It’s difficult sometimes to take a step back and look at your finances from an objective point of view. There are things you want to buy, places you want to travel and taking an honest look at the reality of your money situation may put a damper on all of the fun stuff that you think you can afford if you’re not really looking closely at things. For those who want to get serious about their money, however, and really make headway on their financial objectives, there has to be a reality check and it starts with a credit report.
There are far too few of us who are disciplined enough to really have a handle on our credit report. In fact, we may be surprised to learn what is on our credit report and how it subsequently impacts our financial health. We
Your credit score plays a very important role when you apply for a loan. This is where lenders and creditors determine your financial capability. If you are planning to buy a house, you normally seek for financial assistance. To make you fully understand on how to go through the process of improving your credit rating, consider some of these tips.
When you receive your bills, do you normally settle them immediately? Or you still have to wait for the due date or later than the due date before paying them? For your information, your payment record is included on what constitutes your credit score. A portion of such rating will be your payment history. Thus, you need to learn how to pay your dues responsibly if you want to make a positive impression to the lenders. Read more…
10 Nov
Posted by admin as Repair Credit Score
In the last post I talked about my ignorance regarding my credit report. In fact I had never given my credit report a bit of thought until I was forced to face it after being denied for a mortgage loan. That was when I knew that I had to deal with my finances once and for all. I ordered free credit reports from each of the three credit bureaus – something that I have continued to do every twelve months as is allowable by law. Each of the free credit reports from each bureau gives me insight into what my financial standing looks like to potential lenders and keeps me abreast of changes to my credit score and information that could potentially be linked to identity theft should it occur.
In addition to ordering free credit reports I also began checking out secured credit cards as a way to manage my financial comeback. S
07 Nov
Posted by admin as Repair Credit Score
“My bank recently reduce the limit on my credit card, and I have no idea why. Why would they do this if I’ve never missed any payments before, and how does it affect my credit score?”
This is one of the most common questions we’ve been getting from readers lately, and there are two reasons for it. Recent statistics have shown that roughly 1/4 of all credit card holders have had their credit limits reduced within the last six months. The recession has a lot to do with this. In particular, the mortgage and housing crisis that fueled our recession has caused a lot of lenders to minimize their risks.
Credit cards are a classic form of risk for banks, because they are not secured by any form of collateral (with the obvious exception of a secured credit card). Read more…
Information is the foundation for success in every respect. This is the philosophy by which I run my own business and it has allowed me to achieve success in what I do. I wouldn’t say that I micromanage things per se but I do like to know everything that is going on from day to day – just so that I can stay informed and nothing will catch me off guard.
This is the same philosophy that I apply to my finances although it wasn’t always. As top of things as I am in business it certainly doesn’t make much sense that I haven’t been as educated about my finances over the years; but I guess that this part of my life just took backstage to everything else that I was doing in terms of building my business. I have re
In Foreclosure
Power of Sale Foreclosure vs. Judicial Foreclosure, how fast can the bank foreclose?
First of all, most lenders will not begin foreclosure proceedings until a borrower is 3-6 months behind on their payments. Although missing a single payment is a default under the terms of most loan documents, lenders have neither the time nor the desire to foreclose on borrowers who have missed one payment. The process will be initiated when it becomes clear that the debt can no longer be serviced. This post deals with the timing of a foreclosure once your lender has started the process and has instituted a foreclosure action against your property.
The speed with which a bank can foreclose on a borrower varies based on state law.
A change in the Median Family Income used to determine eligibility to file a bankruptcy changes on November 1, 2009.
The Median Family Income for Louisiana beginning November 1, 2009 is as follows:
One Person: $37,464.00
Two Persons: $48,287.00
Three Persons: $53,461.00
Four Persons: $66,256.00
For each additional person in the household and additional $6,900.00 is allowed.