Archive for January, 2013

Check With Your Credit Union First For the Best Auto Loan Deal
News from Credit Unions Online:

Throughout the financial crisis the majority of Americans hung onto their car, concerned that purchasing a new vehicle would add another payment to their monthly expenses.

However now with rates lower than ever and the economy showing signs of life, 2013 is being considered to be the ideal year to spring for a new automobile.

Greg McBride, senior financial analyst at Bankrate.com tells USA Today that, “We’ve never seen rates this low” coming from both banks and credit unions. McBride adds that even though low rates have lingered for a considerable amount of time, he doesn’t believe they’ve bottomed out yet.

As of mid-January, Bankrate.com reports that the average new auto loan rate was 4.15% for a five-year new car loan and 4.77% for a four-year used car loan.

But Where Do Low to Moderate Income Borrowers Go?

Although the deals and rates are available, not all borrowers are in the same position to obtain a loan. Hank Hubbard, president and CEO of Communicating Arts Credit Union ($ 34 million, Detr…………… continues on Credit Unions Online

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Your Credit Score, Your Money & What’s at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…
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Includes themes from Cocoon; Lifeforce; Superman; The Planet Krypton; Back to the Future; Warp Drive; Star Trek I The Klingon Batt…

How To Raise Your Credit Score 100 Points
News from TheStreet.com:

If you are preparing to apply for a new credit card or a loan, you’ll want to achieve the highest credit score possible. While FICO cannot provide an exact correlation between individual actions and specific points earned because there are so many variables in each credit score, there are steps you can take that will tend to raise your score. Some of these steps will have an almost immediate impact, while others may raise your credit score by as much as 100 points over time.

  1. Check your credit report. Get a free credit report from each of the three credit reporting agencies (Equifax, Experian and TransUnion) once a year at annualcreditreport.com. Start by looking for errors that lower your credit score and take action to correct them. Next, review the negative factors in the report and fo…………… continues on TheStreet.com

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How, when to check your credit score
News from KVUE:

by KVUE News

kvue.com

Posted on January 23, 2013 at 11:49 AM

Updated today at 12:00 PM

Is your credit in good standing and is your credit report accurate? Under the Fair Credit Reporting Act, you can receive a free copy of your credit report from each of three agencies every 12 months.

Erin Rodriguez with the Better Business Bureau spoke with KVUE and told us things you should know about getting your credit report.
 

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ANSELMO MORENO: Commingled credit reports result in 800 score
News from Bakersfield Californian:

Turning 18 is a milestone for most teenagers, and mine was no exception. I was finally legally able to engage in activities teenagers salivate for, such as getting my own apartment, opening my own bank account, obtaining a credit card, and most importantly, trading in my vehicle for something a bit more desirable.

I went to a car dealership to check out some cars, and was quickly approached by a car salesman.

“Mr. Moreno, we will have to check your credit score to determine the terms of your financing,” I recall being told.

What? I had no idea what he was talking about, so I played along. I gave my personal information and waited anxiously while he went to his manager. I curiously watched as they stared at a computer screen and their eyes glinted with satisfaction.

“Congratulations, you’re approved! You have three paid off car loans with your credit union and your credit score is 800!”

I just turned 18. How could this even be possible? Did somebody steal my identity?

This scenario is an absolutely true story, and a growing problem within the consumer credit and finance industry. The technical explanation is the fact that I am a junior, with the same mailing address and name as my father. Fortunately for me, my father valued his credit profile and paid all his bills on time, and due to the similar identities, our cre…………… continues on Bakersfield Californian

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The catch with ‘free’ credit scores
News from Boston.com:

Q. In July, my wife and I wanted to check out our credit scores and saw an ad to get “free” credit scores from a company called ScoreSense. We put our credit card numbers in to pay $ 1 each and started getting charged between $ 19.95 and $ 29.95 a month each. We had no idea that we had signed up for any services from them. We didn’t realize what was happening until September and contacted the company in writing as they requested. They ended up giving us refunds for September and December, but not July, August, October and November. Can you help us get our money back?
Katherine Martin, Arlington

A. It is common to see offers like the one you did. ScoreSense, and other similar companies, dangle the idea of a free credit score in order to sell memberships for services that typically include credit monitoring. But it’s not a free score. It’s a trial membership, one that if you don’t cancel will result in recurring charges.

A lot of consumers have ended up unwittingly becoming members. Nearly 1,100 complaints have been filed with the Better Business Bureau against One Technologies LP., the company that runs…………… continues on Boston.com

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How to Raise Your Credit Scores 25 to 100 Points in 48 Hours, Guaranteed! (Debt Free Forever: Payoff All Your Credit Cards Without Increasing Your Income Or Getting A Second Job)
Amazon Best Seller: How To Raise Your Credit Scores 25-100 Points In 48 HoursLearn how you too can save $ 500-$ 1000 per month by in…
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 re…

Busting the myths behind your credit score
News from Salt Lake Tribune:

Andrew Harrer/Bloomberg If you had the credit card for a long time, closing it hurts even more because scoring formulas consider how old your accounts are, with older accounts being better because they have long payment track records.

Perhaps no area of personal finance is more confusing than credit. That’s because some of the basic tenets of credit scoring seem illogical.

How can a billionaire have a worse credit score than his butler? Why does it help my credit scores if I have many credit accounts but hurts my scores if I cancel a credit card?

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Living Well with Bad Credit : Buy a House, Start a Business, and Even Take a Vacation – No Matter How Low Your Credit Score


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How to Build Your Credit from Nothing in Six Simple Steps
News from Lifehacker:

If you pay your bills on time and have been financially responsible, but have never had a credit card or taken out a loan, your credit history is a blank slate. Lenders use your credit report to make decisions about whether or not to give you a credit card, what that card’s limit should be, or to grant you a loan. But with no credit history, there’s no record of how you would manage debt. The result: many creditors won’t lend you money no matter how responsible you may be. Here, the team at Quizzle tells you how to build credit from no credit in six simple steps.

Time for a Secured Credit Card

A secured credit card functions like a “normal”, or unsecured credit card with one exception—the credit card company requires you to put down a security deposit. Typically $ 300 to $ 500, this security deposit assures creditors that you will, indeed, pay back the money you borrow. Often, the credit limit on your secured credit card mirrors the amount of security deposit or a percentage of that amount.

continues on Lifehacker

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Home Schooling Guidebook
Are You Thinking About Home Schooling Your Kids, But Are Not Sure If You Have What It Takes, Or Know What Is Really Required Of You? If So, Read This Book First! It Will Save You Lots Of Time And Headaches In Researching All This Information On Your Own.
Home Schooling Guidebook

How to make your money resolutions stick
News from CBS News:

(Credit.com) At the beginning of every year, many people create New Year’s resolutions to help them develop good habits in different areas of their life — like losing weight, quitting smoking and getting more exercise. Credit.com outlined a few credit-related resolutions to help you develop better credit habits. Hopefully you added a few of those to your own and have scheduled time weekly to work on those resolutions.

But here’s the problem: Four out of 10 people give up on their New Year’s resolutions, according to a recent poll. Often, people pursue their resolutions with diligence in the first few weeks of the year, and then grow weary of the extra focus and let them go. (Just ask anyone who goes to the gym regularly — they’ll tell you that the gym is packed in the first two weeks of January and then it goes back to normal for the remaining 11 1/2 months of the year.) And this decision could cost you hundreds or even thousands of dollars.

That’s because there is a very real cost to dropping good credit habits. Here are some approximate numbers to illustrate what I mean: A lower credit score can make a difference in the interest rate you get on a mortgage. Think about it — a 1 percent bump in the interest rate you pay can add an additional $ 200 to your monthly payment for an additional $ 50,000 in interest over the lifetime of a 30-year, fixed mortgag…………… continues on CBS News

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BestCredit: How to Win the Credit Game, 2nd Edition
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Seeing your credit score go down the drain because you’re drowning is debt is a terrible feeling, but it is one that you can easil…

Complete Auto Loans Releases New Credit Score Tool That Provides Instant …

Complete Auto Loans Releases New Credit Score Tool That Provides Instant …
News from Seattle Post Intelligencer:

Getting a credit score check is now possible through Complete Auto Loans. CAL is offering car shoppers a great way to get a Credit Score check while getting an instant credit report.

Seattle, WA (PRWEB) January 13, 2013

Getting financing for a car is difficult with bad credit history. Not only does Complete Auto Loans offer their bad credit auto loans solution to car shoppers but now they are releasing their new free credit score tool to help consumers know exactly where they stand with their credit history. Car shoppers can even get their instant credit report for $ 1 at a 7 day no obligation risk, so the offering is quite compelling for consumers who need to know where they stand before they seek an auto loan.

Auto Lenders make it difficult to get a loan if one does not have a very good credit history. Getting a free credit score will help car shoppers make the decision of whether they should apply for a bad credit auto loan or if they should seek…………… continues on Seattle Post Intelligencer

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3 loans that are tough to refinance
News from MSN Money:

This post comes from Gerri Detweiler at partner site Credit.com.

Advertised rates for car loans, mortgages and even some credit cards are tantalizingly low, promising big savings for borrowers who can refinance. But just because you see that rate advertised doesn’t mean you’ll qualify.

Here are three loans that can be difficult to refinance, as well as strategies for lowering your rate if you are stuck with one of them.

Used auto loan

If you bought a new vehicle with little or no money down, or if you’re driving a clunker, refinancing it may be tough. That’s because you may be upside down on your loan — you owe more than the vehicle is worth — or the value of your vehicle is so low that the lender may not want to be saddled with it if you default.

Lenders who finance car loans are typically looking at the borrower’s credit and income, as well as the value of the car as collateral for the loan. “If you have strong credit, then you may be able to refinance,” says Phillip Reed, <…………… continues on MSN Money

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Hidden Credit Repair Secrets – That Can Fix Your Credit Fast (Second Edition)
Best Selling Author Mark Clayborne brings You Hidden Credit Repair Secrets.”This book had a lot of good things that helped me rebu…
Your Credit Score, Your Money & What’s at Stake (Updated Edition): How to Improve the 3-Digit Number that Shapes Your Financial Future
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve y…

Complete Auto Loans Releases New Credit Score Tool That Provides Instant …

Complete Auto Loans Releases New Credit Score Tool That Provides Instant …
News from Seattle Post Intelligencer:

Getting a credit score check is now possible through Complete Auto Loans. CAL is offering car shoppers a great way to get a Credit Score check while getting an instant credit report.

Seattle, WA (PRWEB) January 13, 2013

Getting financing for a car is difficult with bad credit history. Not only does Complete Auto Loans offer their bad credit auto loans solution to car shoppers but now they are releasing their new free credit score tool to help consumers know exactly where they stand with their credit history. Car shoppers can even get their instant credit report for $ 1 at a 7 day no obligation risk, so the offering is quite compelling for consumers who need to know where they stand before they seek an auto loan.

Auto Lenders make it difficult to get a loan if one does not have a very good credit history. Getting a free credit score will help car shoppers make the decision of whether they should apply for a bad credit auto loan or if they should seek…………… continues on Seattle Post Intelligencer

… Read the full article
.

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3 loans that are tough to refinance
News from MSN Money:

This post comes from Gerri Detweiler at partner site Credit.com.

Advertised rates for car loans, mortgages and even some credit cards are tantalizingly low, promising big savings for borrowers who can refinance. But just because you see that rate advertised doesn’t mean you’ll qualify.

Here are three loans that can be difficult to refinance, as well as strategies for lowering your rate if you are stuck with one of them.

Used auto loan

If you bought a new vehicle with little or no money down, or if you’re driving a clunker, refinancing it may be tough. That’s because you may be upside down on your loan — you owe more than the vehicle is worth — or the value of your vehicle is so low that the lender may not want to be saddled with it if you default.

Lenders who finance car loans are typically looking at the borrower’s credit and income, as well as the value of the car as collateral for the loan. “If you have strong credit, then you may be able to refinance,” says Phillip Reed, <…………… continues on MSN Money

… Read the full article


Perfect Credit: 7 Steps to a Great Credit Rating
Perfect Credit is the definitive guide to getting and keeping outstanding credit. Think of this book as a roadmap for anyone hopin…
The Credit Repair Black Book – Credit Repair Secrets and Strategies the Credit Bureaus Won’t Tell You (Smart Living)
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Five ways to raise your credit score
News from Market Intelligence Center:

Are you worried about your credit score? You are not alone. As adults, few things can impact our lives to the extent that a poor credit score can. Lower scores affect your ability to get a loan, as well as the…………… continues on Market Intelligence Center

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