Easy steps to follow to improve your credit score Lodi News-Sentinel
You may recall that last week we talked about a goal of financial security, having a budget, cutting our expenses and increasing our savings. Many of us are aware that when we attempt to make a major purchase there is discussion about our Credit Scores. I know what a good score is and I also know what is not a good credit score. I do know that if my credit score is higher I can get better discounts and would be in a better position to negotiate terms of my loan or purchase. However, I don’t claim to be an expert on what makes it go up or down. Are you?
Gwen Moran is a freelance business and finance writer from the Jersey shore. She’s the co-author of The Complete Idiot’s Guide to Business Plans and writes frequently about real estate. She recently wrote this story titled What Affects Credit Scores? 7 Misconceptions. If you’re trying to raise your credit score to get a good rate for a purchase, refinance or HELOC (Home Equity Line Of Credit), you might be surprised by what affects — or doesn’t affect — your score.
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Auto Loan Advice : How to Refinance a Car
Refinancing a car for a good interest rate can be done at a bank or credit union but can depend on an individual's credit score. Use secondary ...
How do I try to refinance my automobile with declining credit and what are my chances of getting refinanced?
I am needing help with finances considerably....
Auto finance is what I do for a living and what you are wanting to do is possible but it's going to be hard.
Try Capital-One, H.S.B.C., Wells Fargo and Citifinancial Auto Finance. They are my best lenders.
Go to: http://thecreditinsider.wordpress.com/
Where can I find a mortgage company to finance my automobile loan into my mortgage?
Where can I find a mortgage company that will pay off my old mortgage. Then let me buy a new doublewide to put on this property. But also let me refinance my automobile and credit card debt all into one monthly fixed rate of thirty years. Is it possible to finance your auto loan in with your mortgage???????
I have a house on this property the old home place ok house, but has no block foundation under it so basicly worth nothing but on the other half of the acre I want to put a house. This is a one acre lot in total with a five year old new vinyl sided garage. I owe $11,000.00 on the entire 1 acre.I want to refinance the 11,000. plus borrow enough to pay off my truck and buy a new home and would be nice to pay all my credit cards off and enought to put my power service in and build two porches on the new house. Comes up figuring tight to about $100,000. dollars. Will they go that kinda loan anyone??????
Typically the only way to do this is through 2 seperate functions 1 is to get a home equity loan for the amount you need in order to pay off the remaining debt for your auot and credit card debt and then #2 would be to take out a home loan to get the 2nd half of your double wide. I can see that in some instances getting a new double wide would be a good risk but I am sure that you find it is worth while so that is #1. As to a single function in working with a bank that you could do I cannot think of one. My best advice would be to go speak with a personal banker at your bank of choice to see if this would even make sense as far as your monthly payments or overall financing needs.
Good luck
I believe that they do not appreciate value at the rate of a more traditional home.
YOu might try to talk to the mortgage company into looking into a land grant
(loan on the value of the land where you want to put the doublewide)
but this of course depends on you and your current credit situation
All you need is a refi with cash out.
You can then use the cash anyway you want.
Example;
Current mortgage 100,000
doublewide 25,000
other debt 25,000
Your home would have to appraise for at least 150,000 in the above scenario to qualify for the financing.
Can our mortgage company require us to go with their insurance company?
We are in the process of trying to refinance with a new mortgage company. We currently have homeowner's insurance through Farm Bureau Insurance, as well as boat, automobile, and life insurance. The mortgage company we are refinancing with is saying that we must have and escrow account and pay their OWN homeowner's insurance, instead of Farm Bureau. I don't want to do this because we get a multi-line discount at Farm Bureau, and I like them. Can they do this?
Absolutely not. Matter of fact, by law, they are required to have you sign an "ainti-coersion" disclosure. It states that they have NOT instructed you to, or required you to use a specific insurance company, to guarantee the closing of your loan. BIG no-no. The law was put in cto protect consumers from companies offering each other kick backs. "send me business, and I'll send you business". It is fraud. You are encouraged as a consumer to shop for the best deal. That applies to the insurance company, mortgage company, title company, etc. Kick backs and "steering" is seriously frowned upon by the Department of Banking and Regulations. They are risking their license.
I turned in a Major Lender years ago and they were suspended by HUD.
They want the profits from the ins is all!!!
As far as the escrow account goes, they can require that. You may be able to not escrow your taxes and insurance, but it could cost you an additional ¼ or more added to your interest rate (better to escrow).
If there is a possibility, just cancel the transaction with this company. If this problem is any indication, who knows what else that they are not truthful about.
I hope you are working with a LOCAL BANK or MORTGAGE BROKER.
A mortgage is going to be with you for a very long time and it could break you and your family’s future financial outlook. Don’t let anybody rush you into something that you do not fully understand.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha's advice:
"Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."
Good Auto Loan Company for a refi of a 2003 vehicle?
I have a 2003 automobile which I financed on a 72 month loan at 8.24%. I want to find a company that will refinance with a decent rate, but I'm having trouble finding anywhere that'll do a 2003 for longer than 48 months. 60 would work fine. Does anyone have any suggestions?
http://best-loans.awardspace.com/refinance-car-loan-bad-credit.htm
If you think your lender is charging a higher interest rate on your car loans then you can look at the refinance car loans option. With the help of a refinance car loan, you can avail multiple benefits. Firstly, you may reduce-->your monthly costs. Secondly, you may avail a competitive interest rate. Thirdly, you could be getting a flexible repayment period. Overall, you will be managing your loan a lot better.
I would like to write a surrender letter for an automobile..any suggestions?
Okay...I have a Dodge Neon that I purchased in June of last year. When I bought the car...the dealer told me that the interest rate was 11.99%....fair I thought considering I had a chapter 13 about 7 years ago. Well I just called the loan company and discovered that my interest is 16.99% Way too much than I am willing to pay for any automobile...I asked what my options were and they told me either refinance through another company or surrender.
1) I called around and no company will refinance because the amount owed is higher than the actual value of the auto.
2) I can write a letter of surrender and when they come get the automobile, they will auction it off and I just pay the difference between the auction price and what is left.
I would like for someone to help me write the surrender letter (I searched the web already)...examples would be great!
Becareful next time that you sign for a fixed rate not a variable rate. Find this out by reviewing your loan agreement. Is it possible that the bank or company financing the vehicle were not supposed to raise your rate? Read the fine print in your document. Don't surrender the vehicle - it will not help your credit. After you review your loan - go to other dealers to discuss trading it in for a more affordable one - GM, Ford, Nissan, Honda, Mazda, Volkswagon have all kinds of better deals because of the oil crisis - they're practically giving them away. Just find a better dealer than the one who scammed you last year.
Long Term Used Car Refinace??
Are there any Finance companies that will do a long term (60mnth or 72mnth) refinance on a 2001 Automobile??
Very doubtful. The average life of a vehicle is 10 years, so a 01 is already 6 years old, in 5 more years it's already past it's average life.
mathematics help me !!!!!!!!!!!!!!!!!!!!!!!!!!!?
1. Secured debt usually has a higher interest rate than unsecured debt. (1 point)
True
False
2. If you pay your credit cards on-time and maintain a low balance, your credit score will go up. (1 point)
True
False
3. Which of the following is NOT an example of Real Property: (1 point)
an oak tree on your property
a barn on your property
a well on your property
a tractor on your property
4. Banks use collateral as a means to secure a loan. Why do they do that? (1 point)
So at least they can collect the principal if you default.
That way they lower their risk and can offer a lower interest rate on a bigger loan.
If they charged the same rates as unsecured credit cards nobody could afford a home.
All of the above
5. Your residence should not cost more than what percentage of your net income? (1 point)
15%
25%
28%
32%
6. If you default on a loan, the bank will ______ your car and auction it. (1 point)
collateralize
liquidate
refinance
repossess
7. What would be the collateral in a secured mortgage loan? (1 point)
credit score
automobile
house
depreciation
8. A homeowner is required to have a designated minimum of insurance if they have a home loan. (1 point)
True
False
9. Without secured debt the average American household income could afford an average priced home. (1 point)
True
False
10. Your secured debt payment amounts and due dates can be shown with a/an: (1 point)
pay stub
credit report
amortization table
amortization schedule
1 false
2 true
3 tractor
4 collect principal in case of default
5 not sure, but I think it is 28%
6 repossess
7 house
8 generally true
9 false
10 amortization schedule (amortization table is probably also correct but less commonly used)
2. true
3. tractor
4. all of the above
5. 25%
6. repossess
7. house
8. true
9. false
10. amortization schedule
I need advice on what to do about not being able to pay creditors?
I am a single mom that was off work for many months recovering from a automobile accident and made a very stupid mistake and used credit cards to pay bills and cloth the children. I robbed Peter to pay Paul and not I cant pay Peter back. I am thinking about refinancing my home to get these collection agencies off my back but I am not sure if that would be a good idea. I am so lost and just don't know the right path to go down. I never intended for this to happen but then you are on your own and have no one to ask for advice you make very stupid mistakes. I would appreciate any advice on this matter. I was thinking about filing bankrupcy but not sure if that would be a good idea or not. Please help with advice. Thanks
I am sorry to hear about your situation. You are by no means alone, and you should know that there are numerous types of assistance available to people in your situation. Given your current situation, I can think of a few options that might help you. I will explain each one of these options together with their pros and cons, below:
Debt Consolidation Loan: If you own a home, a secured debt consolidation loan may be right for you (what you mentioned as refinancing your home). This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. Also, be careful before you borrow money against your home to pay off credit cards and other unsecured loans; you will be converting what was previously unsecured debt into secured debt. This could cause you problems down the road if for some reason you are unable to make your payments, or if life circumstances force you to file bankruptcy, as you may not be able to discharge the secured debt as you would unsecured debt. However, secured debt consolidation loans work for many people, so this is an option to consider carefully– Please visit the loan page and find a loan that meets your needs at: http://www.bills.com/mortage/refinance.
Negotiated Debt Settlement: Rather than making monthly payments to your creditors, these programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. These programs usually take only 2-3 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner. In many cases they can also reduce your monthly payment toward your debt. There is one major drawback to debt settlement programs, though–they will significantly damage your credit while in the program and for at least a year or two afterwards. However, if you are currently unable to afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt. Because of your financial difficulties, you may want to stop focusing on the importance of your credit score. Although you may have a good credit score, because of your low income and large debt amount, most lenders will likely see you as a high risk borrower, and may not be willing to extend you credit, so your actual credit rating may not good as you believe. A debt settlement program is probably the fastest way to resolve you debts, and once you repay your debts, you should be able to rebuild your credit score through careful management of your credit accounts. A good resource there is at: http://www.freedomdebtrelief.com/
Chapter 13 Bankruptcy: A Chapter 13 bankruptcy, also called a “wage-earner’s bankruptcy,” allows you to propose a plan to repay creditors over time–usually five years. Your monthly payment amount will be based on your monthly disposable income as defined by the bankruptcy code. After you have made payments to your creditors for five years, any remaining unsecured debts will be discharged. Chapter 13 is commonly used by debtors whose assets exceed the exemptions offered by state law. It is also used by many consumer debtors who do not qualify for Chapter 7 relief under the means test, which went into effect in 2005 with the Bankruptcy Reform Act. If you are considering filing bankruptcy, you should consult with an attorney to find out if bankruptcy will benefit your financial situation. I encourage you to read more about bankruptcy at the Bills.com Bankruptcy Information page at http://www.bills.com/bankruptcy
Hopefully, one of the several options I have described above may be able to help you. I encourage you to explore the Bills.com website, http://www.bills.com/debthelp to read more about these and other options available to you.
I hope this information helps you Find. Learn. Save.
Good Luck,
How long does it take to find out how much you car payments can be lowered to?
I am financing a new automobile from a Nissan dealership, and I was told if I come back in 4 to 6 months my payments will be lowered. For me it has been that long. So I went back to the dealership and the gentleman that takes care of the financial part of the dealership, the same person I spoke to when I financed my car, had me fill out another application, and he is now telling me that it will take 7 to 14 business days to get an answer back from the bank. He is also now saying that they will send me the contract to look over, and if the amount that they lower it to does not look right he will try to get me into a cheaper car. Is this true, and does it take that long to hear from a bank for a refinance?
I work in sales for a large Chevrolet Dealership.
Here is the deal - They are trying to play games with you. I am guessing that if he said to come back and try to lower your payments is because you had so/so credit when you bought this car and are paying a higher interest rate.
If he said 4 to 6 months, he is an idiot. #1, it takes at least 2 months for your first payments to even hit the credit bureau. #2 There is no way, in that short period of time he can lower your payment since basically you have just paid interest up until this point. You have already made 4 or 6 payments. I am sure that your loan term is a minimum of 72 months, maybe more.
If he was able to lower it, you will just be starting all over again, and have 72 more payments (or more). And believe me, they won't drop much.
What he really wants, and I mean really wants you to do, is somehow trade your vehicle in and buy another cheaper vehicle. The benefit to him, is he gets to make more money off you again, and screw you into another vehicle. He will bury the serious negative equity you have in this car into the next car, which REALLY puts you in a hole that you don't want to get into.
My advise is, go to a local bank or credit union and try to get the car refinanced for a lower rate. Whatever you do, DO NOT go back to that guy at the dealer and let him do anything. Yous hould be done with him, and that dealer forever. Evrything they are trying to do is to benefit the dealership and the salesman, and NOTHING to benefit you!
Stay far away, and good luck!
Need around 3000.00 asap!!?
Okay I am in some major debt and I already have a loan at my bank for my car and I need about 3000.00 for bill consolodation and to fix my automobile...
I have bad to fair credit and I need this money as soon as possible. I really need to get things back on track so I am not so stressed out!! :-(
I already have a car loan school loans and 1 personal loan.
I am willing to pay around 200.00 a month..
Please give me some advice on where to go or what to do...
I heard maybe refinancing my car will get me some money upfront but I am unsure of what that is...
anyways thanks so much in advance for your time :-)
try prosper.com !
refinance your automobile - News
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Get Your Auto Financing in minutes - BigNews.biz (press release) Get Your Auto Financing in minutes Before you refinance your auto loan you think that how to refinance your auto loan and what is refinance auto loan? The refinance auto loan is a loan that |
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Refinance Auto Loan for good Credit or Bad Credit - BigNews.biz (press release) Refinance Auto Loan for good Credit or Bad Credit Refinance your car loan the old loan is paid in full and it’s replaced by a new car loan or auto loan. Auto refinancing for people with no credit, |
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Should You Declare Bankruptcy? - Alibaba News Channel Should You Declare Bankruptcy? If that doesn't work (and chances are, it won't), she should seek help from a local credit union that could refinance the loan at a lower interest rate. |
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Dave Ramsey: Don’t let your car own you - Galesburg Register-Mail Dave Ramsey: Don’t let your car own you We both got $500 limit credit cards to help rebuild our credit rating so we could refinance the car at a lower rate. Can you give us any other advice? |
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Orman: 'Make every penny count, and count every penny' You need to be able to pay your mortgage payment or rent in order to keep that house over your head. You need to be able to possibly have a used car to get |