I work for the Walmart/Sam's club credit card. I hear complaints/compliments all day.
What has been your experience with GE Money. Some things I can relate to.
In reference to your questions :
1. When they approve people for the Walmart store cards they usually (though not always) give "very small" starting limits (much smaller than other GEMB products) no matter how good a persons credit is - why is that?
,
The starting limits are pretty small usually and that is basically calculated on your overall credit bureau record. Ive seen some start at 125.00 and some start upwards around 1100.00 - so it's really solely based on credit score. If you have a nice score and have paid bills on time they usually give a bigger amount. As far as the discover, if you've been on time and have a 680 CB score or higher , they will send you a mailer telling you that you're pre-qualified for a discover card. Discover cards usually have high limits - and most people who qualify in my experience have really good credit and are not deliquent with us.
,
2 days ago
Why do they give people really odd starting credit limit amounts on the store cards?(this one really has me scratching my head in wonderThe odd number is also weird to me as well- I'm not sure why they would give someone 122.00 credit line or a 78.00 credit line. Sorry about that one. . If a person currently has a store card and applys for the Discover, will that person still automatically be considered for the store card if they are declined for the Discover?
,
(Is a person limited to one store card?)Not necessarily because the general population (bad credit ) usually won't qualify for the discover card. And some people won't be considered for the store card no matter how low the credit limit is because the person has deliquencies with other companies. GEMB is very strict on credit, and if you mess up 1 time with them and are 30 days late, they do not hesitate to report that to your credit report.
,
2 days ago
4. Does GEMB ever automatically offer to upgrade either of the store cards to the Discover (like Target has been doing) or convert the store card when a card holder requests it? If so, is there any certain criteria that you look at with a card holder?Absolutely - as i said they do upgrade a person if they have 6 months of great credit history with us on file - specifically saying you have just a sams credit card, and want to apply for discover they look at your payment history with sams club (gemb) , your credit bureau score, and how long you've been a customer with us, and the minimum is usually 6 months.
,
2 days ago
How is the ON Visa coming along? How soon before it will be available to apply online?Are they upgrading current store card holders (like Target has been doing)?I am not familiar with the ON visa. But hope the other information helped!
,
The Answer : I don't have any complaints about GEMB in fact GEMB has been pretty good to me. I rarely have had a problem with any of my cards, but the few times I have the CSR's I've spoken with, in general, have been courteous and helpful.
,
There are a few things that I've noticed people discussing and since you say you work in the Walmart section perhaps you can shed some light on the following questions if you don't mind.
,
1. When they approve people for the Walmart store cards they usually (though not always) give "very small" starting limits (much smaller than other GEMB products) no matter how good a persons credit is - why is that?
,
2. Why do they give people really odd starting credit limit amounts on the store cards?(this one really has me scratching my head in wonder)
,
3. If a person currently has a store card and applys for the Discover, will that person still automatically be considered for the store card if they are declined for the Discover? (Is a person limited to one store card?)
,
4. Does GEMB ever automatically offer to upgrade either of the store cards to the Discover (like Target has been doing) or convert the store card when a card holder requests it? If so, is there any certain criteria that you look at with a card holder?hmm, I could keep asking questions lol.
,
I was wondering about a couple of other non Walmart/Sams if you might know -How is the ON Visa coming along? How soon before it will be available to apply online?Are they upgrading current store card holders (like Target has been doing)?Will the Chevron be handled like other GEMB products?(as far as reporting, CLI's, etc.)Thanks for the opportunity to ask
Monday, December 31, 2007
Friday, December 28, 2007
How do I get a bankruptcy off my credit report ?
I know that even after it's discharged it stays on my report for 7-10 years, but what determines if it's the 7 the full 10, or somewhere in the middle?Can I write to the credit bureau's to have it removed or the court where it was filed; it was discharged in 1999.
,
It is difficult to remove a bankruptcy from your record. In order for the credit bureau to remove it, the report must be inaccurate, and/or the creditor does not respond back to an investigation request.In the case of a BK, it's a public record easily verified through PACER, an on-line database listing all bankruptcy filings.
,
If you send in a dispute, they simply look it up on-line and it will stay on your report. it stays for 10 years from the date of the discharge (in the case of a BK7).Your only hope is the fact that the credit bureau is getting totally swamped with dispute investigations, and many times they don't have the manpower and ability to check.
,
If it's not verified within 30 days they must delete the entry. The court will not remove this record, so don't even waste the cost of a stamp asking them. Your best bet in repairing your credit is to start immediately in doing things that will improve it.
,
There is a great site that has a lot of education info and newsletters showing you how to do it....it's a free site but they do sell stuff here. I'm not passing spam, just pointing out a good source of information. I am not associated with this group at all.
>>> http://www.lifeafterbankruptcy.com
,
It is difficult to remove a bankruptcy from your record. In order for the credit bureau to remove it, the report must be inaccurate, and/or the creditor does not respond back to an investigation request.In the case of a BK, it's a public record easily verified through PACER, an on-line database listing all bankruptcy filings.
,
If you send in a dispute, they simply look it up on-line and it will stay on your report. it stays for 10 years from the date of the discharge (in the case of a BK7).Your only hope is the fact that the credit bureau is getting totally swamped with dispute investigations, and many times they don't have the manpower and ability to check.
,
If it's not verified within 30 days they must delete the entry. The court will not remove this record, so don't even waste the cost of a stamp asking them. Your best bet in repairing your credit is to start immediately in doing things that will improve it.
,
There is a great site that has a lot of education info and newsletters showing you how to do it....it's a free site but they do sell stuff here. I'm not passing spam, just pointing out a good source of information. I am not associated with this group at all.
>>> http://www.lifeafterbankruptcy.com
Wednesday, December 26, 2007
Tuesday, December 25, 2007
Monday, December 24, 2007
Christmas cash ?
I would like to earn some extra money for christmas and was thinking about doing some sort of selling ,parties , kids toys, make up, chocolate etc any one know of commission jobs or companies any ideas ???
,
Below are all companies where you get money based on what you sell. The only problem to doing what you want to do is that you usually ahve to have some money to start it up but they can be great money makers. If you don't have the money for start up I would suggest a part time holiday hire job.
,
www.avon.com
www.stampinup.com
www.closetomyheart.com
www.marykay.com
www.pamperedchef.com
www.melaluca.com
www.tupperware.com
,
Below are all companies where you get money based on what you sell. The only problem to doing what you want to do is that you usually ahve to have some money to start it up but they can be great money makers. If you don't have the money for start up I would suggest a part time holiday hire job.
,
www.avon.com
www.stampinup.com
www.closetomyheart.com
www.marykay.com
www.pamperedchef.com
www.melaluca.com
www.tupperware.com
Parents spend loads of money on present for their kids in christmas,is it fair for santa to take all da credit
it's fun and when they grow up and learn the truth they'll appreciate everything their parents did for them anyway.
its just to make the kids happy and excited. remember when you were little and you found out that "santa" came? Those presents were always so exciting. THe kids will soon enough realize that santa is not real and thus understand that all those years it was their parents and they will not only appreciate all the money on the gifts spent, but also that their parents let them have a magical and special holiday where they could believe in santa claus.
its just to make the kids happy and excited. remember when you were little and you found out that "santa" came? Those presents were always so exciting. THe kids will soon enough realize that santa is not real and thus understand that all those years it was their parents and they will not only appreciate all the money on the gifts spent, but also that their parents let them have a magical and special holiday where they could believe in santa claus.
I want to shop online for christmas gifts without credit cards and bill me later can you help me find some thing
A lot of shopping sites have downloadable order forms that you can print fill out and mail in with your check or money order. I prefer this method as I don't wish to supply my personal information if I can avoid it. I don't know of any that will bill you later, but there are some mail order catalog companies that you can order by phone from the catalog and be billed later.
Here are a couple of examples. You can google more.
http://www.fingerhut.com/CatalogQuickOrd...
http://www.thecatalogshop.co.uk/
Here are a couple of examples. You can google more.
http://www.fingerhut.com/CatalogQuickOrd...
http://www.thecatalogshop.co.uk/
Sunday, December 23, 2007
I noticed before christmas that my credit score was terrible. 511 to be exact ?
So I joined Experiential and started paying ALL my bills on time I cleared 2 defaults(partial settlement) and brought a store card below its balance. This has all been shown on my report but the problem is my score isn't improving not by a single point.
,
I called experiment yesterday and the girl i spoke to said the score didn't matter its account activity that lenders look at, if this is the case why have a score? Does anyone have any idea why my score isn't going up? I haven't missed a single payment on any account since Christmas!!!! Please help if you can.
,
You're doing great so far but there are a lot of things the affect your score and not just paying off debts..
When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
If you're still at a loss as to what you can do to fix your score...I've posted some links below to help.. also I raised my score to well over 700 points fro 500 using these steps in less than a year -- :
# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you
,
I called experiment yesterday and the girl i spoke to said the score didn't matter its account activity that lenders look at, if this is the case why have a score? Does anyone have any idea why my score isn't going up? I haven't missed a single payment on any account since Christmas!!!! Please help if you can.
,
You're doing great so far but there are a lot of things the affect your score and not just paying off debts..
When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
If you're still at a loss as to what you can do to fix your score...I've posted some links below to help.. also I raised my score to well over 700 points fro 500 using these steps in less than a year -- :
# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you
I need a credit card for my christmas shopping , can i get one approved before christmas?
what credit card company is the fastest to approve me before the holidays are over? I would like to use my credit card for my christmas shopping.
,
Do NOT, I repeat, DO NOT go get a credit card to buy people gifts for Christmas! You WILL regret it...If you can't pay for it now, you won't be able to pay for it much better later....
If you friends/family do not understand that you can not afford fancy gifts, then shame on them.... Buy the people who are most important to you something meaningful that you can pay for now, or make something from the heart. Going into debt for Christmas gifts really is a bad idea. Please think twice before you do it.
,
Do NOT, I repeat, DO NOT go get a credit card to buy people gifts for Christmas! You WILL regret it...If you can't pay for it now, you won't be able to pay for it much better later....
If you friends/family do not understand that you can not afford fancy gifts, then shame on them.... Buy the people who are most important to you something meaningful that you can pay for now, or make something from the heart. Going into debt for Christmas gifts really is a bad idea. Please think twice before you do it.
Does having closed credit card accounts on my report show bad or good?
Well , it really depends on two things, 1. who closed it, and 2. what standing it was in when it was closed. When you close an account, the payment history on all your other active accounts are shortened, the available credit, and the "average age of accounts" which makes it look like credit's been opened more recently than it has.
,
Were the accounts canceled by consumer, or cancelled by guarantor. Well the latter is definitely worse being that something had happened for the acccount to get closed by the company due to inactivity or something else. If you (the consumer) close the account it's not as bad, but closing the account definitely hurts your score. Another thing is that the standing the accounts were in. Were you current?
,
Were you delinquent? It looks even worse on your report when you've been delinquent. Credit is designed to be used when necessary over time. If you have an account, it should be used, but used lightly. If you have opened then closed accounts, it shows indecisiveness on your part as far as credit's concerned. I hope this answer helps.
,
Were the accounts canceled by consumer, or cancelled by guarantor. Well the latter is definitely worse being that something had happened for the acccount to get closed by the company due to inactivity or something else. If you (the consumer) close the account it's not as bad, but closing the account definitely hurts your score. Another thing is that the standing the accounts were in. Were you current?
,
Were you delinquent? It looks even worse on your report when you've been delinquent. Credit is designed to be used when necessary over time. If you have an account, it should be used, but used lightly. If you have opened then closed accounts, it shows indecisiveness on your part as far as credit's concerned. I hope this answer helps.
Saturday, December 22, 2007
Is the government money grant real, if so how to apply??
Yes government grant money is real, though often misrepresented by scammersFor education, check out Federal Student Aid Web Site or FAFSA http://www.fafsa.ed.gov/ I suggest you explore all federal funding and grant options at the Federal Student Aid website http://federalstudentaid.ed.gov/ For other purposes, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov -
,
these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.
,
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants. Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs.
,
these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.
,
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants. Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs.
Friday, December 21, 2007
WHen filling out the loan app, should I say that I own or rent? And why does it matter?
I technically dont do either. I am living with my fiances parents until january, and then Im going to live in the college dorms. My dad recently died and the will says that his house goes to me, but we havent put it in my name yet. I still use the mailing address there, tho, and I have alot of my stuff at the house. Should I say that I own it? What difference does it make? I dont want them to think that since I own a home that I can sell it to get money or anything.
,
The Answer : Home owners are seen by lenders as more responsible then people that rent.Since it is your home, just not in your name yet you can say that you are a home owner.The only bad thing is that if you default on your loan for any reason the lender can come after you in court and place a lien on your home.
,
The Answer : Home owners are seen by lenders as more responsible then people that rent.Since it is your home, just not in your name yet you can say that you are a home owner.The only bad thing is that if you default on your loan for any reason the lender can come after you in court and place a lien on your home.
Thursday, December 20, 2007
I'm about to take my first loan, but in order to be eligable I have to have a credit history. How do I get it?
Advices on how to establish the credit history for beginner will be appreciated. Thanks in advance!
The Answer : Note that in order for it to help your credit history, they have to report it! Therefore, utility, phone, and many other monthly bills are not reported and do not help you in any way to establish a credit history (unless you fail to pay the bills).
,
You sound like you are in a hurry, so you need to do some research and make sure you do everything right. It's going to take about 6 months to establish a decent history. Many people have been turned down simply because they have not established a long enough history of payments.Start by applying for credit cards. You will probably have to get secured cards, then after a while they will allow you to change to to unsecured, with a larger credit limit.Apply for some gas or store cards, and use them! But be sure that you pay them off on time.
,
If you have a job, and have an established history and income, then apply for a small loan from a credit union or bank. You may need to talk to the loan officer and show that you are able to pay it back. Their first impression will be that without a credit history, or no collateral, you are a poor risk. But if you talk to the officer, show him your proof of income, and what your expenses are, you can usually convince them to give a small loan.You may need to get someone to co-sign for your loans in order to get them approved. Start looking for someone who trusts you enough to do that.Go to the site listed below.
,
This is a site dedicated to people who have filed for bankruptcy, and are in great need of advice to improve their credit scores. Yes, this is a commercial site that sells you their services, but they had a tremendous amount of FREE information, especially their newsletters. You will find this site usefill. This is not spam...check them out.
The Answer : Note that in order for it to help your credit history, they have to report it! Therefore, utility, phone, and many other monthly bills are not reported and do not help you in any way to establish a credit history (unless you fail to pay the bills).
,
You sound like you are in a hurry, so you need to do some research and make sure you do everything right. It's going to take about 6 months to establish a decent history. Many people have been turned down simply because they have not established a long enough history of payments.Start by applying for credit cards. You will probably have to get secured cards, then after a while they will allow you to change to to unsecured, with a larger credit limit.Apply for some gas or store cards, and use them! But be sure that you pay them off on time.
,
If you have a job, and have an established history and income, then apply for a small loan from a credit union or bank. You may need to talk to the loan officer and show that you are able to pay it back. Their first impression will be that without a credit history, or no collateral, you are a poor risk. But if you talk to the officer, show him your proof of income, and what your expenses are, you can usually convince them to give a small loan.You may need to get someone to co-sign for your loans in order to get them approved. Start looking for someone who trusts you enough to do that.Go to the site listed below.
,
This is a site dedicated to people who have filed for bankruptcy, and are in great need of advice to improve their credit scores. Yes, this is a commercial site that sells you their services, but they had a tremendous amount of FREE information, especially their newsletters. You will find this site usefill. This is not spam...check them out.
Wednesday, December 19, 2007
Bush said DEBT is wonderful. Is that why unfettered, Christmas, credit card spending is so American???
ONLY LIBERALS DISAGREE WITH THE PRESIDENT
It`s un American to live within your means. I'm VERY patriotic :)
That's great.Have you looked at the South Dakota Banking Laws.New Laws are luering most of the Major Banks into reincorporating in SD Even venerable New York Banks like City, have moved to SDSouth Dakots has set 33% as the interest rate.
It`s un American to live within your means. I'm VERY patriotic :)
That's great.Have you looked at the South Dakota Banking Laws.New Laws are luering most of the Major Banks into reincorporating in SD Even venerable New York Banks like City, have moved to SDSouth Dakots has set 33% as the interest rate.
Christmas is on it's way....credit card or cash to buy gifts?
I am not a fan of using credit cards for christmas so im using cash. what are you using to fund your gift giving this year?
== >> Cash is The King . . . I'm in enough debt and I don't want to acumulate anymore.
Merry Christmas to You .
== >> Cash is The King . . . I'm in enough debt and I don't want to acumulate anymore.
Merry Christmas to You .
Tuesday, December 18, 2007
Where can you get a visa or master charge gift card without a fee,they all seem to have a fee attached.?
What I'm looking for is gift cards to use for Christmas giving,you know $25 or $50 dollar amounts.
The Answer : You are talking about "GIFT" Cards. The fee is how they make their money, so you won't find one without a fee. Also, these cards are not all that they appear. Most of the cards have a lot of restrictions on where and how they can be used. So be sure to read the terms of the card before you buy it.
Think about giving them the cash instead. It may not seem like a lot of thought, but if you put some time into the actual presentation it shows you gave it thought. That is put it in a nice box with some good wrapping and a bow. They will also get more use out of the cold hard cash.
The Answer : You are talking about "GIFT" Cards. The fee is how they make their money, so you won't find one without a fee. Also, these cards are not all that they appear. Most of the cards have a lot of restrictions on where and how they can be used. So be sure to read the terms of the card before you buy it.
Think about giving them the cash instead. It may not seem like a lot of thought, but if you put some time into the actual presentation it shows you gave it thought. That is put it in a nice box with some good wrapping and a bow. They will also get more use out of the cold hard cash.
Stopping a payment on a credit card for Priceline?
I was just mislead priceline.com that I was going to be staying on the Walt Disney Resort Properties and then they gave me a holiday inn. I called seconds after finding out these results and they said their was nothing they could do. I feel so scammed right now. Do you think I can call my bank and stop payment on this?
The Answer : How did you use Priceline?
If you got your hotel through their "Name Your Own Price" feature, those are Non-Refundable. Using this method does not guarantee you a specific hotel, only the requested region.
If you used the shopping feature, you can select the hotel. So the only way you would have been switched is if you clicked on the wrong one. However, even in this case you should have caught this on the confirmation screen. As for refunding your money it would depend on the policy of the hotel. This policy will be in your reservation confirmation. Some will allow cancellations and others will not. But this is going to be through the hotel and not Priceline.
This is not what you want to hear but a dispute with your credit card company probably will not work. If it was non-refundable, priceline will resond stating that and your dispute will be denied. You would have to come up with a very convincing reason why you were misled. But I have used them in the past and they make you check/enter your initials that states you understand the policies of the reservation.
The Answer : How did you use Priceline?
If you got your hotel through their "Name Your Own Price" feature, those are Non-Refundable. Using this method does not guarantee you a specific hotel, only the requested region.
If you used the shopping feature, you can select the hotel. So the only way you would have been switched is if you clicked on the wrong one. However, even in this case you should have caught this on the confirmation screen. As for refunding your money it would depend on the policy of the hotel. This policy will be in your reservation confirmation. Some will allow cancellations and others will not. But this is going to be through the hotel and not Priceline.
This is not what you want to hear but a dispute with your credit card company probably will not work. If it was non-refundable, priceline will resond stating that and your dispute will be denied. You would have to come up with a very convincing reason why you were misled. But I have used them in the past and they make you check/enter your initials that states you understand the policies of the reservation.
What should I do if my credit card application was denied?
I just tried submitting an online application for Capital One after receiving an offer in the mail but it was denied right away. I read somewhere that your credit score can be lowered from getting denied from too many. It's my first time trying to get one so I'm not sure what I'm supposed to do. How am I supposed to know which ones will deny my application? What should my next step for getting a credit card be?
The Answer : I had to star this question as interesting because I deal with this everyday at my job. I have to make decisions to either approve or deny people for credit, so my heart goes out to you. I understand that bad things do happen to good people sometimes and most times I try to give the benefit of the doubt and try to allow the least possible.
You are correct that anytime you apply for credit whether you're approved or not, a "hard inquiry" is created which can lower your score 5-10 points each time. So it's important to be real selective about where and how often you apply for credit. So, I can give you some inside advice on what you should do from here on out.
You are entitled to a free credit report since you got denied for credit. I would definitely get it by all means. This way, you can see where you stand as far as who and how much you owe. As a matter of fact, you should also check for any inaccuracies as well. I've denied people for mistakes on their report, and later on, approve them, so I know it's possible.
If you're really needing a credit card, my suggestion would be to check with your bank to see if secured credit cards are offered. The main difference between regular and secured cards are that a collateral deposit is required for a secured card, which determines the limit. For example, you deposit $300, your credit limit is $300. A secured credit card helps you understand how to discipline yourself when it comes to credit cards, because since you're putting up the deposit, you have something at stake. Also, the deposit is usually linked to a savings account which can gain interest while credit is established, so the deposit isn't just sitting there. Also, another benefit is that the credit line can be increased by adding to the deposit. So you can think of it as establishing credit with your own money by custom building a credit card.
A good way to use the card to build credit but not go into debt would be to make very small purchases ($10-20) and pay it off on time every month while adding to the deposit to increase the credit line which can help your credit because it not only shows responsibility with high limits, it creates a cushion between the total debt you have and your available credit. People don't realize that you don't have to go into debt, in order to build credit. You can build credit by just buying little stuff that you normally would every month, and pay the credit card off every month. By keeping the balance paid off on time, usually after a year, the card upgrades to a regular card, and most importantly the deposit isn't needed and it's given back to you, which you could use to start an emergency fund, or repeat the process with another secured card if you like.
I'm sorry that I didn't come across your application, chances are I probably would've approved you, who knows? But I provided some information that should help you out, including several links below to some secured card companies.I thank you for reading and
good luck!
The Answer : I had to star this question as interesting because I deal with this everyday at my job. I have to make decisions to either approve or deny people for credit, so my heart goes out to you. I understand that bad things do happen to good people sometimes and most times I try to give the benefit of the doubt and try to allow the least possible.
You are correct that anytime you apply for credit whether you're approved or not, a "hard inquiry" is created which can lower your score 5-10 points each time. So it's important to be real selective about where and how often you apply for credit. So, I can give you some inside advice on what you should do from here on out.
You are entitled to a free credit report since you got denied for credit. I would definitely get it by all means. This way, you can see where you stand as far as who and how much you owe. As a matter of fact, you should also check for any inaccuracies as well. I've denied people for mistakes on their report, and later on, approve them, so I know it's possible.
If you're really needing a credit card, my suggestion would be to check with your bank to see if secured credit cards are offered. The main difference between regular and secured cards are that a collateral deposit is required for a secured card, which determines the limit. For example, you deposit $300, your credit limit is $300. A secured credit card helps you understand how to discipline yourself when it comes to credit cards, because since you're putting up the deposit, you have something at stake. Also, the deposit is usually linked to a savings account which can gain interest while credit is established, so the deposit isn't just sitting there. Also, another benefit is that the credit line can be increased by adding to the deposit. So you can think of it as establishing credit with your own money by custom building a credit card.
A good way to use the card to build credit but not go into debt would be to make very small purchases ($10-20) and pay it off on time every month while adding to the deposit to increase the credit line which can help your credit because it not only shows responsibility with high limits, it creates a cushion between the total debt you have and your available credit. People don't realize that you don't have to go into debt, in order to build credit. You can build credit by just buying little stuff that you normally would every month, and pay the credit card off every month. By keeping the balance paid off on time, usually after a year, the card upgrades to a regular card, and most importantly the deposit isn't needed and it's given back to you, which you could use to start an emergency fund, or repeat the process with another secured card if you like.
I'm sorry that I didn't come across your application, chances are I probably would've approved you, who knows? But I provided some information that should help you out, including several links below to some secured card companies.I thank you for reading and
good luck!
Monday, December 17, 2007
Sunday, December 16, 2007
I owe bank $2000 . can they sue me for bankruptcy?
I am living in singapore , can the bank sue me if i can't pay ?
The Answer : Where is the bank? If it is not in Singapore, it would probably cost them more than $2000 to sue you. They can probably secure a judgment and seize any assets you have in the same country as the bank. This would NOT be a bankruptcy. Bankruptcy is when the court lets you out of a portion of what you owe. The bank is looking for the opposite outcome.
They can file for a judgment, and can garnish your wages or take your tax returns, or any other number of things to get the money.It is VERY rare that banks just give up and let their money go. I would suggest that you pay what you owe, or things will get rough.
The Answer : Where is the bank? If it is not in Singapore, it would probably cost them more than $2000 to sue you. They can probably secure a judgment and seize any assets you have in the same country as the bank. This would NOT be a bankruptcy. Bankruptcy is when the court lets you out of a portion of what you owe. The bank is looking for the opposite outcome.
They can file for a judgment, and can garnish your wages or take your tax returns, or any other number of things to get the money.It is VERY rare that banks just give up and let their money go. I would suggest that you pay what you owe, or things will get rough.
Friday, December 14, 2007
Sad Credit Day !!!
Hi ! Im Nate. Today was the worst day ever as credit is applied. My American Express Card was cancelled as I had over 4 late payments (shame); whereas the only reason I postponed those payments was because representative said I had to a date to pay it all off; which is two weeks later than the due date...
Well,
Im mostly concerned with IS MY LIFE OVER =(As of now, I have Capitol One with a balance of $444; that's because they only require $10.00/ month.Car Loan currently with a balance with a balance of $4,800Car Insurance which isn't reported22 Inquiries.....uhhhand an overall score of 552 from Fico before the card was decline....I kno I can change everything as Im 19 but will the cancellation ruin me...etcMy credit score drop below 400 =lSomeone Help Me*By the way I was on a date when the card got declined, then found out it was cancelled*
The Answer : Nate , I definitely feel you on that, homie. But let me be the first to tell you that it's NOT the end of the world. Hey, I'm sorry that you were on a date when the AmEx got cancelled on you. That can definitely be mortifying at the prospect of having to "wash dishes" at a restaurant. But let me reiterate that your life is far from over.
The beauty about life in and of itself is that it's a NEVERENDING learning experience. I found this out 15 years ago when I was your age. And trust me, I was far worse off than you are right now. That's the beauty of perspective. Keep in mind that there's always somebody somewhere else that has it as bad if not WORSE than you. But you do have some things in your corner working for you.
The fact that you're still young and you WANT to do something about it. Some people are oblivious to their situation and do nothing about it, until they're faced with it one day, and then that's when it hits them like a ton of bricks. With you, at least you still want to do something about it.
First thing STOP APPLYING FOR CREDIT!!!!! (sorry to type in all caps, but I had to get your attention) 22 inquiries? C'mon Nate, that's part of the problem right there. With as many inquiries that you have, it gives the appearance that you're desperate for credit. So we gotta put a stop to that. As long as you have that car loan, and the Capital One card, you're ok for now.
If you do need another credit card, your best bet would be a secured credit card, which would be your best bet to replace the Amex you lost. If you do have to apply for anymore credit, get one and treat that card like a savings account, since that's how it works.
A deposit is placed upfront usually tied to a savings account which is uses as collateral to secure a credit line. What I'd suggest you do in this case, is open one up, and periodically add to the deposit here and there to increase your credit line, but also at the same time, make a SMALL purchase with it like $10-20/month, no more than that.
It's important to "stop the bleeding", and what I mean by that is by taking care of the accounts that you still have paying on time, like the Cap 1, the car loan, and the secured card if you get one. As for the amex, I would contact customer service to appeal that decision. If you have the name of the rep that gave you a different date, make that known with the credit card company.
While they may not be able to reinstate your card, they may can report is as closed by consumer instead of guarantor, which is worse. But it's worth a shot to contest that with American Express. If it doesn't work, then you'll just have to make arrangements to pay it off. Another thing that will help is when your Capital One credit card starts reporting your limit instead of your current balance as your credit limit, that will help you out a bit too.
I'd strongly suggest getting that balance down to at least 30% or below your available credit for this to make a difference on your score. so continue to pay your bills on time, and keep your head up. You have a lot of time on your hands to turn it around...
Use it wisely!
Good luck!
Well,
Im mostly concerned with IS MY LIFE OVER =(As of now, I have Capitol One with a balance of $444; that's because they only require $10.00/ month.Car Loan currently with a balance with a balance of $4,800Car Insurance which isn't reported22 Inquiries.....uhhhand an overall score of 552 from Fico before the card was decline....I kno I can change everything as Im 19 but will the cancellation ruin me...etcMy credit score drop below 400 =lSomeone Help Me*By the way I was on a date when the card got declined, then found out it was cancelled*
The Answer : Nate , I definitely feel you on that, homie. But let me be the first to tell you that it's NOT the end of the world. Hey, I'm sorry that you were on a date when the AmEx got cancelled on you. That can definitely be mortifying at the prospect of having to "wash dishes" at a restaurant. But let me reiterate that your life is far from over.
The beauty about life in and of itself is that it's a NEVERENDING learning experience. I found this out 15 years ago when I was your age. And trust me, I was far worse off than you are right now. That's the beauty of perspective. Keep in mind that there's always somebody somewhere else that has it as bad if not WORSE than you. But you do have some things in your corner working for you.
The fact that you're still young and you WANT to do something about it. Some people are oblivious to their situation and do nothing about it, until they're faced with it one day, and then that's when it hits them like a ton of bricks. With you, at least you still want to do something about it.
First thing STOP APPLYING FOR CREDIT!!!!! (sorry to type in all caps, but I had to get your attention) 22 inquiries? C'mon Nate, that's part of the problem right there. With as many inquiries that you have, it gives the appearance that you're desperate for credit. So we gotta put a stop to that. As long as you have that car loan, and the Capital One card, you're ok for now.
If you do need another credit card, your best bet would be a secured credit card, which would be your best bet to replace the Amex you lost. If you do have to apply for anymore credit, get one and treat that card like a savings account, since that's how it works.
A deposit is placed upfront usually tied to a savings account which is uses as collateral to secure a credit line. What I'd suggest you do in this case, is open one up, and periodically add to the deposit here and there to increase your credit line, but also at the same time, make a SMALL purchase with it like $10-20/month, no more than that.
It's important to "stop the bleeding", and what I mean by that is by taking care of the accounts that you still have paying on time, like the Cap 1, the car loan, and the secured card if you get one. As for the amex, I would contact customer service to appeal that decision. If you have the name of the rep that gave you a different date, make that known with the credit card company.
While they may not be able to reinstate your card, they may can report is as closed by consumer instead of guarantor, which is worse. But it's worth a shot to contest that with American Express. If it doesn't work, then you'll just have to make arrangements to pay it off. Another thing that will help is when your Capital One credit card starts reporting your limit instead of your current balance as your credit limit, that will help you out a bit too.
I'd strongly suggest getting that balance down to at least 30% or below your available credit for this to make a difference on your score. so continue to pay your bills on time, and keep your head up. You have a lot of time on your hands to turn it around...
Use it wisely!
Good luck!
Wednesday, December 12, 2007
Rebuilding Credit Score ?!!!
I have some old medical bills, phone bills, cable bills on my credit report. I want to pay off these bills , but I have been told that paying old debt will lower my credit score?? any advice should I pay these old debts (THESE are not credit card bills they are medical and other misc items.
The Answer : It depends on how you negotiate the rating once it's paid. If you just simply pay them off, it will not help your score that much because the collection account will still remain on your report although it will be closed. The only way to have a positive effect on your score woud be to neogiate to have them change the status from a collection account to "paid as agreed" or negotiate a payment to get it completely removed altogether as if the account never happened. I've posted some links on how to negotiate with collectors to get a favorable rating on your report after you pay off your debts.
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 : It depends on how you negotiate the rating once it's paid. If you just simply pay them off, it will not help your score that much because the collection account will still remain on your report although it will be closed. The only way to have a positive effect on your score woud be to neogiate to have them change the status from a collection account to "paid as agreed" or negotiate a payment to get it completely removed altogether as if the account never happened. I've posted some links on how to negotiate with collectors to get a favorable rating on your report after you pay off your debts.
http://www.creditinfocenter.com/debt/set...
http://www.creditinfocenter.com/debt/neg...
http://www.creditinfocenter.com/debt/Can...
http://www.creditinfocenter.com/debt/Act...
What was the need for the 4th credit bureau?
There are as it is 3 credit bureaus - experian, transunion, equifax but why did innovis come into being ? what was the need for another credit bureau - the innovis ??
The Answer : Here's an article explaining about Innovis
http://www.bankrate.com/brm/news/mortgag...
Money , these guys make money off of reporting credit. So Innovis is coming into that market place because they beleive they can turn a profit doing so.
The Answer : Here's an article explaining about Innovis
http://www.bankrate.com/brm/news/mortgag...
Money , these guys make money off of reporting credit. So Innovis is coming into that market place because they beleive they can turn a profit doing so.
Tuesday, December 11, 2007
Account now prepaid Master Card ?
Does any one know how to get my account now mastercard verified through paypal, to get verified you need to put your bank account information, dose account now even have a bank account?
The Answer : PayPal® Add Bank Account Instructions:
1. Add the following information to add your AccountNow card accountto your list of transfer accounts
a. Bank Name: MetaBank
b. Account Type: Checking
c. Routing Number: 073972181
d. Account Number: xxx xxxx xxxx
2. Click "Add Bank Account" and follow the instructions to complete thetransfer
3. Your transfer will be completed within 3-4 business daysYou can find this when you first log on to AccountNow and look for "PayPal transfers" over on the left-hand side
The Answer : PayPal® Add Bank Account Instructions:
1. Add the following information to add your AccountNow card accountto your list of transfer accounts
a. Bank Name: MetaBank
b. Account Type: Checking
c. Routing Number: 073972181
d. Account Number: xxx xxxx xxxx
2. Click "Add Bank Account" and follow the instructions to complete thetransfer
3. Your transfer will be completed within 3-4 business daysYou can find this when you first log on to AccountNow and look for "PayPal transfers" over on the left-hand side
Saturday, December 8, 2007
Danger - A New Breed Of Loans Available !
A new craze is sweeping across the Australian continent – on face value, there are numerous lenders changing the traditional way money has been lent. They advertise slogans like – 24 hour approval, on the spot approval, easy money, very low interest rates, etc. These lenders seem to advertise rates which are as low as half the bank’s standard variable rates. If you recall the old adage of ‘if it’s too good to be true – it usually is’
.
There are various terms used to describe this style of lending and they extend to car loans as well as personal loans. If you're lucky, you might not be familiar with the term "payday loan". This is a loan which is supplied by a third-party lender and it is supposed to help consumers get out of last-minute financial jams by offering a cash advance on an upcoming paycheck. While getting out of a tough spot is certainly a good thing, the interest charged by payday lenders usually exceeds 100%, which could make a tough spot even tougher. In my opinion, payday loans are examples of loan shark companies preying on peoples' desperation under new marketing campaigns.
.
The way they work:
A payday loan works like this: You're short on cash and can't wait until your next paycheck comes around, so you head off to your local payday lender (many are online these days), and ask to set up a payday loan — usually somewhere between $50 and $1,000, although the higher limits are usually harder to qualify for. You write a post-dated check for that amount plus the fees you now owe to the lender. You get your money right then and there and, when payday rolls around, the lender will cash your check and collect its profit.
Typically, people who use payday loans find themselves in situations where they are presented with few other financial alternatives. In their eyes, a payday loan is a way of staying afloat for a short period of time without having to ask for handouts. People with low credit or no credit are ideal customers for payday lenders.
.
One step forward, two steps back
In most cases, these loans are not attractive options for short-term financial problems. Exorbitant interest charges, sub-par lender reliability, small loan size, future dependency and the possible negative effects that borrowing from these lenders can have on your credit rating are all valid reasons to avoid a payday loan if at all possible. The amount of interest charged by payday lenders is no joke. Annualized interest rates of between 200% and 500% are the industry standard. Payday lenders are often able to get around usury laws (government limits on the amount of interest a lender can charge) by calling their interest charges "service fees", which aren't subject to the same regulations as interest fees are in many places. The other way is to advertise monthly interest rates instead of the standard annual rates. E.g. the current standard bank variable rate is 8.07% which is significantly cheaper than a monthly interest rate of 3%. A 3% interest rate equals to a 36%pa.
.
Paltry sums
With all the detractors from these loans, the size of most of these loans seems of little consequence. But when you consider the fact that most of these lenders won't typically authorize anything more than a maximum of a few thousand dollars, their usefulness — particularly if someone is concerned about keeping up car or mortgage payments — really comes into question. The small loans act in the lenders' favors in more ways than one: Smaller loans mean more borrower diversification because spreading money over more customers means less risk. Also, limiting loans to small amounts can often disguise just how extreme the interest rates are.
.
Learning to live without
Another major risk that goes along with these loans is the risk of dependency. While a payday loan might get you through the end of the month, will the interest charged on the loan make things even more difficult for you the following month? A cycle of dependency like this can cripple a person's financial health. As these types of loans become more commonplace and are being handled by more established companies, some of these lenders are starting to report to credit bureaus. Given the precarious nature of most payday borrowers' finances, defaulting on your payday loan could mean a lasting scar on an already weak credit rating.
.
Better alternatives
Such loans are not the only solution to short-term liquidity problems. If you need money and you find that collateral and credit aren't major problems, a conventional loan is the best-case scenario. Don’t make the decision yourself as to whether you qualify for personal loans or other types of emergency funds – go to a reputable finance broker and let them advise you.
If taking out a personal loan isn't a realistic possibility, asking your employer for a pay advance is a much better option. Despite the old adage that warns against borrowing from friends and family, you might want to consider it over resorting to taking out a payday or similar loan -especially considering the payback options put you in a deeper hole. The final option is to approach the bank you have your home or car loan with, and advise them of the financial difficulty you are facing. In most cases, they will work with you to get over the hardship period by putting in place a payment arrangement. Contrary to popular belief, finance lenders are not in the business of ‘kicking people out of their homes’ and selling them for a profit. In fact, they do everything they can to avoid this scenario. If your loans are for personal use (instead of business purpose), you are covered under the Uniform Credit Consumer Code which extends many protections to consumers – especially for their primary place of residence.
.
Conclusion
Resorting to a payday loan must be your last resort and your only option. If this is the case, it's important to weigh your options and reflect on all your facts before you enter into a financial agreement that's ‘stacked in the house's favor’. Ensure you have approached a few reputable mainstream finance brokers which deal with ‘non conforming personal loans’ before committing to these last resort loans. If your past shows you have had periods of financial pressure, be proactive about planning for the next ‘unforeseen’ financial pressure by organizing access to emergency funds when you DON’T need them.
Ensure these funds are not costing you anything to have them and also ensure you do not use these funds for any other purpose except emergencies. Again, finance brokers are the best way to organize these funds but ensure you speak to a financial advisor and / or accountant who can advise you on the best strategies to ‘stay afloat’ financially and how to get ahead.
.
There are various terms used to describe this style of lending and they extend to car loans as well as personal loans. If you're lucky, you might not be familiar with the term "payday loan". This is a loan which is supplied by a third-party lender and it is supposed to help consumers get out of last-minute financial jams by offering a cash advance on an upcoming paycheck. While getting out of a tough spot is certainly a good thing, the interest charged by payday lenders usually exceeds 100%, which could make a tough spot even tougher. In my opinion, payday loans are examples of loan shark companies preying on peoples' desperation under new marketing campaigns.
.
The way they work:
A payday loan works like this: You're short on cash and can't wait until your next paycheck comes around, so you head off to your local payday lender (many are online these days), and ask to set up a payday loan — usually somewhere between $50 and $1,000, although the higher limits are usually harder to qualify for. You write a post-dated check for that amount plus the fees you now owe to the lender. You get your money right then and there and, when payday rolls around, the lender will cash your check and collect its profit.
Typically, people who use payday loans find themselves in situations where they are presented with few other financial alternatives. In their eyes, a payday loan is a way of staying afloat for a short period of time without having to ask for handouts. People with low credit or no credit are ideal customers for payday lenders.
.
One step forward, two steps back
In most cases, these loans are not attractive options for short-term financial problems. Exorbitant interest charges, sub-par lender reliability, small loan size, future dependency and the possible negative effects that borrowing from these lenders can have on your credit rating are all valid reasons to avoid a payday loan if at all possible. The amount of interest charged by payday lenders is no joke. Annualized interest rates of between 200% and 500% are the industry standard. Payday lenders are often able to get around usury laws (government limits on the amount of interest a lender can charge) by calling their interest charges "service fees", which aren't subject to the same regulations as interest fees are in many places. The other way is to advertise monthly interest rates instead of the standard annual rates. E.g. the current standard bank variable rate is 8.07% which is significantly cheaper than a monthly interest rate of 3%. A 3% interest rate equals to a 36%pa.
.
Paltry sums
With all the detractors from these loans, the size of most of these loans seems of little consequence. But when you consider the fact that most of these lenders won't typically authorize anything more than a maximum of a few thousand dollars, their usefulness — particularly if someone is concerned about keeping up car or mortgage payments — really comes into question. The small loans act in the lenders' favors in more ways than one: Smaller loans mean more borrower diversification because spreading money over more customers means less risk. Also, limiting loans to small amounts can often disguise just how extreme the interest rates are.
.
Learning to live without
Another major risk that goes along with these loans is the risk of dependency. While a payday loan might get you through the end of the month, will the interest charged on the loan make things even more difficult for you the following month? A cycle of dependency like this can cripple a person's financial health. As these types of loans become more commonplace and are being handled by more established companies, some of these lenders are starting to report to credit bureaus. Given the precarious nature of most payday borrowers' finances, defaulting on your payday loan could mean a lasting scar on an already weak credit rating.
.
Better alternatives
Such loans are not the only solution to short-term liquidity problems. If you need money and you find that collateral and credit aren't major problems, a conventional loan is the best-case scenario. Don’t make the decision yourself as to whether you qualify for personal loans or other types of emergency funds – go to a reputable finance broker and let them advise you.
If taking out a personal loan isn't a realistic possibility, asking your employer for a pay advance is a much better option. Despite the old adage that warns against borrowing from friends and family, you might want to consider it over resorting to taking out a payday or similar loan -especially considering the payback options put you in a deeper hole. The final option is to approach the bank you have your home or car loan with, and advise them of the financial difficulty you are facing. In most cases, they will work with you to get over the hardship period by putting in place a payment arrangement. Contrary to popular belief, finance lenders are not in the business of ‘kicking people out of their homes’ and selling them for a profit. In fact, they do everything they can to avoid this scenario. If your loans are for personal use (instead of business purpose), you are covered under the Uniform Credit Consumer Code which extends many protections to consumers – especially for their primary place of residence.
.
Conclusion
Resorting to a payday loan must be your last resort and your only option. If this is the case, it's important to weigh your options and reflect on all your facts before you enter into a financial agreement that's ‘stacked in the house's favor’. Ensure you have approached a few reputable mainstream finance brokers which deal with ‘non conforming personal loans’ before committing to these last resort loans. If your past shows you have had periods of financial pressure, be proactive about planning for the next ‘unforeseen’ financial pressure by organizing access to emergency funds when you DON’T need them.
Ensure these funds are not costing you anything to have them and also ensure you do not use these funds for any other purpose except emergencies. Again, finance brokers are the best way to organize these funds but ensure you speak to a financial advisor and / or accountant who can advise you on the best strategies to ‘stay afloat’ financially and how to get ahead.
Friday, December 7, 2007
I s it true that it's bad for your credit score to cancel credits cards (that have zero balance)?
I'm in a vicious argument over this question and no one seems to know the truth. Please tell me if you know and where you got your information. No guesses, please...
Also, the reason I'm asking is because we want to apply for another credit card, and were under the impression that if we had too much available credit, the new card we got would offer us a lower available credit line. Is this true?I would think the less credit you have, the more you'd be offered (based on your income, of course)
The Answer : Well , here's the answer to settle your "vicious argument".
1. Payment history- 35%
2. Total debt vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit esrttablished- 10%
5. Inquiries and New accounts- 10%Having said that, when you cancel credit card accounts, especially the ones with a 0 balance, a couple of things happen that lower your score.
1. You shorten the payment history for a positive account that's opened.
2. If the cards have been opened for a while, cancelling the accounts shortens the average age of accounts giving the appearance that credit has been established in a shorter amount of time.
3. And most importantly, you decrease the cushion of available credit versus the total debt that you owe, making it look like you owe more than you're capable of borrowing.
If anything, request a line increase with the cards that you have before applying for another card. It looks better for your score that you have accounts opened for a long time with higher limits than a bunch of recent cards that have been recently opened. For example, it's better to have a card that's been opened up for a couple of years with a $3000 limit, than to apply for a couple of $500 limit cards.
Wednesday, December 5, 2007
What happens if your prepaid credit card expires and you still have alot of money on it?
My card will expire in two weeks, and It still has a little over $9,000.00 on it. What Can I do?I don't like bills, and debit cards won't let you take out what you need, so i like pre paid cards, since you can use however much you want whenever
The Answer : Terms and conditions vary from one credit card company to another. It's better to call the customer care of your credit card firm and find out a solution. Check out http://creditcard.creditoverseer.info for some useful info and tips.
My guess would be that since you still continue to carry a balance it would be safe to say that you should be getting a replacement card very soon, however I would still contact customer service to check.
The Answer : Terms and conditions vary from one credit card company to another. It's better to call the customer care of your credit card firm and find out a solution. Check out http://creditcard.creditoverseer.info for some useful info and tips.
My guess would be that since you still continue to carry a balance it would be safe to say that you should be getting a replacement card very soon, however I would still contact customer service to check.
Rebuild Your Credit & Buy A New Home !
Just paid off all my years of outstanding debt. Looking to rebuild my credit and buy a new home.What can I do?
About 5 months ago I paid off all of my outstanding debt (credit cards, overdue bills, medical bills, etc...) I now want to purchase a new home. How can I raise my credit score so that I can get a great quote on a mortgage loan?
The Answer : Congratulations on managing to pay off the outstanding debt you owe. Now hopefully, you have a better understanding of the true meaning and importance of credit. To understand how to rebuild your credit, 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 the way the current mortgage/lending situation is, buying a house is going to be harder than it has been before. It's going to take more than a credit score to get you in. Factors like time on job, down payment among other things will now be taken into more consideration. But that doesn't mean that you shouldn't improve your credit score. What I'm about to tell you is the best route to go.
Since you're thinking of buying a house, chances are you're going to be required to put a considerable down payment to get a decent mortgage nowadays, so you'll need to start saving up. Also you'll need to start showing that you have some positive accounts reporting on your credit to start raising your score.
It's important not to apply for too much credit, becuase it causes a hard inquiry which lowers your score several points regardless of approval or denial. So the easiest would thing to get approved for would be a secured credit card.It's easier to get than regular cards because you would have to place a deposit that's used as collateral to secure a credit line, for example, you place a deposit of $300, your credit line would be $300. But this can work to your full advantage because since most secured cards are linked to a savings account, you could invest what would be saving up for your down payment towards the house and build credit at the same time.
This is what I mean. You open up a secured card, whatever you're going to save for your down payment, you add to the deposit since it's practically a savings account anyway. The more you add to the depsoit, the higher the limit, the better it looks when it reports on your credit because you're creating a cushion of avaialble credit versus what you owe, which counts as 30% of your score. A good practice of using the card would be to treat it as if it only had a $50 limit on it, even though you should add to the deposit as much as possible to boost the limit as high as you can make it. Keep in mind that the deposit will eventually be your down payment towards your house, or at least a portion of it anyway.
As long as you make small purchases ($20/month), pay them off on time every month to show activity, usually after a year or so, the card either converts to a regular card, or a better card's offered, and most importantly, the deposit isn't needed anymore and it's given back. After it's said and done, you will have rebuilt your credit by custom building a high limit credit card, while saving up for your down payment all at the same time!I posted several links to some secured credit card companies that may work for you
Good Luck!
About 5 months ago I paid off all of my outstanding debt (credit cards, overdue bills, medical bills, etc...) I now want to purchase a new home. How can I raise my credit score so that I can get a great quote on a mortgage loan?
The Answer : Congratulations on managing to pay off the outstanding debt you owe. Now hopefully, you have a better understanding of the true meaning and importance of credit. To understand how to rebuild your credit, 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 the way the current mortgage/lending situation is, buying a house is going to be harder than it has been before. It's going to take more than a credit score to get you in. Factors like time on job, down payment among other things will now be taken into more consideration. But that doesn't mean that you shouldn't improve your credit score. What I'm about to tell you is the best route to go.
Since you're thinking of buying a house, chances are you're going to be required to put a considerable down payment to get a decent mortgage nowadays, so you'll need to start saving up. Also you'll need to start showing that you have some positive accounts reporting on your credit to start raising your score.
It's important not to apply for too much credit, becuase it causes a hard inquiry which lowers your score several points regardless of approval or denial. So the easiest would thing to get approved for would be a secured credit card.It's easier to get than regular cards because you would have to place a deposit that's used as collateral to secure a credit line, for example, you place a deposit of $300, your credit line would be $300. But this can work to your full advantage because since most secured cards are linked to a savings account, you could invest what would be saving up for your down payment towards the house and build credit at the same time.
This is what I mean. You open up a secured card, whatever you're going to save for your down payment, you add to the deposit since it's practically a savings account anyway. The more you add to the depsoit, the higher the limit, the better it looks when it reports on your credit because you're creating a cushion of avaialble credit versus what you owe, which counts as 30% of your score. A good practice of using the card would be to treat it as if it only had a $50 limit on it, even though you should add to the deposit as much as possible to boost the limit as high as you can make it. Keep in mind that the deposit will eventually be your down payment towards your house, or at least a portion of it anyway.
As long as you make small purchases ($20/month), pay them off on time every month to show activity, usually after a year or so, the card either converts to a regular card, or a better card's offered, and most importantly, the deposit isn't needed anymore and it's given back. After it's said and done, you will have rebuilt your credit by custom building a high limit credit card, while saving up for your down payment all at the same time!I posted several links to some secured credit card companies that may work for you
Good Luck!
Tuesday, December 4, 2007
How do I get a small business loan? Who do I contact?
The Answer : No lender will talk to you unless you provide them with a valid business plan.
Go to http://www.sba.gov ,
http://www.score.org or
http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/index.html and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter.
Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide.
SCORE is a resource partner with the U.S. Small Business Administration (SBA). SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
Go to http://www.sba.gov ,
http://www.score.org or
http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/index.html and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter.
Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide.
SCORE is a resource partner with the U.S. Small Business Administration (SBA). SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
Monday, December 3, 2007
A Verage Age of Credit History !!!
What is the average age of my credit history??
To keep it simple...say i have two credit cards. One of them was opened 10 years ago and is still open. The other was opened for one month and CLOSED because I didn't like the interest rate offered. (One of those 9.99, 12.99, or 17.99 offers then gave the crappy APR after approved). There is no negative history on either. I just want to know will the average age of credit history (according to credit bureau) be 5 years or 10 years??
(10 years + 1 month) / 2 = approx 5 yearsor 10 years / 1 = 10 years
I want to know if I am better off keeping a card with a bad apr to keep the avg age of credit from being dragged down so much??If its the average of ALL accounts then the average will move up much slower than if its the average of ONLY OPEN accounts.
To keep it simple...say i have two credit cards. One of them was opened 10 years ago and is still open. The other was opened for one month and CLOSED because I didn't like the interest rate offered. (One of those 9.99, 12.99, or 17.99 offers then gave the crappy APR after approved). There is no negative history on either.
I just want to know will the average age of credit history (according to credit bureau) be 5 years or 10 years??(10 years + 1 month) / 2 = approx 5 yearsor 10 years / 1 = 10 years I want to know if I am better off keeping a card with a bad apr to keep the avg age of credit from being dragged down so much??If its the average of ALL accounts then the average will move up much slower than if its the average of ONLY OPEN accounts. IN RESPONSE TO THE PERSON THAT ANSWERED MY QUESTION SECONDI'm happy with the 10 year old card, no plans in closing it.The new card is the one with the bad rate.
The Answer : As long as you don't cancel the 10 y/o card, you should be fine. My suggestion would be to contact customer service and request to close your account. You'll be transferred to the "retention" department in which they'll try to keep you around, especially if you've been a card holder for so long. If you've had perfect payment history all this time, there should be no reason why they won't lower your APR, especially if you're getting offers for other cards. If you're receiving any offers in the mail, keep them and use them as leverage. Make it look like you're serious about levaing them if they don't take care of you by lowering the rate. Remind them that you've been a loyal and excellent customer for the past decade and that it would be a shame to lose a customer. Hopefully they will see the light and take care of you. If not, then I would still keep the card, but I would BARELY use it, I mean like no more than about $10/month, to where it's showing activity.
To keep it simple...say i have two credit cards. One of them was opened 10 years ago and is still open. The other was opened for one month and CLOSED because I didn't like the interest rate offered. (One of those 9.99, 12.99, or 17.99 offers then gave the crappy APR after approved). There is no negative history on either. I just want to know will the average age of credit history (according to credit bureau) be 5 years or 10 years??
(10 years + 1 month) / 2 = approx 5 yearsor 10 years / 1 = 10 years
I want to know if I am better off keeping a card with a bad apr to keep the avg age of credit from being dragged down so much??If its the average of ALL accounts then the average will move up much slower than if its the average of ONLY OPEN accounts.
To keep it simple...say i have two credit cards. One of them was opened 10 years ago and is still open. The other was opened for one month and CLOSED because I didn't like the interest rate offered. (One of those 9.99, 12.99, or 17.99 offers then gave the crappy APR after approved). There is no negative history on either.
I just want to know will the average age of credit history (according to credit bureau) be 5 years or 10 years??(10 years + 1 month) / 2 = approx 5 yearsor 10 years / 1 = 10 years I want to know if I am better off keeping a card with a bad apr to keep the avg age of credit from being dragged down so much??If its the average of ALL accounts then the average will move up much slower than if its the average of ONLY OPEN accounts. IN RESPONSE TO THE PERSON THAT ANSWERED MY QUESTION SECONDI'm happy with the 10 year old card, no plans in closing it.The new card is the one with the bad rate.
The Answer : As long as you don't cancel the 10 y/o card, you should be fine. My suggestion would be to contact customer service and request to close your account. You'll be transferred to the "retention" department in which they'll try to keep you around, especially if you've been a card holder for so long. If you've had perfect payment history all this time, there should be no reason why they won't lower your APR, especially if you're getting offers for other cards. If you're receiving any offers in the mail, keep them and use them as leverage. Make it look like you're serious about levaing them if they don't take care of you by lowering the rate. Remind them that you've been a loyal and excellent customer for the past decade and that it would be a shame to lose a customer. Hopefully they will see the light and take care of you. If not, then I would still keep the card, but I would BARELY use it, I mean like no more than about $10/month, to where it's showing activity.
Sunday, December 2, 2007
Saturday, December 1, 2007
Student Loan Consolidation - Balance Your College Books Now ! Special Deals
Student Loan Consolidation - Balance Your College Books Now ! Special Deals
.
You are now earning money and you are spending it on things that you want. You can now travel, buy clothes, pay for a car, and you may be even able to afford a house already. Studying and school really pay off.
If you want to make your studies even more worth the while, then you should not be wasting money paying more for your loans than necessary - it's time to plan accordingly to get the best deals.
.
Special Deals For Consolidation
.
There are several ways to manage your post scholastic loans and getting good student loan consolidation rates is one of them. So, what's special about are these student loan consolidation rates anyway?
If you are familiar with student loans then you need to grasp the fact that you can combine loans into one - and at a better rate too. The art of combining loans into one is called consolidation.
The rates that are the result of this combination are called student loan consolidation rates and they are usually better than you can get in the open market.
.
If you want to get competitive student loan consolidation rates then you have to be on good terms with your loan company and/or college. Because when you consolidate your loans with lower student loan consolidation rates, you are going to pay less each month.
Now, that's a great idea!
.
Ask Around For Insider Deals
.
If you have not gathered any student loan consolidation rates information lately, then you must do your research. Because there are special arrangements, usually for the first six months after you graduate, time is of the essence.
You have to be proactive when looking for the best deals. If you do not look for the most competitive student loan consolidation rates then you are going to be wasting more and more money.
.
Ask others in a similar boat who might have done some of the research. Check with your current lenders and if you have several, see if you can play each of them against each other - you might get the deal of the decade!
.
Where Else Can You Look For A Great Deal
.
Where are the places to look for student loan consolidation rates? If you want first hand experience in learning about good consolidation student loan deals, then you should visit your local financial institutions right away.
Get in touch with someone that is familiar with these types of loans or someone that is familiar with consolidation of some sort.
.
If you are one of the lucky enough to work in a bank or something similar, then there may well be deals within that organization you can get preferentially, just for those in your situation, but make sure that you get a move on as the deal will take time to complete.
.
Before you know it your time with existing loans will be up and your rates may well spiral. Do not let this happen to you. Life's too short to be worrying about this too much, so, you should be acting fast. It's a challenging financial market we have today and rates get withdrawn quickly.
.
If you want the best deals in so far as the student loan consolidation rates are today, then you have to make your arrangements as soon as you can.
.
You are now earning money and you are spending it on things that you want. You can now travel, buy clothes, pay for a car, and you may be even able to afford a house already. Studying and school really pay off.
If you want to make your studies even more worth the while, then you should not be wasting money paying more for your loans than necessary - it's time to plan accordingly to get the best deals.
.
Special Deals For Consolidation
.
There are several ways to manage your post scholastic loans and getting good student loan consolidation rates is one of them. So, what's special about are these student loan consolidation rates anyway?
If you are familiar with student loans then you need to grasp the fact that you can combine loans into one - and at a better rate too. The art of combining loans into one is called consolidation.
The rates that are the result of this combination are called student loan consolidation rates and they are usually better than you can get in the open market.
.
If you want to get competitive student loan consolidation rates then you have to be on good terms with your loan company and/or college. Because when you consolidate your loans with lower student loan consolidation rates, you are going to pay less each month.
Now, that's a great idea!
.
Ask Around For Insider Deals
.
If you have not gathered any student loan consolidation rates information lately, then you must do your research. Because there are special arrangements, usually for the first six months after you graduate, time is of the essence.
You have to be proactive when looking for the best deals. If you do not look for the most competitive student loan consolidation rates then you are going to be wasting more and more money.
.
Ask others in a similar boat who might have done some of the research. Check with your current lenders and if you have several, see if you can play each of them against each other - you might get the deal of the decade!
.
Where Else Can You Look For A Great Deal
.
Where are the places to look for student loan consolidation rates? If you want first hand experience in learning about good consolidation student loan deals, then you should visit your local financial institutions right away.
Get in touch with someone that is familiar with these types of loans or someone that is familiar with consolidation of some sort.
.
If you are one of the lucky enough to work in a bank or something similar, then there may well be deals within that organization you can get preferentially, just for those in your situation, but make sure that you get a move on as the deal will take time to complete.
.
Before you know it your time with existing loans will be up and your rates may well spiral. Do not let this happen to you. Life's too short to be worrying about this too much, so, you should be acting fast. It's a challenging financial market we have today and rates get withdrawn quickly.
.
If you want the best deals in so far as the student loan consolidation rates are today, then you have to make your arrangements as soon as you can.
Subscribe to:
Posts (Atom)