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Articles Archive for March 2006

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[31 Mar 2006 | No Comment | 202 views]

Let’s say you’re the type of person who’s constantly in debt, and what’s worse, you find it difficult to repay those debts. Or perhaps you’ve declared personal bankruptcy once too often. Or maybe you’ve been a victim of credit card fraud and found that your credit report has been adversely affected because of this. You’re at your wit’s end and are uncertain about what you should do. Can a credit repair company fix all these problems?
Sadly, the answer seems to be a big and resounding no. The majority of financial experts all seem to agree that one would be better off doing the legwork in attempting to repair his or her credit rather than paying a third party to do the fixing for him or her. Despite what most of them claim, a credit repair company can’t just wave a wand and make all your credit problems disappear like magic. …

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[31 Mar 2006 | No Comment | 258 views]

In today’s world, one of the most important things to have in order to function well in society is to have a good credit standing. By availing of a free credit report, you can monitor a vital aspect of your finances and get a good idea of how you look to financial institutions. Moreover, you can assess for yourself whether you’re the type of person with whom a credit institution would want to do business.
A free credit report is not just a privilege for a select few; it’s the right of all to acquire. This came about because the United States Congress in 2003 enacted the Fair and Accurate Credit Transactions Act (FACT), allowing every American citizen to get a free copy of their credit report once a year. Needless to say, it has been invaluable in helping individuals manage their personal finance. All a person needs to do to …

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[31 Mar 2006 | No Comment | 306 views]

Getting something on credit is something that has become a necessity for many people nowadays. After all, it isn’t everybody who can buy a house or a car outright for its cash price! To be able to purchase such high-ticket items, a person would usually apply for a loan. And people who are planning to apply for loans should always remember that having high credit scores would be in their best interest.
And it’s not only lenders who consider credit scores an important part of a consumer’s financial health. Insurance companies, utilities, and landlords also look at a person’s credit score to determine the rate they will charge for services they provide. Even employers sometimes consider a potential employee’s personal credit information among the criteria they use in their worker selection process. Obviously then, making sure that one has a high credit score would facilitate his or her efforts to get …

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[31 Mar 2006 | No Comment | 267 views]

It’s no secret that your credit score affects every aspect if your financial life. Your three digit credit score impacts your mortgage interest rate, your ability to secure low interest credit cards, and possibly even your ability to land that great new job you’ve been eyeing. Your credit score is like your financial DNA that identifies you as a person who is a high credit risk or not.
One of the more popular companies that calculate your credit score is the Fair Isaacs Corporation (FICO). The number or credit score they calculate is known as your FICO credit score, based on a mathematical formula they have developed. The average consumer credit score is 677. Only about 11% of the surveyed population ranks above 800; 29% ranks between 750 and 799. There are more than 30 million people in the United States with credit problems severe enough to score under 620, making …

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[31 Mar 2006 | No Comment | 288 views]

There are many myths floating around about debt consolidation and related matters. These myths are spread all the over the USA. This article is supposed to explode a few myths, which can help the reader to understand better what they need to seek when shopping for debt consolidation.
Myth no 1 – debt management and credit counseling are one and the same: this can never be further from truth. One is advice to handle debt and the other is a tool used to effectively use your payments for fastest repayment possible. Hence, these terms though they sound so similar are not interchangeable. While debt management is action, credit counseling is generally speaking, theory.
Myth no 2 – you can half your debts by using a credit counselor: Many times it is like magic – what you see is not actually what you get. You see a reduction in payment of the bills …

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[31 Mar 2006 | No Comment | 258 views]

Debt elimination is very important and thus it should be eliminated very fast. If debt isn’t eliminated fast, then it can become a big burden. Debt doesn’t allow any savings or investments for the future. Debt happens when there is a gap between the income and the expenditure. Many a times, people also take debt for trivial things which amount to only $50 or %100. However the cumulative effect of such small loans can be quite disastrous. All debts have an interest factor too. Thus not only does the capital have to be paid back, but even the interest has to be paid back.
Its important that you take note of all the debts that you have. Debts can be for short term, medium term or long term. Calculate the value of the debts. Start by paying of the smallest debt as well as the debt which has the shortest tenure, …

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[31 Mar 2006 | No Comment | 400 views]

Accumulating too much credit card debt is probably the number one thing people do to get themselves into financial trouble. Credit cards are so easy to get and once you get them, you only have to pay a minimum amount each month. By doing this your outstanding balance will only decrease by a small amount, leaving you no better off then you were the month prior. Over time your credit card balance won’t decrease much and you will be paying huge amounts of interest. If you get to the point where you can barely pay your minimum amounts it is time to seek credit card debt help.
So where can you turn for some help? There are alot of businesses that specialize in credit counseling and preparing budgets for you to follow. Take a look around the internet and do some research on several of them. Try to research some of …

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[31 Mar 2006 | No Comment | 291 views]

There are multiple strategies for making money in real estate. You can do the no money down thing, flipping, buy and hold, and for a few lucky ones sell CD’s and tapes on how to make money in Real Estate. I haven’t made enough money in real estate to make an infomercial or interview people on the back of my yacht about how they used my strategy. I have accidentally found a strategy that has increased my net worth exponentially on every single property I have bought.
I have had the opportunity to meet several real estate investors. Real estate investors are a funny breed. I know several who have a net worth in the millions, but valet parking folks would laugh at their older vehicles if they went some place fancy. They all have one thing in common, though. They are willing to take calculated risks and their checks always …

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[31 Mar 2006 | No Comment | 277 views]

Three years ago, before I had even started thinking about the opportunities in Real Estate, I realized that I needed to stop paying for a place to live for nothing in return. So I decided to purchase my first home and start gaining equity on my money.
A friend of mine referred me to a Realtor that he had used and I called her up. She showed me a few place that were within my price range, but I ended up finding a neighborhood that I loved driving around one weekend. I let her know about it and sure enough she found multiple places within the neighborhood.
The property that I liked the best was considerably less than many of the other properties in the neighborhood (imagine that). After asking the reasoning for the low price, my Realtor informed me that it was a foreclosure and I would be dealing directly with …

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[31 Mar 2006 | No Comment | 259 views]

We’ve all seen it. Especially when word gets out that we’re selling our home. Certain real estate agents market themselves by playing fast and loose with the truth about their commission rates. As such, I thought it might be helpful to provide to some of you who don’t live and breathe real estate a little closer look into what’s real and what isn’t when it comes to real estate agents’ commissions and what services, or lack thereof, they may represent. The other day one of my clients received an e-mail from an agent offering to sell his home for a 1% commission. What the e-mail didn’t say was that the agent was rounding the already highly unlikely 1.9% down to 1% (apparently to save space in the ad). It also failed to mention that the nearly complete lack of services associated with this low 1.9% figure would leave the homeowner …