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Accept Credit Card In Your Business
Should you accept credit card in your business transactions?
Many small companies or home-based businesses avoid doing so
because of their concern over fees and expenses that may drain
away potential profits. Yet the actual cost of...
Credit Counseling – Congress Offers No Details in New Law
The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisan support in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt law...
How To Avoid Credit Card Penalties
It is a sad fact of life that credit card companies are very
willing and fast to slap a penalty charge on your account for
every mistake, delay and slip up you cause, immediately and
without a second thought. These penalty charges can amount...
How to establish credit as an immigrant
This article is about establishing credit. I learned it the hard
way.
Spring 1997. I had moved from Germany to the USA around
Christmas and enjoyed my first Southern Californian year. While
I browsed the www, I saw some ads for...
Types of Credit Cards
There are a whole variety of different types of credit cards available which can make choosing the right one a very confusing experience. In order to help you decide, listed below is a useful breakdown of the various types of credit cards available....
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Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.
FICO – Fair ISAAC & Company – is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:
1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.
2. If you have a FICO score lower than 500, there is very little chance you’ll be getting a mortgage home loan.
That said, if you have a score of:
500 – 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.
600 – 640 You should get a 100% home loan financing. Thats right, with no money down.
640 - 700 You should be able to be approved for a 125% home mortgage loan. 700+ You’re in the drivers seat! You should be able to get an excellent rate with excellent terms.
3. FICO depends on each credit report, so before you apply for a home mortgage
loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn’t be there. If there is, get it changed before you apply for the home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don’t succeed in getting your home loan mortgage, don’t give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
To view our list of recommended bad credit mortgage lenders online, visit this page: Recommended Bad Credit Mortgage Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has many informative articles and the latest finance news.
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Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
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Equifax Personal Solutions: Credit Reports, Credit Scores ... |
National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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The FTC's web site on Credit |
Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
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Federal Trade Commission - Consumer Credit Center |
Features an assortment of helpful articles related to credit issues. |
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AnnualCreditReport |
Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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Springboard - Non-Profit Consumer Credit Management |
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myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
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Credit Suisse Global |
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Experian: Free Credit Report and Credit Score, Credit Check ... |
Credit referencing and consumer targeting for the USA and other countries. |
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National Credit Union Administration - Home Page |
An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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Credit - Wikipedia, the free encyclopedia |
Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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Credit (finance) - Wikipedia, the free encyclopedia |
Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
en.wikipedia.org |
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The National Foundation for Credit Counseling |
DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
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FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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The Credit Card Prank |
In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
www.zug.com |
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Credit magazine, corporate bonds, derivatives, structured credit ... |
Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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CUNA: The Credit Union National Association |
News and resource directory about credit unions. |
www.cuna.org |
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Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
credit.about.com |
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