Posts Tagged ‘Look’

How Lenders Interpret Your Credit Report As mentioned your credit report only relays the history of your dealings with creditors. However, you need to look closely. There’s information there that may seem innocent to you but not to potential creditors. This includes information like: Inquiries – Every time you apply for a credit card to get a free travel mug, duffel bag, or T-shirt, you are adding another hard inquiry to your credit report. When potential lenders see these inquiries, it may wrongly imply that you’re either in some financial situation where you need a lot of credit, or are planning to take on a large debt. Either can flag you as a high credit risk. Other types of inquiries, such as your own requests to view the report, employer requests to view the report and requests by marketers to get your name in order to sell you something, count as soft inquiries. These inquiries don’t show up on the reports that lenders see, and therefore don’t affect how they view your credit. Also, watch out when you are car shopping or mortgage shopping.

Make sure you don’t let the car dealer or mortgage broker run your credit unless you know you’re going to be buying from them. While the FCRA allows these types of multiple credit inquiries that are within seven to 14 days of each other to be counted as a single inquiry, you would have to be careful of your timing to make sure you don’t have multiple inquiries show up. So, how many hard inquiries can you have without a problem? Some experts say that if you have 10 credit card inquiries in six months, that will probably scare a lender. Others experts say that as few as six credit card inquiries in six months can label you as risky. Inquiries that are older than six months may not be looked at as strongly because if you actually set up the loan or opened the credit card account, those accounts would now be showing up on your report as well. The newer inquiries might lead the lender to think that you actually have the credit accounts available now but they haven’t shown up on the credit report yet. Most inquiries drop off of your report after two years.

Open credit accounts – Another thing to watch out for as you gather all of those free mugs and duffel bags is that even though you may have forgotten about them, accounts you don’t use still count toward your total available credit. Just as with the hard inquiries we’ve talked about, these can indicate to a potential lender that you could easily put yourself into financial danger with all of that readily available credit. According to TransUnion and Experian, you should not close out your oldest card, because it has the most history on it; also, you should maintain four to six credit cards to “keep your credit score and debt balances healthy” [source: TransUnion]. But other than that, close the accounts you don’t use. In addition to avoiding excessive available credit, you’re limiting your exposure to identity theft. Cutting up the card or just not using it doesn’t mean the account is closed. You have to call or write to the card company and ask to close the account. Missed payments – Obviously, your payment history makes a big difference.

You should always make at least the minimum payment, or consolidate accounts to reduce your payments. These delinquencies stay on your report for seven years — even if you’ve caught up your payments! The same goes for accounts that creditors have turned over to collection agencies or charged-off — meaning that they’ve written the account off as a loss. Even if you do pay off the account at a later date, the charge-off or collection action stays on your report for seven years. Maxed-out credit lines – Another thing that scares lenders is a maxed-out credit line (or two). This waves a big red flag and indicates that you may be financially strapped for some reason. Some experts suggest moving debt around if this is the case. For example, if you have a maxed-out card but have other cards that haven’t reached their credit limits, you might consider moving some of the debt from the maxed-out card to the non-maxed-out ones. Debt in relation to income – If you have unsecured credit card debt that is more than 20 percent of your annual income, lenders may not want to give you the best deal on a loan — if they’ll take the chance and give you a loan in the first place. Work to reduce the debt-to-income ratio and you’ll be able to get better rates on the loans you seek.

I plan on moving to an apartment in Florida in about 6 months. I recently entered a Credit Counselling program which shows as “Paying by 3rd party” on my credit report for all accounts invovled in the CCCS. My car, cell phone and one credit card are not in the program. ALL accounts are all paid timely. When I rented previously I was never late. Will I have a problem renting an apartment?

“There are no UGLY People. There’s just people who don’t know how to put make-up on” (some person said that) Well, that’s the same thing with Credit Repair/Enhancement. In today’s world we need to put make-up on so that we can look attractive to Employers/Insurance/Underwriters/Banks/Mortgage/Auto Dealers/Furniture Store. With a little make-up here and there you can look better….but you still look the same, you have the same features and all….but now you look better. TRADE LINES can enhance your FICO SCORE by 25-75 POINTS per trade line. We can also restore your credit at the same time. (Meaning) Take negative items of credit report (credit Repair) and put positive tradelines (Seasoned Tradelines from 3-20 years…from $10K-$50K or $100K they are from Sofisticated Investors) and without having to go through SWEAT EQUTIY (Time), because we can do it in 30-45 days! For more info on Financial Chemotherapy LLC new products and services call 973-440-8661 Guillermo A. Cervano

MORNINGSTARS LOOK AT MAGIC FORMULA INVESTING
By Steve Alexander. Joel Greenblatt’s book The Little Book that Beats the Market, in which the Magic Formula Investing (MFI) strategy was revealed to the world, was first published in December 2005. After an initial rush of publicity, the strategy has largely been relegated to the background since then, despite continuing to vastly outperform the market since it was made public. Only recently …

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Cities look to debt collectors for help
In the northeastern Pennsylvania town of Pittston, the seemingly manageable issue of garbage became a much bigger problem than anyone could have ever anticipated.

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It looks like some famous faces are out to save money and join in the contest to perform the perfect ASDA “pocket tap”. If you’re an A-list celeb’s lookalike get your video camera or phone out and show us how your double would perform the famous ASDA money-saving routine. Upload your video to youtube and tell us on Saving You Money TV.