Medical Collections Q & A

Q:
Hi I have some medical collections on my credit report and was wondering if this will affect me getting a car loan. I have not pulled my credit report yet so I am not sure what my scores are, but know the debt I owe is around $2500 for a surgery I had. What type of credit scores are auto lenders looking for? What is considered a good credit score for auto loans?

James





A:
Hi James,
I am not sure if your medical collection was the result of the hospital not coding something correctly so your insurance would pay. I do know that this is a common problem if you have insurance. The insurance claim was coded wrong; therefore the insurance company would not pay. If this is not the case, yes any collection hurts your credit report. This negative mark on your credit report reports every 30 days. My suggestion would be to settle on it, so the balanced owed goes away. Typically car dealerships are able to get low credit scores financed, but you will pay for it. To get the best rates you typically need a credit score of 660 or above.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

The American Dream on Credit

Do you have everything you need? With all the credit extended to you over the years at low interest rates, how much did you acquire? Maybe the question is do you have everything you want? With the endless opportunity in this country with people coming from foreign soils are you really living the Dream? I personally don’t think anyone has really gone without in America since the “Great Depression.” With the flow on money in our country are we in trouble because we lost the truth about what life is really about? The gates of credit have been opened up like no other time in our history. You can look around you and see that we are in trouble because of the consumer debt. We have been living the dream but on someone else’s buck. Over the last 10 to 15 years our banking system has been giving credit cards and mortgage loans to anyone that had a pulse. Now that we are in trouble what will happen?

Recession
A recession is when our economy has 6 or more months of economic down turn. A recession usually is the result of consumers not being confident about keeping their job or the investments they currently hold. If consumer confidence is down then everyone stops spending. In the US economy our markets go through what is called expansion and contractions. With the current economy and the extent of consumer debt I think it would be safe to say we are in a recession. There currently is a concern in general about the health of our economy which in return motivates families to stop spending.

Depression
A depression is when a recession gets really bad. I don’t think this will happen, but a recession is apparent in our current economy. While some markets are cooling other markets are dong well. Banking obviously is not doing well due to all the bad loans that were underwritten. The one lesson we can learn is to learn from past mistakes and not to make them again.

Anytime there is uncertainty in the market everyone gets scared. Our recommendation is simple; don’t buy anything on credit you cannot payback that same month. With the credit crunch that is going on, you can rest assure that getting that credit extended to you in the future will be a lot tougher. You will be required to have higher credit scores. We know there are times that we have to use credit to take care of emergencies. The lesson to learn is that credit is not for vacations, new clothes, eating out, and unnecessary stuff. You should only spend on credit what you can afford to pay back quickly. We need to be content with what we have. If your idea of the American dream is to get deeper and deeper in debt, you are fooling yourself. That is not what America is about. Yes you need to buy homes with loans, but don’t buy STUFF on credit.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Denied for credit card Q & A

Q:
Hello I have been trying to establish credit after a divorce my credit has been ruined. I have tried applying for different credit cards. I have been denied for all of them due to my credit score report. What do you guys recommend I do? I need a couple credit cards to get some credit going. I currently don’t have any credit at all. Most of my good credit went south during a nasty divorce.

Lucy




A:

Hi Lucy,
We are sorry to hear about the divorce. This type of history is all too common after divorces. If you have applied for un-secured credit cards and been denied then you must start out with secured credit cards. Secured credit cards are where you give the bank usually between $200 and $300 in a bank of there choice to secure the credit card. Secured credit cards are the quickest way to establish credit. After good history you will start getting all kinds of credit card offers in the mail.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Landlord and Renters Credit Reports

Being a landlord is a full time job, and you definitely don’t need any added stress for a renter that does not pay their rent. With the influx of renters, every landlord needs a way to check a renter’s credit report. Also if you are a renter and want to show up to a landlords office with a recent copy of your credit report, its very simple to get your 3-1 credit report with scores currently with the internet revolution. With the economy and families loosing their homes, more and more families will be renting over the next 4 to 5 years. With the banks making lending guidelines extremely tough, you can rest assure if you are a landlord getting a renter will not be too hard in this current market. You obviously need to protect your self by looking into a renter’s credit history.

What to look out for on a renters credit report

Just like a bank that lends money, a landlord needs to be able to look at a consumer credit report and determine their risk. Typically a bank will look at the entire credit history to examine the risk of someone that is borrowing money from them. If a credit report shows a history of bad credit management that individual is less likely to get a loan. The same principal should apply to a renter. If you pull a credit report of a potential renter and it looks as if that person has a total disregard for obligations you might reconsider renting to them. The bottom line is a credit report will protect you the Landlord. If you are a renter and are unsure of your credit history, you definitely need to pull a copy of your credit report so you can rent. If there is something on your credit report you will be able to fix it before a landlord tells you NO.

What is considered a risky renter?
If a renter has more than a 24 month history of not paying back their obligations, then how are they going to pay you? Typically a lender will look at the last 24 months with most of their decision making on the current past 12 months credit history. If a renter just does not pay anybody back you might look for a better candidate for renting your properties. Once you get renter in there it can be tough to get them out.

What is considered a good credit score?
FICO’s credit scores range from 300 to 850. The lower someone’s credit score, the higher risk they are. Now you also have to look at their entire credit history as well. With the Sub-prime ARM adjustments that are causing families to loose there homes, these might be good candidates for renting too. It’s not like they had any choice but to walk away from a home that the payment increased on dramatically. But as far as a good credit score you might be looking for credit scores in the 600’s before considering renting to someone, unless their circumstance were beyond their control.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How a Recession can be good for you.

With all the talk about a recession and the negative press about credit reports, credit scores, saving money and high gas prices there are actually some good out of all of this. During the Reagan years was the last time we experience an economic down turn. Here are some positive sides to the entire deal.

Eating Dinner with family
With the rise in gas and food fewer families are going out to eat. This is a perfect time for families to do what they should have been doing all along. I personally thing we are all spoiled and spend way too much money on STUFF that is not important. Sometimes for us to come to reality with how fortunate we are, it takes times like these to look back on what is really important. Your family and setting down with them at the dinner table.

Less people in line for gas
Not too long ago the gas stations where storming with people in all sorts of vehicles. Now you can go to the gas stating and not worry about a crowd.

Fewer advertisements in the mail
With creditors tightening up on your requirement to give out credit, you can rest assure you will not see as much credit offers in the mail. Over the years I am sure you mailbox was stuffed with credit card offers and low interest rate mortgages. You can count on that dissipating.

More Discounts
With sales being down just about with every company, you can count on coupons to entice you to buy. I may not be a bad idea to get a paper, and start clipping, you would be surprised how much you can save with coupons.

Save on Gas
Now that we are being forced to watch our pennies, public transportation may not look all that bad. Maybe car pooling with fellow co-worker would be a option.

Good deals on cars
Since gas prices have increased so much, gas is almost 40% higher in 2008; you can expect great deals on cars. SUV’s sales prices dropped dramatically once we hit $3.50 a gallon.

These are some positive sides to a possible recession. The one thing we need to remember is what is really important, and that is family. With the decrease in the flow of extra money this is a perfect time to hang out with family and have bar-b-q.


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How a Co-signer can affect your Credit Report

Do you want your credit score to plummet, go ahead and co-sign for someone. I personally believe this is a huge problem. With your credit score and credit report being the roadmap to financial health, the question is can you really afford to co-sign for friends and family. Over the years I have seen more problems with this issue. Here is how a co-signer can affect your personal credit.

Late Payments
If you co-sign for a family member your credit report could be at risk. If for some reason the family member is late on an obligation you co-signed for your credit score just dropped about 100 points. Most people don’t thing about this, but it happens all the time. Anytime someone is late on a obligation that reports to all 3 credit bureaus, that bad mark will be on there for 7 years. It’s not worth it. If you have to co-sign for someone make sure you are not getting ready to make a big purchase, because it could affect your purchasing power as well. Some banks like to see a payment history in good standing usually around 12 months on co-signed obligations. They also typically like to see proof that the payment is coming out of the person’s bank account you co-signed for. So co-signing opens up all kinds of worms in the world of finance.

Income to Debt Ratio
Once you have co-signed on a loan for a friend or family member it could affect your ability to get a loan for something else. That added debt that is showing up on your credit report is technically your responsibility as well. Let’s assume you have this car note you co-signed for and the payment is $500.00 a month. You have now added this debt to your portfolio of debts in a underwriters eyes. In order to buy something else an underwriter may require a good 12 month payment history by the other party to disallow a debt from your portfolio of obligations. So with this being said think real hard before you co-sign on anything. I don’t recommend it. There are ways for someone to get there credit established so they can get loans in there own name. The internet is a great resource. There is anything you can imagine on the web to help you achieve just about anything, including getting your own credit established so you don’t need a co-signer.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

The Feds cut rates, but mortgage rates go up -Why?

Most people think if the Federal Reserve cuts interest rates, mortgage rates will go down as well. This simply is not true. The rates you pay on credit cards, auto loans, and mortgage rates are not set by the Federal Reserve. However the Federal Reserve does affect what is known as the Federal Fund Target Rate. Here are the details.

Federal Fund Rate
The Federal Reserve meets on a regular basis to monitor the Federal Fund Target rate. They decide during this meeting whether to increase or lower the rate. So the target is the rate. The real rate changes daily, but is usually real close to the target rate determined by the fed. The Federal Fund Rate is the rate that the banks charge each other for overnight loans. If a bank is low on funds it borrows the money from a fellow bank. The loan will be based on the Federal Fund rate set by the Federal Reserve. Banks are required to keep a certain amount of reserves in their bank or vault, typically around 10%. So at the end of the day if the bank only has 9 % reserves in the bank, they are required to borrow the rest from another bank at the Federal Fund rate. Understanding the Federal Fund rate is key to understanding why a rate cut with the Federal Reserve does not dictate mortgage interest rates.

Investment Groups
Now we are going to take a look at how investment groups dealing with mortgage paper do business. These groups of investors convince pension managers and insurance companies to invest their money in their investment fund. They then turn around and lend that money to people like you and me that need mortgages. Typically these investors will turn around and sell these loans on the secondary market at Wall Street for a nice profit. The process is continued over and over.

Mortgage backed Securities
Let’s assume you are the head of the investment fund. Your job is to make as much money as you can on the loans you have in your portfolio, so you can sell them easily on Wall Street. So the higher the interest rate for the borrower the more money everyone makes. Wall Street will bundle these loans which are commonly called “mortgage backed securities.” These securities are traded on Wall Street just like any other stock. As long as investors on Wall Street are buying mortgage backed securities all is good.

As the head of a investment fund are you going to be more worried about the Federal Fund Rate (the rate banks charge other banks to borrow money) or will you be concerned with the markets performance of mortgage backed securities? If you guessed mortgage backed securities you guessed right. The manager will be more concerned about how the market is dong for what it has to sell in its pool of loans. So the mortgage backed securities market dictates interest rates we pay.

So it is very simple to see that the Federal Reserve rate is the rate at which banks borrow money from each other overnight. This will not have much of an affect on how consumers borrow money over 30 years. However the lowest rates in history were at a time when the Feds cut interest rates at an all time low. So indirectly the Fed Fund Rate can affect mortgage interest rates. But it is important to understand that it does not directly affect mortgage rates. The Federal Reserve affects financial markets, which in turn could affect mortgage interest rates down the road. But typically mortgage rates are affected by the market for Mortgage Backed Securities. So if the Federal Reserve drops rates on Monday, that does not mean interest rates will drop on Tuesday.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

How no Credit can hurt you

What is all the fuss about paying cash for everything? Isn’t that a good thing? If you pay cash for everything doesn’t that mean you don’t owe anybody? Quite contrary to popular belief this actually hurts you. Let’s assume you pay cash for everything and all the sudden need a loan, it will be hard to get a loan with no credit. You will have not any credit scores generated with the credit bureaus with no credit being extending to you. I have heard quite often that I pay cash for everything because credit cards scare me. But let’s face it, we are all adults and can do anything we put our mind to. In our current society banks now use a automated software created by My FICO that determines your credit score and risk. If you have never borrowed money or applied for credit this software has not generated any credit history or credit scores for you. This is exactly what the banks currently look for.

Applying for Credit
Let’s assume you decide to go and apply for credit, only to find you are getting denied because you don’t have any credit. There is a solution to this that is quite simple. You get a secured credit card. A secured credit card is cards where you deposit your own money usually up to $300 dollars into an account of the banks choice. Once this money is deposited about 30 days later the credit card company will report this history to the credit bureaus. This is the first step in establishing credit scores and credit history. I recommend getting two cards to have two lines of credit history reporting. Remember to pay everything on-time so you don’t have any late payments. This is very important. Also these secured credit cards usually charge fees to get started, during the beginning of this process you will have a balanced owed even though you have not charged anything. Make sure you pay these fees. The secured credit card we recommend is the Orchard Bank card. This card has low fees and is great for establishing good credit when you have no credit.

Now that you have put your cash only days behind you, you can join the rest of America in the world of credit. Your credit is so important these days that you can’t afford to live a cash only life. Employers, utility companies, and insurance companies and just about everyone is pulling credit to see if you are responsible or not. So there is a good chance you were paying higher fees because of your lack of credit. As you move on long with the credit building process make sure you pull your credit regularly. Pulling your own credit report does not affect your credit score. Pulling your credit report regularly is good credit management.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Closed credit card accounts Q & A

Q:
Hi Mike,
I have closed 2 credit cards that I have not used in years. I have 3 other credit cards that I use with lower interest rates and fees. That is the reason I closed them. I was reading through some of your articles and noticed you recommended not closing out credit cards. How much do you think this will affect my credit score? I currently have excellent credit and hope I did not mess up my credit score.

Marcus

A:
Hi Marcus,
Yes I am against closing out good credit reporting on your credit report. This does affect your credit scores, because you just got rid of good credit. Typically you will see around a 10 to 15 point drop in your credit scores. Since you have other credit cards this should be temporary. Just make sure you keep your credit card balances below 30% of credit limit. My FICO recommends a mix of credit as well. For instance credit cards, car loans, installment loans, etc…….Good luck to you.

Mike Clover

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Bankruptcy Q & A

Q:
Hello,
I have a question in regards to bankruptcy. I have just recently discharged my chapter 13 bankruptcy. I was curious how long it will be on my credit report. I have looked all over the web and found different answers to this. I also was curious what was recommended to re-establish some credit. I currently don’t have any credit reporting on my credit report. The bankruptcy said I should be able to re-establish credit right a way.

Thanks,
Julie

A:
Hi Julie,
Thanks for the question. Bankruptcy can be confusing at times with how long is stays on your credit report. Chapter 13 bankruptcy will be on your credit report for 7 years from file date. You will need to check your credit report because the bureaus usually don’t update this properly. After filing bankruptcy and it has been discharged, getting your credit rebuilt is your next step. The best way to do this is with secured credit cards. You can go to our credit card tab and apply for some credit cards there. We recommend Orchard Bank Card as your first choice. You should have at least 2 credit cards to get your credit scores boosted.

CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Pay Day Loans Q & A

Q:
Hello,
I am in desperate need of cash. I need about $1000 as quick as possible. I don’t have the best credit either. I pulled my credit report and my credit scores are low. Where do you recommend going to get a loan where I pay back as soon as I can? I have heard some call them pay day loans. And typically what are the fees?

Thanks John Henley




A:
Hi John,
We are getting overwhelming requests for quick cash loans. These types of loans are typically called pay day loans. You can get quick loans up to $1500 at our site. The fee is usually up to 30 % of the amount borrowed. The interest rate is usually cheaper than an unsecured loan with banks. Go here to get started.

Mike Clover

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Need quick cash but your credit score is bad?

If you need some quick cash but your credit score is not allowing you to get money from the bank, don’t worry there is help. There is a new wave of loans where you can get loans between $1500 and $15000 deposited to your checking very quickly. If you have bad credit no problem. With the banks tightening up there are solutions for people with bad credit, new loans have arrived on the scene. The interest rates are not that bad either. Maybe your car broke down and you don’t have the money to fix it, how you going to get to work? Maybe the way you get paid causes you to be late on your bills this month, avoid costly charges with cash in advance. What ever you’re your short term cash needs are there is a solution.




We understand that things come up where you need cash quick. At CreditScoreQuick.com we have the solutions what every your situation is. With the current economy and the increase in gas prices everything is extremely high.

What do I need to pre-qualify?
All you need is a checking account in good standing, a minimum income from a job, a working telephone, be at least 18 years old and a U.S. resident.

What happens when I fill in the form?
After submitting this application, we will search our database of lenders for a lender that is interesting in providing you with a loan. If we find a match we will forward your information to that lender. In most cases, you can complete the entire application process online without speaking to anyone or faxing in any documents.

How much will the loan cost?
The fee for a payday advance is typically 25%-30% of the amount borrowed. The exact amount will be disclosed in paper-work from the lender. Please review this paperwork before signing it. You will not be committed to a loan until you agree to the terms.

Can I have more than one loan at a time?
Most lenders require that you pay each loan in full before you can get a new one.

What if I have bad credit or Bankruptcy issues?
You may still qualify for a loan with bad credit or even bankruptcy.

How much can I borrow?
You can borrow as little as $100 or as much as $1500.

How long until I get the money?
Assuming all the paperwork is completed and processed, you can typically expect to receive the money in your checking account the next business day. Please note that this is most lenders' goal but actual time may be longer.






Who's a typical cash advance client?
Most everyone finds themselves a little short on cash from time to time. People from all walks of life typically take advantage of cash advances to get them by. For example:
• Someone with multiple bills due before their next payday.
• Someone who doesn't want to be hounded by collections departments or have their utilities turned off.
• Someone who needs to make emergency repairs on their car so they can make it to work and not lose their job.
• Someone needing to get a prescription filled right away and won't have the money until a later date.
Millions of people around the country regularly use these services to help them through stressful financial times.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Card Debt Consolidation

Credit card debt consolidation is in high demand currently. The dramatic rise in gas prices has caused most families to cut back in other areas. If you have found yourself paying around $1200 a month is gas join the club around the country. A couple years ago your total gas bill may have been $200 to $300 a month. With this type of increase in gas you can rest assure it is affecting everything in our economy. If you go to the grocery store you have probably noticed a big increase in grocery prices. This is because high gas prices are affecting delivery costs which will ultimately affect your pocket book. When this type of increase in costs takes place or maybe a loss of job you might find yourself in a pickle. The next thing you know your creditors are calling wanting their money. What are your options? Well debt consolidation is always an option if you have high credit card debt. We have resources that can help you get your debt reduced so you are not stressed out with creditors calling your house all the time. Instead of debt consolidation we call it debt elimination. This technique is great because you don’t have a loan to pay back your creditors in full. You get your credit card debt reduced.



Heck you did not ask for gas prices to increase like they did. Maybe the company you worked for the last 15 years let you go due to the gas prices. Believe it or not this is affecting businesses as well. We personally believe our country is in financial trouble currently. Not only is consumer debt at an all time high, but our countries debt is tremendous as well. Someone has to pay for it in the long run. Guess who that will be? If you guessed the American public you guessed correctly.




For every problem there is a solution. With all the current credit problems credit restoration companies have stem up all over the place. If you have found yourself in trouble with credit cards there is a solution. This solution like we mentioned is debt elimination. Instead of getting debt consolidation loan a representative will negotiate your debt for a lesser balance. That way you don’t have a long term note with a low interest rate. Your credit already has issues so it does not matter whether you pay the entire balance or a lesser balance. With debt elimination you can get out of debt in 12 – 36 months. Get started now.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Free credit score and credit monitoring with TransUnion

TransUnion now has their class action lawsuit website finally running. If you are interested in getting your credit score report and credit monitoring go to ListClassAction.com. You can sign up for 6- 9 months of this service for free.

Anyone who has opened up new credit or a loan in the last 21 years is entitled to this free service. You must register before September to qualify. You need to know that you only get one credit score and you don’t actually get your true FICO score that most banks use to determine your creditworthiness. So is this service beneficial, well its like having part of the recipe, you will get your activity with one bureau, and you don’t actually get your real credit score. You will get TransUnions TransRisk credit score. If you want to get your FICO score go here.

So if you are getting ready to make a purchase like a car, house, or a credit card this service could be beneficial due to the fact that you get your credit report with TransUnion. If you are interested in getting a 3-1 credit report with all 3 credit scores you will have to pay for it. Our recommendation is to get this type of credit report because that is what lenders look at. Regardless it will not hurt to get this free service temporally with TransUnion.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

FHA implements Credit Score based MIP

With all the changes in the lending industry, you would think that no one can get a loan anymore. Conventional loans have gotten so tough most are going with FHA loans now. FHA has been the savior in a lot of crazy lending markets. With the current credit crunch and record foreclosures, FHA is now implementing risk based mortgage insurance premiums (MIP). This fee insures the loan with HUD. So just like anything else, if your credit score is low you will pay for it. In the past your credit score did not matter, but now it does. The way MIP worked in the past was everyone paid a 1.5% of the total loan amount in insurance. This upfront fee was financed in the note. The new mortgage insurance premium will range between (1.25% - 2.25%). So for borrowers with low credit scores you will now pay .75% more in premium. For borrowers with good credit they will save .25% in premium.

Examples:

Good Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 1.25%: $98,971

Bad Credit
• Sales Price: $100,000
• Down payment: $2,250
• Loan amount with MIP @ 2.25%: $99,949



Depending on what your FICO score is, will determine how much you pay. You can see if your credit score is low, you will be financing more which will increase your payment as well. I believe this is just a tip of the ice berg with the changes in all sectors of lending. If you are getting ready to buy a home, you might consider pulling a recent copy of your credit report with scores to see where you stand. If you don’t want to pay more and feel that your have low credit scores, go ahead and take the plunge. Get your credit report and start working on any issues you may have. If you don’t fix your credit it will cost you unnecessary money long term. FHA is still the strongest loan in our current market, but with credit issues you will pay more for it. I have never seen such tightening up in the lending market like we currently are experiencing. I can’t say I don’t blame the banks, because everyone want there money back they have loaned out. I guess you would have to put yourself in their shoes, how would you feel if you loaned someone $100,000 and they did not pay it back to you?



Multiple FHA borrowers
With this new FHA change that was implemented on July 11, 2008 here is how this affects multiple borrowers. If two borrowers are involved on a FHA loan, the MIP will be based on the borrower with the lower credit score. So you could have one borrower with excellent credit, but have a borrower with low credit score that would cause a higher mortgage insurance premium for the entire loan.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Your Credit Score- Perfect time for a credit check

How long has it been since you checked your credit report? I recently checked my own credit, and realized how confusing it can be to get a copy of your credit report. There are lots of different offers out there and at times they can be confusing.

Here are some reasons why you should order your credit score now.

• Identity theft and crime increases during economic downturns. Make sure your credit is not stolen by a thief.
• It’s a great time to buy a car especially with the low rates on loans with good credit ratings.
• With lenders getting tough on underwriting guidelines, in most cases you need a 720 or above to get good rates.
• Record gas prices make it a good time to utilize reward credit cards. You will need a credit score of 700 or above.
• Great time to get out of debt; pull your credit report to see where you stand.
• If you are looking to rent, pull a copy of your credit report and take it with you to the apartment complex.
• Checking your own credit report does not affect your credit score.

Hopefully you are convinced on how important it is currently to check your credit report. Here are some tips and tricks to help you out on which credit report to get.

• If you want a credit report with no scores, go to www.annualcreditreport.com
• If you want your credit report with scores we have a great offer where you get a 3-1 credit report with scores from each credit bureau. We recommend getting a report with all 3 scores.
• Avoid paying for credit reports with only one credit score, because you are missing credit scores from the other two credit bureaus.
• If you want your true fico score get the Equifax credit report with FICO score.
• Looking for award winning credit monitoring, go here.

If you are still not convinced on which credit report to get, go to our nationally recognized credit report offers and make your own decision. You can compare the different credit report offers the web has to offer, along with price and different features.


CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Tax Lien Q & A

Q:

I have a tax lien on my credit report from 1998. This tax lien was due to taxes on a 1099 job I had for 2 years. I did not pay the amount owed for the year of 1997. The IRS filed a tax lien for $12,000. My attorney said it should drop off after seven years. Well 7 years was a while back. What am I missing here? I have been told this tax lien will affect my credit score as well. I want to resolve this matter as quick as possible. I am getting ready to sell my home and purchase another home.

Jim

A:
Determining when collections are going to come off your credit report might seem simple, but there are some types of credit report activity that does not apply to the 7 year rule. Tax liens are one of those debts owed that will not go away until you pay it. The Fair Credit Reporting ACT has different rules for this type of debt owed. Here are the facts.




• Unpaid Tax Liens- there is not a set expiration date for unpaid tax liens according to the FCRA. So tax liens will stay on your credit report until you pay it. Some credit bureaus cap how long they report records like tax liens for up to 15 years. So if a tax lien has been reporting for over 15 years, you might consider disputing to see if the bureaus will remove.

• Paid Tax Liens – Once a tax lien is paid off, the tax lien will report on your credit report for 7 years from paid date. Tax liens are the only record where the expiration date is tied to repayment.

Jim you do have a chance of getting this record off by disputing it. There is no guarantee it will com off though. You will more than likely have to pay the debt off. You can use our how to dispute process here.

Mike Clover

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Increase credit score Q & A

Q:
Hello,
I need some advice on increasing my credit score. I currently have a 640 credit score. My goal is to get my score around a 720 or above. I currently have a credit card with Bank of America, and a credit card with American Express. I also have a car note around 350 a month.
Credit Card Balances and limits

• Bank of America limit is $10,000
• Bank of America balance is $7,500
• American Express limit is $15,000
• American Express balance is $9,852

I just recently bought my car 6 months ago. I paid $17,000 for the car. What do you recommend I do to get my scores around 720 or above. I dont have any collections or slow pays.

Robyn Leather

A:
Hi Robyn,
Credit card debt is one of the quickest ways to lower your credit scores. Amounts owed on credit is 30% of your credit score. The rule of thumb is to keep your credit card balances well below 30% of your allowed credit limit. It looks like your Bank of America credit card is well above 30% of the allowed credit limit. I would pay this card down as quick as possible. You should not have more than $3000 on this card at any given time. This is one reason why your credit score is low. Your American Express card has the same issue going on. You should not charge more than $4500 on this card as well. Both your credit card balances are bringing down your credit score. If you were to get both these cards below 30% of the allowed credit limit your credit scores should increase to around 720 or so.

CreditScoreQuick.com

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Q & A

Q:
Hello Mike,
I have searched all over the web for credit reports with credit scores for free. One thing I have noticed is some sites sell credit reports with one score, and some with no scores at all. Where can I get a credit report with credit scores for free. I would prefer to get a score from each credit bureau. I am getting ready to buy a house and would like to know where I stand. Will this affect my credit score by pulling my report ?

Margarita Jiminez

A:
Hi Margarita,
Great questions you are asking. There is only one site where you get your credit report for FREE, which is http://www.annualcreditreport.com/. At this site you don't get your credit scores. If you want your credit scores you have to pay for a score with each bureau. If you are getting ready to make a purcahse you need to get all three of your credit scores to see where you stand. You can get your credit scores at our site with all 3 credit bureaus on a trial period. Most of our offers will give you all three credit scores. Pulling your consumer credit report does not affect your score at all. This type of credit pull is considered a soft pull according to my fico. If you have any questions dont hestiate to e-mail us.

CreditScoreQuick.com

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Remove Judgement Q & A

Q:
Hi Mike I was wondering if it is possible to get a judgement removed that is 6 years old ? I believe this judgement is dragging down my credit score. Even though the courts say I have to pay, I dont agree with this debt.
Laura Tylor

A:
Hi Laura,
Its looks like you are real close to the 7 year rule on judgements. Judements stay on your credit report 7 years from file date. So if you wait one more year, it should be removed from each credit bureaus. If it does not get removed, you can use our free dispute process under our resource tab on our site.

CreditScoreQuick.com

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Get out of Debt in 12 – 36 months

Is debt consolidation or bankruptcy lurking at your door? During trying times currently with the rising cost of fuel, this affects everyone financially. Maybe you have lost your job because of the real estate sector meltdown. What every your circumstances are there is a solution. Maybe you have looked at your finances coming in vs. money going out and it does not look to good. You can join the rest of America including business all over the United States. With the changes in the Bankruptcy laws it is much harder to file Chapter 7. So with the solutions we provide, you might consider a new approach called debt elimination. With this service an advisor will negotiate your current debt and in most cases cut your debt in half. This is much better solution than debt consolidation, because with debt consolidation you get a loan to pay back all creditors over a long period of time. You also pay the entire balance back to each creditor owed. You could also call the service we refer you to “debt relief.”




With the current economy we are seeing more and more businesses that are going out of business. We are also seeing an influx of families loosing their homes along with letting credit card debt go to collection. The real estate sector and high energy costs affect all other sectors of our economy. So believe me you are not the only one having issues currently. The great thing is there is a solution that is available for you. Without having to file bankruptcy or get a debt consolidation loan, debt elimination could be the solution for you and your family. The longer you wait the worse it could get with the annoying phone calls from creditors. Remember bad credit stays on your credit report for 7 years. That is a long time to wait for credit issues to disappear from your credit record.


Get your life in the right direction and get some debt relief underway. You could be debt free in 36 month.

Get out of debt today !




CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Card Q & A

Q:
Hello,
I had some questions in regards to credit cards. My wife and I had filed bankruptcy a while back. The bankruptcy was a Chapter 7. We got ourselves in trouble with credit card debt, but I am aware credit cards are necessary for good credit. How many credit cards should I apply for, and what type of credit card should I apply for with challenged credit. I pulled a credit report at your site, and our scores are in the low 600’s. Thanks for your help.
Tim

A:
Hi Tim,
This is a common question we get. Your overall credit score has many parts to it. Type of credit is 10% of your overall credit score. We always recommend a couple of credit cards to get the ball rolling. Most lenders like to see around 3 lines of credit reporting on your credit report for about 12 months or more. With good payment history your scores will go up. As far as what type of credit card, I would recommend trying to get a couple of our sub-prime cards. Below are some links to some good sub prime credit cards to get you in the right direction.

CreditScoreQuick.com









CreditScoreQuick.com is the one of the most unique on-line resources for fre