Perfect Credit Score

It’s really not needed. As Dana Dratch states in this article, “get a hobby.”

You’re one of the lucky ones in the financial pecking order: Your credit score is high. Really high. But what if you want perfection?Get a hobby.Having a high score is great. But the slight difference between very high and perfection just won’t make a difference in your everyday life.

adding further:

“There is no reason to go from 775
to 850, because you’re still going to get the same rate,”
says Linda Sherry, spokeswoman for Consumer Action,
a Washington, D.C.-based advocacy group.

Perfect credit score: Unrealistic and unnecessary (Page 1 of 2)

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Pay less with a high credit score

This shouldn’t be news to anyone who has followed this blog for sometime.

Simple: the higher your score the less you pay. Two people with good and bad credit will pay drastically different amounts for the same thing. So the goal is to get that score higher so you can pay less…

“If you’re at the 720 mark, you have some bargaining power,” he says. “If you’re in the mid-700s upward, you’re going to get the very best rates available.”The Web site www.myfico .com lists six stratifications within the prime credit range of 620 to 850. Below 620 you’ll be offered subprime rates, if you’re offered credit at all. Above 760 is equivalent to an “A,” says Travis Plunkett, legislative director at the Consumer Federation of America.According to myfico’s daily updated mortgage rate data, that 760 credit score translates to a 6.3 percent interest rate on a 30-year fixed, $216,000 mortgage. Meanwhile, a 700 score would get a 6.52 rate. A 620 score would pay more than a full percentage point higher, 7.89 percent, for the same mortgage.

Pay less and save more with a high credit score – Orlando Sentinel : Home & Garden Pay less and save more with a high credit score – Orlando Sentinel : Home & Garden

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Credit Cards for Debt Consolidation

My first reaction to this lady was are you insane! I guess this may work for some people, maybe 1% of the population but I am trying to be nice. Read for yourself and see what you think.

What is credit card debt consolidation? Simple, credit card debt consolidation is when you use one credit card with a large limit to pay off your other credit cards with either higher interest rates or high fees. This strategy is not for everyone; however for some people it can be very helpful.

Using Credit Cards for Debt Consolidation

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Successful Debt Bargaining

I read this article written by an Atlanta BK Lawyer in Atlanta. Not sure how valid the advice is but if it’s true then its very interesting advice.

As a practical matter, this means that the credit card company will not negotiate with you at all until your unpaid balance is at least three months old. Once a debt falls into the 90 day past due column, the collection percentages go way down. This is generally the ideal time to start your negotiations.If you let your account go much longer than 90 days unpaid, you run the risk that the credit card lender will turn it over to an outside collection company or send it to a lawyer for lawsuit. These options may or may not impact your negotiation strategies, but they add complications and unknown elements. You can always start new negotiations with one of these new account owners later – at the outset it is best to negotiate with the actual credit card company.

Debt Negotiation – Secrets to Successful Bargaining With Credit Card Companies

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50 good things about being debt-free

One of the worest things about being in debt trouble is being afraid to answer the phone or open your mail. This list of 50 found on is inspiring if you want to get out of debt. For some reason 23-26 struck a chord with me. How about you?

23. Not screening for credit collection calls or letters.
24. Looking forward to opening your mail.
25. Never having to meet Judge Judy.
26. Reading a statement that reads “paid in full.”

50 good things about being debt-free

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How to avoid late fees

I found this article on ExineArticles. It’s titled How to avoid late fees. I have one simple full proof method, pay on time!! No need to read this article, just pay on time. However if you want to read it you can.

Everyone hates late fees and being late will cost you dearly these days. For some credit cards today, if you are late, you will have to shell out as much as $40 each time. This can put a nice sized hole in your pocket really quick.

How to Avoid Credit Card Late Fees

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Respond to Debt Collection Letters has posted two really good form letters you can use when dealing with debt collectors. It’s best to arm yourself with knowledge before you take on the likes of a collection agency.

Getting out of debt requires an aggressive plan, especially when dealing with collection agencies. Proactive measures can save you money and time, as well as help you avoid drastic consequences, such as a lawsuit or wage garnishment. These letters will help you take control of the situation.

Responding to a debt collector
Debt collectors ringing your phone off the hook for a debt you don’t owe? This letter will set them straight.

Negotiating with debt collectors
When you’re ready to get a debt out of collections, it’s in your best interest to get the best deal possible. This letter will get your negotiations started.

Form letters for debt collector problems

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Way out of Debt

I found this great online stream on NPR about how to get out of debt. Some really important info is in this 30 minute online radio show. I know it’s hard to find 30 mintues in the day just to listen to a radio show but it’s worth it.

Here is a direct link to the radio show

Financial analysts and a collections expert discuss the process of debt collection and why some consumers who don’t know their rights end up more in debt than when they started.Guests:Walter Robinson, editor of The Boston Globe series called “Debtors’ Hell”; assistant managing editor of the GlobePeter Duffey, owns Double Helix Inc., a private investigation firm, which provides debt collection support servicesLiz Pulliam Weston, writes a twice-weekly column for MSN Money; author of the books Your Credit Score and Deal With Your Debt

NPR : In Debt, with No Easy Way Out



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Los Angeles Living, Without a Car

Living in L.A. with out a car! Wow this is hard to do. I live in L.A. and can’t believe how much this city depends on the car. I grew up and was raised in the east coast where we all took the subway and buses. It was just a way of life… Anyway if you are looking to save a lot of money get rid of the car. Listen to this NPR clip and see how he does it.

Chris Balish is the author of the forthcoming book How to Live Well Without Owning a Car: Save Money, Breathe Easier, and Get More Mileage Out of Life. He talks with Renee Montagne about how to live without a car, even in Los Angeles.

NPR : Los Angeles Living, Without a Car

Consumers Are Suing Credit Bureaus

This is really big. The courts are backing the consumer on accurate credit reports. This is a big win for the consumer. What is shouldn’t mean is we go an sue as soon as something is inaccurate, but rather us as a last resort.

Last month, the 5th Circuit Court of Appeals ruled that the credit bureaus are ultimately responsible for the reinvestigation of disputed information in their systems and cannot shirk that responsibility by blaming another group for the false information. Morris v. Equifax Information Services, 2006 WL 2043567.

More and More Consumers Are Suing Credit Bureaus

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