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
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How Student Loan Debt Impacts Your Credit Report
News from Fox Business:

With many students graduating college with significant college loans, it’s important they understand how this debt shapes their credit score and purchasing power in the future.

While having a significant amount of student loan debt may limit grads’ discretionary spending and force them to live on a tight budget as they work to pay it off, it doesn’t necessarily mean their credit history will suffer.

According to MyFico.com, 39% of individuals with more than $ 50,000 in student loan debt have a FICO score above 700 and more than 7% of individuals with student loans have credit scores higher than 800. Most experts consider a credit score of above 700 to be solid.

“You are not doomed to a horrible financial future simply because you have a high amount of student loans,” says MyFico.com advisor and CEO of MoneyZen Wealth Management, Manisha Thakor. “What you have to do is manage them responsibly.” 

Here’s how student loans can affect credit history and expert tips on how students can keep their score in check.

Pay on Time, Every Month

Paying bills on time is big component of a g…………… continues on Fox Business

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Arrange car loan in advance to get a better interest rate
News from Los Angeles Times:

Dear Liz: I recently bought a new car, and the dealer, after running a credit check, told me my Experian score was 783. I have had only credit cards and no loans. This is my first auto loan. They gave me a 3.5% interest rate and I took it reluctantly. I do not like the rate and the need to pay huge interest over time, and am considering paying off the loan as soon as possible as there are no pre-payment penalties. If I am able to pay off my loan in a couple of months (instead of the original five-year loan term), will this improve or adversely affect my credit score? How will this look in the eyes of future lenders?

Answer: Paying off debt is a good thing, both for your credit scores and your wallet. The leading FICO credit scoring formula likes to see a big gap between your available credit and the amount you’re using. This is particularly true with revolving accounts, such as credit cards, but your scores also get a boost from paying down installment debt, such as auto loans and mortgages.

By the way, a 3.5% rate isn’t bad and wouldn’t cause you to pay “huge” interest. But you probably would have gotten a better rate had you arranged your financing in advance, say with a local credit union. If the dealership then offered you a better deal, you could cancel your application with the credit union. As…………… continues on Los Angeles Times

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6 most damaging credit report errors
News from WECT-TV6:

By Kirk Haverkamp
Provided by

You’ve probably heard that it’s a good idea to check your credit reports for errors once a year. But which errors are the ones that do the most damage to your credit score?

By some estimates, nearly four out of five credit reports contain errors of some sort. But many, if not most, of these are relatively harmless to your credit score — a misspelled address, an outdated employer or a closed, paid-off account still listed as active.

Here are six common credit report errors that can do some of the most damage to your credit score if left uncorrected.

1 – Account listed as closed by lender

Are there any old accounts that you closed out on your own initiative, perhaps following a billing dispute? If so, beware the words “closed by grantor” on your credit report in reference to that account. That means it was the lender’s decision to close the account, and that never reflects well on the borrower. You want to make sure that any accounts that you closed indicate that they were paid off and closed voluntarily by you.

2 – Outdated information

Most negative items on your credit report — mis…………… continues on WECT-TV6

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Cover story: Raising credit score for a home loan
News from Washington Times:

Story Topics

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Borrowers Beware: You Only Think You Know Your Credit Score.
News from TheStreet.com:

NEW YORK (TheStreet) — You’d think the credit score you get is the same one a creditor gets.

You know, the company that makes an up-or-down decision on whether you get that new home, car or loan to open a small business.

Inconsequential stuff like that.

FIND OUT NOW

But if you thought so, you’re probably wrong — or so says the nation’s consumer advocacy agency.

One in five consumers get a different credit score than the one that goes to creditors, the Consumer Financial Protection Bureau says. The CFPB think that’s a big deal, since a lender could see a “meaningfully different score.” “This study highlights the complexities consumers face in the credit scoring market,” CFPB Director Richard Cordray says. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision.” The CFPB is mandated to study and recommend any needed changes in the relationship between consumers and credit score agencies, and the study is the first major step in that direction for the agency — a thorough one that i…………… continues on TheStreet.com

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Qualifying for a loan isn’t easy
News from Fort Worth Star Telegram:

Home-buying tips

Mortgage rates have plunged to record lows, but it’s not easy to qualify for a loan. Some advice:Improve your credit score. It’s essential to getting the best interest rate. Check your score and dispute any errors before applying for a mortgage.Compare loan choices. Fixed mortgages offer the security of knowing your rate will never rise. But an adjustable-rate mortgage has even lower rates and might work if you expect to move within a few years.If you have a small down payment, look at a Federal Housing Administration mortgage or a conventional loan with private mortgage insurance.Shop around. Check with several lenders, not just one recommended by your real estate agent. Compare interest rates and closing costs, and ask for references.Get your paperwork ready. Home loans demand more documentation than ever. Pay stubs, tax returns, bank statements, credit card receipts and more may be required. Start savings receipts months before applying for a loan.— The Record (Hackensack, N.J.)

Looking for comme…………… continues on Fort Worth Star Telegram

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7 key steps to finding the right home loan
News from Daily Breeze:

Mortgage rates have plunged to record lows, below 4 percent. That’s great – but only if you can actually qualify for a loan, and that’s not easy. After giving away the store during the housing boom with disastrous results, lenders have tightened their underwriting standards, leaving many would-be home buyers out of luck.

But there are steps homebuyers can take to find the right mortgage, and qualify for it. Here are seven:

Improve your credit score

A credit score below 620, as measured by the Minneapolis company FICO, will knock most potential buyers out of the running for a mortgage. And even if you can qualify for a loan, lenders reserve their best interest rates for borrowers with the highest credit scores – typically 740 and above. If a bad credit score pushes up your interest rate by even one percentage point, you could end up paying $ 85,000 more over the life of a $ 400,000 loan, according to Tracy Becker, president of North Shore Advisory, a credit repair company in New York state.

To see where you stand, start by c…………… continues on Daily Breeze

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Will a Settled Car Loan Help My Credit Score?
News from Fox Business:

Dear Driving for Dollars,
If I pay a settlement amount on my car loan and they mark “settled” on my credit, will it help my credit score?
— Trish

Dear Trish,
Settling a car loan debt, when you and the lender agree on a lower balance than your original loan and make the loan paid in full, will lower your credit score compared to paying the car loan on time. I’m guessing that you are asking if settling will help your score because you are already experiencing damaged credit due to late payments or missing them entirely.

The more late payments or missed payments you have, the more your credit score will decline. As a result, if you are unable to make the payments per the original terms of your car loan, then settling the debt sooner rather than later would help your credit score in the sense that it would have a smaller drop than if you continued to miss payments.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice…………… continues on Fox Business

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Mortgage Musts: 7 key steps to get a home loan
News from MyWebTimes.com:

Mortgage rates have plunged to record lows, below 4 percent. That’s great — but only if you can actually qualify for a loan, and that’s not easy. After giving away the store during the housing boom with disastrous results, lenders have tightened their underwriting standards, leaving many would-be home buyers out of luck.

But there are steps homebuyers can take to find the right mortgage and qualify for it. Here are seven:

1. IMPROVE YOUR CREDIT SCORE: A credit score below 620, as measured by the Minneapolis company FICO, will knock most potential buyers out of the running for a mortgage. And even if you can qualify for a loan, lenders reserve their best interest rates for borrowers with the highest credit scores — typically 740 and above. If a bad credit score pushes up your interest rate by even one percentage point, you could end up paying $ 85,000 more over the life of a $ 400,000 loan, according to Tracy Becker, president of North Shore Advisory, a credit repair company in New York state.

To see where you stand, start by checking your credit report, which is available free at annualcreditreport.com, preferably at least six months before you’re ready to shop for a home. You can get a free report once every 12 months from each of the three credit reporting companies — Experian, TransUnion and Equifax. Make sure there are no mistakes on the re…………… continues on MyWebTimes.com

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Bad Credit Payday Loans – Get a Loan with No Credit Check with New Service …

Bad Credit Payday Loans – Get a Loan with No Credit Check with New Service …
News from Houston Chronicle:

Badcredit-paydayloans.net now makes the process of obtaining payday loans much simpler for those with less than perfect credit scores. The company offers a new service, matching would-be borrowers to suitable, regulated lenders. It also gives some advice to customers on avoiding scam lenders.

(PRWEB) July 09, 2012

BadCredit-PaydayLoans.net announces details of their new online payday loan introduction service. Despite many people having had trouble in the past with obtaining short-term finance options, the company has teamed up with an extensive network of lenders that have high approval ratings for a bad credit payday loan and solid reputations.

A big plus and cause of relief to many is that BadCredit-PaydayLoans.net is set apart from many other companies by its policy of helping people obtain no credit check loans. The company believes this decision makes its services more accessible to many who might be put off by having to undergo a credit check. It is becoming increasingly well known by consumers that multiple credit checks can be damaging to one’s credit file and numerous declined applications can make obtaining future credit at good interest rates even more difficult.

A company spokesperson for BadCredit-PaydayLoans spoke…………… continues on Houston Chronicle

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Making sure your credit rating stays in the black
News from Irish Times:

The Irish Times – Tuesday, July 10, 2012

CONOR POPE

LAST WEEK the chief executive of the Consumer Association of Ireland Dermott Jewell issued a dire warning that, in spite of all its promises, some Ulster Bank account holders would see their credit rating badly damaged as a result of the current “technical glitch” (or as we prefer to call it, technical fiasco) that has left thousands of the bank’s customers without access to funds for as long as three weeks now.

Jewell said a damaged credit rating could “destroy someone’s life” and he warned that some people would “fall between the cracks”.

And if people do fall between the cracks, they may not even realise it for many years, by which time resolving the problems might be problematic.

While we can only hope the consumer advocate is wrong about the long-term consequences of the Ulster Bank meltdown – and the Central Bank went to great pains last week to reassure people that credit ratings would not be affected as a result of missed payments – Jewell is on the money when he talks about this po…………… continues on Irish Times

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Bad Credit Payday Loans – Get a Loan with No Credit Check with New Service …

Bad Credit Payday Loans – Get a Loan with No Credit Check with New Service …
News from Virtual-Strategy Magazine:

Badcredit-paydayloans.net now makes the process of obtaining payday loans much simpler for those with less than perfect credit scores. The company offers a new service, matching would-be borrowers to suitable, regulated lenders. It also gives some advice to customers on avoiding scam lenders.

(PRWEB) July 09, 2012

BadCredit-PaydayLoans.net announces details of their new online payday loan introduction service. Despite many people having had trouble in the past with obtaining short-term finance options, the company has teamed up with an extensive network of lenders that have high approval ratings for a bad credit payday loan and solid reputations.

A big plus and cause of relief to many is that BadCredit-PaydayLoans.net is set apart from many other companies by its policy of helping people obtain no credit check loans. The company believes this decision makes its services more accessible to many who might be put off by having to undergo a credit check. It is becoming increasingly well known by consumers that multiple credit checks can be damaging to one’s credit file and numerous declined applications can make obtaining future credit at good interest rates even more difficult.

A company spokesperso…………… continues on Virtual-Strategy Magazine

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7 key steps to get a home loan
News from The Republic:

Mortgage rates have plunged to record lows, below 4 percent. That’s great — but only if you can actually qualify for a loan, and that’s not easy. After giving away the store during the housing boom with disastrous results, lenders have tightened their underwriting standards, leaving many would-be home buyers out of luck.

But there are steps homebuyers can take to find the right mortgage, and qualify for it. Here are seven:

IMPROVE YOUR CREDIT SCORE: A credit score below 620, as measured by the Minneapolis company FICO, will knock most potential buyers out of the running for a mortgage. And even if you can qualify for a loan, lenders reserve their best interest rates for borrowers with the highest credit scores — typically 740 and above. If a bad credit score pushes up your interest rate by even one percentage point, you could end up paying $ 85,000 more over the life of a $ 400,000 loan, according to Tracy Becker, president of North Shore Advisory, a credit repair company in New York state.

To see where you stand, start by checking your credit report, which is available free at annualcreditreport.com, preferably at least six months before you’re ready to shop for a home. You can get a free report once every 12 months from each of the three credit reporting companies — Experian, TransUnion and Equifax. Make sure there are no mis…………… continues on The Republic

… Read the full article


Check your credit score before applying for that loan
News from Financial Express:

EXPRESS ESTATES FINANCES

Adhil Shetty

Posted: Saturday, Apr 21, 2012 at 2332 hrs IST

: Earlier, lenders had to rely on their own internal assessment of a customer before sanctioning loans or even credit cards. However, gradually the situation has changed with the availability of individual credit information through CIBIL (Credit Information Bureau India Ltd), which has enabled lenders to determine creditworthiness by dipping into this database to assess the applicant.

So the question of whether you will be sanctioned that home loan and at what interest rate would be determined by your credit score. That’s why, it is important that you monitor your credit scores and purchase your credit report from CIBIL.

Elsewhere in the world if you have been rejected a loan on account of a low credit score then you have the option of approaching select lenders who specialise in lending to borrowers who have recently come out of a bad credit situation. But in India, this is not widely prevalent though there are…

…………… continues on Financial Express
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A few tips for protecting your credit
News from Aiken Standard:

FeatureColumns   PUBLISHED: 4/20/2012 10:03 PM |  Print |  E-mail | Viewed: times

I read a great article recently by Beverly Herzog on Credit.com regarding the various steps you can take to protect your credit rating.

The first point, obviously, is to pay all your bills on time and stay under your credit card limit. Be being a model cardholder, you may have some wiggle room when your card issuer decides to up your annual fee. You will be in a position to ask them to waiver the higher fee, since “you are a good customer” and you have other choices for cards. Every time I have made such a call, the card issuer has caved.

Keep a close watch on your credit score and your credit history, particularly if your credit score drops. In this way,…………… continues on Aiken Standard

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