Author: Vincent Dail

Credit repair is not hard and the very best way to improve your credit report score is to do it yourself. Let’s take a look at 7 of the most common myths you’ll come across and examine them all in detail.

Credit Repair Myth #1: If I declare bankruptcy, I can begin my credit report all over with a clean slate.

Many bankruptcy attorneys do not adequately understand or explain the effects of bankruptcy to their clients. When you file for bankruptcy, every credit account that you decide to include in bankruptcy will become an “included in bankruptcy” account.

Additionally, a bankruptcy filing and bankruptcy discharge listing will appear in the court records section of your credit report. Because so many negative items are attached to the bankruptcy, it becomes difficult to remove all traces of the bankruptcy. If at all possible, you should avoid bankruptcy at all cost.

Read the rest of this entry »

Are you fed up with being turned down for loans – or paying very high interest rates – because of your pastmoney problems?

With the right information, fixing your credit problems is not that difficult. These simple do it yourself credit repair tips helped me clean up my credit report and get rid of damaging items. So, if past financial problems are costing you money, and driving you crazy, you’re not alone.

Even If You’ve Had Really Bad Money Problems,
Can You Still Repair Your Credit?

Read the rest of this entry »

Author: Carbyingtips.com

What to expect from the car dealer when you have bad credit

Some lenders will only approve you if you have a prior auto loan in your credit history. If you have bad credit, I betthese scenarios below have happened to you when you bought a new car from a corrupt dealer, as many visitors with bad credit have reported. The dealer charges you a very high interest rate APR (much higher interest rate than you should have paid), and lies to you about the bank “requiring you” to buy the extended warranty, the credit life insurance, the glass VIN etching, and probably lies to you about your credit score, telling you it’s lower than it really is. Or maybe with your credit so low you were rejected, so the dealer tricked you into a co-sign auto loan but tricked your co-signer into being the borrower with a little sleight of hand during paper signing. Since you know you have bad credit, and are low on self esteem, and you have been turned down by other lenders for bad credit or high debt loads, the dealer’s Jedi mind tricks sound believable so you agree to sign up for all this, not knowing the devastation on your financial future. You become upside down on your bad credit car loan, and deeper into debt, most likely with monthly payments you can’t handle. Then you get the dreaded call from the dealer 2 weeks later (he pulled the Spot Delivery Scam on you) and delivers bad news that your auto financing fell through and your payments are going up. Then you find out a few months later from the angry lender of your old trade-in, the dealer did not pay off your trade. How many of these scams have happened to you? Many of these scams are reported to be one the

Top 10 New Car Dealer Scams.

Read the rest of this entry »

By Barb Nefer, eHow Contributor

One of the worst effects of bad credit is not being able to get loans or open new credit card accounts. This can severely curtail your buying power. Fortunately, credit card options exist for people with bad credit. These cards can help you make purchases conveniently and help you re-establish a good credit rating. You should know these options and weigh them before you choose the best one for you.

Your Financial Institution

If you have a checking or savings account at a bank or credit union, it may give you a credit card even if you have bad credit. If you have established a long history as a good customer, it may loosen their usual requirements. However, it may charge you a higher interest rate or impose other terms to offset its risk, such as a high annual fee or monthly maintenance fees. This type of card will help rebuild your credit as long as you maintain an on-time payment history.

Read the rest of this entry »

Various major banks in America have offered personal loans to customers with bad credit asconsumers are considering personal loans during this economic recession.

HSBC, KeyBank, Bank of America, Chase and Capital One banks said they are offering personal loans, which can be secured and unsecured, to their consumers. The banks noted that their depositors may receive better terms than non-customers as it is not uncommon for them to advertise lower rates for customers who have deposits in their lending institution.

HSBC had a reportedly personal loan rate of 9.69%, and ranges from 6.995 and 12.39%, of which the interest rate will depend on the borrower’s credit history, loan amount and the term of the loan. Read the rest of this entry »

Tips on getting a car loan with bad credit and what most car dealers will not tell you.

By ehowpro, eHow Member

Instructions

1. The first step in getting a car loan with bad credit is to be realistic. Many car shoppers get frustrated when trying to find a car with bad credit because expectations are set too high with respect to how much money a bank will lend them.  Also, keep in mind that when buying a car with bad or poor credit that some car dealerships will hold paper or finance the vehicle for you. Lastly, very seldom will a dealership let someone with bad credit finance a new or used car with no money down or a zero deposit. Read the rest of this entry »

By MortgageLoan.com

New legislation intended to shore up FHA finances could end up making the agency’s home mortgages a lot less attractive to the people they’re supposed to help.

The FHA Reform Act, passed by the U.S. House, would allow the agency to increase the annual premium it charges borrowers to as much as 1.55 percent of the loan value, up from 0.55 percent currently. In essence, the full increase would raise the interest rate borrowers pay by a whole percentage point – it doesn’t much matter if you’re paying an additional percent in interest or fees, it’s still the same amount of money.

If enacted, the change could take the wind right out of the sails of FHA mortgages. The government-backed home loans are presently the hottest thing going in the home loan market, accounting for as many as half of all first-time home buyers, largely because they’re seen as affordable and available.

With a minimum down payment of only 3.5 percent of the loan amount, FHA mortgages don’t require a lot of cash up front, a major consideration for young people who may not have a lot of savings. And the interest rates are competitive as well, particularly for borrowers with flawed credit, who would normally pay higher rates for lower scores.

The legislation is intended to help rebuild the FHA’s reserve fund, which has fallen well below 2 percent of its outstanding loans, the minimum established by Congress. The FHA has already raised the onetime fee it charges borrowers to 2.25 percent of the loan amount, up from 1.75 percent previously. The legislation is also intended to weed out risky borrowers , as the FHA suffered has heavy losses from mortgage defaults as a result of economic downturn.

Read the rest of this entry »

By stanpang

Unemployed people have many financial difficulties.  They need to save as much money as they can for just basic necessities such as food and shelter.  When people are unemployed, luxury goes out the door first.  Then gradually other things begin to go too such as a cell phone plan.Although a few people may consider cell phones a luxury, it is actually a necessity.  Without a cell phone, unemployed people have a harder time getting a job.  When people apply for jobs, they need to leave a phone number where they can be reached.  Without a cell phone, a job opportunity would be missed.

Read the rest of this entry »

With the huge jump in bankruptcy filings our Inbox swells with questions from readers on how to remove a bankruptcy from credit reports  before its normal expiration time. As you undoubtedly aware, Chapter 7  Bankruptcy stays for 10 unhappy years from the date of filing or the date of bankruptcy decree, whereas a little more benevolent Chapter 13 Bankruptcy holds only for 7 years from the date PAID IN FULL and 10 years if not PAID AS AGREED.

Read the rest of this entry »