Archive for February, 2009

5 Different Ways Your Credit Affects Your Mortgage Application

February 24th, 2009 admin No Comments »

Getting your mortgage application approved is not easy. There are many things a mortgage lender will check before approving your mortgage application. Here is a list of 5 major factors that your credit have on your mortgage application.

* Past credit behavior
* Depth of credit history
* Current credit balances
* Number of credit line
* Number of credit inquires

Past credit behavior

You need to be punctual when paying back your loan. It is very important that your monthly installments are paid on time. Late payments will be shown on your credit report which will make it almost impossible to get your mortgage application approved.

Depth of credit history

Debt of history credit will show your mortgage lender the amount of time you have had credit. Each credit line that you have has a start date listed and it would be helpful for you if you have a credit that has been open for at least a year.

Current Credit balances

Current credit balances will show you how much of your different credit lines you are using up. Try to avoid reaching to close to your maximum credit balance because your credit may start to decline, which will make it harder to get your mortgage application approved.

Number of credit lines

This will show your mortgage lender the number of credits you have had in the past. It would be very useful if your previous credits have been managed successfully.

Number of credit inquires

Your mortgage lender will probably look at the number of credit inquiries you have made recently. The more you have - the lower your credit rating will be.

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3 Major Disadvantages of Bad Credit Card

February 17th, 2009 admin No Comments »

By having a bad credit you will not be able to receive good credit card offers. Instead, credit card companies will charge you with quite unreasonable charges. Here is a list of 5 major disadvantages of owning a bad credit card…

High APR (annual percentage rate)

With bad credit comes high APR on credit cards. To be able to lower APR on your credit card, you will need to make your credit card “secure”. In order to do that, you will need to link a good collateral or bank account to your credit card. If you can´t “secure” your credit card it will result in high APRs and low credit limits.

Huge annual fees

Credit card companies are taking a risk when they are issuing a credit card to people with bad credit. They are also aware that people with bad credit are usually desperate to find a credit card which can help them improve their credit history. Knowing this, credit card companies will probably demand high annual fees for people with bad credit.

Low credit limits

Having a bad credit will result in low credit limit on your credit card. What is the biggest problem in having a low credit limit? The biggest problem would occur if you exceed your limit. Your card issuer would charge you with a penalty interest rate, which you definitely want to avoid.

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Credit solutions with bad credit

February 16th, 2009 admin No Comments »

Many people have missed a payment on a credit card or a utility bill some time in their life. To get out of that debt, they would have to try to pay off two bills at once. But what happens when they can’t make the payment on that new bill either?  The longer they let the debt go, the worse their credit rating will suffer. The more bills they have in collection, the lower their credit score will be because they haven’t paid off the debt.  (more…)

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Pre-paid credit cards

February 10th, 2009 admin 1 Comment »

Do you want the security of a credit card without the interest rate every time you need to use it? All of the interest rates on a regular credit card can bring you down in debt if you don’t watch what you spend your money on. Some cards offer no interest rates until a certain year, or if you refer a friend you get something, but do you want to refer a friend to an 18.9% interest rate? No one wants to bring a friend into debt, but with the pre-paid credit cards, you don’t have to worry about that.

Pre-paid Credit Cards

Pre-paid Credit Cards

(more…)

Posted in Credit Card Tags: , , , 1 Comment »

Fixing your bad credit quickly

February 5th, 2009 admin No Comments »

If you are like most people in the world today, you need to fight to get a loan so you can get a car, pay a bill, or just have money to go shopping. This is due because you have made a few financial mistakes in the past and they are haunting you now. You have missed a bill and it went to collection, your credit card got declined because the balance was over the limit. Has this ever happened to you? Many people suffer because of those reasons but you don’t have to worry, you can get the things you want and fix your credit score all at the same time. Here are a few ways to fix your credit score so you can get the things you want in life. (more…)

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Investing in Internet businesses

February 2nd, 2009 admin 2 Comments »

In an evermore financially challenging world, we often wonder what else we can possibly do to make things better. And all of us might have different answers. For some, investing money into stocks might be a good way to go, but not everyone has the money to do it. Some might get a second job, although this is really not necessary for everyone. Some might go back to college to get a higher education, but not all of us have the time and resources to do this.

However, there is one option that practically anyone could take advantage of, and that is investing in an internet business. An internet business is great for several reasons. One, it is inexpensive to get started. You can write a blog and put Google Adsense on it for free! And it is really inexpensive to set up a nice website and start earning ad revenues from it, or even doing some affiliate hosting for a profit! Also, online stores are all the rage right now. (more…)

Posted in investment Tags: , , , , 2 Comments »

Fast cash loans

February 1st, 2009 admin 1 Comment »

Have you ever needed some extra cash and don’t know where to get it because other lenders wont give you the money because your credit score is to low? What if I told you that you can get the cash you need and you don’t have to have great credit to get it. That’s right, all you need is three things to get this type of loan; a job, be at least 18 years old, and have an open good bank account. If you have all of these things, you can have your money within 24 hours or less. These loans cost a little more in interest but you will have the money you need for that emergency.

“You must have a job” is the most important criteria that you have to meet. Without a job no one is going to give you a loan because you will not be able to pay the money back that you have borrowed. With this type of loan, the lender likes to see that you have been employed longer than six months. If you have had employment at one job for longer than six months, this shows that you are stable in your work history to borrow the money and that you have the ability to pay the loan back.

You have to be at least 18 years of age or older to be qualified for this type of loan. The lenders want you to be an adult and have your own bank account in good standings. If your bank account is in the negative, you will not get the loan because it shows the lender that you don’t know how to properly manage your money. With all of the criteria met, you should have no problem in getting this type of loan on now or low credit scores. These loans are designed to help you out in a jam, your car breaks down or you need a small amount of cash for the holidays.

Posted in Finance Tags: , , , 1 Comment »
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