If you have looked at the newspaper, watched television news, or listened to the radio lately, you know that the economic times are extremely tough right now. This is why it is imperative that you get your credit files in order. If you do, you can not only make it through these times, but you could make a hug amount of money as well.
Let’s take a look at the overall credit picture and how it can effect you in the times we are facing right now. You should already know that banks need to lend money in order to stay open. I mean that is the only way that they make money. They give you 2-4% annually to use your money and then they loan it to other people at 8% or more. This is the only way that they stay in business is through the lending of your money.
Ok, so now we know that the banks out there must loan money in order for them to stay in business. The truth is they are trying madly to loan money, but they must make sure that the entities they lend the money to, fit in their shrinking guidelines.
What this means to you…
It’s quite simple really. If you want to make things happen for yourself, then you have to be able to fit in these guidelines. The only way to do this is through credit rebuilding. You see, there is a wicked rumor among people that there is no way to legally rebuild your credit at a rapid rate. This is just not so. As a matter of fact, I have witnessed a credit file being legally wiped clean in less than a month using the credit laws that are on the books right now! This is exactly what is needed for people with less than perfect credit.
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Posted in Credit.
Have you ever stressed over a late payment for a credit card or a loan? Most people that are a few days late are instantly worried that it’s going to go directly on their credit report making it nearly impossible to get extended credit ever again. I promise that after reading this article you will have a little bit better understanding of how credit reporting actually works for late payments. There are some time lines you should be aware of to truly understand the effects and why or why not you should be worrying.
While the late payments DO adversely affect your credit, a late payment of 10 days or less will normally not have any penalty whatsoever. Generally, financial institutions have a 10 day grace period where no late payment fee’s will be assessed. Beyond the 10 days you will normally receive some sort of fee, yet still there is no reporting to the credit agencies. The normal amount of time is 30 days of being late when you will have it show up on your credit report.
These normally show up on your credit report as a one time late payment. The time lines go in the following order:
30 days late
60 days late
90 days late
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Posted in Credit.
Thinking of getting a brand new credit card? Are you wondering if it is time to add another plastic to your collection? Whichever choice you may take, there are a lot of companies that are more than willing to issue you a new card as a way of getting ahead in the competition.
People receive newsletters, pamphlets, booklets, and all other kinds of advertising materials in order to convince them to apply for a new plastic card. These cards come with new and tempting incentive plans, promises of low interest rates and all kinds of other benefits to appeal to the consumer as a way of earning more profit. But despite all these, there are still things to consider before getting new plastic in order to prevent the possibility of becoming a credit debt victim. Most of the companies and banks want to earn just as much as provide to the consumers, so it is important that you know how to handle the new responsibility before submitting your application. If you think you are old enough and ready than ever to start using credit cards, make sure that you use it wisely and as much as possible sparingly. Find out what are the best consumer credit cards (low interest rates, incentives, and services) available for you in your area.
Once you have decided on getting it, you have a wide variety of options to choose from. Do not fall immediately to the first few offers of low interest rates and amazing incentives that arrive in your mail. These advertisements are sent to your mailbox with flashing bold letters screaming “low introductory rates” and “0% balance transfer offers” in order to get you to be their customer. Be in control of your choices; it really pays to be in control. If it is information you are looking for first, you can consult the Internet, finance magazines with articles regarding the individual consumer, and your daily newspaper. Have an unbiased source to help you compare different credit cards as well. Continued…
Posted in Credit.