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Credit Improvement
Use cash when possible. It’s painless to pay with plastic compared to folding money. Businesses usually accept credit cards from the start because the 3% fee taken by banks for card purchases is more than offset by increases in sales.
According to federal law as long as a derogatory item is accurate it is allowed to stay on your credit report for seven years, up to ten for a bankruptcy. It’s also a violation of the law for anybody to claim to be able to erase negative information if it is current and correct.
So what should you do to cope? First, budget. No matter how much you earn, add up your realistic income, and look at your expenses. Out of every paycheck, no matter how small, save something for a rainy day. As we’ve seen recently, they’ve come more often than we’d like.
By Paul M. J. Suchecki
Tags: Credit Improvement, DTI, HTI, Obama Homeowner Affordability and Stability Plan...
No CommentsOnce you’re on a debt settlement plan, stick with it. Now that a new monthly payment is in place for the rest of your consumer debt, you can approach your mortgage lender with a fixed number that will encourage your loan servicer to work with you on reaching the Obama Plan’s 31% HTI.
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.”
- William Shakespeare, Hamlet. 1600
“To achieve important goals for the American people here at home… I encourage you all to go shopping more.” George W. Bush. 2006
What a difference four centuries make when it comes to [...]
The best way to lower your mortgage payments is to refinance. That’s the conventional wisdom when rates are low. By doing so you’ve fulfilled all of your contractual obligations and are simply taking advantage of lower interest rates for a better deal. But the rate you are quoted is directly dependent on your FICO credit score, [...]
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan mortgage first time home buyer tax credit Loan to Value Uncategorized Upside Down unemployment Real Life Stories Obama Financial Reform Obama Housing Plan Falling Home Value Refinance Lenders home value Credit Mortgage Revision economic news Loan Modification Foreclosure Help
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