Credit Cards For Fair Credit » Mortgage Companies http://credit-cards-for-fair-credit.com Credit Cards For Fair Credit Fri, 25 May 2012 11:07:58 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Which of the 3 credits scores is considered my FICO score? How is my FICO calculated? http://credit-cards-for-fair-credit.com/7020/which-of-the-3-credits-scores-is-considered-my-fico-score-how-is-my-fico-calculated/ http://credit-cards-for-fair-credit.com/7020/which-of-the-3-credits-scores-is-considered-my-fico-score-how-is-my-fico-calculated/#comments Sat, 25 Sep 2010 22:33:40 +0000 Author

My mortgage is a 5 yr ARM @ 4.75 and I want to lock in at the best rate. I have a vehicle lease that matures in June and want to make a new car purchase. Both attempts will require a credit check. Which credit score do mortgage companies and car dealerships use to help me get the best interest rate?


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]]> http://credit-cards-for-fair-credit.com/7020/which-of-the-3-credits-scores-is-considered-my-fico-score-how-is-my-fico-calculated/feed/ 2 can I get a better rate if I use a VA loan to purchase a home? http://credit-cards-for-fair-credit.com/5301/can-i-get-a-better-rate-if-i-use-a-va-loan-to-purchase-a-home/ http://credit-cards-for-fair-credit.com/5301/can-i-get-a-better-rate-if-i-use-a-va-loan-to-purchase-a-home/#comments Sun, 22 Aug 2010 15:52:19 +0000 Author

do mortgage companies give a break to veterans? I am retired, have fair credit, but want to mimimze my monthly payments on a 30 yr fixed loan.


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]]> http://credit-cards-for-fair-credit.com/5301/can-i-get-a-better-rate-if-i-use-a-va-loan-to-purchase-a-home/feed/ 1 Does anyone know of any banks/mortgage companies that do stated income home mortgages with fair/good credit? http://credit-cards-for-fair-credit.com/4779/does-anyone-know-of-any-banksmortgage-companies-that-do-stated-income-home-mortgages-with-fairgood-credit/ http://credit-cards-for-fair-credit.com/4779/does-anyone-know-of-any-banksmortgage-companies-that-do-stated-income-home-mortgages-with-fairgood-credit/#comments Thu, 12 Aug 2010 04:48:26 +0000 Author


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    ]]>     http://credit-cards-for-fair-credit.com/4779/does-anyone-know-of-any-banksmortgage-companies-that-do-stated-income-home-mortgages-with-fairgood-credit/feed/ 1     Does the following apply for credit card applications also? http://credit-cards-for-fair-credit.com/2421/does-the-following-apply-for-credit-card-applications-also/ http://credit-cards-for-fair-credit.com/2421/does-the-following-apply-for-credit-card-applications-also/#comments Sun, 27 Jun 2010 07:13:55 +0000 Author

    I read following somewhere ...
    "hard inquiries (the ones that show up when you actually apply for credit) only affect your score after 2 weeks. The formula for your credit score excludes the number of inquiries that you have had over the past two weeks. The credit bureau got wise to the fact that people apply for credit at a lot of places at once and that their score shouldn't suffer because of it."
    Does this apply towards our credit card applications also ..I thought it only applies when we compare rate with various auto or mortgage companies..does this apply for credit card companies as well?


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    ]]>     http://credit-cards-for-fair-credit.com/2421/does-the-following-apply-for-credit-card-applications-also/feed/ 1     How to Avoid Bankruptcy, and Get Ripped Off http://credit-cards-for-fair-credit.com/8/how-to-avoid-bankruptcy-and-get-ripped-off/ http://credit-cards-for-fair-credit.com/8/how-to-avoid-bankruptcy-and-get-ripped-off/#comments Fri, 16 Oct 2009 15:05:42 +0000 Admin http://credit-cards-for-fair-credit.com/?p=8 First and foremost, I am not an attorney and I cannot give legal advice. However, I have spent 20 years approving and administering retail and mortgage credit. Doing so, I have helped many a customer tweak or repair their credit in order to qualify for the particular loan they have applied for. This often requires me to explain the fundamentals of credit repair as well as undo many of the misconceptions borrowers have picked up over the years.

    One of the most egregious misconceptions people make in an attempt to avoid bankruptcy is the use of consumer credit counseling services (CCC). At best, these companies are a rip-off, and at worst they’re crooked. When you use (CCC) services it is almost always notated on your credit bureau by the credit repositories or by your individual creditors. When mortgage companies see “CCC” on your credit report it’s treated exactly like a bankruptcy.

    The pitch

    • You can avoid bankruptcy – This is their primary pitch. They prey on people who are terrified of the stigma of bankruptcy. The truth is, CCC programs mimic chapter 13 bankruptcies without the protection that bankruptcy provides.
    • We can settle your debt for less – So can you, so can a bankruptcy attorney, plus they can give you protection from legal action from your creditors.
    • We take all of your payments and bundle them into one low payment – So can you, simply call the creditor and tell them “it’s bankruptcy or lower payments, which would you prefer”?
    • We work with all of your creditors for you and stop the harassing phone calls – The FDCPA (Fair Debt Collection Practices Act) gives everyone the right to stop the phone calls, simply Google the acronym above and follow the directions.
    • We will repair your credit – Yea, in seven years or longer. Bankruptcies stay on your bureau for 10 years, slow payments for seven. When you make partial payments to the creditors they report the slow payments each and every month.

    This means that the credit bureaus will report your slow payments for as long as you are working the repayment plan, which can be years. Your credit will begin to heal ONLY after you have made the last payment. Bankruptcies are like a Band-Aid, once you rip it off the wound begins to heal.

    We have secret tactics that only we can use – Bologna! (Expletive Omitted) Read the FDCPA and the FCRA for every “secret tactic” that is legal.

    The truth

    CCC services can’t do anything that you can’t do for yourself. They make money from their clients, (you), collection companies and your creditors. In fact, most creditors have become so annoyed with their “service” that they refuse to speak with CCC services, even when they have permission from you to do so.

    Using CCC services will ruin your credit the same bankruptcy, take longer for your credit score to heal and cost you extra money. Not to mention this is all done without the protection from your creditors that bankruptcy provides. Meaning, the credit card companies can place a lien on your home or get a judgment against you anytime they like. Not so with bankruptcy.

    In closing, I am not a proponent of bankruptcy; nor am I against it. I am simply looking at the situation from a pragmatic point view. Everyone’s credit situation is different and requires a unique approach when seeking to repair it. Just know this; you have all of the power to repair your credit at your fingertips without having to hire someone else to do it for you.

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