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!
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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.