Jan 10

The Fair and Accurate Credit Transactions Act, signed into law on Dec. 4, 2003, gives every American the right to a free credit report every year from each of the three major credit bureaus — Equifax, Experian and TransUnion. What the law doesn’t do is give every American the ability to read their credit report. Not one word in the law says the credit bureaus have to write it in plain, easy-to-understand language. Go to Federal Trade Commission and click on consumers then credit and read it for yourself. Hopefully you’ll stay awake.

While all credit reports follow a basic format, some vary so what you are about to read doesn’t apply across the board. If you didn’t get it directly from one of the bureaus mentioned above, your best bet for a translation is the source providing your copy.

Here is the four-part skeleton most bureaus use. Part one is your identifying information. This would be information like your name, social security number, previous addresses, current address, date of birth, driver’s license number, telephone number, spouse’s name and your employer and length of employment. As with all sections, pay close attention because chances are pretty darned good, some of it is wrong.


It is wrong because this information comes to the bureau from a myriad of sources and the bureau doesn’t take the time to update or correct it. That leaves you as your own correcting agent.

Part two is your credit history. This is usually the longest part of your report because you probably have had department store accounts, multiple credit cards, multiple bank and other financial institution loans, mortgages, car loans, lines of credit, home equity loans and other transactions involving credit.


Sometimes you will see the bureau calls these accounts trade lines. No big deal because they are still your accounts.

These accounts usually start with when you opened the account then tell the type or kind of credit (installment, car loan, personal loan, etc.) and whether it is in your name or someone else is on the account with you. The total amount of the loan with your high credit limit or if it is a credit card, your highest balance follows. The next thing it shows is how much you still owed and if the payments are fixed or minimum monthly amounts. Your status, open/inactive/closed/paid, follow your payments then comes the item everybody wants to know, how well you’ve paid on the account.

This is where the bureaus list if you are late, and if late, how late and how often you’ve been late. If you are not late, it will show you pay on time.

Part three is called Public Inquiries or Public Records. This is where tax liens, judgments, foreclosures and bankruptcies are listed. You want this part to be blank and I do mean blank. If you see anything here, attempt to correct immediately if not sooner.

Part four is the Inquiries section. It is divided into two parts. Part one is the inquiries you initiate by filling out a credit application. This section is generally referred to as the hard inquiry section because you are the initiator of the inquiries.

The second part is called the soft inquiry section. What you’ll find here are the names of companies who have sent you offers of credit or current creditors who are monitoring your account.


Sometimes there is a fifth section called Remarks. Read it because you never know who reported what about you.

Each credit report bureau places an explanation of terms usually on the backside of the report pages. In it, they explain what the numbers and letters you see next to your accounts mean. So, if you see something like I9, don’t fret, as it should be defined in the explanation of terms.

Of course, I9 could be negative, so you may have to fret. Either way, you are now almost totally armed to deal with that free credit report the law said the bureaus had to give you.

Good luck and may all your credit be A+.

Jan 9

Have pending balances on your credit cards? Unable to pay off these high interest balances? Don’t get upset because balance transfer credit cards can help you to easily scrap off these credit card dues easily and reduce your credit card debts conveniently.

credit cardsGenerally balance transfer credit cards are offered at 0% interest rate for an introductory period, usually between 6-12 months. The 0% interest rate applies to your purchasing made during that introductory offer and this way you can easily save a great deal of money. It is suggested to pay off your balances on time each month. If you falter or miss your payments then you will end up paying extra in terms of extra fee than what you would have saved.

Before you apply for a balance transfer card, it is important to check out certain things. First check if there are any fees involved, as these vary from one card to another. Various companies generally charge a certain amount to bring over an existing balance. The usual rate is around 3 percent of the total amount and in many cases, the money you save in terms of interest will overshadow the cost of transferring. But contrary to this there are many cards that will not charge anything. With your balance transfer cards you can easily pay off you’re piled up debts that carry higher interest rate and can easily pay off all existing debts and become debt free.

Some of the cards come with additional benefits like rewards, discounts or cash back offer. You can choose you’re on this basis to make maximum out of it. When you start shopping with your credit card you get cash back facility or rewards on the purchases you make.

If you are facing credit problems then also you can apply for balance transfer credit cards. If you have CCJs, IVA, late payments, arrears, defaults and bankruptcy in your credit report even then you can easily approach for these cards.

Online you can easily apply and access wide information about balance transfer credit cards. You can apply by just filling up a simple application form with few personal details.

Balance transfer credit cards offer various benefits and easy financial assistance to all. You can easily apply and get these cards.

Jan 8

Auto loan rates are a secured loan scheme where the car, that you would own, should be kept as a security. This security helps reduce the risk in the minds of the lenders. You have two schemes to repay this loan. You have to give some down payment to receive this loan. There are short term loans and long term loans. The difference is very simple and yet it makes you choose. The short term Auto loans have a comparatively higher rate of interest while the long term loans have a lower rate of interest.

Auto loans or online car loan are necessary to buy a car, or for the matter, any other vehicle. People do pay some amount of cash as upfront payment, but rest of the amount is financed by some financial institution. Before you apply in for any financial institution, you should do some research on the auto loan rates offered by different financial institutions.

Loan rates generally depend on the company you approached and certain other factors: the amount you borrow; the tenure of the loan; the type of new auto loan – secure or unsecured. Calculating and comparing the best auto loan rates can be a headache. If u needs to calculate amount of your loan you can check it over here. They have auto loan calculator that help you determine the amount you will be paying for different tenures under different schemes. These calculators are free to use and once you are done with, you can also ask for a quotation.

Secure loans are the loans where you place something as collateral. In such cases, the money lender has reduced risk. The company therefore offers somewhat low interest auto loan. You can save on the interest. On the other hand, if you are taking an unsecured loan, you will have to pay higher interest. Also, if you have a bad credit, you will have to pay higher interest rates.

Another factor that influences the new and used auto loan rates is the tenure or the number of installments you opt for. Longer payment has lower installments, but you end up paying much more by way of interest. Similarly, shorter tenure will ask you to pay higher monthly installment but you save overall on the interest. For example, for 60 monthly installments on $12000, you will be paying 6.39 per cent. If you choose 36 months, you will be paying 5.34 per cent as interest. If possible, always go for a smaller tenure so that you save on the interest.

If you have no credit history or have a lower than ideal credit score, you may be a perfect candidate for this type of low
interest rate auto financing. You just need to know How to get a Bad Credit Car Loan in order to take advantage of the opportunity. This article will tell you how to do that. The first thing you should do is get a copy of your credit report and credit score.

Jan 7

Buying a home can be highly stressful as it requires so much research such as searching the good one, and determining how you will be paying for it and calculating how much it will cost you in reality. And the list goes on as you will also have to decide on the option you will choose as a homebuyer. Here is a list of five home loan options to take into account.

Option 1: Fixed Rate Mortgage

One talks about “fixed rate home loan” when the interest and payment rate always stay the same. It is really advantageous as this type of option is not affected by the hazards of the market: whatever happens, and you will always pay the same amount until the loan is paid off. While it might have a higher interest rate, it is probably the safest alternative when purchasing a home as there are almost no risk regarding the amount you will pay; particularly when the market fluctuates or the economy changes for the worst.

Option 2: Adjustable Rate Home Mortgage

a periodic up or down change allows it to match the economic conditions. The reason you may want to go with this type of loan is if you want to buy a home that is a little bit out of your price range as the initial interest rate is lower as the one mentionned above. It is often advertised as 3/1, 7/1, etc. For example, with a 3/1 loan, the interest remains the same for the 3 first yearsand then the rate is adjusted every year.

Option 3: Balloon Mortgage

This home loan alternative is normally a five to seven years fixed interest rate loan. You will find that this does not totally get paid off by the end of the term as it is typically refinanced in 25 to 30 years.

Option 4: Jumbo Mortgage

All lenders establish a high mark for what they will authorize people to take on loan for a home. Lenders essentially set a ceiling for what they allow individuals to have for a home. Any mortgage that exceeds the maximum amount established by the lender is called a jumbo mortgage and is considered as being highly risky.

Option 5: Interest only Mortgage

Another type option you can opt for is the interest only mortgage. With that kind of loan, you will actually pay the interest first. What this does is make you start paying the capital as soon as the interest is paid off. This type of alternative might be less interesting for you as you will be ending up paying more because the capital is repaid at all.

In summary, when purchasing a home you discover that there are several different mortgage options. This ensures you to find precisely the loan that matches your budget and will help you to move into the home you’ve dreamed of without a financial problem.

Jan 6

The better option is of course selling or settling of policy rather than surrendering it. It can be done when the situation in which the policy taken has changed. Such as:

  • The policy holder does not require the coverage no more.
  • The beneficiaries have died before the person can be covered
  • Change in the business course or in the possession of business
  • The premium payment is a burden due to inflation rising
  • To meet some present obligations.

The benefits are lump sum amount to meet the current commitments. Paying of Premium problems gets solved. It is better than surrendering or leaving the policy as it gives a handy amount for our needs.

The policy can be settled through a broker properly. It involves lot of formalities to be completed, which can be easily done through brokers. The brokers generally are Life insurance broker and agent, Financial consultant, Attorneys, Accountants and Life settlement brokers. There are many benefits a broker gets due to policy settlement. They are commissions on settlement, easily can develop a new income stream submitting their client’s cases.

In this competitive world the professionals got to be expert of their field in order to give a best performance to their customers. If some other accountant delivers the same it may result in customer loss or a loss in your reputation. The client should be well informed about settlement policies and a proper option to be given to suit his needs.

Some points to be considered before going for life settlement are:

  • The insured person must have restricted life expectation.
  • It must be moveable and have been in consequence for not less than Two years.

The policy holder may be One or more individuals, a Trust, a Bank, Non profit organization, Limited company etc.

Life settlement can become a well paid income source for the insurance brokers, investment brokers and agents. The procedure usually followed is a straight forward method. The necessary information is collected as stated below:

Medical report which shows the policy holder completes medical record for the past two years.In operation design is the review of the financial features of insurance company. A duly filled application to be sent and the life insurance release to be signed by the policy holder.

The policy settlement is a very smooth process through which your policy can be settled. In case a professional broker is handling it then you just give the details and he will take care of your settlement. Many insurance companies are doing this to help their customers. The policy will be settled if you qualify certain conditions required by the settling company. Once you qualify then you can settle your policy easily.

Jan 5

Credit rating is something everyone is worried about. There are very few people who can manage their lives without availing any loans. They are either born with all facilities pre-provided or they do not care about the world. An average social person has to take loan at some point or the other in his or her life. Many times it happens that you take a loan and cannot repay it properly, thus earning a bad reputation called bad credit score. What happens thereafter is not unknown. You fail to get your loan applications approved at the conventional banks and money lenders. But if you want to buy any vehicle, you sure can get auto loans bad credit.

Where to Look for

The best place is your internet connection. You may look for such loans in yellow pages, newspapers, and through other commercials. But what happens is that when you contact them through phone or in physical, they just keep on repeating that their packages are the best without presenting you with other options. Very often it happens that the loan counselor has some incentives for some particular loan product. This is why they do not inform you about the other packages.

If you seriously want to get the best deal on auto loans bad credit, you better log on to the internet and Google the auto loans for bad credit. You will get ample results. But as you will not want to buy a car from a foreign state, check out the sites which are in your state or city.

How to Clinch the Best deal

There are many online money lenders who offer different schemes that offer you loans at different rates. Some are independent of the credit rating. Under some schemes the rate is dependant on the credit score. Check out both and see which one is more favorable for you.

Getting Started

Start from calculating the average monthly installment you can afford. Already you have a bad credit. You will never want to spoil it further. Neither would you like the money lender to repossess your vehicle due to improper payment of installments. This is why you will be calculating an amount that you can easily pay each month as car installment under the scheme of auto loans bad credit.