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[24 Mar 2006 | No Comment | 208 views]

When applying for a mortgage loan, your credit score plays a huge role. Thus, many people choose to establish a good credit history before applying for a mortgage. Having a low credit score will not necessarily prevent you from getting a mortgage. Likewise, it’s possible to get a mortgage with no credit history. Before applying for a no FICO score home loan, it is important to understand how these loans work, and how to qualify.
Purpose of Credit Scoring
Without credit reports and credit scoring, potential lenders would be unable to assess an applicant’s creditworthiness. Credit reports contain very detailed information about our credit history. For example, the length of credit history, number of credit accounts, outstanding balances, etc. Along with creditor information, reports also contain a three digit number. This is the FICO score. Credit scores range from 300 to 850. Higher scores obviously means better credit.
How Credit Scores Affect Mortgage …

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[24 Mar 2006 | No Comment | 235 views]

Never heard of the term, “Hard Money” before?
It is one of the most valuable, yet misunderstood tools in the real estate investor’s tool box.
In this article, I will show you how several of our clients used hard money to get rich quickly in real estate and you can too!
Hard money loans are loans made, usually by private lenders; on the basis of the value of the collateral as opposed to the traditional banking criteria of credit scores, tax returns, income statements, etc. of the borrower. In other words, they are based on the “hard” assets.
Typically hard money loans carry interest rates and points 50-100% higher than traditional bank loans. This has lead to the impression that they are “hard” to repay.
However to the sophisticated investor, hard money is in invaluable because it is:
Quick
Hard money lenders can close in a few days after appraisal and title work, unlike bank loans where …

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[24 Mar 2006 | No Comment | 244 views]

You need to use more than a mortgage calculator to find out which is the best plan for your needs. Here you have a quick guide to help you decide on the best plan for you.
The Different Types Of Mortgage Loan Options
So you have decided to purchase your own home and you need to find out which type of home loan is the best for you. There are basically three main types of mortgage loans available so let us have a look at them and try to find one that will best suit your requirements.
1. The Fixed Mortgage Loan.
30 year fixed rate: this loan is probably the most popular type of arrangement because it provides for low monthly repayments and is usually chosen by people who will stay in their home for a long time. One of the advantages is that you will have more money in your pocket each …

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[24 Mar 2006 | No Comment | 827 views]

Student credit cards can be a quick and easy solution to an unexpected cash crunch. Let’s say you work at a local hot-dog stand on weekends to help make ends meet. But the boss ran into a little gambling problem and couldn’t pay you this week. But you bought a case of beer for the weekend and your last text book will finally be in at the bookstore on Monday (only a month late). This is an excellent situation to put a student credit card to use. You know you need the book, you know that your boss will have the money next week, and you’ll be able to pay off the debt easily. This is a great situation to use a credit card as a student.
Now let’s say that horror of horrors the hot-dog stand job falls through. Now you’re in a serious bind. Not only are you short …

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[24 Mar 2006 | No Comment | 514 views]

Most gas companies offer two types of gas card – a gas credit card and a gas charge card. Credit cards are self explanatory, and charge cards require consumers to make a full payment for expenses incurred within the agreed date. Charge cards differ to credit cards, as they do not allow consumers to carry forward a balance at the end of each month.
Gas cards with high annual fee benefit from higher credit limits, accident insurance cover, travel cover, and every other cover under the sun. In modern times due to high competition between banks, card issuers are quite often wavering joining fees and annual fees to attract more clients.
The Discover Gas Card is one of the top gas cards on the market offering up to 10% rebate on your gas purchase. As more cards appear on the market allowing greater flexibility of offering cash rebates regardless of where you …

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[24 Mar 2006 | No Comment | 233 views]

Lenders and creditors use your credit report to determine whether or not you are eligible for loans, credit cards, or other services. When you pull your own credit report, you should be looking for three things: your credit score, identity theft, and mistakes.
Your Credit Score
Your credit score is a three-digit number that appears on your credit report. Credit scores range between 500 and 850. The higher your credit score is, the better your chance will be of getting credit.
Knowing your credit score gives you the opportunity to determine how likely you are to get credit before you apply for it. It also helps you anticipate how high of an interest rate you will pay on loans and other lines of credit.
Identity Theft
Unfortunately, identity theft has become a common occurrence. People may use your information to commit fraud and make purchases in your name. You can fight identity theft by monitoring …

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[24 Mar 2006 | No Comment | 223 views]

For years, the credit industry has tried to prevent you from seeing your credit report. Thanks to pressure from the government and consumer agencies, all of that has changed. It is now easier than ever to obtain a credit report.
Why Get a Copy of Your Credit Report?
Your credit report contains personal information that can determine whether or not you are eligible for a loan, credit card, insurance, housing, employment, and other services. When you obtain your credit report, you can see everything that is being used to make these decisions, such as your credit score.
Instant Online Credit Reports
There are many online companies that now provide you with instant access to your credit report. Many of these companies can be a valuable resource because they provide additional information that can help you analyze and understand your credit report. If you find something on your credit report that doesn’t seem right, these …

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[24 Mar 2006 | No Comment | 239 views]

If you have bad credit, your credit card options are limited. Aside from many credit card companies denying your application, individuals with bad credit usually receive very low credit limits and additional fees. When applying for a credit card, choosing the right card is essential. Here are a few tips to consider when selecting a credit card.
Take Advantage of Bad Credit Credit Cards
Before applying for a major credit card with a bank, carefully consider your credit rating. Credit card inquiries will decrease your credit score. Thus, avoiding too many inquiries is important. To do so, limit the number of times you apply for credit. Rather, choose one or two companies that are likely to approve your application.
For example, if your credit rating is bad, it’s realistic to assume that the odds of getting approved are slim. With this said, it helps to research bad credit credit cards. Several companies issue …

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[24 Mar 2006 | No Comment | 268 views]

Each consumer with credit history should obtain a copy of their report annually. The cost of credit reports vary. If obtaining a copy from the credit bureaus, consumers may pay $15 per bureau. However, some online credit agencies advertise low cost credit reports. Rather than paying for a credit report, consider obtaining a free report.
Who Qualifies for a Free Credit Report?
By law, each consumer is entitled to one free credit report each year. Although reports are free, consumer may have to pay a few bucks to view their credit score. Despite this incentive to encourage credit report monitoring, many people neglect to review the contents of their report. This results in millions becoming victims of identity theft each year. Free credit reports are available online, and viewable for up to 30 days. However, other factors may also qualify you for a free credit report.
Credit Report Inaccuracies
If you believe that your …

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[24 Mar 2006 | No Comment | 564 views]

There are various credit card offers available. If you are an extensive credit card user, you are likely familiar with the different types of offers and rewards. One widely publicized credit card is the zero percent interest cards. Although these particular credit cards have several perks, they also have certain advantages and disadvantages.
Types of Zero Percent Interest Credit Cards
When applying for a zero percent interest credit card, it is important to know which charges qualify for zero percent. For example, if applying for a balance transfer with zero percent, the low introductory rate only applies to the dollar amount transferred from another credit card. On the other hand, some zero percent interest cards apply to new purchases.
How Zero Percent Interest Credit Cards Work
Zero percent interest credit cards are just like other credit cards, the only difference is that these cards come without the high interest. Zero percent cards are not …