George Parr – Credit Crunch

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Question by mbetty27: “how long after paid collection will it appear on you credit score”?

Best answer:

Answer by SCH
If you did not negotiate the removal of the item when you paid it, it will stay on your report for 7 years. You can however negotiate the removal of items at the time you pay them off.

Please check out my source…it has great info on negotiations with creditors.

What do you think? Answer below!

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Article by Carrie Reeder

Refinancing a home loan with poor credit is a great and effective way to resolve some of your credit problems. Individuals with poor credit are likely unable to pay creditors on time or have many past due credit accounts. To fix credit problems, most people simply need extra cash to payoff debts. With this said, homeowners hoping to improve their credit should consider refinancing their mortgage.

When Is Refinancing a Good Idea?

Although there are numerous benefits to refinancing, each situation is different. To gain the most from a refinancing, the circumstances must be right. For example, if you have a high interest rate, refinancing is ideal for obtaining a lower rate. Secondly, homeowners with an adjustable rate mortgage may decide that now is the time to lock in at a fixed rate. Whatever the reason for refinancing, make sure it’s worth the closing fees.

Refinancing creates a new home loan. Thus, the procedures are comparable to attaining the original mortgage. If the purpose of refinancing is to payoff debts, opt for a cash-out refinance. This will add to the total amount owed on the mortgage. Before accepting this option, make sure your income can accommodate a higher mortgage payment.

Getting Approved with a Low Credit Score

If you have bad credit, getting approved for certain types of loans or lines or credit is difficult. However, because homes and automobiles are deemed secured loans, these are easier to acquire with poor credit. Hence, refinancing a home with a negative credit rating is realistic.

Needless to say, there is a disadvantage to accepting a loan with bad credit; and it has a lot to do with interest rates. Those who gross a sizeable income are likely unconcerned about interest rates. On the other hand, if you earn a modest income, getting the lowest rate is perhaps a major concern.

Lower rates amount to affordable monthly payments. To get the lowest rate possible with bad credit, homeowners should attempt to boost their credit score a few points. This requires little effort. Simply submit timely payments to creditors and attempt to reduce debts.

Sub Prime Refi Lenders

Another tactic for getting a low-rate refi with bad credit is using a mortgage lender that offers bad credit or sub prime loans. Your current mortgage lenders may offer these types of loans. If not, contact a mortgage broker and complete a quote request. Brokers are perfect for locating a suitable bad credit lender to handle your mortgage refi.

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Going to credit counseling doesnt hurt your FICO® score — as long as the agency pays your bills on time! Find out more in this video, where Darcy Sullivan and Craig Watts answer one of your questions about FICO® scores.

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Question by : Can i buy a “Credit Card” and put a specific amount off money in it?
I want to buy a product from ebay and i need a card to do that. So if there is a card that i can get and insert 100$ for example in it. Please tell me where can i get it from and what i need to do…thnx.

Best answer:

Answer by Alan W
Yes you can buy pre paid credit cards, just do a search online.

Add your own answer in the comments!

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Question by Happy day: During Escrow, the inspector revealed possible asbestos fiber in attic, can I ask seller(bank) to fix it?
I’m in the process of purchasing a house. Last week, my house inspector found that there is a broken transite pipe in the attic. He suspected that there might be asbestos filber explosure.

I contacted some asbestos specialists and they took some air samples yesterday. As per discussed with them, should there be any asbestos explosures in the house, the costs of asbestos removal and clean-up will likely be up to $ 1500.

Nevertheless, the tricky part is, in the seller addendum, the bank states that the house is a bank-owned property and it will be sold “AS IS”. Which means the bank will neither decrease the selling price nor give buyer credit for repairs of any kind.

My quesstion here is:
The asbestos is not a “Repair” issue, it’s more of a “Health Hazard” issue. Will the seller(bank) be responsible for $ 1500 Asbestos removal expenses?
Or, do I , as a buyer, have to suck it up and pay that expense?

Best answer:

Answer by Janet P
It is a repair, the bank will not pay for it.

Add your own answer in the comments!

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The main purpose of credit scoring is to determine the reliability and credit worthiness of the borrower.

Most creditors rely on credit scores to a large extent to determine borrower credibility. But these credit report scores are frequently criticized as not being an accurate judge of consumer credit behavior.

But does credit scoring really work? This is the question that has risen time and again ever since Fair Isaac Inc. launched the FICO scores in 1989. Their use became widespread when the two mortgage underwriters Freddie Mac and Fannie Mae recommended them as a nifty tool in mortgage lending and underwriting.

The precision and reliability of credit scores has been challenged mainly because of the mystery surrounding them. A study conducted by the National Credit Reporting Association drew attention to the fact that there was no outside industry appraisal of the credit scoring method.

Another interesting finding of the study was that the manner in which the variables and information in the credit bureau reports get translated into credit report scores is a well-kept secret.

And this is not only as far as the borrowers are concerned. Mortgagers, creditors, lenders and other industry regulators are also kept in the dark to an extent. This is surprising considering the amount of significance placed on credit report scores to determine the provision and pricing of credit cards, auto loans, mortgages, insurance etc. Besides, there is a remarkable lack of reviews by scholars and government regulators to ascertain whether the scoring system is just and satisfactory.

However, Fair Isaac Inc. is convinced that its credit scoring system is of immense help to creditors in deciding whether to provide credit and the rate of interest to be charged.

It’s also of help to consumers who are shopping for credit. Moreover, Fair Isaac claims that its model has been tried and tested time and again by numerous lenders and was found to be highly successful.

Furthermore, through statistical analysis FICO has proved that the odds of default are less with those possessing higher credit report scores.  Through its graphs it has displayed that the category with credit scores of 475 or below exhibits the largest percentage of delinquency. With each increase of about 25 points along the credit score scale, the delinquency percentage drops by a proportionate rate.

While FICO scores take into consideration factors like payment history, total debt owed, utilization, kind of debt, etc., it does not consider aspects like age, salary income, occupation, child support obligations etc. These may well be important factors that influence consumer credit behavior.

Majority of creditors all across the country depend on FICO credit report scores to check past credit behavior and judge the likelihood of default.

However, there are a few who refrain from using the FICO credit scoring model. One such creditor was Golden West Financials Herb Sandler, one of the leading mortgage lenders in America. He claimed that the credit history was not conclusive enough since it was collected at a time when the economy was relatively consumer friendly. However, other creditors said that Golden West was faced with a situation different from theirs as it catered to short-run mortgages and dealt with clients personally.

Fair Isaac clearly states that its credit scores are calculated based on the credit bureau reports. Therefore, it’s necessary to closely examine the credit report to understand credit scores and diminish the obscurity surrounding them.

So while most lenders claim that while credit scoring cannot say with absolute certainty whether a borrower will default, it comes very close to being an accurate judge for determining consumer credit worthiness.

We have created this video in response to one of the most common questions we receive at the Home Buying Institute. That question is: “What is considered a good credit score in 2009?” More specifically, this video tells you what score you will probably need to qualify for a mortgage loan in 2009.

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Question by jimy86Leb: What is “Credit score” ? why knowing your credit score in Yahoo is only available in the US ?

Best answer:

Answer by Geedebb
Is this spam ?

Add your own answer in the comments!

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A Summary of CEMLending.com’s Credit Repair Video consisting of 5 videos, 101 Essential Tips to Legally Repair Credit and Writtein dispute information

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Article by Steve C Clark

A know fact in credit card business is that almost twenty percent of all applications submitted for credit card face poor credit related problems. Anyone with a poor credit finds his options severally restricted. While evaluating a person’s application for credit card, service providers look at two factors: First, the applicant’s credit history and second his credit score. A poor credit leaves a negative impact on assessor.

However, if you are facing problem due to your Poor credit, don’t worry, since there are companies who have devised their schemes where in they offer credit card even to people with poor credit, bad credit rating or people with no previous credit history.A good news for people with poor credit is that there are increasing number of companies in UK who offer a not so stringent (rather flexible) assessment process which helps them to consider all applications fairly, irrespective of the credit history. Infact there are companies who offer credit cards to people with a poor credit and who have been refused a card in past. Such cards are issued sympathetically by companies to help people improving and rebuilding their credit history.

Credit Limit and Various ChargesThe normal credit limit of credit cards issued to people with poor credit varies between

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