Wednesday, October 27, 2010
Tuesday, October 26, 2010
Read more at Suite101: The Four Tiers of Business Credit and the Personal Guarantee http://business-mortgages.suite101.com/article.cfm/the-four-tiers-of-business-credit-and-a-personal-guarantee#ixzz0vPoJUNca
Monday, October 25, 2010
Read more at Suite101: Energy Efficient Mortgage Program (EEM): Federal Home Improvement Loan for Purchase or Refinancing http://home-mortgages.suite101.com/article.cfm/energy-efficient-mortgage-program-eem#ixzz0tiSQy597
Read more at Suite101: Business Credit and Business Credit Scores http://business-financial-planning.suite101.com/article.cfm/business-credit-reports#ixzz0vPmBE1DZ
Read more at Suite101: Organizing a Business to Establish Business Credit http://business-loans.suite101.com/article.cfm/organizing-a-business-to-establish-business-credit#ixzz0vPnJt6Cv
Friday, October 15, 2010
Texas Interest Rate Limitations*
- Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
- Judgment: 18% or the rate in the contract, whichever is less.
Texas Collection Statue of Limitations
- Open Acct.: 4 years
- Written Contract: 4 years
- Domestic Judgment: 10 years (Renewable)
- Foreign Judgment: 10 years (Renewable)
Texas Bad Check Laws (Civil Penalty)
General Garnishment Exemptions in Texas
- 100% of Wages
Texas Collection Agency Bond and License Requirements
- Bond: Yes
- License: No
- Fee: No
Tuesday, October 12, 2010
Read more at Suite101: Credit Score, FICO Score, and FICA Score: What is the Difference Between these Credit Rating Terms? http://consumereducation.suite101.com/article.cfm/credit_score_ratings_fico_score_and_fica_score#ixzz0tiLgkKkZ
Sunday, October 10, 2010
- New Jersey
- New Mexico
- New York
- North Dakota
- South Carolina
- South Dakota
Tuesday, August 24, 2010
Friday, August 20, 2010
More Than Wheels is an award-winning nonprofit organization that helps people get the best deal on a reliable and fuel-efficient car. Since its establishment in 2001, More Than Wheels has helped nearly 1,200 New England residents get the best deal on a new or nearly new car by negotiating with dealers to secure the lowest price and providing the lowest interest rate available. We provide personal financial education by giving people the tools and knowledge they need to improve and maintain their financial stability—now and in the future.More Than Wheels - http://www.morethanwheels.org/about
As a result of the new car and empowered with the knowledge and skills, many are able to improve their job prospects, their family’s health and well-being, their credit and overall financial stability. A survey conducted by the Carsey Institute at the University of New Hampshire showed that among More Than Wheels clients surveyed:
- 75 percent reported spending less on car repairs.
- 73 percent reported a better overall financial outlook.
- 50 percent are better able to get to their jobs.
- 52 percent had improved access to health care.
- 38 percent have improved access to nutritious food options.
Get the Best Deal on a New CarWhether you have good credit or need help with your finances, our car-buying experts will:
- Help you find the car that fits your needs.
- Negotiate with the dealer and the bank on your behalf to get the lowest price and interest rate.
- Help you save on gas and repairs with a reliable, fuel-efficient car.
Improve Your FinancesFor people who need help with their finances, More Than Wheels' award-winning program features a comprehensive Financial Fitness course that can help you raise your credit score and improve your financial planning. Our program has helped nearly 1,200 New England residents save money and plan for the future.
Do you know of a local not for profit that does similar work? Have you had any experience (good or bad) with this or another not for profit? We'd like to hear about it!
Tuesday, August 17, 2010
Just think of all the interest you are saving and put these savings to work by paying down your installment debt!
Sunday, August 15, 2010
Ulysses S. Grant - Ulysses S. Grant, the 18th President of the United States, became a partner in a financial firm which went bankrupt. Dying from throat cancer, Grant wrote a memoir to pay off his debts.
Abraham Lincoln - The 16th President of the United States, Abraham Lincoln, declared bankruptcy not once but twice. He spent 17 years of his paying off the money that he borrowed from friends to start his business. It took Lincoln 30 years to achieve his goal of becoming President of the United States.
William McKinley - William McKinley, the 25th President of the United States, found himself $130,000 in debt after he co-signed on a loan for a friend and the friend went bankrupt.
Thomas Jefferson - Thomas Jefferson the 3rd President of the United States, filed several bankruptcies in his lifetime; and, his debt was huge in comparison to most individuals' bankruptcies today.
Harry S. Truman - Harry S Truman, 35th President of the United States had a failed business file bankruptcy. A month before Truman was married, banking on their success at Fort Sill and overseas, Truman and Jacobson opened a haberdashery of the same name at 104 West 12th Street in downtown Kansas City. After a few successful years, the store went bankrupt during the recession of 1921, which greatly affected the farm economy
William C. Durant - William C. Durant founded General Motors, Chevrolet and Durant Motors. Durant Motors was established in 1921 but unfortunately failed in 1933 after the Great Depression. Durant filed for bankruptcy in 1936 being $914,231 in debt and lived out the rest of his life managing a bowling alley in Flint, Michigan.
Milton Hershey - Milton Snavely Hershey founded Hershey’s Foods Corporation in 1903 but didn’t find success immediately in life. Hershey dropped out of school after 4th grade, because his family moved around a lot, and got an apprenticeship as a printer. He wasn’t keen on the business and tried his hand at candy. His first four attempts failed and forced him to file for bankruptcy but his fifth resulted in a major corporation that’s doing pretty darn good to this day.
Donald Trump - Donald Trump found himself $900 million in debt in 1990 and lost a lot of his business ventures but somehow restructured his debt to be back on top running a billion-dollar empire.
Henry Ford, 1863-1947, automobile manufacturer, first two automobile manufacturing companies failed. The first company filed for bankruptcy and the second ended because of a disagreement with his business partner. In June 1903, at the age of 40, he created a third company, the Ford Motor Company with a cash investment of $28,000.00. By July of 1903 the bank balance had dwindled to $223.65, but then Ford sold its first car, and as they say the rest is history.
William Fox – Co-founder of 20th Century Fox Film Corporation
Charles Goodyear – Founder of Goodyear Tire Co.
Henry John Heinz – Henry John Heinz, 1844-1919, condiment manufacturer, started his company in 1869 selling horseradish, pickles, sauerkraut and vinegar. In 1875 the company filed for bankruptcy due to an unexpected bumper harvest which the company could not keep up with and could not meet its payroll obligations. He immediately started a new company and introduced a new condiment, tomato ketchup to the market. This company was, and continues to be, very prosperous.
Below are five people most would never have guessed to have filed bankruptcy:
Walt Disney - Walt Disney’s name is synonymous with Mickey Mouse and the “happiest place on earth,” Disneyland. However, Disney’s career wasn’t always a moneymaking venture. In 1921, he began a company called the Laugh-O-Gram Corporation in Kansas City, Missouri but was forced to file for bankruptcy two years later because his financial backers pulled out. It must have been fate because Disney then headed to Hollywood and became one of the highest paid animators in history.
Benedict Arnold - Benedict Arnold fought on the American side of the Revolutionary War but didn’t get the attention he felt he deserved so he switched to the British side. He went bankrupt after the war when a failed financial venture caused him to lose everything.
P.T. Barnum - P.T. Barnum is best known for being half of the “Barnum & Bailey Circus” but he actually didn’t get into that until he was 61-years-old. He first opened a museum in New York City showcasing nature’s oddities like Tom Thumb who was only 2 feet 9 inches tall. He also put a bunch of dough into the development of East Bridgeport, Connecticut and went bankrupt when that didn’t work out. He bounced back in four years and got into the circus business.
Buffalo Bill - Buffalo Bill organized his “Wild West Show” in the late 1800’s and went on to become quite wealthy. Even though he made millions touring the country, he was also very generous and gave away so much money that he had to file for bankruptcy in 1914. He died bankrupt in 1917 and was buried on Lookout Mountain.
Frances Ford Coppola - Responsible for directing the Godfather trilogy and winner of five Academy Awards before he was 40, Francis Ford Coppola was $300,000 in debt before the first Godfather movie came out. He then was able to rebound but began bankruptcy proceedings after his 1982 musical One From The Heart tanked. Luckily, he borrowed the money from his mother to get into the wine business and again turned his financial future around.
If these famous and historical people can bounce back from losing every thing so can you! Take control of your finances and credit history today, make a promise to yourself to do a little each day to bring you that much closer to your financial dreams.
Thomas Paine - Thomas Paine, known for the pamphlet Common Sense, greatly benefited from his move to America in 1774. He was broke and facing bankruptcy and to top it off, his second marriage had just ended, so moving across the ocean was a logical next move.
Rembrandt - Rembrandt went bankrupt in 1656 and his house and collections were auctioned. Unfortunately, the money raised wasn’t enough to cover his debt so he set up an art-dealing business to keep his creditors at bay.
Friday, August 13, 2010
I have been working to improve my credit score by paying down my debt so my wife and I can finally buy a home. Last month we were really excited and proud of ourselves for paying off one of our vehicle loans and have been eagerly anticipating the bump to our scores.
As you suggested, we have been subscribed to Equifax's Credit Watch. The other day we received the alert that the loan had been paid in full. We were surprised and extremely disappointed that there was not a boost to our credit score. We can't understand this at all. We paid off one of my wife's credit cards that was maxed out and it boosted her score almost 50 points.
Why didn't our credit score increase? What did we do wrong?
Mike and Kelly
Tuesday, August 10, 2010
Read more at Suite101: Keeping a High Credit Rating on a Credit Report: Ten Unexpected Ways to Lower a Credit Score http://consumer-responsibility.suite101.com/article.cfm/keeping-a-high-credit-rating-and-credit-reports#ixzz0tiRt76uE
Friday, August 6, 2010
Read more at Suite101: Rapid Rescoring: Raise Your Credit Score Quickly http://mortgagesloans.suite101.com/article.cfm/rapid_rescoring#ixzz0tiR8k6B5
Tuesday, August 3, 2010
Read more at Suite101: Inquiries and Requests for Credit Reports: Permissible Purpose as Defined by the Fair Credit Reporting Act http://consumer-rights.suite101.com/article.cfm/credit_reports_and_credit_reporting_agencies#ixzz0tiOn0L7C
Saturday, July 31, 2010
Please let me know what you think!
Secured Credit Card Comparison Chart.xls
Monday, July 26, 2010
Read more at Suite101: The Short Sale Process: Does it Really Stop Foreclosure and Save Your Credit? http://home-mortgages.suite101.com/article.cfm/the-short-sale-process#ixzz0tiT1ZkoO
Saturday, July 24, 2010
According to Angela Martin, the economic fairness director at Our Oregon seven other states are currently looking into similar legislation. This is great news for those who have been effected most by the currently state of our nations' economy.
Visit Martha C. White's article, Oregon bans job applicant credit checks to read the entire article.
Read more at Suite101: Alternative Financing: Bridge Loans and Hard Money Loans http://mortgagesloans.suite101.com/article.cfm/alternative_financing#ixzz0tiIJOSWc
Thursday, July 22, 2010
Read the entire article by Melly Alazraki, GM to aquire AmeriCredit for $3.5 Billion.
I expect with all the economic changes we are seeing, this type of transaction will become more and more common over the next 2-3 years. Tightening credit guidelines are going to make it harder for consumers to get standard loans and large car dealers are going to need the extra leverage they will get from the sub-prime market.
What sub-prime lenders do you see being bought out over next few years?
Read more at Suite101: What is a Lease Purchase Agreement?: An Alternative Financing Option to the Conventional Mortgage Loan http://buyingsellingahome.suite101.com/article.cfm/lease-purchase-agreement#ixzz0tiKwqyl0
Tuesday, July 20, 2010
Read more at Suite101: Contract for Deed: An Alternative Mortgage Financing option for Home Buying http://buyingsellingahome.suite101.com/article.cfm/contract-for-deed#ixzz0tiJtoxG0
Monday, July 19, 2010
As a sheriff's deputy dumped the contents of Joy Uhlmeyer's purse into a sealed bag, she begged to know why she had just been arrested while driving home to Richfield after an Easter visit with her elderly mother. In jail for being in debt By CHRIS SERRES and GLENN HOWATT, Star Tribune staff writer.
The biggest benefits of a secured credit card over a standard unsecured bank credit card is:
- You have control over the credit limit.
- Some secured credit cards will turn into unsecured credit cards, with timely payment history.
- Secured cards, when compared to low-limit cards for rebuilding credit, have a relatively low APR.
- Because you have control over the credit limit, larger credit lines are possible, resulting in a higher credit score.
Sunday, July 18, 2010
Read more at Suite101: Wrap-Around Mortgage: Seller Held Alternative Mortgage Financing http://buyingsellingahome.suite101.com/article.cfm/wrap-around-mortgage#ixzz0tiKCxzL4
The scams by these so called credit repair agencies became so ram-pet in the past few years, the government enacted the Credit Repair Organizations Act to govern the business and protect consumers from unscrupulous practices.
At the same time, creditors and the credit bureaus reacted swiftly to close the loop holes exploited by those trying to "repair their credit". In this day and time, if anyone tries to tell you they can remove negative information from your credit report, regardless of the validity of that debt, beware!
The best approach to improving and maintaining your credit score is to become an informed consumer and focus on rebuilding your good credit name. The Credit Rebuilding Process is a three step process where the consumer:
- Ensures that the information in their credit report is accurate.
- Disputes any incorrect or outdated negative items with the credit reporting agencies.
- Develops a plan to lower their debt, increase their available credit and raise their credit score.
I do not repair credit, I teach those looking to improve their credit rating the proper way to rebuild their credit reputation quickly and efficiently to reach their financial goals and long term credit success.
Saturday, July 17, 2010
Read more at Suite101: Proof of Debt and Debt Collectors: The First Step to Restore your Good Credit Rating http://mortgagesloans.suite101.com/article.cfm/proof_of_debt_and_debt_collectors#ixzz0tiGdJoOB
Vanity cards demand much higher credit scores and more time to lapse after a negative financial event before one can qualify. Other items these types of card issurers look for is similar credit limits on your existing cards, proof they have been managed successfully and an excellent payment record.
If you are looking to improve your credit score after a negative financial life event these types are cards are usually out of your reach until you are able to raise your credit score to above 700 and all negative accounts have fallen off (or been removed) over time.
Normal unsecured credit cards are usually the ultimate goal to reach for when rebuilding one's credit.
The required minimum initial deposit varies by bank, some require as little as $300 to open an account, others up to a $1,000 or more. The amount of your credit card limit usually matches the amount in your savings account.
Consumer's can initiate credit line increases with additional deposits made to the savings account tied to the credit line. Some banks require credit line increases to be requested in $50-100 increments, but deposits can be made in any amount.
The typical maximum credit line is $5,000.00. But I have found maximum limits as low as $500 and as high as $17,500.00.
Some banks will allow a secured card to "graduate" to unsecured status after a period of timely payments (usually between 12-24 months). But this policy varies by bank and consumers will need to research this during the application process.
Other than timely payments consumers have no control over how quickly this credit limit is increased. Credit line increase are usually limited to one or two in a 12 month period. Interest rates on these types of cards are usually higher than other cards.
Consumers looking to increase their credit scores have to be very consciousness of their spending habits with these types of cards. Due to the low limits it is very easy to go over the limit and incur additional fees and charges.
How they operate is simple, money is deposited or "loaded" onto the card and it is used just like a credit card to purchase goods and services. When the money is gone, more can be loaded and the cycle is started all over again.
For typical consumers, this type of card has very little value aside from maybe using as a gift card instead of check or cash. This type of card is not a credit card and does not re-establish credit. They can also carry hidden fees and charges.
Most cards you will run into will fall into one of the following categories:
- Debit Cards aka Check Cards
- Pre-Paid Debit Cards
- Low Limit Unsecured Credit Cards
- Secured Credit Cards
- Normal Unsecured Credit Cards
- Vanity Cards
Before applying for new credit, arm yourself with knowledge about each type of card to ensure that your decision will be the best one for your long term credit success.
Friday, July 16, 2010
Read more at Suite101: Consumer Rights Protection: Who Regulates Banks, Creditors and Debt Collection Agencies? http://consumer-rights.suite101.com/article.cfm/consumer_rights_protection#ixzz0tiDSTUmn
A lot of people wonders, "I have a VISA debit card, why do I need a credit card too?" Actually, credit and debit cards are two totally different payment options. There are many benefits a credit card offers that a debit card does not. Some of these are:
- Bank cards report to your credit report and if handled properly increase your credit scores.
- Convenience. It is virtually impossible to rent a car, book a hotel room, or purchase airline tickets without one.
- Liability. Credit cards offer consumers protection under the Fair Credit Reporting Act (FCRA) for purchases over $50.00 Most debit cards, either pre-paid or tied to a checking account, and business credit cards do not.
- Fraud Protection. Purchasing scams, especially on the internet, are ram-pet. Using a credit card for telephone and online purchases reduces risk to your cash flow.
- Purchase Protection. Some credit cards offer card holders Purchase Protection. This added benefit guarantees the items you purchase from theft, accidental breakage, etc...Be sure to ask your card issuer about this valuable option.
Read more at Suite101: Unfair Debt Collection Practices: Consumer Rights and Credit Collection Agencies http://mortgagesloans.suite101.com/article.cfm/fair_debt_collection_practices_act_part_2#ixzz0tiConco1
Thursday, July 15, 2010
Below is a list of over 20 Secured Card issurers and links to the appropriate application pages are located in the link section on the main page below. Be sure to book mark this page and visit often as it will be updated as new information and offers are available.
- Amalgamated Bank of Chicago
- American Momentum Bank
- Applied Bank
- Banco Popular
- Bank of America
- Capital One
- Fifth Third Bank
- First Premier Bank
- Flatbush Federal Bank
- Hartland Bank
- Merrick Bank
- Navy Federal Credit Union
- New Millennium Bank
- Orchard Bank
- Plains Commerce Bank
- Public Savings Bank
- Ranier Pacific
- United Bank of Philadelphia
- U.S. Bank
- Wells Fargo
- Zions Bank
Do you homework and research each card offer carefully to determine the best program for you. I do my best to provide you with the most accurate and up to date information, but card issuers can change program offers and guidelines without notice. Please verify ALL information before applying to any credit card offer listed here or elsewhere.
Can you have more than four cards and still have a strong credit rating? Of course! But since you are reading a blog on improving your credit score, chances are there are a few blemishes and areas that could stand improvement. Until your history and credit management habits are strong enough to offset the additional liability of more debt, the optimal number of cards with the highest credit limits you can qualify for is the best way to go.
Read more at Suite101: Fair Debt Collection Practices Act: Communication with Collection Agencies http://mortgagesloans.suite101.com/article.cfm/fair_debt_collection_practices_act_part_1#ixzz0tiBdUroV
Wednesday, July 14, 2010
Our credit score and credit report are becoming more important to every day life. Not knowing what your credit is saying about you could keep you from getting that dream job you have been after, purchasing a home or much needed transportation. It is essential to know:
- What is on your credit report.
- How the information got there.
- How it effects your credit score.
Having over 20 years experience with potential home buyers trying to rebuild their credit, I'd like to share some of the most effective ways to rebuild your credit quickly and managing the newly found freedom of good (or even excellent) credit for long term credit success.
Edited to add:
Regular post are scheduled to begin August 1, 2010. Be sure to subscribe to this feed or follow this blog for the wealth of information that is coming!
One of the most popular credit cards that people trying to re-establish credit are attracted to are the low-limit unsecured credit cards. T...
There are a number of Secured Credit Card Programs out there. Policies and fees vary as well as the approval process for each bank card iss...
A lease purchase agreement is a contract between the buyer and seller in a real estate transaction. Lease purchase contracts are commonly k...
The current economic state of our country has created a boom in the debt collection industry. Many banks and credit card companies are bein...
Dun and Bradstreet operate on a 'fiscal year' as far as their reporting. It doesn't matter if a company incorporates in Septem...
An Energy Efficient Mortgage is a mortgage loan that is funded by a traditional lending institution and is insured by the Federal Housing ...
I have been assisting hopeful homebuyers improve their credit score in the hopes of mortgage approval for over 20 years. The term "cre...
Building business credit is more than obtaining a DUNS number and filling out business credit applications. For business owners of new bus...
Three major mortgage lenders — Bank of America, GMAC Mortgage and JPMorgan Chase — have said they are suspending foreclosures in the 23 st...
In this day and time, I am a big proponent of secured credit cards, this was not always the case. But with large credit card companies tryi...
FTC Required Disclosure
The Federal Trade Commission requires that I disclose any relationship I may have between a product manufacturer or service provider when I write about a product or service.
My intention for this blog is to provide consumers with the knowledge to improve their current personal credit situation. It is the readers responsibility to do additional research and to make responsible decisions based on their own personal financial situations.
My promise to my readers is as follows:
- I am never paid to do a review of a product or service. I do not accept money to review credit cards, credit repair companies etc... When reviewing a product or service, I invest my own time and money to review and test credit products and credit services listed on this site.
- No advertiser will ever influence the content, topics or posts made in this blog. Just because there is an advertisement for a particular product or service on this site, it does not necessarily mean it has been endorsed by the author of this blog.
- If I create a link to a product or service on this site, sometimes I may get paid a commission if you purchase the advertised product or service. These links are included after posts are written, and posts are never composed for the purpose of including advertising.
I feel the rules and practices listed above are just good business in today’s digital world. It is important for you the reader to understand the relationship between the person reviewing a product and the manufacturer or service provider.
If you don’t see a disclosure policy on a blog, that reviewer may be violating the law or at the very least the Code of Ethics.