D0 You Know of A Good Secured Credit Cards ?!!!
My boyfriend is trying to rebuild his credit and I suggested a secured credit card since he can't get an unsecured. Now the problem is trying to find a good company that is not trying to rip him off with horrible fees or just take his deposit money and run. I'm looking for some info from people who've had actual experience with a company. Good or Bad...
The Answer : I can help, not only do I talk about this on Y! Answers all the time, but I've had personal experience. Does your boyfriend have a checking and savings account? The reason that I ask that, is that some banks and credit unions offer secured cards.
Some of the major banks like BofA, Wells Fargo, and USBank all offer secured cards. These, along with Orchard Bank(HSBC), I would recommend (I posted links below to each of their sites)
I would stay away from New Millenium and First Premier as they have to many hidden fees that eat up the available credit on the card before it even touches your hand.I hope this answer helps you outgood luck, and thanks for reading!
http://www.bankofamerica.com/creditcards...
https://www.wellsfargo.com/credit_cards/...
http://www.usbank.com/cgi_w/cfm/credit/k...
http://www.usbank.com/cgi_w/cfm/creditca...
https://www.hsbcapply.com/start/orchardb...
Wednesday, October 31, 2007
Quicly Better Your Credit !!!
How Can I Quickly Better My Credit Score ?!!!
I recently requested a loan of $20k and was denied due to a credit card with a $1500 limit that is in collections. I would like to pay this off, but wish to borrow this money within the next 2 months. Will my credit score go up enough by then if I pay it off? My current score is 550. Thanks for any help you can offer.
The Answer : While it would be a good idea to pay it off, you need to keep in mind that paying it off, isn't going to be enough. 35% of your credit score is based on payment history, so with that credit card being in collection, it's damaged your score. Even if you did pay it off, the negative payment history would still show.
The only chance in that would be to negotiate a "pay to delete" meaning that the balance would be paid in exchange for it being removed from the credit report. Keep in mind that while it's not totally impossible to get this done, it doesn't happen often. If you get them to agree to it, make sure you get something in writing on their company letterhead from them before sending any money.
While it will help your score in the long run doing this, there are also other factors to take into consideration. By removing that credit card in collections and it by chance was the only credit card you had, then you haven't established enough revolving credit. Or also you've lost points on your score for applying for that 20K loan and got denied. My suggestion would be to pay the balances on all your cards to where they're 30% or less of the avaiable credit, and try to negotiate that pay for delete I mentioned earlier.
Even if you would've gotten approved for that loan, the interest that would be charged would be outrageously obscene, especially with a mid-500 score. You're more than welcome to try any ideas you might have gotten from mine or anyone else's answer on here for that matter, but understand that even after doing all that, you still might not get approved.Good Luck!
An Expert Needed !!! Should I Apply 4 A Credit Card Even Though . . . ?!!!
Need An Expert Please !!! Should I Apply 4 A Credit Card Even Though ?!!!
So here's the deal - Earlier this year (around March) I had applied for a credit card from my bank and was rejected (I had no credit). But I ended up having to get a small loan to get a new engine for my car that was around $1300. I payed it all off with no late payments and whatnot. So I'm hoping it brought my credit score up a bit.
So I really would like to apply for a credit card again but I dont know if it's too soon. I know it effects my credit score so yeah - I dont really want to mess that up.Also, before my loan my credit score was 616. And my checkbook had been stolen a few years ago which caused me to overdraft (a few times :S - they ended up going to jail)
So I'm wondering if that has anything to do with me being rejected or will have any effect on my reapplying.And PLEASE I dont want to hear the crap about why I shouldnt get a credit card. I'm not a total idiot. :) If you need anymore info just let me know and I'll add details.Thanks guys in advance!
The Answer : I Can Help
I am going to tell you what makes up your score to give you a better idea of what you're dealing with:
1. Payment history- 35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%I'm going to explain how these 5 factors played a part in why you didn't get the card, how the loan will affect your score, and what you can do to get that credit card. Ok, you didn't get approved because of
#3, which isn't a bad thing because you got a small loan which helped
#4. Remember, there's 2 types of credit that you can establish, revolving and installment. by opening up that loan. It takes both kinds of credit to establish your score. Now, one thing you should keep in mind that whenever you apply for credit, regardless of if you're approved or not, a "hard inquiry" is created which drops your score anywhere between 5-10 points (see #5) So it's important not to apply for a lot of credit.
So each time you apply for credit, you need to make the most of it. Now it's a good thing that you paid off the loan, that will definitely look good on your score. My next thing would be this. Depending on where you bank, you might want to see if they offer secured credit cards. They may, then again, they may not. Some credit unions and large banks like Bank of America, Wells Fargo, USBank, all offer these.
Remember when I told you that it's important that if you make every application count. And a secured card does just that. It give you the best chance of getting approved mainly because you have to place a deposit upfront, to make it a low risk. How it works for example is if you placed a $300 deposit, you'd get a credit line of $300. You still would have to pay back what you've spent, like a regular card.
The deposit is used only as collateral to insure that whatever is spent will be paid if it goes delinquent. A couple of advantages is that by adding to the deposit can raise the limit(see #2), which gives you more control, and usually the deposit is linked to a savings account or a CD which gains interest while you're building credit. A good way to use the card would be to treat it as if it had a credit limit of $50 at any given time. Spend $20 a month, pay it off on time, increase the limit, and do it again the next month. This way, you're building credit, but not going into debt while you're doing it.
Usually after a year or so of paying on time while building the credit limit, the card either converts to a regular card or a better card is offered, and most importantly the deposit is no longer needed and is given back to you. In a sense you will have custom built a credit card that you're satisfied withI posted links below to some companies that should help you Thanks for reading and good luck!
Tuesday, October 30, 2007
is this possible ?!!!
is this possible ?!!!
I am trying to look a the phone bill (we are with t-mobile) but you can only look at calls made AFTER you pay the bill!For instance, sept 14- oct 14... you can see all the calls made after you pay the bill on oct 14.my question... is it possible to see the calls made since then?or do i have to wait until november 14th to see it?!
The Answer : I have itlog into t-mobile==> https://my.t-mobile.com/login/?click on "see billing details"Over where it says "Resources" on the right hand side where it shows your minutes used, click "see minutes used details" It should show you all the calls you made starting from the last called placed today until the start of the billing cycle
I am trying to look a the phone bill (we are with t-mobile) but you can only look at calls made AFTER you pay the bill!For instance, sept 14- oct 14... you can see all the calls made after you pay the bill on oct 14.my question... is it possible to see the calls made since then?or do i have to wait until november 14th to see it?!
The Answer : I have itlog into t-mobile==> https://my.t-mobile.com/login/?click on "see billing details"Over where it says "Resources" on the right hand side where it shows your minutes used, click "see minutes used details" It should show you all the calls you made starting from the last called placed today until the start of the billing cycle
Bad Credit Card Debt Loan - A Way Out !!!
Bad Credit Card Debt Loan - A Way Out !!!
Looking at a bad credit card debt loan is something many people might hope they never have to do. But perhaps the idea of getting into a cycle of debt and bad credit isn't as impossible as it sounds. Even for someone who seems to be in great financial shape, it just takes a few wrong steps to find him self up to the ears in credit payments.
Just Charge It
This phrase has become so common nowadays and is perhaps one of the leading reasons for debt bad credit. A credit card can sometimes make you believe you have money to spend, when you actually don't- you just have credit. If there is more than one credit card involved, the situation can be that much worse. If you don't actually have the cash to buy a new stereo system, you won't. But with a card, not only do you have the ability to buy it, there's a good chance that you will.
That means that at the end of the month you may find a nasty surprise for you in the mail- not only have you bought something you couldn't afford in the first place, you now have chalked up a bunch of credit fees. Do this with more than one credit card and you can easily find yourself in need of a bad credit card debt loan.
Bad Credit Blues
Bad credit is one of the worst things that happen to a person, short of bankruptcy. A bad credit rating means that you will find it next to impossible to find someone who will give you a debt consolidation loan. Without a loan, how will you ever manage to even make a dent in those credit payments? This is where a secure debt consolidation program and a bad credit card debt loan can really help you out.
Even if you have a lousy credit rating, you will still be able to find companies offering free debt consolidation programs- check out which non-profit organizations offer these and learn more about where you stand and how a consolidation program will help. What these kinds of programs do is that they offer you help in consolidating all of your debts into one, single payment. This is usually given at a low interest rate. One of the best things about these kinds of programs is that the debt payments are not unending- you can be sure that one day, you will have finally made your last payment.
A bad credit card debt loan can truly help you out of the mire of debt that can come with credit card payments. By finding the right kind of plan, debt consolidation can help put your finances back on track.
New Credit Lowers Score !!!
New Credit Lowers Score ?!!!
I aquired 2 new credit cards in June (BP and Home Depot). My score immediately dropped from 702 to 641 (FICO). As of today my score has not risen 1 point ! True Credit states the reason is I aquired the cards in too short of time. Now had I been denied the cards my score would have not dropped. My banker says I should cancel the cards and it should go back up.
Since the score hasn't risen at all in 4 months I'm pondering doing just that! Any thoughts?
The card limits are only 400 and 700. Debt to income is 10% ( moot point since credit bureau does not factor that norr is privy to your income. My other credit cards have a total limit of 10,000 and I only owe 220.00. 1 car loan never late on anything , no collections.
TransUnion does not use FICO any longer, they use Vantage.I owe nothing on theses cards. I owe 3% of my total available credit. One of my credit cards show my score each month. I also have a friend that ran my credit thru his car dealership.. all scores are within a 5 point differential, so they can't ALL be wrong. Point is how long before my score starts going up? Been 4 months now
The Answer : This is some important things to know:
1. Payment history- 35%
2. Total debt owed vs. available credit-30%(debt to income ratio)
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%With that saidThe 2nd poster's correct about what your banker not knowing what he's talking about. Just by applying for those 2 cards alone, it dropped your score because of the inquiries when you formally applied for credit, regardless if you're approved or not.
Cancelling the cards at this point is not going to bring your score up. It can take anywhere between 6 months to a year for your score to even show signs of raising when it comes to new accounts. Opening up the cards also shortened the average age of accounts that you have. You've already done the damage. You'll need to pay on time and keep the balances low in order for those accounts to help your score.
Online Secured Loan UK !!!
Online Secured Loan UK - Low Rate Money With In Your Reach Now !!!
If you have an asset you most certainly have the means to borrow money should the need ever arise and this is possible with the help of loans such as an on-line secured loan UK.
An on-line secured loan is exactly as the name infers - it is a loan availed by offering collateral to the loan provider. The collateral, or asset, can be the likes of a house, property, car or any other valuable asset so long as it has a high equity that can be used as security and give peace of mind to the lender that the loan will be repaid. If the borrower defaults on the loan then the collateral will be seized and sold to pay for the loan and because of this the lender is happy to offer a low rate of interest for an on-line secured loan UK.
The loan can be used for many purposes such as education, wedding, home improvements, debt reconciliation, new car, holiday etc and can be availed by borrowers with a either a good credit history or a bad credit history such as bankruptcy, IVA, defaults, arrears etc. By taking out and complying with the terms and conditions of an online secured loan UK borrowers with bad credit history can even improve their credit score.
Applying for and availing a secured loan UK online is very quick, convenient and easy and is a way of achieving a lower interest rate than that is offered by other loans. In the main the interest rate is low because of the competition that runs between the high number of online lenders offering this product and facility. And the process is quick simply because of the online technology that we have today.
To summarize - an online secured loan UK is an ideal opportunity to attain funds using the simple online method and all the borrower need to do to ensure a low interest rate is to offer the lender collateral which has an equity value applicable to the amount that is being loaned.
Monday, October 29, 2007
Request Debt Validation From The Creditor !!!
Can I Request Debt Validation From The Creditor ?!!!
I would like to send a debt validation letter to the creditor or there attorneys but can this be done. The creditor is the one taking me to court thru an attorney.
The Answer : I`m glad you asked this question. And I have the perfect sample letter you can use. And it is your legal right under the Fair Debt Collections Practices Act and the Fair Credit Reporting Act :
http://www.creditinfocenter.com/forms/sa...
http://www.creditinfocenter.com/forms/sa...
Also : You sure can. Please google the phrase "debt validation letter."There are lots of free letters on line. Once you get the letter customize it to fit the debt in question and send it to the company.Really the best way is to send it and require signature as proof of receipt. The company will send you a response with in an allotted time, I think they have 30 days.I am told by our credit rehab dept it is better to go this route then show a dispute on your credit report and still owe the debt. Sometimes lenders see the dispute on that debt as a fraudulent allegation.... a result of a quickie credit repair company trying to clean your record. Kourtnie DonihooProsperity Financial
I would like to send a debt validation letter to the creditor or there attorneys but can this be done. The creditor is the one taking me to court thru an attorney.
The Answer : I`m glad you asked this question. And I have the perfect sample letter you can use. And it is your legal right under the Fair Debt Collections Practices Act and the Fair Credit Reporting Act :
http://www.creditinfocenter.com/forms/sa...
http://www.creditinfocenter.com/forms/sa...
Also : You sure can. Please google the phrase "debt validation letter."There are lots of free letters on line. Once you get the letter customize it to fit the debt in question and send it to the company.Really the best way is to send it and require signature as proof of receipt. The company will send you a response with in an allotted time, I think they have 30 days.I am told by our credit rehab dept it is better to go this route then show a dispute on your credit report and still owe the debt. Sometimes lenders see the dispute on that debt as a fraudulent allegation.... a result of a quickie credit repair company trying to clean your record. Kourtnie DonihooProsperity Financial
Using A Personal Loan To Rebuild Credit !!!
Bad Credit Personal Loans $ Using A Personal Loan
To Rebuild Credit !!!
If you have bad credit title in your credit report, then it doesn't mean you cannot get a personal loan. There are bad credit personal loans available for people with poor credit rating. If you have poor credit rating -- because you made late payments, missed payments, exceeded credit card limits, or filed for bankruptcy -- these loans not only solve your money problems, but also give an opportunity to improve your credit score.
Personal loans for bad credit are available in secured and unsecured loans. Since lenders bear higher risks these loans require a higher rate of interest and a higher down payment than the normal loans. The interest rate on the personal loan for poor credit depends mainly on your credit score, the collateral security offered, loan amount and personal income.
Secured personal loans are for the homeowners. Secured loans are the right choice if you need extra money, but you do not qualify for an unsecured loan. These loans require collateral security, which includes items like automobiles and real estate. If you default on the repayment, then the lender is free to sell the security. However, if the value of the collateral is more than the loan amount, then you can expect to pay a low interest rate.
If you don't own a home you may want to consider unsecured bad credit personal loans. Because unsecured loans are not backed by any collateral security their interest charges are higher than that on the secured personal loans. However, the worse your credit is the harder time you will be approved for an unsecured loan.
In order to get a bad credit loan, first you need to check your credit report and credit score. The higher your credits score the more favorable the rates and the terms that you would get on the personal loan. You also need to provide all your personal details to your bad credit lender accurately because providing incorrect information may lead to the rejection of your loan application.
There are many lenders out there that are willing to lend you their money. You must research the lenders thoroughly, particularly when applying for a personal loan online. Even though you need the loan so bad never agree to pay any types of processing fees. Always check out the lenders with the Better Business Bureau. Since different lenders offer personal loans at different rates make sure the loan on the most favorable terms.
If you can't get a loan from large lenders, try to approach smaller lending companies. Smaller lending institutions are more personal in considering your eligibility for a personal loan -- they take the reasons for your bad credit along with other factors. You can have a chance to get a personal loan, if you can prove that you're responsible and that you have a stable income to repay the loan.
Once you get the bad credit personal loan and use the money for your financial needs, remember to rebuild your credit by paying on time and sending extra payments whenever you can.
Your Credit Cards Are Paid Off On Your Credit Report !!!
How Long Does It Take to Show That You Paid Off All Your Credit Cards On Your Credit Report ?!!!
Also , how long will it take for my credit score to go up?
The Answer : Depending on the credit card company and when they report, it could collectively take 45-60 days for your accounts to show paid off. How much your score will rise will depend on how much the balances were versus the availalble credit, and if you have any other outstanding debt, and the current status of all your accounts.
Also , how long will it take for my credit score to go up?
The Answer : Depending on the credit card company and when they report, it could collectively take 45-60 days for your accounts to show paid off. How much your score will rise will depend on how much the balances were versus the availalble credit, and if you have any other outstanding debt, and the current status of all your accounts.
Sunday, October 28, 2007
How Many Points Credit Score will Go Up !!!
How Many Points will The Score Go Up ?!!!
My hubsand had a medical bill that was in collections. We disputed it and we got it deleted because it was the hospitals mistake. Okay we just found out last night it got deleted. WIill this help my hubsands score go up and if so how many points?
We filed a dispute online with all 3 credit reporting agencies then contacted the hospital and they said there was a mistake. We got a email last night from Equifax saying that the results were in and the investagation was over with. We went and looked at it and it said that the credit account had been deleted and we looked up his credit reports and it was gone.
The Answer : The score will go up, but how much it will go up, remains to be seen. Keep in mind that it takes credit (positive accounts) to build credit. Depending on the state of the other accounts that your husband has, there's really no way to tell how much the score will raise.
My hubsand had a medical bill that was in collections. We disputed it and we got it deleted because it was the hospitals mistake. Okay we just found out last night it got deleted. WIill this help my hubsands score go up and if so how many points?
We filed a dispute online with all 3 credit reporting agencies then contacted the hospital and they said there was a mistake. We got a email last night from Equifax saying that the results were in and the investagation was over with. We went and looked at it and it said that the credit account had been deleted and we looked up his credit reports and it was gone.
The Answer : The score will go up, but how much it will go up, remains to be seen. Keep in mind that it takes credit (positive accounts) to build credit. Depending on the state of the other accounts that your husband has, there's really no way to tell how much the score will raise.
Secured vs UnSecured Credit Card ?!!!
Secured vs UnSecured Credit Card ?!!!
I am aware that a secured credit card will help me boost my credit score as long as a I pay on time, but if I can get qualified for an unsecured credit card, should i get one? Basically my question is, will one raise my score faster or higher than the other? Do lenders look down upon "secured" credit cards?
The Answer : Here is the real answer.
Both cards build up your credit. The credit bureaus and lenders don't look down on secured cards because they have no way of even knowing whether it's secured or not. That's between you and the credit card company.You should keep in mind that when you apply for credit whether it's secured or unsecured, it creates a "hard inquiry" that can lower your score several points whether you're approved or not.
So if you apply for a regular card and get declined, you lose those points, whereas if you apply for a secured card, you still lose points but you have a much better chance of getting approved. And to you question of whether one raises your score faster than the other, the answer is they're both credit cards and they both work the same way.
One doesn't do it any faster than the other. Now you can increase your limit easier with a secured card than you could a regular one by adding to the security deposit. And the security deposit does gain interest while you're building credit. As long as you're paying on time and not maxing out the card, building your credit will take care of itself, and eventually you'll get the deposit back and get a regular credit card.
I am aware that a secured credit card will help me boost my credit score as long as a I pay on time, but if I can get qualified for an unsecured credit card, should i get one? Basically my question is, will one raise my score faster or higher than the other? Do lenders look down upon "secured" credit cards?
The Answer : Here is the real answer.
Both cards build up your credit. The credit bureaus and lenders don't look down on secured cards because they have no way of even knowing whether it's secured or not. That's between you and the credit card company.You should keep in mind that when you apply for credit whether it's secured or unsecured, it creates a "hard inquiry" that can lower your score several points whether you're approved or not.
So if you apply for a regular card and get declined, you lose those points, whereas if you apply for a secured card, you still lose points but you have a much better chance of getting approved. And to you question of whether one raises your score faster than the other, the answer is they're both credit cards and they both work the same way.
One doesn't do it any faster than the other. Now you can increase your limit easier with a secured card than you could a regular one by adding to the security deposit. And the security deposit does gain interest while you're building credit. As long as you're paying on time and not maxing out the card, building your credit will take care of itself, and eventually you'll get the deposit back and get a regular credit card.
Negotiate with Credit Agencies , Fix Your Credit !!!
How Do I Negotiate with Credit Agencies on My Own ? How Can I Fix My Credit ?!!!
The Answer : Below are links that you can follow on how to negotiate with collectors.
http://www.creditinfocenter.com/debt/set...
http://www.creditinfocenter.com/debt/neg...
http://www.creditinfocenter.com/debt/Can...
http://www.creditinfocenter.com/debt/Act...
The Answer : Below are links that you can follow on how to negotiate with collectors.
http://www.creditinfocenter.com/debt/set...
http://www.creditinfocenter.com/debt/neg...
http://www.creditinfocenter.com/debt/Can...
http://www.creditinfocenter.com/debt/Act...
Building Credit !!!
Help Building Credit ?!!!
First of all I will admit that I did mess up when I was younger with credit cards. Now that I'm older, and married, and trying to get a house I realize that I should have been smater about the situation.
That being said, my husband and I were looking into getting a house and found that my credit is LESS than spectacular. In the mean time, I have decided to try and improve my credit. My problem though has been that I have applied for a few credit cards and all have told me the same thing...Sorry we can not give you credit based on delenquinces from past creditors.
I have paid off all of my past accounts that had went to collection, and am currently working on paying off one other card (this one has NOT gone to collections). My question is how or where can I get a credit card that will help my credit score without being denied?
The Answer : Got a question for you...On that card that hasn't gone to collection, is it still open? If it is, that in itself is your ticket to rebuilding credit. If it isn't, then what you may want to do is this, focus on paying the card off. Let me ask another question, do you have a checking and savings account? If you haven't already, you need to get one.
Reason I say this is that a checking account is a valuable tool in buidling and maintaining credit. Affiliating yourself with a bank shows creditors that you're not careless with your money. And it provides a means of consistently paying bills on time especially if they offer online bill pay. And another benefit is that by being an account holder it makes it more accessible to things like loans, mortgages (hint, hint), and credit cards (hint, hint, hint,). My homie Spifiman hit it on the head with a secured card, but I'll go into a little more detail.
How a secured card works is this: a deposit that's used as collateral is placed upfront in order to establish a line of credit the same amount of the deposit. Now the deposit isn't used to pay for anything that's used on the card, you still would have to repay that every month just as you would a normal credit card, the deposit on determines the credit limit in which you control which is an advantage. You can add to the deposit to increase the limit which can help your score because a cushion is created between the total debt that you owe and the available credit.
In a sense you can think of this as custom-building a credit card to help you build credit. A good way to manage the card would be to treat it as if it only had a $50 credit limit at any given time while you're spending only $20 a month and paying it off when the bill comes. This way, you're building credit but at the same time not going into serious debt in the process. Just be sure to use no more than $20 a month, pay it off on time and add to the credit limit while you're at it.
Usually after a year or so of doing this, the card either converts to a regular one or a better one is offered, and most importantly, the deposit is no longer needed and it's given back. So there you have it. I went ahead and posted links to some secured card companies that you can take a look at.
First of all I will admit that I did mess up when I was younger with credit cards. Now that I'm older, and married, and trying to get a house I realize that I should have been smater about the situation.
That being said, my husband and I were looking into getting a house and found that my credit is LESS than spectacular. In the mean time, I have decided to try and improve my credit. My problem though has been that I have applied for a few credit cards and all have told me the same thing...Sorry we can not give you credit based on delenquinces from past creditors.
I have paid off all of my past accounts that had went to collection, and am currently working on paying off one other card (this one has NOT gone to collections). My question is how or where can I get a credit card that will help my credit score without being denied?
The Answer : Got a question for you...On that card that hasn't gone to collection, is it still open? If it is, that in itself is your ticket to rebuilding credit. If it isn't, then what you may want to do is this, focus on paying the card off. Let me ask another question, do you have a checking and savings account? If you haven't already, you need to get one.
Reason I say this is that a checking account is a valuable tool in buidling and maintaining credit. Affiliating yourself with a bank shows creditors that you're not careless with your money. And it provides a means of consistently paying bills on time especially if they offer online bill pay. And another benefit is that by being an account holder it makes it more accessible to things like loans, mortgages (hint, hint), and credit cards (hint, hint, hint,). My homie Spifiman hit it on the head with a secured card, but I'll go into a little more detail.
How a secured card works is this: a deposit that's used as collateral is placed upfront in order to establish a line of credit the same amount of the deposit. Now the deposit isn't used to pay for anything that's used on the card, you still would have to repay that every month just as you would a normal credit card, the deposit on determines the credit limit in which you control which is an advantage. You can add to the deposit to increase the limit which can help your score because a cushion is created between the total debt that you owe and the available credit.
In a sense you can think of this as custom-building a credit card to help you build credit. A good way to manage the card would be to treat it as if it only had a $50 credit limit at any given time while you're spending only $20 a month and paying it off when the bill comes. This way, you're building credit but at the same time not going into serious debt in the process. Just be sure to use no more than $20 a month, pay it off on time and add to the credit limit while you're at it.
Usually after a year or so of doing this, the card either converts to a regular one or a better one is offered, and most importantly, the deposit is no longer needed and it's given back. So there you have it. I went ahead and posted links to some secured card companies that you can take a look at.
Saturday, October 27, 2007
Improve Poor Credit Score !!!
Iproving A Poor Credit Score ?!!!
I don't know my actual score, but I did the estimator and I'm guessing it is in the mid 500's.I went to college last year and got in way over my head. I was young.. still am, but I realized how important money and credit is. I opened four credit cards last year: two store and two regular. All of them have a balance.
I lived off of them all year: not smart. I know!!! Now, how long do you perceive it will take me to get my credit straightened out. I am on a payment plan and will have all of them paid off by January. Once they are all paid, i know my credit will not boost immediately, but how long should it take. I am moving into an apartment in January and want to make sure i won't need a co-signer. I am still in college and I do have college loans out. I just want a 650 for starters....! HELP!
My total cost of credit debt is: capital one: 400 (but limit is 300)Macys: 200(limit 500)Ny and Co: 400 (limit 200.. ughhh.. missed may and july payment)Chase: 900(limit 600... late fee's)I got a new job and have steady income now.... Paying as much as I can each month now, but in January I am paying all of it off completely.
The Answer : In order to improve your score, you must first know what makes up your score:
1. Payment history-35%
2. Total debt owed vs. Available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%With that said, I don't have to tell you that the biggest killer to your score are the late payments. Each late payment can take a chunk out your score each time. So the Ny & Co. card dinged you up pretty good. Next, you're more than maxed on 3 cards. Like I mentioned above, that's the 2nd most important aspect of your score. So, with that in mind, my suggestion would be to tackle the overlimit accounts first, since they're doing the most damage to your score.
I would pay the minimum payment on the Macy's, then the Capital One, then the rest I'd split up between Chase and Ny & Co. to get those over limit amounts down as quickly as possible. You didn't mention whether or not if the accounts were still open. It's important that if they are to get them back in good standing as soon as possible, as this is what's going to help bring up your score.
Depending on how quickly you get those accounts in good standing, it may take a little longer than January before your score starts going back up. What I would do is take a 2 pronged approach. Pay all the cards off, and save a little bit here and there for a deposit. Because you just can't rely on just your credit score nowadays. So my advice would be to be patient, start paying everything off and save up to move out.
I don't know my actual score, but I did the estimator and I'm guessing it is in the mid 500's.I went to college last year and got in way over my head. I was young.. still am, but I realized how important money and credit is. I opened four credit cards last year: two store and two regular. All of them have a balance.
I lived off of them all year: not smart. I know!!! Now, how long do you perceive it will take me to get my credit straightened out. I am on a payment plan and will have all of them paid off by January. Once they are all paid, i know my credit will not boost immediately, but how long should it take. I am moving into an apartment in January and want to make sure i won't need a co-signer. I am still in college and I do have college loans out. I just want a 650 for starters....! HELP!
My total cost of credit debt is: capital one: 400 (but limit is 300)Macys: 200(limit 500)Ny and Co: 400 (limit 200.. ughhh.. missed may and july payment)Chase: 900(limit 600... late fee's)I got a new job and have steady income now.... Paying as much as I can each month now, but in January I am paying all of it off completely.
The Answer : In order to improve your score, you must first know what makes up your score:
1. Payment history-35%
2. Total debt owed vs. Available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%With that said, I don't have to tell you that the biggest killer to your score are the late payments. Each late payment can take a chunk out your score each time. So the Ny & Co. card dinged you up pretty good. Next, you're more than maxed on 3 cards. Like I mentioned above, that's the 2nd most important aspect of your score. So, with that in mind, my suggestion would be to tackle the overlimit accounts first, since they're doing the most damage to your score.
I would pay the minimum payment on the Macy's, then the Capital One, then the rest I'd split up between Chase and Ny & Co. to get those over limit amounts down as quickly as possible. You didn't mention whether or not if the accounts were still open. It's important that if they are to get them back in good standing as soon as possible, as this is what's going to help bring up your score.
Depending on how quickly you get those accounts in good standing, it may take a little longer than January before your score starts going back up. What I would do is take a 2 pronged approach. Pay all the cards off, and save a little bit here and there for a deposit. Because you just can't rely on just your credit score nowadays. So my advice would be to be patient, start paying everything off and save up to move out.
Let The Credit Bureau Know You Have Paid A Collection Off !!!
How Do I Let The Credit Bureau Know I Have Paid A Collection Off ?!!!
I recently bought a house. To get the house i had to pay off a collection. After i did so i checked my credit only to find another agency was trying to collect. (National Credit Adjusters) I disputed the charge with experian but they said it was a legitimate collection. However i have a letter with my account number saying i paid it off. How do i proceed?
The Answer : By now, you know the drill...the gazillion dollar a year "game" played on your behalf will fight to keep reporting your bad credit listings. Sad but true. Okay, so you didn't get off easy with a simple deletion. It's time to go to work. Yeah, I know...that stinks. Here's the good news...we have a plan.
With that said, let's unveil PLAN "B" ... our effective contingency plan.Here it is ... FCRA section 611 (a) (7). Don't worry, we'll break it down for you. You're busy and you want the executive summary version. Correct?Once you receive a "verified as accurate" letter from a CRA, quickly call or write (depending on your urgency) the CRA requesting their method of verification. Yes, this is your right under the FCRA section 611 (a) (7) and they must respond within 15 days of receiving your request.How Did the CRA Investigate? What "Method" Did They Use? By law, the credit reporting agency must provide you with their method of verification within 15 days of your request.
I recently bought a house. To get the house i had to pay off a collection. After i did so i checked my credit only to find another agency was trying to collect. (National Credit Adjusters) I disputed the charge with experian but they said it was a legitimate collection. However i have a letter with my account number saying i paid it off. How do i proceed?
The Answer : By now, you know the drill...the gazillion dollar a year "game" played on your behalf will fight to keep reporting your bad credit listings. Sad but true. Okay, so you didn't get off easy with a simple deletion. It's time to go to work. Yeah, I know...that stinks. Here's the good news...we have a plan.
With that said, let's unveil PLAN "B" ... our effective contingency plan.Here it is ... FCRA section 611 (a) (7). Don't worry, we'll break it down for you. You're busy and you want the executive summary version. Correct?Once you receive a "verified as accurate" letter from a CRA, quickly call or write (depending on your urgency) the CRA requesting their method of verification. Yes, this is your right under the FCRA section 611 (a) (7) and they must respond within 15 days of receiving your request.How Did the CRA Investigate? What "Method" Did They Use? By law, the credit reporting agency must provide you with their method of verification within 15 days of your request.
Raising Your Credit Limit Hurt or Help Your Credit Score ?!!!
Does Raising Your Credit Limit Help or Hurt Your Credit Score ?!!!
The Answer : Yes it does, and this is the reason why:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%Increasing your credit directly affects #2 because it creates a much needed cushion betwee the total debt you owe and the available credit you have. Now this won't help if you carry a balance more than 30% of your combined available credit. So with that in mind make sure that you keep the balances low if not at 0.
The Answer : Yes it does, and this is the reason why:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%Increasing your credit directly affects #2 because it creates a much needed cushion betwee the total debt you owe and the available credit you have. Now this won't help if you carry a balance more than 30% of your combined available credit. So with that in mind make sure that you keep the balances low if not at 0.
Good Bank with Low Fees ?!!!
Whats A Good Bank with Low Fees ?!!! I Need A New Checking Account ! Chase Bank Sucks !!!
The Answer : I had to star this question, because I'm starting to feel the same way about them too. I've been with Chase for 3 years, and everything had been fine until they started charging me fee after fee even when I wasn't doing any transactions. So with that said, I started shopping around for a new bank. What I was able to come up with was 2. Wachovia and Bank of America.
I've heard nothing but good things about Wachoiva, especially their customer service. I used to be a Bank of America account holder, a while back, and I thought about switching back to them because of their nationwide presence. So you can definitely check out those two. Credit Unions are another option because they're more localized and they're more customer friendly. So hopefully, these are a couple of ideas that you can play with.
The Answer : I had to star this question, because I'm starting to feel the same way about them too. I've been with Chase for 3 years, and everything had been fine until they started charging me fee after fee even when I wasn't doing any transactions. So with that said, I started shopping around for a new bank. What I was able to come up with was 2. Wachovia and Bank of America.
I've heard nothing but good things about Wachoiva, especially their customer service. I used to be a Bank of America account holder, a while back, and I thought about switching back to them because of their nationwide presence. So you can definitely check out those two. Credit Unions are another option because they're more localized and they're more customer friendly. So hopefully, these are a couple of ideas that you can play with.
Restoring Cedit !!!
Restoring Credit ?!!!
How do I restore credit if no one wants to approve me for anything? I have a score around 530 which is not bad but it is rated at very poor. So how do I get better credit if not even a bank will approve me? I have a great paying job and they don't accept that as collateral. Please help!!!
The Answer : My job as a credit analyst and underwriter, my job was to manually review accounts that were unable to be approved and declined by the automated process, so I'd know a thing or two about your situation. First, it would help knowing what makes up your score, so I'll give a quick breakdown:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%I figured that if you knew what made up your score, you would know what and where to start on.
You mentioned that you have a great paying job, which is good, but that's just half the battle. Do you have a checking account? If you do, then I'll move on, if not you should get one, pronto. Now a checking account doesn't directly establish credit or raise your score, but it does help manage your money and it helps during the application process.
Also, being an accountholder at a bank makes it more accessible to loans, credit cards, and mortgages that the bank offers. In this case, some major banks and even some credit unions offer what's called secured credit cards. The major difference between these and regular cards is that a deposit used as collateral is placed upfront to determine your credit line.
You pay for whatever's charged, just like a regular card, it reports to the bureaus just like a regular credit card, you get charged an APR just like a credit card. The deposit is usually tied to a savings account or a CD that may gain interest while you're building credit. You can also increase your limit by simply adding to the deposit.
Since you would be investing your own money in rebuilding your credit, a good way to do this would be to treat the card as if it only had a $50 limit at all times, while you would only use about $20-30 of it a month. Pay it off on time, and periodically increase the credit limit by adding to the deposit. Continue to repeat the process.
This way, you're building credit by showing activity, but you're not going into a lot of debt while doing it. Usually after a year or so of paying on time and keeping the balance low, if not 0, the card either usually converts to a regular one, or a better card would be offered, and more importantly the deposit would no longer be required and is given back with possible interest attached. It's important not to apply for a lot of credit, especially if you continue to get declined.
Reason being that each time that you apply for credit regardless of if you're approved or not, it creates a "hard inquiry" on your report and lowers your score anywhere from 5-10 points. A secured card gives you the best chance of getting approved for credit without getting declined mainly becuase you're bearing the risk by putting up the deposit.
With all this said, I posted links to several good secured card companies. There are some out there that give the cards a bad name, especially with the hidden fees that are charged well before you even receive the card! So hopefully, this answer will have given you a better insight on what to do and where to go.Good Luck!And thanks for reading...
How do I restore credit if no one wants to approve me for anything? I have a score around 530 which is not bad but it is rated at very poor. So how do I get better credit if not even a bank will approve me? I have a great paying job and they don't accept that as collateral. Please help!!!
The Answer : My job as a credit analyst and underwriter, my job was to manually review accounts that were unable to be approved and declined by the automated process, so I'd know a thing or two about your situation. First, it would help knowing what makes up your score, so I'll give a quick breakdown:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%I figured that if you knew what made up your score, you would know what and where to start on.
You mentioned that you have a great paying job, which is good, but that's just half the battle. Do you have a checking account? If you do, then I'll move on, if not you should get one, pronto. Now a checking account doesn't directly establish credit or raise your score, but it does help manage your money and it helps during the application process.
Also, being an accountholder at a bank makes it more accessible to loans, credit cards, and mortgages that the bank offers. In this case, some major banks and even some credit unions offer what's called secured credit cards. The major difference between these and regular cards is that a deposit used as collateral is placed upfront to determine your credit line.
You pay for whatever's charged, just like a regular card, it reports to the bureaus just like a regular credit card, you get charged an APR just like a credit card. The deposit is usually tied to a savings account or a CD that may gain interest while you're building credit. You can also increase your limit by simply adding to the deposit.
Since you would be investing your own money in rebuilding your credit, a good way to do this would be to treat the card as if it only had a $50 limit at all times, while you would only use about $20-30 of it a month. Pay it off on time, and periodically increase the credit limit by adding to the deposit. Continue to repeat the process.
This way, you're building credit by showing activity, but you're not going into a lot of debt while doing it. Usually after a year or so of paying on time and keeping the balance low, if not 0, the card either usually converts to a regular one, or a better card would be offered, and more importantly the deposit would no longer be required and is given back with possible interest attached. It's important not to apply for a lot of credit, especially if you continue to get declined.
Reason being that each time that you apply for credit regardless of if you're approved or not, it creates a "hard inquiry" on your report and lowers your score anywhere from 5-10 points. A secured card gives you the best chance of getting approved for credit without getting declined mainly becuase you're bearing the risk by putting up the deposit.
With all this said, I posted links to several good secured card companies. There are some out there that give the cards a bad name, especially with the hidden fees that are charged well before you even receive the card! So hopefully, this answer will have given you a better insight on what to do and where to go.Good Luck!And thanks for reading...
Friday, October 26, 2007
A Lot of Credit Cards Effect Credit Score ?!!!
I Have A Lot of Credit Cards , will Paying Them All Off at Once Effect My Credit Score in A Negative Way ? !!!
I recently got a bonus with my current job, and am now able to pay them off. I already have bad credit due to late or missing payments. Now all of my cards have a high interest rates. My main goal is to improve my credit score and payoff debt. I am not really sure the best way to go about it.
The Answer : The first 3 posters pretty much just restated the obvious, they really didn't answer the question, so I guess that's where I come in. I'll not only answer your question, but I'll give you some valuable tips to get it back up. First, you should know what makes up your score:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%Ok, with all that said,
#1 & #2 are what's hurting your score the worst. After all, they make up ⅔ of your score. So, by paying them off will help #2 by giving you much needed cushion between what you owe altogether and your available credit. #1 for that matter, is going to have to take a little more work. Once you've paid them all off, DO NOT close them.
You affect #3 and #2 if you do. A good strategy to employ would be to treat all your cards as if you had $50 limits on them and only use $10-20 a month, no more than that. You want to show activity on the cards to start rebuilding positive payment history, but you don't want to go into debt in the process.
Also by just having balances that can be paid off with just the minimum payment, you don't get gouged with interest. What you're wanting to do is keep the balances very low, but still show that you're still using and paying on time. Do this for about a year, then contact them all in order to get line increases and lower the interest rate.
In addition to improving your credit score, a year's worth of perfect payment history is the perfect leverage needed in getting the interest rates and credit line increases. Hopefully, I will have made some sense with my answer. I wish you the best of luck, and I thank you for reading.
I recently got a bonus with my current job, and am now able to pay them off. I already have bad credit due to late or missing payments. Now all of my cards have a high interest rates. My main goal is to improve my credit score and payoff debt. I am not really sure the best way to go about it.
The Answer : The first 3 posters pretty much just restated the obvious, they really didn't answer the question, so I guess that's where I come in. I'll not only answer your question, but I'll give you some valuable tips to get it back up. First, you should know what makes up your score:
1. Payment history-35%
2. Total debt owed vs. available credit-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and new accounts-10%Ok, with all that said,
#1 & #2 are what's hurting your score the worst. After all, they make up ⅔ of your score. So, by paying them off will help #2 by giving you much needed cushion between what you owe altogether and your available credit. #1 for that matter, is going to have to take a little more work. Once you've paid them all off, DO NOT close them.
You affect #3 and #2 if you do. A good strategy to employ would be to treat all your cards as if you had $50 limits on them and only use $10-20 a month, no more than that. You want to show activity on the cards to start rebuilding positive payment history, but you don't want to go into debt in the process.
Also by just having balances that can be paid off with just the minimum payment, you don't get gouged with interest. What you're wanting to do is keep the balances very low, but still show that you're still using and paying on time. Do this for about a year, then contact them all in order to get line increases and lower the interest rate.
In addition to improving your credit score, a year's worth of perfect payment history is the perfect leverage needed in getting the interest rates and credit line increases. Hopefully, I will have made some sense with my answer. I wish you the best of luck, and I thank you for reading.
Credit Card Debt !!!
Credit Card Debt Elimination !!!
Sure , you’ve heard of people talking about eliminating credit card debt with a consolidation loan, but does it really work?. The answer is YES, it is a useful tool that can help if you are in a situation with your credit card debt that you can’t handle alone.
If you are in credit card debt and have recently received an interest rate hike due to making a late payment, or even if you just wish to eliminate your credit card debt, a credit card consolidation loan may be just what you need. Credit counselors are available to discuss your individual situation too see if you might qualify for one of their credit card debt consolidation programs.
Credit card consolidation has it’s advantages and by qualifying for one you will receive a lower interest rate than what you are currently paying now. If you have been late on your payments and your creditor bumped up your interest rate as a result, you will save money just from the lower interest rate right from the start. With a credit card consolidation loan you may also find that your creditors will waive your previous late fees and other fees for exceeding your credit limit, and this alone could save you a lot of money.
One of the best benefits of debt consolidation is that your payments are now all combined into one manageable payment for you to make every month. Most times the amount required to pay back a credit card consolidation loan is less monthly than the amounts you were paying before you entered the program. This will help you to drive your debt down faster and allow you to pay off more of the balance each month. Qualified participants discover that they can wipe out their credit card debt in five years or less, where before it seemed like you would be paying them off until the day you die.
Sure , you’ve heard of people talking about eliminating credit card debt with a consolidation loan, but does it really work?. The answer is YES, it is a useful tool that can help if you are in a situation with your credit card debt that you can’t handle alone.
If you are in credit card debt and have recently received an interest rate hike due to making a late payment, or even if you just wish to eliminate your credit card debt, a credit card consolidation loan may be just what you need. Credit counselors are available to discuss your individual situation too see if you might qualify for one of their credit card debt consolidation programs.
Credit card consolidation has it’s advantages and by qualifying for one you will receive a lower interest rate than what you are currently paying now. If you have been late on your payments and your creditor bumped up your interest rate as a result, you will save money just from the lower interest rate right from the start. With a credit card consolidation loan you may also find that your creditors will waive your previous late fees and other fees for exceeding your credit limit, and this alone could save you a lot of money.
One of the best benefits of debt consolidation is that your payments are now all combined into one manageable payment for you to make every month. Most times the amount required to pay back a credit card consolidation loan is less monthly than the amounts you were paying before you entered the program. This will help you to drive your debt down faster and allow you to pay off more of the balance each month. Qualified participants discover that they can wipe out their credit card debt in five years or less, where before it seemed like you would be paying them off until the day you die.
American Express Clear Blue Card ! How to Pay it ?!!!
I Have an American Express Clear Blue Card !!! How Do I Pay This ?!!!
I have a new card with 6 month 0 APR. I would like to know If I purchase something with it will I have to pay it back immediately or would I have the 6 months to pay it off? I know with other cards I would not have to pay until the 6 months is up.
I just want to make sure because Ive heard horror stories of American express being quick to raise your APR if you pay late. As long as I pay the min balance and have it at 0 by the end of the six months will I be ok?
The Answer : As long as you make "at least" the minimum monthly payment and have it paid at the end of the 6 month promo period you should be in good shape. Plus you will have a nice (interest free) payment history reporting on your credit reports which will help your scores.
Do not let the amount you owe go past the promo period.Depending on the promo they offered you, if there is still a balance remaining after the promo ends, you may have to pay the interest from the full amount you charged/balance transferred. Also, if you do not pay it off within the 6 month period, you will look like you are struggling to pay your bills. Amex will definately notice.
The best thing to do is to divide the amount you charged or balance transferred by 6 and pay that amount (or more).That way you will know to budget that much each month and you won't have a large amount left to pay in the 6th month.
I have a new card with 6 month 0 APR. I would like to know If I purchase something with it will I have to pay it back immediately or would I have the 6 months to pay it off? I know with other cards I would not have to pay until the 6 months is up.
I just want to make sure because Ive heard horror stories of American express being quick to raise your APR if you pay late. As long as I pay the min balance and have it at 0 by the end of the six months will I be ok?
The Answer : As long as you make "at least" the minimum monthly payment and have it paid at the end of the 6 month promo period you should be in good shape. Plus you will have a nice (interest free) payment history reporting on your credit reports which will help your scores.
Do not let the amount you owe go past the promo period.Depending on the promo they offered you, if there is still a balance remaining after the promo ends, you may have to pay the interest from the full amount you charged/balance transferred. Also, if you do not pay it off within the 6 month period, you will look like you are struggling to pay your bills. Amex will definately notice.
The best thing to do is to divide the amount you charged or balance transferred by 6 and pay that amount (or more).That way you will know to budget that much each month and you won't have a large amount left to pay in the 6th month.
My Info on My Checking Dept Card & Credit Report !!!
When Companies Are Doing A Credit Report ! , Can They Get My Information on My Checking , Dept Card , Savings ? !!!
The Answer : Not unless you listed this information on your credit application.Personal banking information does not show on credit reports.
Also See for yourself what is on your own credit report at www.annualcreditreport.com you can get one report free a year.
The Answer : Not unless you listed this information on your credit application.Personal banking information does not show on credit reports.
Also See for yourself what is on your own credit report at www.annualcreditreport.com you can get one report free a year.
A List Of Credit Cards Dont Make A Hard Inquiry Reviewing Application !!!
Credit : A Lit Of Credit Cards That Dont Make A Hard Inquiry When TheyReview Your Application ?!!!
Can someone find me a list of credit cards that don't make a hard inquiry when they review your application? Maybe one that would just check my w-2 and current pay stub and even take a copy of my credit report? Thanks for your time.
The Answer : Most credit cards are going to do a check. There are all kinds of offers that come in the mail and are posted on the internet. There are quite a few banks/companies that will give you a card with a limited or secured amount to use.
However, most of these cards ask for a annual fee, plus the interest rate is high, and there may be a monthly maintenance fee as well. They are all over the place it shouldn't be to hard to find. But, remember that any app you put in will hit your credit score and lower the number for each hit.
Can someone find me a list of credit cards that don't make a hard inquiry when they review your application? Maybe one that would just check my w-2 and current pay stub and even take a copy of my credit report? Thanks for your time.
The Answer : Most credit cards are going to do a check. There are all kinds of offers that come in the mail and are posted on the internet. There are quite a few banks/companies that will give you a card with a limited or secured amount to use.
However, most of these cards ask for a annual fee, plus the interest rate is high, and there may be a monthly maintenance fee as well. They are all over the place it shouldn't be to hard to find. But, remember that any app you put in will hit your credit score and lower the number for each hit.
Pay on A Bill within 7 Years Dropped Off Your Credit !!!
If You Don`t Pay a Bill within 7 Years , Does That Get Automatically Get Dropped Off Your Credit ?!!!
I heard that from a friend. what if you do pay on the bill, does it still get dropped off your credit even if you are paying on it? I am no clear on that
The Answer : The time that a derogatory account can be reported on your credit is 7-years from the date of first delinquency. This works out to 7.5 years.It is illegal to re-age debt, so if you pay it will not start the clock over, what it will do however is start the statute of limitations over which is the legal time that collection people have to sue you in court.
I heard that from a friend. what if you do pay on the bill, does it still get dropped off your credit even if you are paying on it? I am no clear on that
The Answer : The time that a derogatory account can be reported on your credit is 7-years from the date of first delinquency. This works out to 7.5 years.It is illegal to re-age debt, so if you pay it will not start the clock over, what it will do however is start the statute of limitations over which is the legal time that collection people have to sue you in court.
Thursday, October 25, 2007
Good Interest Rate On Car !!!
Whas A Good Interest Rate On A Car ? is A 19 % Interest Rate Bad ?!!!
The Answer : Auto finance is what I do for a living and it depends on your credit.For a lot of people 19% sounds high, but there are just as many that would be glad to have 19% because they are either paying a lot more or can not get approved at all.Remember, no one pays the full term of their loan, these loans are a way for people to re-establish their credit, after about 18-24 months of good payments you can trade and get a lot better rate.
The Answer : Auto finance is what I do for a living and it depends on your credit.For a lot of people 19% sounds high, but there are just as many that would be glad to have 19% because they are either paying a lot more or can not get approved at all.Remember, no one pays the full term of their loan, these loans are a way for people to re-establish their credit, after about 18-24 months of good payments you can trade and get a lot better rate.
Wednesday, October 24, 2007
Credit Cards , Authorized User , Credit Report !!!
How Can I Have Credit Cards That I Am An Authorized User On Only Removed From My Credit Report ?!!!
When my ex-husband and i got married he listed me as an authorized user on several of his credit cards in an effort to help build my credit history. although the trade does apperar on my report and i get some credit for the payment history,
i'm not responsible for repayment of the cards, from what i understand. however, if he were to default, the negitative information would reflect on my report as well....since we're splitting up i want to have myseft removed as a user on the card just to protect myself. he has called and requested that i be removed as an authorized user,
but the cards are still showing up on my report (this is bringing my score down as well). shoudn't the trades be completly removed? does anyone know anything i can do to make sure this happens?
The Answer : The history will continue to show for 7 years even after you have been removed, the accounts should show as closed on your credit report so any negative payment by your husband in the future should not show on your report.
When my ex-husband and i got married he listed me as an authorized user on several of his credit cards in an effort to help build my credit history. although the trade does apperar on my report and i get some credit for the payment history,
i'm not responsible for repayment of the cards, from what i understand. however, if he were to default, the negitative information would reflect on my report as well....since we're splitting up i want to have myseft removed as a user on the card just to protect myself. he has called and requested that i be removed as an authorized user,
but the cards are still showing up on my report (this is bringing my score down as well). shoudn't the trades be completly removed? does anyone know anything i can do to make sure this happens?
The Answer : The history will continue to show for 7 years even after you have been removed, the accounts should show as closed on your credit report so any negative payment by your husband in the future should not show on your report.
Best Credit Card to Apply with Bad Credit !!!
Which is The Best Credit Card to Apply for with Little or Bad Credit ?!!!
I have limited credit and I am in need of a credit card. I have applied to a view credit cards and have been denied. Which is the best credit card to apply to when you are in a limited credit situation that has a good approval chance?
The answer : Try Capital One, H.S.B.C., Orchard bank and First Premier.
I have limited credit and I am in need of a credit card. I have applied to a view credit cards and have been denied. Which is the best credit card to apply to when you are in a limited credit situation that has a good approval chance?
The answer : Try Capital One, H.S.B.C., Orchard bank and First Premier.
$ 25,000 Car Loan with BadCredit
Can I Get a $ 25,000 Car Loan with Bad Credit ( Score 570ish ) ?!!!
I have bad credit issues due to past mistakes and now that my finances are in good standing, I still have the mistakes in my credit history.Can I get a $25,000 auto loan by myself? I have a great job and can afford the payments? Also I have a co-signer? Would I be able to get the loan with the co-signer?
The Answer : finance is what I do for a living and without looking at your credit no one here can answer your question.
I can tell you the factors that car deals are based on;
1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
As long as the above factors are within the lenders guidelines there is no reason that you can not borrow $25,000.00 with a 570 score.
I have bad credit issues due to past mistakes and now that my finances are in good standing, I still have the mistakes in my credit history.Can I get a $25,000 auto loan by myself? I have a great job and can afford the payments? Also I have a co-signer? Would I be able to get the loan with the co-signer?
The Answer : finance is what I do for a living and without looking at your credit no one here can answer your question.
I can tell you the factors that car deals are based on;
1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
As long as the above factors are within the lenders guidelines there is no reason that you can not borrow $25,000.00 with a 570 score.
Reposession On Your Credit Report
is There a Difference in Voluntary Reposession & Involuntary Reposession on Your Credit Report ?!!!
is there a difference, if so, what is it, and which would look better on your credit report? Any help/advice is greatly appreciated.Thanks!
The Answer : Auto finance is what I do for a living and all of the other posters are correct.Credit wise there is no difference.
The bad thing about repossessions without a bankruptcy to explain it is they will ruin your credit for several years and make it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.After the car goes back the lender will sell it at auction for far less then it's worth and come after you for the difference plus all fees for towing, storage, reconditioning, interest, lawyers and anything else they can think of.
This will amount to several thousand dollars and if you do not pay they can take you to court, get a judgment and attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own.If there is any way you can avoid this, do so.Sell the car and take out a loan so you can pay the difference, this will be much cheaper in the long run and not ruin your credit.
is there a difference, if so, what is it, and which would look better on your credit report? Any help/advice is greatly appreciated.Thanks!
The Answer : Auto finance is what I do for a living and all of the other posters are correct.Credit wise there is no difference.
The bad thing about repossessions without a bankruptcy to explain it is they will ruin your credit for several years and make it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.After the car goes back the lender will sell it at auction for far less then it's worth and come after you for the difference plus all fees for towing, storage, reconditioning, interest, lawyers and anything else they can think of.
This will amount to several thousand dollars and if you do not pay they can take you to court, get a judgment and attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own.If there is any way you can avoid this, do so.Sell the car and take out a loan so you can pay the difference, this will be much cheaper in the long run and not ruin your credit.
Info Taken Off Credit report !!!
Can I Get Info . Taken off My Credit Report !!!
I have been looking around the web about credit reports and found info. saying that even if I don't pay what I owe in 7 years it will still get taken off and even if I do pay it that it still takes 7 years?
I also heard about "reaging" say, I have an account in collection since 2004, then I contact the creditor to pay off the balance, in 2007. I heard the clock starts all over again from the last time they posted something on my credit? Help....
The Answer : What you heard is true.
Derogatory accounts drop off your report 7-years from the date of first delinquency. It is not legal to re-age accounts, so nothing should stop this from happening.However the other time line is the statute of limitations, this is the time that you can be held responsible for your debts.
This varies from State to State and by types of debt.Every time you pay on a delinquent account it starts this time line over. In some State's even talking to the creditors and admitting that the debt is yours starts this over.
If the S.O.L. has passed, you can still be sued but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.I have posted a link so you can look up your State and learn more.
http://www.bcsalliance.com/index.html
I have been looking around the web about credit reports and found info. saying that even if I don't pay what I owe in 7 years it will still get taken off and even if I do pay it that it still takes 7 years?
I also heard about "reaging" say, I have an account in collection since 2004, then I contact the creditor to pay off the balance, in 2007. I heard the clock starts all over again from the last time they posted something on my credit? Help....
The Answer : What you heard is true.
Derogatory accounts drop off your report 7-years from the date of first delinquency. It is not legal to re-age accounts, so nothing should stop this from happening.However the other time line is the statute of limitations, this is the time that you can be held responsible for your debts.
This varies from State to State and by types of debt.Every time you pay on a delinquent account it starts this time line over. In some State's even talking to the creditors and admitting that the debt is yours starts this over.
If the S.O.L. has passed, you can still be sued but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.I have posted a link so you can look up your State and learn more.
http://www.bcsalliance.com/index.html
Personal Loan , Home Loan , Car Loan !!!
Get Personal Loan , Home Loan , Car Loan After Bankruptcy at Low Rate of Interest !
Do you feel your chances of getting approved for a loan after filing bankruptcy is bleak. Wait for a while, bankruptcy loan can help you even after filing for bankruptcy, getting approved for funds after a bankruptcy is not that daunting as you think.
RE-establishing your credits is quite important. You can avail of personal loan, home loan, car loan after bankruptcy at low rate of interest and simultaneously work towards replenishing your credit scores.
Provided, you make some good down payments on your bankruptcy loan you don’t get low interest rate, as a home loan after bankruptcy lender will foresee risk in lending loans to a bankrupt. A good size down payment will give him an assurance that his loan payments will be made on time.
Get Personal Loan, Home Loan, Car Loan after Bankruptcy at low interest rate!
Save some extra cash for a Down Payment:
Save money for a down payment.
Your down payments ease down the risk and reduce the total amount financed.
If a bankruptcy loan is rated high, a down payment will affect the monthly payments and get you better loan deal.
Personal loan, car loan or home loan after six months:
After six months of bankruptcy discharge, as it is unwise to apply for a loan immediately after discharge. Wait for some period of time and then, apply for a loan after bankruptcy. When possible, hold off on financing home. Give a break of six months.
During this time, apply for a secured credit card and make timely payment. This will improve your credit score, and qualify you for better rates. Tough competition among uk lending companies in the market compels these lenders to offer special home loan, personal loan and car loan packages for those who have been through bankruptcy. As far as you have been discharged of your debts, you can go right ahead and submit that personal loan application.
Fix your credit problems:
If you’re having difficulties finding a co-borrower, and are still hunting for lower interest rate, fix your credit scores. Apply, for a new line of credit which would range from secured credit card, store card and others, make your repayments on time and keep very little or no balances on your account, so this way you would have unknowingly worked on repairing your credit scores as well.
Follow the above tips, then, there’s no stopping you from availing Personal loan, Home loan, Car loan after bankruptcy. Go get it! Reach out to online professionals who can help you with your credit repair and simultaneously fund your needs.
Do you feel your chances of getting approved for a loan after filing bankruptcy is bleak. Wait for a while, bankruptcy loan can help you even after filing for bankruptcy, getting approved for funds after a bankruptcy is not that daunting as you think.
RE-establishing your credits is quite important. You can avail of personal loan, home loan, car loan after bankruptcy at low rate of interest and simultaneously work towards replenishing your credit scores.
Provided, you make some good down payments on your bankruptcy loan you don’t get low interest rate, as a home loan after bankruptcy lender will foresee risk in lending loans to a bankrupt. A good size down payment will give him an assurance that his loan payments will be made on time.
Get Personal Loan, Home Loan, Car Loan after Bankruptcy at low interest rate!
Save some extra cash for a Down Payment:
Save money for a down payment.
Your down payments ease down the risk and reduce the total amount financed.
If a bankruptcy loan is rated high, a down payment will affect the monthly payments and get you better loan deal.
Personal loan, car loan or home loan after six months:
After six months of bankruptcy discharge, as it is unwise to apply for a loan immediately after discharge. Wait for some period of time and then, apply for a loan after bankruptcy. When possible, hold off on financing home. Give a break of six months.
During this time, apply for a secured credit card and make timely payment. This will improve your credit score, and qualify you for better rates. Tough competition among uk lending companies in the market compels these lenders to offer special home loan, personal loan and car loan packages for those who have been through bankruptcy. As far as you have been discharged of your debts, you can go right ahead and submit that personal loan application.
Fix your credit problems:
If you’re having difficulties finding a co-borrower, and are still hunting for lower interest rate, fix your credit scores. Apply, for a new line of credit which would range from secured credit card, store card and others, make your repayments on time and keep very little or no balances on your account, so this way you would have unknowingly worked on repairing your credit scores as well.
Follow the above tips, then, there’s no stopping you from availing Personal loan, Home loan, Car loan after bankruptcy. Go get it! Reach out to online professionals who can help you with your credit repair and simultaneously fund your needs.
Tuesday, October 23, 2007
First Credit Card !!!
First Credit Card ?!!!
Just got my first cc ever trying to build my credit since i have none.But iam in need of some advice how exactly does this work?
Tips/advicewhat is the cash advance limit?Lets say I used $250 when it came time to pay the bill what amount will i be paying if i pay on time?Just a lil confused dont wanna screw anything up heres the ino on the card i got-
Capital One® No Hassle Cash(SM) Rewards - Limited Credit OK • 25% annual bonus on the cash you earn during the year
• 1% cash back on all purchases*
• No limit on cash back and rewards won't expire for the life of your account
• 0% APR on purchases until February 2008. After that, variable APR, currently 16.4%
• $29 annual fee
• For people with limited credit history or credit that needs some improvement
The Answer : not use a credit card for a cash advance, interest is to high.Use it for every day things be careful never to exceed 30% of your credit limit in any given month and pay in full before the due date.Understand that the due date is the date that your payment must be posted to your account, not the date that it must be mailed by.
So, if your payment is due the 15th mail no later then the 5th to allow for our mail service and processing on their end.
Just got my first cc ever trying to build my credit since i have none.But iam in need of some advice how exactly does this work?
Tips/advicewhat is the cash advance limit?Lets say I used $250 when it came time to pay the bill what amount will i be paying if i pay on time?Just a lil confused dont wanna screw anything up heres the ino on the card i got-
Capital One® No Hassle Cash(SM) Rewards - Limited Credit OK • 25% annual bonus on the cash you earn during the year
• 1% cash back on all purchases*
• No limit on cash back and rewards won't expire for the life of your account
• 0% APR on purchases until February 2008. After that, variable APR, currently 16.4%
• $29 annual fee
• For people with limited credit history or credit that needs some improvement
The Answer : not use a credit card for a cash advance, interest is to high.Use it for every day things be careful never to exceed 30% of your credit limit in any given month and pay in full before the due date.Understand that the due date is the date that your payment must be posted to your account, not the date that it must be mailed by.
So, if your payment is due the 15th mail no later then the 5th to allow for our mail service and processing on their end.
Mortgage Loan Approval !!!
Eligibility Criteria For A Mortgage Loan Approval !!!
Several types of mortgage loans are being floated in the market by multiple financial institutions. However, it is advisable to have information regarding various criteria that are taken into consideration by mortgage lending firms while determining the eligibility of a borrower for a mortgage home loan. As these criteria determine the interest rate on the loan, knowledge about them is even more vital.
The most important criterion that lenders usually go for is about the repayment capability of the borrower. Credit history and FICO scores of the borrower provide ample information regarding financial status and the repayment history of the borrower. Lenders usually give prime importance to borrowers having a reasonable credit history with credit scores of more than 600. Credit reports of the borrower can be obtained from any of the three leading credit bureaus in the U.S.. Credit reports contain details such as the income of the borrower, his credits, and any late payments made towards rent, mortgages and credit card bills.
Another important criterion is the debt-to-income ratio of the borrower that determines the eligibility and interest rate on the loan. Borrowers having a debt-to-income ratio of 28/36 are considered ideal for a mortgage loan. However, certain lenders entertain customers with a poor debt-to-income ratio. But, loans to these customers are provided at a higher interest rate and require a high down payment.
Apart from these, the customer is expected to have a steady income and a satisfactory employment record so as to multiply his chances of getting a mortgage loan approved. The customer must be employed with a single employer for a minimum period of 2 years in order to be eligible for a loan.
Interest rates on the loan also vary if the loans are federally insured or assured by any private mortgage insurance companies.
Several types of mortgage loans are being floated in the market by multiple financial institutions. However, it is advisable to have information regarding various criteria that are taken into consideration by mortgage lending firms while determining the eligibility of a borrower for a mortgage home loan. As these criteria determine the interest rate on the loan, knowledge about them is even more vital.
The most important criterion that lenders usually go for is about the repayment capability of the borrower. Credit history and FICO scores of the borrower provide ample information regarding financial status and the repayment history of the borrower. Lenders usually give prime importance to borrowers having a reasonable credit history with credit scores of more than 600. Credit reports of the borrower can be obtained from any of the three leading credit bureaus in the U.S.. Credit reports contain details such as the income of the borrower, his credits, and any late payments made towards rent, mortgages and credit card bills.
Another important criterion is the debt-to-income ratio of the borrower that determines the eligibility and interest rate on the loan. Borrowers having a debt-to-income ratio of 28/36 are considered ideal for a mortgage loan. However, certain lenders entertain customers with a poor debt-to-income ratio. But, loans to these customers are provided at a higher interest rate and require a high down payment.
Apart from these, the customer is expected to have a steady income and a satisfactory employment record so as to multiply his chances of getting a mortgage loan approved. The customer must be employed with a single employer for a minimum period of 2 years in order to be eligible for a loan.
Interest rates on the loan also vary if the loans are federally insured or assured by any private mortgage insurance companies.
Student Loan !!!
Student Loan Dept Consolidation !!!
If you are or have been a student and borrowed money to pay for college, you obviously need to repay any outstanding loans. It doesn't matter how long ago the loan was taken out; finishing college doesn't let any of us off the hook.
Many people find that when seeking the purchase of a home or establishment of a family, their student loans come back to haunt them. These college debts should be repaid as quickly as possible to help in moving on with your life.
There is one way around this; you can consolidate your student loans and make one payment each month.
By doing this, you actually reduce the amount of time and money used in paying off your various student loans. You can breathe a bit easier knowing that the one payment you make is going toward all those debts, and that they are being paid on time. And if your interest is at a fixed rate, you won't need to be concerned about it rising over time.
There are four broad types of student loans:
Ï Standard repayment plan - this is a plan extending over the course of ten years which has one interest rate.
Ï Extended repayment plan - this is spread over twelve to thirty years. One drawback of this option is that you could wind up paying back much more over the time.
Ï Graduated repayment plan - this is also spread over twelve to thirty years, but your payments rise every twenty four months. Very risky.
Ï Income contingent repayment plan - this option takes into account your circumstances and can last up to twenty five years. If you have a family and other commitments, you will pay less overall each month.
Before you jump into any consolidation of your loans, you need to think carefully about pros and cons, asking yourself some key questions.
Ï Have I already paid anything back? If so you might be worse off after consolidating since you have already begun making payments.
Ï Do I want to enter a loan agreement for so many years? If this does not appeal to you don't do it. With that length of time, it will feel like you're paying off a house.
Ï Do I earn enough to pay back your college debts without a consolidation agreement? If you do, start doing so.
It is tempting to begin enjoying the benefits of a new career while neglecting the priority of debt repayment. You will be grateful in the long term once you have paid off your loans and have them off your back. Plus you will ultimately save yourself a lot of money after the start of employment by working out a feasible, persistent payment plan that can eliminate all college debts in a relatively short period of time.
If you are or have been a student and borrowed money to pay for college, you obviously need to repay any outstanding loans. It doesn't matter how long ago the loan was taken out; finishing college doesn't let any of us off the hook.
Many people find that when seeking the purchase of a home or establishment of a family, their student loans come back to haunt them. These college debts should be repaid as quickly as possible to help in moving on with your life.
There is one way around this; you can consolidate your student loans and make one payment each month.
By doing this, you actually reduce the amount of time and money used in paying off your various student loans. You can breathe a bit easier knowing that the one payment you make is going toward all those debts, and that they are being paid on time. And if your interest is at a fixed rate, you won't need to be concerned about it rising over time.
There are four broad types of student loans:
Ï Standard repayment plan - this is a plan extending over the course of ten years which has one interest rate.
Ï Extended repayment plan - this is spread over twelve to thirty years. One drawback of this option is that you could wind up paying back much more over the time.
Ï Graduated repayment plan - this is also spread over twelve to thirty years, but your payments rise every twenty four months. Very risky.
Ï Income contingent repayment plan - this option takes into account your circumstances and can last up to twenty five years. If you have a family and other commitments, you will pay less overall each month.
Before you jump into any consolidation of your loans, you need to think carefully about pros and cons, asking yourself some key questions.
Ï Have I already paid anything back? If so you might be worse off after consolidating since you have already begun making payments.
Ï Do I want to enter a loan agreement for so many years? If this does not appeal to you don't do it. With that length of time, it will feel like you're paying off a house.
Ï Do I earn enough to pay back your college debts without a consolidation agreement? If you do, start doing so.
It is tempting to begin enjoying the benefits of a new career while neglecting the priority of debt repayment. You will be grateful in the long term once you have paid off your loans and have them off your back. Plus you will ultimately save yourself a lot of money after the start of employment by working out a feasible, persistent payment plan that can eliminate all college debts in a relatively short period of time.
Monday, October 22, 2007
Credit Repair !!!
5 Tips for Fast Credit Repair !!!
Every One dreams of owning their own home, raising their families and having the best credit ever. But in reality this is not the way that it happens. You may have started with good intentions but life happens and you get behind. When you get behind it is like a domino effect as everything becomes past due and delinquent. You slowly crawl back out of it but you are left with scars on your credit record. If you need a fast credit repair there may be a way that you can do this quickly so you can start applying for things you need. There are 5 tips for fast credit repair.
Fast Credit Repair Tip #1: Don't buy anything on the spur of the moment. Look at something you like and set it back on the shelf. If you still want it after 48 hours than see what it will take to get that item. Sometimes the worst thing you can do is buying on impulse. This allows you to financially pressure yourself for something that you may or may not want or need in the near future.
Fast Credit Repair Tip #2: Pay your bills up and pay a little extra when it's possible. This allows you to pay a little on the principal and maybe you can pay it off sooner rather than later.
Fast Credit Repair Tip #3: Refinancing is another great idea to fast credit repair for so many reasons. It helps you get your credit back on track, it shows that you are trying to satisfy your debt and you may also get a lower interest rate which will reduce your monthly payment and give you a little more money each month.
Fast Credit Repair Tip #4: Savings is hard to do but it can help you build a fast credit repair. If you could put a little bit of money in your savings account every payday you can accumulate enough to make an extra payment somewhere during the year. Maybe the savings could go for Christmas gifts, emergency fund or for anything you would normally ask credit for.
Fast Credit Repair Tip #5: Don't apply to several different agencies or business trying to get credit. When you are able to start receiving credit again, you may make the mistake of calling around to several businesses in order to see who has the better deal. If you do this with each one checking your credit record this will reduce your credit score. Make sure that you only submit applications to those places where you want to do business at.
Once your credit gets established you can begin to help others with a fast credit repair and share your secret to success. Credit is something that we need in order to buy things to live. Your credit is checked when you apply for home insurance, auto insurance or to get electric and fuel oil in your name. This allows companies to access your background and see if you would be able to pay any debt to them back as promised. Sure enough if there are unsatisfied debts then you may never get credit until its cleared.
Every One dreams of owning their own home, raising their families and having the best credit ever. But in reality this is not the way that it happens. You may have started with good intentions but life happens and you get behind. When you get behind it is like a domino effect as everything becomes past due and delinquent. You slowly crawl back out of it but you are left with scars on your credit record. If you need a fast credit repair there may be a way that you can do this quickly so you can start applying for things you need. There are 5 tips for fast credit repair.
Fast Credit Repair Tip #1: Don't buy anything on the spur of the moment. Look at something you like and set it back on the shelf. If you still want it after 48 hours than see what it will take to get that item. Sometimes the worst thing you can do is buying on impulse. This allows you to financially pressure yourself for something that you may or may not want or need in the near future.
Fast Credit Repair Tip #2: Pay your bills up and pay a little extra when it's possible. This allows you to pay a little on the principal and maybe you can pay it off sooner rather than later.
Fast Credit Repair Tip #3: Refinancing is another great idea to fast credit repair for so many reasons. It helps you get your credit back on track, it shows that you are trying to satisfy your debt and you may also get a lower interest rate which will reduce your monthly payment and give you a little more money each month.
Fast Credit Repair Tip #4: Savings is hard to do but it can help you build a fast credit repair. If you could put a little bit of money in your savings account every payday you can accumulate enough to make an extra payment somewhere during the year. Maybe the savings could go for Christmas gifts, emergency fund or for anything you would normally ask credit for.
Fast Credit Repair Tip #5: Don't apply to several different agencies or business trying to get credit. When you are able to start receiving credit again, you may make the mistake of calling around to several businesses in order to see who has the better deal. If you do this with each one checking your credit record this will reduce your credit score. Make sure that you only submit applications to those places where you want to do business at.
Once your credit gets established you can begin to help others with a fast credit repair and share your secret to success. Credit is something that we need in order to buy things to live. Your credit is checked when you apply for home insurance, auto insurance or to get electric and fuel oil in your name. This allows companies to access your background and see if you would be able to pay any debt to them back as promised. Sure enough if there are unsatisfied debts then you may never get credit until its cleared.
Saturday, October 20, 2007
Bad Credit & Car Loan ?!!!
Bad Credit Car Loan Help ?!!!
My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I'm in L.A.
The Answer : Auto finance is what I do for a living and I do not see a problem.
Find a dealer that advertise Special Finance and go talk to the Manager, they will be able to help you.
You can also try Capital One, H.S.B.C., Wells Fargo and Citifinancial Auto on line and have your own money before you go to the dealer.
Also Don`t spend so much on the car. if you have 4-5000 dollars you can get a decent car that will last a few years.cars are the worst life investment you pay 20,000 dollars which is about 30,000 after interest payments. eventually that car will be worth zero dollars.not a bright investment..buy a car for 5000 and pay the 25000 that would have went to finance the expensive car and buy a house that will appreciate.
then rent out rooms or the basement and let the renters pay your mortgage.no one cares what you drive .as long as its safe.i am 40 and own 2 properties with no mortgage and thats how i did it.now i buy a new car every 2 years
My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I'm in L.A.
The Answer : Auto finance is what I do for a living and I do not see a problem.
Find a dealer that advertise Special Finance and go talk to the Manager, they will be able to help you.
You can also try Capital One, H.S.B.C., Wells Fargo and Citifinancial Auto on line and have your own money before you go to the dealer.
Also Don`t spend so much on the car. if you have 4-5000 dollars you can get a decent car that will last a few years.cars are the worst life investment you pay 20,000 dollars which is about 30,000 after interest payments. eventually that car will be worth zero dollars.not a bright investment..buy a car for 5000 and pay the 25000 that would have went to finance the expensive car and buy a house that will appreciate.
then rent out rooms or the basement and let the renters pay your mortgage.no one cares what you drive .as long as its safe.i am 40 and own 2 properties with no mortgage and thats how i did it.now i buy a new car every 2 years
Home Mortgage Loan !!!
Getting a Low Home Mortgage Loan Quote !!!
For most people, a mortgage is the biggest amount of money they will ever borrow. It makes sense, in light of that fact, to get the best rates for your mortgage. Getting a home loan mortgage rate quote before you sign on the dotted line is the best way to get a mortgage that is right for you and your wallet.
For most people, a mortgage is the biggest amount of money they will ever borrow. It makes sense, in light of that fact, to get the best rates for your mortgage. Getting a home loan mortgage rate quote before you sign on the dotted line is the best way to get a mortgage that is right for you and your wallet.
Getting a quote is simple, but learning to evaluate quotes is a whole other ball game. You need to know the following tips in order to understand what you're looking at and prepare yourself to get the best rate.
The first thing to know is that you shouldn't just go for the first quote that you get. If this is the first time you're shopping for a mortgage, then you may not know a good deal from a bad deal. Shop around and compare the first rate you get to other quotes. You may find something better. Even if you don't and end up going with your first quote, you'll have the piece of mind knowing that you shopped around.
Watch out for low initial interest rates. More commonly known as headline rates, these rates are deceiving. While the initial rate may be low, they will have “tie-ins” attached that may make your low rate worthless. Tie-ins are a mortgage company's way to offset their lower profit from giving you a low rate. They may charge you a large penalty if you refinance and switch to a different mortgage lender. Alternatively, they might force you to purchase insurance rate policies that qualify you for the low headline rate.
If the mortgage lender doesn't have any tie-ins, you'll still have to watch out for redemption penalties. These penalties are charged when you switch mortgage lenders. They are in place to compensate the lender for the time they spent helping you. These penalties are usually in the very fine print of an agreement, so make sure to ask about them. Sometimes the penalties are outrageous and mortgage lenders will try to hide them from you. Asking for a quote of the redemption penalties is completely within your right as a borrower.
Finally, if you're being asked to pay for a home loan mortgage rate quote, then you need to be working with another mortgage company. Only unreliable lenders will charge you to get this type of information. You are simply asking them for information, and aren't obligated to sign anything to get a mortgage rate quote.
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