The Hints Club

You sit down to look at your credit report for the first time. If you’re scores are above 720, congratulations! You have excellent credit; stop worrying. If you’re scores are not above 700, no problemlet’s get to work. Take solace in the fact that the national average score is around 676 according to the Gallup Organization. If you’re scores are below 400, 500, or 600, there’s definitely room for improvement and only one way to goup!

If the numbers I’ve mentioned don’t make any sense to you or you have no idea what they mean, don’t fretI’ll explain. Credit scores range from 350 to 850. All three of the credit bureausEquifax, Experian, and Transunionoffer FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.

If you’re credit scores are above 720 you have excellent credit and will able to get the best interest rates available. As your credit scores drop, the interest rate you’ll receive for a home loan will rise: this is known as tiered pricing. The more of a risk the lender takes on you, the higher your interest rate will be. In addition, all lenders have their own break points between tiers. What this means is that one lender may raise the interest rate if a score drops below 700, while another lender won’t give a higher rate until the score drops below 690. In summation, you should do everything in your power to maintain good credit scores, and be sure to shop around and do your homework when looking for a home loan because all lenders are not created equal. I think you’ve already gleaned the moral of the article but just in case you haven’t, here it is: Good credit scores save lots and lots of money, and be sure to choose a lender wisely to get the best rate for your scores.

Brian Daniel is a loan officer/marketing coordinator for Bend Mortgage Group Ltd. a mortgage company in Bend, Oregon. For more information or help with a Bend, Oregon home loan visit www.bendmortgagegroup.com.

Public liability cover is recommended as all organisations are at risk to some quantity. Even if nothing grim has ever happened to your companies office block will not mean that it won’t one day in the not too distant future. If an individual or group of people are harmed or their property stolen, it’s your contractual responsibility to appropriately repay them. The cost can easily be unbearably costly, depending on the nature of the case.

Luckily, you do have a number of ways to defend yourself against this unforeseen event. Procuring public liability indemnity allows you to breathe slightly easier. Even if a customer claim is very expensive, the insurance company will be around to provide a safety net. It is their contractual requirement to keep you safeguarded from any claims and legal fees. This leaves you available to concentrate on actually doing business, rather than worrying about what may well happen. The following are a number case studies of times when public liability insurance have in the past come in helpful.

CEOs of plumbing organisations by and large get the job completed fast & easy. Though, occasionally something may possibly go badly wrong. Should you unintentionally break a customer’s water pipes while on the job, affecting possessions for instance desktops and flooring, public liability insurance will be there to cover the bill. If you wish to obtain a quote for Professional Indemnity Insurance cover, visit Insured Risks.

An additional instance is that of a publicity corporation. If a customer were to fracture an ankle in your company even if it is not your fault, you would be held legally answerable. Fortunately, with public liability insurance you would not have to pay the claim at all.

In a similar case, physical injury caused to a passerby by an employee on a construction site is the legal responsibility of the company’s manager. This type of claim can easily get particularly pricey in fact, unless you acquire the correct protection.

Christmas is almost upon us once again and the worry of meeting the demands that it has on our finances comes to the fore. Many will get themselves into a level of debt that they cannot sustain and if it’s paid for with your current credit card or god forbid a store card, then the expenditure will be worse with the addition of the interest charges that come with your plastic.

Use your credit card wisely…

This does not mean we should be avoiding using our plastic over the festive season, far from it, as apart from having the cash to pay for your goods and leaving you without any debt, the credit card is the next best thing in getting your gifts, festive food and drink in, without the interest being a problem.

So how do you fancy getting all of this and interest free for nine or twelve months? Well if you need that bit of breathing space and the Christmas period sorted interest free, then taking advantage of one of the credit card that are offering a 0% introductory offer on purchases. These will help ease the burden and will give you up to 12 months to pay it off, or in other words just in time for Santa coming back next year!

Keep clear of store cards…

Doing it this way rather than using your current credit card will mean that you could save around £75 in interest payments if you spent in the region of £500, which is being claimed that as a nation we spend on average per person. Do not use a store card to make any purchases as the majority of these credit cards come with an APR as high as 29.9%.

Other methods that you could use to accommodate your Christmas shopping could be an overdraft, but always remember to speak to your bank first, as going in to the red without the permission of the bank, will only see you face charges that could see you having to pay a hefty interest of almost 30%.

Use a 0% credit card

So the best bet to deal with Christmas this year is to take advantage of a 0% on purchases credit card and budget for what you will have to pay back each month, so that when the 0% period is over, you will have a clear balance and no interest payments to meet, before you have to start dealing with next year and starting all over again.

So get applying now and have your Christmas sorted and worry free before the big day is upon you.

Peter Kenny is a writer for creditcards-gb
For additional articles and an extensive resource for everything about credit cards, please visit us at www.creditcards-gb.co.uk and www.creditcards2go4.com For credit card advice please visit here credit card advice

“Erase Bad Debt !”
“Remove Negative Items From Your Credit Report”

You’ve probably seen these headlines and others just like it promising to clean up or “fix” bad credit. For someone who suffers from a bad or poor credit rating, these headlines are certainly an appealing offer.

Imagine finally being able to buy that new car, get debt collectors off your back, and enjoy a new found freedom from your past debts.

Sound to good to be true ? It probably is. Once you fall prey to the credit repair offer and pay the hefty fees involved to clean up your record, here’s what happens:

1) The credit repair scam artist contacts the credit bureaus and reports that the negative information in your file is false.

2) The credit bureau removes this negative information from your report while they investigate the claim.

3) The scam artist will then show you the cleaned up version of your credit report and “ta-da” your credit history has been fixed !

But here’s what the scammer doesn’t tell or show you. After the credit bureau completes their investigation the negative information is placed back on your credit report.

Negative but accurate information cannot be removed from your credit profile. Only incorrect information can be removed.

Accurate information remains on your credit file for a period of 7 years from the time it is reported to the credit agencies; a bankruptcy appears for a 10 year period.

Many legitimate companies exist that can help you with your debt problems. But how do you spot a scam offer ? Easy, they’ll ask you for their fees up front. By law, credit repair agencies cannot ask for payment until they’ve provided the service they promised.

Additionally many states require that a credit repair service, whether they are for-profit or not-for-profit, must provide you with a detailed written contract, an explanation of your legal rights, and the opportunity to cancel any signed contract within 3 days.

Also, be aware that a “credit repair offer” could be an attempt to steal your identity by getting you to provide personal information such as a Social Security number, bank account and credit card account numbers.

Always make sure you know who you are dealing with before accepting any offer to help you repair your credit. Those who don’t can have their credit ruined further and create more debt problems.

© 2005, www.yourfreecreditreportnow.com
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter focusing on managing your personal finances and credit. Subscribe and get a FREE copy of your credit report when you visit: www.yourfreecreditreportnow.com

In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of ‘fees’ associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. The most common fees are listed below. To get a better idea of what your credit card may cost to use over the course of a year, check your card’s terms and conditions and your user agreement to see which fees may apply to you.
Annual fee:
An annual fee is charged for the privilege of having the card, whether you ever use it or not. Many credit cards offer no annual fee and a low interest rate to their best customers, or to those with excellent credit. If you’re trying to recover from a bout with bad credit, your only choice may be a card with a relatively high annual fee. In that case, look for one with the lowest APR you can get, and be careful to avoid triggering other fees.

Cash advance fee:
When you use your credit card to get a cash advance, there is often a cash advance fee. It may be a flat fee per cash advance (say $5, no matter how much cash you borrow), or a percentage of the amount advanced - 5%. This fee is in addition to interest that you will pay on the amount.

Balance-transfer fee
Usually, when you transfer the balance of one card to another, the credit card company will charge you a balance transfer fee. Like the cash advance fee, it may be a flat rate, or a percentage of the amount of the transfer.

Late-payment fee
If your payment is not received and posted by your credit card company after the due date, you will be charged a late payment fee. The late payment fee will be added to your credit card balance. In many cases, if you are late with a payment more than once, or a certain number of times within a specified period, your interest rate will also rise in addition to the late payment fee.

Over-the-credit-limit fee:
If you go over your credit limit on your credit card, you will often be charged a flat fee in penalty.

Credit-limit-increase fee:
You usually must pay a credit limit increase fee if you request that your credit limit be raised.

Set-up fee:
When you open a new credit card account, the credit card company may charge a one-time setup fee which may be anything from $19 to $149.

Return-item fee:
This is essentially a bounced check fee. If you make a payment on your account by check, and the check is returned by your bank for non-sufficient funds, the credit card company may charge you a returned-check fee.

Other fees:
Depending on the credit card company, and the card offered, you may be liable for other fees, including fees for making payments by phone, for checking your account online, for establishing an online bill paying service or for providing other customer service. Be sure to read your credit card’s terms and conditions to see what charges and fees you’re liable for paying.

Joseph Kenny is the webmaster of the UK credit card comparison site www.creditcards121.com/, where you can find a selection of credit card advice that should help guide you through the credit card maze. For US visitors there is also the comparison site www.credit-cards-info.com/ for all US interest free offers.

Just recently my life was given purpose. You see, I am a very shallow and depressed individual and need to surround myself with objects of my affection to feel good about my standing in this world. I’ve been dating this guy for a few weeks now and luckily he has lots of cash and worldly good. It helps that I’m gorgeous of course to nab such deep pockets. He drives me around in his Lotus and takes me to his mountain cabin that’s more like a castle amidst the clouds. I’m not trying to be overdramatic, as I normally am just that, but I’m merely trying to equate his bank account to my happiness. And it just keeps getting better. From hot air balloon rides to cruises along the Caribbean coast, I now have it all. Well I almost have it all.

Though my rich date has purchased many jewelry items for me that cost an untold amount of money, he has yet to put a proper ring on my slim and spoiled little finger. And hey, it’s been a few weeks now, a girl should know where she stands at this point am I right? Well as luck and fate would have it, he bought me a custom diamond engagement ring Riverside would love to see on their future wives. I mean this thing is spectacular. And now, life will be that much better.

When it comes to credit repair after bankruptcy you have essentially three options:

1) Hire a credit repair company

2) Buy credit repair software

3) Do it yourself (free!)

Before we go further, for the purpose of this article “credit repair” means the removal of any inaccurate or obsolete negative information from your credit report - not the removal of accurate non-obsolete negative information from your credit report.

Okay, now that we’ve defined “credit repair”, let’s look at each of the three credit repair options in more detail:

1) Hire a credit repair agency.

You can hire a credit repair company, which usually costs a few hundred dollars or more. The advantage here is it saves you some time.

The downside to hiring a credit repair company is that it can be expensive as mentioned above, costing a few hundred dollars or more.

If you do decide to hire a credit repair company, choose one very carefully. Stay away from credit repair companies promising to delete accurate non-obsolete negative items from your credit report.

Why? Because even if the credit repair company gets lucky and does manage to remove any accurate non-obsolete negative items from your credit report it may only be temporary - the credit reporting agencies update their files on a regular basis, so any accurate non-obsolete negative item that was removed from your credit report can re-appear again in the future.

While we’re on the topic of “non-obsolete” versus “obsolete” negative information on your credit report, let’s look at how long negative information can remain on your credit report: Most negative items can remain on your credit report for up to seven years from the date they were included in your bankruptcy. A Chapter 7 bankruptcy can remain on your credit report for ten years from the date it was filed, while a Chapter 13 can remain on your report for seven years from the date it was filed.

2) Buy credit repair software

There are a number of credit repair software programs on the market today. This option is typically less expensive than a credit repair company because you are doing the work. It also saves you time from having to compose your own letters.

Here’s how most credit repair software works: You load it onto your computer, fill in the blanks with your information, and then print out the customized dispute letters the software creates.

The risk you run here is that the credit reporting agency may not investigate the dispute and respond by saying they believe your dispute is “frivolous and irrelevant”. Why? Because when they see any sort of form letter they may think you are using a credit repair company.

3) Do it yourself

This is usually your best option, and it’s free. You just need to know exactly what to do when it comes to credit repair. You can start by visiting each major credit reporting agency’s website and reading their instructions on how to dispute any inaccurate or obsolete negative information on your credit report. The three major credit reporting agencies are: Experian, Equifax, and Trans Union.

In addition, you can also pick up a book on credit repair. One word of warning though: Some books and courses encourage you to do illegal things: For example, creating a “new” identity. Stay away from these! Others are excellent resources when it comes to showing you how to remove inaccurate or obsolete negative items from your credit report.

If you have discharged or dismissed bankruptcy and want to repair your credit, there are some specific steps you need to take. I have seen very few credit repair books that even mention them. In After Bankruptcy Credit Solutions, I go into detail on each one.

For example, if you are applying for a home loan after bankruptcy, any inaccurate or obsolete negative information on your credit report can cost you thousands or tens of thousands of dollars in extra interest - if it doesn’t prevent you from qualifying for a loan. There is a way that you can get these negative items on your credit report removed or updated in as little as 48 hours!

So now you know what options you have when it comes to credit repair. Bottom line: Doing it yourself is usually the best, and most inexpensive, option when it comes to credit repair after bankruptcy. It just takes an investment of time on your part - but it can be well worth the effort.

Remember, if you have a discharged or dismissed bankruptcy on your credit report there are some specific steps you need to take when it comes to credit repair. Keep this in mind if you choose the “do it yourself” option and plan to shop for a book on credit repair.

Copyright (c) 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy. For details visit: www.bankruptcy-credit-solutions.com

Have you been told by a creditor that your debt is about to “charge-off”? Did the bill collector make it sound like you will be ruined financially if you allow this catastrophe to happen? If you’re behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded “charge-off.” So what is a charge-off anyway? Should you be worried? What are the consequences of this mysterious event?

I’ll start by explaining what a charge-off is NOT. Because the term includes the word “charge,” many people mistakenly think it has to do with cancellation of the account by the creditor. In other words, you can’t “charge” anything on your credit card anymore. But it’s not the same thing at all, and most banks will revoke charging privileges around 2-3 months before the deadline we’re talking about here.

What banks and bill collectors call a “charge-off” is the point at which the creditor writes off the account balance as a “bad debt.” It usually happens after six months of non-payment. After that, they no longer count it on their books as an asset. You still owe the money, of course. And they will certainly make continued attempts to collect it from you. But the creditor has been forced by the rules of accounting to zero out the debt on their financial ledgers. For causing this loss, they will punish you by placing a derogatory mark on your credit report. A “charge-off” is a serious negative mark, to be sure, but it is not the financial ruination that debt collectors would like to have you believe it is.

Should charge-offs be avoided if possible? Certainly. Does the prospect of a charge-off mean you should panic if you have no way to pay the bill? No! Is it the end of the world if the account has already charged off? No! Too often, bill collectors make a charge-off sound so bad, and they apply so much pressure, that people cave in and make payment commitments they cannot keep. Collectors usually demand payment via post-dated checks, and this frequently leads to bounced checks and even worse financial problems. Most of us are brainwashed by the banks and media on the subject of credit. Sure, good credit is important. But committing to payments you really can’t afford just to preserve your credit is like watering the lawn while your house is burning down.

Here are a few simple rules to follow when trying to avoid a charge-off that hasn’t happened yet:

* Don’t be intimidated or threatened by pre-charge-off collection tactics. Keep a cool head and don’t take it personally when collectors try to get under your skin.

* Call your creditor to find out the minimum payment necessary to avoid the charge-off, and subsequent payments to keep the account current going forward. Don’t commit to this payment (or series of payments) unless you’re sure you can follow through.

* Negotiate a lump-sum settlement at 50% or less if you have the resources, or a workout plan for monthly payments that you can live with.

* Do not allow bill collectors to talk you into using post-dated checks, or providing your checking account details over the telephone. Instead, make payments via cashier’s check or money order.

* Do not make payments based on a verbal arrangement. Get the deal in writing and signed by a creditor representative who has authority to approve the workout plan.

What should you do if you simply don’t have the money to rescue the account from charge-off, or if the account has already been charged off by the creditor?

* Take a deep breath and relax; the sky won’t fall on your head just because you had a charge-off.

* Realize that you still have an opportunity to resolve the matter by dealing with the original creditor or the collection agency assigned to the account.

* Negotiate a lump-sum settlement with the creditor or collection agency. Again, aim for 50% or less, and ask for the charge-off to be deleted from your credit report as a condition of the settlement. (Most creditors will not agree to this, but it’s worth asking anyway. Do be sure that they will update your credit report to show that the matter has been resolved and the account has been satisfied.)

* If you can’t work out a deal with the collection agency assigned to your account, then wait until it goes to another agency! Eventually, it will either be assigned or sold to an outfit that you can deal with to get the matter cleared up.

To sum up, a charge-off is not the end of the world. It should certainly be avoided if possible, but not at the risk of making things worse by committing to payments you’re not sure you can keep up with. Just remember that the creditor doesn’t want to see a charge-off any more than you do, so use that knowledge to your advantage in working out a mutually acceptable arrangement. Get everything in writing, don’t disclose your checking account details, and follow up to make sure the creditor reports the matter correctly on your credit report. You’ll find that it’s easier than you think to resolve a charge-off situation before it happens, or clean it up if it’s already taken place.

Charles J. Phelan has been helping people become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD material plus expert personal coaching helps consumers achieve professional results at a fraction of the cost. www.zipdebt.com

My son enjoys computers and has always wanted to be self-employed. So he decided to go online to see if he could find a way to kick start a business career which fit his style.

The first thing he did was go online and do a search with the terms, “business opportunity home based work from“. Soon he had pages of results, including several excellent work-from home business ideas.

He took a few weeks to sift through all of them, eventually choosing one which already included a system, since he wanted a business “out of the box”.

In no time at all he combined his computer and business background with the new program and was enjoying his new business.

He has realized his dream of an at-home business, makes a very good living, and still has plenty of time for his beloved computer games.

My daughter had quit work when she got married. She loved raising her family but, once the kids were getting ready for college, she knew she wanted to get back to work.

The problem was, she wasn’t sure she had the skills she needed, nor did she want to work in an office again. She she began to search for an at-home business.

She began with the search terms, “business opportunity home based work from”, which gave her many choices and lots of reading.

Once she had read through all of the home-business offers, she chose one which would walk her through setting up the business and offer support along the way.

Her plan worked like a charm. She now works part of her day and still has time for her other interests.

Do you know the credit card debt figures in July 2005? £55.87billion. That is enormous. UK is standing witness to the growing incidence of multiple card holding. 6 out of 10 people have more than one credit card. According to APACS (Association of Payment Clearing Services) two third of adult population in UK is a credit card holder. Guess what, you are part of it. The average interest rate on credit card is 15.75%. No wonder you are in credit card debt. Credit card consolidation is an intelligent step towards finally getting that debt off you.

You probably started off with one or two credit cards and before you knew you were in several hundred of pounds of debt. Credit card consolidation can aid manage this out of control debt situation. Credit card consolidation is the best means of getting a low interest deal in place of high interest credit cards. Basically you are selling your credit cards debt for low interest consolidation loan.

How does credit card holder benefit form credit card consolidation? Let us take a hypothetical situation. Suppose your outstanding credit card debt is £10,000. And the APR or the annual percentage rate is 20% then you are paying £2000 as interest rate every year. By credit card consolidation you transfer all your debts into a single consolidated loan with lower interest rate. Suppose the interest rate is 10%. This way you are paying £1000 as interest rate for the same amount saving 1000 pounds. By researching you can get good rates for credit card consolidation.

The monthly payment with credit card consolidation is lower and of course manageable. Credit card consolidation tries to pay off your credit card debts. A credit card consolidation will pay off your debts in shorter time span and without causing any extra stress on your financial situation. This is fundamental with
Credit card consolidation.

A wrong credit card consolidation can have disastrous consequences financially. Beware of predatory lending. It is oft quoted in credit card consolidation ads that your debt is reduced up to 50%. This is not possible. Lowering of monthly payment is of course possible but that should not be the only criteria for deciding on credit card consolidation. Lower monthly payment over a long period of time can extract more money in the form of interest rates. Concentrate on lower interest rate and not primarily on low monthly payments while credit card consolidation.

Credit card consolidation can be with or without collateral. A homeowner consolidation would enable you to get approved for higher amounts. Homeowner consolidation would work competently if you have credit card debts exceeding £5000. And you can even borrow up to £25,000. For lower loan amount unsecured credit card consolidation is ideal.
Discipline is fundamental with credit card consolidation. After credit card consolidation, the outstanding debts are paid. You don’t owe as much money; the financial position is in control. So it is easy to make new financial commitments. And there you are again in debt. Well, what does it show? There was no use getting credit card consolidation. Credit card consolidation provides you with a new opening to start anew with money issues. Not finding new credit problems.

If you have more than one credit card and you have used one credit card to pay for another - you might have realized that it can’t be done without putting an added burden on your debt condition. It is time to rethink the credit card debt and prevent them from becoming an emotional liability. If your debt rather than you start to dominate your everyday expenses then you it is a warning sign. If your personal happiness becomes dependent of your credit card debts then consolidation is the miracle pill for you.

Loan borrowing is like once in a life time decision and much is at stake. It is indeed not a good thing that many people are misguided into taking loans that are not appropriate to their financial situation. This leads to many allied misgivings. As a financial consultant the only driving force of Ann Gibson is to provide proper knowledge. Because knowledge in respect to loan borrowing is power and exudes financial benefits. He works for UK debt consolidation site UK debt consolidations. To find a UK debt consolidation loan, debt management that best suits your need please visit
http://www.ukdebtconsolidations.co.uk

Loan borrowing is like once in a life time decision and much is at stake. It is indeed not a good thing that many people are misguided into taking loans that are not appropriate to their financial situation. This leads to many allied misgivings. As a financial consultant the only driving force of Ann Gibson is to provide proper knowledge. Because knowledge in respect to loan borrowing is power and exudes financial benefits. He works for UK debt consolidation site UK debt consolidations. To find a UK debt consolidation loan, debt management that best suits your need please visit
www.ukdebtconsolidations.co.uk