Good Credit Scores Are A Result Of Good Money Management ….. Tony Coen

expertde — Fri, 27 Nov 2009 12:02:30 +0000

Expert Credit and Debt Guide

to Good Credit Scores

Have you recently been refused credit or have you looked at your credit score and found that you would be a marginal case if you applied for a loan. There are ways that you can improve your credit score and it is a good idea to take action as soon as you realise that your credit score may have been adversely affected. Something simple like maxing out your credit card at Christmas time can have a bad effect on your credit score. Taking action now to improve your credit score will make a huge difference to your financial status when you need to apply for credit or for a home loan. Check your credit score at least every twelve months and make sure that your three digit score is only ever increasing. At the first sign of the number reducing look for the cause and correct the problem. It may be something simple like a late payment of a debt so speak to your bank about making a scheduled payment on a fixed date each month so it is never paid late again.

There are many problems that are created by having a low credit score and with a lot of people this comes about when they are young and carefree and through some silly decisions their credit score is destroyed. Unless something is done to correct the situation then this poor credit rating can stop you from getting a housing loan when you get married. It can also effect your prospects in applying for a job or buying a car. Some little changes made in your life now can remove the possibility of having enormous financial strain and strain on your relationship if you are a family person.

There are many people interested in looking at your credit score or more importantly your credit history. A good score shows you as a person who diligently pays your debts when they fall due and a poor score will reflect badly on you and lenders may well decide that you should have to pay a premium in the interest rates, or worse still, they may be reluctant to loan money to you at all.

Pay your debts on time or if for some reason you will not be able to meet a payment on time then speak to the lender before the payment is due and explain your reasons and tell them when you will be able to meet your payment. If they know about it in advance they are unlikely to penalise you unless it has become a habit. Work hard to reduce your debts by stematically tackling them one at a time and eliminating them. There is no need to have multiple credit cards – one card is more than enough and reduce your reliance on that card and have it only for emergency funding.

See what changes you can make to your budget to free up some money to use to reduce your debts. I found to my surprise that I could save $160 each month by taking my lunch to work instead of purchasing lunch at work. I could then use that money, plus other money I saved with careful budget adjustments to eliminate my debts completely. I cannot begin to tell you how good it feels to have that debt burden lifted from your shoulders. I have seen some people suffer serious health issues caused by the stress created by the debts and the pressure they operated under because of the debts.

You will not be able to repair your credit score overnight but through patience and persistence you will improve your credit score. Take the first step today and start a debt elimination process in your life because, left unchecked, debts can ruin your life. You will be surprised how quickly you can reduce your debts when that is your primary goal.

Share and Enjoy:

Low Interest Rate Mortgage – Will It Work For Me … by Tony Coen

expertde — Wed, 25 Nov 2009 11:03:38 +0000

Expert Debt And Credit Repair Guide

To A Low Interest Rate Mortgage

Now that we appear to be making our way out of the financial mess known as the Global Financial Crisis there has never been a better time to have a good hard look at your finances. Take stock of your exact situation with your home loan, car loan, any personal loans, credit card bills and second mortgages. Assess the total cost of all of these arrangements and see if you can do a better deal either as one consolidated mortgage or as individual loans.

Your credit card rates may well be the highest interest rates that you are paying and it would be sensible to get them down to the same as your mortgage rate. Generally second mortgages attract a higher interest rate and you may well have to carry insurance as well. Depending on the equity you have in your home you may well be able to consolidate all your loans into the one mortgage account and it will often reduce the the monthly payments that you will be making.

Borrowers that have the highest equity in their property will of course benefit the most from consolidating all their loans because they will qualify for the lowest interest rates on their mortgage. When making your calculations it is important to look at the interest that you save and not just the reduction in your regular payments because they can be misleading.

Research on the internet in the first place and find lenders that have favourable interest rate offers. Contact the ones that look attractive to you and request a quote and their terms. Use an online mortgage calculator to compare the offers and the required monthly payments. Once you have your short list of lenders phone them up and speak to them about your individual circumstances and ask them for a further discount to bring them your mortgage business.

Particularly with mortgages there is a sizeable ongoing commission payable to any broker involved in the deal so your task is to speak to only principal lenders and try to eliminate the commissions to brokers. In this way you will find that the principal lender is happy to reduce the rates because he will not have to pay a broker commission every year.

Remember the key to succeeding and getting a low interest, consolidated mortgage is to do your research and to ask the right questions when arranging your new mortgage facility. The more equity you have in your home the better the deal you will be able to do. And there is no better time than right now to be doing this because you will get the best rate available and of course look into locking that good rate into a fixed interest loan on all or part of the mortgage.