What is a FICO score and how can you improve yours

Tuesday 1 Feb 2011 by admin | No Comments
Filed under: Credit Advice

You may have heard about a FICO score, and wondered what it is. Your score is a part of your overall credit rating, which includes not only this score, but also includes all of the credit accounts that you have, any legal actions that have been taken against you, and how many companies have checked your credit. Let's go into detail regarding what your score entails. When asking what is a FICO score, you have to begin with the past. Your credit history determines in large part how you are rated currently in terms of your score. Late payments, bankruptcy, collections, charge offs and other negative credit information will negatively impact your score. These negative items can remain on your report anywhere from seven t0 ten years. If you have any of these negative items on your report, start immediately to clear this information from your report. Pay all outstanding bills, or make arrangements with your creditors if you cannot afford to pay them right away. There is nothing you can do to... Read More →


Fast Personal Loans For Those With Bad Credit

Thursday 20 Jan 2011 by admin | No Comments
Filed under: Credit Advice Tags: , ,

When you have bad credit your options for a loan are severely limited. You do, however, have a couple of very reliable choices when it comes to fast personal loans. These aren't your traditional bank or credit union loans, instead they come from non-traditional lenders, but they will be able to help you out nonetheless. It's important that you know that you will never find guaranteed loans for bad credit. No lender will ever be able to guarantee that you'll get approved for your loan, that's simply crazy! They do use this as a marketing/advertising tactic to get more people to apply. The most common type of bad credit loan is a cash advance. These are small, short term loans that can provide enough cash to float you until your next payday. There are probably dozens of these lenders right in your city, and even more online. The key to using these loans successfully is to make sure that your lender is accredited before applying. Every lender in your city is licensed to lend in your... Read More →


Should You File Bankruptcy If You Are In Credit Card Default?

Monday 17 Jan 2011 by admin | No Comments
Filed under: Bankruptcy Advice Tags: , , , , ,

I often get told by clients that they are going to file bankruptcy. When I inquire why and how much they owe, 99.9% of the time it is due to credit card default. Credit card default always happens because of two reasons: 1.     Insufficient streams of income that cause an inability to pay bills due to an interruption in cash flow 2.     Buying things that you cannot afford and paying upwards of three times the price of the item by carrying a compound interest balance Invariably, people painfully think that their only solution to stop the harassing collector calls and end the embarrassment and pain and suffering caused by derogatory credit is to file bankruptcy on amounts that generally equate to less than one year's income. Most people are not aware of the change in bankruptcy laws several years ago that now eliminates the ability for most people to file a Chapter 7 bankruptcy (the kind that wipes the slate clean) and now requires that they file a Chapter 13 bankruptcy (otherwise... Read More →


Need Help with Remortgaging? Get a Bad Credit Remortgage Loan.

Wednesday 12 Jan 2011 by admin | No Comments
Filed under: Mortgage Advice Tags: , , ,

If you have a poor credit score, then you know just how difficult and complicated it is to get a loan. The same holds true when applying for a remortgage loan. Luckily, there are mortgages for people with bad credit that are a perfect solution for those with credit issues. A remortgage loan for bad credit can help with debt consolidation and credit repair. Trying to juggle various debts while trying to improve one’s credit score at the same time can be a real struggle. Having a spotty credit history can have undesirable consequences when it comes to acquisition of property and when releasing property equity. Having bad credit will also get you subprime interest rates and stricter terms and penalties. There is a way around your bad credit though. Bad credit remortgages are offered by many lenders and you can easily find a remortgage deal that is suitable for your financial standing. Bad credit remortgage lenders specialize in such matters and will help you get the remortgage loan you need. Remortgaging... Read More →


Some Basic Information About the Federal Pell Grant

Saturday 8 Jan 2011 by admin | No Comments
Filed under: General Finance Tags: ,

Pell Grants are federal educational awards that are given to students seeking a bachelors, or professional degree, and they are based primarily on financial need. The grant, named after United States Senator Claiborne Pell, is awarded by schools to mostly undergraduate students, although some professional degree seeking students can become eligible. The U.S. Department of Education sponsors this grant program, but it does not award the proceeds to students directly. Pell Grants have a fairly straight forward process when applying, and if you meet the qualifications you should have no difficulty in getting at least some Pell Grant aid. The first step is to enroll in a degree, certificate or other professional certification at a school that is accredited and recognized by the United States Department of Education. The school must accept Title IV funding. Since very few families can afford the cost of a college education outright, most students need to fill out a FAFSA form online at www.fafsa.ed.gov.... Read More →


What Makes a Good Credit Score?

Wednesday 29 Dec 2010 by admin | No Comments
Filed under: Credit Advice Tags: , , , ,

In today’s world, credit scores reflect creditworthiness. The better your score, the better your chances are that you’ll receive credit when you apply for it. But while many people know approximately what an average credit score is (i.e. 670 or so), few people know what goes into the making of that score. Let’s take a look. Payment History – This is the largest and most heavily weighted portion of any credit score. It reflects how well you’ve made your credit payments in a timely fashion. If you’ve been 30, 60, 90 days or more late with any payment it will show up on your credit report and lower your credit score. Amount You Owe – Most lending institutions want your existing debts to be as low as possible before they loan you more money. They love to see your debt as a small portion of your income and they also like it when you haven’t maxed out your existing credit. If your existing debt is too high in comparison to your income or if you have very little credit left, your... Read More →


Annuity Loans and Annuities Explained

Friday 24 Dec 2010 by admin | No Comments
Filed under: Investing Tags: , , ,

It is difficult to discuss annuity loans before understanding what annuities are. There are different ways on how one could understand the complexities of annuities. annuities explained by a tax advisor will be helpful for you to gain basic knowledge on annuities. They can answer your specific questions concerning annuity. They will also be able to help you if you wish to cash out your annuity. But if you don't have the financial liberty to hire a tax advisor to answer your questions, annuities explained in different articles would also provide the same knowledge. So what are annuities? Annuities are a contract between an investor and an insurance company where the insurance company would pay the investor of the value of his investment plus interest in a regular basis. These annuities are deferred from tax. This means that the interest that accumulates over time is free of tax until the time is withdrawn. Because an annuity should be a form of retirement funding that promises an assured... Read More →


Refinancing Tips To Help You Get The Best Deal

Saturday 18 Dec 2010 by admin | No Comments
Filed under: Mortgage Advice Tags: ,

There are tons of refinance tips online to help you get better terms. The truth is, if you take the correct actions, refinancing can really net you lower monthly payments, as well as long term savings. Here are some important things you must do to get the best possible rates. First of all, make sure you factor in the refinance costs when comparing companies. You should be getting a number of quotes during this process, and one thing you will find is that some are much lower than others. However, often times the companies that charge the low interest rates are going to have extremely high closing costs, so make sure you factor this in. It is possible to get no closing cost refinancing, but the interest rates are always going to be higher. However, the closing costs are not just important for comparing companies, but also for determining whether refinancing would be worth it at all. If your main goal is to save money over the course of the mortgage, and you do not plan on staying in your... Read More →


The Growth Of The Credit Restoration Industry

Friday 17 Dec 2010 by admin | No Comments
Filed under: Credit Advice Tags: ,

The levels of consumer debt have soared over the last few years reaching levels that have broken all records. This huge increase in debt has been fuelled by the easy access to credit. Nowadays, credit plays a big role in people’s lives and the economy. Many people have become so dependent on using credit that they could not live without it. This dependence on the credit card and borrowing has led to many people being in debt and a growing credit restoration industry. The credit restoration business has grown because the credit score has become more significant than ever when it comes to the question of borrowing. A persons credit score can determine if they are eligible for a loan or not. That is why it is crucial that people who rely on credit start educating themselves about this crucial 3 digit number and how it can impact their lives. Basically the credit score reflects a person’s credit worth or how good they are at handling debt. People who do not look after their finances and... Read More →


The High Cost Of Financial Procrastination.

Sunday 12 Dec 2010 by admin | No Comments
Filed under: Debt Advice Tags: , , , ,

Do you pay your bills on time? If so good for you, because majority of the people in this country love to pay their bills late. A study was done last year by some financial planners in Ohio, and they stated that American consumers paid over 600 million in late fee penalties from 2008-2009. In fact late fees are so common, credit card companies can estimate how much revenue late fees add to companies bottom line. That's why consumers who hate the chore of bill paying, end up paying dearly with their bad habits. That's why this article will try to show how paying bills late can affect your financial outlook negatively, and will also show credit card debt elimination methods to pay your bills on time Credit card companies usually take numerous negative actions towards people who pay their credit card bills late. They can report these occurrences to the credit agencies (by law must be 30 days late to report to credit bureau agencies), which will have a negative impact on your credit. At times... Read More →


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