JJ Max asked:




While you can get a bad credit mortgage loan, you should try to fix your credit score as soon as possible. Why? Because your credit score makes a big difference with how much you will pay in interest and fees for loans. It’s certainly possible to get a mortgage loan with poor credit, but if you make some improvements, you can get a much better deal – and it’s not as difficult as you may think.

Order a Credit Report

Get one preferably a copy from each of the three bureau agencies, Equifax, Experian, and Transunion. Or you can order from an all-in-one site that offers all three reports. If you are short on money or time, at least get one credit report and score online so you can quickly evaluate your situation. The report will give you a breakdown and analysis of why your score may be lower. For example, if you are carrying a very large balance on one credit card, it may affect your score. In that case, if you can – pay down that bill first. Or consider transferring your credit card balances to other cards, so they are more equally distributed among the cards.

Take a little time to review your reports carefully. If possible, it’s best to review all three of them in case there are inconsistencies. You may even consider a credit report monitoring service if you are planning to make your major purchases soon. You could save hundreds or thousands of dollars when you improve your rating.

Brett

Samantha Monroe asked:




People who are keen on maintaining high credit score know the importance of a credit report. Having a very detailed credit report is the first step towards ensuring your credit score remains high.

Getting a detailed report from any of the bureaus may cost you some money. If you are really serious about keeping a check on your report, then you would know you need a real report and won’t find it difficult to spare $20 to get a very detailed report.

After getting a detailed report, you should continue in that same vein by going through the report with a fine comb and identifying EVERY wrong entry no matter how small. Every entry that is incorrect should and must be corrected for the sake of your credit score. NEVER over look anything.

Now you have all the wrong entries you have found and are ready to dispute. One important thing to bear in mind is that your letter MUST be concise because the bureaus have a huge amount of letters to treat so they do not need long letters as any such letter stands a risk of not being processed.

One big problem you may face is using the right identifying information for a given bureau as different bureaus have different identifiers. Send the right information to the right bureau.

Another sad truth here is that many people have tried to dispute without success and have had to repeat a number of times. Your letter may not even be processed so you should be ready and willing to keep sending.

Disputing a credit report, removing a judgment or generally repairing your credit does not have to be such a drag or a mission impossible. You can engage the services of professionals to take the burden off you while achieving results you may never be able to achieve on your own. Save yourself the heartache and disappointment of having you credit bureau dispute letter rejected or not processed by allowing professional handle it for you.

Duane

this_one_dude asked:


I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn’t a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can’t pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I’m not able to pay off yet. I’ve always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

Eugene

rubie asked:


for about a year now….it was 1250 but he got back 250 for state return and it went to that. I want to know if they can garnish his wages or if they can just take money out of his checking account. If so, which would they go for firsT? This is his second DUI…his first DUI he didnt pay for for about three years…each year he didnt get his state return and it was just deducted…previous years his state was 500-600…so it took about three years to pay it off…..please help! Would they report him to the credit bureau for non payment? cuz they didnt’ for his first dui

Nicholas

Morgan Hamilton asked:




Writing a bad check can really be a tough predicament. It can happen to anyone, even those who that make an effort of taking care of their money. Poor budgeting and impulsive thinking are the most common root of this financial problem. If you happen to blunder into this situation, acting quickly to resolve this problem is critical because this mistake can be costly.

While a single bad check may not be too much of a problem, a number of them can cause havoc on your budget. You have to pay a bank fee which can range from twenty to thirty dollars or more. You may also have to pay the same price to the person or store for the inconvenience you have caused.

If your bad checks pile up, your bank account will quickly go into negative numbers and your bank may ultimately decide that you are a huge risk and close your account completely. Opening a new account will not be possible unless you repay the balance of your previous account and your bouncing check will recorded on ChexSystems alerting other banks of your infractions

Your problems can also worsen if establishments resort to legal action to retrieve their money. You may receive a call from companies that specialize in recovering bad checks, reminding you to resolve the problems with their clients as soon as possible. Bad checks will not affect only your finical situation; your reputation can also be destroyed as well. Banks will be reluctant to do any business with you and it will also diminish of job opportunities that will be available to you.

Try to avoid writing bad checks as much as you can. The problems that plague you after writing one can plague you for a long time. If an accident does happen, try to work out the problem as quickly as you can. Your future and reputation are at stake so always keep an eye out to keep your financial situation healthy.

Mary

Jen. E asked:


credit cards that are specially for people with bad credit? What about the prepaid ones? Most of the cards I’ve seen so far only report to ONE credit bureau. Is that okay? Or should I find one that reports to all three? Or should I wait till my credit is good enough for a real credit card so I can help rebuild my credit? I really hate credit cards, but I am responsible enough. I just need some advice on this. I want to get all the info I can abot rebuilding my credit. Funny thing some other person responded to my other question by saying i shouldnt worry about my credit. Ok CRAZY. If you ever want to get a house, or a new car, or if money gets tight and you need a loan, or a business loan, what do you think they check? Credit DUHHH. LOL

Brett

joecseko asked:


I was hospitalized late last year for a period of 4 months.Due to a lack of income I was eligible for Medicaid.My Medicaid number was given to all parties who treated me after I got out of the hospital.By the time I got around to checking my credit reports there was negative information posted by collection agencies before I even got out of hospital.I’ve given my number to the worst of all of these companies ACB Receivables Management.They still insist I was not covered when everyone else has already received their payments and refuse to remove the negative information even after I presented them with a letter from NJDHS that claims that I was covered during the time that I was reported for.ACB still insists that I was not covered even though I’ve given them proof that I was and edicaid covers all of the treatments that I received.Mycredit score has dropped to below 600 and this is the only negative information on my reports.I’ve disputed with all three bureaus and they will not remove
Thanks for the suggestion about office of the Attorney General.They’ve done nothing at all and ACB was reported to them months ago by me on this matter.I’ve also contacted the FTC who says that they don’t handle this kind of thing.
UMMM.I did clearly state that I’ve disputed it several times with all three bureaus.So doing it for the third time really won’t help will it.ACB continues to respond that the debt is valid
BBB is a joke too.They just take money from companies that belong to the BBB and hide the complaints so that the companies will still pay them.

Nicholas

VanFlannery asked:


I have taken out five student loans, three quite small and two rather large. I have a ton of money left over from my last student loan, I overestimated how much I would need (I wound up getting scholarships) and I would like to pay down my student loan debt with what is left over.

All of my loans are Federal Stafford and are at a fixed 6.8%. With the money I have left over, I could pay off the smallest three immediately and then put the rest towards the larger loans. None of the loans have gone into repayment yet.

Question #1: Would paying off these three loans immediately be a bad idea? Does having 5 loans that I am paying off look better on my credit score than only having 2? Should I try to pay them all off over the same period of time, or get the small ones out of the way faster with larger payments?

It would be nice to only worry about 2 lenders instead of 5, however I do not know if having 5 open loans looks better on a credit report.

Question #2: Is it better to pay off your student loans over 10 years or 5 years? I would like to pay them off as soon as possible, maybe 3-5 years, since I would be paying about $500 in interest for every year I have my loans open. Although I would be paying extra, does having loans open longer look better to a credit bureau?

Thanks, I’m not very good with all of this. I have quite a few credit cards whose balances I pay every month, my credit score is very high. I like to stay out of debt, but I do want to maintain that score.
I’m getting my master’s this May, so I’m just about out of school. Thanks Julie!

Paul

Donald Saunders asked:


You probably know all too well that the information which is contained in your personal credit report is used by the loan and credit card companies when determining whether to extend credit to you, but do you know exactly what information your personal credit report contains? For example, did you know that the details which are contained in your personal credit report could determine whether or not you can buy a new house or are going to have to stay in your current ‘shoebox’?

Many people think that if a lender looks at your personal credit report they are simply looking to see your credit score and, although this is certainly one of the things that they do look at, they are looking at a great deal more. Above all, lenders are looking to see how much debt you have in comparison to to your income and even fairly small accounts, such as those with a mail order company, will be treated as an income deduction when when it comes to considering an application for a loan.

If a credit card company or other lender calculates that you have more money going out than you have coming in then your request will undoubtedly be turned down. In fact, by law a certain percentage of your income has got to be available to meet loan payments before the lender is allowed to approve it, regardless of the purpose of the loan.

Lenders are also looking back at your credit history over the past seven years to see how you have handled loans in existence during that period. In particular, they are looking at whether you have made payments on time and will play close attention to any payments which were more than thirty days late. It may not have appeared particularly important to you at the time that you ran into a few problems and were late making payments for a few months on an account, however any new lender will certainly consider this when assessing the risk of lending to you now.

Lenders is also going to see whether or not any of your accounts have run into debt during the past seven years and ifthese debts have now been paid off. If you have payments outstanding on an existing agreement lenders will be very wary about extending you additional credit until these are cleared.

Finally, your personal credit report will also show whether you have filed for personal bankruptcy, usually in the past ten years. Some people think that a company is far more likely to advance you credit if you have filed for bankruptcy because they have the protection of knowing that you may not file again for a number of years. However, this is not the case and filing for personal bankruptcy is viewed by lenders as a red warning flag indicating that you have already demonstrated a tendency to get yourself in over your head when managing your finances.

Your personal credit report is an extremely important document that you should not only understand but which you ought to review occasionally for your own protection and peace of mind. Fortunately, the law states that you must be sent a copy of your personal credit report once each year if you ask for it.



Michelle