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Are You Ready for a Home Mortgage Loan?
Buying a Home and Committing to a Mortgage can be very scary!
A home mortgage loan is the largest debt that most Americans will take on in their life time. As such, making the decision to take out a mortgage is not one that most first time home buyers take lightly. Not only will your monthly mortgage payments probably be the largest bill that you face each month, but the total amount of debt realized with a home mortgage loan can have a staggering, and sobering effect on the first time...
Avoiding Credit Repair Scams
If you have less than perfect credit, you've probably seen advertisements for credit repair services. In newspapers, TV, radio, and on the Internet credit repair services claim to be able to remove bankruptcies, create new credit identities, and even erase bad credit.
Unfortunately, many of these credit repair companies exist only to cheat money out of their customers. After you've paid them hundreds of dollars in fees, these credit repair companies simply vanish because they can't...
Before Signing On the Line for an Auto Loan Be Sure You Understand the Offer
Although 90% of all auto loan offers are simple interest loans, there are some lenders who are pushing loans that are not. A simple interest loan means that interest is paid, or computed, only on the original principal of the loan. You should never agree to an auto loan that is not a simple interest loan.
The other thing that you want to insist on when securing an auto loan is that the loan be given with no pre-payment penalties. Simply put, this means that the lender will not penalize...
Budget Building Tools That You Can Use
Many people dread the task of building a budget because they view it as overwhelming and frustrating. But it will make the job easier if you look at it in another light; an important tool to financial freedom. Does it feel as though there is no way to get out of the red and into the black, much less plan ahead for retirement or a vacation? Are you tired of getting paid on Friday and being broke on Saturday? Do you have piles of useless junk that you wish you'd never bought? If this sounds...
Building Business Credit
Let's imagine that you wanted to start a business-you have a great business idea, and now all that you need is business credit so that you'll be able to borrow money against your business without having to dive into your personal assets or personal credit. This means less risk for you, the owner. Some credit reporting agencies sell a business FICO score based on both the risk of the business and the personal credit of the owner. In some instances, the owner's personal credit is linked to the...
Don't Fall For A Scheme When Trying To Rebuild Your Credit History
For people with a spotty credit history or bad credit, getting approved
for a standard credit card can be difficult, if not impossible. There
are a number of credit card options that are aimed specifically at people who have bad credit and are trying to rebuild or repair it. There are also, unfortunately, a lot of schemes to take advantage of the desperation to get a credit card when no one else will issue one. How do you tell which options are valid ones and which are just taking...
Don't Get Scammed When Repairing Your Credit!
If you are in trouble financially, then you may be tempted to answer an ad from a company that tells you that they can give you an entirely new credit identity, or remove bad marks from your credit report-whether or not they're true.
The truth is, there are no shortcuts to building an AAA credit rating-it will take time and a lot of effort on your part to make it a reality. Meanwhile, there are some scams and traps that you need to be aware of so you won't fall victim to one of these...
Don't Let A Divorce Ruin Your Good Credit Rating!
In 1998, I divorced my husband and with that divorce came the normal splitting of property and assets. There also came a discussion regarding our credit card debt. Although, we were married for 5 years and did use the credit cards as a couple, only my name was on the credit cards. And suddenly my soon to be ex-husband's recollection of shopping sprees, vacations, and prime rib dinners that we did together faded. Sadly, it became my responsibility to pay for the memories that we had created....
Fair Credit Reporting Act/ FCRA
Do you know what's in your credit report? Under the terms of the Fair Credit Reporting Act (FCRA), you have every right to know exactly what credit reporting agencies are saying about you. That's only one of the rights that the FCRA guarantees you - and every consumer.
The FCRA is meant to ensure accuracy and privacy of your credit report or consumer history. Businesses that use credit histories to determine whether to lend you money or offer you credit are bound to follow guidelines that...
FICO?
The first time I heard the acronym, FICO, I was lying in my bed watching The Suze Orman Show. I thought, "what in the world is that?" Then she went on to explain that it's simply a person's credit score. A California-based company called Fair Isaac Corporation first developed FICO. FICO scores place a value on the types of accounts you hold and your credit history. The FICO scoring scale ranges from 300 to 850, with the majority of people in the United States falling over 600.
There...
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