Author: admin

The Cost Of Bad Credit

Posted on by admin
Bad credit costs you in more than the extra interest you have to pay. Bad credit can lead to reduced opportunities, family stress, and having to associate with lenders who see you as a mark. Here are some of the unpleasant consequences of bad credit. 
  • Fees: Creditors may add fees, such as late fees, over-limit fees, legal fees, repo fees, penalty fees, deficiency payments, and default rates, to your balance.As bad as the fees can be on your credit cards, they can be even worse on your secured loans. If you fall behind in your house payment, you can be hit with huge fees to the tune of thousands of dollars.
  • Higher interest rates: The lower your credit score, the higher the interest rate you have to pay. Making matters worse, the policy of universal default says that if you have an issue with one lender, all your lenders can hike your rates, even though you’re still paying the others on time and as agreed.
  • Less than favorable loan rates: In a time of tight credit, you may not qualify for a loan at all.
  • Lost employment opportunities: Increasingly, credit checks are a standard part of the hiring and even the promotion process at companies large and small throughout the United States. Businesses reason that the way you handle your finances is a reflection of your behavior in other areas of your life.
  • Higher insurance premiums: A strong correlation exists between bad credit and reported insurance claims. Insurance companies run a credit check when determining your premium, so bad credit may cost you a bundle in insurance-premium increases or result in your insurance being denied.
Here are some statistics to help you better understand what this means: 

Mortgages with Bad Credit

How bad credit affects home loans –

The 30-year fixed jumbo home mortgage APR’s are estimated based on the following assumptions. FICO scores between 620 and 850 (500 and 619) assume a Loan Amount of $300,000, 1.0 (0.0) Points, a Single Family – Owner Occupied Property Type and an 80% (60-80%) Loan-To-Value Ratio.

Take a look at the chart below. Notice how a low FICO score increases the amount of money you will end up spending on a loan throughout the course of its life. If your FICO score is below a 560, most lenders will not even consider offering you a jumbo loan for a FICO score that low. If you want to save money and stay away from bad credit mortgages, sign up here!

Credit Score Rate Payment Added Cost
Excellent 720-850 4.31% $1,487 $0
700-719 4.53% $1,526 $14,040
Moderate 675-699 4.71% $1,558 $25,560
620-674 4.93% $1,597 $39,600
Bad 560-559 5.36% $1,676 $68,040
500-559 5.90% $1,780 $105,480

 

Auto Loans with Bad Credit

The 36-month new auto loan APRs are estimated based on the following assumptions. A Loan Amount of $25,000, 36 months and Interest rates are fixed for the term of the loan. (Variable rate loans may be available but are not usually beneficial to a consumer in a low interest rate environment.)

Credit Score Rate Payment Added Cost
Excellent 720-850 5.30% $753 $0
700-719 6.83% $770 $612
Moderate 675-699 8.78% $792 $1,404
620-674 12.36% $835 $2,952
Bad 560-559 18.20% $906 $5,508
500-559 19.23% $919 $5,976

Identity Theft Just Keeps Getting Worse

Posted on by admin

 

Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.

That means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses.

Close to 100 million additional Americans have their personal identifying information placed at risk of identity theft each year when records maintained in government and corporate databases are lost or stolen. These alarming statistics demonstrate identity theft may be the most frequent, costly and pervasive crime in the United States.

The sophistication level of professional identity thieves continues to grow along with the methods they develop. From individually tailored phishing and vishing scams, to increasingly successful hacks of corporate and government databases, to elaborate networks of botnets designed to hijack millions of computers without any trace, there is an ever-increasing threat to all Americans.

At the same time, basic methods of identity theft continue unabated. From stealing wallets and purses, to dumpster diving and stealing mail, to the use of pretext and social engineering to deceive customer call centers into releasing personal account information, the original methods of identity theft still work.

One of the new methods of identity theft is coming from an everyday item that sits in your pocket. The new wireless technology that is built into credit cards and so- called speedpassses can be scanned while it is in your pocket or even your handbag. While you are walking down the street or getting out of your car, thieves just have to pass by you with a receiver and steal your information. Watch the video at the top of the page

As the methods used to perform identity theft expand, so do the types of accounts and services being stolen by identity thieves. Credit, debit, checking and saving accounts are no longer the only targets. Identity fraud has grown to include theft of cell and landline phone service; cable and satellite television service; power, water, gas and electric service; Internet payment service; medical insurance; home mortgages and rental housing; automobile, boat and other forms of financing and loans; and, government benefits. Identity thieves will also use stolen identities to obtain employment and to deceive police when arrested.

Quite simply, every individual or business is vulnerable to attack when it comes to personal or corporate information, products and services.

FICO Score vs VANTAGE Score

Posted on by admin

There is some confusion going on lately about the credit score range and about the credit scoring in general. We believe this is caused by the recent introduction of the VantageScore in addition to the FICO score that we are all used to as a ‘classic’ or common credit score. Let us outline the main differences between the two to clear up this confusion.

VantageScore range vs. FICO – score range

VantageScore range: 501-990
FICO range: 300-850

As you can see the two scores overlap but the range is quite different. This is where, we believe, the rumors about the existence of FICO scores over 900 are coming from. When presented with their credit scores by the lender, most people don’t pay attention on which brand that score is as most are not even aware that there is more than one.

VantageScore vs. FICO – letter grading

VantageScore: A to F
FICO: none

VantageScore number is associated with a letter grade. FICO doesn’t use letter grading.

VantageScore vs. FICO – score usage

Based on what we’re seeing when working with major lenders, only FICO score is used when obtaining Mortgage Loans. On some occasions, we’ve seen VantageScore being used to qualify consumers for Home Equity Line of Credit (HELOC) and Car Loans. So as of now, in order to get better interest rate when getting a new mortgage, concentrate on repairing your FICO score only.

VantageScore vs. FICO – consumer advantages

From what we understand by studying the White Papers, the VantageScore is more ‘relaxed’ than FICO in general. In our opinion, it is designed to better accommodate certain groups of consumers that FICO algorithm most likely will score very low. Indeed, the VantageScore should provide higher credit ratings to these consumers with thin credit history file:

– young adults just starting their careers
– recently divorced or widowed individuals with little or no credit in their own name
– newly arrived immigrants
– previous bankrupts
– people who shun the traditional banking system by choice

Using FICO, these would have made to be sub-prime mortgage candidates! In any case, simply based on the range comparison, your VantageScore will always be higher than your FICO score.

VantageScore vs. FICO – credit scoring model

With FICO, the three credit bureaus, Equifax, Experian and TransUnion, each uses its own Scoring Model when calculating the score, and applies it to its own data.
With VantageScore, the three credit bureaus use a collectively developed Scoring Model … but still apply it to each own data. “While there will still be some score variation with VantageScore due to differences in the data provided to the individual CRCs (credit reporting companies) for each consumer file, the gaps among the results generated via VantageScore are diminished because the credit scoring model itself and the underlying credit characteristics in the algorithm are the same at all three CRCs.”, as company explains.

VantageScore Score Consistency

Will there now be just one consistent score per consumer across the three Credit Agencies?
“No. While the three credit agencies, Equifax, Experian and TransUnion, can now generate scores using the same underlying credit scoring model, differences in the actual scores are to be expected because each agency maintains its own consumer credit files, which may vary. Consumers’ files at each credit agency can vary because credit grantors can choose which agency they provide consumer payment data.”, as according to company.

How Credit Is Calculated

Posted on by admin

· 35% Payment history
· 35% Amounts owed
· 15% Length of credit history
· 10% New credit
· 10% Type of credit

– Stay away from small department store cards; they have a low limit and tend to bring down your overall score.
– You must use credit in order for it to report to the bureaus.
– If you do not use a card it may be cancelled by the bank – this WILL hurt your score.
– Never use more than ½ of your available credit line.
– Ask for line increases.

How Do They Calculate a Credit Score?
Different credit bureaus calculate your Fico or Beacon Score slightly different. Each credit bureau makes the score their own and gives it a different name. Equifax calls the score a Beacon Score, Experian calls it a Fair Isaac Score and Transunion calls it an Empirica Score. Every time something changes on your bureau, your score will change. A lot of information is used to calculate your score; however, there is no formula that has ever been given to the public. Lenders will look at your score along with your income and the kind of loan you are applying for to determine interest rates.

Improving Your Credit Score
Here are some suggestions on how you can begin making some changes.
· Pay your bills on time. This sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on your score.
· Keep your balances low on unsecured revolving debt like credit cards. High balances still owed can affect a score.
· The amount of unused credit is an important factor in calculating your score. You should only apply for credit you need.
· Make sure the information on your credit report is correct. If it is not, dispute it with the Bureau Company or lender directly.
· Removing negative accounts on your credit report has the biggest impact on your score.

Credit Repair – Some Common Questions And A Few Myths

How long does information remain on my report?
Generally negative things can stay on your credit for 7 to 10 years. But you can hire a professional credit repair service to do it for you.

Credit bureaus report credit information for a period of seven (7) years. Some states have special provisions for collections and paid liens. Chapter 7, Chapter 11 and Chapter 13 Bankruptcies are each reported for 10 years and the date is measured from the date of the filing.

Does paying off my bills repair my credit?
The credit reporting system doesn’t work that way. When you pay an old debt, the negative credit listing doesn’t disappear. In fact, it re-ages and the seven year clock begins again with that negative listing. The most ironic thing is that a paid, current negative listing is not any better than an unpaid negative listing.

How does a Credit Bureau make money?
A credit bureau is a commercial business. It makes money by selling your credit report to others. A person with bad credit means more business for them as such a person applies for credit about ten (10) times more than a person with good credit.

Why do Credit Bureaus not want me to use a Credit Repair Company?
The credit bureaus will tell you that it is easier and less expensive to do it yourself. While it may be true that you have the right to repair your credit yourself, many individuals do not have the time, experience and organizational savvy necessary to deal with bureaucracies. You must also spend hours of study to gain a working knowledge of the consumer laws available to you. Many who start repairing their credit turn to a credit repair company after months of work.

What can you take off of my credit bureau report? Aren’t these items impossible to remove?
We can take off unpaid collections, charge-offs, repossessions, bankruptcies, medical bills, foreclosures, tax liens, civil liens, judgments, student loans, credit card debt, inquiries, slow pays, old addresses and all incorrect names.

How does TRW Credit Group do this legally?
Disputing your credit report is your right. Credit restoration is as legal as pleading “not guilty” in a court of law. The Federal Trade Commission and The Consumer Credit Protection Act have enacted 100’s of regulations that the reporting and collection agencies have to adhere to in order for an item to remain on credit reports. The Fair Credit Reporting Act gives you the legal right to dispute items on your credit reports that may be inaccurate, out of date, incomplete or unverifiable.

We challenge the credit agencies how they posted the information. Are they in compliance with all of these laws? And more often than not, they are not in compliance and we have them remove the negative information.

How much does a low score cost you?
Having a low score can cost you thousands of dollars. The higher score you have, the lower interest rate you will have. The lower interest rate that you have… the less money you will pay!
$100,000 mortgage over 30 years

Home Loans
••       Category                       Interest Rate       Payment      Total Cost After 30 Yrs
••       Prime                               6.50%               $632            $228,625
••       Alternative A                    7.50%               $699            $251,715
••       Subprime                         10%                  $877            $315,925

Ten Facts About the History of FICO

Posted on by admin

A three digit number that tells the story of your past and holds the potential of your future? Nope, it’s not your weight or your cholesterol. And hopefully it’s not the score of your latest golf round, yikes! Of course, it’s a credit score—one of the very first things you want to know about a potential borrower. So you always know your customers’ credit scores, but do you know anything about where they came from?

 

While the exact method behind calculating these revealing little numbers remains a mystery, here are a few fun facts you may not have known about the history of one of the most powerful numbers in our lives.

Ten Facts You Didn’t Know About FICO:

1. FICO actually stands for the Fair Isaac Corporation, a company started in 1956 by an engineer and a mathematician.
2. It wasn’t until 1958 that FICO created its first credit scoring system for American Investments.
3. Later that year, FICO sent out 50 letters to America’s biggest lenders asking to explain their credit scoring system. They got one response.
4. One of the best investments founders Bill Fair and Earl Isaac ever made? The $400 each of them contributed to start the Fair Isaac Corporation.
5. Remember Montgomery Wards? In the early 1960’s FICO built their first credit scoring system.
6. In 1995, nearly 40 years after FICO began; Fannie Mae and Freddie Mac recommended the use of FICO scores to evaluate mortgage loans.
7. In 2010 FICO introduced their national FICO certification for mortgage lenders with AllRegs.
8. FICO also boasts that it has more than half of the world’s top 100 banks as their clients.
9. Even more impressive, nine of the top ten Fortune 500 companies are FICO clients.

And finally…

10. Just how prevalent are FICO scores in the mortgage industry? Today, FICO scores are used in 3 out of 4 US mortgage originations.

Missed Mortgage Payments Hurt Credit Scores

Posted on by admin

Missed mortgage payments, short sales, and foreclosures can all drastically bring down a credit score.

Lenders use credit scores to measure how well a person handles debt. Credit scores range from 300 to 850, with 650 and below considered poor credit. A mortgage makes up a big part of a person’s credit score and often is the most important part of a person’s credit profile.

And just missing a single mortgage payment by 30 days can ruin a credit score, say FICO and VantageScore, which have studied the impact mortgages can have on credit scores. For borrowers, that can be nearly as destructive as a foreclosure to a credit score, according to the companies.

On the other hand, loan modifications, which is when lenders approve new loan terms, have a “very, very minimal” impact to credit scores, possibly dropping the borrower’s score by 10 or 15 points, Sarah Davies, the senior vice president for analytics at VantageScore, told The New York Times.

A good credit score is important not just for financing home purchases, but employers increasingly check credit as well as landlords when seeking rentals. Also, poor credit scores can also mean higher costs on car loans and credit cards. Check out this site for the ways of putting aside some money for a long-term goal.

How a Credit Score Is Affected

FICO evaluated three various scenarios of mortgage holders — a borrower with a great credit score (780), a borrower with good credit (720), and a poor credit borrower (680) — in a study it conducted last month. Here’s the impact FICO found:

▪ 30 days late on a mortgage payment: The 780 credit score borrower has her credit score fall to 670-690. The 720 credit score borrower has his fall to 630-650. The 680 credit score borrower falls to 600-620.
▪ Short sale, deed in lieu of foreclosure, or settlement, assuming the balance has been wiped out: The 780 credit score borrower falls to 655-675; the 720 credit score falls to 605-625; and the 680 credit score drops to 610-630.
▪ Foreclosure, or short sale with a deficiency balance owed: The 780 credit score drops to 620-640; the 720 credit score falls to 570-590; and the 680 credit score decreases to 575-595.

Source: “Fallout From a Poor Credit Score,” The New York Times (April 24, 2011)

Credit Cards To Rebuild A Low Credit Score

Posted on by admin

How Secured Cards Can Help The Financial Lives Of Consumers In The Future

Credit cards that are available and can be used to help consumers rebuild their low credit score come in either unsecured or secured lines of credit, but for consumers who are having trouble in their financial life and, as a result, may be in a bad position, secured credit cards are an option that these individuals turn to for the help they need to repair any damage that may have been done due to either poor financial practices or unavoidable financial distress.

However, there are still some consumers who are unsure of how they can use a secured credit card to help their financial life and gain benefits from doing so in the future. Obviously, bad credit repair is a process that consumers must take seriously, devote a great deal of time to and, for those who have most benefited from secured credit card use, gaining smart financial practices that can be used throughout a consumer’s lifetime will, again, pay dividends in the future.

Secured credit cards can be helpful in the life of a consumer down the road as future financial needs and aspects of a consumer’s personal financial life, like the availability of alternative forms of credit or interest rates will all depend on their credit score. Typically, consumers that have been successful at using secured credit cards have researched these options from reputable financial institutions, offered collateral through the form of a deposit in a savings account, and use this credit card to make affordable purchases each month and promptly repay them, which is only one piece of the bad credit repair puzzle but can be greatly helpful in setting consumers on the right path to a better credit score.

According to MyFICO.com, “It’s important to note that repairing bad credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire.” Also, consumers are prompted to check their credit report, make sure they pay their bills on time, which includes debts outside of their secured credit card purchases as well, and simply work to erase any debts that may be owed, as a consumer cannot truly and efficiently begin the bad credit repair process while they owe to various creditors.

Yet, one reason that consumers are prompted to use secured credit cards and other bad credit repair methods is because it can be beneficial later in life when a consumer attempts to either purchase a home, get a car loan, or when other areas of a individual’s financial life require a credit check, a better score will obviously lead to lower interest rates in many cases and, as a result, more affordable costs. While, again, secured credit cards are beneficial as they can be a line of credit accessible to consumers with a bad credit score, they are only one aspect of the bad credit repair process and, even these types of credit which, when a reputable financial institution is the lender report to the big credit bureaus, can cause damage if not properly used.

However, consumers attempting to begin the bad credit repair process and who may be in need of a line of credit to do so can benefit from proper secured credit card use and, as a result, can set themselves on a more prosperous financial path that will lead to benefits seen in other areas of the consumer’s personal finances, if proper habits are developed during the repair process.

Text Marketing for Realtors

Posted on by admin

What if YOUR yard sign could capture the phone # of every person who looked at your listing?  It can!!! Yard signs are still one of the most effective and affordable marketing solutions for Realtors of which you can learn more at Damon Burton IG.  A well placed sign is one of your greatest assets when selling a home.  The award winning sign-makers at https://butlersigns.uk/ can help create a sign that grabs the attention of potential buyers.

Buyers want to know two things:  How much does this house cost? (Price).  What does the inside of this house look like? (Photos)  Give them what they want!!  Price & Photos.

Mobile Marketing for Small Business

Mobile marketing (aka: Text Messaging) gives buyers the option to send a text message to get pictures, price, and information on your listings in seconds. In return, you – the listing agent – receive a text message and, an email with the potential buyer’s cell phone number for you to reach using your voip phone systems.

It is astonishing that many businesses still are running without clear and defined goals. This makes businesses stuttering overall. Same is the case if the business is running without any proper aligned social media strategy, when it comes to media, func.media are one of the best.It is not simply a good idea to post random updates every day and anticipate getting great number of likes and share.Organic reach is becoming more challenging than ever, and Facebook and other platforms are becoming pay to play platforms.

According to a recent survey, 85% of all Americans own a cell phone and 52% of them use text messaging to get the information they need. With the median age of a text messaging user being 38 years old, not showing your properties using the latest technology is costing you sales and potential listings.  Just say yes to the text:

* No additional work for you.  Most text marketing companies will design, build, and manage your listings.

* You provide buyers with instant property information.

* Visit https://link-city.co to find affordable, high-quality help to advertise your links

* Leads are direct to you.

* Photos & details are viewed directly on buyer’s phone.

* Gain a competitive edge over other Realtors in your area.

 

Visit updigital.ca if you need professional toronto seo services.

 

*** ViewByText Mobile Marketing has helped hundreds of Real Estate professionals grow their business through text message and call capture marketing. With over 7000 listings under management across the country, View By Text can help increase your sales and listings.

For a demo of the system: Send a text to the phone number 32075 and your message will be: Price1100

For more information, call 1 (732) 595-8398 or visit them on the web at www.viewbytext.com today.

Better Qualified Receives ‘A’ Rating From BBB Of New Jersey

Posted on by admin

PRLog (Press Release) – Feb 11, 2011 – EATONTOWN, N.J. – (Feb 11, 2011) Better Qualified LLC is proud to announce it has received an A rating from the Better Business Bureau of New Jersey.

The Eatontown-based company assists companies and individuals with credit problems to restore their credit and to develop stronger financial habits and strategies. With only 1 complaint that was handled immediately and to the satisfaction of the BBB since its establishment in June 2006, the company has built its success on a solid understanding of its clients’ needs, and on an uncompromising commitment to integrity.

“Our clients trust us with their financial futures,” said Paul J. Oster, CEO of Better Qualified LLC. “That makes our integrity paramount to every aspect of our operation. We’re proud that the Better Business Bureau of New Jersey has recognized what our clients know so well – that nothing comes before our commitment to them.”

Better Qualified LLC helps clients to establish lines of credit (either with personal or non-personal guarantees), They provide credit monitoring, analysis and consulting on business and consumer credit reports, elevate business credit scores and assist with credit card approvals and identity theft protection and resolution. With more than 100 business partners – both public and private companies – Better Qualified has the knowledge and the connections to meet any client’s needs.

The common thread is the experience of Mr. Oster, whose 20 years of work in fields including finance, mortgages and insurance give him a unique understanding of each client’s complete financial picture – including the challenges they face, and strategies for overcoming them. We truly believe “The most important number in your life today is your credit score”.

Better Qualified, LLC,
Operating since June 2006, Better Qualified specializes in business and consumer credit services. Offering businesses and consumers credit solutions that include,, establishing lines of credit (personal/non-personal guarantees), analysis and consulting on business and consumer credit reports, establishing business credit scores, credit card approval processes, and identity theft protection.

Contact: Tessa Jones
Better Qualified, LLC
732-203-7377
tessa@betterqualified.com

Operating since June 2006, Better Qualified specializes in business and consumer credit services. Offering businesses and consumers credit solutions that include,, establishing lines of credit (personal/non-personal guarantees), analysis and consulting on business and consumer credit reports, establishing business credit scores, credit card approval processes, and identity theft protection.

agen toto play toto 4d toto 5000 toto togel toto togel toto togel 10 situs togel terpercaya toto togel situs togel bandar colok bo togel deposit 5000 agen toto play situs togel