College Athletes Optimistic About Financial Future, But Survey Shows Unrealistic Expectations: " HARTFORD, Conn., Oct. 24 /PRNewswire-FirstCall/ -- Despite high debt,
college student-athletes are bullish on their financial future. However,
while more than half have begun planning for life after college, more than
one-third lack the confidence to properly manage their finances. Across the
board, their expectations about starting salaries and the amount of savings
needed for retirement do not match reality, according to a new survey by The
Hartford Financial Services Group, Inc. (NYSE: HIG)."
Tuesday, October 25, 2005
Advance-fee loan scams spreading
Advance-fee loan scams spreading: "The Mountain States Better Business Bureau issued an international alert on Oct. 11 cautioning consumers about a surge in advance-fee loan scams. Bureaus from across the United States and Canada are receiving complaints from consumers who have applied for loans and paid money upfront, but never received the promised loans.
Consumers contacting the Better Business Bureau say they discovered the companies through local newspapers. The ads offer loans of thousands of dollars regardless of the person's credit history. Once the loan application is submitted, the consumer receives a letter indicating approval for a loan amount, usually in the range of $5,000 to $100,000."
Consumers contacting the Better Business Bureau say they discovered the companies through local newspapers. The ads offer loans of thousands of dollars regardless of the person's credit history. Once the loan application is submitted, the consumer receives a letter indicating approval for a loan amount, usually in the range of $5,000 to $100,000."
Students cannot stop swiping - The Echo - Culture
Students cannot stop swiping - The Echo - Culture: "Credit cards allow their owners to shop online, have security in their purchases and also provide quick cash in case of an emergency, but if not used responsibly, credit card holders can find themselves in a world of trouble.
Jackie N. Clark, a San Francisco, Calif., sophomore, said she currently uses a Visa credit card that she got along with her banking account to buy gas and groceries. "
Jackie N. Clark, a San Francisco, Calif., sophomore, said she currently uses a Visa credit card that she got along with her banking account to buy gas and groceries. "
i-Newswire.com - Press Release And News Distribution - Debt consolidation loans launched especially for people with bad credit history.
i-Newswire.com - Press Release And News Distribution - Debt consolidation loans launched especially for people with bad credit history.: "Among the very few loan providers that specialise in debt consolidation loans, Easy-Debt-Consolidations holds a place of prominence. Debt consolidation loan for people with bad credit history is a new product that has emerged from the group that is regarded as one of the best in the UK.
People with bad credit will reminisce a plenty of occasions when they have been refused debt consolidation loans because their credit report revealed lesser credibility. This only worsened their situation. Easy-Debt-Consolidations puts aside the credit report while deciding eligibility for debt consolidation loans."
People with bad credit will reminisce a plenty of occasions when they have been refused debt consolidation loans because their credit report revealed lesser credibility. This only worsened their situation. Easy-Debt-Consolidations puts aside the credit report while deciding eligibility for debt consolidation loans."
i-Newswire.com - Press Release And News Distribution - Bad Credit Unsecured Loan
i-Newswire.com - Press Release And News Distribution - Bad Credit Unsecured Loan: "People with bad credit have lots of problems if they want to get a loan sanctioned. It is a hard procedure for them to get a loan. Lenders invariably and gladly grant loan to people who have a job, no pending credit bills and a good credit score. However, if one is self-employed, has pending bills and a bad credit rating, he or she will have problem getting a loan, be it a personal loan, unsecured loan, car loan or home loan. "
CBS News | Worried About Your Credit Score? | October 18, 2005�11:30:05
CBS News | Worried About Your Credit Score? | October 18, 2005�11:30:05: "Sometimes it seems as if your entire financial life depends on your credit score.
It has been said that a credit score is the key to everything from getting a mortgage to getting lower insurance rates. But author and radio talk show host Dave Ramsey tells The Early Show that credit scores are not nearly as important as you may believe. "
It has been said that a credit score is the key to everything from getting a mortgage to getting lower insurance rates. But author and radio talk show host Dave Ramsey tells The Early Show that credit scores are not nearly as important as you may believe. "
Wednesday, October 19, 2005
Bad Credit Loans - Consolidating Student Loans
Student Loan Consolidation - Is It Right For You?
Copyright 2005 Dean Shainin
You can benefit from student loan consolidation, but there
are things you should consider. It's a good idea to start
looking into how you can consolidate your student loans
before the 6 month grace period ends. Big monthly student
loan payments can be very stressful when starting a new
job. When the bills are out of control and you're stressing
out about how to keep track of when payments are due, it
might be time to consider a student loan consolidation as
an option.
When Should I Consolidate My Student Loans?
There has never been a better time than now to take
advantage of the lowest interest rates in recent history.
You can get the best deals for consolidating your loans and
to lower those monthly loan payments. Student loan
consolidation can save you hundreds of dollars on repaying
your student loan with a lower interest rate.
What Is Student Loan Consolidation?
When a student first applied for loans from several
different government agencies and loan providers, they each
gave a different interest rate and term for paying back the
loans. The idea of student loan consolidation is to take
all the different loans and put them into one simple and
easy convenient loan. You then only make one monthly loan
payment each month over time. This saves you both time and
money by having a lower interest rate and less checks to
write every single month.
3 Benefits Of Getting A Student Loan Consolidation
1. Lower Interest Rate. Student loan consolidation can save
you thousands of dollars.You may be using credit cards with
12% to 28% interest trying to keep up with your bills. This
can cost you thousands of dollars when you pay the minimum
monthly payments on high interest credit card debt. Having
a student loan consolidation may be your best option if you
can get lower interest rates when consolidating your
student loans.
2. New Interest Rates. With a new student loan
consolidation, you may be able to get a much better
interest rate. Interest rates are now at an all time low.
You may have been paying on debt you built up from several
years ago, at high interest rates. Things change over time
in the financial industry.
3. Relieve Stress. With a student loan consolidation you
don't have to worry about several monthly loan payments and
due dates. This in itself, can make a student loan
consolidation worth your while. You can focus on your new
career, instead of those nagging loan payments every month.
Student Loan Consolidation Online And Internet Services To
Help You
Now you can get a student loan consolidation online quickly
and easily. The Internet makes research and finding good
consolidation loan programs as easy as a few clicks of your
computer mouse. You can get done in a day, what used to
take several weeks. You can learn everything you need to
know from information sites that provide the latest news,
resources, tools and data in regards to student loan
consolidation.
This empowers you to get the best deal on student loan
consolidation. With a few clicks of the mouse, you can get
loan quotes and compare loan companies that are competing
for your business.
Dean Shainin is a consultant specializing in student loan
consolidation. Get valuable resources, tools, information
and more articles on student loan consolidation, visit this
site: http://www.studentloanconsolidationtips.com
Copyright 2005 Dean Shainin
You can benefit from student loan consolidation, but there
are things you should consider. It's a good idea to start
looking into how you can consolidate your student loans
before the 6 month grace period ends. Big monthly student
loan payments can be very stressful when starting a new
job. When the bills are out of control and you're stressing
out about how to keep track of when payments are due, it
might be time to consider a student loan consolidation as
an option.
When Should I Consolidate My Student Loans?
There has never been a better time than now to take
advantage of the lowest interest rates in recent history.
You can get the best deals for consolidating your loans and
to lower those monthly loan payments. Student loan
consolidation can save you hundreds of dollars on repaying
your student loan with a lower interest rate.
What Is Student Loan Consolidation?
When a student first applied for loans from several
different government agencies and loan providers, they each
gave a different interest rate and term for paying back the
loans. The idea of student loan consolidation is to take
all the different loans and put them into one simple and
easy convenient loan. You then only make one monthly loan
payment each month over time. This saves you both time and
money by having a lower interest rate and less checks to
write every single month.
3 Benefits Of Getting A Student Loan Consolidation
1. Lower Interest Rate. Student loan consolidation can save
you thousands of dollars.You may be using credit cards with
12% to 28% interest trying to keep up with your bills. This
can cost you thousands of dollars when you pay the minimum
monthly payments on high interest credit card debt. Having
a student loan consolidation may be your best option if you
can get lower interest rates when consolidating your
student loans.
2. New Interest Rates. With a new student loan
consolidation, you may be able to get a much better
interest rate. Interest rates are now at an all time low.
You may have been paying on debt you built up from several
years ago, at high interest rates. Things change over time
in the financial industry.
3. Relieve Stress. With a student loan consolidation you
don't have to worry about several monthly loan payments and
due dates. This in itself, can make a student loan
consolidation worth your while. You can focus on your new
career, instead of those nagging loan payments every month.
Student Loan Consolidation Online And Internet Services To
Help You
Now you can get a student loan consolidation online quickly
and easily. The Internet makes research and finding good
consolidation loan programs as easy as a few clicks of your
computer mouse. You can get done in a day, what used to
take several weeks. You can learn everything you need to
know from information sites that provide the latest news,
resources, tools and data in regards to student loan
consolidation.
This empowers you to get the best deal on student loan
consolidation. With a few clicks of the mouse, you can get
loan quotes and compare loan companies that are competing
for your business.
Dean Shainin is a consultant specializing in student loan
consolidation. Get valuable resources, tools, information
and more articles on student loan consolidation, visit this
site: http://www.studentloanconsolidationtips.com
Sunday, October 16, 2005
Bad Credit Loans - Fixing credit score
Fixing Your Credit Score Doesn't Have To Cost
You
by Ed Vegliante
Credit repair advertisements claim to guarantee a quick fix on
your credit report. They promise for a fee (not always
disclosed at first) to clean up your credit history so that you
can qualify for a new home, car, insurance, a job, or premium
credit cards. Before you sign up with one of these companies,
you need to know some facts.
The real facts on fixing your credit score
The real truth is that no one can legally remove information on
a credit report. The Fair Credit Reporting Act (FCRA) allows
you, the consumer, to request an investigation of information
in your file that you dispute as inaccurate or incomplete.
There is no charge to you. There are other steps that you can
do yourself, without paying a credit repair company, such as:
* You are allowed a free credit report if a company denies you
credit, insurance, or employment (if this is a part of your
employment application) provided you request a report within 60
days of this denial. The notice will give you the name of the
consumer reporting agency that provided this report. You can
dispute information that this denial is based upon. Under FCRA,
both the consumer reporting agency and the information provider
are responsible for correcting inaccurate or any incomplete
information in that report.
* Put in writing what information you believe to be inaccurate.
Include copies of any documentation that supports your claim. Be
sure to send this letter to the credit reporting agency, and
send it certified mail so that you can prove it was mailed and
signed for at their end.
* You will get a response within 30 days. During their
investigation, they must forward all your documents to the
merchant or vendor that provided the negative credit
information and report back to the credit agency. If they find
that the information is inaccurate, they must notify all three
reporting agencies of their findings: Equifax, Experian and
TransUnion.
* When the investigation is concluded, you must receive a copy
of the results in writing and a copy of the dispute if it is
changed. It the disputed item is changed, the credit reporting
agency cannot put the disputed information back into your file
unless it is verified as accurate by the merchant or vendor.
* The credit reporting agency must send notices of a correction
to anyone who received your credit report in the past six
months. You can also have a corrected copy sent to employers
that did not hire you based on your credit report.
Removing a bad credit rating
When you have a bad credit rating based on negative information
that is accurate, you can only wait for it to be removed over
time. By law, a credit reporting agency can only report
negative information for seven years and bankruptcy for ten
years. For unpaid judgments, the reporting period goes back
seven years or until the statute of limitations runs out.
Criminal convictions and applications for over $150,000 of life
insurance have no time limits. By starting to pay your bills on
time and contacting the creditors that you cannot pay, you can
start to change your credit profile to the positive side, but
that will take time also.
If you do decide to use a credit repair company
Start by getting a free copy of your credit report. Then
assemble all your credit card bills and write them down. This
will give both you and your credit repair company a starting
point. By law, credit repair companies must give you a
brochure, "Consumer Credit File Rights Under State and Federal
Law" when you sign a contract for their services. This contract
must clearly specify your rights, obligations and fees. The
contract must also clearly detail the descriptions of the
services they will perform for you, how long it will take to
see the results, and any guarantees they offer you. Members of
the National Foundation for Credit Counseling are non-profit
organizations providing free and low cost services to consumers
with a wide range of plans, covering most types of credit used,
including home mortgages.
Credit repair companies can help if you're drowning in debt.
Before you sign a contract, check out these low cost and free
options you can do yourself.
Copyright 2005 Ed Vegliante.
Ed Vegliante is the owner of
http://www.credit-card-surplus.com , a well organized credit
card directory enabling the user to compare and apply for a
variety of credit credit card offers. Find links to secure
online credit card applications.
You
by Ed Vegliante
Credit repair advertisements claim to guarantee a quick fix on
your credit report. They promise for a fee (not always
disclosed at first) to clean up your credit history so that you
can qualify for a new home, car, insurance, a job, or premium
credit cards. Before you sign up with one of these companies,
you need to know some facts.
The real facts on fixing your credit score
The real truth is that no one can legally remove information on
a credit report. The Fair Credit Reporting Act (FCRA) allows
you, the consumer, to request an investigation of information
in your file that you dispute as inaccurate or incomplete.
There is no charge to you. There are other steps that you can
do yourself, without paying a credit repair company, such as:
* You are allowed a free credit report if a company denies you
credit, insurance, or employment (if this is a part of your
employment application) provided you request a report within 60
days of this denial. The notice will give you the name of the
consumer reporting agency that provided this report. You can
dispute information that this denial is based upon. Under FCRA,
both the consumer reporting agency and the information provider
are responsible for correcting inaccurate or any incomplete
information in that report.
* Put in writing what information you believe to be inaccurate.
Include copies of any documentation that supports your claim. Be
sure to send this letter to the credit reporting agency, and
send it certified mail so that you can prove it was mailed and
signed for at their end.
* You will get a response within 30 days. During their
investigation, they must forward all your documents to the
merchant or vendor that provided the negative credit
information and report back to the credit agency. If they find
that the information is inaccurate, they must notify all three
reporting agencies of their findings: Equifax, Experian and
TransUnion.
* When the investigation is concluded, you must receive a copy
of the results in writing and a copy of the dispute if it is
changed. It the disputed item is changed, the credit reporting
agency cannot put the disputed information back into your file
unless it is verified as accurate by the merchant or vendor.
* The credit reporting agency must send notices of a correction
to anyone who received your credit report in the past six
months. You can also have a corrected copy sent to employers
that did not hire you based on your credit report.
Removing a bad credit rating
When you have a bad credit rating based on negative information
that is accurate, you can only wait for it to be removed over
time. By law, a credit reporting agency can only report
negative information for seven years and bankruptcy for ten
years. For unpaid judgments, the reporting period goes back
seven years or until the statute of limitations runs out.
Criminal convictions and applications for over $150,000 of life
insurance have no time limits. By starting to pay your bills on
time and contacting the creditors that you cannot pay, you can
start to change your credit profile to the positive side, but
that will take time also.
If you do decide to use a credit repair company
Start by getting a free copy of your credit report. Then
assemble all your credit card bills and write them down. This
will give both you and your credit repair company a starting
point. By law, credit repair companies must give you a
brochure, "Consumer Credit File Rights Under State and Federal
Law" when you sign a contract for their services. This contract
must clearly specify your rights, obligations and fees. The
contract must also clearly detail the descriptions of the
services they will perform for you, how long it will take to
see the results, and any guarantees they offer you. Members of
the National Foundation for Credit Counseling are non-profit
organizations providing free and low cost services to consumers
with a wide range of plans, covering most types of credit used,
including home mortgages.
Credit repair companies can help if you're drowning in debt.
Before you sign a contract, check out these low cost and free
options you can do yourself.
Copyright 2005 Ed Vegliante.
Ed Vegliante is the owner of
http://www.credit-card-surplus.com , a well organized credit
card directory enabling the user to compare and apply for a
variety of credit credit card offers. Find links to secure
online credit card applications.
Bad Credit Loans - Pay off loans
Pay It Off And Plan Ahead
by Taffy Wagner
Maybe you've looked at your calendar and realized that October
is fast approaching. You have set some goals earlier this year
in the area of your finances but have not achieved them. Now is
the time to make a committed effort to begin paying those bills
off and plan ahead. Why? As holiday season approaches, people
tend to create more debt than any other time during the year.
The idea is not to achieve more debt as the end of the year
approaches, but to end the year on a financially positive step.
You can still concentrate on one bill now and make a dedicated
effort. Perhaps it will only take you one or two months to pay
it off. Regardless, pay it off. Then the money you placed
towards that bill use to purchase your holiday items.
I can assure you with the latest round of hurricanes that
happened consumables are bound to go up. When I was recently in
my home state of Louisiana, retailers were having trouble
keeping food on the shelves. It will not be long before this
happens in other states.
Do not charge your holiday shopping because when January comes
and you receive those bills, you could end up disgusted. More
than likely you will not pay the bill right off. Eventually
whatever you charged ends up costing you more than the original
price. Does it make sense to pay two times the amount for a
product?
For example, last year my husband and I found some gift baskets
that we really liked in a magazine. We were going to order them
and looked at what the shipping costs would be. We decided to
shop around at some of our local stores and found those
baskets. We sat down and made up a list of clients and
relatives that should receive them. Then we began purchasing
them in small increments. We were done with our clients and
family by December 1.
Do not add more bills to your financial situation, begin a new
start and take steps to remove financial stress. To plan for
the holidays you should:
1) Make a plan now even if it is the beginning October, (its
not too late) about what you are going to purchase
2) Shop around to see who has the better bargain
3) Do not overspend
4) Do not wait to the last minute to shop. I know this will be
challenging for those individuals that like those last minute
discounts. However, is it really worth fighting all those
crowds on December 24th, when you could be done by December
1st.
Once you have gotten your holiday spending done and looking
forward to the next year, put some financial goals in place and
stick to them. It is less stressful knowing that you can shop
early and get what you want, instead of having to take what is
left. Remember back in October when you paid off that first
bill, now you want to begin working on the next bill. Then
every three or four months, you could potentially be working on
a new bill. When October comes the next year, you could have
paid off two or three bills depending on the time frame you set
for yourself and the holidays will be more enjoyable.
Dr. Taffy Wagner is the author of Debt
Dilemma. Debt Dilemma is her own personal story of how she got
into debt and was able to get out without filing bankruptcy.
She will be launching a national marketing campaign on October
18, 2005. View her website at
http://www.paidoff.net/SpecialPromo.html for further details.
by Taffy Wagner
Maybe you've looked at your calendar and realized that October
is fast approaching. You have set some goals earlier this year
in the area of your finances but have not achieved them. Now is
the time to make a committed effort to begin paying those bills
off and plan ahead. Why? As holiday season approaches, people
tend to create more debt than any other time during the year.
The idea is not to achieve more debt as the end of the year
approaches, but to end the year on a financially positive step.
You can still concentrate on one bill now and make a dedicated
effort. Perhaps it will only take you one or two months to pay
it off. Regardless, pay it off. Then the money you placed
towards that bill use to purchase your holiday items.
I can assure you with the latest round of hurricanes that
happened consumables are bound to go up. When I was recently in
my home state of Louisiana, retailers were having trouble
keeping food on the shelves. It will not be long before this
happens in other states.
Do not charge your holiday shopping because when January comes
and you receive those bills, you could end up disgusted. More
than likely you will not pay the bill right off. Eventually
whatever you charged ends up costing you more than the original
price. Does it make sense to pay two times the amount for a
product?
For example, last year my husband and I found some gift baskets
that we really liked in a magazine. We were going to order them
and looked at what the shipping costs would be. We decided to
shop around at some of our local stores and found those
baskets. We sat down and made up a list of clients and
relatives that should receive them. Then we began purchasing
them in small increments. We were done with our clients and
family by December 1.
Do not add more bills to your financial situation, begin a new
start and take steps to remove financial stress. To plan for
the holidays you should:
1) Make a plan now even if it is the beginning October, (its
not too late) about what you are going to purchase
2) Shop around to see who has the better bargain
3) Do not overspend
4) Do not wait to the last minute to shop. I know this will be
challenging for those individuals that like those last minute
discounts. However, is it really worth fighting all those
crowds on December 24th, when you could be done by December
1st.
Once you have gotten your holiday spending done and looking
forward to the next year, put some financial goals in place and
stick to them. It is less stressful knowing that you can shop
early and get what you want, instead of having to take what is
left. Remember back in October when you paid off that first
bill, now you want to begin working on the next bill. Then
every three or four months, you could potentially be working on
a new bill. When October comes the next year, you could have
paid off two or three bills depending on the time frame you set
for yourself and the holidays will be more enjoyable.
Dr. Taffy Wagner is the author of Debt
Dilemma. Debt Dilemma is her own personal story of how she got
into debt and was able to get out without filing bankruptcy.
She will be launching a national marketing campaign on October
18, 2005. View her website at
http://www.paidoff.net/SpecialPromo.html for further details.
Bad Credit Loans - The Chrismas Loan
The Myth Of The Christmas Loan
by Rachel Lane
If you think Harry Potter was going to be the most imaginative
marketing plot this Christmas, think again. Each Christmas, as
consumers look at their finances and investigate the different
sources of funding to cover their Christmas shopping, loan
companies and credit card providers polish up their marketing
tactics and customer service skills.
No doubt some of you will see an advertisement for a Christmas
loan over the next few months. Unfortunately for you, it's not
provided by a jollyvaceous (curvy and happy) bearded man in a
red, furry suit. It's more likely to be a cunning marketing
initiative by a loans company designed to exploit consumer cash
concerns over Christmas.
If you need credit over Christmas - you will probably fare
better with a credit card, but if you have to take out a loan,
you'd be better off searching for a standard personal loan, on
a secured or unsecured basis. There are plenty of sites which
offer price comparison services for credit cards and loans. The
most popular ones include moneynet, moneysupermarket and
lowermybills, but if you really want the best deal - why not
visit them all and cross-reference the fairest deal.
When searching for a credit card - there are several things you
need to consider. Firstly, you may wish to transfer existing
debt from your old credit card, by taking advantage of an
introductory interest free period on a new credit card. Despite
the apparent 0% interest rate on all balance transfers - do
ensure that you are genuinely being charged no interest and
that once the interest free period is over - you're not going
to be hit by an unusually high APR (Annual Percentage Rate) -
the interest rate. Also look out for additional charges and
hidden fees on the credit card and make sure you have set up
your account for minimum repayments.
Credit cards offer you greater flexibility in your repayments
than personal loans, though credit cards may be sold with
higher rates of interest. You can pay off the balance on your
credit card early without a charge and as long as you track
what you're buying on plastic and set up minimum repayments,
you're likely to manage the debt effectively. However, do bear
in mind that late repayments and fines may affect your credit
history, so don't assume that just because you can't see the
debt that it isn't there.
Personal loans can be a suitable credit solution - if you need
to make the repayments over a longer period. However, you need
to be realistic about the total repayments - firstly, that you
can afford them and secondly - that you're prepared to make all
of them. For example, if you decide half-way through the term of
the loan that you could actually afford to pay it off in full,
you should be aware that there will probably be an early
repayment charge which may bring the amount to the same as the
total number of repayments.
Credit is for life, not just for Christmas; what you pile on to
plastic in December may lead to a significant financial hangover
in January. The best thing you can do is plan your shopping in
advance, shop around (including online) and stick to your list
of what you intend to buy - no impulse purchases!
Resources
http://www.moneynet.co.uk/loans/index.shtml Price comparison
research for loans
http://www.moneynet.co.uk/personal-loan-guide/index.shtml
Personal loan consumer guide
Rachel writes for the personal finance blog
Cashzilla - a mighty personalfinanosaurus living in the hills
around Edinburgh. http://www.cashzilla.co.uk Contact details:
Rachel Lane E-mail: rachel@positiveinterest.com Phone: 0131 561
2251
by Rachel Lane
If you think Harry Potter was going to be the most imaginative
marketing plot this Christmas, think again. Each Christmas, as
consumers look at their finances and investigate the different
sources of funding to cover their Christmas shopping, loan
companies and credit card providers polish up their marketing
tactics and customer service skills.
No doubt some of you will see an advertisement for a Christmas
loan over the next few months. Unfortunately for you, it's not
provided by a jollyvaceous (curvy and happy) bearded man in a
red, furry suit. It's more likely to be a cunning marketing
initiative by a loans company designed to exploit consumer cash
concerns over Christmas.
If you need credit over Christmas - you will probably fare
better with a credit card, but if you have to take out a loan,
you'd be better off searching for a standard personal loan, on
a secured or unsecured basis. There are plenty of sites which
offer price comparison services for credit cards and loans. The
most popular ones include moneynet, moneysupermarket and
lowermybills, but if you really want the best deal - why not
visit them all and cross-reference the fairest deal.
When searching for a credit card - there are several things you
need to consider. Firstly, you may wish to transfer existing
debt from your old credit card, by taking advantage of an
introductory interest free period on a new credit card. Despite
the apparent 0% interest rate on all balance transfers - do
ensure that you are genuinely being charged no interest and
that once the interest free period is over - you're not going
to be hit by an unusually high APR (Annual Percentage Rate) -
the interest rate. Also look out for additional charges and
hidden fees on the credit card and make sure you have set up
your account for minimum repayments.
Credit cards offer you greater flexibility in your repayments
than personal loans, though credit cards may be sold with
higher rates of interest. You can pay off the balance on your
credit card early without a charge and as long as you track
what you're buying on plastic and set up minimum repayments,
you're likely to manage the debt effectively. However, do bear
in mind that late repayments and fines may affect your credit
history, so don't assume that just because you can't see the
debt that it isn't there.
Personal loans can be a suitable credit solution - if you need
to make the repayments over a longer period. However, you need
to be realistic about the total repayments - firstly, that you
can afford them and secondly - that you're prepared to make all
of them. For example, if you decide half-way through the term of
the loan that you could actually afford to pay it off in full,
you should be aware that there will probably be an early
repayment charge which may bring the amount to the same as the
total number of repayments.
Credit is for life, not just for Christmas; what you pile on to
plastic in December may lead to a significant financial hangover
in January. The best thing you can do is plan your shopping in
advance, shop around (including online) and stick to your list
of what you intend to buy - no impulse purchases!
Resources
http://www.moneynet.co.uk/loans/index.shtml Price comparison
research for loans
http://www.moneynet.co.uk/personal-loan-guide/index.shtml
Personal loan consumer guide
Rachel writes for the personal finance blog
Cashzilla - a mighty personalfinanosaurus living in the hills
around Edinburgh. http://www.cashzilla.co.uk Contact details:
Rachel Lane E-mail: rachel@positiveinterest.com Phone: 0131 561
2251
Saturday, October 15, 2005
Bad Credit Loans - Bi-Weekly Payment Scam
Avoiding The Bi-Weekly Payment Scam
by
Dave Czach
On the surface, the Bi-Weekly Mortgage Reduction Plan seems great. You divide your mortgage payment in half and pay it every two weeks into a large escrow account. The escrow service company then pays your payment every month on your behalf. The amount they pay is equal to your regular payment plus 1/12 of one payment. The extra 1/12 is applied directly towards your principle balance - not interest. Thus, shaving approximately 9.1 years off a 30 year mortgage loan and saving you tens of thousands of dollars in interest.
Now here's the flaws with this system. First, the escrow company usually charges a set up fee in the neighborhood of $200 or more. Second, the escrow company charges you around 2% of your new payment amount every month. Third, you sign a contract to authorize the escrow company to make your loan payments on your behalf. Fourth, your credit rating is now in the hands of strangers. The good news is you can do this on your own without fees or sleepless nights.
There are two methods for do-it-yourself mortgage reduction. First, simply send two checks each month to pay your loan. One check for the full regular amount. One check for 1/12 of your regular payment with the memo section highlighted and stating "Apply directly to principle reduction only."
At the beginning of each quarter, send a certified letter to your lender requesting your account balance history over the past three months. Double-check to see if your 1/12 payment was applied directly to your principle. If not, send a certified letter to the manager with copies of your checks to settle the dispute.
The second method of self mortgage reduction is the mysterious 13th payment. Establish a separate savings account to be used only for your mortgage reduction program. Each month deposit 1/12 of your regular monthly mortgage payment in the account - use payroll deduction if necessary. At the end of the year, you have accumulated the 13th payment (1/12 payment per month x 12 months). In December, you send two checks to your mortgage company. One for the regular payment and one for the 13th payment. Be sure to write and highlight the memo section on your 13th payment check with "Apply directly to principle reduction only." Again follow-up with a certified letter within 3 months to verify the 13th payment went straight to principle, not interest.
In conclusion, the Bi-Weekly Mortgage Reduction Plan is great and makes sense. However, since most lenders do not accept bi-weekly payments, clever entrepreneurs created the massive bi-weekly escrow system. But this method can be costly and leave your perfect credit rating in the hands of an independent, non-interested, 3rd party. If you can sleep at night with that decision, great. If not, do it yourself.
© 2003 SonicPoint.com.
Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at dave@czach.com.
by
Dave Czach
On the surface, the Bi-Weekly Mortgage Reduction Plan seems great. You divide your mortgage payment in half and pay it every two weeks into a large escrow account. The escrow service company then pays your payment every month on your behalf. The amount they pay is equal to your regular payment plus 1/12 of one payment. The extra 1/12 is applied directly towards your principle balance - not interest. Thus, shaving approximately 9.1 years off a 30 year mortgage loan and saving you tens of thousands of dollars in interest.
Now here's the flaws with this system. First, the escrow company usually charges a set up fee in the neighborhood of $200 or more. Second, the escrow company charges you around 2% of your new payment amount every month. Third, you sign a contract to authorize the escrow company to make your loan payments on your behalf. Fourth, your credit rating is now in the hands of strangers. The good news is you can do this on your own without fees or sleepless nights.
There are two methods for do-it-yourself mortgage reduction. First, simply send two checks each month to pay your loan. One check for the full regular amount. One check for 1/12 of your regular payment with the memo section highlighted and stating "Apply directly to principle reduction only."
At the beginning of each quarter, send a certified letter to your lender requesting your account balance history over the past three months. Double-check to see if your 1/12 payment was applied directly to your principle. If not, send a certified letter to the manager with copies of your checks to settle the dispute.
The second method of self mortgage reduction is the mysterious 13th payment. Establish a separate savings account to be used only for your mortgage reduction program. Each month deposit 1/12 of your regular monthly mortgage payment in the account - use payroll deduction if necessary. At the end of the year, you have accumulated the 13th payment (1/12 payment per month x 12 months). In December, you send two checks to your mortgage company. One for the regular payment and one for the 13th payment. Be sure to write and highlight the memo section on your 13th payment check with "Apply directly to principle reduction only." Again follow-up with a certified letter within 3 months to verify the 13th payment went straight to principle, not interest.
In conclusion, the Bi-Weekly Mortgage Reduction Plan is great and makes sense. However, since most lenders do not accept bi-weekly payments, clever entrepreneurs created the massive bi-weekly escrow system. But this method can be costly and leave your perfect credit rating in the hands of an independent, non-interested, 3rd party. If you can sleep at night with that decision, great. If not, do it yourself.
© 2003 SonicPoint.com.
Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at dave@czach.com.
Bad Credit Loans - Good Debt Vs Bad Debt
Good Debt Vs Bad Debt
by Jakob Jelling
Debt has been a part of every body's life and personal debt gradient is on the rise because credit hasn't been easier to receive. In everyday life, most of us would not have enough finances in one go when it comes to paying for our apartments or children's college education. Hence we borrow in one form or the other to get the expenses meet.
Debt is not a simple concept to comprehend, but in fact is a bit difficult one to get hold of. Ideally, as per financial experts' statements, a person's total monthly long term debt payments - which includes credit cards and mortgage - should not exceed 36 percent of his/her gross income for a month. This is the bench mark mortgage bankers take in to consideration while appraising the creditworthiness of a potential borrower.
It is very easy to spend far more than what one could afford. It is interesting and intriguing that a large number of people does exactly this and fail to recognize that they are heading down in an abyss - the deeper you sink, the more difficult will be the chances of a recovery. That is unbridled spending. But to avoid debt is not a smart option either. If properly handled, debt can be money spinning as well. That brings us to the concepts of Good Debts and Bad Debts. Let us see what are the differences between good debts and bad debts?
The secret of acting smart with the money is all about learning to discern between good debt and bad debt. Unfortunately this is something that most people around the world fail to be experts in. Good debt is something that helps improve your financial position or net worth. That is, in simpler terms, a good debt increases cash flow. That is, mortgage debt, for example, is good debt. You are borrowing money from someone, but you're getting a tax advantage so that you are able to cancel interest on an asset that's gaining in value over time. Also you can live there.
On the other hand bad debt can occur when you buy something that goes down in value immediately. That is, when the thing that has been brought on credit does not have the potential to increase its value. Purchase of disposable goods or durable items or, as commonly found, the use of higher interest credit cards can lead one into bad debts. Ideally, debt-to-income ratio of a person shouldn't go above 20 percent. That is - while adding up all of your non-mortgage loans, credit cards and outstanding charges - it should not exceed 20% of the annual income. If it goes beyond the 20% mark, that is bad debt and it doesn't go down well in his/her credit reports even if payments are made in time.
To conclude, debts can be productive if properly and rationally exploited. It is financially draining to incur bad debts but if you could gain more by investing the borrowed money than the interest associated with the credit, then it is good debt which is useful. Managing one's debt and hence the finances might need a bit of brain scratching. But it is not that enigmatic for a common man to comprehend. After all it is no rocket technology. It is all about learning to manage your finances!
About the Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
by Jakob Jelling
Debt has been a part of every body's life and personal debt gradient is on the rise because credit hasn't been easier to receive. In everyday life, most of us would not have enough finances in one go when it comes to paying for our apartments or children's college education. Hence we borrow in one form or the other to get the expenses meet.
Debt is not a simple concept to comprehend, but in fact is a bit difficult one to get hold of. Ideally, as per financial experts' statements, a person's total monthly long term debt payments - which includes credit cards and mortgage - should not exceed 36 percent of his/her gross income for a month. This is the bench mark mortgage bankers take in to consideration while appraising the creditworthiness of a potential borrower.
It is very easy to spend far more than what one could afford. It is interesting and intriguing that a large number of people does exactly this and fail to recognize that they are heading down in an abyss - the deeper you sink, the more difficult will be the chances of a recovery. That is unbridled spending. But to avoid debt is not a smart option either. If properly handled, debt can be money spinning as well. That brings us to the concepts of Good Debts and Bad Debts. Let us see what are the differences between good debts and bad debts?
The secret of acting smart with the money is all about learning to discern between good debt and bad debt. Unfortunately this is something that most people around the world fail to be experts in. Good debt is something that helps improve your financial position or net worth. That is, in simpler terms, a good debt increases cash flow. That is, mortgage debt, for example, is good debt. You are borrowing money from someone, but you're getting a tax advantage so that you are able to cancel interest on an asset that's gaining in value over time. Also you can live there.
On the other hand bad debt can occur when you buy something that goes down in value immediately. That is, when the thing that has been brought on credit does not have the potential to increase its value. Purchase of disposable goods or durable items or, as commonly found, the use of higher interest credit cards can lead one into bad debts. Ideally, debt-to-income ratio of a person shouldn't go above 20 percent. That is - while adding up all of your non-mortgage loans, credit cards and outstanding charges - it should not exceed 20% of the annual income. If it goes beyond the 20% mark, that is bad debt and it doesn't go down well in his/her credit reports even if payments are made in time.
To conclude, debts can be productive if properly and rationally exploited. It is financially draining to incur bad debts but if you could gain more by investing the borrowed money than the interest associated with the credit, then it is good debt which is useful. Managing one's debt and hence the finances might need a bit of brain scratching. But it is not that enigmatic for a common man to comprehend. After all it is no rocket technology. It is all about learning to manage your finances!
About the Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Friday, October 14, 2005
Bad Credit Loans - Managing Your Creditors
Credit Problems? Here's How to Manage Your Creditors
By Douglas Hanna
If you find that creditors are calling you almost daily or that one of more of your bills has been turned over to a collection agency, you should know how to manage your debts.
First, prioritize then or rank them in terms of the ones that can give you the most trouble the soonest. If you’re three months behind on your utility bill and the company is threatening to cut off your power, you must deal with this debt first. Then deal with your other debts in descending order of “threat level.”
Second, be proactive. Don’t wait for creditors to call you. If you are behind in your payments or have a payment coming due that you know you won’t be able to meet, call the creditor. Tell the company’s representative why you are having money troubles. Be sure to give a real reason for your problems such as a divorce or loss of a job, and not just some feeble excuse.
If you can give your creditors a real reason for being in financial trouble, they may be sympathetic and willing to work with you.
Next, contact any creditors where you are more than a month behind to arrange payment plans. Explain to them that you know you are behind in your payments but that you want to make a payment arrangement. Let them know what you can afford to pay this month and in future months. Make certain they know you intend to make full payment eventually.
Be sure you know what you can afford to pay
Be sure to calculate just how much you can afford to pay a creditor before contacting the company. Then, do not agree to pay any more than this, no matter what the company demands. Get all payment plans in writing. If the company’s representative does not volunteer to mail you the plan in writing, send a letter requesting that he or she do so.
Keep accurate records
Also be sure to keep an accurate log of all phone conversations with your creditors and copies of all correspondence. This way, you will have a good record of what’s going on, to whom you spoke last, the date of that conversation and its result. If you keep accurate records, you will always be able to defend yourself against claims that you have been unresponsive or uncooperative. Once you arrange a payment plan that is agreeable to a creditor, make sure you stick with it. The best way to repair your credit is to say what you will do and then do what you have said so that your creditors will see that you have become more credit worthy.
Working with your creditors by following these suggestions is hard work but it is an important step toward debt reduction and credit repair.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
By Douglas Hanna
If you find that creditors are calling you almost daily or that one of more of your bills has been turned over to a collection agency, you should know how to manage your debts.
First, prioritize then or rank them in terms of the ones that can give you the most trouble the soonest. If you’re three months behind on your utility bill and the company is threatening to cut off your power, you must deal with this debt first. Then deal with your other debts in descending order of “threat level.”
Second, be proactive. Don’t wait for creditors to call you. If you are behind in your payments or have a payment coming due that you know you won’t be able to meet, call the creditor. Tell the company’s representative why you are having money troubles. Be sure to give a real reason for your problems such as a divorce or loss of a job, and not just some feeble excuse.
If you can give your creditors a real reason for being in financial trouble, they may be sympathetic and willing to work with you.
Next, contact any creditors where you are more than a month behind to arrange payment plans. Explain to them that you know you are behind in your payments but that you want to make a payment arrangement. Let them know what you can afford to pay this month and in future months. Make certain they know you intend to make full payment eventually.
Be sure you know what you can afford to pay
Be sure to calculate just how much you can afford to pay a creditor before contacting the company. Then, do not agree to pay any more than this, no matter what the company demands. Get all payment plans in writing. If the company’s representative does not volunteer to mail you the plan in writing, send a letter requesting that he or she do so.
Keep accurate records
Also be sure to keep an accurate log of all phone conversations with your creditors and copies of all correspondence. This way, you will have a good record of what’s going on, to whom you spoke last, the date of that conversation and its result. If you keep accurate records, you will always be able to defend yourself against claims that you have been unresponsive or uncooperative. Once you arrange a payment plan that is agreeable to a creditor, make sure you stick with it. The best way to repair your credit is to say what you will do and then do what you have said so that your creditors will see that you have become more credit worthy.
Working with your creditors by following these suggestions is hard work but it is an important step toward debt reduction and credit repair.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter “8 Simple Steps to Debt Relief” at http://www.all-in-one-info.com
Bad Credit Loans - Understanding Your Credit Cards
Rebuild & Keep Good Credit Ratings by Understanding Your Credit Cards
By David Hall
Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. With secured credit card, your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit. Therefore the company giving you the secured credit card has zero risk.
Secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experian, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.
Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in rebuilding your credit rating. Additionally, even though secured credit is like prepaid cards, they do have certain fees attached. Benefits are similar to that of an unsecured credit card, such as usually being paid interest on your balance in the bank, using Automated Teller Machines (ATM) to make deposits, withdrawals, and making purchases at participating merchants. Following the above steps will strengthen your credit rating.
Unsecured Credit Cards are issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.
Customers should read the credit agreement to ensure that they understand their obligation to the creditor. Making payments on time will strengthen your credit rating. Unsecured credit cards has numerous advantages such as low interest rates, high credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in maintaining a good credit rating.
Rebuilding your credit takes time, patience, and consistency. If you consistently pay your bills on time, you will see an improvement in your credit ratings over time. There are no quick fixes for improving your credit report except for mistakes or inaccuracies that can be corrected, hopefully in your favor. Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven years. Therefore poor credit information will remain on your report for seven years. The good thing is that as negative information disappears with positive information, this will definitely rebuild your credit rating.
Applying for secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history, and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experience, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.
Business Credit Card Business credit cards are very popular for small business owners because of the many benefits they offer. Benefits includes 0% Intro APR on balance transfers, no annual fees, high credit limit, low interest rates, cash rewards, bonus miles, free online account management to choosing card design etc., At iCreditOnline.com we have some of the best business credit cards from American Express, Advantage, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval. Why waste time going to a bank when you can get a decision in less than 60 seconds with secure online credit card application. Online Credit Card Approval with Online Credit Card Application is fast and easy!
Student Credit Card
Having a student credit card while still living at home or attending school away from home can be an advantage. It gives the student the opportunity to establish credit at an early age and to start asserting their independence. It comes in handy in case of emergency, it is less trouble and safer to carry a student credit card than to carry cash. Parents find student credit cards to be very convenient. They are able to make deposits to their children's account while they are away from home. Students should be careful with their credit card receipts to avoid identity thief.
If you consistently pay your bills on time, obtaining students credit cards is a good way to established credit rating and start building a good credit history while in school. Establishing and maintaining a good credit rating will make it easy to purchase a car, a home or obtaining a personal loan in the future. For students who are not committed to their financial obligation, getting a student credit card is not a good idea. Running up balances, finding yourself in debt, unable to make monthly payments will destroy your credit rating.
Student's credit cards generally have high interest rates. At iCreditOnline.com we offer some of the best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no annual fees and online account access. Online credit card approval with online credit card application is fast and easy!
Explanation of some of the credit cards we offer:
0% Intro APR Credit Card or Balance Transfer Credit Card gives you the benefit of using this credit card without making any interest payment on the principal for a stated period of time. This credit card is marketed to individuals with good credit rating who want to transfer balance from a high interest credit card to a 0% intro APR credit card.
Cash Rewards or Cash Back Credit Card earns a percentage on purchases made. This reward or cash back is credited to your account.
Debit Card takes the place of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as not being able to rent a car. Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Verification of funds requires entering your Personal Identification Number (PIN) at a point-of-sale terminal.
Low interest credit card saves you money. Having a good credit rating qualifies you for some of the best low APR credit card offers.
Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. Therefore the company giving you the prepaid credit card has zero risk. Generally people who apply for prepaid credit card are people with poor credit or unemployed.
Secured Credit Card is secured by the amount of funds you have in your account. Your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit.
Unsecured Credit Card is issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate and can receive instant online credit card approval. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.
Travel Rewards Credit Card benefits may include travel accident insurance, free rental car collision/loss damage insurance, rebate on gasoline purchases, frequent flyer points or bonus miles towards airline flights, free quarterly and annual account summaries.
David Hall owns http://www.iCreditOnline.com. He offers free downloadable, high quality guides on credit repair, credit ratings, credit scoring, debt consolidation and more. He has tools for finding a wide range of financial services including secured and unsecured cards, student and business cards, auto loans, and more from the most reputable companies in the industry. You can also compare multiple credit card offers, securely complete an online credit card application, and receive a credit decision in at least 60 seconds. Visit David's site today: http://www.iCreditOnline.com
By David Hall
Secured Credit Card is similar to a prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. With secured credit card, your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit. Therefore the company giving you the secured credit card has zero risk.
Secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experian, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.
Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in rebuilding your credit rating. Additionally, even though secured credit is like prepaid cards, they do have certain fees attached. Benefits are similar to that of an unsecured credit card, such as usually being paid interest on your balance in the bank, using Automated Teller Machines (ATM) to make deposits, withdrawals, and making purchases at participating merchants. Following the above steps will strengthen your credit rating.
Unsecured Credit Cards are issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.
Customers should read the credit agreement to ensure that they understand their obligation to the creditor. Making payments on time will strengthen your credit rating. Unsecured credit cards has numerous advantages such as low interest rates, high credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another factor that will help in maintaining a good credit rating.
Rebuilding your credit takes time, patience, and consistency. If you consistently pay your bills on time, you will see an improvement in your credit ratings over time. There are no quick fixes for improving your credit report except for mistakes or inaccuracies that can be corrected, hopefully in your favor. Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven years. Therefore poor credit information will remain on your report for seven years. The good thing is that as negative information disappears with positive information, this will definitely rebuild your credit rating.
Applying for secured credit card can be very beneficial because it gives you an opportunity to rebuild your credit history, and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc. Ensure that the company issuing the secured credit, routinely reports customers' payment history to any of the three main credit bureaus namely Experience, Equifax and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.
Business Credit Card Business credit cards are very popular for small business owners because of the many benefits they offer. Benefits includes 0% Intro APR on balance transfers, no annual fees, high credit limit, low interest rates, cash rewards, bonus miles, free online account management to choosing card design etc., At iCreditOnline.com we have some of the best business credit cards from American Express, Advantage, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval. Why waste time going to a bank when you can get a decision in less than 60 seconds with secure online credit card application. Online Credit Card Approval with Online Credit Card Application is fast and easy!
Student Credit Card
Having a student credit card while still living at home or attending school away from home can be an advantage. It gives the student the opportunity to establish credit at an early age and to start asserting their independence. It comes in handy in case of emergency, it is less trouble and safer to carry a student credit card than to carry cash. Parents find student credit cards to be very convenient. They are able to make deposits to their children's account while they are away from home. Students should be careful with their credit card receipts to avoid identity thief.
If you consistently pay your bills on time, obtaining students credit cards is a good way to established credit rating and start building a good credit history while in school. Establishing and maintaining a good credit rating will make it easy to purchase a car, a home or obtaining a personal loan in the future. For students who are not committed to their financial obligation, getting a student credit card is not a good idea. Running up balances, finding yourself in debt, unable to make monthly payments will destroy your credit rating.
Student's credit cards generally have high interest rates. At iCreditOnline.com we offer some of the best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no annual fees and online account access. Online credit card approval with online credit card application is fast and easy!
Explanation of some of the credit cards we offer:
0% Intro APR Credit Card or Balance Transfer Credit Card gives you the benefit of using this credit card without making any interest payment on the principal for a stated period of time. This credit card is marketed to individuals with good credit rating who want to transfer balance from a high interest credit card to a 0% intro APR credit card.
Cash Rewards or Cash Back Credit Card earns a percentage on purchases made. This reward or cash back is credited to your account.
Debit Card takes the place of carrying a checkbook or cash. This card is used like a credit card with certain limitations, such as not being able to rent a car. Purchase transactions are contingent upon having enough funds in your checking or savings account to cover the purchase. Verification of funds requires entering your Personal Identification Number (PIN) at a point-of-sale terminal.
Low interest credit card saves you money. Having a good credit rating qualifies you for some of the best low APR credit card offers.
Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. Therefore the company giving you the prepaid credit card has zero risk. Generally people who apply for prepaid credit card are people with poor credit or unemployed.
Secured Credit Card is secured by the amount of funds you have in your account. Your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit.
Unsecured Credit Card is issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one's ability to repay loans. These criteria include payment history, employment history, and financial stability. Individuals with excellent credit will most likely receive a lower interest rate and can receive instant online credit card approval. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.
Travel Rewards Credit Card benefits may include travel accident insurance, free rental car collision/loss damage insurance, rebate on gasoline purchases, frequent flyer points or bonus miles towards airline flights, free quarterly and annual account summaries.
David Hall owns http://www.iCreditOnline.com. He offers free downloadable, high quality guides on credit repair, credit ratings, credit scoring, debt consolidation and more. He has tools for finding a wide range of financial services including secured and unsecured cards, student and business cards, auto loans, and more from the most reputable companies in the industry. You can also compare multiple credit card offers, securely complete an online credit card application, and receive a credit decision in at least 60 seconds. Visit David's site today: http://www.iCreditOnline.com
Tuesday, October 11, 2005
Journal Gazette | 10/11/2005 | Half of home loans for area blacks �high-cost�
Journal Gazette | 10/11/2005 | Half of home loans for area blacks high-cost: "About one of every two home loans made to blacks in the Fort Wayne area last year whether a new loan or refinancing was a high-cos loan, saddling borrowers with higher interest rates, higher fees and higher payments, a new study says."
Sunday, October 09, 2005
Bad Credit Loans - Avoid what's bad for your finances
Stupid Ideas Are Bad For Your Financial Life.
Stupid ideas come in all sorts of packages. Bad debt, various loans, purchase decisions, and
delayed savings. Most people reach the age of 65 with little or no savings. They live off social
security and what little else they have. It is no wonder the golden arches are filled with workers in their golden years.
Anything that wastes your money and prevents you from becoming debt free can be a stupid idea.
The only way to save and invest money is to not send it to creditors each month. Only when it is
yours to keep can you put it aside to work for you as hard as you have worked for it.
It is not your job in life to make your creditors rich. The goal is to make you rich. If you are going to make that happen, stay away from bad decisions. Decisions made in the absence of good, or even any, information. Time pressured, desperate decisions are seldom made with enough information.
Anything that slows down spending and requires you to think twice before parting with your
money is a good idea. Fill out a Purchase Checklist for any decision that requires spending more than what you have in your pocket. Some questions you need to answer: Cost; is it on sale; can you pay cash; where will the money come from; do you know the cost of credit if you don’t pay cash; with that cost added in is it still worth buying; is this a need or a want; could you justify this purchase to another person; and would you accept these reasons from someone else?
Stupid ideas abound when ignorance, greed and pride, (definitely not the common sense triplets) form the basis of your decisions. Ignorance is simply an absence of knowledge or information.
Greed is nothing but wanting more than you should. Pride is caring what your neighbor. or
someone you don’t even know, in an advertisement, thinks of you.
So, understanding there is no winner in the contest to see who is the most stupid, here are some things
to avoid in your financial life.
Bad Debt. Defined as any debt other than a home mortgage, education loans and some business
debt. Bad debt should be avoided. If you have it, getting rid of it should be your number one
priority. Then get rid of your other debt. The more money you can put away as opposed to
sending to your creditors will make a dramatic difference in your financial progress.
These particular types of bad debt need to be avoided at all costs.
Auto title Loans
Payday Loans
Rent To Own Stores
125 Loans
Credit Cards
Pawn Brokers
If you find yourself even considering using any of these call a friend and have them talk you out of it.
Other bad ideas include some of our habits. This is not moralizing here, just a hard look at how
bad habits drain your financial resources. Smoking, alcohol consumption, buying coffee and a
donut on the way to work, lunches at work, and anything else which has become a habit can cost
you a tremendous amount of money per month. Money you could be putting away. Make a fast
calculation of what you spend each day on these habits. Then times it by the number of working
days in a month (usually around 22). This is the money you waste each month. You need to put it
in your pocket not someone else’s. And let’s face it, you will feel better too.
There are plenty of people willing to benefit from your stupid ideas and bad decisions. If you find you have already embraced some of these stupid ideas, change your choices. Don’t compound your mistake. If you make a stupid decision, you don’t need to stick with it. Learn from it and move on. Decide if you are going to have some burned fingers or a ruined life. Live and learn from the burned fingers, let someone else ruin their life.
David Wilding, http://www.debtattack.com
Take Care Of Your Debt Before It Takes Care Of You
Article courtesy of David Wilding at http://www.debtattack.com. Visit for other ideas to combat debt. Print out and use our Purchase Agreement to save you from further debt. Contact us at info@debtattack.com. Copyright 2004 debtattack.com
Stupid ideas come in all sorts of packages. Bad debt, various loans, purchase decisions, and
delayed savings. Most people reach the age of 65 with little or no savings. They live off social
security and what little else they have. It is no wonder the golden arches are filled with workers in their golden years.
Anything that wastes your money and prevents you from becoming debt free can be a stupid idea.
The only way to save and invest money is to not send it to creditors each month. Only when it is
yours to keep can you put it aside to work for you as hard as you have worked for it.
It is not your job in life to make your creditors rich. The goal is to make you rich. If you are going to make that happen, stay away from bad decisions. Decisions made in the absence of good, or even any, information. Time pressured, desperate decisions are seldom made with enough information.
Anything that slows down spending and requires you to think twice before parting with your
money is a good idea. Fill out a Purchase Checklist for any decision that requires spending more than what you have in your pocket. Some questions you need to answer: Cost; is it on sale; can you pay cash; where will the money come from; do you know the cost of credit if you don’t pay cash; with that cost added in is it still worth buying; is this a need or a want; could you justify this purchase to another person; and would you accept these reasons from someone else?
Stupid ideas abound when ignorance, greed and pride, (definitely not the common sense triplets) form the basis of your decisions. Ignorance is simply an absence of knowledge or information.
Greed is nothing but wanting more than you should. Pride is caring what your neighbor. or
someone you don’t even know, in an advertisement, thinks of you.
So, understanding there is no winner in the contest to see who is the most stupid, here are some things
to avoid in your financial life.
Bad Debt. Defined as any debt other than a home mortgage, education loans and some business
debt. Bad debt should be avoided. If you have it, getting rid of it should be your number one
priority. Then get rid of your other debt. The more money you can put away as opposed to
sending to your creditors will make a dramatic difference in your financial progress.
These particular types of bad debt need to be avoided at all costs.
Auto title Loans
Payday Loans
Rent To Own Stores
125 Loans
Credit Cards
Pawn Brokers
If you find yourself even considering using any of these call a friend and have them talk you out of it.
Other bad ideas include some of our habits. This is not moralizing here, just a hard look at how
bad habits drain your financial resources. Smoking, alcohol consumption, buying coffee and a
donut on the way to work, lunches at work, and anything else which has become a habit can cost
you a tremendous amount of money per month. Money you could be putting away. Make a fast
calculation of what you spend each day on these habits. Then times it by the number of working
days in a month (usually around 22). This is the money you waste each month. You need to put it
in your pocket not someone else’s. And let’s face it, you will feel better too.
There are plenty of people willing to benefit from your stupid ideas and bad decisions. If you find you have already embraced some of these stupid ideas, change your choices. Don’t compound your mistake. If you make a stupid decision, you don’t need to stick with it. Learn from it and move on. Decide if you are going to have some burned fingers or a ruined life. Live and learn from the burned fingers, let someone else ruin their life.
David Wilding, http://www.debtattack.com
Take Care Of Your Debt Before It Takes Care Of You
Article courtesy of David Wilding at http://www.debtattack.com. Visit for other ideas to combat debt. Print out and use our Purchase Agreement to save you from further debt. Contact us at info@debtattack.com. Copyright 2004 debtattack.com
Saturday, October 08, 2005
Consequences of ignoring credit card debt
Consequences of ignoring credit card debt: "If I can't work something out with my credit card companies and I walk away from them, what can they do, since it is unsecured debt?"
Friday, October 07, 2005
Bad Credit Loans - lower your interest rates
Four Quick Tips On How To Lower Your Mortgage Interest Rate
by Gus Benson
Lowering your mortgage interest rate
Are you buying a new home? I don't care if it's a condo or a
house, youwill end up spending a lot of money. For most people
it's going to bethe single largest business deal of their life.
To keep expenses incheck it is extremely important to try and
secure the very bestmortgage rate possible. There is a number
of things you can do to loweryour mortgage rate, and right now
is an excellent time because of thelow interest rates.
Tip number one - let lenders compete
Banks and mortgage brokers are in business to lend you money.
If your creditrecord is in order and you have a steady paycheck
coming in you are aprime candidate for a home loan, and banks
will bid under each other tooffer you a loan. The trick is to
let them know you are an informedcustomer looking for the very
best interest rate, and that you are alsolooking at what other
banks have to offer. Don't just go to yourregular bank, shop
around!
Tip number two - get your interest rate offer in writing
Right, so you have approached several different banks to try
and secure a lowinterest rate for your new home loan. As soon
as one of these financialinstitutions have pre-screened you and
are ready to offer you a loan,get them to put the interest rate
they will extend to you in writing.With this interest rate
locked in, you can now get back to all theother banks you are
talking to and tell them: "If you can't match a5.25% interest
rate, we have nothing to talk about."
Tip number three - don't compare apples and pears
Remember that the interest rate you get is dependent on a
number of things, butthe main factor is if you are shooting for
a fixed or adjustable ratemortgage (FRM or ARM, as they are
called for short). This is in factone of the first decisions
you have to make about your mortgage. Sayyou decide you are
looking for a 3/1 ARM, being fixed at an initial lowrate for
the first three years and adjusted each year after that.
Thatmeans that is what you are going to use as a basis for
comparisonbetween different lenders. Don't get sidetracked by
all the otheradjustable mortgage rates or fixed rares on offer,
they'll only get youmixed up.
Tip number four - go for the adjustable rate mortgage
First of all, everyone has different needs and no one mortgage
type will fitall. Some people really appreciate the security of
knowing the exactamount of their mortgage payments for years to
come, and that meansfixed rate is the best choice for them.
With that out of the way, whatwe're looking to find here is the
best way to lower the interest rateon your mortgage. And that
definitely means adjustable rate. Adjustablerates mortgages are
nearly always lower than fixed rates, just take alook at what
your local bank will offer you. Over the life of yourmortgage
that adds up to serious money, and personally I've alwayshated
paying too much!
Gus Benson runs http://www.mortgage-content.com, a website dedicated to
information on mortgages, home loans and interest rates. Click
to visit his site: http://www.mortgage-content.com
by Gus Benson
Lowering your mortgage interest rate
Are you buying a new home? I don't care if it's a condo or a
house, youwill end up spending a lot of money. For most people
it's going to bethe single largest business deal of their life.
To keep expenses incheck it is extremely important to try and
secure the very bestmortgage rate possible. There is a number
of things you can do to loweryour mortgage rate, and right now
is an excellent time because of thelow interest rates.
Tip number one - let lenders compete
Banks and mortgage brokers are in business to lend you money.
If your creditrecord is in order and you have a steady paycheck
coming in you are aprime candidate for a home loan, and banks
will bid under each other tooffer you a loan. The trick is to
let them know you are an informedcustomer looking for the very
best interest rate, and that you are alsolooking at what other
banks have to offer. Don't just go to yourregular bank, shop
around!
Tip number two - get your interest rate offer in writing
Right, so you have approached several different banks to try
and secure a lowinterest rate for your new home loan. As soon
as one of these financialinstitutions have pre-screened you and
are ready to offer you a loan,get them to put the interest rate
they will extend to you in writing.With this interest rate
locked in, you can now get back to all theother banks you are
talking to and tell them: "If you can't match a5.25% interest
rate, we have nothing to talk about."
Tip number three - don't compare apples and pears
Remember that the interest rate you get is dependent on a
number of things, butthe main factor is if you are shooting for
a fixed or adjustable ratemortgage (FRM or ARM, as they are
called for short). This is in factone of the first decisions
you have to make about your mortgage. Sayyou decide you are
looking for a 3/1 ARM, being fixed at an initial lowrate for
the first three years and adjusted each year after that.
Thatmeans that is what you are going to use as a basis for
comparisonbetween different lenders. Don't get sidetracked by
all the otheradjustable mortgage rates or fixed rares on offer,
they'll only get youmixed up.
Tip number four - go for the adjustable rate mortgage
First of all, everyone has different needs and no one mortgage
type will fitall. Some people really appreciate the security of
knowing the exactamount of their mortgage payments for years to
come, and that meansfixed rate is the best choice for them.
With that out of the way, whatwe're looking to find here is the
best way to lower the interest rateon your mortgage. And that
definitely means adjustable rate. Adjustablerates mortgages are
nearly always lower than fixed rates, just take alook at what
your local bank will offer you. Over the life of yourmortgage
that adds up to serious money, and personally I've alwayshated
paying too much!
Gus Benson runs http://www.mortgage-content.com, a website dedicated to
information on mortgages, home loans and interest rates. Click
to visit his site: http://www.mortgage-content.com
Thursday, October 06, 2005
Bad Credit Loans - Free credit card processing
Free Credit Card Processing For Business Owners
by Shane Penrod
Would you like to upgrade your company's operations by taking
advantage of free credit card processing for business owners?
There has never been a better time to locate banks offering
this service and make the best possible deal for your
interests. Financial institutions are eager to work with you in
opening a merchant account, and they sometimes offer attractive
incentives to get entrepreneurs' business. If you like the idea
of free credit card processing, start shopping at your community
banks and credit unions to see what type of deals they can
offer.
Free credit card processing for business owners is an
attractive perk, since some companies impose fees of perhaps 15
to 25 cents per transaction or a monthly percentage fee overall
of between 1% and 2%. Being able to get free credit card
processing for business owners could save you a significant sum
of money each month, and over time, those savings could increase
even more. Your customers will love the ease with which they can
make online credit card payments, and you will appreciate the
time-saving benefits of handling credit payments electronically
rather than by employees who require regular paychecks.
It is a good idea to sit down with your financial institution
and discuss the precise terms of the free credit card
processing for business owners deal. Will you have to pay an
application fee? Will annual membership fees come due each
year? Are there other embedded costs that you should know about
up front? Even if your credit card processing is free, other
start-up expenses could add up to cost even more than the
transactions would. You will want to make the best possible
deal before signing an application or contract to be sure you
don't get trapped into paying unexpected high costs later.
Keep in mind that free credit card processing for business
owners may not be the best perk to ask for when applying for a
merchant account. In addition to start-up fees that could be
imposed and perhaps increased in lieu of the free credit card
processing option, you also may have to pay expenses like a
statement fee, a minimum fee, a discount fee, and a license
fee. These could add up initially to more than you will pay for
transaction fees. Even if the free credit card processing option
appears to save you money at first, is this a limited time
offer? When reinstated later, will transaction fees be
difficult to add to the company budget since you did not start
the process with them?
You might want to get a second opinion on weighing the benefits
offered with various merchant account deals. You could even ask
the customers via an informal survey about the type of credit
processing they are most interested in and then see how
promotional offers for opening a merchant account may impact
customer interests. Of course, you can always check out the
benefits of paying no transactions costs, and if permissible,
switch to another system later if costs increase more than
expected with free creditcard processing for business owners.
Shane Penrod is the founder of
Merchant-Acount-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
by Shane Penrod
Would you like to upgrade your company's operations by taking
advantage of free credit card processing for business owners?
There has never been a better time to locate banks offering
this service and make the best possible deal for your
interests. Financial institutions are eager to work with you in
opening a merchant account, and they sometimes offer attractive
incentives to get entrepreneurs' business. If you like the idea
of free credit card processing, start shopping at your community
banks and credit unions to see what type of deals they can
offer.
Free credit card processing for business owners is an
attractive perk, since some companies impose fees of perhaps 15
to 25 cents per transaction or a monthly percentage fee overall
of between 1% and 2%. Being able to get free credit card
processing for business owners could save you a significant sum
of money each month, and over time, those savings could increase
even more. Your customers will love the ease with which they can
make online credit card payments, and you will appreciate the
time-saving benefits of handling credit payments electronically
rather than by employees who require regular paychecks.
It is a good idea to sit down with your financial institution
and discuss the precise terms of the free credit card
processing for business owners deal. Will you have to pay an
application fee? Will annual membership fees come due each
year? Are there other embedded costs that you should know about
up front? Even if your credit card processing is free, other
start-up expenses could add up to cost even more than the
transactions would. You will want to make the best possible
deal before signing an application or contract to be sure you
don't get trapped into paying unexpected high costs later.
Keep in mind that free credit card processing for business
owners may not be the best perk to ask for when applying for a
merchant account. In addition to start-up fees that could be
imposed and perhaps increased in lieu of the free credit card
processing option, you also may have to pay expenses like a
statement fee, a minimum fee, a discount fee, and a license
fee. These could add up initially to more than you will pay for
transaction fees. Even if the free credit card processing option
appears to save you money at first, is this a limited time
offer? When reinstated later, will transaction fees be
difficult to add to the company budget since you did not start
the process with them?
You might want to get a second opinion on weighing the benefits
offered with various merchant account deals. You could even ask
the customers via an informal survey about the type of credit
processing they are most interested in and then see how
promotional offers for opening a merchant account may impact
customer interests. Of course, you can always check out the
benefits of paying no transactions costs, and if permissible,
switch to another system later if costs increase more than
expected with free creditcard processing for business owners.
Shane Penrod is the founder of
Merchant-Acount-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Bad Credit Loans - You can fix your bad credit
You Can Fix Your Bad Or Poor Credit
by James Smith
Tips on how to get started now.
You will not be able to build good credit overnight. It will
take discipline and persistence on your part to change your
credit for the better. After you have fixed and improved your
credit rating in the eyes of lenders, you will notice more
opportunities offered to you to borrow money at more desireable
terms than when your credit was bad. Just because you have bad
credit does not mean that you can not borrow money or get a
loan, it just means that less opportunities will be available.
The funds you can get will come at a greater cost in terms of
higher interest rates and more stringent repayment terms.
Many banks and lending companies are less likely to make loans
to people with bad credit. Therefore, it only makes sense that
you strive to improve your creditworthiness in order to
convince potential lenders that you are a good credit risk.
Once you have improved your credit history and track record you
will be have better opportunities to buy a car, finance a
personal loan, or buy a house. If you have already been trying
to financed for any large purchases, then you may have noticed
the hurdles you've been put through trying to get approved.
Fixing your credit rating may be as easy as getting any
inaccurate statements off of your credit report. Therefore it
is important to frequently check yours to see if everything on
it is correct. If you do find inaccuracies immediately contact
the credit bureau and work with them to get them corrected and
off of your credit report.
For others, fixing or repairing their credit rating may be a
lot more involved and complicated. Start by getting your
personal budget balanced. You should not be spending more each
month than what you bring in each month. If you are, then get
that straightened out immediately. Cut out all unnecessary
spending and charging. It is critical that you get your budget
and debt repayment plan balanced, while making all debt
payments on time. Not making on time payments each month
increases the late payment fees you will have to pay, bring
about increased interest rates and continue to negatively your
credit rating. Once you start making and continue to make your
monthly debt payments on time, you should see your credit score
start to rise.
If you find that you can not do this on your own, there are
many companies that can provide debt consolidation services.
So in essence to improve your credit:
. Create and live by a personal budget that balances your
monthly income with your monthly expenses.
. Create a plan to save money and pay off your credit cards and
debt.
. Use credit wisely.
. Pay your bills on time every month.
Once you have put all of these tips into action and your credit
score begins to improve, you should see your borrowing
opportunities improve as well. But remember, good credit habits
must be worked at every day, so do not give up and make it a
lifetime habit.
James Smith publishes
http://www.all-credit-types.com/. Visit the personal finance
web site for more credit information and resources. This
article may be freely reprinted as long as the author's
resource box and url links remain intact.
by James Smith
Tips on how to get started now.
You will not be able to build good credit overnight. It will
take discipline and persistence on your part to change your
credit for the better. After you have fixed and improved your
credit rating in the eyes of lenders, you will notice more
opportunities offered to you to borrow money at more desireable
terms than when your credit was bad. Just because you have bad
credit does not mean that you can not borrow money or get a
loan, it just means that less opportunities will be available.
The funds you can get will come at a greater cost in terms of
higher interest rates and more stringent repayment terms.
Many banks and lending companies are less likely to make loans
to people with bad credit. Therefore, it only makes sense that
you strive to improve your creditworthiness in order to
convince potential lenders that you are a good credit risk.
Once you have improved your credit history and track record you
will be have better opportunities to buy a car, finance a
personal loan, or buy a house. If you have already been trying
to financed for any large purchases, then you may have noticed
the hurdles you've been put through trying to get approved.
Fixing your credit rating may be as easy as getting any
inaccurate statements off of your credit report. Therefore it
is important to frequently check yours to see if everything on
it is correct. If you do find inaccuracies immediately contact
the credit bureau and work with them to get them corrected and
off of your credit report.
For others, fixing or repairing their credit rating may be a
lot more involved and complicated. Start by getting your
personal budget balanced. You should not be spending more each
month than what you bring in each month. If you are, then get
that straightened out immediately. Cut out all unnecessary
spending and charging. It is critical that you get your budget
and debt repayment plan balanced, while making all debt
payments on time. Not making on time payments each month
increases the late payment fees you will have to pay, bring
about increased interest rates and continue to negatively your
credit rating. Once you start making and continue to make your
monthly debt payments on time, you should see your credit score
start to rise.
If you find that you can not do this on your own, there are
many companies that can provide debt consolidation services.
So in essence to improve your credit:
. Create and live by a personal budget that balances your
monthly income with your monthly expenses.
. Create a plan to save money and pay off your credit cards and
debt.
. Use credit wisely.
. Pay your bills on time every month.
Once you have put all of these tips into action and your credit
score begins to improve, you should see your borrowing
opportunities improve as well. But remember, good credit habits
must be worked at every day, so do not give up and make it a
lifetime habit.
James Smith publishes
http://www.all-credit-types.com/. Visit the personal finance
web site for more credit information and resources. This
article may be freely reprinted as long as the author's
resource box and url links remain intact.
Wednesday, October 05, 2005
Bad Credit Loans - Fico credit score
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
By: Carrie Reeder
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.
If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.
If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.
With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.
If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
By: Carrie Reeder
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.
If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.
If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.
With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.
If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
Tuesday, October 04, 2005
Bad Credit Loans - Improve your credit rating yourself
Improve Your Credit Rating Yourself - Tips How
To Do It
by James Smith
A credit score is a rating system creditors use to help
determine whether to give you credit, and how much to charge
you for it. If you have ever applied for a credit card, loan,
or insurance, then there is a file about you known as your
credit report which will include your quality score rating.
It is important to check your credit report for accuracy from
time to time. This file has information about you and your
credit experiences, bill paying history, the number and type of
accounts you have, late payments, collection actions,
outstanding debt, bankruptcies, and the age of your accounts,
collected from your credit application and your credit report.
Using a statistical formula, creditors compare this information
to the performance of consumers with similar profiles. A credit
scoring system awards points for each factor. A total number of
points, know as a credit score, helps predict how creditworthy
you are, that is, how likely it is that you will repay a loan
and make the payments on time. Generally, consumers with good
credit risks have higher credit scores. The quality of your
credit rating can impact your ability to get credit, insurance
and employment. Having good credit means it will be easier for
you to get loans at lower interest rates. Lower interest rates
usually means lower monthly payments which saves you money.
Do you have bad or poor credit? Do you want to improve your
creditworthiness and credit rating? Then you are on the right
track and there are proven steps you can take on your own to
make this happen.
Now for the bad news. Only time and effort, along with a
personal debt repayment plan will improve your credit report
and rating.
The good news is that you can do all of the things necessary to
improve your credit rating by yourself at little or no cost.
Step 1. Develop a personal budget.
Take control of your financial situation by doing a realistic
assessment of how much money you take in and how much money you
spend each month. List your income from all sources. Then, list
your "fixed" expenses, those that are the same each month, like
mortgage payments or rent, car payments, and insurance premiums.
Next, list the expenses that may change or vary from month to
month like food, entertainment, recreation, and clothing.
Writing down all of your expenses, even those that may seem
insignificant, is a helpful way to get a grip on and keep track
of your spending patterns, identify necessary expenses, and
prioritize your expenditures. The main goal is to make sure you
can make ends meet on the basic living necessities like housing,
food, health care, insurance, and education.
Step 2. Balance your checkbook.
Yes it seems common sense to do this but you would be amazed at
how many people either don't know how to do it, or just hate
balancing their checkbook. If there is something on your bank
account statement that is confusing or you just can not quite
get right, then go see your banking representative for help.
Either way, it is absolutely critical to control your checkbook
or it will continue to control you.
Step 3. Create a plan to save money and pay down your debts.
You might say ... hey, I can not pay all of my bills now, how
am I going to save any money? That is why getting your personal
budget under control is so critical. Cutting your monthly
expenditures for items that are not absolutely needed will be
necessary in order to get your budget under control. It sounds
simplistic, but your goal is to have more money coming in each
month, than the amount of money you spend each month. Until you
find a way to make this basic truth happen, you will not be able
to pay off your debts and become more credit worthy in the eyes
of lenders.
Not quite sure how to accurately gather and itemize all of your
monthly expenditures and compare them to your monthly income?
You can find lots of helpful resources available online, at
your local library, or at bookstores that address money
management techniques, personal finance and budgeting.
Step 4. Pay your bills on time.
Goes without saying but it is necessary in order to show
lenders that you are improving and are capable of making on
time payments each month. If you're having trouble making ends
meet then contact your creditors immediately. Tell them why
it's difficult for you, and try to work out a modified
repayment plan that reduces your payments to a more affordable
level. Don't wait until your accounts have been turned over to
a debt collector. At that point, your creditors have given up
on you.
These are some of the painful but necessary steps you must take
in order to improve your creditworthiness and rating in the eyes
of current and future lenders. So, embrace these steps and make
it work for your needs.
Author's Email Address: jgsconcepts@hotmail.com. For more free-reprint articles by James Smith please visit:
http://www.isnare.com/?s=author&a=James+Smith
To Do It
by James Smith
A credit score is a rating system creditors use to help
determine whether to give you credit, and how much to charge
you for it. If you have ever applied for a credit card, loan,
or insurance, then there is a file about you known as your
credit report which will include your quality score rating.
It is important to check your credit report for accuracy from
time to time. This file has information about you and your
credit experiences, bill paying history, the number and type of
accounts you have, late payments, collection actions,
outstanding debt, bankruptcies, and the age of your accounts,
collected from your credit application and your credit report.
Using a statistical formula, creditors compare this information
to the performance of consumers with similar profiles. A credit
scoring system awards points for each factor. A total number of
points, know as a credit score, helps predict how creditworthy
you are, that is, how likely it is that you will repay a loan
and make the payments on time. Generally, consumers with good
credit risks have higher credit scores. The quality of your
credit rating can impact your ability to get credit, insurance
and employment. Having good credit means it will be easier for
you to get loans at lower interest rates. Lower interest rates
usually means lower monthly payments which saves you money.
Do you have bad or poor credit? Do you want to improve your
creditworthiness and credit rating? Then you are on the right
track and there are proven steps you can take on your own to
make this happen.
Now for the bad news. Only time and effort, along with a
personal debt repayment plan will improve your credit report
and rating.
The good news is that you can do all of the things necessary to
improve your credit rating by yourself at little or no cost.
Step 1. Develop a personal budget.
Take control of your financial situation by doing a realistic
assessment of how much money you take in and how much money you
spend each month. List your income from all sources. Then, list
your "fixed" expenses, those that are the same each month, like
mortgage payments or rent, car payments, and insurance premiums.
Next, list the expenses that may change or vary from month to
month like food, entertainment, recreation, and clothing.
Writing down all of your expenses, even those that may seem
insignificant, is a helpful way to get a grip on and keep track
of your spending patterns, identify necessary expenses, and
prioritize your expenditures. The main goal is to make sure you
can make ends meet on the basic living necessities like housing,
food, health care, insurance, and education.
Step 2. Balance your checkbook.
Yes it seems common sense to do this but you would be amazed at
how many people either don't know how to do it, or just hate
balancing their checkbook. If there is something on your bank
account statement that is confusing or you just can not quite
get right, then go see your banking representative for help.
Either way, it is absolutely critical to control your checkbook
or it will continue to control you.
Step 3. Create a plan to save money and pay down your debts.
You might say ... hey, I can not pay all of my bills now, how
am I going to save any money? That is why getting your personal
budget under control is so critical. Cutting your monthly
expenditures for items that are not absolutely needed will be
necessary in order to get your budget under control. It sounds
simplistic, but your goal is to have more money coming in each
month, than the amount of money you spend each month. Until you
find a way to make this basic truth happen, you will not be able
to pay off your debts and become more credit worthy in the eyes
of lenders.
Not quite sure how to accurately gather and itemize all of your
monthly expenditures and compare them to your monthly income?
You can find lots of helpful resources available online, at
your local library, or at bookstores that address money
management techniques, personal finance and budgeting.
Step 4. Pay your bills on time.
Goes without saying but it is necessary in order to show
lenders that you are improving and are capable of making on
time payments each month. If you're having trouble making ends
meet then contact your creditors immediately. Tell them why
it's difficult for you, and try to work out a modified
repayment plan that reduces your payments to a more affordable
level. Don't wait until your accounts have been turned over to
a debt collector. At that point, your creditors have given up
on you.
These are some of the painful but necessary steps you must take
in order to improve your creditworthiness and rating in the eyes
of current and future lenders. So, embrace these steps and make
it work for your needs.
Author's Email Address: jgsconcepts@hotmail.com. For more free-reprint articles by James Smith please visit:
http://www.isnare.com/?s=author&a=James+Smith
Monday, October 03, 2005
Bad Credit Loans - Bad Credit Secured Personal Loans
Bad Credit Secured Personal Loans Are Like Desserts – Last Course And Best Recourse For Impaired Credit
By: Amanda Thompson
Plato said, ‘We can easily forgive a child who is afraid of the dark. But real tragedy of life is when men are afraid of the light’.
Are you afraid of bad credit? Then this article is perhaps for all of you who feel bad credit is an issue. Let this be your first step in bad credit therapy. You might question why I quote Plato, who mentions ‘light’, when I talk of bad credit. This is so because having bad credit is not such a dark state of affairs. And besides we have ample light to find bad credit personal loans.
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit is highly opportune. Having a perfect debt is an idealized conception. Some 1.5 million borrowers last year failed to meet credit standards last year. You must have read about perfect credit but it is exceedingly improbable that you might have found someone with perfect credit.
Bad credit personal loans are optimized for the benefit of the loan borrower. Bad credit personal loans are categorized into – secured bad credit loans and unsecured bad credit loans.
A loan borrower becomes the contender for bad credit personal secured loan only when he is equipped to place a guarantee for the loan amount. You don’t have to be an expert to understand bad credit personal secured loans. Basically homeowners are eligible to secured personal loans for bad credit. Secured personal loans for bad credit are secured on your property.
A secured personal loan for bad credit is reliant upon the borrower providing the collateral to ensure payment. This implies that if you have placed your car as the collateral, then in case of non repayment the loan lender will take possession of your vehicle. Default in case of secured personal bad credit loans can lead to drastic consequences. You can even lose your property. That is one statutory warning you need to concentrate on while taking secured personal loans for bad credit.
Bad credit secured personal loan is relevant for you if you have missed some payments on a previous loan, got into mortgage arrears, had a County Court Judgement against you or problems with your credit cards. Sometimes circumstances go out of your control and lead to bad credit.
Before taking out bad credit personal secured loans try to assess you credit report. A credit report gives an account of a person credit history and is prepared by the credit bureau. Lenders determine the credit worthiness of the loan borrower using the credit report. Your credit report is not encouraging that is obvious since you have bad credit. However, being aware of your credit report will enable you to prevent yourself from abuse at the hands of loan lenders. Bad credit personal secured loans borrower who is honest about his credit status is highly considered while providing loans.
Secured personal loans for bad credit enable you to take a loan amount ranging from £5000 to £100,000 with loan term ranging from 3 to 25 years. Secured personal bad credit loans have lower monthly outgoings, lower interest rates. However, be a little realistic while shopping for interest rates on secured personal bad credit loans. The interest rates would be higher than other loan forms. You can get some of the best deals online on secured personal bad credit loans.
Bad credit personal loans have been also known to tackle bad credit. Bad credit secured personal loans not only are a remedy for bad credit but also help building positive credit status. Bad credit personal loans plans have the ability and the potential to construct once more a good credit status.
What can you do with personal secured loans for bad credit? Home improvement, holiday, dream car, debt consolidation, wedding expenses and almost any particular personal reasons.
Bad credit is the opposite of credit repair. And believe it or not credit repair starts at home and repair is a very constructive effort. If you are taking bad credit secured personal loans just for the sake of taking care of particular financial needs then rethink the idea. Take responsibility if your spending habits are alarming or your tryst with credit card is beyond your explanation and make amends. It is easier to start on anew with personal secured bad credit loans.
About the Author: Amanda Thompson holds a Bachelor’s degree in Commerce from CPIT and has completed her master’s in Business Administration from IGNOU. She is as cautious about her finances as any person reading this is. She is working as financial consultant for chanceforloans .To find a Personal loans,bad credit loans visit our site http://www.chanceforloans.co.uk
By: Amanda Thompson
Plato said, ‘We can easily forgive a child who is afraid of the dark. But real tragedy of life is when men are afraid of the light’.
Are you afraid of bad credit? Then this article is perhaps for all of you who feel bad credit is an issue. Let this be your first step in bad credit therapy. You might question why I quote Plato, who mentions ‘light’, when I talk of bad credit. This is so because having bad credit is not such a dark state of affairs. And besides we have ample light to find bad credit personal loans.
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit is highly opportune. Having a perfect debt is an idealized conception. Some 1.5 million borrowers last year failed to meet credit standards last year. You must have read about perfect credit but it is exceedingly improbable that you might have found someone with perfect credit.
Bad credit personal loans are optimized for the benefit of the loan borrower. Bad credit personal loans are categorized into – secured bad credit loans and unsecured bad credit loans.
A loan borrower becomes the contender for bad credit personal secured loan only when he is equipped to place a guarantee for the loan amount. You don’t have to be an expert to understand bad credit personal secured loans. Basically homeowners are eligible to secured personal loans for bad credit. Secured personal loans for bad credit are secured on your property.
A secured personal loan for bad credit is reliant upon the borrower providing the collateral to ensure payment. This implies that if you have placed your car as the collateral, then in case of non repayment the loan lender will take possession of your vehicle. Default in case of secured personal bad credit loans can lead to drastic consequences. You can even lose your property. That is one statutory warning you need to concentrate on while taking secured personal loans for bad credit.
Bad credit secured personal loan is relevant for you if you have missed some payments on a previous loan, got into mortgage arrears, had a County Court Judgement against you or problems with your credit cards. Sometimes circumstances go out of your control and lead to bad credit.
Before taking out bad credit personal secured loans try to assess you credit report. A credit report gives an account of a person credit history and is prepared by the credit bureau. Lenders determine the credit worthiness of the loan borrower using the credit report. Your credit report is not encouraging that is obvious since you have bad credit. However, being aware of your credit report will enable you to prevent yourself from abuse at the hands of loan lenders. Bad credit personal secured loans borrower who is honest about his credit status is highly considered while providing loans.
Secured personal loans for bad credit enable you to take a loan amount ranging from £5000 to £100,000 with loan term ranging from 3 to 25 years. Secured personal bad credit loans have lower monthly outgoings, lower interest rates. However, be a little realistic while shopping for interest rates on secured personal bad credit loans. The interest rates would be higher than other loan forms. You can get some of the best deals online on secured personal bad credit loans.
Bad credit personal loans have been also known to tackle bad credit. Bad credit secured personal loans not only are a remedy for bad credit but also help building positive credit status. Bad credit personal loans plans have the ability and the potential to construct once more a good credit status.
What can you do with personal secured loans for bad credit? Home improvement, holiday, dream car, debt consolidation, wedding expenses and almost any particular personal reasons.
Bad credit is the opposite of credit repair. And believe it or not credit repair starts at home and repair is a very constructive effort. If you are taking bad credit secured personal loans just for the sake of taking care of particular financial needs then rethink the idea. Take responsibility if your spending habits are alarming or your tryst with credit card is beyond your explanation and make amends. It is easier to start on anew with personal secured bad credit loans.
About the Author: Amanda Thompson holds a Bachelor’s degree in Commerce from CPIT and has completed her master’s in Business Administration from IGNOU. She is as cautious about her finances as any person reading this is. She is working as financial consultant for chanceforloans .To find a Personal loans,bad credit loans visit our site http://www.chanceforloans.co.uk
Sunday, October 02, 2005
Bad Credit Loans - Bad Credit Mortgage Loans
Bad Credit Mortgage Loans - Are You Killing Your Chances Of Getting Approved? by Carrie Reeder
When you have poor credit, your list of lenders that will approve you for a home loan can shrink down very small. You want to make sure that you are doing everything in your power to keep your credit rating as high as you can. Many people will unknowingly hurt their chances of getting approved and make it more difficult for themselves. Here are 3 things you will want to avoid doing if your credit history is already bad.
1. Don't have your credit pulled over and over by different lenders - Many people will, because of their difficulty in getting approved, apply with many different brokers and have the broker pull their credit over and over. Every time your credit is pulled, your score will drop just a few points. In some situations, it can be enough to disqualify you from the loan. The best way to go is to apply with companies online that will give you a pre-approval without pulling your credit, but instead, ask you what your credit is like.
2. Don't Open Too Many New Credit Accounts - If a lender sees that you have a lot of new accounts open it can make them wary to want to lend you money. It can also raise your debt to income ratio, which will make it difficult, if not impossible, to get approved.
3. Don't Be Late On Your Current Payments - Some people feel that since their credit score is already poor, it doesn't make any difference whether or not they make their payments on time now. That is not the case, your credit score improves a little, everytime you make your monthly payments on time.
To view our list of bad credit mortgage lenders online, most of which do not pull your credit with the initial application, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml.
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.
When you have poor credit, your list of lenders that will approve you for a home loan can shrink down very small. You want to make sure that you are doing everything in your power to keep your credit rating as high as you can. Many people will unknowingly hurt their chances of getting approved and make it more difficult for themselves. Here are 3 things you will want to avoid doing if your credit history is already bad.
1. Don't have your credit pulled over and over by different lenders - Many people will, because of their difficulty in getting approved, apply with many different brokers and have the broker pull their credit over and over. Every time your credit is pulled, your score will drop just a few points. In some situations, it can be enough to disqualify you from the loan. The best way to go is to apply with companies online that will give you a pre-approval without pulling your credit, but instead, ask you what your credit is like.
2. Don't Open Too Many New Credit Accounts - If a lender sees that you have a lot of new accounts open it can make them wary to want to lend you money. It can also raise your debt to income ratio, which will make it difficult, if not impossible, to get approved.
3. Don't Be Late On Your Current Payments - Some people feel that since their credit score is already poor, it doesn't make any difference whether or not they make their payments on time now. That is not the case, your credit score improves a little, everytime you make your monthly payments on time.
To view our list of bad credit mortgage lenders online, most of which do not pull your credit with the initial application, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml.
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.
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