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How To Interact With Credit Bureaus

Feb 13

Posted by admin in Credit

While it is possible living without a good credit score, it will certainly make your life much harder. All of us need it in order to buy or rent a home, car, have a credit card etc.

Credit bureaus hold the keys of our credit score. There are only a few credit bureaus in the US and through them all our reports are processed. They handle all the information that any of your creditors submits to them and by using this information your credit report is created.

In case that your credit history is not so good, you will have to start with a credit repair. To do this you are going to have to study how to interact and deal with credit bureaus.

1. First thing that you need to do is to find out exactly which credit bureau contains your file. It is very simple, just take a look at one of the rejection letters that you have received when you applied for credit. In the letter besides other information will be stated which bureau provided has provided your credit report.

2. For the next step you are going to need to get your credit report. It is free to obtain it once per year or every time your credit application has been denied. Be aware that sometimes credit companies can imply that you should always pay for a credit report, but in fact you have to pay for it only in case that you want it right away.

Credit bureaus are basically information collectors and sellers. Because of that you should never provide them with any information that you are not legally obliged to do. And by the law the only info you need to provide is: name, legal address and your social security number.

In some cases bureaus will request of you to provide a social security card copy and a copy of a document that proves your current address, this will happen only in case that your address is different from the one they have on your file.

Sometimes they can also ask you for a copy of your drivers license as proof of your address, just send them a copy of some bill with your address on it. Credit bureaus are the owners of numerous collection agencies, and in case that you have credit problems you should provide them with the smallest amount of info you legally can. Otherwise they can use it to harass you with it.

3. When you get it, check it out carefully for any mistakes. If there are some mistakes in your report, send a letter to the credt bureau in which you request that those mistakes be removed from your report.

Credit bureaus are obligated by law to prove that any item on your report is correct, if they can not do that within 30 days limit, then they must remove it. This is, in most cases, the thing that many credit repair companies will do for you and they are going to charge you dearly for it.

Many times negative items are several years old and hard to verify so they have to be removed from your credit report. You should know that you can save a lot of money if you decide to go through this process alone.

You will need a lot of patience, time and willingness to learn but it can be done. Besides you are going to learn a lot about finances in the process and it can be of great help to you in the future.

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Take Charge of Your Investment

Feb 13

Posted by admin in Investing

Never before has trading been so interesting until this time. The reason for that is the internet. The internet enables us, ordinary people, to take part in this activity that some time ago was only done by professionals. Before, we have to hire someone to do the trading for us?now, we can do that for ourselves. The internet made that possible. And the fees are lower than before. Because of competition, we don’t have to have a lot of money to get started. We can open a brokerage account online just like opening a checking account. What’s more, most online brokerage companies do not set an account minimum, inactivity fee, and other tabs most conventional brokerage companies charge. By conventional I meant the bricks and mortar brokerage firms.

Having worked in a conventional brokerage company gave me the insights of how the brokerage works. I’m going to tell you in a nutshell:

If you are working with a broker, who may also be called a financial adviser, planner, or rep (short for representative), that broker is licensed to do transactions with you but she does not manage your money. She passes your money to money managers.

Some financial reps work for a particular money manager, some are independent. If your financial rep is independent, then she is the kind of rep money managers compete for. Now, the financial rep has to choose among the money managers, supposedly for who will have the highest yield for your money depending on what you want for it ? whether it’s income, capital preservation, growth, etc. Here, there’s a gray area because of this thing I call the YTB factor ? the yield to broker. Because of the financial reps? freedom to choose among the money managers, she can choose whether to wok for you or for herself. Money managers don’t pay the same commissions. Your financial rep may pass the business to the one who pays the highest commission. Your money may not be working hard for you but working hard for your rep.

Brokerage firms don’t care for small money. They care for big accounts. Why? Because only in big accounts do they reap profits. High performing managers have high account minimum and they pay high commissions. Small accounts have no place in the deluxe sophistication of conventional investing.

But even if they are the big guys of investing, these money managers cannot guarantee the return of your investment. In every paperwork you sign, in any advertisement you see, you will notice that there’s always the clause your investments are not FDIC (Federal Deposit Insurance Corporation) insured or guaranteed. Gain or lose, the money manager is off the hook.

No money manager has had a phenomenal performance even how good they are. It’s the economy that calls the shot. If the times call for a recession, then there will be a slump in the market no matter what. Because money managers are big, their actions are easily detected by today’s market indicators. We, individual investors, can dodge the bullet because we are small.

There are many resources now that we can access to be educated in the matter of investing. The internet is giving us the option to take charge of our finances. With the information and tools that abound us, we can now actively trade and not pay someone to do it for us. Be it stocks, futures, or forex, if we would teach ourselves, we can be trading on our own in no time. This is an opportunity that technology is handing us and there is no excuse to be left out.

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Go for the ‘Reversible Decision’ – A Great Way to Leave Financial Regret Behind!

Feb 12

Posted by admin in Personal Finance, Real Estate

If you’re just fresh out of school, you may or may not have had the ?privilege? yet of regretting some of your financial decisions. But the time is coming for everyone?it just seems to go with the territory of growing up and living on your own. One of my goals as the president of Education for Reality? is to help you Sidestep the School of Hard Knocks?. What that means is that I want to do whatever I can to help you avoid that horrible feeling of regret over past decisions?it can bring you down in so many ways and, in really bad cases, even make you ill. I’ve said it in the past (in our Dose of Reality? e-newsletter) and I’ll say it again?you only get to spend each dollar one time?once you’ve spent it, it’s never coming back to your wallet for you to spend again.

But I’ve developed a strategy to help get around that just a bit?I call it ‘the reversible decision.? Basically what it entails is choosing the option that’s comes with the least commitment (the easiest one to ?get out of? or reverse if it doesn’t work out, or if your situation is only temporary to begin with).

If you’re not certain that you’re going to be staying in the same town for at least a few years, don’t even think of buying a condo or house’rent. The stress and potential for losing money when you end up having to sell a condo or house within just a couple years of buying it can completely derail your money goals.

When choosing a place to rent (or a place to buy, if you know you’ll be staying put for quite a while), rent or buy the smallest (and least expensive)place that will make you happy…you can always move up later, if you want, but it’s nearly impossible to move back down if your finances can’t handle the rent (or mortgage) payment on the larger place.

If you don’t own any furniture when you get your first apartment, and you think you might move to a new town relatively soon, you might even want to rent furniture?it will let you see if you like the style and pieces you chose, then, if your company ends up moving you to a new town (or you choose on your own to move to a new place), you don’t have to move the furniture…you can wait ’til you get settled in a more permanent situation before committing a load of money on furniture you’ll be living with for many, many years. And, because you’ll be buying the furniture after you move, you know it will fit in the space you’ve got (just imagine spending a bundle on a big, new bedroom set only to find that there’s no way it’ll fit in your new apartment…now what?).

The same can hold true for a car?if you need one now, but are hoping to move to ‘the big city? within a year or two and won’t need one anymore, lease a car rather than buy one that you’ll end up having to sell when you move downtown and start riding the subway. And just like with the condo or house, lease the smallest and least expensive vehicle that will do the job for you’move up later once your career and finances are more stable.

This strategy can work with real estate, too. When my family moved from the south side of Denver to the north side, our finances were such that we could hold on to our south-side house and rent it out when we bought the new house on the north side. If things didn’t work out in the north, we could move back into our beloved home in the south and rent the one in the north. Do you see how the reversible decision works? If we sold our home on the south side and things didn’t work out as we hoped on the north side, then what? There’s nowhere to go back to (and homes had appreciated in the south, so we couldn’t simply move back to the same size and type of house and keep that same, small mortgage we used to have).

This ‘reversible decision? strategy can be used in loads of situations, so when you’re faced with a large financial decision, see if you can figure out a reversible option for yourself…and maybe avoid a ton of regret (and lost dollars) later.

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The Chase Travel Plus Platinum Visa Compared

Feb 12

Posted by admin in Credit

Chase has recently added the Chase Travel Plus Platinum Visa to its large offering of rewards credit cards. This low APR, low annual fee travel rewards credit card offers consumers the ability to choose their travel rewards without blackout dates. The question is: how does it compare to other travel credit cards?

Travel Plus Platinum Visa Benefits: Like most travel rewards credit cards, the Travel Plus allows consumers to earn 1 mile for every dollar in purchases. Points can be redeemed for a variety of travel rewards including airline tickets, hotel stays, cruises, and car rentals. Additionally, you can travel domestically or internationally with no blackout dates and choose from over 250 airlines without restrictions. The Travel Plus rewards program is similar to the Flexible Rewards program offered by Chase in that it gives consumers flexibility in using their rewards.

Travel Plus Rate Information: Unlike many travel rewards credit cards that charge exorbitant annual fees, the Travel Plus charges a reasonable $29 a year. However, this small annual fee is easily offset by the value of the 0% introductory APR on purchases and balance transfers that is in effect for up to 1 year. After that, the variable interest rate is as low as Prime plus 5.99%.

Comparable Credit Cards: The Travel Plus Platinum Visa is unique in that it offers flexibility with regard to how your travel rewards can be used. However, consumers that are willing to sacrifice flexibility may find general airline rewards credit cards to be of better value. For example, The Miles Card from Discover ? Card offers consumers 5,000 bonus miles after their first purchase and charges no annual fee. However, rewards are limited strictly to airline travel. Similarly, the Citi PremierPass (SM) Card offers consumers similar benefits. With this card, you can get up to 15,000 bonus miles after your first purchase. However, an annual fee of $75 is charged. This fee can be avoided by choosing to only receive 5,000 bonus miles and a downsized reward program.

Lastly, Chase offers a number of credit cards that offer Flexible Rewards, including the Chase Platinum card and the Chase Flexible Rewards card. With these no annual fee credit cards, consumers can choose from not only a variety of travel rewards, but also, cashback, giftcards, and merchandise. For those looking to avoid the $29 annual fee, but still seeking flexibility with their credit card rewards, these Chase credit cards may provide the best overall value.

Final Words: The Chase Travel Plus Platinum Visa is among the better travel rewards cards currently on the market, and for individuals looking to earn general travel rewards, it may be the best currently available. However, there are a number of other travel and general rewards credit cards from Chase as well as other issuers that may be worth taking a look at. And, as I always say, read the fine print before making your decision.

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Abundant Living – Financial Freedom

Feb 11

Posted by admin in Personal Finance

Abundant Living – Opening Remarks
This is a teaching you’ll want to take heed to.

There are way to many people living in beneath what God intended for them. Is that to say that everybody will be rich and living in a mansion? No it’s not. “A person living in abundance has peace in their heart, finances to take care of their basic needs and financial ability and willingness to give to the Lord’s work and others.”

I wanted to take this time to get you ready for the upcoming series on “Abundant Living.” The key note scripture I’ll be using is John 10:10 where it talks about the role of Satan and the role of Jesus regarding our lives. If Satan has a purpose for our lives we have to certainly understand that God has a plan for our lives that’s totally contrary. If Satan wants our lives ultimately destroyed, God must want us to have lives that are full of His abundance.

The place we must come to is not faltering between two opinions as it’s spoken of in I Kings 18:20. We have to settle in our hearts that God wants us to live in abundance or settle for whatever Satan brings our direction. When Jesus spoke the words in John 10:10 about the thief coming to steal, kill and destroy, He meant what He said. The fact is that many of us have experienced the efforts of the thief in our lives. Isn’t it about time we begin expecting the words that Jesus spoke about us to be just as real. He said, “I come that they may have life and have it more abundantly.” Either He was kidding or He meant it. The truth is it’s not for us to decide. After all, He is the way the truth and the life.

My prayer is that you’re ready – not getting ready – to receive what the Lord has for you. Begin to think of the way you’ll be serving the Lord because you have your needs met and you have more to give to extending His kingdom.

This teaching will be taking place on Sunday nights @ CentrePoint. I’ll be posting it here on this blog and on occasion I’ll be recording some highlights on my podcast. Keep checking back to hear the testimonies of people who are receiving the word and starting to live the abundant life.

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Deciding if an Instant Approval Credit Card is Right for You

Feb 11

Posted by admin in Credit

Many people are attracted to an instant approval credit card because they want instant gratification. Basically, advancements in technology have caused our society to become used to getting things quickly. Credit cards are no exception. While there are many reasons why you might want to get an instant approval credit card, there are many things you need to take into consideration in order to decide if an instant approval credit card is what you are looking for.

Do you need the credit card right away, or can you wait?

If you need a line of credit right away, an instant approval credit card may be just the thing you are looking for. For example, if you had a great business opportunity or vacation package suddenly appear and you need the funds right away, then you might want to apply for an instant approval credit card. Or, if you have unexpected medical expenses or other emergency-related expenses, then you might want to get a credit card right away to help you take care of those expensive. Or, perhaps you lost your job and need to pay your bills. In this case, an instant approval credit card might be what you need in order to stay on top of your living expenses as you get through rough times. If you don’t have a pressing situation to contend with, however, you don’t necessarily need to apply for an instant approval credit card.

You are probably now wondering what could be the harm in applying for an instant approval credit card if you don’t absolutely need a credit card right away. In some cases, there may not be any harm in this. On the other hand, many instant approval credit cards have a higher interest rate than traditional credit cards. Or, they assess processing fees, annual fees, or other membership fees for the convenience of instant approval. If you do not need to have the card right away, it is simply not in your best financial interest to apply for an instant approval credit card online.

Are there benefits to this instant approval credit card that you can use?

If there are special benefits to the instant approval credit card, then it might be a good idea to go ahead and apply for the card. For instance, if the card offers a great introductory APR or if it has a rewards program that suits your lifestyle, then the instant approval credit card might be a good idea. Just be sure to look at what the card has to offer beyond being an instant approval credit card. Don’t let that be the deciding factor that makes you choose the card. Instead, look at the fact that it offers instant approval as a bonus for a credit card you would want to have in your wallet anyway.

As with any credit card, make sure the benefits associated with the instant approval credit card are ones that you will actually use. If, for example, the card provides discounts to restaurants that are not even near to your home, you are not likely to be able to take full advantage of what the card has to offer. Take the time to research available instant approval credit cards online to learn as much as you can about them and to compare them side by side in order to decide the one that is best for you.

Have you applied for any other cards recently?

Applying for an instant approval credit card should not be taken lightly. It is just the same as applying for a traditional credit card, and applying for too many credit cards within a short period of time will reflect negatively on your credit report. Therefore, take the time to research different cards to find the one that you think best suits you and has the best chance of being approved. That way, you don’t have a large number of inquiries into your credit history bringing down your overall credit rating.

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Auto Loans And Finance For All!

Feb 10

Posted by admin in Finance, Loans

We don’t just tell you it works, we work it out!? ?We don’t sell cars, we build relationships?- Heard that before? It’s probably from one of the many car loans and finance companies that dot the globe. Buying a car is fun but financing it is something totally different. Today car loan companies take care of the ?what-if? and the ?but how?? and find solutions for people who wish to buy both new and used cars. These solutions are offered irrespective of your credit history. Whether you are a first time buyer or an experienced customer, they can make your car purchase a memorable experience. With innumerable websites offering the world, it could be confusing trying to make the right choice. There are lots of high-risk lenders who are willing to help customers get that elusive loan. So, be sure you make a well-informed choice.

Companies such as ACF Car Finance specialize in bad credit auto loans and special finance options for automotive consumers who do not have a perfect credit history. If you have had credit problems in the past, you can get the financing you need for the vehicle of your choice, no matter what the budget is. Nationwide networks of car dealers offer bad credit car loan programs designed especially for bad credit customers. They help you pre qualify for bad credit auto loans and special finance regardless of credit problems or automotive financing loan payment history.

Some online car loan approval companies simply get your credit information and fax it to a dealer, but the good ones will build a customer profile and work directly with the lender and dealership to get you approved. To get started you need to fill out a simple application form. The process is completely secure and takes a few minutes.

Auto financing companies offer to get a same day automotive financing loan approval and simultaneously re-establish credit. In most cases, if you have credit problems and go directly to the dealership, it is very likely that you will be sent back, empty-handed. First of all, as soon as they learn that your credit is less than perfect, the way you are treated will change from friendly and courteous to not so friendly and sometimes even rude. Further, they may show you a limited number of vehicles, far from the pre-qualified or pre-approved before you walk into a dealership. This will make sure that you are treated with the respect you deserve.

Dealers also appreciate working with reliable auto loan firms because it means almost all the initial work is done. Ensure that you work with professional franchised auto dealerships that pride themselves on offering the customer, exceptional service. You will be way ahead of those who just walk into a dealership with no prior knowledge of the world of special finance.

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