Categories for How to Fix Credit

I want to repair my credit, does anyone know any reputable credit repair services that will do a good job?

August 23, 2011 5:00 am Published by

Question by jaru_26: I want to repair my credit, does anyone know any reputable credit repair services that will do a good job?
Where do I start, how? Need to fix credit! I Have charge offs, open acconts, and paid off accounts. Tired of being turned down and end up paying more out of my pocket!

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Best answer:

Answer by spifiman1
I quote from the 2007 edition of the Consumer Action Handbook.

“If the information is accurate, only time, hard work, and a personal debt repayment plan will improve your credit score. Credit repair companies advertise they can erase bad credit for a hefty fee. Don’t believe it”.

What do you think? Answer below!



What Is A Credit Score Rating?

August 20, 2011 5:00 am Published by

What Is A Credit Score Rating?

If your company is using any of the three credit bureaus that use FICO method of analyzing the credit worthiness of its customers, the credit score scale that you will be referring to  would be the credit score rating of 500 to 849. There are some firms that utilize 300-850, while another firm is availing the use of letters A-F and 501-990 in its credit score calculator. Regardless of the numbers and letters used, the main point and universally accepted fact is that a higher rating represents lower risk, while a lower grade or letter means a higher probability of non payment of account.

A good credit score range is from 700-759 under the RICO approach. Lending companies are more interested on clients that reflect what the highest credit score range is. This way they could shield their firm from possible bad debts in the future.

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Inversely, customers who apply for credits are concerned on what a good credit score is and the ground to acquire it. They are more interested to find out the importance on what is a credit score is all about. How it is executed by the three credit bureaus of Experian, Equifax, and TransUnion and how to increase credit score can be discovered from the rating of the credit score calculator which is offered free by several credit firms on the Internet.

They are interested to look for ways how to fix credit score. It is important for the client to know that a lower grade on the credit score rating is disastrous for him; and that if ever he will be granted a loan, the interest charges would be so high that could spell further trouble for his company. And so it is vital for the client to secure a credit score from any of the credit bureaus and have an analysis or could go for a fast credit score calculator to have a preliminary computation of his credit worthiness.

Based on these initial steps, he could be informed as to the status of his ability to secure a loan and from there formulate the next move. If his credit grading is very low, focus on increasing his credit score and the credit score meaning must be solved frontally.

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What Is A Credit Score Scale?

August 18, 2011 5:00 pm Published by

What Is A Credit Score Scale?

A good credit score is always the desire of any loan or credit applicant. This credit score scale is the determining factor in the approval of the loan as well as the interest that will be charged to it. There are several methods of credit score rating and companies are not limited to what type they would use in arriving at what is a good credit score range for their clients. In computing for the credit score of a customer, there are other factors that are taken into account. These involve his payment history, the amounts due from the loan, duration of the credit history, kinds of credit, and new credit if any. If you plan to negotiate for a loan, the first thing that you must do is an understanding of what is a credit score and find out where you stand.

If you determined that the credit score calculator is not favoring you, begin all applicable options to fix credit score prior to filing your loan application. You must find ways how to increase credit score since this is the only way you can secure a loan and at lower interest rates.  There are several approaches to increase your credit score scale . One approach is by paying up to date all your obligations, verify errors incurred by lenders and have them reconciled, negotiate some loans, and make updated payments of utilities. Conduct some studies about credit score meaning as you will understand how lenders evaluate their clients’ credit worthiness using the FICO (Fair Isaac and Company) method of evaluating credit reliability of their customers. As you go on the learning stages about credit score, you will find out under the FICO approach what the highest credit score scale of 849 signifies.

In the U.S., there are three credit bureaus that are adopting FICO which is a standardized approach and a universally accepted way of analyzing credit worthiness. These are TransUnion, Equifax and Experian. While the three have been adopting FICO in their credit rating approaches, they have launched collaboratively an alternative method to FICO, branded as VantageScore which is cheaper and its credit score rating is higher than FICO. The two have variances in their approaches but FICO still remained as widely used in the market.

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Rufus is the author of goodman furnace website, learn more info about it please go to goodman heat pump.

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Fix credit score, I want to buy a house…help please?

August 18, 2011 5:00 am Published by

Question by MNNNN: Fix credit score, I want to buy a house…help please?
Fix credit score, I want to buy a house…help please?
Ok, so I got my income tax, 8k
I have a 90k (sales) a year job and my wife has a 55k (Paralegal) a year job… and since we want to joint purchase the property, we have a 145k a year salary combined

Before we got stable as how we are now, we were in pretty bad shape. We are looking to buy an apartment building that cost 500k, we already have 50k saved up… but we have HORRIBLE credit scores from stuff we did about 5 years ago… credit cards never payed, had my car reposes, phone, cell phone tv and light bill in collection…. in total, its about 11k in collection

We kinda let the bills go to hell since we justed figured we were making enough to pay everything off and would not need our credit, ever.

Well, we wanna buy this apartment building, with 6 apartment inside from a friend of mine, it gives a revenue of almost 60k a year… needs some work here and there, but I really want it, and he gave me that great price (Valued at 550k)

Here is my question: can we pay small amounts of monthly installments and have our credit score improve little by little over a period of time (we want to buy the apartment in about 6 months), or do I have to pay it ALL off?

what can I do? whats the best way to go about buying that apartment building/raising credit score?

thanks a bunch

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Best answer:

Answer by real estate guy
first you MUST pay off the judgments or NO one will loan you the money.

2nd, you will need at least 20% down, which you do not have. This is an investment property and you will need an investment loan. It may in fact be as much as 30% down.

Now, lets look at numbers.

550,000 cost, 440,000 loan It will cost you around 3800 a month in mortgage payments or 45,600 a year. This means that your total mortgage payment equals 75% of your total income. Assuming that the apartments are rented 100% of the time.

Do you pay any of the heating, electric, etc? If so, there is a huge expense (especially for heating).

As a rule of thumb, for every 10 years old the property is, figure 3% of the total income for repairs and upkeep (this on top of a regular 5%). So if the building is 50 years old, figure an expense of 25% of the total income = $ 1,000 a month or 12,000 a year.

I recommend that you DO NOT DO THIS. Apartment buildings are HARD to resell. If you really want to get into investment real estate, purchase separate units that can be sold off as needed.

What do you think? Answer below!



Keiser Report – Markets! Finance! Scandal! (E60)

August 17, 2011 5:00 pm Published by

On this edition of the Keiser Report, Max and co-host Stacy Herbert look at the latest scandals of downgrading America, investors seeking security in gold, bank profit abominations and federal ponzis. In the second half of the show, Max talks to Stefan Molyneux of Freedomain Radio about the Canadian economy and housing bubble, the oil spill in the Gulf of Mexico and how to fix the world.
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Video Rating: 4 / 5