2009 July | credit report comparison

July 30, 2009

Re-financing With Bad Credit

Filed under: Annual Credit Report — Tags: Bankruptcies, Blemishes, Credit Reporting Agencies, Credit Score, Credit Scores, Free Credit Report, Homeo, Imperfections, Industry Expert, Major Credit Reporting Agencies, Poor Credit, Situation Warrants, Timely Fashion, Transgression, Transgressions — admin @ 1:06 am

Reginald D. Wimbley asked:

Consulting with a mortgage advisor is recommended for those with poor credit. These homeowners may be knowledgeable about the process of re-financing but their situation warrants consulting with an industry expert. This is important because a mortgage advisor who specializes in obtaining mortgages and re-financing for those with bad credit will likely be very knowledgeable about the types of options available to the homeowners.

When consulting with the mortgage advisor, the homeowners should be completely honest about their financial situation and should provide the expert with all of the information he needs to assist them in finding an ideal re-financing agreement. Being completely candid will be very helpful in enabling the mortgage advisor to assist the homeowner in the best way possible.

Consider Whether or Not Your Credit has Improved

Homeowners with bad credit should carefully consider whether or not their credit has improved since the original mortgage was secured. Homeowners who have documented proof of past credit scores can compare these scores to current values. Each citizen is entitled to one free credit report per year from each of the major credit reporting agencies. Homeowners can obtain these reports for use in making comparisons to the previous credit scores. Imperfections on the credit report such as bankruptcies, delinquent or missed payments and other transgressions do not remain on the credit report.

These blemishes are often erased from the credit report after a certain period of time. The amount of time the transgression remains on the report is proportional to the severity of the offense. For example a bankruptcy will remain on the credit report for significantly longer than a late payment. In examining the credit report, homeowners should consider the overall credit score but should also note whether or not previous offenses are being erased from the credit report in a timely fashion.

Evaluate Re-Financing Options Carefully

Once a homeowner has tentatively made a decision to re-finance the mortgage, it is time to start considering the many options that are available to the homeowner during the process of re-financing. Most homeowners mistakenly believe one factor of the re-financing process they have no control over is the interest rate. While this rate is largely dependent on the homeowners credit score, even those with poor credit have the ability to lower their interest rate by purchasing point. A point is typically equally to 1% of the total loan amount and may translate to a ¼ of a percentage point on the interest rate. When deciding whether or not to purchase points, the homeowner should carefully consider the amount of time it would take the homeowner to recoup the cost of purchasing the points. This will help to determine whether or not it is worthwhile to purchase one or more points when re-financing.

Homeowners will also have options in terms of the type of loan they choose when re-financing. Common options include fixed rate mortgages, adjustable rate mortgages (ARMs) and hybrid mortgages. The interest rate remains constant with a fixed rate mortgage, adjusts with an ARM and is fixed for a period of time and adjustable for the remainder of the loan period with a hybrid loan.

Lynn

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July 28, 2009

The Dangers of Dormant Credit Cards

Filed under: Credit — Tags: Credit Card Account, Credit Card Companies, Credit Card Fraud, Credit Card Providers, Credit Fraud, Dim View, Dormant Account, Emergencies, Fraudster, Fraudulent Activity, Identity Fraud, Possession, Target, Unnecessary Fees, Victim Of Fraud — admin @ 10:58 pm

Reno Charlton asked:

Many people in the UK have more than one credit card, and in some cases people decide to use one of their credit cards for regular use and another for emergencies only.

However, it is important to remember that having a credit card account that lies mainly dormant can actually be something of a risk, and could result in you being charged unnecessary fees by the credit card providers or even becoming a victim of credit card fraud.

Whilst some people think that having a credit card for emergencies only is a good idea, credit card companies tend to take a dim view of this. Why? Because they have to still deal with the administration of the account even though the customer is not really using the account. As a result of this some providers have started applying fees on accounts that are rarely or never used.

However, this is not the main problem for people that do not use their credit card accounts very often. The main risk is becoming the victim of credit card fraud, as many fraudsters target dormant credit card account, safe in the knowledge that the fraudulent activity probably won’t be picked up for some time because of the fact that the account is rarely used.

Some people even think that if they cut up the credit card on a dormant account this will stop them from becoming victims of identity theft and credit card fraud. However, much of the fraud carried out using credit cards is CNP or Card Not Present fraud, where the fraudster does not need to actually have possession of your credit card in order to conduct fraudulent activity. You actually need to close the account altogether in order to stop the risk of becoming a victim of fraud.

Industry officials recommend that those with a credit card that is not used very often try to use the card at least once per month in order to keep it active. This can help to ensure that you are not charged for nothing by the credit card firm. However, more importantly it will ensure that you receive a statement from the credit card firm each month, which you can then check to ensure that no suspicious activity has been carried out using your card.

It’s also important to know the level of credit card security your issuer offers you, from fraud guarantees to active fraud monitoring and even identity theft protection services.

It can also help to use free credit report services, such as Experian or Equifax. For a small monthly fee (usually less than £10) they will monitor your entire credit file and alert you to any changes such as newly opened accounts, closed accounts, address changes and more. These services can help to prevent credit card fraud and identity theft.

Francis

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July 26, 2009

Personal Loans Bad Credit – Get Rid of the Blemished History

Filed under: Loans — Tags: Blemished Credit, Debt Consolidation, Holiday Tour, Home Improvements, Late Payments, Loans Bad Credit, Loans For Bad Credit, Payment Defaults, Payment History, Personal Loans Bad Credit, Personal Loans For Bad Credit, Rate Of Interest, Secured Loans, Suitable Deal, Timely Repayment — admin @ 3:37 am

Andrew Baker asked:

Having a blemished credit record is usual in these days, as larger number of people is under debts. But this does not close doors on you in taking out a new loan. If you are able to satisfy certain terms and conditions, it is possible to find personal loans for bad credit. But you should avail the loan in such a manner that it is not a repayment burden.

These loans take in their fold all those people, who has tags like late payments, payment defaults, arrears and CCJs. They can find the loan for host of personal uses like home improvements, debt consolidation, buying a new or used car, visiting a distance place on a holiday tour, wedding etc. On timely repayment of the loan, your rating will also improve in few years.

It would be better to take out your credit report from all the major rating agencies. The report will also be checked by the lender. Hence, ensure that the report contains only correct details about your payment history. Before applying for the loan, know you’re FICO-rating as well.

Personal loans for bad credit can be found in secured or unsecured options. Homeowners are required to pledge any of their property for collateral to avail of secured loans in order to borrow £5000 to £75000 at low rate of interest. But you are putting your property at stake, implying that timely repayment must be ensured. The repayment can be conveniently made in 5 to 25 years. The unsecured loan option does not involve collateral, implying that both tenants and homeowners can borrow smaller amount in the range of £3000 to £25000. But the interest rate will be little higher. Repayment can be made in 5 to 10 years.

It is always advisable to make comparison of various offers of personal Personal Loans Bad Credit on internet. Compare not only the rates but additional charges as well. This way can lead you to a suitable deal for your circumstances.

Dora

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Business Credit Card

Filed under: Credit — Tags: Business Credit Card, Business Credit Cards, Business Credit Report, Business Finance, Businessmen, Cash Flow, Charge Cards, Due Date, Dun, Equifax, Experian, Medium Sized Companies, Personal Finance, Time Credit, Withdrawals — admin @ 12:52 am

Amit Kothiyal asked:

Want to build your business’s credit? Then a Business Credit Card can help you get credit for your business. Normally, businessmen use them to set up their businesses’ credit. Business credit cards are quite similar to traditional, personal credit cards, but they have dissimilarities in the following ways:

1) These Cards are issued in the name of the company, not the individual; therefore, the company, rather than the individual, is held responsible for all debts.

2) There may be limitations on what can be purchased on them and there might be restrictions on withdrawals from ATM’s.

3) Itemized credit card reports allow companies to track their expenditure.

4) Complimentary features like insurance and banking discounts.

In case you want to discover the type of credit offers you are receiving on your existing card, you have to figure out the credit agency to which they report. The standard credit agencies which credit card offers report to are: Business Credit USA, Equifax Business, Bradstreet, Experian Business, and Dun. If they report to anyone else then it will be based on your personal credit.

Apart from initiating a business credit report, this card does have other benefits, such as your ability to keep separate records for personal and business finance. A few of the other benefits offered by these cards are:

1) More secure in comparison to carrying around a large amount of cash.

2) Less expensive than using checks.

3) Controlled spending.

The two main types of business credit cards are Charge and Credit. Charge cards do require you to pay the full amount before the due date, otherwise heavy charges will be added onto it. These kinds of cards are suitable for large companies where cash flow is sufficiently high enough that the payments will be made on time. Credit cards allow you to pay the minimum amount due on them, but charges interest on any amount left outstanding. This could be a better option for small to medium sized companies where cash flow is irregular.

Timothy

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July 23, 2009

6 Tips for Selecting a Credit Counselor

Filed under: Business — Tags: Accreditation, Background Check, Check With The Better Business Bureau, Credit Counseling Service, Credit Counselor, Debt Management Program, Debt Trap, Dummy, Extra Fees, Financial Health, Financial Planning, Legal Investigations, Predicament, Professional Advice, Unreasonable Fees — admin @ 9:12 pm

David Makarski asked:

When in deep financial trouble or needing help in planning finances one could opt for seeking professional advice. There are many qualified credit counselors who will offer professional advice after studying a client’s predicament thoroughly.

Although there are many honest counselors one needs to be careful that you do not choose a dummy who lands you in deeper trouble than you already are. According to experts you must:

1. Do your research well before hiring a credit counselor. Get references and check them out.

2. Always find out in detail about fees and services so that you are not faced with any surprises.

3. It is advisable to comparison shop so that you locate a descent and affordable credit counseling service. Never hire companies that ask for huge deposits or unreasonable fees. A debt-management program is to get you out of trouble and not get you into deeper debt or problems.

4. Be sure to ask what the fee covers many credit counselors offer budgeting as well as financial planning for no extra fees. What the professionals will do is map a way out of the debt trap and further until you are in good financial health.

5. It is important to find out how the counseling will take place. In case of credit counseling it is a long drawn out program and may need more than a single meeting.

6. Make the time to do a through background check on the credit counselor or agency you wish to hire. Check with the better business bureau and chamber of commerce as well as bankruptcy course. You will be able to determine how dependable the credit counselor is. Always make the effort to determine whether there are any complaints or pending legal investigations against the credit counselor or agency.

Before you hire an agency or individual to work out a debt management program you must check if the credit counselor has the right qualifications. Find out about accreditations with associations like the Council of Accreditation.

It is advisable to read about credit counseling on the internet especially warnings and alerts issues by the IRS and FTC. See:

http://www.irs.gov/newsroom/article/0,,id=114574,00.html where they recommend:

“Consumers can help protect themselves from deceptive credit counseling practices by following these tips:

* Check that the organization will help you manage your finances better through counseling and education.

* Carefully read through any written agreement that a credit counseling organization offers. It should describe in detail the services to be performed; the payment terms for these services, including their total cost; how long it will take to achieve results; any guarantees offered; and the organization’s business name and address.

*Beware of high fees or required “voluntary contributions” that, with high monthly service charges, may add to your debt and defeat your efforts to pay your bills. It is illegal to represent that negative information, such as bankruptcy, can be removed from your credit report. Promises to “help you get out of debt easily” are a red flag.

*Make sure that your creditors are willing to work with the agency you choose. If they are, follow up with those creditors regularly to make sure your debt is being paid off.

*Check with state agencies and your local Better Business Bureau to find out about a specific credit counseling organization’s record. A list of helpful Web sites appears at the bottom of this release.”

For any program to be a success both you and the credit counselor need patience, trust, and a rapport only then will the debt management program work.

Cory

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July 22, 2009

Do I need to pay a debt if it will drop from my credit report in 2010?

Filed under: Credit — Tags: Credit Card, Credit Cards, Credit Report, Filing Bankruptcy, Filing For Bankruptcy, Inconvenience, Nasty, People, Several Thousand Dollars, Standpoint, Statutes Of Limitations, Unpaid Debts — admin @ 4:02 am

?uestion asked:

2003 was a bad year. I accrued several thousand dollars in unpaid debts. Mostly between 2 credit cards and some charged off accounts. It’s not much in comparison to some and it is only a slight inconvenience because I don’t currently have or want a credit card. According to my credit report most of these will drop by mid 2010. My question is, will it really be removed from my credit or do I need to pay it for it to be removed when they say it will? How long am I liable for a debt?
People, there is no need to get nasty. I am asking from an informational standpoint because I had read other posts concerning statutes of limitations. Also because I didn’t fully understand why a credit report would say that a debt was “scheduled to be reported” until a certain time even though it hadn’t yet been paid. I know I owe what I owe and at least I’m not one of those people who goes thru life building ten of thousands in debt and then filing for bankruptcy to clear it. were talking about a little over $2000 total debt in my entire life. Get a grip on yourselves

Cody

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July 18, 2009

Re-Financing with Bad Credit

Filed under: Non Fiction — Tags: Bad Credit, Cr, Financial Situation, Financing Options, Ideal, Industry Expert, Lenders, Loan Options, Mortgage Advisor, Mortgage Loan, Mortgages, Poor Credit, Present Time, Proof, Situation Warrants — admin @ 8:59 pm

M. D. Robinson asked:

Many years ago, it would have been extremely difficult for those with bad credit to obtain a mortgage loan in the first place. However, today there are so many loan options available and so many ways for lenders to protect themselves that those with bad credit can not only find a suitable mortgage but can also find appealing re-financing options as well.

Those with poor credit should carefully consider whether or not re-financing is ideal for them at the present time but the process is not much different for them as it is for those with good credit. Those with bad credit who want to learn more about re-financing should consult a mortgage advisor who specializes in mortgages for those with bad credit. Additionally the homeowner should carefully evaluate their credit score and whether or not it has improved. Finally the homeowner should evaluate their options carefully to ensure they are making the best possible decision.

Consult a Mortgage Advisor

Consulting with a mortgage advisor is recommended for those with poor credit. These homeowners may be knowledgeable about the process of re-financing but their situation warrants consulting with an industry expert. This is important because a mortgage advisor who specializes in obtaining mortgages and re-financing for those with bad credit will likely be very knowledgeable about the types of options available to the homeowners.

When consulting with the mortgage advisor, the homeowners should be completely honest about their financial situation and should provide the expert with all of the information he needs to assist them in finding an ideal re-financing agreement. Being completely candid will be very helpful in enabling the mortgage advisor to assist the homeowner in the best way possible.

Consider Whether or Not Your Credit has Improved

Homeowners with bad credit should carefully consider whether or not their credit has improved since the original mortgage was secured. Homeowners who have documented proof of past credit scores can compare these scores to current values. Each citizen is entitled to one free credit report per year from each of the major credit reporting agencies. Homeowners can obtain these reports for use in making comparisons to the previous credit scores. Imperfections on the credit report such as bankruptcies, delinquent or missed payments and other transgressions do not remain on the credit report.

These blemishes are often erased from the credit report after a certain period of time. The amount of time the transgression remains on the report is proportional to the severity of the offense. For example a bankruptcy will remain on the credit report for significantly longer than a late payment. In examining the credit report, homeowners should consider the overall credit score but should also note whether or not previous offenses are being erased from the credit report in a timely fashion.

Evaluate Re-Financing Options Carefully

Once a homeowner has tentatively made a decision to re-finance the mortgage, it is time to start considering the many options that are available to the homeowner during the process of re-financing. Most homeowners mistakenly believe one factor of the re-financing process they have no control over is the interest rate. While this rate is largely dependent on the homeowners credit score, even those with poor credit have the ability to lower their interest rate by purchasing point. A point is typically equally to 1% of the total loan amount and may translate to a ¼ of a percentage point on the interest rate. When deciding whether or not to purchase points, the homeowner should carefully consider the amount of time it would take the homeowner to recoup the cost of purchasing the points. This will help to determine whether or not it is worthwhile to purchase one or more points when re-financing.

Homeowners will also have options in terms of the type of loan they choose when re-financing. Common options include fixed rate mortgages, adjustable rate mortgages (ARMs) and hybrid mortgages. The interest rate remains constant with a fixed rate mortgage, adjusts with an ARM and is fixed for a period of time and adjustable for the remainder of the loan period with a hybrid loan.

Alan

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July 12, 2009

Keeping your Credit in Check

Filed under: Credit — Tags: Computer Error, Consumer Debt Levels, Credit Cards, Credit Reports, Debts, Dedication, Dream Home, Effective Solution, Financial Future, Important Things, New Car, Plummet, Poor Credit Rating, Profound Impact, Willpower — admin @ 12:47 am

Reno Charlton asked:

As a nation we rely heavily on credit for many of the important things in life – a new car, holidays, and even a home. For most of us credit provides an effective solution to helping us get the things we want in life, and without credit facilities most of us would be unable to afford that car, holiday, or dream home. This is why it is so important to ensure that your credit remains strong – or if your credit has already slipped to ensure you do all that you can to get back on track.

Your credit report and rating can have a profound impact on your financial future, and can more or less dictate the way that you live your life. If you have a poor credit rating you will find it very difficult to get finance, and this can make life very difficult. Those with a decent credit on the other hand will find it easy to get loans at very competitive rates, making borrowing more affordable and enabling them to enjoy life. This includes credit cards, personal loans, mortgages, car loans, and other types of credit.

The first step in ensuring that you maintain a good credit rating is to always make your payments on time. This mean paying all of your bills on time and for the required amounts as well as doing the same on your debts. Another important step in ensuring that your credit stays on track is to check your credit reports on a regular basis. This is because something as simple as a computer error on your report can make your credit rating plummet, and by checking your report you can pick up on such discrepancies and get them sorted out.

If your credit rating has already fallen then you need to take action to get it back on track. In today’s world of sky high consumer debt levels many people have seen their credit rating fall. However, you can get back on track with some willpower and dedication. This means ensuring that you maintain regular and timely payments on any bills or debts. You can even get credit cards and loans designed for those with bad credit, which – when repaid responsibly and on time – can help to improve the credit rating.

Again, when you are trying to improve your credit rating, you need to make sure that you keep an eye on your credit report. This will allow you to monitor how quickly your credit is improving as well as enabling you to ensure that there are no inaccuracies on your report that could adversely affect your credit.http://www.credit-card-comparison-online.co.uk

Patricia

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July 8, 2009

Free annual credit report: let your mind credit ratings

Filed under: Credit — Tags: Annual Credit Report, Bankruptcy Tax, Credit Bureaus, Credit Reports, Credit Worthiness, Creditors, Equifax, Free Annual Credit Report, Free Credit Report, Free Credit Score, Landlords, Lending Institutions, Payment History, Reporting Companies, Tax Liens — admin @ 10:48 pm

Robin Swan asked:

Free annual credit report is a yearly summary of how the main consumer reporting companies (Equifax, Experian, and TransUnion) judge your credit worthiness. This report is accumulated by these companies who take information provided by your creditors such as lending institutions and even landlords. Moreover, this credit report specifically covers details like every credit card opened in your name, every loan opened in your name, a complete breakdown of your payment history, a report of all the companies that have reviewed your credit report and a line-by-line comparison of the information on each of the credit reports from the three credit bureaus

It also contains information like, Personal information, information related to credit card account, current balance, and previous accounts, bankruptcy, tax liens, financial judgment and credit inquiries etc. There are many occasions on which you are allowed to request a free credit report and score from the credit reporting agency used by a company. These occasions can be in the form such as you are allowed to request to see the credit report if a company denies you credit, insurance, or employment etc.

Free annual credit report can be easily provided to you once in a 12 month after your request. It helps you to maintain good credit score in the market. The credit report can also be downloaded over the Internet. There are huge numbers of online agencies deliver this free service. However, to find right agency to start accessing into your monetary standing, do some online research.

Hence it an advice, you must be careful when signing up for any of these programs in order to obtain your free credit score as there are other companies, which may or may not be scrupulous, advertising these same services and benefits. If you are persuade to use one of these services in order to obtain your free credit score, keep in mind that many of these companies are not as interested in getting your report as much as they are getting hold of your information. Just be alert that the company you are signing up with is one of these three agencies and not a separate company.

Martha

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Bad Credit Used Car Loans – Advantages Of Comparing Auto Loan Lenders

Filed under: Criminals — Tags: Bad Credit Auto Loan, Bad Credit Auto Loan Lenders, Bad Credit Lenders, Bad Credit Used Car Loans, Car Purchase, Credit Accounts, Excessive Fees, Excessive Rates, First Auto, New Accounts, Payment History, People With Poor Credit, Regular Payment, Smart Car Buyers, Unreasonable Fees — admin @ 10:35 am

Carrie Reeder asked:

When buying a used car with bad credit, do not begin the car buying process without doing your homework. Sadly, many car buyers are taken advantage of by dealerships. A few car dealerships advertise fresh start programs intended to help bad credit people rebuild credit. Instead of offering fair rates, some dealership charge excessive fees to innocent buyers. Thus, it is crucial to compare auto lenders before finalizing the car purchase.

How Buying a Car Helps Improve Credit

Many people with poor credit and no credit choose to finance a vehicle in an attempt to improve their credit rating. The key to re-establishing or building credit is opening new accounts and maintaining a good payment history. Those with bad credit can attest to how difficult it is to obtain credit cards and other types of loans. For this matter, secured credit accounts become necessary. Because auto loans are secured, these are easy to qualify for.

Once you have been approved for an auto loan, strive to make all payments on time and never skip a payment. Each month that you make a regular payment, this will reflect on your credit report. In time, your score will rise, thus making it possible to attain additional lines of credit.

Bad Credit Auto Loan Lenders

If you’ve done your homework beforehand, you likely realize that bad credit auto loan lenders offer the best rates to individuals with poor credit. Unlike dealerships that offer excessive rates, bad credit lenders have a reputation for approving loans with fair rates. The objective is not to profit off of someone’s misfortune, rather to help people re-establish credit.

How to Avoid Shady Auto Lenders

Shady auto lenders are always on the prowl. Smart car buyers who obtain quotes from different lenders rarely fall prey to their tactics. However, if you accept the first auto loan offer received, and neglect shopping around, you may pay unreasonable fees.

The single, most effective approach to avoiding a shady lender involves making loan comparisons. For quick and instant comparisons, complete a quote request with an online auto broker. Simply submit information regarding credit rating, income, and desired loan amount. Within minutes, the broker will remit at least four quotes from different lenders.

Ray

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