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Archive for November, 2008

Things To Look For In A Credit Repair Company Online

November 28th, 2008

Biz Man

If it’s been a while since you’ve looked at your credit report, you may be surprised to find errors, mistakes, or even a black mark or two. Fortunately, a Credit Repair Company can help you fix those mistakes and erase those black marks. Watch out for scammers, though, and choose a reputable Credit Repair Company with these tips:

Don’t pay anything up-front

Avoid a Credit Repair Company that wants you to hand over a fee or payment before they meet with you. Reputable companies will first talk to you, assess your credit report and discuss your current situation before asking for any type of payment for their services. An up-front fee is a red flag that the company will probably take your money and run. And no matter what type of charges you may incur, be sure they aren’t exorbitant. If a Credit Repair Company claims your case will cost thousands of dollars, look for another one.

Watch out for “re-inventors”

Some companies will tell you that you can wipe your credit slate clean by “re-inventing” yourself with a new social security number. But that’s not true! In most cases, what they plan to do is get you a new credit report by applying for an Employee Identification Number (EIN)–used by businesses–which resembles a social security number, and you’re told to use it as such. But this practice, known as “file segregation,” is a scam, and it’s also illegal! Avoid any Credit Repair Company that suggests this practice.

Look for one that helps you help yourself

A good Credit Repair Company will tell you (for free!) what you can do yourself, such as writing letters to creditors and contacting the credit reporting bureaus about errors. Avoid any Credit Repair Company that encourages you to do anything illegal or unethical–such as disputing a legitimate charge or fee on your credit report.

Before signing up with any Credit Repair Company, make sure you check with the Better Business Bureau. They’ll have records of any formal complaints against the company, so you can avoid scammers and rip-off artists.

Posted in Credit Card

Tags: credit repair, credit score, poor credit

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100% Financing Bad Credit Mortgages – Tips On Getting Approved

November 12th, 2008

Biz Man

100% financing of a bad credit mortgage can help you buy a house with little cash due at closing. Even with an adverse credit score, you can start building home equity and wealth with your new home purchase. To get approved for such subprime mortgages, take a look at your credit report. Stack the odds in your favor by increasing your qualifications. And finally, search for the right lender online.

Take Stock Of Your Credit Situation

With poor credit, you can’t afford to have mistakes in your credit report. Before applying for a home loan, go over a copy of your report and make sure all your information is accurate. You can get a free copy of your report online through many sites.

If you plan to secure financing in the next few months, don’t open or close any additional accounts. Such activity will only lower your score – at least for a short time. Instead, focus on spreading your debt across accounts or eliminating it.

Plan On Cash Reserves And Low Debt Ratio

Subprime lenders look at several factors when determining a mortgage application’s status. Credit payment is important, but so are cash assets and income. These two factors can offset late payments or even a fairly recent bankruptcy.

Most lenders prefer to see at least six months of cash reserves for a no-money down mortgage. A low debt-to-income ratio is also critical.

Search For The Right Lender Online

There is a wide range of rates and fees charged for subprime home loans. The only way to find the best deal is to search for it online. Broker sites with multiple quotes are the easiest place to start.

Ask for loan estimates that include quotes on closing costs and fees for a “no money down” mortgage. This will give you a realistic picture of loan costs.

However, the problem isn’t so much about getting approved for 100% financing; it’s about getting a decent rate. Be open to all your financing options, including a down payment. Lenders are more than willing to work with your situation, regardless of your credit history.