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.
Friday, January 27, 2006
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
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
Wednesday, December 07, 2005
The Human Side: Debt Stress
In all the technical discussion you hear about credit card
debt, the best ways to manage it and pay it off and all the
rest, one thing goes largely ignored. Credit card debt is
extremely stressful, and can have a very negative effect on
your life, if you let it. It's as bad as an addiction, always
hanging over you, bringing you down, making it hard to life
your life the way you want to. In this article, we'll take a
look at how you can recognise debt stress, and what you can do
about it.
The Symptoms of Debt Stress.
There are an awful lot of symptoms that can be caused by
stress. Some of the most common ones are: headaches, not being
able to sleep, feeling depressed and irritable, and being
forgetful and unable to concentrate on what you're doing. If
you're not sure whether your symptoms are related to stress or
something else, you should go and see a doctor.
Who Gets It?
Almost everyone who has debts is stressed about them. Debt is
blamed for millions of days off work every year, and is one of
the leading causes of suicide - it seems like most times you
read about someone who has committed suicide, their name is
followed by "who owed [a very large amount] in debts". Students
and graduates are especially vulnerable, as debt is growing
amongst them faster than in any other group.
The average adult owes many thousands in debts - and since
that's the average, it means that many people must owe much
more. Never forget that you're not alone, and there's always
someone worse off than you.
How to Deal With It.
Stress caused by debts is often considered to be embarrassing,
or shameful. People with lots of debts don't want to talk about
it, even with their family, for fear of upsetting people or
looking like a failure. It is very important, though, that you
do talk about your problems, as keeping it all inside yourself
will make you much, much more stressed. It is especially
important that you talk to your partner - they are the number
one person who can support you.
The best thing to do then is to find two people: one who can
advise you, and one who can be a counsellor. That means a
professional who knows what they're doing in financial matters,
as well as a psychologist or psychiatrist, or some other kind of
counsellor. Don't let stigmas put you off - this is about your
health.
The next thing to do is to have a good think about how you got
that debt to begin with. See if you can find old credit card
statements. What did you spend the money on? You need to sit
down, work out a budget, cut unnecessary expenses and try to
free up as much money as you can to pay back debts. Even if
it'll be a long time before you get everything paid off,
knowing that your debt is gradually going downwards can be an
excellent cure for debt stress.
debt, the best ways to manage it and pay it off and all the
rest, one thing goes largely ignored. Credit card debt is
extremely stressful, and can have a very negative effect on
your life, if you let it. It's as bad as an addiction, always
hanging over you, bringing you down, making it hard to life
your life the way you want to. In this article, we'll take a
look at how you can recognise debt stress, and what you can do
about it.
The Symptoms of Debt Stress.
There are an awful lot of symptoms that can be caused by
stress. Some of the most common ones are: headaches, not being
able to sleep, feeling depressed and irritable, and being
forgetful and unable to concentrate on what you're doing. If
you're not sure whether your symptoms are related to stress or
something else, you should go and see a doctor.
Who Gets It?
Almost everyone who has debts is stressed about them. Debt is
blamed for millions of days off work every year, and is one of
the leading causes of suicide - it seems like most times you
read about someone who has committed suicide, their name is
followed by "who owed [a very large amount] in debts". Students
and graduates are especially vulnerable, as debt is growing
amongst them faster than in any other group.
The average adult owes many thousands in debts - and since
that's the average, it means that many people must owe much
more. Never forget that you're not alone, and there's always
someone worse off than you.
How to Deal With It.
Stress caused by debts is often considered to be embarrassing,
or shameful. People with lots of debts don't want to talk about
it, even with their family, for fear of upsetting people or
looking like a failure. It is very important, though, that you
do talk about your problems, as keeping it all inside yourself
will make you much, much more stressed. It is especially
important that you talk to your partner - they are the number
one person who can support you.
The best thing to do then is to find two people: one who can
advise you, and one who can be a counsellor. That means a
professional who knows what they're doing in financial matters,
as well as a psychologist or psychiatrist, or some other kind of
counsellor. Don't let stigmas put you off - this is about your
health.
The next thing to do is to have a good think about how you got
that debt to begin with. See if you can find old credit card
statements. What did you spend the money on? You need to sit
down, work out a budget, cut unnecessary expenses and try to
free up as much money as you can to pay back debts. Even if
it'll be a long time before you get everything paid off,
knowing that your debt is gradually going downwards can be an
excellent cure for debt stress.
Subscribe to:
Posts (Atom)