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Talk About someone who is passionate about Credit Scoring!! Read this article and watch John take Liz to school on credit scoring…
Ok, I realize that credit scoring is a complex thing. Sure, it’s not a recipe for spaghetti. It’s confusing, irritating and even infuriating sometimes. But, come on Liz…get some of it right.
technorati tags:Credit Scoring
We are all feeling the pinch of the summer gas prices. Be careful if you are late the Credit Card Company can raise your rates. So not only do you get hit with a late fee but an over all increase in monthly due to the credit company
Late payments on credit card bills edged up this past spring, when high energy prices were squeezing the finances of some people and making it hard to pay bills on time.
The American Bankers Association, in its quarterly survey of consumer loans, reported Wednesday that the percentage of credit card payments 30 or more days past due increased to 4.41 percent in the April-to-June quarter, up slightly from 4.40 percent during the January-March period.
Late credit card payments edge higher – Yahoo! News
technorati tags:Late credit card payments
Don’t do it!!! Listen to Dave! I made this mistake about 4 years ago and I am still paying off the debt from a business that failed before it got off the ground.
It rates as one of my dumbest action so far in my life. So listen to me and Dave and save yourself the pain.
Take it from a former businessman; credit ain’t the way to go to start a small business. More often than not, small companies don’t get off the ground. Most of the ones that do only go for a little while before they crash and burn, baby. Using credit is bad enough, but even worse is when your biz goes under; then you have mountains of debt and molehills to show for it. That’s double dumb.
Debtective.com: Using Credit? Get A CLUE! – Blog
technorati tags:Business Credit
I found this article over at mynewchoice.com and I have to say it is right on the money. I personally have used my tax returns to buy “stuff” and never thought of using the money as a debt reduction tool. A very powerful one as pointed out in this blog.
This all changed about 2 years ago when the debt was too much and I need a way to really jump start my debt reduction. The first year I used most of the taxes to pay debt and i adjusted my W-4 so less would be with held. The next year I got less back at the end of the year and had more to pay off debt through out the year.
I still get money back at the end of the year so I need to adjust my W-4 again this year.
For anyone looking to really start to create a debt reduction “snowball” tax time is a great way to kick it off.
With the average American household carrying about $8000 in credit card debt, the average tax refund of approximately $2500 could eliminate over 30% of that household credit card debt. Unfortunately, many people view a large tax refund as a windfall and rarely spend it wisely.
Would You Like an Extra $200 Per Month? » My New Choice
technorati tags:debt reduction “snowball, debt
This is really good information. You guys should check out this blog http://www.brokencredit.com. It’s really good.
Despite this prohibition, Consumer Data Industry Association (CDIA) stated in their May 22, 2006 comments to the FTC that “one of our members testified that more than 30 percent of all consumer disputes were generated by credit repair agencies, which commonly dispute accurate, derogatory information with the sole intention of having that information deleted from the file”. The Credit Reporting Agencies (CRA’s) response is the creation of an Automated Consumer Dispute Verification (ACDV) system that is designed to speedily handle a tremendous volume of disputes. Any letter that appears to have been sent from a credit repair agency (apparently more than 30% of all disputes appear so) may be labeled “frivolous” under a provision of the Fair Credit Reporting Act (FCRA). This labeling effectively ends the investigation process by the CRA’s on your behalf. Is it any wonder why the majority of credit repair companies have a bad reputation? Their form letters do not work. There is no magic form letter that will make bad credit go away. Imagine working in the dispute resolution department for a furnisher or a CRA. According to court testimony in Carol Fleischer v. Trans Union, et al. US District Court for the Eastern District of Michigan (Southern Div); Case No. CV 02-71301, Capital One employees processed approximately 4,000 disputes daily and each employee was responsible for processing thirty disputes per hour. With such a high volume of disputes viewed by these employees, do you believe that the repeated use of a credit repair companies form letter would go unnoticed? Of course it wouldn’t. Please note the following excerpt from the Fair Credit Reporting Act:
http://www.brokencredit.com/?p=93
technorati tags:Credit Report Dispute Letter, credit repair
More bad news for people trying to sell their homes and more good news for people looking to buy homes. There is always two sides to a story…
The pace of existing home sales in the United States fell for a fifth straight month in August and prices dropped from year-ago levels for the first time in more than 10 years, a realtors group said on Monday.
The National Association of Realtors said existing homes sales slipped to an annual rate of 6.30 million units from a 6.33 million unit pace in July.
House prices show first annual fall in 11 years – Yahoo! News
technorati tags:homes, House prices
I found this review of AmericanCreditBuilder.com. It’s very interesting and well worth your read. I really enjoy it when someone reviews a product or a service for the sake of information and not to use it to sell you the product.
Nice job Chuck Jaffe.
American Credit Builder helps members build their credit rating by making sure nontraditional payments are part of the mix. Credit bureaus normally focus on charge cards and consumer loans, but American Credit Builder gets them to look at utility payments, rent and other regular expenses. Reporting these payments to more than 175 credit bureaus is supposed to help establish a responsible credit history.
Hard to tell what fix is in with this credit-repair service – MarketWatch
technorati tags:American Credit Builder, credit-repair service, AmericanCreditBuilder.com, lousy credit rating, credit bureaus
As fast as it came it seems it will go away just as fast. Housing boom is over. For some it means they will have to hold on to their homes longer than expected or sell for a lower price. For others it will mean a financial hardship. Check out the audio story from NPR.
The real estate market has made a surprisingly quick downturn in some parts of the country. The change in direction has left many homeowners holding property they can’t sell at the price they would like, or need, to get.
NPR : Speed of Housing Downturn Surprises Homeowners
technorati tags:Real Estate
Looks like the Texas AG is going after “The Credit Doctor” for fixing credit reports with out a license and other charges… if you read the story is sounds more like the state of Texas didn’t get paid so they went after this guy…
The Credit Doctor has been in business for seven years, but now he may have to shut down. The AG’s office is suing him for fixing credit reports with no license and advertising help he cannot deliver.”He’s claiming to have restored credit for thousands of people. He claims to be operating within all state and federal regulations. And, we know that to be blatantly false,” Spokesman for the Attorney General Tom Kelley said.
KXAN.com – Texas AG Suing Austin Credit Doctor
technorati tags:Credit Doctor, texas
Texas has the lowest average credit score, 650, but as the article points out that score is not that bad. Read on for more details.
A lower score leads to higher interest rates on everything from credit cards to mortgages, Orman saidA score of 850 is the highest one possible, and an ideal score is around 760 or above, according to Orman. Anything below 700 will leave consumers with high interest rates, and anything below 600 will take at least three years to repair.Repairing credit scores starts with paying off credit cards, starting with the one with the highest interest rate, Orman said.”Keep paying the minimum on all the rest,” Orman said. “As you keep doing that, you roll it down and roll it down and guess what? Before you know it, you’ll be out of credit card debt.”
nbc5i.com – News – Good Credit Scores Vital
technorati tags:Credit Scores
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