Monday, July 14, 2008

Bad Credit Score? Rewrite Your History! [By Jess Peterson ]

Your credit score is not as good as you would like to? Have you made bad moves with your finances? You can start changing your situation and also solve your economical trouble by following these tips.

Where To Start?

Find what you are doing wrong. You can not change your past actions, but you can always find what is that you are doing wrong nowadays and start working on it.

Try to make a list of all your current expenses including your monthly budget, credit cards and any loan you may have. Then try to find out what is the most difficult bill to pay month by month and start working there.

Credit Card Issues

If your biggest problems are credit cards, take a few minutes to review your credit card's statements from the last six months. Make a list of which things are overcharging your credit card. Then divide those expenses into necessary and unnecessary, and try to leave this last group out of your plans from now on until your situation improves. Remember that any little thing counts, and you will be saving a lot of money in the long term.

Loan Repayment Issues

Take a while to sit down and organize your loan payments. Take care first of those that are the most urgent to avoid prosecution, and then follow the order starting with those that are near to an end.

Found My Problem. Now What?

Once you have defined what is causing you more difficulties, you should evaluate your options and decide which will be your next move.

Payday Loans Are A Good Option If You Need Fast Cash

Payday loans may be the best option to pay your bills if you are near a deadline. You are eligible even with bad credit, and you can apply online. Answer is always fast, so you know almost instantly if you have been approved. Providing your bank account details the requested amount will be deposited in your account within the next 24 business hours from your application.

How To Use A Payday Loan To Improve Your Credit Score

Payday loans are meant to take you out of a financial hurry, you receive the money almost instantly and the loan terms are no longer than two weeks.

As you are eligible even if you have bad credit, you can make these loans to work in your favor, by using the money to pay those urgent bills and then, repaying the loan on time. As any other loan you take, payday loans will impact into your credit history and if you manage to accomplish what you have agreed to, this will ad some points to your credit score.

A Few Important Things To Remind When Applying For A Payday Loan

As you have the opportunity to apply online, take your time to search and compare for different lenders and what do they offer to you in terms of interest rates, repayment options and loan conditions.

Ask only for the amount of money you need and you will be in condition to repay, remember that accomplishing with the loan terms is a good chance to improve your credit score.

Do not miss the repayment deadline, if you do so, you will have to pay penalty fees and afford extra charges and interests on the late payment. Doing this will also affect your credit records.

Consider Debt Consolidation Loans

Debt consolidation loans may also be a good option if you have many loans to repay. By consolidating your loans, you will be grouping some of your loans into only one loan. This will save you a lot of money on interests and will switch your many bills into only one. It will also help to improve your credit history if you take the commitment to pay your bills on time.

As for applying for any loan, look carefully and compare lenders before taking the decision to consolidate your loans.

Perhaps you will prefer to finish paying those loans that you have almost done with, by separated; and consolidate then only those loans that you are starting to repay.

Choose your lender carefully, ask your actual lenders or find a new one, the important thing to do is to have knowledge of all the terms and conditions of the chosen lender before applying for a debt consolidation loan.

Jessica Peterson is a Personal Loan Consultant with more than twenty years of experience. For more information about Unsecured Loans, Guaranteed Credit Cards, Unsecured Loans, Fresh Start Loans, Debt Consolidation, Student Loans and others please visit http://www.yourloanservices.com

Article Source: http://EzineArticles.com/?expert=Jess_Peterson

Sunday, July 13, 2008

Student Credit Card Facts [By Tom Tessin Platinum Quality Author]

College credit cards can also be known as student credit cards. A student card is a new term for young people attending college. Older people are aware of credit cards, which are used for various purposes.

College students mostly use these types of credit cards, which are somewhat similar to normal credit cards. A student might have a credit card that had links to his/her parent's account.

Distinctions From Normal Credit Cards:

1. The major difference in these types of credit cards is they are exclusively for school purposes.
2. The second difference is students are not aware about the usage of these cards, as a result, they start spending on unnecessary expenses.
3. Money spent on cards is to be paid back.
4. Students need to be aware of the details of card usage.

Credit card companies require a caretaker (parent or guardian) on part of the student applying for such credit card to keep that student away from all hassles. One advantage is that the credit added to such type of credit cards is much lower than credit cards used by working adults.

Students need to undergo training on managing such cards and their overspending habits. They also need to be aware of the importance of good credit rating. Good credit history helps in getting benefits such as possessing credit cards for financial purposes.

Another crucial fact is college students are at great risk with credit cards. One main reason for this kind of trouble is that many student credit cardholders start using such credit cards at a very young age with little knowledge of finance management.

These credit cards give students a liberty to spend on whatever they like. It takes time to understand that you need to have a good credit rating right from the start. It will help you in future, when applying for regular credit cards for loans. Students also need to know that positive credit ratings will help them in their careers, when they finish their graduation. Undergraduates can take care of their scholarships and grants given to them by educational institutions with the help of these credit cards.

Avoid Overspending:

It is the responsibility of college students to maintain their card usage limits. You can maintain it easily by understanding the five signs of overspending:

1. Delay the minimum payment only once.
2. Spend within a set budget.
3. Make use of one credit card to pay the balance of another card.
4. Work towards covering your credit limit.
5. Always, make minimum payments on time.

Four prime reasons for student credit card debts are increasing educational expenses, insufficient knowledge about credits, peer pressure to expend, and offers of impractical credit lines.

College students using these types of credit cards have an option to take the help of a financial counselor to get rid of their financial troubles. Taking this step early in life will help you in understanding the importance and impact of credit on your future.

Tom Tessin is an author for FINDcollegecards.com that is geared toward students looking for a student credit card

Article Source: http://EzineArticles.com/?expert=Tom_Tessin

Saturday, July 12, 2008

All By Yourself: Sell Your Home without a Broker [By: Greg Mischio]

In a declining real estate market, anyone selling a home is desperately trying to squeeze home equity dollars out of a sale. More sellers are deciding to be their own brokers-a bold move that has equal amounts of risks and rewards.

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As the housing market continues to tank, homeowners are considering alternative ways to generate as much home equity as possible from their sale. The first thing on the chopping block is often a real estate broker's commission.

In the past, when housing values were sky high, homeowners were willing to let a real estate broker claim a 5 to 7 percent commission. But the new declining market has changed everything, and many homeowners are trying to sell their homes without a broker.

For Sale By Owner (FSBO)-the benefits
Thanks to the Internet and a realization that FSBOs will sell on the market, the do-it-yourself approach to home sales has steadily increased over the years. And why not? The marketing methodology that most realtors use isn't too sophisticated-it's as simple as "For Sale" signs, open houses, and posting on websites. Many homeowners believe that they can create their own materials and do just as well as, if not better than, a realtor.

The Internet has provided homeowners with a reason to be confident. FSBO websites are everywhere. Because only a licensed real estate broker can include your home in the Multiple Listing Services, FSBOs are a viable alternative, and many buyers scour all property websites to find the best deal.

If FSBO proves successful, you stand to save quite a bit of money on a broker's commission. The standard payout for a broker tends to be 5 to 7 percent, although today's market has forced many realtors to slash their compensation. Nevertheless, any percentage you retain can be a healthy chunk of change, especially if your home has a high selling price.

FSBO-the drawbacks
There are always two sides to every story, and the FSBO tale is no different. When you pay for a realtor, you gain access to the MLS, a listing that has no equal on the market. Immediately, you'll have terrific exposure to countless realtors. By going FSBO, you lose this advantage.


Second, selling a home is hard work, and can take hours and hours of time. You'll spend time posting pictures on the Internet, and holding open houses and individual showings. Even then, if your home is in an undesirable neighborhood, you may not be able to muster the resources to get the sale done.

In a real estate environment in which home values are declining, many sellers are considering becoming their own brokers. Before you choose this option, however, carefully weigh the risks and the rewards. You may save big money by not having to pay a realtor's commission; you could also lose big if you don't have the resources to sell the property. It's a tough call-make sure that you think it through before deciding to "do it yourself."

Tuesday, July 8, 2008

7 Tips to Repair Your Credit Score Fast [By Xylene Belita]

Do you think you need to repair your credit score fast? Does your credit report have some negatives on it? Do you have poor credit record? Have you ever made a lot of loan applications and missed some payments in the past? Then these tips on how to repair your credit score fast will show you how to deal with your problem permanently.

1. Correct Any Mistakes on Your Credit Report

One of the first things you should do if you want to repair your credit score fast is to correct any wrong info from your credit report. Write to the credit bureau and request to correct the mistakes on your credit report. If in cases that they do not agree with you that it was a mistake, you can add a comment onto your credit report to explain. But, be sure to keep your comments neutral, and there is no accusation to anybody.

2. Create A Financial Plan

After taking care of any mistakes on your credit report, then you must start to manage your finances in a much better way. You should set a budget and stick to it. Only buy what is truly necessary for your needs.

3. Keep Your Credit Cards

If you want to to build a good credit score fast, you should maintain a good payment history on your credit cards. Use your credit cards only for necessary purchases.

About two to four credit cards is a good number to have. You will not be able to repair your credit score fast if you only have one credit card. Also, if you have more than four credit cards, you would have a bad credit report. Having too many cards with large balances on them would not help your credit score. You would probably be better off financially and for your credit score if you consolidate some of your debts into a lower interest loan. However, you should not really overdo it.

If you need to reduce your number of cards, drop the newest credit cards first. An older credit card will count for more points as you start to improve your credit score.

4. Always Send Payments on Time

Of all the ways to repair credits, it is very important to always pay on time. You should never miss a payment on any loan or bill that will show on your credit report. Even if a loan company or credit card company offers you a month or two grace periods as extension to make payments, it is better if you do not accept this offer. Missing the due date may still show as a missed payment on your credit report. So, it is better for you to make your payments on time, if you really want to repair your credits. Also, be sure that your payments are received on or before the due date.

5. Pay More Than The Minimum

When it is possible, send credit card payments that are more than the minimum amount due at any time that you can. It will help your credit rating, save you on interest, and would bring you closer to debt relief.

Take note not to max out your credit cards. Ensure that the balance amount is way below your credit limit. This will help improve your credit report.

6. Don't Make Too Many Loan Applications

Applying for too many loan applications will quickly flag you as a possible bad payer, so do not ever do it. Also, do not switch credit cards several times to take advantage of offers, or get new loans to pay off old loans.

To consolidate all your debts, just do it once. If you are shopping around for the best terms, try not to give out your name and address.

7. Make That Phone Call

If you are in a situation where you will have a difficult time meeting the deadline for a payment, do make that phone call. It is much better for you to call them, than waiting for them to contact you. If you are going to miss payments, they might start with the collection agencies, and that is really the worst thing that can happen for your credit score.

Talk to them briefly and explain your situation truthfully. Be prepared to make them an offer and negotiate. Create a payment plan that is realistic for you. If they will offer you two payment-free months, say something like: "No thank you, I would prefer to keep paying a little each month". This will help you avoid missed payments showing on your credit record and proves that you are really serious to have debt relief.

When you have a new payment plan worked out together with them, do try to ask them if they would agree to stop reporting on you, so that you have a chance to repair your credit score fast. Many companies will agree to this request, as long as you commit to send payments on time and not miss any payments on your new plan.

Once you follow these tips, you will be able to improve your credit score quick. It will also help you to manage your finances and achieve debt relief in the future.

Do you know that you can also easily fix your finances? Find out at http://www.squidoo.com/creditfilereport More info: How To Remove Wrong Info From Your Credit Report.

Article Source: http://EzineArticles.com/?expert=Xylene_Belita

Sunday, July 6, 2008

Credit Report and Score Monitoring - Why You Need Both (Preferably Daily) [By Sean Dean]

Today's volatile economy coupled with a huge increase in living our lives online and on plastic leave us vulnerable to not only identity theft, but damaging changes to our credit score that can effect our ability to obtain housing, jobs, loans, and credit.

These conditions have given rise to a large increase of consumers who want or need to keep a close watch on their credit records, transactions, and any suspicious activity and / or mistakes that arise. Whether you really need this service or not greatly depends greatly on your situation. If you make purchases solely with cash, own your your house outright, if you don't rely upon your credit score for mortgages, credit cards, housing, or job seeking, then you can likely skip this.

But, here are a few scenarios in which having credit report and score monitoring might be a good idea:

You May Be Seeking A Loan, Credit, Or Refinancing In The Future And / Or You're Trying To Improve Your Credit Score: Unfortunately, today it's just a reality that your credit score can define who you are financially speaking. Today it's common place for perspective employers, schools, landlords, loan officers, credit companies, and mortgage brokers to carefully check your credit for even very small transactions. Getting a reliable credit score that covers the major 3 reporting agencies is a necessary first step to getting an accurate view of how creditors will see you. But this is only one piece of the puzzle. Today, credit monitoring companies commonly help clients come up with a plan to improve their credit sore / rating and can help aid you in correcting any errors or mistakes on your credit report. I was surprised to learn that up to 70% of reports have at least small errors that can easily be fixed.

You've Had A Recent Divorce / Separation And / Or Need To Separate Accounts Because You Are Trying To Establish Your Own Individual Credit: Even if your (ex) spouse cooperates fully, it can be a good idea to check and make sure there are no outstanding accounts, references to, or records of any one but you on your accounts. It's better to know this and take care of it before you need to procure funding and then have this issue come up and stall or ruin the process. Sometimes, to secure funding, couples split their assets / debts if one person's credit is bad. This is another situation where it's a good idea to check and make sure all accounts reflect this information before you're in a situation where this could hurt your chances to obtain reasonable credit.

You've Had, Suspect, Or Are At High Risk For Identity Theft: If you have multiple financial credit accounts, bank online, pay by credit card or have had a recent death or birth in your family, you could be at a higher risk for identity theft. It's well documented how costly, time consuming, and annoying it can be for victims of identity theft the sort this all out. Not only will monitoring companies typically immediately notify you of any activity, they will also sometimes offer insurance should theft occur.

For people who've already had or suspect identity theft, it's important to carefully monitor your accounts so that you can immediately freeze unauthorized transactions. Unfortunately, thieves only need an extremely short amount of time to rack up a large sum of debts fast and cause a huge amount of damage to your credit that can be quite maddening to remedy. That's why daily monitoring is preferred. Anything else gives thieves too much time to do too much damage.

While these annoying scenarios are yet another cost of a high tech society, if there is any good news, it's that the popularity and need for these monitoring services has brought their cost down. You can now usually get daily monitoring for around $10 per month. For a couple dollars more, you can get thousands of dollars of protection should an identity theft occur.

I don't believe that free credit monitoring is a great idea as most times it will only notify you of a change, without telling you what that the change is. (Often you'll then have to pay for this information). And it's never a good idea to hand over your personal financial information to anyone with whom you are not intimately familiar or a large. That's why I think its a better idea to stick with well known, larger financial institutions (preferably one of the major three reporting companies).

Credit Score Monitoring is a website that helps consumers obtain, evaluate and monitor their credit scores for the lowest price possible, starting at $9.99. Visit us at http://know-your-fico-credit-score.blogspot.com/

Article Source: http://EzineArticles.com/?expert=Sean_Dean

Thursday, July 3, 2008

Changing Climate of Home Equity Borrowing [By: Tom Kerr ]

Trends in home equity borrowing during the past two decades have been dramatic; within the past two years, home equity loans have been on a virtual roller coaster ride. Just a year ago, homeowners were relying on them as ATM machines. Now, banks are yanking them from their product menus.

Back in 1986, the IRS tax rules were rewritten to create deductions for homeowners that were similar to those enjoyed by taxpayers who owned income-producing property. The change precipitated a real estate crash, because tax advisors recommended that clients dump their rental properties. It also launched a new trend in home equity borrowing, because consumers could enjoy a deduction for interest paid on home equity loans.

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Enjoying home equity tax breaks
Although there are some restrictions related to the size of the deductions-equity loans used for home improvements provide potentially higher deductions than those spent on a new car, for example-home equity tax incentives are a big plus. Once the IRS offered the tax perks, taxpayers began to shift massive amounts of their debt into equity loans, and away from other products like credit cards and auto loans. They also began using their equity more freely, especially during bullish real estate market cycles when property values climbed quickly, creating increased equity on paper.

Swelling home equity riches
The clearest example of instant equity was during the most recent rise in home prices. Housing inflation swelled, creating the so-called bubble. In some regions of the U.S., prices doubled within a matter of months. As market values rose, this contributed equity to the underlying properties. If you buy a home for $150,000 and owe $100,000 on the mortgage, for example, you enjoy $50,000 worth of equity. But if the value of your home suddenly leaps to $300,000, you automatically and effortlessly have $200,000 in equity-a fourfold increase. This is what led many ordinary homeowners to catapult into paper wealth, and they eagerly pulled that cash value from their homes through various equity loan products. A 2006 study by the Pew Research Center revealed that the majority of personal wealth claimed by homeowners was in the form of real estate equity. Twenty percent of all homeowners had an outstanding equity loan in that year, and banks promoted such instruments aggressively by offering lower rates and higher loan amounts.

Collapsing bubble
Then, the bubble burst, housing prices plunged, and the source of paper wealth vanished, leaving many borrowers overextended and owing more than their homes were actually worth. Lenders got left holding the bag-which often happened to be empty-and now they're rapidly reeling in their lines of credit in an effort to avoid further losses from loan defaults. During 2008, many major lenders eliminated or severely curtailed home equity lines of credit, lowered the lending ratios on second mortgages, and increased property appraisal, income, and credit score requirements.

The easy money equity party is officially over. The real estate ATM machine has finally been unplugged.

Wednesday, July 2, 2008

Legal Ways to Repair My Bad Credit [By Tony Banks ]

Some people believe that it is not legal to repair their credit rating. This is just not the case and the opposite is actually true. Improving your credit rating is possible due to the laws on the books that govern how the credit bureaus must handle credit files.

You are allowed to dispute information on your credit report and the bureaus have a process they must follow when handling your disputes. If the proper steps are not followed they must delete the disputed account within a certain amount of time.

The key to legally repairing your credit file is to understand these laws and to make sure the bureaus follow the laws as well. There are a lot of credit repair companies that charge a monthly fee to handle the process for you, they will send the dispute letters to the bureaus on your behalf.

The other option is to do it yourself with a credit repair kit, it would consist of all the pre written letters you would need to send to the bureaus and show you step-by-step what you need to do when dealing with credit bureaus as well as collection agencies.

These are the legal ways to repair your credit rating, you want to also beware of scams claiming they can give you a "new credit file". This is an illegal scam some people try to sell online. These methods don't work but can also get you into a lot of legal troubles as well so make sure you don't fall for them!

To learn how to raise your credit score 249 points in 29 days and get approved for that car, home or credit card loan you need, click here to get started today.

Article Source: http://EzineArticles.com/?expert=Tony_Banks