credit reports: Credit Card Companies Abusing their Powers with Credit Reports
- 09/09/13 06:03 AM
Are Credit Card Companies Abusing their Powers with Credit Reports? Part 2: As part of series of articles (blogs) regarding Credit and Credit Score, here we start: A One-Dollar ($1) Late-Fee, due to inaccurate credit reporting, cost me an additional $4,300 to buy a car. Wa! Can you believe it? This is a true story that happened to me personally. Home Depot sent my account to the three collection agencies and reported to credit bureaus that I was late 30 days (1 month) for $1! I have never received any bills from them, after so many times calling them … (0 comments)
credit reports: Problems and Solutions Concerning Credit and Credit Score
- 09/03/13 04:43 PM
Problems and Solutions Concerning Credit and Credit Score: Part 1: As part of series of articles (blogs) regarding Credit and Credit Score, here we start: In today’s tough economic times, where every person is being judged by his/her number (credit score), having good credit and credit score is more important than ever before. You need to have good credit just to rent an apartment, rent a car, open a bank account, get auto and home insurance, get a job, buy a car or obtain a home mortgage. Just a few points on your score can make the difference … (2 comments)
credit reports: New ActiveRain Group Credit Reports and Credit Scores
- 09/03/13 01:59 PM
“Credit Reports and Credit Scores”, a new Group in ActiveRain. I created a new Group, “Credit Reports and Credit Scores”, in ActiveRain: http://activerain.com/groups/CreditReportsScores This group is open to everybodyto share their expertise's, stories and experiences regarding credit issues and credit scores. Make sure to post informative blogs to help educate the Consumers. Talk about Tips and Tricks on how to establish/re-establish credits and how to improve credit scores. Anybody can view the posted articles, but in order to post your article you must be an ActiveRain member. If you are not a member of ActiveRain, it is easy and free to … (0 comments)
credit reports: Closing credit cards can hurt your credit score
- 05/08/13 02:44 PM
Closing an existing charge card can hurt your credit score What is a Credit Score? A Credit Score is a number which is calculated, utilizing some sophisticated statistical algorithms, based on your recent (e.g., last two years or so) payment history, history of managing your credits and behavior of paying your loans, credit card, store charge cards, and bills. The Credit Score number predicts likelihood of a person’s behavior and paying back the loans over the near-term future based on the person’s recent payment history. Credit Score makes up of the following categories with their respective percentages: 1.Payment History: … (2 comments)
credit reports: If Buying a house soon, don't open a new charge card
- 04/21/13 04:49 PM
If you are buying a house soon, don't open a new charge card Example of how opening a new charge card before and during applying for a mortgage loan can hurt you. Let’s say you are in the market to purchase a home sometime soon. You currently have two credit cards MC and Visa for 10 years and 8 years, respectively. You have good history of payments with large credit lines of $5,000 and $10,000. Your current balances on these two credit cards are $1,000 and $2,900 respectively. You had no inquiries for opening a new card in last two years … (14 comments)
credit reports: One Dollar Late Fee Cost Additional $4,300 to buy a Car
- 04/21/13 01:37 AM
30-Day One Dollar Late Fee Cost Additional $4,300 to buy a Car In today’s tough economic times, where every person is being evaluated by a number (Credit Score), having a good Credit Score is an essential to enjoy an appropriate standard of living. You need to have a good credit just to rent an apartment, rent a car, open a bank account, get insurance, get a job, buy a car or obtain a home mortgage. Depending on your Credit you will be denied, will be offered a good rate, or will be offered with higher than normal rate/down payment, etc. Like … (5 comments)
credit reports: Keep the Ratio of Amount Owed to Credit Line Less than 30 Percent
- 04/20/13 03:39 PM
Keep the Ratio of Amount Owed to Credit Line (AO/CL) Less than 30% The Ratio of Amount Owed to the Credit Line accounts for 30% of your Credit Score. This Ratio measures how you manage your finances and plan for crises. Amount Owed here is not about the dollar amount you are borrowing, it is about the dollar amount you are borrowing relative to the amount available to you.
TIPS: Keep the Ratio of Amount Owed to the Credit Line (AO/CL) Less than 30% for each credit or charge card individually and for all cards combined.
credit reports: 1% Increase in Interest Rate will decrease your Buying Power by 11.22%
- 04/20/13 06:36 AM
1% Increase in Interest Rate will decrease your Buying Power by 11.22% Monthly Mortgage Payments are directly impacted by the Interest Rates. It means the higher interest rate, the higher monthly mortgage payment (Principal + Interest) and vice versa. I have created the following Table, Called it Bahman’s Magic Square, that shows the monthly mortgage payments (P + I) for different interest rates and different loan amounts. Each Column represents Interest Rate, 3.5% - 4.5% increased by 1/8%. e.g., 3.500%, 3.625%, etc. Each Row represents the Loan Amount from $100,000 to $112,650 increased by 1.5%. e.g., $100,000, $101,500; etc. Each Cell … (0 comments)
OK, you found your dream home and have a contract on it, got approved for the loan, waiting to close the deal. You are happy and believe you will own the house shortly and nothing can ruin your dream. Correct? Not Quiet, read the rest:
As you know it usually takes 30-60 days or more after initially you were approved by lender to close the deal. During this time many things could happen that changes your qualification, eligibility and/or credit score.
This is very important to … (4 comments)
credit reports: Do’s and Don’ts Before Applying a Mortgage Loan
- 04/19/13 12:31 AM
If you are buying a home sometimes soon and have plan to apply for a mortgage loan follow these Do’s and Don’ts recommendations: Do’s and Don’ts Prior to Applying a Mortgage Loan: About two months (if you know your credit is good) or 8-10 months (if you know you have credit issues) prior to applying for a Mortgage loan, get hold of your free credit reports from three major credit bureaus in the United States; Equifax, Experian and TransUnion. You can request your credit reports via phone, mail, or website from each bureau. Optionally, you can request your credit score from … (2 comments)
Are Credit Card Companies Abusing their Powers with Credit Reports? Part 2: As part of series of articles (blogs) regarding Credit and Credit Score, here we start: 
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