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How To Keep Your Credit Score Healthy

admin — Mon, 28 Jun 2010 14:52:51 +0000

In these challenging economic times having a healthy credit score is a necessary asset. If your credit score is not healthy that fact can affect your ability to get a mortgage, rent an apartment and even get a job. Lending institutions, employers and landlords are just some of the people and organizations that can request access to your credit score and will use that information in making their decisions about you. Essentially, your credit score gives an indication of your ability to generate income and manage bills. Equifax, TransUnion and Experian are the three reporting agencies in the U.S....

Avoid Filing For Bankruptcy

admin — Fri, 28 May 2010 14:21:24 +0000

When lenders are banging on your door and you see no help in sight for paying off your debts, bankruptcy may seem like the only way out. However, bankruptcy isn’t a decision to make lightly. It will change your life and not necessarily for the better. Before you file for bankruptcy, here is some advice on things you should consider. Bankruptcy isn’t free. Bankruptcy and bankruptcy attorneys, which are required to file, cost money. There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. The average cost...

Get Aid If You Are Underwater With Your Mortgage

admin — Wed, 12 May 2010 14:07:32 +0000

Housing prices continue to be on average down 20% from the height of the housing bubble several years ago. These lower prices have caused many homeowners to have a negative equity in their homes. They are faced with the difficult decision of walking away from their home and suffering the consequences of a bank foreclosure. Here is some advice on what to do if you are faced with that decision. Foreclosing your home will have a severe impact on your credit score and your ability to access credit, either for a new home or any other type of loan. Over...

Tips to Reduce Your Debt

admin — Fri, 23 Apr 2010 14:36:34 +0000

Does it seem like debt is all around you? You don’t have to remain trapped by your debt problems. Here is some advice for you to reduce your debt. Almost everybody has debt. As soon as you buy a car or a house you inherit the debt of the loan. Over time, you pay off those loans until you own your property. But, there are times when we get into more debt than we can manage. Credit cards are an easy way to pay for items when cash is hard to come by. But, eventually you will have to come...

Tips to Avoid Bankruptcy

admin — Wed, 07 Apr 2010 14:50:16 +0000

Bankruptcy is an extreme move to take after you’ve exhausted all other options. It is never a quick fix or a simple solution to get out of debt. After you file for bankruptcy, it will be incredibly difficult or near impossible to get any sort of financing or credit for a long time. Here is some advice about how to avoid bankruptcy. Filing for bankruptcy means you start over with a clean slate and must build your credit back up again. In the financial world, no credit equals bad credit. You have to start from scratch so that you can...

Are Car Payments Taking Over your Life?

admin — Thu, 25 Mar 2010 15:39:07 +0000

Most people these days have at least one car to get around. When you are looking for ways to lower your household costs, people often forget that the car payment is also subject to change. Instead, we bear with it and try to make ends meet. On the other hand, you may have gotten a not so good deal in the first place. Your car payment may be almost as high as your mortgage. And, that’s for one car. Before you are reduced to tears, here is some advice to help you get through the crunch.

Consider refinancing. Many simply use...

Correcting Credit Report Errors

admin — Thu, 18 Mar 2010 12:39:31 +0000

Correcting credit report errors can be time-consuming and require patience, persistence and good organization skills on your part. However, it’s worth it. A poor credit score or incorrect information can have an effect on the interest rates you’re charged, whether you get a job and whether you qualify for a loan. So you’re checking your credit report; that’s great. It’s the best way to prevent identity fraud and to make sure the report that potential creditors are seeing represents you correctly. It’s also a great way to get a hold of your finances if you’ve been operating in the dark...

Your FICO Score

admin — Wed, 10 Mar 2010 15:16:13 +0000

Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit. Here is some advice about the impact on your FICO score of late payments or over-extending yourself. We all know that making late payments and maxing out our credit lines hurt credit scores, but how much? Recently the folks at FICO, whose scores are used by virtually all lenders, have revealed the...

FHA Mortgages

admin — Fri, 05 Mar 2010 15:53:54 +0000

An FHA mortgage is one of the most popular ways to purchase a home. And if you’re looking to purchase a home, it’s important to understand what FHA mortgages are so you can evaluate your options. The FHA stands for Federal Housing Administration and it was developed after the great depression when the banking system was restructured. The purpose was to regulate the mortgage industry, including the terms and interest rates people are charged. In general, they make it easier for people to obtain a home loan. An FHA loan or mortgage is a loan that’s insured against default by...

Credit Counseling Versus Debt Consolidation

admin — Mon, 22 Feb 2010 19:36:56 +0000

When you're in a lot of debt, it makes life more stressful and less enjoyable. By the time most people see the error of their ways, they're already in so much debt that it will take them many years to dig out from it. Fortunately, there are options that can help you get your debts paid off more quickly. Two of those options are credit counseling and getting a debt consolidation loan. With credit counseling, a third party negotiates lower payments and interest rates for you. You then start making one monthly payment to the credit counselor, and...