Good Credit vs. Bad Credit

Good Credit vs. Bad Credit
By Connie Barker

There are millions of people in the world that have poor credit, so first and foremost, realize you are not alone! However, having bad credit is not beneficial to your financial future. I intend on explaining to you the reasoning for this, as well as helping you find the right solution for your credit problems. There is light at the end of the tunnel! There is a way to free yourself and your family from financial burden, read on to find out.

Credit is an ongoing problem in the United States, and to help rectify the situation, several types of debt consolidation companies and law firms have become available. According to Trinity Credit Services, The average American with less than perfect credit spends an extra 30-40% per month in higher interest rates.

Do you want to be the average American? I would hope not! An alternative resource to using a credit repair agency is a debt relief attorney. Keep in mind, all of the services offered by credit repair agencies and attorneys are steps you can take yourself, if you make the time to do so. The process is simple, however also time consuming. Your first step would be to search online for your credit report. You will discover there are several avenues to take to obtaining a free report covering all three of the major agencies, Equifax, Experian, and TransUnion. Any way you choose to go, here are some questions to keep in mind:

Is the company/firm licensed and bonded?
What is their Better Business Bureau rating?
How long have they been in business?
Can you physically go to their office and arrange a consultation?
Do they charge for a consultation?
Do they use a multi-stage process or the single process of letter writing?

If you choose to use a debt attorney rather than an agency, several options can be located on the internet, just type ?debt repair attorney? in the search box. What you will find is that there are many firms offering the same services, so you will begin to wonder why you should choose one over the other. The previously mentioned food for thought will help you figure out which service best fits your needs. Good credit goes a very long way in today?s economy. Just think about a few reasons you would like to have good credit. Would you feel more financially secure? How about more disciplined with your spending?

Words from the mouth of Steven Covey have stuck with me through the years of credit woes, and through my journey to financial freedom. Covey, author of the book, ?Seven Habits of Highly Effective People,? identifies the first three habits as lessons to improve your self-discipline. Covey emphasizes a change in one?s personal habits as the start of the journey to success. So, I will recommend the same. Sit down with a spreadsheet and map your spending. Plug those values into a budget calculator, and try to cut back in areas that are not necessary. For example, if you?re spending $100 on dry cleaning, become more disciplined in changing and hanging your work clothes when you get home so they can be worn again before needing to be cleaned. Simple tasks like this will begin to save you a good chunk of money before you realize it. When the end of the month comes, and you have only spent $40 on dry cleaning, put the other $60 into a savings account for your children?s college education, or a nice vacation for yourself. You will see the money grow at a rate you cannot even fathom!

Here's to unleashing the path to your financial success! Good luck

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Credit Cards - Use Their Advantages

By Sarah Dinkins

Having a credit card provides you with an excellent source of flexible financing. And when you find a credit card product that features a reasonable interest rate, even if it is a bit higher than that of a personal loan, credit cards provide you with more ease and comfort due to being lines of credit and not a fixed amount loan.

Yet, there are many other benefits that you should seize when using your credit cards:

These additional benefits may always be included on any credit card product like the ability to purchase by phone or online while protecting your consumer rights and avoiding frauds or scams but there are also other benefits that may or may not be present depending on the type of credit card you chose like rewards, promotional terms, product insurance, etc.

Online Purchases

The ability to purchase goods online is undoubtedly a benefit. You do not need to move from the comfort of your home to purchase anything from groceries to furniture or house appliances. Almost anything that is sold in stores can also be purchased from online stores and the purchases are just as secure as regular purchases and sometimes even more.

In order to suppress the fear that most people have as regards to online frauds and identity theft, credit card companies have implemented new security systems and insurances that protect you from online scams. Besides, most online stores have both very strict validation systems and secure transaction measures that encrypt all your data to avoid third parties from obtaining it. Thus, it is easier for an employee to copy your credit card information when you make a purchase at a local store than for anyone to see your personal and credit card information online without your authorization.

Consumer Rights and Insurance

Credit Cards provide two interesting protections. For starters, they are an excellent way to protect your consumer rights as the payment is not directly made to the merchant but through the credit card company which acts as an intermediary instead. In the event you are dissatisfied with the product or the terms of the transaction you can exercise your consumer rights with the company you purchased the item from and if unsuccessful, through the credit card company which can roll back the transaction, hold the funds till the dispute is resolved or instruct a chargeback. Though you can contact the credit card company directly, it is advisable to go to the merchant first.

Items that you purchase with your credit card may be insured for a limited period of time that usually does not exceed six months. During this period, any damage to the goods that are covered by the insurance policy will be compensated by the insurance company either replacing the item or refunding the amount of the purchase through the credit card.

Rewards and Discounts

There are many different credit card products and each one offers advantages and discounts. Almost all credit cards have a reward program associated with the line of credit. Some of them offer cash back at the end of a period of twelve months or on a monthly basis. A percentage of your purchases add up and at the end of the period the credit card company credits you the amount.

Other reward programs let you accumulate points with your purchases that can be redeemed for products at any time. There are also mileage programs that let you exchange the points for plane tickets or vacation products that include the flight and the accommodations. There are many programs and discounts and the best way to compare is to do a search for credit cards on the internet.

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10 tips for repairing your credit history, raising score

Credit repair scam artists will charge you anywhere from $500 to $1,500 or more upfront, and promise you everything from a new Social Security card to perfect credit.

What should you do if you have bad credit? Here are 10 tips that are designed to improve your credit history and raise your credit score:

• Pull a copy of your credit history from AnnualCreditReport.com.

Sponsored by the three credit reporting bureaus, Equifax, Experian and TransUnion, AnnualCreditReport.com is the only place you can go to get a truly free copy of your credit history. Each credit reporting bureau is required to give you one copy once a year.

• While you're there, buy a copy of your credit score from Equifax.com.

Equifax offers a FICO score, also known as a Beacon score, which is from Fair Isaac Corp., the company that created the concept of credit scoring.

Most creditors will pull a FICO score, so you should see what they're seeing. Your credit score will give you a snapshot of what your credit information means to your creditors. The FICO score runs from 350 to 850. The higher the number, the better. Your target should be to have a credit score of at least 720.

• Check your credit history thoroughly.

You're looking for errors, misinformation and negative information that might count against you. File a dispute with the three credit reporting bureaus if you spot any errors. Most credit reports have some serious error in them, so fixing these will boost your score.

• Understand what kind of debt you're facing.

Make a list of everything you owe, the interest rate each debt carries, and the minimum payment due each month. Then, establish priorities for your debt: mortgage, real estate taxes, credit cards and medical bills should be paid in that order.

• Negotiate with your creditors for a lower interest rate.

Paying less in interest means more of your payment each month goes toward paying down your balance.

If you have a good credit score (over 720 is a starting point), you should be able to find other credit cards featuring zero percent to 5 percent in interest for the first year, or for the life of a balance transfer. (Check out Web sites such as CardRatings.com and CardTrak.com to compare credit card offers.)

Just be sure you read the fine print: Some credit cards require you to charge on the new account each month or face a stiff fee.

• Pay down the debt with the highest interest first.

Pay your mortgage and home-equity loan and lines of credit in full each month.

Then, throw any spare cash at the debt that carries the highest interest rate first.

• Pay everything on time, even if you can only make the minimum payment.

The most crucial component of your credit history and credit score is your ability to pay your bills on time each month.

Even one late payment can seriously damage your credit history and credit score, even though it can take a year's worth of on-time payments to start to heal your credit history and raise your credit score. It doesn't seem fair, but that's how the credit industry works.

• Don't charge more than 25 percent of your maximum available credit limit.

If you carry a credit card balance that is a higher percentage of your available credit limit, your credit score will go down.

Why? Because creditors believe if you charge the maximum on your credit cards, it means you can't properly manage your credit. You're better off spreading out your debt between three or four different cards than having it all piled on one card.

• Don't open and close a lot of accounts.

Again, a credit score tells current and future creditors how likely it is that you won't pay back your debts.

Every time you apply for a new credit card, that creditor pulls a copy of your credit history from the credit reporting bureaus. That "inquiry" gets reported on your credit history.

• Don't share credit (except with a spouse).

It's easy to tell someone that you'll co-sign a credit card, student loan or a mortgage loan application, especially if it's someone you've known for a long time. Once you're a co-signer for a loan, you're legally obligated to make those payments -- whether or not you can afford them. So think carefully before you agree to co-sign a loan, and nip the problem of bad credit before it begins.

By Ilyce Glink
Contact Ilyce Glink through her Web site, www.thinkglink.com

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No Quick Fixes For Bad Credit

Press Release: Attorney General Dustin McDaniel

If you have less than perfect credit, you have probably received solicitations in the mail, heard radio spots or scene ads on T.V. from companies that offer to fix your credit for a fee.

Often, such ads "guarantee" that they can wipe away your credit problems, making it easier for you to buy that new house, car or even get a new job. Unfortunately, there are no quick fixes for credit problems, and, accordingly, Attorney General Dustin McDaniel issued this consumer alert to warn consumers about credit repair schemes.

"Nobody can legally remove or adjust negative information on your credit report," said McDaniel. "The only thing that can fix a bad, but accurate, credit report is time, and, therefore, consumers should save their money and ignore credit repair offers that claim otherwise."

The following are warning signs that consumers should heed when dealing with credit repair companies:
• The company asks you to pay up front before any services are rendered;
• The company does not inform you of your legal rights or services you can perform yourself, for free;
• The company advises you to dispute all the information in your credit report; and
• The company advises you not to contact a credit reporting agency directly.

There are three major credit reporting agencies—Experian, TransUnion and Equifax. Under the law, these consumer credit reporting agencies are allowed to report accurate negative information on your report for seven years and bankruptcy information for 10 years.

Consumers are entitled to receive a free copy of their credit report once a year. Additionally, you are entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. If you find inaccurate information on your credit report, you can dispute it under the Fair Credit Reporting Act (FCRA).

For more information on your rights under the FCRA, visit the Federal Trade Commission's Web site link under the picture, or call 1-877-FTC-HELP.

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What’s Behind Those Offers to Raise Credit Scores

By JANET MORRISSEY

A HOST of companies have cropped up in the last year that offer struggling subprime mortgage holders quick-fix programs aimed at raising their credit scores.

Ted Stearns is chief of TradeLine Solutions, which offers to raise a borrower’s credit score for a fee.

Some of their methods include piggy-backing onto a stranger’s credit card and receiving pay stubs from a fake employer. The latest comes from a San Diego company, TradeLine Solutions, which claims it can improve a borrower’s credit score by adding somebody else’s top-notch credit history to the borrower’s history.

But industry trade groups and consumer advocates warn borrowers to be wary of that program as well as others that play off borrowers’ fears that they will lose their homes when mortgage rates reset to significantly higher levels.

For a $1,399 fee, TradeLine adds the borrower’s name to a stranger’s recently paid-off loan just before the account is closed. The account, with its perfect payment history, is then added to the borrower’s credit record in 30 to 45 days.

Ted Stearns, chief executive of TradeLine Solutions, said he came up with what the company calls its “seasoned primary accounts” program using a “loophole” in the law. Adding a single account can raise a credit score by 35 to 40 points, he said. But most clients purchase three accounts, at $1,399 for the first one and slight discounts for subsequent ones, to increase a score from say 560 to 700, he said.

The program’s concept, he said, is similar to someone’s buying a car and taking over somebody else’s car loan or lease account at the time of purchase — except, in this case, there is no balance on the account. The original borrower is unaware that a new name is being attached to the account, he said. Mr. Stearns defended his program. “I am a legal entity that conducts business throughout the state of California and the entire continental U.S.”

But Craig Watts, consumer affairs manager at the credit analysis firm Fair Isaac Corporation, said the program raised red flags.

“They’re falsifying the person’s credit history, and that’s one definition of loan fraud,” Mr. Watts said. Even if TradeLine has found a legal loophole to offer the program, the people using the program are knowingly raising their credit scores artificially when applying for a loan or refinancing, he said, adding, “If the borrower is deliberately misrepresenting himself and his credentials to the lender, that’s loan fraud.”

Mr. Watts said that if law enforcement officials chose to prosecute, borrowers could potentially risk losing far more than just their homes.

Fair Isaac developed the FICO scores, which are the most widely used scores for assessing credit risk. It recently fine-tuned its formula, Mr. Watts said, to shut down another credit-enhancing scheme.

He emphasized in an interview that his firm is not a law enforcement agency, but would bring concerns to the attention of the Justice Department, Federal Trade Commission, the F.B.I. and attorney general’s office if lenders started complaining about such practices.

George Hanzimanolis, president of the National Association of Mortgage Brokers, expressed similar concerns.

“You’re representing something to be true that is not,” he said. “Artificially increasing the scores to make them look like they’re creditworthy is a road to disaster.”

Mr. Hanzimanolis said companies that seemingly offer help to individual borrowers might actually be making matters worse. He said he was concerned that many of these loans might wind up becoming delinquent later because they involve people with poor credit. When this happens, he said, the whole industry could suffer.

“There’s no way anybody would be able to determine what customers’ true credit profiles looked like,” he said. “Then we’ll have more homes going into foreclosure, which will end up driving home prices down across the country and affecting banks, consumers — everybody.”

The F.T.C. and other federal agencies declined to comment on the programs or to say whether any investigations were under way.

“Investigations are nonpublic and we don’t opine over whether something is legal or not,” said Frank Dorman, public affairs specialist with the F.T.C.

Fair Isaac has already taken steps to crack down on another credit repair program that TradeLine and a number of other companies, including Instant CreditBuilders.com and SeasonedTradeLines.com, began offering in the last year.

Under this program, subprime borrowers are added as “authorized users” onto credit cards belonging to strangers with strong credit scores and reliable payment histories. Each credit card could add about 35 points to a credit score. SeasonedTradeLines.com’s Web site says: “There is one secret the credit scoring granddaddy and the credit bureaus do not want you to know: Good credit scores can be bought!”

Last spring, lenders began complaining to Fair Isaac that this program, known as credit piggy-backing, would undercut the credibility of credit scores, Mr. Watts said. As a result, Fair Isaac, after consulting with lenders and federal regulatory officials, decided to change its scoring formula to ignore “authorized users” when tallying a person’s FICO score. The formula change is expected to take effect at two of the credit bureaus — Experian and Trans Union — by this spring, Mr. Watts said.

“Authorized user accounts will still show up on credit reports obviously, but the FICO score will no longer see them,” he said.

Mr. Hanzimanolis said he was not surprised that companies were offering schemes to tap into homeowners’ fears and desperation in light of the subprime credit crisis.

“If this kind of practice isn’t stopped, I think it’s going to be a disaster,” he said.

Economists are predicting another wave of rate resets in the next year, involving homeowners who took out subprime mortgages, adjustable-rate mortgages and hybrids from 2003 to 2005. Kathy Bostjancic, a Merrill Lynch senior economist, predicts the biggest impact from a dollar perspective will come in the third quarter of 2008. “We’ve only seen maybe the first wave or two impact, and there’s more to come,” she said.

Mr. Stearns acknowledged that the FICO formula change would have an impact on his authorized user accounts program and said that was one reason he started his company’s “seasoned primary accounts” program. “We’re always one to look for loopholes in the system,” he said.

Mr. Watts said it was too early to tell whether steps would be taken to close the loophole on TradeLine’s latest program.

“If lenders tell us they have concerns about a new type of practice or new type of threat, then we’ll do everything we can to help them with it.”

Is Mr. Stearns concerned?

“It would be presumptuous of me to state that I know what big blunder the credit bureaus have in store for consumers,” he said. “I do know that at this time our program serves as a useful antidote to the current subprime crisis.”

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Coming back from the brink: Redeeming your credit reputation

Looking back, Harry Rogers can see where he went wrong.

Until 2001, the 53-year-old Desoto, Texas resident faithfully paid his credit card bills in full every month.

However, after buying a new car and renovating his home, he began to pay less and less toward his debt each month. It was a slippery slope.

Soon, he was paying only the minimum payments on his card balances.

Not long after, unexpected emergencies like a flooded living room caused Rogers to begin making late payments and eventually missing payments altogether.

Two years later, after fees and increased interest rates due to late or missed payments, he found himself nearly $30,000 in debt spread across three credit cards and saddled with poor credit scores.

In 2004, the average credit card balance for Americans was $5,100, according to a Federal Reserve Board report.

"You're just going into a hole, and continuing to go into hole, and then that affects everything else," said Rogers, "You can't do any financial planning because you're always behind."

"You keep getting deeper and deeper into debt."

An IT area manager at AT&T, Rogers said he made "good money" but still couldn't get a handle on his growing debt.

In 2003, alarmed by his rising debt and decreasing credit score, Rogers stopped using his credit cards. The move stopped the creation of more debt, but he wasn't making any progress on paying down his existing balances.

He decided to seek help and joined a debt elimination program with the Consumer Credit Counseling Service. The program helped Rogers negotiate better interest rates on his cards, knocking down some by as many as seven interest points.

Rogers paid down all of his credit card debt after four years of budgeting and abstaining from credit card use. However, he now faces the daunting task of improving his credit score.

Being proactive
Credit scores can range from a 300 to a perfect 850. Typically, consumers with scores above 700 are charged relatively low interest rates, while those with scores below 600 are often faced with high loan rates or are unable to borrow at all.

The information that makes up a credit report is collected by three U.S. reporting companies -- TransUnion, Equifax and Experian -- and scores can vary across the different agencies.

Credit information, both good and bad, stays on a credit report for an average of seven years, according to the Federal Reserve Board.

Credit counselors recommend taking a proactive approach and regularly checking your credit report, especially in an era of increasing identity theft.

Rogers said he didn't know his credit score had plummeted because he never bothered to check.

"Most of us don't actually have an encounter with our credit score until we're trying to get something, a house or something like that," Rogers said. "Then you find out, 'Aw man, I didn't realize I was in that bad of shape.'"

Now, he considers looking over a monthly copy of his credit report a key part of his plan to repair his credit reputation.

Every consumer is entitled to one free credit report a year under the Fair and Accurate Credit Transactions Act.

'Take it slow'
Gail Cunningham, vice-president of the Consumer Credit Counseling Service of Greater Dallas, advised anyone trying to repair their credit to start slow. "The most important thing is to get that debt paid for and then the credit will rebuild itself," she said.

Good credit management means being able to pay bills on time each month and paying off the entire balance in a reasonable amount of time, said Cunningham. Making even one late payment can cause a credit score to drop as much as 100 points.

After paying down card balances, consumers are often flooded with new offers for credit cards. Cunningham cautions people to be wary of the new offers, to take the time to search for the card with the best interest rate and build from there.

She advises the best thing to do after paying off your debt in full is to open one general credit card account and pay the balance off in full every month.

"When it comes to rebuilding credit, time is your friend, because it's not going to happen overnight," Cunningham said. "But a series of small, smart steps will pay off."

Now free of all credit card debt, Rogers said he plans to take full advantage of his clean slate as he moves to rebuild his credit. His plan is to charge only when absolutely necessary and to pay his credit card debts off in full each month.

If managed responsibly, Rogers could see an increase in his credit score in as soon as six months, Cunningham said.

In hindsight, it seems simple.

"It's pretty straightforward stuff, you get credit, you pay off your bills on time, or before time, and you reestablish it," said Rogers. "But it's a maturing process."

By: Jennifer Jenkins CNN

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Sometimes You Need "Professional Credit Repair"

It’s one of the most important pieces of information you have, yet few think of it until they need it. Your credit report keeps information about credit limits, payment history, and even legal information for years. That information has the power to get you a new car, your first home or even a new job. Yet very few of us worry about the contents of our credit report until we need to.

What’s the biggest downfall to it all? We don’t have control over the items that get added and removed and when it occurs in our credit reports.

There’s a Chance Credit Report Errors Exist

It’s a nice sunny day everything is going fine, you’re driving to the golf course for a morning round of 18, everything is great. How ever, maybe everything isn’t great, it’s possible you have errors on your credit report that you don’t even know about. Errors that could cause you to be denied for a loan, credit card, or worse.

Do you stay on top of your credit report? When was the last time you requested a copy to review the items, and ensure everything was correct and up to date? If you’re feeling a little worried or wondering what is on your credit report right now, then I guess it’s been a while.

The sad part is most people discover what is on their credit report when it’s far to late for them to do anything about it. When their sitting in their bankers office, or trying to get approved for a new car.

So take a proactive approach and review your credit report regularly, and if issues arise consider using a professional to exercise your right and dispute errors and fix them before they cause problems.

A Credit Repair Specialist Can Help

I know you might be a little apprehensive of hiring a credit repair company to help you remove negative items from your credit report. Don’t worry, it’s a shared feeling by many until they see the positive effects a better credit rating can have on their lives.

Legal credit repair is all about correcting those items we’ve talked about so far, it’s not trying to scam the credit bureaus into thinking you’re someone different then your are, or requesting a new SSN in order to start a fresh credit rating. If you talk with anyone who is suggesting you do such a thing, you should report them and their activity.

Using a credit repair lawyer, or other professional, will exercise your rights in the Fair Credit Reporting Act to dispute errors on your credit report, and have them, removed in order to increase you credit score. The process is legal, and carried out by thousands every day.

How will a credit repair lawyer proceed?

If you don’t already have current copies of your credit report from all three credit bureaus this is the very first step. You can’t know what’s wrong or what to correct if you first don’t already know where you’re at.

Credit Repair Lawyers will request copies of your most recent credit files. From this they will review with you what items they think you should dispute and which items to leave alone.

The biggest benefit to hiring a credit repair professional like a lawyer is their experience. They have hundreds of clients cases to call on from experience to help you decide what items are best to dispute. They know which items have been difficult to remove in the past, and which ones made the most drastic changes in a clients credit score.

This is something you just can’t know on your own, without past history, or trial and error.

Keep in mind, anything that a credit repair lawyer does for you can be done on your own. You won’t have the mass amount of experience to draw on, but you can dispute your own items, send in your own letters and save the fees a lawyer might charge you.

Sometimes you need to hire a professional. Go to our website for more information.

Http://www.AutoFinanceInsider.com/Credit_Repair.html

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How to avoid costly Home refinance penalties and fees

Avoid costly Home refinance penalties and fees

Two things to check for when evaluating your loan offer are hidden closing costs and prepayment penalties. These are often overlooked because people just don’t think about them.

In fact, after the rate many people gloss over most of the other details. Doing this can cost you money and restrict your future options. We’ll show you how to leave your options open and spot unnecessary costs.

What will my closing costs be?

Plug in your loan numbers now to get an accurate account of your closing costs.

Closing costs

Closing costs are part of every loan. Some of them you simply have to pay and are standard in loan offers. Others can be added to increase your lender's profits. Your lender is required to provide you with a Good Faith Estimate (GFE) which lists all of the closing costs associated with your loan. When reviewing your GFE, look for origination fees and points.

Origination fees

Points added to your closing costs that go directly to your lender’s profits. You can usually negotiate to have these removed.

Points

These should only be paid if you asked for them and plan to stay in your home for a while. If you plan to move or refinance soon, this is money lost so get them removed.

Closing costs can add a significant amount to your overall refinance price. It’s a good idea to get an estimate of what this number will look like. Plug in your loan numbers now to get an accurate account of your closing costs.

How advantageous are extra payments?

See how much you can save by paying off your mortgage quicker.

Prepayment penalties

Prepayment penalties can stop you from paying off your loan on your terms. If you get a promotion that puts more money at your disposal each month, it can be a good idea to pay down your mortgage. This builds equity quicker and lowers your total payment amount. Some lenders add prepayment penalties into your loan offer. Make sure you ask your lender about these and have them removed if possible. Extra mortgage payments can significantly reduce the amount of interest paid on your loan. See how much you can save by adding a few dollars to your monthly mortgage payments.

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