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15 important credit card terms to consider before applying for a credit card!!
A credit card is a form of borrowing that often involves charges. Credit terms and conditions affect your overall cost.
So it's wise to compare terms and fees before you agree to open a credit or charge card account. The following are some important...
5 Killer Steps to avoid Credit Card SCAMS!!!!!
In August, 2004, the Federal Trade Commission issued their findings of a recent study, which showed that nearly 25 million adults were victims of fraud.
Now, most importantly, If you are a victim of fraud, please do not feel like you did...
A Few Thoughts on Securing a Bad Credit Mortgage Loan
Over spending, the endless nights of partying, eating out and
more or less buying everything on a whim, has most likely put a
dent in your financial situation and will affect how you live
your life for years to come. Clearly, the best option is...
Credit Cards – What is the “Universal Default Clause”?
Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or...
Fixing Your Credit Score Doesn't Have To Cost You
Credit repair advertisements claim to guarantee a quick fix on your credit report. They promise for a fee (not always disclosed at first) to clean up your credit history so that you can qualify for a new home, car, insurance, a job, or premium...
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Poor Credit Home Loan – Get The Mortgage Loan You Want
Having poor credit alone cannot hold you back from getting the home loan you want. Buying a home that is everything you want in a home, is a very exciting experience. The blemishes on your credit history will not alone keep you from getting the home you want and the home you deserve.
Here are some things to keep in mind when moving forward in the application process to get your home loan:
Contact or apply to many different lenders or brokers – Online you can fill out many mortgage applications where the lender or mortgage service company does not pull your credit history. If they don't ask for your social security number, they usually cannot pull your credit. Brokers usually use the initial application or inquiry form and what you tell them about your credit to make a decision about whether they should pursue the application and pull your credit or not. Many lenders will tell you that you are not going to get approved anywhere and that if they can’t help you, no one can. That is not true. All mortgage brokers have access to very different mortgage programs and some brokers are more creative in their financing techniques than others.
Fill out your application or inquiry as accurately as possible – Inflating your income on your application or inquiry form, to be higher than you know you can verify your income to be, will only
delay the process of getting pre-approved. The broker will work the fastest for you if he/she is working with the exact information he/she needs to be able to verify. That’s the best way to get approved and through the pre-approval process smoothly.
Be persistent – This is the key when seeking a mortgage loan pre-approval with poor credit, be optimistic. Look for creative ways to get financing and contact as many brokers as possible. There is one or more out there that can help you. The key is to find them.
Start house hunting - Sometimes the key to getting into a house is finding the right one and a seller that is flexible enough to help you do some creative financing work. For example: the seller carrying back a small percentage of the loan, the seller paying your closing costs or you being able to purchase the house for significantly lower than market value.
To view a list of our recommended poor credit mortgage lenders, visit this page: Poor Credit
Mortgage Lenders.
About the Author
Written by Carrie Reeder, Owner of ABC Loan Guide. Carrie's website is an informational mortgage loan website. Her website has articles and a list of recommended mortgage lenders for people with low credit scores.
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