Avoiding Credit Card Secret Traps
Credit card secret traps are the hidden side of plastic that keeps you in debt that is difficult to pay off. The main objective of credit card companies is for you to carry the largest balance you can possibly repay.
Trying to avoid these...
Credit Card Expenses are Killing Your Budget!
Do you know the costs associated with your credit card? Do your really know? Many people assume they do but aren’t aware of the hidden fees that many credit card companies are charging you month after month. In fact, if you don’t keep a close eye...
Credit Card Safety Tips
Credit cards are one of the great conveniences of modern life.
They eliminate the need to carry around large amounts of cash
for large purchases or emergencies. They make it possible to
make online and mail order purchases without having to wait...
Credit, Money and the Home
Did you know that money is mentioned in the bible more times that heaven or hell? Does the idea of telling your spouse what you spent on marketing send chills down your spine? Why? Because you have nothing to show for it…yet? Do you have a set...
Options for Individuals with Bad Credit
If you've had problems with your credit in the past, you might think that your options are extremely limited in regards to financial matters. While it's true that it can be more difficult to find loans and credit cards when you have bad credit, that...
Home Loans – Repair Credit Errors in Three Days!
Most consumers are aware that a history of paying bills late or not at all can hurt one’s ability to obtain a loan. All financial transactions are recorded by three credit bureaus and offered to lenders upon request in the form of a credit report. That report contains the all-important credit score, which determines whether or not the borrower is a good risk for a loan. If you have a poor payment history, you could be out of luck when you try to obtain a loan. The same applies if there are errors on your credit report that suggest that you may pose a greater risk to the lender than you really do. Traditionally, it has taken months to straighten out problems on a credit report, and borrowers who are eager to close on a mortgage or home equity loan may not have months to wait. What can be done? A relatively new mortgage-related product known as rapid rescoring can, in some instances, fix problems on a credit report in as little as three days.
We have covered the topic of credit repair in previous articles. The notion that there are companies that can fix bad credit reports is a myth. If you have a history of not paying your bills, no company you can hire can make that particular problem go away. The only way to fix that is to become responsible, pay your bills and retire your credit card balances. On the other hand, if you find yourself ready to buy a home and suddenly discover that there is an error on your credit report that will impair your ability to qualify for a loan or your ability to obtain a good interest rate, there may be a solution. Companies that specialize in rapid rescoring work with
both lenders and the credit bureaus to expedite the process of removing errors from a credit report. It’s not magic; you will need to provide written proof that the error is legitimate, but once you submit it to your lender, they can pass it on to the rescoring company, who will handle the rest of the transaction. The process is often completed in three business days, although it can sometimes take as long as two weeks. Still, that’s a tremendous improvement over the one to three months it may have taken in the past.
Rapid rescoring has turned out to be a lucrative business for the companies that specialize in it, and lenders love it because it helps more buyers qualify for loans. While it is a nice service to have available, most consumers would be better off preventing such errors in the first place. The best way to do that is to regularly check your credit report for errors and keep it up to date. You can obtain a copy for free from the free credit report Website. In a pinch, however, rapid rescoring has been a tremendous last-minute tool for saving borrowers from being turned away from the house of their dreams.