Sunday, November 05, 2006

Learn The 15 Debt Elimination Steps You Must Take Immediately!

What Everybody Needs To Know...Learn The Truth About Debt Elimination!

Here`s how we have been taught to charge, charge, charge and promised Easy monthly payments by advertisers who seduce us into debt. So its no accident that the credit, finance and loan companies end up with most of our money, while we end up with all of the bills.

Debt Elimination tips shows how Millions of Americans are living on the edge of financial disaster surviving only on the hope of next week's paycheck. The average American is dying under a load of debt, with little or nothing building in the bank or in investments.

Debt Elimination Tips, shows how we've been misled!

See for the first time how the entire way our economy works, is designed to make you work yourself to exhaustion--simply to accumulate wealth for the companies you do business with--Not For You.

The most staggering example of this is a home mortgage. Say you bought a home with a 30-year conventional or adjustable rate mortgage, you will pay for that loan about THREE TIMES. Just multiply out your payment times 360 months and you will see that the total is about 3 times the value of the money you borrowed.

Say you buy a $250,000 home, with a $200,000 mortgage; you will end up paying about $600,000 over 30 years. This means that you will pay nearly $400,000 dollars in interest! Just for the privilege of using their $200,000.

That means that two-thirds of that total is interest. Interest is the profit the Mortgage Company makes for lending you the money to buy the house. And they feel that you should pay them back THREE TIMES. That's 200% interest!

Debt elimination tips -- Now let these words soak into your mind and heart: You will have to work...week after week...year after year...to earn FOUR HUNDRED THOUSAND DOLLARS---Just so you can give it to the bank to make them rich!

Debt Elimination Tips, Show's how bad it really is to use credit cards and to make only the minimum payments!

Suppose you bought $2,000 worth of furniture on a typical (19.8% interest with a $40 annual fee) credit card, and you paid only the minimum monthly payments requested by the credit card company (here's why they only ask for a minimum payment), it will take you 31 years and 2 months to pay it off.

Plus--In addition to the original $2,000 cost of the furniture-- you would have paid $8,202 in interest,(if you make the minimum payments) just for the privilege of using their $2,000! That's five times the furniture's value! Long after you had thrown the furniture out, you would be draining your wealth away paying for it.

Banks, finance, creditors and credit card companies have encouraged indebtedness.

According to a study by the United States Department of Health and Human Services, 96% of Americans never achieve financial independence. They end up depending on charity, family, government welfare or they're forced to keep working just to survive!

Debt Elimination Tips, Why turn your hard-earned money over to the credit card companies? When you don't have too. Follow a proven debt elimination plan!

A new survey by the American Bankers Association found that 45% of credit card holders with incomes between $50,000 and $100,000 never pay off their balances. Many others don't even make the minimum payments and fall behind on the interest. (Palm Beach Post, Oct 7, 1998)

Debt elimination tips shows how the average American will make over $1,000,000 in his or her working lifetime, and will have as much as 67% to 80% of their money Legally Stolen from them in the form of many different types of federal, state, local taxes and interest on borrowed money!

Are you tired of living paycheck-to-paycheck, month-to- month, making minimum payments, with little hope of ever getting ahead?

Debt elimination tips You Can Start Using Today!


1. Begin eliminating all debts.

2. Write down everything you purchase, determining where your money is going is half the battle on your road to becoming debt free and critical to your future financial success. Seeing it in black and white can give you a new perspective.

3. Pay cash whenever possible.

4. Cut up and cancel all your credit cards, Using a debit card instead of a credit card gives you all the convenience of a credit card but withdraws money immediately from your checking account, so you can not dig yourself back into debt.

5. Never fall into the habit of making only minimum payments.

6. Pay the most you can afford.

7. Put money-saving tips into practice, when possible shop at outlet malls, wholesale clubs and take advantage of coupons.

8. Avoid the trap of thinking in monthly payments.

9. Consider the total cost of purchasing goods and services on credit and compare that with cash savings. You'll pay cash every time.

10. Compare the interest charged on your debts with the interest earned on your savings and investments. You'll find it makes more sense to resolve all debts before beginning a savings or investment program.

11. Debt consolidation loans: be very careful your monthly payments will be lower, but you may lose in the long run, because those lower monthly payments will be spread over a longer period of time. If you don't change your spending habits Now, you could easily end up in worst trouble down the road!

12. Bargain for a better deal: Don't be afraid to negotiate with your creditors many will be willing to Freeze your interest on your outstanding balances in return for automatic monthly payments.

13. Avoid the Quick-Fix companies. Many will charge you a lot of money Up Front, but very few will genuinely help you in the long run.

14. Don't promise away your future income by cashing out part of your retirement savings early to pay down your current debt. You will have to pay Current federal and state taxes, Plus an early withdrawal penalty on that money. You are borrowing against your future, just to pay your current debts and to continue Living a lifestyle beyond your means.

15.Avoid filing for bankruptcy.

http://www.debt-elimination-program-reviews.com is run by Vincent Dail. They review and then list some of the best debt elimination, programs, software and books available online!

Sunday, August 27, 2006

Building Credit Ideas

There are several ways that we can build credit. If you are
tired of collectors hounding you, or if you are frustrated that
no one will loan you money because you never had credit, it is
time to learn how to build your credit. First, and foremost
never purchase items you do not need. If you 'want', do not let
your wants wear you down and get you deeper in debt. If you are
searching to build credit and have no history at all, make sure
you have your priorities in order.

Bad Credit Building Credit

If you have, bad credit get a DO-IT-YOURSELF-Kit and gets the
balls rolling. You can go to your public library and get books
that will guide you through the steps of repairing your credit.
Most libraries allow you to copy and print forms that you must
fill out and then send to your credits.

There are systematic guides at your local library that has the
tools for instructor debtors how to write letters to creditors.
Letters are probably better than phoning creditors, since some
creditors could care less about your situation and may threaten
you. Another good reason for writing letters is that (copy in
writing) is more valuable in a courtroom than a conversation on
the phone. If something is said or an agreement is reached and
the creditor later denies his or her claims then you can
present this to any courtroom and they will listen to you
first. Any documents that pertain to your credit history should
be stored in a safe area. If you send letters to your creditors
keep a copy of each letter sent and store it in a safe area. If
you notice any errors on your bills or credit, reports make sure
that you contact the appropriate professionals and dispute the
charges immediately. If you have credit cards and used the card
to purchase an item or use a service and this person sold you a
defected item or else provided bad service, you DO NOT have to
make payment toward the charges. You do however have to dispute
the charges with the services or stores that sold you the
product or service. If the sources refuse to give you an item
usable, or else reimburse you for a service or product you have
the right to deny payment.

Once you have disputed the charges with the sources you will
then contact your card provider and let them know what
occurred. If you are lucky enough to have a credit card with
bad credit, use the card to repay your debts and then meet the
monthly installments on the credit card each month. Ironically,
you are getting out of debt while going in debt deeper. It is a
solution when all else false. In other words, if you use the
card to pay your debts each month and then payoff your credit
cards the following month and then turnaround and uses the card
to pay that month bills..

Now you see where I am going. Credit cards have interest rates
so the bills each month on the card will increase.

No, Credit.No Problem

I do not need a credit line or credit card; I pay all my bills
each month with money. Is this you? Well then, you have the
obvious answer, but what if.

In today's world, we are moving into an era that requires us to
have at least one major credit card. When you phone any business
where you have debts, they will first ask you to pay with a
credit card. If you go apply for a job, apartment, mortgage,
car loan, or any other credit line you most likely will get a
rejection notice in the mail. Most lenders will not give credit
to anyone that has no credit history. The reason is that we are
expected to establish a credit line when we are teens, and if
we do not the lenders are often suspicious. The lenders do not
have an idea and can only base their judgments of you on
assumptions. Can I assume this person will make monthly
payments on time? Has this person taken for granted a loan from
a friend or family member in the past and there are no records
available for me to see if it is true? There are many reasons
that lenders will refuse you a loan if you do not have a credit
history. The best solution is starting up a line of credit now,
pay off your dues on time and avoid making purchases on items
you do not really need. Staying out of debt means regulating
your money each month and paying your bills on time.


About The Author: Son Ngo is the editor at
http://www.vkhowto.com, a community shared "How To" website on
everyday tricks and tips. You can share your expertises and
experiences to the world by submitting your article at the
website.

Wednesday, May 17, 2006

Reducing Your Unsecured Debt

A recent survey showed that more than 2 million people in the
UK had unsecured debt of more than £10,000 (approximately
$16,000). As you can imagine most of this debt is held on Store
and Credit Cards, which are quite often the most expensive form
of unsecured debt an individual can acquire.

How manageable this debt is, is often down to the individual's
circumstances. One thing for sure is that when borrowing you
want to aim to reduce the amount of interest that you pay on
any outstanding debt. Here are a few tips to achieve this.

1. Pay off expensive debt first

Unsecured lending is by far the most expensive borrowing and if
you have a number of cards, some probably charge higher interest
rates than others. If you are not paying off the full balance of
your credit card each month, aim to pay more off the most
expensive cards.

2. Transfer expensive debt to cheaper cards

There's a lot of competition out there. Many credit cards have
introductory offers with either low or zero interest rates.
Transfer your balances from your old card to these new cards.
Remember to close your old credit card accounts to remove
temptation. It is a well known fact that many people don't
close their old accounts and then rack up more debt on both the
old and new accounts.

3. When you've cleared some debt, try not to borrow more

When you've cleared your credit card balances, try to get into
the habit of only spending what you earn. Stop using the cards
and to remove temptation cut them up. It pays to disciplined.
Remember you're trying to reduce debt. The best thing to do is
to create a budget for yourself and pay for everything with
cash.

Obviously this isn't an exhaustive list, but if you follow
these tips it will be a positive move in the right direction.


About The Author: Ian Walsh is the webmaster at information on Finance,
Gambling and Self-Help.

Credit Card Debt Statistics

In the United States, the debt levels of Americans have
continued to increase since the 1980s. It was during this time
that the use of credit cards greatly increased. Credit cards
companies begin looking for different ways to market their
products to consumers, and used such things as direct mail,
commercials, and other marketing tactics.

It was during the 1980s that consumers begin moving away from
cash and checks into credit cards. The cause of this is often
attributed to the start of the information age. As the use of
computers became more widespread, credit cards quickly
followed. It is estimated that the number of people using
credit cards during this time surpassed those who were using
checks and cash in a single year. The use of debit cards has
grown tremendously since this time as well.

The rise of debit cards are a direct result of the problems
seen with using credit cards. Statistics show that the average
American consumer owes about $9,000 in credit card debt. Many
people have made the mistake of thinking that they are using
their own money when they use credit cards to make purchases.
It is easy to forget that this money is owned by the credit
card companies, and they are simply allowing you to borrow it,
with the promise you will pay it back. The average interest
rate owed on credit cards in the US is about 14%.

It is easy to view credit cards as being "easy money." After
all, you don't have to work for it, and it doesn't have the
same effect on you that cash has. Statistics show that people
have a tendency to spend the money of others much faster than
their own. Recent data also shows that Americans are paying
even less of their debts than ever before. It was recently on
the news that the savings rate for Americans is negative, at
about -0.05%.

Though we live in an electronic age, being irresponsible with
your credit cards is a great way to end up with a life time of
headaches. Many high quality jobs now require you to have good
credit, and it is difficult to get a mortgage or a car if you
have poor credit. This is why it pays to be responsible with
how you manage your finances. It is best to stop borrowing
money and use your own funds to make purchases.


About The Author: Joe Kenny writes for the credit card
comparison sites http://www.creditcards121.com and also
http://www.cardguide.co.uk

Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=49169

Tuesday, April 25, 2006

What Is A Judgment Lien?

A judgment lien is a court ordered lien that is placed against
the home or property when the homeowner simply fails to pay a
debt. This doesn't seem like a big deal, but when the homeowner
has a judgment lien against his or her home and wants to sell
it, the judgment lien has to be paid in full before the home or
property can be sold. Judgment liens can be placed against the
property for a variety of reasons such as unpaid credit card
bills, utility bills, department store bills, landscaping or
home improvement bills, and just about any bill that the
homeowner has failed to pay in a reasonable amount of time. Any
bill that can cause one to end up in court can result in a
judgment lien.

A judgment lien is different than a trust, in that the judgment
lien holder cannot foreclose on the home or the property as
trust holder can. Judgment lien holders can demand payment, but
ultimately they must wait for the homeowner to sell the property
before they can expect to be paid the money that they are owed
according to the judgment. Luckily for the judgment lien
holder, the court will typically assign an interest rate to
these liens so that the lien holder is compensated for their
waiting as the interest will continue to accrue until the debt
is paid in full. Because the majority of people will live in
their home for quite some time, the interest can make a
judgment lien grow, and grow, and grow over the years so that
it is quite large. Imagine what a lien of just $3,000 would
grow to over the years if the interest rate were 15% annually
and that would be an even bigger amount if the debt were $5,000
or $10,000!

Of course, judgment liens require court action. A creditor will
take the homeowner to court where the judge will determine if
the homeowner does in fact owe the creditor any money. If the
court decides that the creditor is owed the money, and the
homeowner will not or cannot make payment, the judge will order
that a judgment lien be placed against the property. The
judgment lien will then be entered into land records offices
for the city or county so that the home cannot be sold without
repayment of the debt. Once the lien is filed with the land
records office, the judgment lien is said to be attached to the
property, meaning that it cannot legally be sold without paying
off that lien. If the judgment lien is not listed at the land
records office, then it means that the debt or lien is not
legally attached to the property and does not need to be paid
off to sell the home.

A home or property can have numerous liens against it, which
may present a problem when the home is to be sold. Fortunately,
the law says that liens will be paid off in the order that they
were attached to the property, meaning the first lien will be
paid first, the second will be paid second, and so on. This is
a law that was basically developed for when a home is
foreclosed on. If a foreclosed home is auctioned it will first
pay off the first lien, then the second, and the third until
there is no money left to pay the debts that are still attached
or associated with the home. Of course, all trusts against the
house, such as mortgages and home equity loans, would be paid
off before the judgment liens, so it's not uncommon for these
liens to simply go unpaid because there is no money remaining
to pay these debts after the trusts are paid. If there is not
enough money to pay for all of the judgment liens and trusts on
the home or property, they are then wiped out and can no longer
be collected on. Of course, the auction will usually attempt to
pay for all of these debts, and they are paid for until there is
no money. The reason for this is that the new owner will not be
able to get any home equity loans or second mortgages with
judgment liens already on the home. If there is money left over
after everything is paid off, the remaining amount would go to
the foreclosed homeowner as all debts are paid.

You can look for judgment liens at the land records office,
though you will typically not find them listed with trusts.
Investors or homeowners looking to sell their home will have to
look into both trusts and judgments, as they are listed in
different areas. Investors can often be caught off guard when
they realize how much debt is attached to the home, and sellers
are often startled at old judgment liens that they had forgotten
about and don't want to afford to pay off in order to sell their
home. It's a good idea to go over all of this information before
one bids on a home or attempts to sell it or put it on the
market.

Judgment liens are not something that anyone wants put against
their home, but they are common enough. There comes a time for
many people when they simply cannot pay a bill, and a judgment
lien is ordered. Making a continued effort to pay down the debt
is a great idea so that you don't acquire large interest fees in
addition to the initial dollar amount of the lien. The homeowner
does not have to wait until the home is sold to pay off the
lien, instead they can be paid off as soon as possible. The
judgment lien is simply put in place so that the home cannot be
sold without the debt being paid, and when you look at it from
the creditors point of view, this is a great tool to ensure
that you'll eventually be paid the amount you are owed in
addition to an interest fee that will pay you for waiting.


About The Author: Visit http://www.theforeclosuresinfo.com and
http://www.stateof-california.com

Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=46104

Saturday, April 22, 2006

Learn How To Fix Your Credit & Debt Problems Before Buying Your Next House!

Most people think - mistakenly - that if you have credit
problems, you have to wait 7 years for them to go away. Well,
that's not always true.

Credit repair can help you...once you know how to do it. The
time to clean up your credit and pay off your debts is RIGHT
NOW, before you start looking for houses and applying for
mortgages. Cleaning up your credit and lowering your debt will
help you:

. get a better interest rate
. borrow more money
. and save lots of money in interest

Clean Up Your Credit Report

These days, getting credit is easy. Unfortunately, so is
getting into debt or financial trouble.

But just because you've had some money problems does NOT mean
you can't get a mortgage and buy a house. There are all kinds
of loans:

. loans for first time homebuyers
. loans for people with bad credit
. loans for people with perfect credit
. and loans for people without a lot of money for a down
payment

So, most people can get a loan these days. The question is, HOW
MUCH will you pay in the long run for higher fees and interest
rates?

A lot of people think that if something bad goes on your credit
report, that it must stay there for 7 years, or longer. But
that's not always true. Credit repair can work, if you know how
to do it.

And, you can do it yourself.

For example, I had lots of debt (from a business idea that did
not work) and got a lot of bad credit listings while getting
myself out of debt.

And within 6 months of paying off my last credit card bill
(remember, even if you have some debt you might still be able
to get a house loan) I repaired my credit to the point that I
got both a car loan and a mortgage. More importantly, I got the
LOWEST POSSIBLE interest rates, which over the life of a 30-year
loan could save me tens of thousands of dollars!

How did I repair my credit?

I got a copy of all my credit reports, and kept writing letters
asking the credit bureaus to remove the bad credit.

So it CAN be done. (And I had some pretty bad stuff on my
credit reports.) The worst that can happen is that the credit
bureaus can say "no" to your request. The best that can happen
is that your credit score will improve, and you'll pay a lower
interest rate, get a bigger mortgage, or both!

So, how do you clean up your credit report?

The first step is to get a copy of your credit report from the
3 credit bureaus, listed below. You might have to pay a few
dollars, but it is well worth it. If you moved, changed jobs,
and had any other personal info change recently, you can send
it to the credit bureaus, and request a free copy.

NOTE: You are now entitled to one free credit report each year
from http://www.annualcreditreport.com.

The next step is to circle or highlight the bad credit items,
and write a letter to each credit bureau asking them to remove
the item. If you have a lot, focus on one or two at a time.

Then, wait a month or two, and ask for another one or two items
to be removed.

It might take a few tries.

But if you keep trying, eventually most (or all) of the items
will be removed.

In the worst case - even if you only get a few removed - it
might still improve your credit score, reduce your interest
rate, and lower your monthtly payment!

So don't give up.

It might take a little time to repair your credit - especially
if you've had quite a few money problems. But every little bit
helps your credit score, your interest rate, and the amount of
money you can get.

Then Pay Off As Much Debt As Possible

I know, when preparing to buy your new home money is real
tight. But if you have any extra money - any at all - try to
pay off as much debt as possible. This will help you:

. Be more likely to be approved for a mortgage
. Be able to borrow more money
. Have one (or more) less bill to worry about once you start
having to pay a mortgage every month.

If you can't pay off your debt, you might want to consider
waiting before buying your new home. Or, look into a debt
reduction program that can help you get out of debt faster.

There are no rules that say you can't have some debt and still
buy a house!

But think very carefully about your financial situation. And
TRY to pay off as much debt as possible before buying a house.
There is enough to worry about as a new homeowner, without
having to worry about paying your credit card bills.

At the very least, if you do have any debt, MAKE SURE you can
comfortably afford to pay your credit card bills as well as
your mortgage, before getting started!


About The Author: Kris Bickell is the owner of
HouseBuying-Tips.com, a site that helps first time home buyers
avoid the costly mistakes that many new homebuyers make. For
more tips on buying a house, getting a mortgage, finding a
realtor, and getting out of debt, sign up for the free "How To
Avoid These 10 Costly Mistakes When Buying Your First Home"
email course at: http://www.HouseBuying-Tips.com/course.html. ©
2005 HouseBuying-Tips.com

Monday, April 10, 2006

Consolidation Debt For Newbies

Consolidation debt to help get you out of the quagmire

Will you agree with me if I tell you that, the key to financial
success is to live within your means? This is an old belief that
modern day income earners have completely forgotten. This is
because it is now extremely easy to get into financial trouble.


Credit card, store cards and other loans are easy to acquire.
However, you will agree with me when I say that they are very
hard to pay, you may end up living a paycheck-to-paycheck kind
of life if you will not fix the situation immediately.

Consolidation debt may save your sinking credit standing.
However, you need to be careful if you need a consolidation
debt. Many debt consolidation companies may offer their
services when you need a consolidation debt. This may be
helpful but it is more advisable if you try to make a realistic
personal assessment of your financial condition before deciding
on acquiring a consolidation debt.

First, you need to consider the ultimate reason why you think a
consolidation debt may be your only way out. Does interest rate
burden you that even you pay your dues; your obligation remains
that same. If this is so, then may be a consolidation debt can
be your best bet.

If you need to reduce your monthly payments to only one in
order to avoid sacrificing other debtors in favor of another,
then this may also be a reason for acquiring consolidation
debt. Additionally, proper handling of a consolidation debt may
speed up repair of your credit standing. This may be a very good
benefit you will get from acquiring a consolidation debt.

When you finally decide base on your personal assessment that
really, consolidation debt is a good way to help take back your
credit standing and credit worthiness, then you need to decide
on the next issue.

Do you want to negotiate for your consolidation debt or would
you need a credit counselor? You may try to negotiate
personally but this proves to be too tedious and that there may
be technical terms you are not familiar to.

Let us hope you do not fall prey to loan sharks that will apply
unrealistically high interest rates on the consolidation debt
you will acquire. It may be a good recommendation to get the
services of a reputable and respectable lending institution to
negotiate for your consolidation debt.

There are benefits you may get from debt consolidation
companies that you may not provide for yourself. Since, they
are in the business of providing debt consolidation services,
they may be able to negotiate better and may lessen your debt,
lessen the interest rates and even lessen the late payment
charges. This is going to be very beneficial.

However, you need to be smart in choosing a debt consolidation
company to represent you in your consolidation debt
application. Because there are some who may take advantage of
you. Get references and find resources that may help you in
assessing the best lending institution to represent you.

Finally, a good recommendation for acquiring a consolidation
debt is to get as many proposals as you can. From there, you
assess which offers the most flexible terms. Consider the
monthly payments you need to set aside.

You may also need to consider the length of the payment terms
and the charges of the debt consolidation company for the
services in acquiring your consolidation debt. After all these
get the most advantageous offer and start from there. Take back
your life and your credit standing. Avoid headaches and
sleepless nights due to bugging creditors. When you finally get
a consolidation debt, pay diligently, this is the best way for
you.


About The Author: Diego H. is the owner of My Debt
Consolidation Advisor and invites you to take a download free
helpful information, articles, and more check
http://www.mydebt-consolidation.biz/

Bad Credit Home Financing - Buy A House Even With Poor Credit

Sub prime lenders come in two groups: reasonable and
unreasonable. Reasonable sub prime lenders offer mortgage
financing to high risk borrowers with slightly increased rates
and fees. Unreasonable sub prime lenders charge several extra
points and excessively high fees. Only through comparative
shopping can you know if a particular lender is offering
reasonable or unreasonable rates.

Compare Rates

Comparing rates is easy through online lender websites. By
entering basic information, you can quickly receive quotes from
several mortgage lenders. These quotes will give you a rough
idea of who offers the most competitive packages. Be sure to
add in fees and extra points when you are considering the cost
of the loan.

Real Quotes

Real mortgage quotes require more information than just the
loan amount and your income level. You will also need to
provide information about your home's location, your down
payment, and other personal information.

After you have compared general quotes, you can request
specific quotes from a handful of mortgage lenders. Online
mortgage applications allow you to do this from the convenience
of your home where you can easily find your financial and
personal records.

Applying Online

Once you have received a quote from a mortgage lender, you can
quickly finish the application process. Some lenders will
require additional information online, but most lenders will
simply mail out the final paperwork for your approval. After
the forms are signed and notarized, you send it back to the
lender for final processing.

Refinance Later

A subprime loan does not have to be permanent. Mortgage lenders
look at the last three years of your credit history when
considering your application. So after making regular payments
on your mortgage and all your other bills, you can consider
refinancing for a lower interest rate. Other ways to improve
your credit rating include paying off credit cards and
increasing your cash reserves.


About The Author: Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans. To view our list of recommended sub
prime mortgage lenders online, visit this page:
http://www.abcloanguide.com/lessthanperfectcredit.shtml

Tuesday, March 28, 2006

Credit Bureasus Release New Credit Scoring System

What's this new VantageScore credit score!

The three major credit bureaus Experian, Equifax and
TransUnion introduced the VantageScore in March 2006
to compete and replace the current FICO score system.

VantageScore has one big thing going for it: It's easy for
consumers to understand. VantageScore scores are on a
scale of 501 to 990. If your score is in the 900s, you have
the credit equivalent of an A and you'll get favorable
interest rates. If your score is in the 800s, that's the
credit equivalent of a B, with slightly less-favorable rates.

The credit bureaus say they've introduced this new
system so that the scores being reported to credit
grantors are consistent and easier to interpret.

But some observers say that the new scoring model
won't change the biggest problem consumers face when
it comes to credit scoring -- inaccurate or incomplete data
in their individual reports

To understand what that means, you need to know that
while we all get a score generated from each bureau,
how those scores are determined can vary greatly. That's
because each bureau uses a different formula to
generate the score it sells to lenders.

The scores under the new system could still cause a huge
spread in scores. Credit scores are generated using
information in your credit files. Each file can have all the
same information or vastly different data.

One creditor may or may not report all your information to
all three bureaus. Or one of your files might be missing
the maximum limit on your credit card, making it appear
as if you are overextended.

The new score was just introduced last week, and
adoption is gradually moving along. The credit bureaus
plan to replace the proprietary scores at their Web sites
with the VantageScore over the next few months, but
right now they're focusing on marketing the score to
lenders.

----------------------------------
For more details and a complete explanation of how the
score works and what to do to improve yours visit:
http://www.credit-repair-specialist.com and
http://www.debt-elimination-program-reviews.com for
the latest updates.

Tuesday, March 21, 2006

The First Step To Getting Out Of Debt: Make The Commitment!

These days, getting into debt is easy.

Unfortunately, getting out of debt is not so simple for most
people. But you can do, if you go about it the right way.

The first - and by far the most important step - to getting out
of debt is to MAKE A COMMITMENT!

Personally, I spent years telling myself how much I wanted to
get out of debt. But then something would always happen - a big
expense, a change of jobs, you name it.

And even though I really wanted to get out of debt, I never
made any real progress. Then one day I finally got so
frustrated I said to myself:

"It's now time to do WHATEVER IT TAKES to get myself completely
out of debt!"

And for the first time since I got myself into debt (by maxing
out all of my credit cards trying to start a business) I
finally figured out the true "secret" to getting out of debt:
making the commitment!

So, if you haven't already made a commitment of your own, do it
right now. Decide you're going to do WHATEVER IT TAKES to get
yourself out of debt...and start doing it!

How long will it take you to get out of debt? If you're like
most people (including myself not long ago), too long!

How To Take Action

Once you make this commitment, it's time to take action.

Write down exactly how you plan on getting out of debt. Here
are some questions to ask yourself while developing your plan:

- How can you save money each month?
- What expenses can you eliminate?
- How much more money can you use to pay off your credit card
bills faster?
- How can you make some extra money?
- Have you contacted your creditors to request a lower interest
rate?
- How can you change your spending habits?
- Have you considered professional help - credit counseling,
debt negotiation, bankruptcy - to find out all of your options?

- Are you really committed to getting out of debt?
- When do you want to be completely debt free?

It's a great feeling being completely free of credit card debt.
But it won't start happening until YOU decide to make it happen!


© 2005 Debt-Tips.com


About The Author: Kris Bickell is the owner of Debt-Tips.com, a
helpful site for consumers struggling with credit card debt. For
tips on getting out of debt, repairing your credit, saving
money, and making extra money online, sign up for the free "Get
Out Of Debt Faster" email course at:
http://www.Debt-Tips.com/course.html.

Saturday, March 18, 2006

Your Credit History

Your credit history. Three simple words that can determine the
outcome of our financial success. Your credit history
influences any and all decisions that a company or institution
will make when considering you as a credit risk. Because of its
importance, knowing and understanding what your credit report
says about you is vital.

Your Credit Report

Your credit report is a document that will show your personal
and financial information, good and bad. Your score is based on
this information and is called your FICO score. The higher the
FICO score the better. This information is reported by all
three major credit bureaus, Equifax, Experian (formerly TRW),
and TransUnion. Any time you apply for credit of any kind, the
lender will contact one of these credit bureaus to obtain a
copy of your credit report.

This all sounds pretty technical but what it boils down to is
this, your credit score will influence all future financial
decisions. That is why it is so vitally important that you keep
track of your score and read your report regularly. Mistakes can
and have been made. Keeping track of your report will help you
to find these mistakes and resolve them in a timely manner.

What Your Score Means For You

Pretty much everything. As I mentioned above, your credit score
will influence the decisions that companies make when you apply
for credit. If your credit is less than perfect, you may be
turned down or at least given a higher interest rate than
someone who has a higher score. Problems can stay on your
report for as long as two years even after they have been
resolved.

What Influences Your Score

Your payment history is one of the main influences. Have you
paid your bills on time? If you have routinely been late with
payments, your score will be negatively affected.

How much outstanding debt you have is also a factor. This
includes the outstanding balance on any loans you may have as
well as the credit limits on any credit cards you may have. If
you have multiple credit cards and these cards all have high
credit limits, even if you don't carry a balance on these
cards, the possibility still exists that you will someday
charge all these cards to their limits. This possibility alone
will negatively affect your credit score.

The length of your credit history is also a factor.
Surprisingly, no credit history can work against you. With
nothing to go on, the company has no idea as to just how you
will handle your credit.

Obtaining Your Report

Since January of 2004, all credit bureaus are required to give
you one copy of your credit report for free each year. Although
the credit report is free, they can charge you for your FICO
score. Contact any of the major credit bureaus either online or
by phone and see what their policy is.


About The Author: Keith Baxter made it his mission after
college to educate as many people as possible to the advantages
and disadvantages of credit through a widespread re-education
initiative. You can find out more about Keith and what he's up
to at http://www.thebankcreditcardlist.com.

Friday, March 17, 2006

What You Should Know About Bankruptcy

Filing bankruptcy is not only a last resort legal action; it is
also a very complicated legal action that definitely needs the
expertise of a lawyer. When thinking about bankruptcy, you
first need to decide if bankruptcy is right for you. If it is,
then you need the help of an attorney to decide which type of
bankruptcy is required for your particular situation.

The decision to file bankruptcy can be brought on by many
different circumstances. The most common circumstances are
divorce, medical hardships and credit card troubles. In cases
of divorce, bankruptcy is often inevitable. The sudden change
in financial level and the added burden of court costs, extra
expenses and child support often cause one or both parties to
get behind on their financial obligations.

In the case of medical hardships, high medical bills can
sometimes overburden people even if they have insurance. This
is even more likely to happen if the person experiencing the
medical emergency is also the family breadwinner.

The most common case of financial hardship is incredibly high
credit card balances. After carrying numerous high credit
balances for a certain period of time, many people find
themselves unable to make anything but the minimum payment and
sometimes not even being able to make that. Then, when the high
interest rates are added in, people find themselves in a
situation where repayment is often impossible.

Whether your situation arose from one of the above financial
problems or not, sometimes bankruptcy is the only answer to
your monetary problems. Once you have decided that bankruptcy
is the answer for you, you will need to enlist the services of
a lawyer to decide which type of bankruptcy to file and to help
you navigate the many complex bankruptcy laws and regulations.

There are four main types of bankruptcy, Chapter 7, Chapter 13,
Chapter 11 and Chapter 12. Chapter 7 is the most common form and
can be used by businesses and individuals. Chapter 13 is the
second most common form, but it limited to use by individuals
only.

In a Chapter 7 bankruptcy, a debtor's property is divided into
to categories, exempt and non-exempt. Exempt properties include
things that the debtor will be allowed to keep like their home
and automobile. In the case of exempt properties, the debtor is
allowed to keep them as long as he or she continues to pay for
them. If a person cannot continue to make payments, the owner
of the loan may repossess the property, even after a bankruptcy
has been finalized. Any non-exempt or unsecured property will be
sold to cover the debtor's financial obligations. Debts such as
credit card debts and medical bills can be written off with
this type of bankruptcy, but other debts like school loans and
taxes cannot be.

In Chapter 13 bankruptcy, the debtor is required to come up
with a way to repay his or her debts, but these debts usually
do not have to be repaid in full. In most cases, a creditor
will agree to take a small percentage of the owed debt as
opposed to losing all repayment all together. This form of
bankruptcy is preferable for those individuals that wish to
keep all of their possessions and just need a chance to catch
up on their financial obligations. It does not, however, excuse
a debtor from priority debts like taxes and child support.

In order to qualify for Chapter 13 bankruptcy, an individual
must have a yearly income level that allows for repayment of
each of his debts within three to five years. After three to
five years of consistent repayment, the debtor's obligations
are released.

After you have researched bankruptcy and decided that it is
right for you, you need to contact an attorney that specializes
in bankruptcy to help assure that you follow all legal
guidelines and are protected from further collection activity.


About The Author: Jody Ehrhardt write for
http://www.lawyervista.com, a website where you can find a
lawyer in your city or state, including
http://www.lawyervista.com/29-state-NV-nevada-bankruptcy_lawyer.html
Nevada bankruptcy lawyers and
http://www.lawyervista.com/29-state-UT-utah-bankruptcy_lawyer.html
Utah bankruptcy lawyers

Saturday, March 11, 2006

Pros And Cons Of Credit Cards

Credit cards are very convenient. There's no need to carry any
cash; you can just take a credit card with you to the shop and
charge for your shopping.

When you shop on the Internet or over the phone, it's the only
good way to make purchases online. This is more convenient than
posting a cheque for payment. Like anything convenient, though,
having credit cards have its cons.

Not Keeping Track of Your Shopping Charges May Land You in
Trouble.

When you walk into that shop and hand over the card, you don't
pay cash rightaway. This can mean that as you do not see less
money in your purse or wallet, you may lose track of how much
you've spent.

Everyone has a tendency to underestimate what they spend, and
smaller amounts can add up quickly on a credit card without you
even noticing. It's like taking the way phone bills work and
applying it to everything you buy - and that can't be a good
idea.

Also, imagine the scenario if you have more than one credit
card. You will have to consolidate your charges on all of them
as well as those on your debit cards to derive your total
spending for the month.

You May Pay More Interest than Earn Interest.

The moment you run an outstanding balance, you're paying the
credit card company interest. You're also paying your credit
card bill as soon as you get your wages, so you may not have
the chance to earn any interest from your bank balances.

You Charge More to Your Credit Cards to Earn More Reward
Points.

The more debt you show you can pay back, the more credit card
companies will offer to you in terms of limit and cash
advances. The offers are so attractive that sometimes, it's
tempting to apply for more than one credit card. Credit card
companies also try to make you charge more to credit card by
awarding you reward points. The result is that you end up
spending more as you get enticed by lucky draws, discounts for
shopping, etc.

But Credit Cards If Used Wisely Can Be Useful.

When you need money in an emergency and you just don't have
any, there's no doubt that credit cards can be useful. They are
also a very useful way of proving to credit rating agencies that
you can handle debt, and this may be taken into consideration
when you apply for car loans or a mortgage.

Just remember that whenever you handle credit cards, you've got
to learn how to manage your finances. Keep your loans to a
minimum, and you will be in greater financial health.


About The Author: Elaine Lim used to be a research analyst from
a bank and now hopes to share her expertise through publishing
information on consumer credit. She hopes to help others in
their financial planning, debt management and credit repair.
For more free tips and resources, please visit
http://www.credit-cards-eguide.com .
=============================

http://www.debt-elimination-program-reviews.com/scams.html

Bill Consolidation: Freedom From Debt?

Stated simply, bill consolidation is getting loan to pay for
other loans so that the borrower is left with only one loan to
finance. Debt consolidation is a step taken by borrowers for
the advantages it may allow like lowered interest rates and
focusing his payment to a single loan.

This often takes placing a property as collateral. When
collateral is guaranteed the interest gets lower because the
risk to the lending company is decreased. When the borrower
fails to meet his obligations, the lending company forecloses
the property as payment for the debt.

People with multiple credit cards often resort to debt
consolidation. Carrying multiple credit cards is almost
surefire formula to carrying high interest rates. Credit cards
are one type of an unsecured loan. As such, credit cards carry
high interest rates and people with multiple credit cards are
often tempted to spend more than they earn.

One good way of solving this is through debt consolidation.
Secured loans from the bank or a lending company (one that is
covered by collateral) have less interest rates than the
unsecured loans for credit cards. Paying then all his credit
cards from a secured loan from the bank enables the borrower of
saving from the lowered interest rate. As mentioned, this is a
good way of doing it, if the habit of spending more than what
one earns is not changed. The process starts again and the
interest rates will soon start to climb, sometimes, worse than
it was resulting to foreclosure of properties.

There are many ways to consolidate debt. There are for example
the student's consolidation loans and the home finance debt
consolidation. But no matter how it is termed, debt
consolidation is little more like transferring one unsecured
loan to another unsecured loan. The debt is still there and
most people thought that by consolidating the loan, something
has already been done. Again, nothing has been done if the
habit that started it all is not resolved.

A better way to real freedom from debt is, when the debt
consolidation has been done and is working, have a plan and
stick to it. One of the generic approaches to that are the
obvious:

Do not spend on that one single credit card the way you were
spending when you have many. This seems to be very obvious and
so people who have consolidated their loans starts out fine.
After a while, the temptation to spend on loans starts. One of
the many reason is that the interests are lowered, the other
one is by habit. So once the debt consolidation is on, have the
plan not to spend on the things that you can live without and
stick to it.

Then, have a plan to pay for the loan that was secured with
collateral. About 80% of the time, people who consolidated
their loans dos not have a plan to assure the payment for the
loan with an extra job and other ways of generating extra
income. When emergencies strikes, the most convenient way is
again to resort to additional lending and the debt grows back
over time, higher interests are charged and the cycle
continues.

The best way to get out of debt and gain back that freedom is
to consolidate and then have a plan that one can stick to. No
amount of loan consolidation will work if the habit that placed
one in debt is not avoided.


About The Author: Robert Thatcher is a freelance publisher
based in Cupertino, California. He publishes articles and
reports in various ezines and provides bill consolidation
resources on http://www.about-bill-consolidation.info

Getting A Loan If Your Credit Is Bad

When you're learning about something new, it's easy to feel
overwhelmed by the sheer amount of relevant information
available. This informative article should help you focus on
the central points.

Bad credit is the worst type of credit that you could ever
have. Imagine all the doors that good credit opens and then
imagine them being slammed in your face. This is the reality of
bad credit and many people are living this reality even as you
read this. You might even be one of these people. If you are,
you should already realize how frustrating this kind of a
lifestyle can be. You have to pay the highest interest rate
possible on credit cards and you are constantly denied for
loans. You can't live a prosperous life with such financial
impediments standing in your way.

If you are stuck in this type of financial rut, you are in need
is some good old fashioned credit repair. You need the best help
you can find to improve your credit rating. The sooner you
repair your credit score, the sooner you can be rid of the bad
credit curse that has been plaguing you for so many years.

If your bankruptcy facts are out-of-date, how will that affect
your actions and decisions? Make certain you don't let
important bankruptcy information slip by you.

Why should you be stuck in financial hell? Stop dealing with
bad credit. You can improve your credit by acting more
responsibly with your money and living within your means. With
a little help, you will learn how to pay bills on-time and how
not to spend more than you can afford to. Even though there are
lenders out there who will agree to approve your high risk loan,
they will charge you an insanely high interest rate. You don't
want to be in more debt than you have to be in, so you want to
find a lender that specializes in bad credit personal and
business loans.

Although it may seem like your credit will forever be screwed
up when your credit is bad, a bad credit loan may help to
establish some good credit. As long as you can make your
payments every month, you will begin to build your credit back
up again. Everyone makes mistakes, but you don't have to suffer
for your entire life because of them. At least not now that they
have bad credit loans there to help you out.

To find a lender that will guarantee you approval, you have to
search online. It is the only way to do it these days and you
can get some real help from real people like you who have used
the service before. When you search in person you are much more
likely to be denied or approved for a ridiculously high loan
that you could scarcely pay back. By going online lenders will
fight for your business and you will end up not only being
approved by several different lenders, but will find lower
interest rates as well.

Don't limit yourself by refusing to learn the details about
bankruptcy. The more you know, the easier it will be to focus
on what's important.


About The Author: James Mahony is the founder of
http://www.thecreditsource.com - A site dedicated to Credit
Repair Free Credit Repair Guide
http://www.creditcardapprovals.com
http://www.articlesforwebsitecontent.com

Thursday, March 02, 2006

The Fair Credit Reporting Act (FCRA) And You

Your credit report gets viewed by other people besides credit
grantors. Potential employers and insurance companies can deny
you employment, auto and home owner's insurance based on your
credit report. Understand your rights protected by The Fair
Credit Reporting Act.

No matter what many credit counseling scam artists may try to
tell you, no one can legally remove any information that is
up-to-date and accurate from your credit report. They can't do
it, and you can't do it yourself. However, you CAN request an
investigation of anything you find in your credit file that you
believe to be either incomplete or inaccurate. That is perfectly
legal, and can be done at NO cost to you. In fact, anything that
a credit repair company offers to do for you can be done
yourself, generally free or for a nominal fee.

In fact, there's a law that guarantees it. It's called the Fair
Credit Reporting Act (FCRA). Under provisions of the FCRA, you
are entitled to receive a free credit report if a company
denies your application for credit, employment, or insurance.
You must ask for the report within sixty days of the refusal,
and the company must tell you which credit reporting company
they used, and provide you with their address and phone number.
(The three nationwide companies most often used are Experian,
TransUnion, and Equifax.)

The FCRA has made it mandatory for consumer credit reporting
companies to correct information that's incorrect or
inaccurate. To correct inaccuracies, you must first contact the
reporting company, in writing, telling them which information is
incorrect or incomplete. In your correspondence, include copies
of documents that will verify your claim. (Don't send
originals!) Clearly detail why each piece of disputed
information is incorrect, and then ask that the inaccurate
information be either corrected or removed from your file
completely. It's generally worthwhile to include a copy of the
credit report itself, with each disputed item circled.

Once you've put your package together, send it to the company
in question by certified mail, indicating "return receipt
requested." That will allow you to be certain that the company
received your package. Also keep copies of everything for
yourself, of course!

The FCRA makes it mandatory that the reporting company
investigate each item you have disputed, often within thirty
days, unless they consider your dispute to be unworthy of
researching further. By law, they must also forward everything
you have provided them on to whatever company or organization
initially provided the disputed information in the first place.
That provider must then review and investigate the situation and
report back to the reporting company. If the provider has
mistakenly provided inaccurate information, they must correct
it with all three major reporting companies.

Once the investigation has been completed, the FCRA mandates
that the reporting company must provide you with the results,
in writing, and a free copy of the report if the investigation
resulted in a change in your credit report information. You may
also request that a copy of the amended credit report be sent to
anyone who may have received the disputed report during the
previous six months. If the report was given to potential
employers, you have a right to request that a corrected report
be sent to any employer who may have received the inaccurate
report during the past two years.

Copyright © Jeanette J. Fisher


About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For free credit advice and free
ebook "Credit Tips for Mortgage Financing," see
http://worryfreecredit.com

Wednesday, February 15, 2006

How To Build Credit For A Better Future

Building credit is building a better future. Nowadays it takes
good credit scores to purchase a home, buy a car, and get a
credit card and so on. If your credit is bad usually more bad
follows. It takes you to find a solution to repair your credit.
The fist step in repairing your credit is to take a look at each
bill, including your past due bills. Make sure the current bills
are paid in full if possible to avoid any more reporting on your
credit report. Once you have taken care of your current bills
work toward paying off your late bills.

Some current bills such as utilities or other unsecured bills
can wait longer than others, so you might want to payoff your
secured bills first. Secured bills means that you have more to
loose so you want to take care of those first before paying off
nonessential bills and risking losing your home, car or whatever
you are paying on. Most utility companies will wait on a bill if
you don't have the funds. You may be able to get some help
paying utilities.

The Social Services and some Religious Organizations offer
support to low-income families. If you have a loan with a bank
you might want to contact your lender to see if there are
options for reducing your monthly mortgage or car payments.
Some banks are waiting for financial burdens to occur and offer
a solution, such as refinancing your home or car.

You want to be careful since some of the loans have high
interest rates attached. Some loans may even have hidden
charges attached so it makes sense to read the fine prints
thoroughly so that you are not taking advantage of. Remember
you are attempting to repair your credit so finding the best
deals is important. This brings us to cut backs.

When we are striving to repair our credits we want to cut back
on spending as much as possible. Sometimes we have to do
without in order to better our future. Credit repair is the
process of building your credit history and reestablishing your
life. This process means that you have to look at all angles to
find a solution to repair your credit.

When you are searching those angles you need to consider all
aspects of what the solutions include. If there are added
charges you probably are getting in deeper rather than building
a better future and repairing your credit. Debt Counselors, Deb
Consolidation, Bankruptcy and other companies that offer credit
repair solutions are often the last resort to repairing credit.


Even if you think bankruptcy is the answer you must realize you
will need a few hundred dollars upfront to start the process.
Lawyers are not cheap! On top of the high prices you will have
to pay you will also go through court proceedings as well as
many other headaches. Therefore if you can find a way out of
debt on your own this is the best solution. If you are in over
your head and have nothing to loose it might be wise to ignore
your debts. This sounds ludicrous but if you can't get out this
sometimes is the only answer to debt relief.

If you are on the spot and not so deep in debt you might ask
your family or friends for a loan, only enough to pay off your
debts. You might have to pay interest, but friends and family
will often charge less and give you a longer time frame to
repay your debt. The solution is often better than applying for
a loan to payoff your debts from a bank.

Most lenders at bank are welcoming people that are struggling
and take full advantage by finding you a loan with high
interest rates. Your monthly installments are often lower, but
your price in the end is steep. It makes sense to search all
options before deciding which solution for repairing your
credit is right for you. Always keep in mind when you are
repairing credit that you are working toward a better future.


About The Author: Christos Varsamis is a Marketing Consultant.
Sign for your Free 15 day Success E-course at
http://www.settinglifegoals.com . Get your Free E-courses "How
to Create Minisites That Make Money in Just 24 Hours + Secrets
of Internet Millionaires" at http://www.cbmallclickbank.com &
http://www.cbmallgr.com

Monday, February 13, 2006

The Fair Credit Reporting Act (FCRA) And You

Your credit report gets viewed by other people besides credit
grantors. Potential employers and insurance companies can deny
you employment, auto and home owner's insurance based on your
credit report. Understand your rights protected by The Fair
Credit Reporting Act.

No matter what many credit counseling scam artists may try to
tell you, no one can legally remove any information that is
up-to-date and accurate from your credit report. They can't do
it, and you can't do it yourself. However, you CAN request an
investigation of anything you find in your credit file that you
believe to be either incomplete or inaccurate. That is perfectly
legal, and can be done at NO cost to you. In fact, anything that
a credit repair company offers to do for you can be done
yourself, generally free or for a nominal fee.

In fact, there's a law that guarantees it. It's called the Fair
Credit Reporting Act (FCRA). Under provisions of the FCRA, you
are entitled to receive a free credit report if a company
denies your application for credit, employment, or insurance.
You must ask for the report within sixty days of the refusal,
and the company must tell you which credit reporting company
they used, and provide you with their address and phone number.
(The three nationwide companies most often used are Experian,
TransUnion, and Equifax.)

The FCRA has made it mandatory for consumer credit reporting
companies to correct information that's incorrect or
inaccurate. To correct inaccuracies, you must first contact the
reporting company, in writing, telling them which information is
incorrect or incomplete. In your correspondence, include copies
of documents that will verify your claim. (Don't send
originals!) Clearly detail why each piece of disputed
information is incorrect, and then ask that the inaccurate
information be either corrected or removed from your file
completely. It's generally worthwhile to include a copy of the
credit report itself, with each disputed item circled.

Once you've put your package together, send it to the company
in question by certified mail, indicating "return receipt
requested." That will allow you to be certain that the company
received your package. Also keep copies of everything for
yourself, of course!

The FCRA makes it mandatory that the reporting company
investigate each item you have disputed, often within thirty
days, unless they consider your dispute to be unworthy of
researching further. By law, they must also forward everything
you have provided them on to whatever company or organization
initially provided the disputed information in the first place.
That provider must then review and investigate the situation and
report back to the reporting company. If the provider has
mistakenly provided inaccurate information, they must correct
it with all three major reporting companies.

Once the investigation has been completed, the FCRA mandates
that the reporting company must provide you with the results,
in writing, and a free copy of the report if the investigation
resulted in a change in your credit report information. You may
also request that a copy of the amended credit report be sent to
anyone who may have received the disputed report during the
previous six months. If the report was given to potential
employers, you have a right to request that a corrected report
be sent to any employer who may have received the inaccurate
report during the past two years.

Copyright © Jeanette J. Fisher


About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For free credit advice and free
ebook "Credit Tips for Mortgage Financing," see
http://worryfreecredit.com
===============

raise-your-credit-score-yourself.com exposes what the credit industry won't tell you about your credit, your credit score, and your credit habits. We will show you the key secrets to legitimately raise your credit score “yourself”.

Friday, January 27, 2006

Credit Scores: Don't Waste Your Money

Did you know that your credit score that you purchase online is
not the same credit score your loan officer gets?

You probably know that when you apply for a mortgage, your loan
officer gets all three credit reporting agencies reports with
three different scores. From your three credit scores, most
mortgage companies use your middle credit score to determine
your credit worthiness.

Do you know that the credit score an auto dealer sees is not
the same credit score your loan officer sees?

Imagine our surprise to find out that my husband's credit score
for purchasing my new car one afternoon was 50 points higher
than his top credit score was earlier in the day when he
refinanced an investment house. This happened because credit
scores get computed differently for mortgages and auto loans!

If you think that you have a great credit score because you
recently bought a new car, think again. You may have been told
that your credit score was 700 by a finance company. Therefore,
you think that you have the perfect credit score to buy a house.
Don't be surprised to hear from your loan officer that your
credit score falls short of a prime rate mortgage loan.

You don't want to have your credit history checked too often.
You do get a small penalty with a few points deducted when you
have too many inquiries on your credit report. However, when
you're shopping for a car or a home loan, the credit reporting
agencies batch your inquiries into one. In other words, you can
call several mortgage lenders to shop for the best terms and
rates without losing points.

Don't waste your money buying your credit scores. These scores
are not the ones real estate lenders get. Instead, get your
credit scores FREE by calling a loan officer.

Copyright © Jeanette J. Fisher


About The Author: Jeanette Fisher teaches how to get out from
under credit card debt, how to use credit to make money, and
six ways to build strong credit to finance your first home and
multiple investment properties. For a free ebook "Credit Tips
for Mortgage Financing," see http://worryfreecredit.com/

================================

Visit: Raise Your Credit Score Yourself And Credit Repair Specialist We review and list some of the very best credit repair companies.

Wednesday, January 18, 2006

Fast Cash Loans - When You Should Borrow And When You Should Wait

A fast cash loan should be an option used as a last resort to
avoid a financial emergency. With its interest rates, a cash
loan should not be used to purchase the latest gadget or
fashion item.

Avoid A Late Payment

A late payment can cost you more than just a late fee; it can
raise your interest rates on credit cards and future long-term
loans. Higher interest rates on a car or home will cost more
than a few dollars for a cash loan. While you shouldn't make it
a habit to pay bills with a cash loan, it is better than missing
a bill payment and lowering your credit score.

Skip A Non-Sufficient Fund Fee

While a cash loan fee is high, a NSF fee on a check can easily
be higher, especially if the merchant charges a fee as well. To
avoid these spiraling cost, make sure your checks are covered
with a cash loan.

Keep Your Job

If keeping your job means you have to get your car fixed today
and you are out of cash, then use a payday loan. It is better
to pay the fees than lose your job. Payday loans are ideal for
these types of situations.

Delay A Payment

Not all late payments warrant getting a cash loan. If you will
be less than 30 days late on a bill, it will not show up on
your credit score. You may have to pay a late charge though,
which is typically less than the finance fee for a cash loan.

Wait On Impulse Purchases

A cash loan is not a good way to fund an impulse purchase. Even
if the item is on sale, it probably isn't reduced enough to
warrant paying fees on a cash loan. Instead, wait to make the
purchase until you have enough money on hand.

Your decision to get a cash loan or not should be based on what
is in your financial best interests. Cash loans, when used
wisely, can save you from a financial emergency. Keep in mind
the cost of a cash loan's financing fees when factoring the
cost of your decision.


About The Author: Carrie Reeder is the owner of
http://www.abcloanguide.com, an informational website about
various types of loans. To view our list of recommended payday
loan companies online, visit this page:
http://www.abcloanguide.com/paydayloans.shtml