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Cash Back vs. Rewards Credit Cards
Ah, the sweet rewards of using credit! Not only do you get immediate gratification with the buy now-pay later plastic, but now, many credit cards offer rewards and incentives for using their card to make purchases. You can get cash back, or gift...
How To Avoid Credit Card Abuse
Credit cards were a wonderful invention, that have evolved over time. Let's not start this article by spending much time describing the history of credit cards, but rather to just provide a summary of what credit cards are about. "Credit cards...
Personal Credit Report
Your personal credit report is an electronic record of your
credit activities. These activities include borrowing money to
buy a car, applying for a loan or credit card and your payment
history of the loans you have taken. Every time you...
Stoozing Can Reduce Interest Paid On Credit Cards
Stoozing can reduce interest paid on credit cards. Many credit
card companies offer special introductory interest rate offers
in an attempt to win customers. This is like a loss leader in a
shop - they tempt you to use their credit cards with a...
What Is Credit Counseling?
If you are in trouble financially, you have probably heard the term “credit counseling,” but do you understand what it is? Oftentimes this term is used in the same sentence as debt negotiation or debt settlement, but actually, it’s a completely...
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Refinance Your Mortgage To Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on your mortgage and other bills. Then after two years, refinance again for lower rates with your now good credit rating.
A Note About Sub Prime Lenders
Sub prime lenders offer B, C, and D credit, which means they offer credit to high risk lenders. For taking on these high-risk loans, sub prime lenders charge slightly higher interest rates and fees.
Some sub prime lenders charge excessively high fees, but you can screen these out by comparing mortgage rates. Online mortgage lenders make this easy with their online quotes and posted rates.
Applying For Refinancing
Applying for refinancing has been made easy with the internet. The first step is to collect several financing offers, and sort through them. Look for low fees and interest rates.
Once you have picked a mortgage lender, fill out the application either online or request an application mailed out to you. Once you have submitted your application, it will be reviewed and processed. You refinancing should be completed in about 6 weeks.
Getting Financing Approval
Getting approval for your refinancing application is a common
concern. While lenders approve more B, C, and D credit loans today, you can also stack factors in your favor. Paying off loans, closing unused credit card accounts, and making regular payments on credit cards and other loans will help. Another step is to put a note in your credit report explaining the reason for past due bills, foreclosures, or bankruptcy.
Rebuilding Your Credit
The next step to rebuilding your credit is to make regular, on time payments on your refinanced mortgage and other bills. Making regular payments is the single fastest way to establish good credit. Make the bill payment easy by setting automatic withdrawals through your bank.
Refinance With Good Credit
After you have established a good credit history, apply again to refinance your home for lower interest rates. If you declared bankruptcy, wait at least two years to refinance. However, if you simply had a series of late payments on your credit, wait a year before researching refinancing options.
About the Author
Carrie Reeder is the owner http://www.abcloanguide.com, an informational website about various types of loans. To view our recommended sources for sub prime mortgage lenders online, visit
this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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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, ... |
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