Jan
5
These days despite a bad credit rating it is still feasible for an individual to obtain a credit card from the multitude that presently flood the market. The two credit card companies by and large the best to try if you are in a poor credit position are Visa and Mastercard. Really the question is more about which one you should apply to first – a Visa credit card or a poor credit Mastercard?
Retail outlets around the globe readily accept both forms of credit card and although Visa seemed to have a greater number places it was accepted, that is not the situation as these are now closely matched. Now it seems, in many cases it is often Mastercard that is recognised more easily and received in retail outlets and other establishments. While the advantages of both will be pretty similar to the other cards, they will more than likely discover that the interest amount charged by the two parties will be a little higher than usual. Nevertheless, providing the person issued a Mastercard only ever uses it in a responsible fashion, and makes the payments before they are due, they will soon see improvements in their credit rating. This behavior may also have a reduction in the interest rate you would normally pay once the credit has been cleaned up.
Generally with any financial agreement, it is always best to check out the terms and conditions you have to adhere to if you are making an application for a bad credit, credit card. Of course, the Internet is the quickest and easiest method to find out more about what avenues are open to somebody in your financial predicament. Those unfortunate people with a poor credit record can see exactly which companies will issue a Mastercard to an individual who is experiencing this situation.
Because there are a few you may be eligible to apply for it is best you are mindful of precisely what benefits they offer so that’s what we will do right now:
1. Continental Finance Gold MasterCard
Should you choose this card you can be certain, accounts are forwarded to the three primary credit reporting bureaus on how responsibly you are utilising your card that provides an ongoing means of correcting your credit history. Quite often a credit company will decide to raise the limit on the card if they see the individual it has been supplied to is behaving wisely and making their payments on time each month.
2. Orchard Bank Platinum MasterCard
Normally, credit card companies will demand an initial payment before supplying the card which can be awkward for numerous people but that is not the situation with this card and in spite of this they still provide protection on all the goods it is used as payment for. This credit card, just like the Continental Finance Gold Mastercard, send details regularly to the three credit bureaus which can rapidly better your rating. Two other advantages to this particular card over similar versions includes the competitive annual percentage rate it makes and a much smaller annual payment which can be of tremendous help to those who are financially embarrassed.
Jan
4
Delete Late Pay History
Filed Under Credit Info | Leave a Comment
Late payments are not created equal; a 30 or 60 day late pay will not damage your score much, and can often be removed. However a 90 day or 120 day late pay will cause significant damage to your score.
You can remove a 30 or 60 day late pay by contacting the lender directly and asking them to erase it. Often they will do this as a gesture of good will and to keep your business.
We suggest a phone call and sending them a written letter with a brief explanation as to what happened. Additionally it will go a long way if you are polite and respectful during your communications.
A 90 or 120 day mark is much harder to erase. If you account is still open, we suggest you contact the lender.
It is a good idea to make sure your account is up to date before making this request. Typically if the lender sees a history of late payments they will not remove it.
If you can not get the mark removed we suggest you dispute it directly with the credit bureaus. This is done by creating a dispute letter and mailing it to each bureau or you can hire a service to do this on your behalf.
This item will be on your report for a maximum of seven years. Additionally your account will be charged off after 180 days of delinquency.
The lender can remove a late pay from your report because they report regularly to the bureaus. All they have to do is not report the late payment the next time they report to the bureaus, typically monthly.
Your only way of getting help from the creditor is if you account is currently in good standing. Additionally there is information about negative marks and that they will stay on your report for 7 years.
This is false, seven years is the maximum amount of time most negative items can remain on your report. The Fair Credit Reporting Act passed by Congress made this law. There is no minimum amount of time a negative item has to be on your report.
In sum if you can not negotiate removal of the mark directly with the lender you should dispute it with the bureaus. This is done through a dispute letter written yourself or by hiring a service to do it on your behalf.
Jan
2
If You Want A Better Mortgage Rate Read Credit Scoring Basics
Filed Under Credit Info | Leave a Comment
Mortgage pricing is now paying more attention to credit scoring. Since credit scores are now more important , it is vital that you locate and review your credit score. If you learn how the credit scoring system operates, you can make it work for you. The web site my FICO.com is a great place to start.
Equifax is one of the primary credit bureaus and is the publisher of my FICO.com. This site provides a wealth of suggestions, tricks and tips that will help you figure out the credit scoring system.
Following are some of the basics:
Use It Or Lose It: If you don’t use credit, the credit agencies can’t assign you a credit score. Spend $10 monthly on your credit cards and then pay it in full to “get on the grid” and get yourself a score.
You Have A Friend In The Trend: The credit bureaus smile on “on time” payments. If you have a record of paying on time, you are likely to continue the pattern . If you’re late, catch up right away. This is the biggest portion of your credit score at 35 percent.
30 Is An Important Number: Credit card balances should remain below 30% of their limits. This says to a credit bureau that you are responsible with credit. Think carefully if you plan to consolidate multiple credit cards into one. Be aware of the single card’s limits. Overloading the card could hurt your score.
Learn From History: Your “credit history” is 10% of your score. So, to hold that history, don’t close credit cards that you don ‘t use.
There are more helpful hints available at the Web site so with additional credit score adjustments to mortgage rates expected later this year, the best way to protect yourself is to be proactive. Identify potential issues in your credit profile and work to improve them.
We don’t always know all about credit scoring and may need more assistance than a web site can provide. In order to get your best possible mortgage rate, speak to your loan officer for an analysis of your personal information about your credit score.
Jan
1
?Foreclosure Homes for Sale: A Good Investment Opportunity
Filed Under Foreclosures | Leave a Comment
Many times, you will see advertisements for foreclosure homes for sale with the list available by calling a toll-free number or going to an internet website. Those looking for the opportunity to buy homes that have foreclosed on, may be interested in these lists, but paying for them mat be questionable.
The majority of these foreclosure home lists make you pay before you are given access to the list itself. All too often the home that you were interested in purchasing by means of the foreclosure homes list has already been sold or auctioned.
Between advertised toll free number lists, the Internet, and newspapers, there are many sources for potential foreclosure home investors to look to in order to find a home to purchase. You can also find out what houses will be foreclosed on and when by visiting your local courthouse and checking the public records.
Before you buy any foreclosure home, you should take advantage of any opportunity to inspect the home yourself. You will want to check to see that everything in the house is operating correctly and determine whether the house can be lived in or sold. In most states the value of a home is determined based off of the estimates of three separate appraisers. Try to get a hold of their appraisals of the foreclosure home since they will have noted any problems that the home has.
Not All Disclosures Are Easily Accessible
Foreclosure homes are not guaranteed like most homes sold by a real estate agent. The person who is interested in buying the foreclosed property might not be able to get much information at all about the home they are interested in, especially if the property is being sold for tax assessment.
It would also be wise to speak with the neighbors and other individuals who live nearby the property you are interested in purchasing, this being especially true if you are not familiar with the area. Their comments might affect how you feel about the property. Information regarding drainage or flooding problems, for example, may not be available from other sources and probably will not be evident on the day of the home auction.
Regardless of the amount you may anticipate saving on the purchase of foreclosure homes for sale, they could be more than offset by negative environmental issues, making the home unlivable for you or potential tenants. By getting as much information ahead of time, you can either make an incredibly good deal or an incredibly bad one.