Archive for June, 2011

Credit care: How to revive credit score after foreclosure
News from Arizona Daily Star:

Q: I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645.

What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit-card debt or car loan and no other debts.

A: From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information are what you need to improve your credit score. Begin using old credit-card accounts again for purchases that you have a plan in place to pay off each month. The new positive payment history on the old accounts will help increase your credit score.

Also, if you do not currently have an installment loan, you might consider opening one. Having a variety of accounts on your credit report is o…………… continues on Arizona Daily Star
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How Your Credit Report Affects Your Credit Score
News from Go Banking Rates:

You know that your credit is important. However, many people focus on their credit scores without realizing the impact that their credit reports are having. Indeed, in some cases, it can be difficult to separate your credit score from your credit report. However, these are two information sources for lenders and others to use when determining your creditworthiness. Understanding the relationship between the two can help you make better credit decisions that will benefit you in the long run.

Your Credit Score is Based on Information in Your Credit Report

Your credit score is a number. This three-digit number is based on information in your credit report. A credit score is a way for financial service providers to get an idea of the sort of risk you are quickly. Combing through a credi…………… continues on Go Banking Rates
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Five Fantasy Baseball Tips to Improve Credit
News from Fox Business:

Building the right balance of credit is sort of like creating the perfect fantasy baseball team. It takes strategy, research, persistence and sometimes patience as you strategically try to raise your dismal credit score. Not to mention that if you want to get to the playoffs — e.g., get approved for a mortgage someday — you’ll have to make smart decisions all season long.

By applying those analytical skills to your credit profile, you’ll reach the credit score big leagues in no time. Ready to play? Here are five fantasy baseball strategies that can help improve your credit.

Know the rankings

Savvy fantasy baseballers read player rankings before draft day in order to make the best picks possible. The same deal goes with knowing where you rank with your creditors before you apply for a loan or mortgage, so you have time to develop a plan of action for raising your score.

Winning strategy: First, understand what credit scores really are, a…………… continues on Fox Business
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Credit Repair Book – 101 Power Tips for Improving Your Credit Score – Learn How to Improve Your Credit Score Fast…
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Credit Scores and Credit Reports 3rd ed: How The System Really Works, What You Can Do (Credit Scores & Credit Reports: How the System Really Works,)
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How To Get A No-Down-Payment Mortgage
News from San Francisco Chronicle:

Accumulating enough savings for a down payment, closing costs, moving costs and an extra cushion of emergency savings can be the most challenging aspect of buying a home. Renters who want the stability and pride of homeownership and the opportunity to build equity in a property are sometimes thwarted by the lack of cash even if they have excellent credit and a stable income. Here’s why: even federally-insured FHA loans require a down payment of 3.5%. That may not sound like a lot, but on a $ 200,000 home, you would need $ 7,000 just for the down payment. (For more on saving on your mortgage, read Score A Cheap Mortgage.)

TUTORIAL: continues on San Francisco Chronicle
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Get on the Path to a Better Credit Score
News from Credit Unions Online:

Good credit scores provide lower interest rates when borrowing, so who wouldn’t want to find a way to have a higher credit score? However, if you are looking for a quick fix solution to a low credit score, you won’t find false promises here. High credit scores are a valuable thing to people who have worked towards them, so it makes sense that there are not ways to cheat your way to the top of the class. You have to work hard and maintain financial discipline for more than a few weeks or months.If you are starting out with a goal of a higher credit score, plan for the long term. Be aware of your spending weaknesses in advance and prepare how to avoid disaster 6 months down the road when your willpower might not be as strong as today.Below are tips to help you get on the right path…………… continues on Credit Unions Online

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Too Many Credit Cards: Time to Close Them?
News from Credit Card Guide News:

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Dear Credit Guide,
I used to have excellent credit. But in 2005, my credit score got down to 500 after my divorce. In 2006, I applied for two credit cards with $ 300 limits to rebuild credit. Then in 2008, I applied for another with a $ 500 limit. I’ve never been late, and my score went up! In 2010, I was approved for six more department store credit cards with higher credit lines. I spent under $ 200 each time I used the department store cards, and I always paid them off in a few months. Right now, all cards are paid off, and my total credit line available is $ 8,000.

My score is now 695. I would like to cancel and close the high-interest cards, including the original three from 2005/2006, which have annual fees. The department store cards don’t have annual fees, but do have high interest rates. I’m getting an actual credit card through my own bank now and an “airline mileage one” at 15 percent interest (compared…………… continues on Credit Card Guide News
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How to revive your credit score after-foreclosure
News from CreditCards.com:

By Kim McGrigg

Dear Credit Care,
I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645. What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit card debt or car loan and no other debts. — Silvia

Dear Silvia,
From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information is what you need to improve your credit score. Begin using old credit card accounts again for purchases that you have a plan in place to pay off each month. The new positive…………… continues on CreditCards.com
… Read the full article


Business Plan for How To Start Credit Score Repair and Credit Counseling Services
How would you like to start or expand your business with a professional business plan that’s designed to save you time and money a…

New User-Friendly Website Makes Credit Ratings Easy to Understand and Offers a …

New User-Friendly Website Makes Credit Ratings Easy to Understand and Offers a …
News from Benzinga:

(EMAILWIRE.COM, June 11, 2011 ) Melbourne, Australia — In apprehensive financial times, many people are seeking advice when it comes to obtaining credit, as being in the know about financial entitlements is the key to staying on top of money matters. An integral part of obtaining credit is the credit score, which can become a stumbling block for those with a lack of knowledge. Many people do not know what their credit score is, how to check it, or why the credit rating is of such importance to prospective lenders. This lack of awareness can spell trouble for the financial outlook of both individuals and businesses.

What is a credit rating?’ is a common question amongst those with little experience or exposure to the financial sphere. Luckily, those seeking advice and information when it comes to the credit score and checking a credit rating needn’t look further, as revolutionary new website creditratings101.com is at hand to offer a wea…………… continues on Benzinga
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Taking Stock: Appointments, promotions, achievements
News from Wausau Daily Herald:

Banking

» Community First Bank announces the addition of two new members, JoAnn Vosz and Richard Judy, Ph.D., to its Board of Directors.

Vosz has had a long trajectory in banking. She began as a teller, and after a year and a half was promoted to loan secretary. Her next promotion was to run the bank’s Polonia branch. In 1986, she became a loan officer, and in 1990 was promoted to vice president. Finally, in 1996, she was hand-picked to become the bank’s executive VP. She is also the bank’s compliance manager.

Judy is an Emeritus Professor of Business Management, School of Business and Economics, University of Wisconsin-Stevens Point, retiring in 1999 after over 13 years teaching. He received his Ph.D. (1982) and MBA (1973) from Indiana University in Strategic and International Management. His A.B. degree is from Franklin College (Indiana) in Biology and Chemistry. He retired from the US. Army in 1985 as a Lt. Colonel, Medic…………… continues on Wausau Daily Herald

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MMI offers Webinars for National Homeownership Month
News from Sacramento Bee:

/PRNewswire-USNewswire/ — In honor of National Homeownership Month, Money Management International, the nation’s largest full-service, credit counseling agency is offering a series of free public financial Webinars, including “Secrets to home inspection,” which offers 10 tips for homebuyers straight from a home inspector.

WHO: Consumers who want to learn more about housing and financial issues such as the secrets to home inspection, managing income and expenses, understanding your credit report and credit score, and putting your debt on a diet are invited to register for these free financial Webinars.

WHEN: June 11 to June 29, 2011 – National Homeownership Month (throughout the month of June). Webinar times are listed according to Eastern Standard Time (EST).

To register for these free live Webinars, visit the Webinars page on …………… continues on Sacramento Bee
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Your Credit Score


In the past five years, a simple three-digit number has become critical to your financial life: your credit score. It not only dictates whether you get credit: it can dictate how much you’ll pay for it. What’s more, it’s being used by insurers, employers, and others who can determine your financial future.
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Price: 14.36

Should College Students Have a Credit Card?
News from Fox Business:

Parents have enough to worry about when sending their kids off to college: Will they go to class? Will they eat healthy? Will they party too much? But within the last decade a new worry has emerged: Will they rack up too much credit card debt?

Student loan debt recently surpassed total credit card debt in the U.S. and according to Consumer Reports, the 2011 graduating class of college seniors had the highest average debt to date. In the face of rising tuition rates, more college students are turning to credit cards to cover expenses.

But college kids need to be smart about their credit histories and the debt they are able to take on (and pay off). Erik Larson, president and founder of consumer information resource NextAdvisor.com, equates a student’s credit score with their GPA.

“If you have really poor grades your freshman year, it’s going to be a real uphill battle to have a good GPA by your senior year…………… continues on Fox Business
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New! Credit Facts, Myths, & Tips. 2 Ebooks!
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5 More Surprising Things That Hurt Your Credit Scores
News from WalletPop:
When I wrote recently about five surprising things that hurt your credit scores – things like renting a car with a debit card or financing the purchase of furniture – many people were shocked to learn that innocent, everyday actions can wind up blemishing their credit reports.

In reality, though, my initial list of five items represented just the tip of the iceberg.

Unfortunately, due to the quirks of the credit-scoring system, there are a host of other seemingly harmless actions you might take that can lower your FICO credit scores or any credit score, such as the VantageScore.

Here are five more surprising things that can dam…………… continues on WalletPop
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BestCredit: How to Win the Credit Game, 2nd Edition

Written by a former debt collector, this credit repair book covers many aspects of credit restoration, including how to legally remove any adverse credit from a consumer credit report, how to negotiate debt, how to prevent and recover from identity theft, the secrets to raising a credit score, and more. Remove judgments, liens, late payments, bankruptcies, collection accounts, inquiries, charge-offs, repossessions, and foreclosures. Learn how to negotiate like a pro, reducing credit card and oth

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Property Trax: 10 ways to improve your credit score
News from Wisconsin State Journal:

With tougher credit standards post-housing boom, it’s more important than ever that would-be home buyers have good credit.

But what do you do if you don’t?

Advice and tips on improving your credit score are all over the Internet, in variations of five or 10 or seven. Many of the lists are pretty obvious and tend to repeat each other — telling you to do simple things like pay your bills on time, don’t max out your credit cards and know what your credit score is.

But there’s one list I think is a little better at About.com, called “10 Things You Can Do Today To Improve Your Credit Score.”

This list, which you can see here, has your basic tips about building a good credit record, along with a few you may not have thought of or that may seem counter-intuitive — like, “Leave accounts open, especially those with balances.”

But what I really like ab…………… continues on Wisconsin State Journal
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CA Lawmakers Ban Most Employer Credit Checks
News from New America Media:


Imagine being unemployed for nine months and finally a job offer comes your way. Great you’re ready to pop the champagne cork. But wait not so fast. First you have to pass a background check. That could mean pulling your credit score. What if it’s not great? Will that affect your chances of getting the final nod?

We all know that our personal credit history affects our ability to secure a home loan or open an account at a department store. But most Americans are unaware that bad credit could cost them a job. Now, Congress and states are stepping up with new protections.

California la…………… continues on New America Media


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