Secured Credit Cards- Consumer Tips
Whether you have no credit or damaged credit, secured credit cards are a good tool for building a good credit history.
Several months ago Tom, a member of CreditBoards.com, filed for a Chapter 7 Bankruptcy. Now he is in the process of rebuilding his credit history. It’s a task that is not easy, but with patient persistence he is seeing progress already. Daily he checks his credit score and is slowly seeing improvement.
1 - In addition to correcting every mistake, even the smallest ones, on his credit report, he is using a secured credit card.
2 - This secured card is an important tool in the overall process of building or rebuilding credit.
Who should consider a secured credit card?
Someone who has no credit history.
Someone with a damaged credit history.
What is a secured credit card?
Secured cards are credit cards opened with a deposit into a savings account, money market or certificate of deposit. The amount of deposit required varies from card to card, but generally minimum amounts range from $250 - $500. These funds are considered your security and will even earn a little interest since they are being held in a savings account. Your credit limit is determined by the amount you deposit into the savings account. Sometimes the limit will be for the full amount of the deposit; other times it will be a percentage of the total.
Your Dry Cleaner?s Double Standard
Women are charged more for dry cleaning services. Don’t fume, find a better way. While it is true that the practice is unfair it is also true that we have options for keeping our clothes clean and holding onto more of our cash. Try some of these tactics to stem or stop the unfair flow of your dry cleaning dollars.
? Examine labels before you make a clothing purchase. Go for easy care (read machine washable) items whenever possible.
? Determine if dry cleaning is a suggestion or a mandate before you shell out big bucks. If dry cleaning is not necessary for the care of your fabric, consider gentle hand or machine washing.
? Investigate home dry cleaning products such as Dryel. These products work with a special bag and fabric-softener like cleaning sheet, and your dryer to freshen your clothing. You can find home dry cleaning products in the laundry aisle of your grocer or local discount store. Dryel and similar products typically run around $10.00 and clean 6-9 pieces, a significant savings over dry cleaning costs.
? Negotiate with your dry cleaner for better prices. Politely mention your concerns around gender price differentials and ask that your cleaner offer comparable prices for comparable fabrics.
Bridging the Gap ? through Bridging Loans
You were on your regular walk with your wife, and you passed by this house. Then the idea struck - you want this home. A chat with the property dealer and the price was fixed. But there was a problem - a major problem to be exact.
The house has to be purchased at the earliest. Or else it will be sold to some other customer. The problem now is - how can you arrange so much money, at so short a notice. You could have sold your house, but fear you won’t get a better deal, if you hurry.
Worry not! We can help you end your problems through bridging loans.
Bridging loan as the name suggests, is a loan to bridge the gap between the customer’s resources and the customer’s need. So it doesn’t matter what the customer earns, or what price will his house fetch on being sold. He can take a bridging loan to serve his immediate need.
Through a bridging loan he can have cash to pay for his new purchase, till the old home is sold.
Why a Mortgage Professional Beats a Banker Every Time — The Story Tells It All
The best way to explain why a mortgage professional is always better than a banker is to use an anecdote. My parents lived in the house I grew up in for 35 years, so it was finally time to move. They found a home they liked, made an offer, and signed a purchase agreement. After conferring with me, they decided to go to a bank ? one of the more well-known mortgage banks in the region. Of course, I thought a good mortgage professional would be better, and I told them I could follow the deal from start to finish, if they went with a company I previously worked for, but the bank they decided on offered a little better rate and lower fees, so they wanted to go with them.
I told them to go ahead, but I was nervous, knowing what I know about large banks, ones that are not wholesale lenders, who work with mortgage professionals. After many trips to the bank (remember, bank loan officers don’t come to you) that included plenty of hassles over paperwork, they agreed on a loan for their new home. The next step was to sell their house, so they could use the proceeds for a down payment and moving expenses. My parents had over $60,000 in equity and wanted to put a good chunk down on their new house and use the rest for expenses.
Stop Credit Card Offers
You can stop receiving credit card offers in the mail! It’s really easy to do - just phone 1-888-567-8688 and follow the prompts and provide the requested information including Social Security number, date of birth, etc.
Do this for every adult member of your household, including college students. Your “opt-out” status will be sent to each of the four credit bureaus (Equifax, Experian, TransUnion and Innovis). In four to six weeks, you will reduce the number of these kinds of offers.
Protect your identity, save a tree and make your postal carrier’s life easier, too!
Cindy Morus (http://www.cindymorus.com) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Contact her at 541-387-2995 or cindy@cindymorus.com. Get a free copy of the “Secrets to Negotiating Lower Credit Card Interest Rates” e-book when you sign up for the “Financial Freedom Monthly” newsletter at http://www.cindymorus.com/newsletter.asp .
Attention Ezine editors/Site owners: Feel free to reprint this article in its entirety in your ezine or website as long as you leave all links in place, do not alter the content and include our resource box as listed above. If you do use the material please send us a note (cindy@cindymorus.com) so we can take a look. Thanks.
Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years
If a mortgage could be paid off in five years or less, without it costing homeowners an extra cent, why wouldn’t every homeowner in America be doing it? Because they don’t know, or because they’re too wise? Although the former may be the case for many, I certainly hope the latter is the answer for most.
A real estate finance consultant company, who shall remain nameless here, claims it has the secret to paying off your mortgage in five years or less, without you paying any more on your monthly payment or adding to the principal mortgage of your real estate loan. They call it an inverse mortgage.
Now, this company, which is not a mortgage brokerage or a bank, claims that all you have to do is pay your mortgage payment every three weeks, instead of every four. In addition to this one tiny change, you’ll need to go to work for the company, recruiting other people to do the same. Of course, they say this is not a pyramid structure, although the way you cut into your mortgage and build wealth is by banking some of each payment that comes in for everyone you recruit, after the initial three. Incidentally, this company will take one of your payments at the end of the year for hiring you to recruit more people into their program.
Do You Need A Financial Planner?
No matter how much money you make, it pays to keep on top of money coming in and going out. Even if you do a good job of that, there are important times in your life when talking with a professional adviser makes sense.
Almost every major life event - finding or losing a job, getting married or divorced, having a baby, buying a home — is likely to have a major impact on your finances. A new job may mean you are making more money — no problem there as long as you know the best way to invest it. Getting married may mean you have a second income to count on, but now you have someone counting on yours as well. Buying a house means you have to come up with a hefty sum of cash for a down payment, get used to monthly mortgage payments and meet the expense of house repairs.
Let’s look at what happens if a baby comes into your financial picture. First, medical bills need to be paid, so having good medical insurance is important. Few insurance plans cover everything, so you’ll need to have a cash reserve to cover deductibles and extras, not to mention the furniture, clothing and sundries you’ll need when the newborn comes home.
Holiday Loans Can Expand The Horizon Of What You See
Why do kids get all the breaks? Winter-weary adults, fed up with gray, uninspired landscapes need spring vacation too. This year consider a get away to a room with an inspiring view. You have been cash-strapped and indeed desperate to go out of the four walls you have been living every day. Never seem to have the money for your dream destination? Apply for holiday loans.
In this wide web world there is a place for everything. Yes, a place for a holiday loan to take you to the place you have in mind for so long. Holiday loans are basically categorized under personal loans. Personal loans, as you must know, are loans taken to secure your personal requirements. The loan taken in order to go for a holiday is a holiday loan. A holiday loan can be both secure and unsecured. If you are a homeowner in UK then you can apply for a secured holiday loan in order to fund your vacation.
Hide That Car! Fighting the Repo Man
Vehicle repossession may appear justified in circumstances where a person is generally being irresponsible and otherwise able to meet this financial obligation. However, what about that hardworking guy or gal who paid their automobile note dutifully for three years, and missed one payment? Why should their car be repossessed?
Basically, the lender owns your car until it is paid in full. Therefore, one missed payment is considered a breech of your agreement. It gets worse. After they take your car, they can sue you for what is called deficiency. Deficiency is any amount still owed on your contract AFTER your lessor sells your repossessed vehicle at–let’s say–an auction. Often they sell the car for less than they expected you to pay to get your car back. What do they care if they are going to sue you for the difference anyway?
Financial Aid - When Should I Apply For?
Many different types of financial aid are available to you in the form of scholarships, grants, and loans. With billions of dollars at stake, it is important to begin the search process early and to apply on time. Follow these guidelines for applying for financial aid:
Three to four years before you plan to begin college?
-Review your high school coursework and activities. Colleges will look for challenging coursework, a good grade point average, and extracurricular activities such as sports, volunteer work, and community involvement. -Take the Preliminary Scholastic Aptitude Test (PSAT) to prepare for the standardized tests (SAT and ACT) that you’ll take later. If you do well on the PSAT, you may be eligible to receive a National Merit Scholarship.
Two years before you plan to begin college?
-Begin researching your financial aid options by talking to your career counselor and researching grants and scholarships through books and the internet -Start planning to take the SAT and/or ACT exams, depending on what is required by your college. -During your college visits, meet with a Financial Aid Officer to find out what types of aid are available.
As soon as possible after January 1 of the year in which you start college?
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