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Saturday, January 17, 2009
Credit ratings, at their most simple, are personal debt histories. Credit ratings can haunt us for our entire life, providing a often worrying picture of our financial behavior. Lenders and credit card companies look to credit ratings for the most simple assessment of whether we are a good or bad risk. But what kind of information does a credit rating contain?
For starters, credit ratings contain all the basic personal information you would expect them to have, such as full name, address and social security number. Any debt you owe will be added to your credit report. Credit ratings contain every store credit card you carry, their maximum limit and how close you are to reaching that limit. Payment history is included as well.
An unsoiled credit report will show no late payments, few applications for new credit or loans and low balances on existing credit cards. Excellent credit ratings win a higher rate of approval and lower interest rates with banks and credit card companies.
Negative comments, past foreclosures and bankruptcies undoubtedly do not look good on credit ratings. Credit ratings carry negative information for a long time. Late payments, for instance, remain on your credit rating for 7 years. Bankruptcies can stay on for 10 years. Frequent loan and credit applications are also problematic. It pays to keep a good financial profile. You can help yourself by checking your credit report yearly. Credit ratings sometimes contain information that is out of date, such as your maiden name instead of your married name or an old address. Negative errors can occur, too. These need to be found well before you apply for credit or loans. Credit ratings can take weeks, even months, to correct.
In high school, children joke about what goes on their permanent record. Credit ratings are permanent records that are no laughing matter. You should make it a point to know what is in your credit ratings.
For starters, credit ratings contain all the basic personal information you would expect them to have, such as full name, address and social security number. Any debt you owe will be added to your credit report. Credit ratings contain every store credit card you carry, their maximum limit and how close you are to reaching that limit. Payment history is included as well.
An unsoiled credit report will show no late payments, few applications for new credit or loans and low balances on existing credit cards. Excellent credit ratings win a higher rate of approval and lower interest rates with banks and credit card companies.
Negative comments, past foreclosures and bankruptcies undoubtedly do not look good on credit ratings. Credit ratings carry negative information for a long time. Late payments, for instance, remain on your credit rating for 7 years. Bankruptcies can stay on for 10 years. Frequent loan and credit applications are also problematic. It pays to keep a good financial profile. You can help yourself by checking your credit report yearly. Credit ratings sometimes contain information that is out of date, such as your maiden name instead of your married name or an old address. Negative errors can occur, too. These need to be found well before you apply for credit or loans. Credit ratings can take weeks, even months, to correct.
In high school, children joke about what goes on their permanent record. Credit ratings are permanent records that are no laughing matter. You should make it a point to know what is in your credit ratings.
About the Author:
Steve Collins is an author and journalist. In these trying times, he knows the importance of obtaining effective credit card debt solutions if necessary. Read his article about credit card debt solutions here.
posted by Credit Counseling at
2:45 PM
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When it comes to choosing a mortgage loan to purchase a home, there are a lot of different options to choose from. The best mortgage option for you might be different from the one that is best for your neighbor. If you are looking to take on a mortgage sometime in the near future, it might be helpful to know what some of the common types of mortgage loans are all about so you can make an educated decision when the time comes to make a choice.
The fixed rate mortgage loan is perhaps the most well known mortgage option. When interest rates are low, it is a good idea to get a fixed rate mortgage and lock in the interest rate. Whatever interest rate you get with your mortgage will stay with you unless you refinance the house. The amortization schedule with a fixed rate mortgage will stay the same throughout the term of the loan.
Terms of loans for fixed rate mortgages can be ten years, fifteen years, twenty years, thirty years, forty years, and in some rare cases, fifty years. Lower interest rates are offered for loans that have shorter terms since they are lower risk loans for the lenders.
Obviously, the least expensive loans have the shortest terms so if you are looking to save money, you might consider a shorter term for your fixed rate mortgage. Your monthly payments will be more, but you will pay less for the loan in the long run.
An adjustable rate mortgage is another common mortgage. They have become more popular over the past several years. Some buyers grossly misunderstand the ARM (adjustable rate mortgage) loan. The main thing to be aware of with this type of loan is that you need to expect that your monthly mortgage will change over time.
People will use this type of mortgage if they are using the property as an investment that they plan to sell when it appreciates in value. Sometimes they'll rent out a place for five to ten years in the amount of the interest only mortgage and then sell the property for a profit when it appreciates.
The fixed rate mortgage, adjustable rate mortgage, and interest only mortgage are the most commonly used mortgage loans. Depending on your situation, one of them could be the best mortgage for you.
The fixed rate mortgage loan is perhaps the most well known mortgage option. When interest rates are low, it is a good idea to get a fixed rate mortgage and lock in the interest rate. Whatever interest rate you get with your mortgage will stay with you unless you refinance the house. The amortization schedule with a fixed rate mortgage will stay the same throughout the term of the loan.
Terms of loans for fixed rate mortgages can be ten years, fifteen years, twenty years, thirty years, forty years, and in some rare cases, fifty years. Lower interest rates are offered for loans that have shorter terms since they are lower risk loans for the lenders.
Obviously, the least expensive loans have the shortest terms so if you are looking to save money, you might consider a shorter term for your fixed rate mortgage. Your monthly payments will be more, but you will pay less for the loan in the long run.
An adjustable rate mortgage is another common mortgage. They have become more popular over the past several years. Some buyers grossly misunderstand the ARM (adjustable rate mortgage) loan. The main thing to be aware of with this type of loan is that you need to expect that your monthly mortgage will change over time.
People will use this type of mortgage if they are using the property as an investment that they plan to sell when it appreciates in value. Sometimes they'll rent out a place for five to ten years in the amount of the interest only mortgage and then sell the property for a profit when it appreciates.
The fixed rate mortgage, adjustable rate mortgage, and interest only mortgage are the most commonly used mortgage loans. Depending on your situation, one of them could be the best mortgage for you.
About the Author:
Trinity provides people with information about mortgages bad credit and bad credit home loans.
posted by Credit Counseling at
1:59 PM
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Whether you are trying to sell a home in Cleveland, Pittsburgh, Memphis or Louisville there are certain things which can prevent a sale from happening. If you can identify the problems then you will that selling your Louisville home for example will become much simpler. Below we take a look at some of the mistakes that people may well make when selling their homes and which can prevent them getting an offer quickly on it.
Mistake 1 - If your house is full of bad odors then this will be the first thing that may prevent a potential buyer looking any more closely at your home. Certainly if you own pets or people smoke in your home the odors from these are things that need to be got rid of as quickly as possible. If you think going round with the air freshener before a viewing will suffice, then think again. You will find that all your furniture and furnishings will be full of these odors. So arrange to have everything cleaned properly before the viewings start.
Mistake 2 - Many people will try to be very persuasive when others come to view their home especially when the market is full of similar properties. But if you are trying to hard this can cause a potential buyer to back away from yours. Instead allow them the room to wander around and get a feel for the property on their own. Doing this they are able to see more easily if they will be able to live in the property comfortably once you have vacated it.
Mistake 3 - A lot of people who own pets when selling their homes will tend to allow them free rein when viewings take place. However, it is far better if you arrange for yours to be kept somewhere else during viewings say with a friend or neighbor. The other thing to do is limit them to one specific area of the house or place them in a dog crate until the viewings have been completed. You need to remember that not all potential buyers of your home are going to be animal lovers like you.
Mistake 4 - Many people when trying to sell their home will put off getting any minor works carried out. If you have leaking taps or a blocked drain or gutter arrange to have these problems rectified. Although the work may cost you a little bit of money it could end up ensuring that you get the price you want when you sell. Many potential buyers will often be put off if a property is not in a good state of repair and will have to spend money on making it habitable for them.
Mistake 1 - If your house is full of bad odors then this will be the first thing that may prevent a potential buyer looking any more closely at your home. Certainly if you own pets or people smoke in your home the odors from these are things that need to be got rid of as quickly as possible. If you think going round with the air freshener before a viewing will suffice, then think again. You will find that all your furniture and furnishings will be full of these odors. So arrange to have everything cleaned properly before the viewings start.
Mistake 2 - Many people will try to be very persuasive when others come to view their home especially when the market is full of similar properties. But if you are trying to hard this can cause a potential buyer to back away from yours. Instead allow them the room to wander around and get a feel for the property on their own. Doing this they are able to see more easily if they will be able to live in the property comfortably once you have vacated it.
Mistake 3 - A lot of people who own pets when selling their homes will tend to allow them free rein when viewings take place. However, it is far better if you arrange for yours to be kept somewhere else during viewings say with a friend or neighbor. The other thing to do is limit them to one specific area of the house or place them in a dog crate until the viewings have been completed. You need to remember that not all potential buyers of your home are going to be animal lovers like you.
Mistake 4 - Many people when trying to sell their home will put off getting any minor works carried out. If you have leaking taps or a blocked drain or gutter arrange to have these problems rectified. Although the work may cost you a little bit of money it could end up ensuring that you get the price you want when you sell. Many potential buyers will often be put off if a property is not in a good state of repair and will have to spend money on making it habitable for them.
About the Author:
Mistakes to avoid when selling Louisville Home, please check out Louisville Home, and Louisville Home
posted by Credit Counseling at
8:55 AM
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