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Life after a Foreclosure
Your life during a foreclosure might seem never ending. A foreclosure does affect your credit score report, but the good news is there is life afterwards. If you have fell victim to the Sub-Prim meltdown which caused you to loose your home, I will explain to you how you can recover from this fairly quick. Obviously anytime you have a negative mark on your credit report it will stay on there for 7 years. The positive side is you can implement some good credit management steps to recover.
It...
The Credit Crunch How did it Happen
? The credit crunch didn't happen overnight, and many factors contributed, but one of the most visible reasons for financial collapse is the housing market.
We all know now that low teaser rates were offered to buyers who could barely make payments at 1% - and thus lost their homes to foreclosure when the introductory period ended and their rates escalated to 8%, 9%, and in some cases double digits.
Some of those borrowers were further dismayed to learn that the interest they hadn't been...
Social Lending an Alternative to Credit Cards
For years, credit card issuers aggressively pursued new borrowers and urged old borrowers to charge more. Mailboxes across the country were filled with new offers, introductory rates, and rewards for getting those cards out of wallets and into use.
Each issuer tried to outdo the other with promises of low rates on balance transfers and ever higher credit limits. Then, the financial crisis reared its ugly head and those card issuers began to face larger and larger losses.
The past few months...
Why Banks Have Been Extending More Credit Even as they Clamp Down
While credit scores have been dropping, even for consumers with perfect payment histories, and banks are refusing to lend based on those lower credit scores, the amount of money being lent still increased in 2008.
How can that be?
Both consumers and businesses have been tapping into sources the banks did not expect them to use: previously issued lines of credit.
Commercial borrowers that financed themselves through securities markets had purchased and paid for back up lines of credit. Now,...
Your new car and Your Credit Score
One very good reason to get a copy of your credit report and begin working to get your credit score as high as possible is the difference in interest rates you'll pay if you need to buy a new car.
Research shows that a borrower with a score under 600 will pay over 18% for a car loan - while a borrower with a score over 720 will pay only 6 5/8%. As you might expect, the difference in the payments is staggering.
Rates for borrowers with scores between those ends pay less interest as their...
Cheating on your taxes could cheat you out of a loan
There are some advantages of being self employed, you can write off quite a bit to avoid paying the IRS. You can also find yourself in trouble with the IRS because you were writing off items that may not have existed or just was flat wrong. I am sure if the IRS investigated every self employed individual, the American deficit would probably disappear due to back taxes being owed.
A couple of years ago getting loans for individuals that did not show much taxable income on there tax returns was...
Credit Report after a Bankruptcy
Your credit report after a bankruptcy will look like a bomb was dropped on it. Your credit score report will be littered with all kinds of derogatory information. Depending on what type of bankruptcy you filed will determine how long it will take to re-establish your credit. The two most common bankruptcies are Chapter 7 and Chapter 13. With the new bankruptcy law, more people will be forced to file Chapter 13. Here are the differences.
Chapter 7 bankruptcy- is considered liquidation of your...
Get Your Free Credit Report Find Out What Everyone Else Knows About You
It really is kind of scary to realize that strangers can pull your credit report and thus access your credit history - and that they use it to create a picture of your life.
All they need is your social security number - and that isn't hard to get any more.
From that they can determine many things to some degree of accuracy.
For instance, they'll see how many different addresses you've used over the past 7 years, how many new accounts you've opened, how many times you've gone shopping for...
When should you check your credit score report
? There is a lot of debate out there on when you should check your credit score report. I am sure you have read that you can get your credit report for FREE at www.annualcreditreport.com. Yes you can, but you get it once a year for free with no credit scores. It is worth paying around $29.95 to get your credit scores along with your credit report. The reason is when lenders make there decision process your scores are part of that process. In the current credit report market you can get your...
Top Tips to help you secure a mortgage loan
The American dream is to own a home someday. We all have this passion deep down in side. Most Americans don't have the money to pay cash, so they turn to lender to assist with the purchase of there first or second home. With all the new guidelines in banking I will give you exactly what you need to do to secure a mortgage. I know everyone's situation is different, but there are some steps you can take so you will not have problems in today's lending market. This will also help you regardless...
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