other factors.

About JD Bancshares, Inc.

JD Bancshares, Inc. is the bank holding company of JD Bank, a state chartered bank headquartered in Jennings, Louisiana. JD Bank has been serving the citizens of southwest Louisiana since 1947 and offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. The Bank also offers both trust and investment services. JD Bank operates through 22 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. JD Bancshares, Inc. may be accessed on its website at www.jdbank.com/investor relations.

JD Bancshares, Inc. (OTCQX: JDVB) trades on the OTCQX Best Market. Companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

What to Do When Facing a Natural Disaster

What to Do When Facing a Natural Disaster

Originally posted on FDIC.gov

Preparing your finances

Natural disasters such as a flood, severe storm, or fire can happen at any time. These disasters cause damage to homes and property, and create financial challenges. We often prepare for a natural disaster by securing drinkable water, canned goods, batteries, and flashlights. Preparing finances and documents for a natural disaster is also important. Here are some things to help when preparing for, and dealing with, the financial impact of natural disasters.

Safeguard important documents

Safekeeping these documents is vital when dealing with an emergency:

  • Originals and copies of your identification such as a driver’s license, passport, Social Security card, and birth certificate. These are helpful if you have to prove your identity. It is best to have originals, but copies are also useful if the originals are lost or destroyed.
  • Contact information (including phone numbers and websites) for your banks, brokerage firms, and insurance companies.
  • Copies of your financial information such as credit and debit cards (front and back) and checks (front). During a disaster, you may need your account information from these documents to authorize payments.
  • Current insurance policy information for homeowner/renter, auto, and life insurance coverages.
  • Originals and copies of medical information, such as insurance cards and health records.
  • An inventory of valuable personal property. Document the value of the items by keeping receipts and/or written appraisals, and perhaps photos.

Ways to store your information

Emergency evacuation bag: Along with personal safety items in your bag, you should include copies of some of the important documents listed earlier. Large amounts of cash should always be kept in your FDIC-insured bank account, however, you might consider keeping a small amount of cash to purchase food or supplies, in case ATMs and credit cards are not working. Make sure to keep your evacuation bag in a secure and accessible place for a quick exit.

Digital storage: Most documents can be kept electronically. When deciding which documents to keep digitally, consider how to access the documents using your smartphone or a computer. Encrypt sensitive documents and set your electronic device security to require a password, your thumbprint, or facial recognition for additional safety.

Safe deposit box at your bank: This may be an appropriate location for documents that are difficult or impossible to replace, and that you do not need to access frequently. Since most safe deposit boxes are not waterproof, you might also seal these items in waterproof bags or containers in preparation for a flood or other water damage.

Bank availability during a natural disaster

Banks may need to temporarily limit operations because of the natural disaster’s impact to the physical bank branch. This might include closing a lobby, converting to drive-thru only services, or encouraging customers to use ATMs or digital channels to access their services. Consider your digital banking options by reading FDIC Consumer News Banking with Apps article. Regardless of the operating conditions, deposits in an FDIC-insured bank or savings institution will continue to be insured up to at least $250,000 in the unlikely event of a bank failure. Please see additional information regarding FDIC deposit insurance.

How to handle property damage

Report property damage to your insurance company or agent as soon as you can. Don’t throw away damaged goods or make major repairs until a claims adjuster visits your residence. Also, keep receipts for emergency repairs and take photos of the damages, if you can.

Federal assistance with natural disasters is available from the Federal Emergency Management Agency (FEMA). This may include special loans for homeowners, small business owners, or farmers that can be used to repair or replace damaged property.

Financial difficulty

If you do not think you can make your loan payments on time due to a natural disaster, immediately contact your lender. Paying your debts late or not at all can result in penalties, interest charges, and damage to your credit score. It is important to contact your lender as soon as possible to explain your situation. Your lender should be able to work with you on a solution.

Beware of scams during a natural disaster

Dealing with a natural disaster is difficult enough. Fraudsters make matters even worse. They try to take advantage of these situations to steal money and valuable information. If you are a disaster victim, be careful about accepting unsolicited offers to make repairs or assistance. It is especially important to avoid offers that pressure you to act quickly.

Sometimes fraudsters pretend to be representing a charitable organization, so be sure to only deal with charities you are familiar with or have researched thoroughly. Some fraudsters attempt to use the name of a reputable charity and then attempt to direct you to a fake website to steal money and financial information. Do not release your personal or financial information unless you are certain the lender, entity, or person you are dealing with is legitimate.

It is important to prepare your financial impact of a natural disaster. These steps can help ease the challenge of restoring or replacing your property after a catastrophic event.

Additional resources

DistasterAssistance.gov

FEMA: Emergency Financial First Aid Kit (EFFAK) – PDF

FDIC Consumer News: Prepare Your Finances to Weather the Storm

For more help or information, go to FDIC.gov or call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342).

JD BANK WELCOMES LISA FONTENOT-SYLVESTER AS AVP BRANCH MANAGER

PRESS RELEASE

August 26, 2021

FOR IMMEDIATE RELEASE
Contact: Ann Barilleaux, JD Bank
(337) 656-7326
ann.barilleaux@jdbank.com

JD BANK WELCOMES LISA FONTENOT-SYLVESTER AS AVP BRANCH MANAGER

Jennings, LA – JD Bank is pleased to announce that Lisa Fontenot-Sylvester has joined the JD Bank team as AVP Branch Manager of our Ville Platte Branch located at 1311 W. LaSalle St. A Ville Platte native, Fontenot-Sylvester has been a part of the local banking community for over 24 years. In her role as Branch Manager, she will oversee daily branch operations and serve as a lender for the local community. “Lisa’s commitment to the success of her customers make her the perfect addition to the JD Bank family,” said Dorene Gothreaux, Chief Retail Officer.

Fontenot-Sylvester is a graduate of Ville Platte High School and the Ville Platte Vocation Technical School. She is a 2015 graduate of the Graduate School of Banking at LSU. “I am excited about the opportunity to help meet the financial needs of my local community and to continue to make a positive impact in Ville Platte,” said Fontenot-Sylvester.

Fontenot-Sylvester is a member and former President of the American Business Women’s Association Tournoi Charter Chapter and is an active volunteer for both Faith House and the American Red Cross. She and her husband have 7 children and 11 grandchildren.

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender

Six tips for saving for a down payment

6 Tips For Saving for a Down Payment

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 5 to 20 percent of the home’s value. The American Bankers Association suggests the following tips to help save for it:

Develop a budget & timeline – Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll be ready to transition from renter to homeowner.

Establish a separate savings account– Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.

Shop around to reduce major monthly expenses – It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.

Monitor your spending – With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.

Look into state and local home-buying programs – Many states, parishes and counties and local governments operate programs for first-time homebuyers. Some programs offer housing discounts, while others provide down payment loans or grants.

Celebrate savings milestones – Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. If you need to save $30,000 total, consider treating yourself to a nice meal every $5,000 saved. This will help you stay motivated throughout the process.

Shopping Online? There’s a difference between credit and debit.

Shopping Online? There’s a difference between credit and debit.

credit-card-vs-debit-card

Debit cards and credit cards may look and swipe the same, but they work completely differently. Each has its advantages and disadvantages, which is important to consider when you’re using one to shop online.

 

Because you can’t ever spend more money than you have, the advantage of using a debit card is that you don’t incur debt. Therefore, there’s never any interest charges or late fees to worry about. In fact, you never have to make any payments at all, but you will have to regularly add funds to your checking account if you’re using this card for your daily purchases.

 

Debit cards have a distinct disadvantage when it comes to online shopping security, since debit card fraud protections aren’t as strict as those for credit card fraud. If your debit card is lost or stolen, or if your payment information is compromised online in any way, a fraudulent payment will immediately be deducted from your account.

 

A credit card represents a potential loan from the card issuer to the customer. Every time you make a charge to your credit card, either online or in person, you’re taking out a loan. And unless you pay your statement balance in full, you’ll have to pay interest charges on the amount that you borrow.

 

Credit cards are protected by strong federal laws, which prohibit card issuers from charging you for fraudulent transactions. These laws give you, the cardholder, the right to dispute the charges for products and services you didn’t receive, and even charges for things you bought that were not as described.

 

So, protect yourself by using your credit card for online purchases, and then paying off the card balance with your debit card or checking account.

JD BANK WELCOMES SARAH BARNHILL AS AVP BRANCH MANAGER

PRESS RELEASE

August 20, 2021

FOR IMMEDIATE RELEASE
Contact: Ann Barilleaux, JD Bank
(337) 656-7326
ann.barilleaux@jdbank.com

JD BANK WELCOMES SARAH BARNHILL AS AVP BRANCH MANAGER

Jennings, La.- Sarah Barnhill has joined JD Bank as AVP Branch Manager. With more than 20 years of banking industry experience, Barnhill will oversee the daily operations of the JD Bank Branch located at 4507 Hwy 27 in Carlyss and also serve as a consumer lender for Southwest Louisiana. “With her diverse career in banking and finance, Sarah will successfully lead the operations of the Carlyss office. She is an asset to JD Bank and the community and we are happy to welcome her to our team,” said Dorene
Gothreaux, EVP Chief Retail Banking Officer.

A McNeese State University graduate, Barnhill began her banking career in 2000 as a teller for JP Morgan Chase. She was quickly promoted to Relationship Banker, Branch Manager, and District Manager. Barnhill will work with customers and the community to meet the financial needs of Carlyss and the surrounding area. “Helping my customers with their financial needs is truly rewarding,“ said Barnhill. “I look forward to building lasting relationships in the Carlyss community.”

Barnhill also holds Life and Health insurance and Property and Casualty insurance licenses.

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender

JD Bank Included on Bridge built by Citi Lending Platform to Expand

PRESS RELEASE

August 11, 2021

FOR IMMEDIATE RELEASE
Contact: Ann Barilleaux, JD Bank
(337) 656-7326
ann.barilleaux@jdbank.com

JD Bank Included on Bridge built by Citi Lending Platform to Expand Access to Capital for America’s Local Businesses

Jennings, LA – JD Bank is an inaugural participant in Bridge built by Citi , a new lending platform launched by global financial institution Citi to help small-to-medium- sized businesses connect online with various regional, local and community banks for loans up to $10 million. JD Bank is one of 18 banks included in the pilot along with local banks in Alabama, Colorado, Georgia, Utah, Louisiana, South Carolina, North Carolina, and Tennessee.

“JD Bank is honored to have been approached by Citi to participate in the Bridge built by Citi SM platform. The platform will allow JD Bank to broaden our customer base both in our current footprint and beyond,” stated Bruce W. Elder, JD Bank President and CEO. “By partnering with Citi on this initiative, we hope to strengthen our ties to those small businesses that make Louisiana’s communities strong and vibrant.”

For many small-to-medium-sized businesses in the U.S., securing a loan involves manual processes that can be time consuming. Often, they are limited to banks near their own location. Additionally, local and community banks have limited access to digital tools to reach potential borrowers, which can make it difficult to broaden their customer base.

Bridge built by Citi connects businesses with lenders in their region, enabling borrowers to interact with lenders beyond those that have a physical location nearby, and helps borrowers interact with lenders through a single, quick and easy online request. By connecting borrowers with more lenders, the platform can empower businesses with access, choice and convenience―and capital to grow their businesses.

The Bridge built by Citi platform aims to:

  1. Create liquidity and access to capital: Borrowers submit their information via a single, standardized form for all lenders. Lenders are provided with an access point to deploy capital.
  2. Modernize and automate prospecting: The platform uses technology to allow for smart and efficient prospecting which works better for both lenders and borrowers.
  3. Add digitization, transparency, and standardization to the loan process: Borrowers and lenders have the ability to track the loan process in real-time.
  4. Continue to innovate and digitize small- to medium-sized business lending: Bridge built by Citi modernizes the lending process while supporting businesses and local and regional lenders.
  5. Democratize the loan process for both lenders and borrowers: Enable capital access for small- to medium-sized business owners impacted by COVID-19 and populations that have historically been underserved, as well as break down legacy barriers for community, local and regional banks to provide capital to a broad range of communities.

Citi has a long-standing commitment to inclusive growth and expanding access to financial services for underserved market segments, including local business owners and entrepreneurs. 

Recognizing the importance of local businesses and banks to the vitality of U.S. communities, a team within Citi Commercial Bank saw an opportunity to build a digital meeting place that would help businesses thrive by increasing and facilitating easier access to capital.

“Citi prides itself on encouraging a spirit of entrepreneurship among its employees to solve financial access issues and improve digital offerings for our clients and community partners,” explained Vanessa Colella, Citi’s Chief Innovation Officer. “The development and launch of the Bridge built by Citi platform is a great example of the power of innovation that comes from within a global institution like Citi and our ability to build a service that has the potential to change the future of business lending.”

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender

KYLE MESTAYER JOINS JD BANK COMMERCIAL LENDING TEAM

PRESS RELEASE

July 29, 2021

FOR IMMEDIATE RELEASE
Contact: Ann Barilleaux, JD Bank
(337) 656-7326
ann.barilleaux@jdbank.com

KYLE MESTAYER JOINS JD BANK COMMERCIAL LENDING TEAM

Jennings, La.- JD Bank is pleased to announce that Kyle Mestayer has joined the JD Bank team as AVP Commercial Lender. Mestayer will be located at the JD Bank Nelson Branch at 4400 Nelson Rd. in Lake Charles. “Kyle is a welcome addition to our talented team of commercial bankers. His knowledge of the SWLA community allows him a deep understanding of how to meet the specific needs of the commercial customers in our SWLA region,” said Jimmy LeBlanc, EVP Chief Commercial Banking Officer.  

Mestayer began his banking career in 2017 as a branch manager and quickly transitioned into the role of Commercial Lender. He assists large and small business with their financing needs and specializes in commercial construction and commercial real estate. A native of Sulphur, Mestayer is a graduate of Sulphur High School and McNeese State University.  “I am passionate about working with the communities of SWLA to help local businesses reach their financial goals,” said Mestayer.

An active member of the local community, Mestayer serves on the West Calcasieu Chamber of Commerce Board of Directors and is the event chair for the 2021 American Cancer Society Real Men Wear Pink of SWLA. He is married with 3 children and is a sports broadcaster for the Tornado Radio Network.

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender

JD Bank promotes Jimmy LeBlanc to EVP Chief Commercial Banking Officer

PRESS RELEASE

May 19, 2021

FOR IMMEDIATE RELEASE
Contact: Ann Barilleaux, JD Bank
(337) 656-7326
ann.barilleaux@jdbank.com

JD BANK PROMOTES JIMMY LEBLANC TO EVP CHIEF COMMERCIAL BANKING OFFICER

Jennings, La.- JD Bank is pleased to announce the promotion of Jimmy LeBlanc to EVP Chief Commercial
Banking Officer. In this role LeBlanc will manage all commercial relationship activities, including management of the Commercial Lending and Treasury Management Departments. “Jimmy’s extensive banking knowledge, his ties to Louisiana and the communities served by the Bank, and the respect he has earned from his teammates, management and the Board here at JD Bank made him the obvious choice to lead our commercial banking team,” said JD Bank President & CEO, Bruce W. Elder. “Under Jimmy’s leadership, we eagerly seek to grow our commercial banking presence in our current footprint and beyond.”

With over 30 years of banking experience in Evangeline Parish and the surrounding area, Jimmy joined the JD Bank team in 2012 with the acquisition of Guaranty Bank. Prior to his promotion, LeBlanc was Senior Vice President Regional Manager for JD Bank’s Northeast Market and also served as manager of the Ville Platte office. “I am honored to be a part of this 74-year old community bank tradition, which has given back so much to the communities it serves,” said LeBlanc. “Our customers and employees are the heart of this organization. The experience and dedication of our commercial lending team allows us to provide an exceptional banking relationship, while keeping a personal touch.”

Born and raised in Ville Platte, LeBlanc graduated from Sacred Heart High School and earned his bachelor’s degree from LSU in Baton Rouge. He is a graduate of the LSU Graduate School of Banking. Active in the community, he has served as past president and Paul Harris Fellow of the Ville Platte Rotary Club, is a 20-year member of the Sacred Heart Foundation and is a member of the Evangeline Parish Chamber of Commerce. He enjoys hunting and fishing, and most of all spending time with his two sons and grandchildren.

About JD Bank

Founded in 1947, JD Bank, Louisiana’s Community Bank, offers a variety of personal and commercial lending and deposit products through both physical and digital delivery channels. JD Bank also offers both trust and investment services. JD Bank operates through 21 full service branch offices located along the Interstate 10 corridor from Lake Charles to Lafayette, Louisiana. For more information, visit www.jdbank.com or call 800-789-5159. Member FDIC. Equal Housing Lender