Life After Bankruptcy

How to Get Approved For a Car Loan after Bankruptcy

2006-07-28T13:54:00.000-07:00

Years ago, people who had a bankruptcy on their credit report were unable to get a decent car loan, if they were able to get approved for a car loan at all. However, today, the rules have changed. More and more lenders are offering car loans to people who’ve filed bankruptcy. If you have a bankruptcy on your credit report, and you’re looking to get a car loan, read this article to find out three things you need to know about getting an auto loan after bankruptcy.

Waiting Two Years Earns You Better Interest Rates

If you need to apply for a car loan earlier than two years after the date that your bankruptcy went through, you’ll likely get approved; however, your interest rates will be a lot higher than they would be if you wait two years. After two years, most lenders will see you as less of a risk, and you will qualify for much better loan terms.

A Bigger Down Payment Makes You a More Qualified Borrower

When you apply for a car loan, your lender looks at something called your LTV ratio. LTV is the amount of money you are borrowing divided by the value of your car. For example, if your car is worth $10,000, and you are borrowing $9,000, then your LTV is 90%. 100% LTV’s are generally reserved for borrowers with near-perfect credit. However, the lower your LTV is, the more likely you will get approved for your loan. Most lenders rarely decline loans with an LTV at or lower than 80%.

Some Lenders Specialize In After-Bankruptcy Mortgages

Some lenders specialize in loaning to people with either bad credit or past bankruptcies. These lenders will not view you as more of a risk than their other borrowers because all of their borrowers are in the same situation as you are. Your best bet is to shop online and compare interest rates and terms between different lenders. This way you can be sure that you are getting the best deal.

Go to http://www.carloansense.com for more information on how to get a Car Loan After Bankruptcy.

Article Source: http://EzineArticles.com/?expert=L._Sampson

Bankruptcy No Longer Means - No Mortgage

2006-07-28T13:52:00.000-07:00

In the past, traditional mortgage lenders have automatically rejected people who had declared personal bankruptcy. Many potential home-buyers or exiting homeowners felt they must wait at least seven to ten years after a bankruptcy to be eligible for financing. This is a common misconception.

While some people declaring bankruptcy have had trouble managing their money, a larger number of those declaring have simply experienced unfortunate events. Americans have been filing bankruptcies at record-high levels over the last many years, especially last year.

Though a bankruptcy is certainly a blemish on a credit report, it does not necessarily disqualify a borrower. Recognizing that sometimes bad things happen to good people, some select loan officers are becoming more willing to take a calculated risk.

Some lenders use a scoring system to determine whether potential borrowers are a worthwhile risk. Unfortunately, bankruptcy gives an automatic low score. However select lenders are beginning to look beyond the scores and look at the individuals in need.

Instead of waiting two or four years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared Chapter 7 bankruptcy liquidation may be eligible for a loan in as little as one day after discharge, and those who have declared Chapter 13 may be eligible for a loan even while they are still in their plan.

Another common misconception is that a previous bankruptcy on your credit report will require you to have a large down payment and pay extremely high rates and points. There are currently programs available with no down payment required and with very attractive rates and points.

Some lenders are even pre-qualifying buyers for a loan, saving time and making the home-buying experience easier and more efficient. When a buyer pre-qualifies they will have the advantage of greater negotiation power.

No matter what the situation, select mortgage professionals have a program that will work for the buyer with a bankruptcy history. If a buyer cannot get approved, there are customized plans that can re-establish credit to help the buyer become mortgage ready, ensuring homeownership in the future.

Because of new options, bankruptcy no longer needs to stand in the way of getting a home loan. With the help of more creative lenders, those who have experienced financial difficulty will have an easier time getting a mortgage.

Luke Currier and Ed Jeffry are experts in mortgage lending. They specialize in working with homeowners who have had a bankruptcy or other credit challenge find payment relief, achieve financial security, restore their credit and receive peace of mind. Visit their website at http://www.Chapter13Experts.com for more information or call them direct at 925-983-3127 to ask their advice.

Article Source: http://EzineArticles.com/?expert=Ed_Jeffry

Ways to Bounce Back from Bankruptcy

2006-07-16T09:04:00.000-07:00

Credit is hard to come by if you have a bankruptcy on your record. You are guaranteed higher interest rates. You may even be targeted by unscrupulous lenders who believe that you are probably desperate and will agree to anything. Don't despair; there are ways to re-establish your good credit. Make this your main goal.

First make a budget. Look at your income and your expenses. Decide what your priorities are for spending and saving your money. You have to learn to control your money, don't let it control you.

Learn that cash is your best friend. Make a deal with yourself. You can only pay in cash. Once you run out of cash, that's it until the next pay day.

Make sure that you pay every bill on time every time! This is one of the most important factors for repairing your credit report. Bounced checks, overdrafts and bank fees can show up on your report. Pay attention to what you spend and when you spend it.

Keep an eye on your credit report. You want to make sure that everything is reported accurately. You want to make sure that there aren't any errors. You need to know what others are seeing when they look at your report. Only then do you know what to fix.

You do need to get a credit card. This card should only be used to raise your credit rating. Only charge very little. And you must pay it off every month in full. This shows that you have changed your ways and can use and pay for credit wisely. You could try deducting your credit card charges directly from your checkbook register. When the bill comes in, you've already taken the money out of your account.

A line of credit through your bank can help you to reestablish your credit. Use a savings account to secure the loans and be responsible in your spending.

Don't go out and buy a car. While you will find financing, the terms will make it crazy. Wait a little bit and you'll do much better when your credit is looking better. You need to prove you are responsible first.

Long-term relationships will pay off. A steady income and a steady job really help. Don't do a lot of credit card hopping, because it will adversely affect your credit rating. Having long-term credit shows that you can form a lasting business relationship.

If you are having trouble with a lender, just let them know the truth. Explain your situation. The lending business does have a human factor. Being able to say that you made a mistake and learned your lesson says a lot. People know that bad things happen to good people.

There are no quick fixes. If it sounds too good to be true, it is. Anyone who claims that they can fix your credit is lying. It takes hard work. You can do it, but you really have to be patient. In the long run, it's worth it.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Article Source: http://EzineArticles.com/?expert=Martin_Lukac

Repair Your Credit With a Credit Repair Kit

2006-07-16T08:50:00.000-07:00

Credit repair kit? You ask - what is it exactly?

If you could stretch your imagination a little bit, it's something that is the equivalent of a toolbox. Say your kid sister asked you to repair her dollhouse. She says to you, "can you repair my little house? The ceiling fell a few inches and now it's too low, the floor is crooked and the walls need a fresh coat of paint. Can you help me?"

So what do you do?

You go to the basement and grab your toolbox. You know there's a drill in it, some nails, glue, a rag and clean paint brushes.

A credit repair kit works on the same principle of fixing something that isn't right. It entails removing one obstacle that's making you lose thousands of dollars annually paying those steep interest rates and insurance premiums - all because your credit score is the pits.

Credit Repair Kit: getting to 700 points

To obtain a better score is a task that needs your urgent attention. Not only will it improve your financial condition, but it will also open doors to money opportunities that you can't take advantage of at the moment because your credit isn't too impressive.

One smart way of mending your credit score is to look into a credit repair kit that will provide you with all the tools you need to start the process of rebuilding. You can repair a dollhouse that will be the talk of the town, but if you continue with that down and out credit rating, the whole town will be talking about you.

What's in a credit repair kit? Remember that not all kits come with all the tools. If you're not sure which one you need, you may want to check around to see if you could get a free credit repair kit. If it does not meet your needs, you can discard it; at least you didn't pay for it.

There is one credit repair kit being sold for a reasonable $20.00. The seller claims that it's your stairway to heaven; that is, getting your score to 700 eventually so you can pay less in financing costs. The kit is organized into ten sections, and for that price you get not 1 credit free letter repair sample but 28! That's like getting the services of a credit law firm repair, minus the exorbitant legal fees.

This kit we saw online says that you follow the simple steps to an improved credit score, how to deal with a credit bureau or creditor who refuses to rectify their mistakes, and legitimate ways you can have negative information removed.

Want to do credit own repair? Try a credit repair kit today.

Guy Ray is a published author with more than 200 articles to his credit. To learn more about how a credit repair kit can help you overcome a poor credt rating visit his site at http://www.all-credit-repair-tips.com

Article Source: http://EzineArticles.com/?expert=Guy_Ray

Buying a Home with Bad Credit - Your Keys to Success

2006-07-14T19:28:00.000-07:00

Buying a home with bad credit used to be nearly impossible. Things have changed. Today, many lenders offer loan programs specifically designed for people with bad credit. Some lenders even specialize in it.

Like I said, the times have changed.

But even though it's easier to buy a home with bad credit these days, you still need a solid strategy. Here are your four steps to home buying success:

Buying a Home with Bad Credit -- Your 4-Point Plan

1. Obtain copies of your credit report.
Start the process by getting copies of your credit report from all three credit bureaus: TransUnion, Experian and Equifax. Review your credit reports closely for errors and inaccuracies. You don't want errors dragging your score any lower than it should be. If you find a mistake on your credit report, dispute it online through the credit agency's website.

2. Shop for a lender.
Buying a home with bad credit requires you to be extra cautious. Some lenders try to take advantage of people with bad credit (since they don't have as many loan options). These lenders are often referred to as predatory lenders, and the name fits.

Avoid such lenders by shopping around and trusting your instincts. Get more than one quote. Ask around. Go with trusted names. Conduct research online. Watch out for “red flags.”

Here’s some good news. Due to government regulation and industry competition, the number of trustworthy lenders who offer bad credit loans has increased dramatically.

3. Dedicate yourself to improving your credit.
Always think long term when trying to improve your credit. Taking positive actions today will help you for years to come. Pay your bills on time, especially your mortgage. Don't open any new lines of credit. Pay down your existing lines of credit. Raise your credit score enough, and you'll be able to refinance the mortgage at a lower interest rate. And that leads us to step #4.

4. Refinance as soon as possible.
Buying a home with bad credit can actually help you improve your credit. By obtaining a mortgage loan and making payments on time, you can increase your credit score to the point that you quality for a lower rate. This will in turn lower your overall monthly payment.

Better credit, lower mortgage. You can do it!

About the Author
Brandon Cornett is the editor of HomeBuyingInstitute.com, the Internet's largest library of home buying advice. To learn more about buying a home with bad credit, visit http://www.homebuyinginstitute.com

Article Source: http://EzineArticles.com/?expert=Brandon_Cornett

How to Get a Bank Account with Bad Credit History

2006-07-12T17:38:00.000-07:00

When you have bad credit, it seems that nothing is easy. Questions about how to get a credit card, how to get a bank account with bad credit history and where to get a free instant credit report are frequently asked. Many people are interested in learning how to repair their bad credit as well. It may be wise to make efforts to repair your credit before you worry about how to get a bank account with bad credit history.

It is quite possible that if you have been denied a bank account by one bank, another may allow you to open an account. All banks have different policies, so shop around first. If you really need someplace to keep your money, you can get a prepaid credit card, no matter what your credit history is like. If you want to know what information is stored on your credit report, you can get a free instant credit report.

It is wise to check the information on your credit report at least once a year. Due to a recently enacted law, a free instant credit report is now available on line. The three major credit bureaus created one website, www.annualcreditreport.com, to allow consumers easier access to their free instant credit report. Each consumer is entitled to one every year. If you are trying to learn how to get a bank account with bad credit history, then you have probably either been denied an account or denied credit. If you have been denied credit then you are entitled to a free instant credit report within 60 days of the credit denial. The lender must tell you why you were denied credit, in specific terms. If you were denied because of information on you credit report, he must furnish you with the name and address of the credit bureau that he used.

Some companies that advertise a free instant credit report have similar website addresses. Some companies offer a free instant credit report, if you sign up for their credit monitoring, credit repair information or services. The Federal Trade Commission advises consumers to spell the website address correctly or link to it from the FTC official website to avoid the impostor sites.

If you are trying to learn how to get a bank account with bad credit history and you have a record of bouncing checks, you may want to open only a savings account. Instead of writing checks to pay your bills, you can use money orders. Most banks will give you an ATM to use for cash withdrawals. You will probably not be able to get a debit card. Debit cards are generally linked to one’s checking account. If your balance is large enough, some banks offer a secured credit card. The credit limit is determined by the balance in the savings account. Some of the prepaid credit cards offer on-line bill pay and free direct deposit. This may be a good temporary solution for someone interested in how to get a bank account with bad credit history.

It may be possible to learn how to get a bank account with bad credit history. It is definitely possible to learn how to repair bad credit. Some companies that offer prepaid and secured credit cards charge a fee to report account activity to the credit bureaus. Before you pay a company to report good credit history, get a free instant credit report. If you have problems that you do not know how to correct, contact a law firm that specializes in credit repair. For more information, visit Credit Fix Solutions.

This writer and the other writers at Credit Fix Solutions have experience with problem credit and make every effort to provide free accurate information for consumers with credit issues. Visit us at http://creditfixnow.blogspot.com

Article Source: http://EzineArticles.com/?expert=Patsy_Rose

How To Get a Bad Credit Personal Loan

2006-07-12T08:04:00.000-07:00

A bad credit personal loan is still a possible - and some will say viable - option. Don't let a bad credit report prevent you from applying for emergency cash.

While a bad credit personal loan is a good reason for your lender to examine your situation with a fine-toothed comb, do not despair. If lender “A” rejects your application, you move on to lender “B”. A bad credit personal loan is not a social stigma. These types of loans change hands everyday. And people do manage to repair their bad credit, so they eventually qualify for a bad credit personal loan, warts and all.

You and I know that there are thousands, if not millions, of bad credit personal loan lenders out there. In fact, most of these people thrive on the phenomenon of bad credit. Without bad credit, they could be packing their bags and looking for more lucrative ways to make money.

You see, you may not be aware of this but a bad credit personal credit can still generate substantial revenues for the lender. Don’t ever doubt this – or else why do they stay in business? What these lenders like to see on their desks is a higher number of personal loan applications from people with bad credit.

Bankers and lenders have several strategies to turn a bad credit personal loan into a cash cow. They’ve studied the human factor, they know the dynamics of lending and banking, and they have the means to get their money back. There are mechanisms in place – supported by legislation - to ensure that they do get their money back.

A bad credit personal loan will require a lot of supporting documents. Your credit report card, for one, a list of all your assets and liabilities, proof of revenue, and whether or not this is your first bank personal loan for bad credit. It does not end there.

Your bad credit personal loan may be slapped a higher interest rate, and may be for a shorter term so that your monthly payments could be rather steep. Your lender may also opt to insert a few clauses that could constitute hardship – like an acceleration clause for one, or a balloon payment clause – if you default.

However – and this is the most encouraging part – if you have excellent negotiation skills and you have one – just one - proof that demonstrates your integrity, you could go back to your lender after a few months and ask him to “ease up” on the restrictions of your bad credit personal loan!

Guy Ray is a published internet author and has more than 100 articles to his credit. If you would like to learn more about qualifying for a bad credit personal loan be sure to visit his website at http://www.all-credit-repair-tips.com.

Article Source: http://EzineArticles.com/?expert=Guy_Ray

Credit Cards for Those Who Have Poor Credit

2006-07-11T13:12:00.000-07:00

Don’t you just hate it when these big-name credit card companies keep turning down your application for a credit card simply because of some financial mistakes or missed payments that you made in the early years of your career, which adversely affected your credit rating? If only you could speak to the account officer handling new applications and politely inform him that you have long since settled those debts and, now that you are gainfully employed, can handle the responsibilities a credit card brings, right? Well, you don’t have to go to such extremes and you don’t have to hope for a miracle because yes, you still can have a credit card. It may not be one of the major ones, but it still is a credit card.

Several credit card companies offer people who have the misfortune of having a less than stellar credit rating a chance to own their own bit of plastic money. The rise of these non-mainstream credit card companies may have been caused by the demand created by those who did not pass the stringent requirements of the big - name players. The credit cards provided by these companies still function like a regular credit card: these have pre-determined credit limits; are accepted in various retail establishments; give cardholders periodic increase in credit limits (naturally this would still depend on your performance as a card holder and your capacity to pay) and may probably even have a form of rewards program. Card holders enjoy almost the same benefits as those who hold well known credit cards. But what’s good about these non-mainstream cards is that they still report to the three major credit rating bureaus and, if you pay promptly and maintain your good standing, these cards will, in time, help improve your credit rating.

If you believe that these card companies only offer one kind of card for all possible clients, then you are mistaken because they do carry different kinds of credit cards – even for those who have been classified with poor credit ratings. There are standard cards for regular clients, and silver, gold and even platinum cards, which not only offer higher credit limits but also provide more security privileges and benefits, for customers who need more to sustain their lifestyle. If you’re concerned about international acceptance, you don’t have to worry because most of these credit cards are recognized by Mastercard.

If you feel that you really need and deserve a credit card but keep hitting a brick wall when you approach the more established and more popular credit card companies, why not consider using one of these non-mainstream credit cards – at least for the meantime. They may not have the same appeal as the big – name brands but as long as you get similar service, would the name even matter? Who knows, maybe after you’ve gotten used to carrying these cards, you may not want to give these up for one of the high profile credit cards you originally wanted.

This article is brought to you by CardRatings.net. View 100's of Credit Card Ratings by category. View poor credit card offers and more and apply online.

Article Source: http://EzineArticles.com/?expert=G_Smith

How Your Credit Rating Affects Your Mortgage

2006-07-07T06:30:00.000-07:00

Your credit rating will be one of the biggest factors that will influence your ability to get a mortgage, and how much interest, fees, and down payment you will be required to provide. In Australia, the agency that collects and reports on your credit information is Baycorp Advantage (http://www.mycreditfile.com.au). Any negative credit information, including defaults, bankruptcies, or judgments, as well as information about how many inquiries have been made against your file, is maintained by this company.

By law, Baycorp Advantage must provide Australians with a free copy of their credit history. It takes about a week to ten days for you to receive your credit file in the mail. If you need is sooner, Baycorp has an expedited service that will get it to you in 24 to 48 hours, although there is a fee for the expedited report. In New Zealand (http://www.mycreditfile.co.nz), there is a fee involved to obtain a copy of your file in any case.

Mortgage lenders tend to be a lot stricter than other lenders. You may be able to get credit cards or a car loan with spotty credit, but it is more difficult to get a mortgage without a clean credit report. It's important to note that even having too many inquiries counts against you, so be frugal in how many times you allow potential creditors to access your file.

Although there is negative information about you, positive information is not included. Paying your bills on time will keep negative reports off your credit report, but the fact that you pay on a timely basis is not expressly noted due to Australian and New Zealand privacy laws. Further, negative data can be held for only five years, except for bankruptcies, which are noted for seven years.

Your good credit report is a big part of getting a mortgage, and it's a good idea to get a copy of your report before you make any applications. This will give you a chance to correct any inaccuracies that may exist. Also, it gives you a chance to re-adjust your timing. If for example, you have a negative mark that is four years and eleven months old, you may wish to wait a month before making any applications, since once that negative mark turns five years old, it disappears.

If you do have some bad marks on your credit, it is still possible to obtain a mortgage from a sub-prime lender, or a lender that offers non-conforming loans. However, the interest rate, fees and points are likely to be higher, and you may be required to put down a larger than normal down payment. When seeking out a non-conforming loan, it is important to beware of predatory lenders. Deposit-taking institutions are regulated by the Australian Prudential Regulation Authority (http://www.apra.gov.au), but there are other lenders who do not fall under the APRA's jurisdiction. One of the main non-conforming lenders in Australia is Liberty Financial (http://www.liberty.com.au).

If you do decide to apply for a non-conforming loan, try to find one with reasonable pre-payment terms. You will want to try to improve your credit rating after you get the high interest, non-conforming loan, so that you can switch to a conforming loan later on once your credit has improved. If your non-conforming mortgage does not allow for pre-payment, then you will be stuck with high interest for years, even though your credit may improve over time.

Tracey Anderson is a mortgage broker with 16 years experience in the Australian mortgage industry. To speak to a mortgage broker and get help with finding the right home loan from a wide selection of lenders, visit http://www.mortgagemall.com.au

Article Source: http://EzineArticles.com/?expert=Tracey_Anderson

Courtney Love Avoids Bankruptcy

2006-06-25T18:20:00.000-07:00

Courtney Love says she is finally in control of her finances, read it here: COURTNEY LOVE - LOVE BOUNCES BACK FROM BRINK OF BANKRUPTCY

Of course, it does help if you own the Kurt Cobain's rights to the Nirvana catalogue.

At her lowest point, Love says she had about $4,000 (GBP2,200) in the bank and had to move into a rented apartment with her daughter FRANCES BEAN. The MISS WORLD singer, who was married to NIRVANA singer/songwriter Kurt Cobain, was able to get out debt by selling 25 per cent ownership in Nirvana's music catalogue in April (06). Love says U2 frontman BONO wanted to buy the catalogue, but she tells Fox News correspondent ROGER FRIEDMAN, "He didn't understand the extent of my debt." The two have remained friends and Love eventually sold the music collection to music veteran LARRY MESTEL. The MALIBU singer says offers have always poured in to use Nirvana's songs and Coca-Cola was desperate for one song in particular to use in a commercial. Now she claims a new feminine version of personal lubricant K-Y Jelly is begging to use one of the songs for their commercials. She adds jokingly, "They probably want COME AS YOU ARE." So far, no decision has been made on the offer.

Repairing Credit After Bankruptcy - The Best After-Bankruptcy Credit Cards

2006-06-19T20:27:00.000-07:00

Your bankruptcy is finalized, and now you’re ready to start rebuilding your credit. The best way to do this is by applying for small amounts of credit first, so you’ll want to get a credit card; however, you don’t know what credit card to choose. This article will explain the best after-bankruptcy credit cards you can get in order to rebuild your credit and stay out of debt:

Secured Credit Cards

The best way to avoid bad debt is to gain credit from your own money. A secured credit card allows you to deposit money into an account and then withdraw it just like you would with a regular credit card. The difference between an unsecured credit card and a secured credit card is that you deposit the amount of money that makes your maximum balance into an account before you begin using it. This means that, if you become unable to pay the bill, you can simply close the account and withdraw the remainder of your balance.

Gas Station/Grocery Store Credit Cards

Gas station and grocery store credit cards are not hard to get approved for; in fact, they’re probably the easiest to get of all unsecured credit cards. The best thing about applying for a grocery store or gas station card is the lowered temptation to make an unnecessary purchase. Most likely, you shop at these places every week and pay with either cash, check, or a debit card. Instead, you can pay with your store credit card, and then, at the end of the month, you can take the money you would have spent at the store and use it to pay down the balance on the card.

Credit Cards Specifically for Rebuilding Credit

Most reputable lenders offer credit cards to borrowers who need to rebuild their credit that are designed specifically for that purpose. You can expect to be charged high interest rates, and you’ll most likely have a low credit limit; however, in turn, the company will report your payments to all three credit monitoring bureaus monthly. Additionally, once you’ve established a good payment history with the company, they’ll likely lower your interest rate and raise your credit limit. Here is a list of recommended Personal Loan Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

Before applying for any credit card, do your research. Utilize the internet and compare interest rates and terms. Don’t apply for a card with high interest rates and annual fees if you can get approved for a card with a better interest rate and no annual fee. Pay your bills on time every month. If anything looks worse than a bankruptcy, it’s a bankruptcy followed by bad credit.

If you’re interested in rebuilding your credit and want a Poor Credit Personal Loan, check out ABC Loan Guide’s free listing of reputable lenders. There are also related links for more information about Subprime Mortgage Lenders.

Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

Credit Repair Book Reviews

2006-05-31T08:32:00.000-07:00

If you are thinking about buying a credit repair book, first look at when the book was published. If it was not published in late 2005 or 2006, then the information may be inaccurate. The Federal Trade Commission (FTC) provides a number of free pamphlets, brochures, and mini-books to consumers. In September of 2005, they published “Your Access to Free Credit Reports”. If you are attempting credit repair yourself, you may want to visit the FTC website and download this free brochure. As opposed to a credit repair book that you might consider buying, the FTC’s publications are “just the facts”. But, they are the facts that you will need before you begin the process of credit repair yourself.

One credit repair book, written prior to 2005, still indicates that the credit bureaus will charge a small fee to consumers who want a copy of their credit reports. Credit bureaus will charge a fee for credit reports and other information if you do not know your rights. This is why, if you are attempting credit repair yourself, without consulting a law firm, you will need to know your rights. The credit bureau is not going to advise you of them. While not an actual credit repair book, the FTC’s brochure will give you all of the information that you need if you have inaccurate information on your credit report, if you have been a victim of identity theft and why you would want to view your credit report in the first place.

There are two things that you must have if you are attempting credit repair yourself, neither of which is a credit repair book. One is time. The other is patience. You will need time to write the letters required to remove inaccurate, misleading, or unverifiable information from your credit report. You will need patience to wait for a response from the credit bureau. If you do not have time or patience, any credit repair book, no matter how interesting and fact filled, will be a waste of money. If you have the patience needed to attempt credit repair yourself, but you work nine hours per day, have a two hour commute, have to do dinner, get the kids to bed...then you may not have the time. Sometimes, even if you have the time and patience, you cannot achieve results. Many people have had to hire attorneys to get negative items removed from their credit reports. Others have turned to credit repair clinics and have been scammed out of thousands of dollars. There are as many complaints lodged against credit repair clinics as there are against credit bureaus.

A credit repair book can only take you to a certain point. The information provided in most of these books is available free from the FTC or it is opinion based. If you can find one that was written after September of 2005 by a lawyer, then you will get the most accurate information and you can be assured that all of the recommendations are legal. If you have attempted credit repair yourself and failed, for whatever reason, you may want to contact a law firm that specializes in credit repair issues. A credit repair book can not do it all for you, neither can a lawyer, you will still be involved to a certain extent, but a lawyer may be able to achieve results where you could not.

For more information about credit repair, visit the Credit Repair Blog at http://badcredit-repair.blogspot.com

Article Source: http://EzineArticles.com/?expert=Patsy_Rose

What your Credit Score Means to your New Car Finance Rate

2006-05-26T08:05:00.000-07:00

There are three kinds of people when it comes to credit scores. The first group of people can tell you exactly what their credit score is because they check it religiously. The second group of people has a vague idea of what their credit score is, but they aren’t too worried because they generally pay their bills on time and don’t exceed their credit limits. The third group of people has no idea what their credit score is other than knowing it’s probably pretty bad, and they feel it would simply be better to not know.

Eventually, people from all three groups walk into a car dealership with the intent of purchasing a new car, and one of the first things the dealer will do is pull a credit report. The dealer is looking to establish what sort of interest rate will be available to each particular person, because a credit score basically defines if a buyer is a good financial risk or a dangerous one.

A credit score is comprised of many factors, including past and present payment histories, credit balances in relation to available credit, and the amount of credit available. The reason why it is important to keep a high credit score is because it is these people who are offered the best interest rates. The 0% financing offers which are so widely publicized by dealerships are actually only available to a minority of buyers whose credit is immaculate. Everyone else gets offered a higher interest rate, and, for some with poor credit, these rates can be up into the double digits.

This is why it is so important to not only know what your credit score is, but to keep close tabs on your financial health. A couple of missed payments can damage your credit score considerably and may wind up adding hundreds of dollars in finance charges to a high interest car loan. Having a high credit score will pay off when financing a new car.

To see a list of recommended lenders for a car finance loan, or to get a free on line credit report, visit ABC Loan Guide.

Article Source: http://EzineArticles.com/?expert=Carrie_Reeder

Credit Card Industry Trends and Tricks

2006-05-23T08:04:00.000-07:00

Check 7 Credit Card Trends That Can Cost You for a refresher course on the ins and outs of credit use and abuse.

The tips include some well know traps that, for some reason or another, are either ignored, forgotten, or never understood by card users

Average interest change with the market and so will your card payments
Low rate credit card offers are everywhere, but they have more traps than you can shake a stick at
Great deals come and go, you have to know what's good and what isn't
Fees continue to mount
Industry consolidation or credit card debt might pose a problem for users in the future
Micro-payments (using the card at McDonald's or the convenience store) are the new rage for card companies
Security will always be an issue with credit cards

Save Money and Reduce Debts By Following These 8 Easy Steps

2006-05-22T08:39:00.000-07:00

Saving money doesn't have to be hard. Here are 8 simple tips to help you get started saving money while at the same time reducing debts:

Invest your tax refund into a bank certificate of deposit so you won't be apt to spend it later.
If you get a profit-sharing bonus or a rather large sales commission from your job, use a third of it to pay down your largest credit card or personal debt, use a third to put into savings, and have fun with the rest. Having a little fun with extra money you've earned will help keep you motivated to keep doing the same in the future, and you'll have accomplised debt reduction and savings build-up at the same time.
Pull out your home loans papers as soon as possible. Even though interest rates have been rising lately, it might be time now to convert your old adjustable rate mortgage into a fixed-rate loan now, especially if you're planning on staying put in your home for several more years.
Know where your money is going: Track "splurge" spending. Debit card statements or online bank statements can track "why-did-I-buy-that" purchases, and by totaling up your small purchases by month, you'll see where you can start cutting spending and increasing savings.
It saves money to pay off high-interest credit cards. Pay off the costliest ones first. Only transfer your credit card balance to a zero-percent card when you've cut up the first card and you've quit adding purchases to the new card (lock it up in a cabinet, make sure it's out of your wallet). Beware of paying off debt with home equity, as you'll generally just be reducing your home equity savings and spreading out credit card debt for years.
Make an appointment with your payroll department to learn all your options about automatic savings direct from your paycheck. Having 2-5% of your paycheck put directly into a 401(k) account at work or into your own personal IRA means you have fewer easy options to blow the money.
Make sure your home is adequately insured in the event of emergencies, but don't go overboard and over-insure your life. Shop insurance quotes with several firms. Determine how much you might save with the highest deductibles you can afford. Ask about new discounts introduced since you bought your insurance policy from your current agent.
Automate payment of regular bills to avoid late fees. Paying your bills late is the number one way to destroy your credit score. Some companies are easy to work with when you ask them to adjust due dates of your bills to better coordinate with your paydays. Pay credit card bills online, as you can pay the bill the exact day it's due and earn interest on your own money for as long as possible without having to send off a check 10 days early via "snail mail."

Follow these 8 simple steps and you'll be well on your way to larger savings account, lower debt, and an improving credit score!

Steve Johnson publishes http://www.FindHow2.com -- a free collections of "how-to" articles on credit, debt and personal finances. He can be contacted at fixyourcreditreport@gmail.

Article Source: http://EzineArticles.com/?expert=Steve_Johnson

The Truth About Credit After Bankruptcy

2006-05-19T19:17:00.000-07:00

This article raises the question "Is there life after debt?"

Forget the answer for a minute, and answer me this: How sad it that people have to ask the question?

There are few things that can make you feel as desperate as being hopelessly in debt, but there are solutions to debt trouble and you can have a life after debt, and certainly after fiilng bankruptcy.

People don't realize that the credit industry makes money by lending money. If they don't lend money, they don't make money. It's just that simple. Most people that file bankrutpcy are shocked to find the credit card offers flooding their mailboxes after their discharges arrive. This is a part of bankrutpcy that the credit industry wants to hide.

They have to hide it. Why? If everyone knew about the credit card offers that following filing bankruptcy, it would make filing bankruptcy that much easier!

Think I'm kidding? Why did they change the new bankruptcy law to increase the time between bankruptcy filings? Did you read that correctly? BETWEEN FILINGS!

That's right, the time between filings has increased to eight years (for chapter 7) because the credit card industry wants you to give you credit after you file and then have extra time to chase you around before the next time you file!

Technorati Tags: bankruptcy, credit cards

Bankruptcy Ruins Your Credit - Yeah, Right.

2006-05-16T19:15:00.000-07:00

"Bankruptcy ruins your credit." I've heard this a thousand times and its just silly.

Does anybody think before they say this?

Show me 1 person who files bankruptcy with "good credit" and I'll show 99 others who file with credit reports you wouldn't use to house train your puppy.

The truth of the matter is bankruptcy usually helps clear up the credit of most people by

reorganizing their debt into something more manageable, or
wiping out their debt and completely transforming their debt to income ratio

Bankruptcy is not a perfect solution by any means and nobody is ever proud to file. But the next time you hear somebody say "Bankruptcy ruins your credit." challenge them on it.

Technorati Tags: bankruptcy, debt to income ratio, credit report

Financial Education Begins With Bankruptcy

2006-05-15T20:48:00.000-07:00

This article: After filing bankruptcy, a decision to get educated - The Boston Globe details the opinion of Amy McVety, 33, who thinks filing bankruptcy was the beginning of her financial education.

McVety filed bankruptcy weeks before the bankruptcy law changed. After dumping 35,000 in credit card debt, she realized she still did not have basic money management skills.

The new bankruptcy law has built in provisions to try to educate debtors through court ordered financial classes, their effectiveness remains to be seen.

McVety applied for the Boston Globe Money Makeover and received further post-bankruptcy financial counseling from experts and as the article says:

Though she's still grappling with the basics, McVety says the makeover
is helping her to feel like she's back in control of her life. The
focus, she said, is no longer on the bankruptcy, but rather on what she
can accomplish now that she has a clean slate.

Auto Refinance After Bankruptcy

2006-05-14T07:19:00.000-07:00

Refinancing your auto loan after bankruptcy is almost the same as applying for an entirely new auto loan. The most common reason for obtaining an auto refinance loan after bankruptcy is to lower your interest rate and to save money over the length of your auto loan. Auto refinancing makes it possible to lower your payments and save money. Interest rates are at all time lows and there has never been a better time to refinance your auto loan. Banks and auto loan lenders will consider an auto refinance loan after bankruptcy because the risks involved refinancing your existing auto loan are extremely low.

When you apply for an auto refinance loan through through websites such as Auto Loan Financing (http://www.auto-loan-financing.info) your application will instantly be forwarded to multiple lenders who are competing for your business even if you have a past bankruptcy. When you apply online you will be sent to lenders who are experts in auto refinancing.

Refinancing your auto loan, even after bankruptcy can lower your monthly car payments or allow you to pay off your vehicle faster. If you have declared bankruptcy and thought refinancing your auto loan was impossible, you will be pleased to learn that their are lenders who are anxious to help you find the best refinancing package available for your financial situation . A bankruptcy does not have to mean you are stuck with a high interest rate and less than desirable auto loan terms.

If you have been through bankruptcy and are wondering if it is possible to refinance your auto loan, visit Auto Loan Financing and complete a short online auto loan application today and save over the entire length of your auto loan. The difference could mean hundreds of dollars in your bank account over the term of the loan. Refinancing your auto loan after bankruptcy is not impossible. Get free quotes today from multiple lenders with one simple online application. You have nothing to lose and you will find that auto financing specialists prepared to offer you better terms than you thought possible.

About the Author

About The Author: Steve Wilson is a regular contributor to Auto-Loans-Financing.info, a leading online provider of auto loans for all types of credit.

Is Required Bankruptcy Credit Counseling Doing Any Good?

2006-05-12T09:14:00.000-07:00

Under the new bankruptcy law effective October 17, 2005, debtors are required to undergo bankruptcy credit counseling before they file bankruptcy.

Originally, credit counseling and financial counseling seemed like a great idea for people about to file bankruptcy. Congress made credit counseling and post-filing financial counseling a requirement as part of the new law.

Consumers who have filed bankruptcy are finding out that the credit counseling requirement can be fulfilled in person, over the phone and in some circumstances, on the internet. But what are consumers learning? Anything?

Most of the pre-filing credit counseling requirements are fulfilled by a telephone consultation that lasts about an hour. The credit counselors do not try to talk anybody out of filing bankruptcy, and after the consult is complete, the counselor faxes or mails proof of the counseling session to the debtor's attorney.

After the case is filed, debtors have to have a follow up session with the credit counselor, again, usually by phone. The follow up session usually last the same amount of time as the pre-filing requirement session.

All of this counseling adds $100.00 to the cost of filing bankruptcy right off the bat. The first counseling session costs $50.00 and the second counseling session costs $50.00 again. And most debtors feel they have nothing to show for it and the knowledge gained was little more than they had before. The truth of the matter is that most people file bankruptcy because of hardships like medical bills or divorce, not because of complete financial mismangement.

Does the current credit counseling requirement of the new bankruptcy law help or is it just a waste of time and a way for creditors to make $100.00 everytime someone files bankruptcy. Let's hear your thoughts.

Differing Opinions About Required Credit Counseling

2006-05-11T18:57:00.000-07:00

The new bankruptcy law requires credit counseling for all debtors filing bankruptcy. The new credit counseling requirements are designed to help consumer debtors rebound after filing bankruptcy. The logic is easy to follow: Educate the bankruptcy debtor with solid financial skills for a successful financial life after bankruptcy.

That may not be the case as reported here: Times Leader | 05/08/2006 | Opinion divided on tightening bankruptcy law

The article says

The bankruptcy law, which took effect last October, makes it harder for consumers to wipe out their debts by filing under Chapter 7 of the U.S. Bankruptcy Code. Instead, most people will be steered toward Chapter 13 and a repayment program with their creditors.
Before they file for bankruptcy, debtors must undergo a two-part credit-counseling and financial education program.
The first is the pre-filing session during which the credit counselor goes over the client’s income, assets, liabilities and expenditures.
Credit counselors also will go over the qualifications for bankruptcy filing and the difference between Chapter 7 and Chapter 13.
They also explain the advantages and disadvantages and alternatives to bankruptcy.
Ultimately, it’s the client’s decision whether to file for bankruptcy.
The second session, called the pre-discharge session, takes place after the debtor has filed for bankruptcy.
During that session, which must be completed before debt is discharged, the debtor will learn money-management skills.
“Fear and lack of knowledge led them to think bankruptcy was the only option. Sometimes it shouldn’t be the first option. It should be something you should consider as a last source,” Banks said.
That didn’t occur last year for many debtors, as they rushed to the courthouse to file for bankruptcy before the new law took effect.
Consumers filed for bankruptcy in record numbers last year, resulting in one personal bankruptcy for every 60 households, according to the American Bankruptcy Institute.
“The latest report underscores the level of financial stress for U.S. families,” said Samuel J. Gerdano, executive director of the institute.
“It also reflects the fear, if not panic, surrounding the effect of the new bankruptcy law.”
Many consumers believe bankruptcy is no longer available because of the new law, said Bradford Botes, executive director of the National Association of Consumer Bankruptcy Attorneys.
“The law is not working,” he said.
“It is making things worse. It’s much more expensive. Court-filing fees have gone up from about $200 to $300 to file for bankruptcy right now.”
Though he sees the value of credit counseling and financial education, Botes said those aren’t the remedies for every debtor.
“Not everybody who files bankruptcy is there because of poor financial planning,” he said.
“People file for bankruptcy because of significant medical events, huge medical bills, time away from work, or the husband or wife loses a job that causes a significant loss of income.
“To tell those people that they need to go through a class to learn how to use their money properly is mean-spirited and wrong and a waste of time and money,” Botes said.
But clearly, there are people whose spending habits got them into trouble.
The survey by the National Foundation for Credit Counseling found that the biggest reason consumers find themselves facing bankruptcy is poor money management.
“People haven’t learned to manage money yet,” Banks said.
“There’s still a huge, huge core of consumers who don’t want to stop spending. We still live in the land of $1,000 millionaires — you’re making thousands but spending millions.”

Second Mortgage Loans After Bankruptcy

2006-05-11T13:14:00.000-07:00

The purpose of bankruptcy is to give the debtor a new start in his life by repaying creditors in a systematic way. Thus, bankruptcy does not prevent anybody from taking a loan. Today, the lending rules are becoming much more relaxed, and you should not worry that you have lost your dream to buy a home or acquire a property even after you have gone bankrupt.

A second mortgage after bankruptcy requires at least two years waiting on part of the borrower. He should also pay all the bills on time during this period and save for the down payment amount, if possible. One fact that you have to keep in mind is that you may not qualify for the best interest rates, but your determined efforts to re-establish your credit could convince the creditor. A large down payment might impress the lender, and he may offer a lower interest rate. PMI is the other factor that would be involved, due to the poor credit history. Avoid mortgages with two to three years of prepayment penalties. Remember, the rates on mortgage after insolvency may be up to 12 times higher than that of the regular mortgage.

If you plan to get a mortgage within two years of bankruptcy discharge, you have to provide evidence for the flawless on-time payments you have made since your bankruptcy. But after the two-year waiting period, it is easy to get a mortgage with a small down payment, and you may even qualify for a 100% mortgage.

Second Mortgage Loans provides detailed information on Second Mortgage Loans, Second Mortgage Loans After Bankruptcy, Second Home Equity Mortgage Loans, Second Mortgage Loan Rates and more. Second Mortgage Loans is affliated with Florida Mortgage Loan Calculators.

Welcome to Life After Bankruptcy

2006-05-11T13:07:00.000-07:00

Life After Bankruptcy is here to help you move on after bankruptcy. In the coming months, Life After Bankruptcy will help you make important life decisions about future credit and credit repair.