Improved Credit Score Spells Mantra for Bad Credit Mortgage Approval

Improved Credit Score Spells Mantra for Bad Credit Mortgage Approval

Bad Credit condition of an individual is considered as the worst imagination as creates long lasting impression on future finance planning's. All future dreams related to mortgage loans will remain on a shaky track. Don't worry we are here to help you out of this condition. Just follow the mantras revealed in below mentioned lines get taste the dreamed mortgage even if you suffered the effects of Bad Credit Mortgage:

In order to get cent percent financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. So go ahead and follow below mentioned mantras to come out of Bad Credit Mortgage:

? Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score. Once you have done this, get a letter of notification that the account is paid off and talk to your lender.
? Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just the one. Make sure the bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed

? Pay down open credit line balances. If you can even pay down the balances on any open lines of credit, this will boost your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.

? Once you have used some of these techniques to improve your credit score, be persistent about contacting and applying with many different bad credit mortgage lenders. Many bad credit mortgage loan brokers claim that if they can't do the loan, then no one can. That is simply not true.

Generally all mortgage loan brokers have connections with many different lenders and loan programs. What may be impossible with one, can be very possible with another broker. If your score is around 600 or slightly higher, you will probably have a pre-payment penalty. Pretty much all bad credit mortgage loans will come with a pre-payment penalty. Talk to your lender about the details of the pre-payment penalty. Find out how long the penalty will last and exactly how much money the penalty is. How much is the fine for pre-payment on the loan? This is an important factor to consider when comparing lenders.

To get an approved for a bad credit mortgage loan, be punctual, work on your credit score as much as you can to get it above that 600 mark and apply with or contact many lenders to compare mortgage loan programs. Bad credit mortgage will be a reality once of follow mantras spelled in above lines. Search for the best bad credit mortgage option from the market as this concept follows a never ending trend of ups and downs.

About the Author/Author Bio
Bad Credit Mortgage | Secured Loans | Debt Consolidation /
By Expert Author: Anand Kumar

Improved Credit Score Spells Mantra for UK Bad Credit Mortgage Approval

Improved Credit Score Spells Mantra for UK Bad Credit Mortgage Approval

Bad Credit condition of an individual is considered as the worst imagination as creates long lasting impression on future finance planning's. All future dreams related to mortgage loans will remain on a shaky track. Don't worry we are here to help you out of this condition. Just follow the mantras revealed in below mentioned lines get taste the dreamed mortgage even if you suffered the effects of UK Bad Credit Mortgage:

In order to get cent percent financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. So go ahead and follow below mentioned mantras to come out of UK Bad Credit Mortgage:

? Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score. Once you have done this, get a letter of notification that the account is paid off and talk to your lender.

? Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just the one. Make sure the bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed

? Pay down open credit line balances. If you can even pay down the balances on any open lines of credit, this will boost your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.

? Once you have used some of these techniques to improve your credit score, be persistent about contacting and applying with many different UK bad credit mortgage lenders. Many bad credit mortgage loan brokers claim that if they can't do the loan, then no one can. That is simply not true.

Generally all mortgage loan brokers have connections with many different lenders and loan programs. What may be impossible with one, can be very possible with another broker. If your score is around 600 or slightly higher, you will probably have a pre-payment penalty. Pretty much all UK bad credit mortgage loans will come with a pre-payment penalty. Talk to your lender about the details of the pre-payment penalty. Find out how long the penalty will last and exactly how much money the penalty is. How much is the fine for pre-payment on the loan? This is an important factor to consider when comparing lenders.

To get an approved for a UK bad credit mortgage loan, be punctual, work on your credit score as much as you can to get it above that 600 mark and apply with or contact many lenders to compare mortgage loan programs. UK Bad credit mortgage will be a reality once you follow mantras spelled in above lines. Search for the best UK bad credit mortgage option from the market as this concept follows a never ending trend of ups and downs.

About the Author/Author Bio
Bad Credit Mortgage | Secured Loans | Mortgage Refinancing
By Expert Author: Anand Kumar

Keeping Debt Under Control

Keeping Debt Under Control

Unfortunately, most people don't attempt to get their debt under control until it is too late. Once you have bad credit, it is difficult to get it under control, especially if you have a costly lifestyle. While anyone can get hit with an unexpected expense, there are a number of things you can do to avoid having bad credit, and if you should get into a situation where your credit is less than desirable, there are a number of things you can do to repair it. If you are thinking of using your credit card to pay for something, you should stop and ask yourself if you can pay it off within a month or two.

If the answer to that question is no, this is a sign that you should avoid buying it. Many people make the mistake of using their credit cards to buy things they don't need. More often not, shortly after buying these products, they will find themselves in a situation where they really do need money for something that is crucially important. The best way to keep your credit under control is to minimize the use of credit cards. Try to use cash as much as possible to pay for things, especially every day items. If you want to make a large purchase, putting away money for it may be a smarter option than using you credit card to purchase it.

Under no circumstances should you only be paying the minimum amount on your credit cards. This is fruitless, as it will take you years to pay off the balance due to the interest rate. It is also important for you seek help if you need it. There are a number of debt management programs that can help you get your credit under control, but they won't be able to help you if you don't bother to ask for their assistance. When it comes to bad credit, prevention is the most important factor.

It is more difficult to repair bad credit than it is to avoid having bad credit in the first place. In the end, your personal finances will come down to your responsibility. Banks and credit card companies make billions of dollars per year off the irresponsibility of their customers, and when you owe so much that you find it hard to pay back, you have just put yourself in a situation where you will be paying the credit card companies your hard earned money for many years to come.

About the Author/Author Bio
Fix your credit fast and legally by reading Credit Revived.
CreditLiberty.com is a great site for people with bad credit. Check out their section about getting a bad credit auto loan.
By Expert Author: Jake Truman
Article Source: http://www.articlesphere.com/

The TRUTH About Creating An Alternate Credit File

The TRUTH About Creating An Alternate Credit File

What if I told you there was a way you could solve all your bad credit problems overnight by creating a brand new credit file in 24hrs - would you be interested? And what if I told you this program was 100% legal and even backed by the federal government - would that sound too good to be true?

Well... you're right. It is too good to be true but these types of ads are now surfacing again after the Federal Trade Commission launched "Operation New ID Bad Idea" over 8 years ago. This operation targeted (and took down) over 50 credit repair organizations and companies selling consumers both pamphlets and services giving them a brand new credit file under the pretense it was 100% legal and in some cases even claimed it to be a "government sponsored" program!

The con was simple. Companies would target consumers with bad credit and offer to create a brand new credit file for them by substituting an Employer Identification Number (EIN) for their Social Security Number (SSN) along with a new address. EIN's were obtained from the Internal Revenue Service on behalf of the consumer. With the EIN and a new address the companies would either have the consumer apply for credit with the "new information" or the company would apply for them. When the creditor would run the application it would automatically create a new credit file because the computer would be unable to find the consumer in the database due to the new address and SSN.

While there is some dispute among privacy experts as to whether or not this is legal, the FTC's actions at the time were not up for debate. Companies were advertising and luring in consumers in order to have them falsify credit applications by providing new information such as their address and SSN in order to obtain credit. This was a direct violation of the Truth in Lending Act (TILA) and worse yet, the companies were advertising to consumers that this was 100% legal and in some cases claiming it was a government sponsored program. As you'll hear me say often "In reality, nothing could be further from the truth".

Privacy experts will argue that using an EIN or 9 digit PIN (simply a made up number) in place of ones' SSN is completely legal since creditors are on shaky ground asking for your SSN in the first place. In regards to the truth in lending act they will argue that one has to exhibit "an intent to defraud" a creditor. My question "Is concealing ones' adverse credit history intent in itself?" While I am not an Attorney on the matter of credit law I can conclude that if a consumer was to create an alternate credit file using the EIN or PIN method they better be darn sure they never have a problem paying their bills. If they do, they most likely would find themselves in a courtroom with a case involving credit fraud. Which brings me to my next topic.

How To Create An Alternate Credit File Legally
Most consumers are unaware that in addition to consumer credit reports, both Experian and Equifax own and operate business credit reporting services. By creating a business credit profile a consumer can now create an alternate credit file legally. While some creditors such as residential utility companies will not allow you to use business credit in place of personal credit, we have had numerous clients who have successfully used business credit to obtain credit cards, automotive leases and loans. This technique (although controversial) can be very effective when done properly.

The basics of building business credit involve:
1.) Setting up the proper structure for your business (i.e. Corporation, LLC, etc.).

2.) Obtaining an EIN as well as a DUNS number (Dunn and Bradstreet).

3.) Borrow and/or buy products and services from vendors who reports to business credit reporting agencies such as Experian, Equifax and Dunn and Bradstreet. While building business credit requires time just like personal credit, don't get discouraged. Remember, when you set out to begin building your business credit you are starting with a clean slate. This is when it becomes imperative that one learn from the mistakes of their past. Remember, in the credit world those who do not learn from their past are (inevitably) doomed to repeat it.

About the Author/Author Bio
The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by Consumer Publishing Group. For more information on the "CREDIT SECRETS BIBLE" you may visit: www.credit-secrets-bible.net
By Expert Author: Sean Matteson
Article Source: http://www.articlesphere.com/

Five Things Every Woman Should Know BEFORE Signing Any Credit Application!

Five Things Every Woman Should Know BEFORE Signing Any Credit Application!

Have you ever wondered if banks have a tendency to approve credit cards and loans for one sex more than the other? If you are married (or plan to be) I will share with you five vital keys every married person should know before signing any credit application.

VITAL KEY #1: According to the Federal Equal Credit Opportunity Act (FECOA) creditors cannot deny consumers access to credit because of their sex. However, on average (in surveys) it's reported that women earn less money than men. Regardless of what the FECOA states, the relationship of credit to income is very strong.

In our society if you make less money you will get less credit, period. The sad fact is that women on their own have less access to credit. It's for this reason (I believe) it is imperative that women learn and acquire more knowledge about credit than men. Knowledge is power; and in the world of credit that knowledge will often times prove to be priceless, especially for women.

VITAL KEY #2: If you are a married woman with JOINT credit (meaning all your credit accounts are jointly held with your husband) you have NO CREDIT yourself. Many women in America find this out the hard way every year when they get divorced and lose all their credit privileges since all their accounts were jointly held with their spouse. If you are a woman in this position you can greatly benefit by beginning to build your own credit in your own name starting today! The benefits are two fold.

1.) If your spouse has financial difficulties (for any reason) and is forced to file bankruptcy or their credit becomes derogatory, you and your spouse will have your credit in reserve to survive on.

2.) If you ever get divorced down the road (over 50% do and 76% in the state of California) you will NOT end up in financial hardship due to no credit and/or derogatory credit. Instead, you will have your credit to transition to and (believe me) this can be the difference between sailing off in the sunset or drowning in a storm.

VITAL KEY #3: If you are currently married (with some credit or no credit) to a spouse who has excellent credit, you can leverage their credit to build credit in your own name much faster than if you had to build it by yourself. Later, once you have established enough accounts on your own, you may choose to cancel accounts that were held jointly with your spouse.

VITAL KEY #4: If you are a single woman with excellent credit and are getting married you may want to think twice about adding your new lover to all your credit accounts. If he messes up or you end up in divorce down the road your credit will end up taking the beating (regardless of how many years you diligently spent building it up). For this reason, I strongly suggest married couples keep their credit separate. Why?

In most cases spouses have far more to lose than to gain. Of course, some credit will have to be joint no matter what you do. If you purchase a home (which will possibly require both incomes to qualify) this will appear as a joint account on the credit report. However, the potential abuse with a home mortgage is almost non existent as opposed to Credit Cards.

VITAL KEY #5: Spouses have more to gain by each building strong individual credit reports rather than joining all accounts and building one joint report. For obvious reasons, banks and credit card companies love the "credit ignorance" of spouses who join all their credit accounts upon marriage.

Here's why: If you take 500,000 couples with credit before they got married, those 500,000 couples actually represent one million credit accounts and liabilities for the banks and lenders. When those couples got married, those one million credit liabilities were instantly were cut in half from one million to only 500,000. For banks this is a very advantageous situation. For the couples getting married (if they have financial trouble) the deal is a little raw. If they have trouble, although they are two people, they are represented by only one credit report. The bank now has the right to go after two different people for one account (regardless of who was financially negligent).

For moment, let's play out the same scenario with a couple which is financially savvy (note: they're both on the same "team" but financially savvy). In this scenario, the couple gets married, but instead of joining account each builds their individual credit reports. Now this couple (team) has not one credit report representing them but two. Metaphorically, if the perfect storm (financially) is to rise, this is the difference between the couple being in the ocean with two ships instead of one. If the one ship starts to sink, the couple can always "jump ship" to the second.

While some may criticize this thinking it is no different than buying any kind of insurance. You buy insurance not because you plan on a problem. You buy insurance because you are thinking ahead. This type of thinking is no different. However, if you want to be ahead of the pack that you need to think ahead of the pack.

I cannot tell you how many times I have talked to loving married couples in financial trouble who only WISHED they would have known about these five vital keys before they got into financial trouble. Take them, study them, apply them to your life. As I heard one woman put it "In business and in life I've learned to expect the best but plan for the worst". I thought her words were brilliant. However, I have found that when I expect the best... many times I tend to get it! Take these five vital keys. Study them. Apply them. Then pass them on to someone else who can benefit from them.

About the Author/Author Bio
The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by Consumer Publishing Group. For more information on the "CREDIT SECRETS BIBLE" you may visit: www.squidoo.com/credit-secrets-bible/
By Expert Author: Sean Matteson
Article Source: http://www.articlesphere.com/

Tips for becoming a Preferred Borrower

Tips for becoming a Preferred Borrower

If you have recently been refused credit then there is a strong possibility that there is something adverse on your credit record. The easiest way to find out what this may be is to take a free trail with one of the major credit bureaus - Equifax or Experian. Only then will you be able to see in detail what creditors see when they would out your credit rating and decide whether on not they are willing to lend to you.

Repayment default and CCJ will remain on your credit report and as such effect your credit rating and ability to borrow for six years, even if these have since been settled. This is why during the six years after any default you may be turned down for credit.

If you are having trouble getting credit and don't know of a reason it is worth checking out the information held about you. Should your history contain any erroneous information, you should send a 'statement of correction' to the agency - and also investigate the other agencies. All lenders forthwith will see your statement and may take this into consideration when considering you for credit.

There are several factors a lender looks at when deciding whether to give you credit or not. These include age, income, and your current debt obligations.

Lenders can also look at family history - for example, it is important if you are estranged from any family members to ask the credit agencies for separate files, so other people's history does not affect your status.

The most important part of your credit record in the lenders eyes is your credit history - i.e. how many payment you have made on time or rather missed over the last six years. This account for around 35% of your personal rating.

One of the best ways to ensure an improved credit rating is actually to borrow more - as long as you demonstrate that you are able to pay your debt off quickly, the better your rating will become over time.

You might think that closing old bank or credit card accounts with no outstanding payments will simplify your life - however, doing so actively shuts the door on that credit knowledge. In other words, your credit file will not acknowledge cards paid off in full if you close the account.

There are of course specialist lenders who deal with clients who have a bad credit history, even CCJs, so if you are still finding it hard to access the funds there are still options available to you and it can be a foothold on the credit ladder, enabling you to demonstrate your ability to fulfill your obligations to your lender.

About the Author/Author Bio
Consider consolidating your debts with 6.9% APR typical on loans of ?7,500 or more from RBS.
By Expert Author: Peter Spyr
Article Source: http://www.articlesphere.com/

Top 5 ways To Improve Your Credit

Top 5 ways To Improve Your Credit

Your credit rating is extremely important to your financial future, and those with a low credit rating will often find it difficult to get any sort of finance until their credit improves. This could affect your abilities to get anything from a credit card or loan to a mortgage or car finance, and as a nation that relies heavily on credit this could spell disaster for many.

Your credit rating can be adversely affected in a number of ways. Most commonly is failure to make bill and finance repayments on time or defaulting on payments altogether. However, other factors such as association with those with bad credit or being the victim of identity theft can also affect your credit rating - as can a simple human or computer error by credit reporting agencies or agencies that register details with these companies.

There are a number of ways in which you can help to improve your credit or maintain good credit. This includes:

1. Always maintain timely repayments on bills and financial obligations, as this will help to maintain good credit. If you already have a tarnished credit history or rating make sure that you focus on making all of your repayments on time and for the amount s requested to try and start improving your credit.

2. Keep a check on your credit report. This can easily be ordered from the credit reporting agencies. Monitoring this will enable you to check that no errors have been made that could be affecting your credit rating, and will enable you to identify any cases of fraudulent activity that could also be affecting your credit.

3. If you already have poor credit consider taking out a credit card or loan that caters for those with bad credit. By taking out a bad credit loan or credit card, and making sure that you make the repayments on time and for the amounts requested, you can start to slowly bring your credit back up.

4. Focus on paying off your debts. If you have a high level of debt then you run the risk of falling behind with repayments and adversely affecting your credit. By clearing the debt as quickly as possible you can reduce this risk. If you already have bad credit and are in debt, you could see improvements in your credit rating by clearing the debts as quickly as possible and ensuring that you pay at least the requested amounts on loans and bills each month.

5. Look out for scams that offer fast solutions to repairing credit. These usually charge a fee and offer only a temporary reprieve by questioning any factors that may be affecting your credit. The best way to repair your credit is to be sensible and responsible about repaying your debts and paying your bills, and although it may take some time this is the most effective long term solution to credit repair.

About the Author/Author Bio
Loans4 provide Homeowner Loans for UK homeowners. Please visit Loans4.co.uk for more finance related news.
By Expert Author: Arthor Pens
Article Source: http://www.articlesphere.com/

Boost Your Business With Effective Financial Management

Boost Your Business With Effective Financial Management

Working Capital, to put it briefly, refers to a business organization's total current assets (short-term ones), marketable securities, accounts receivables, inventory, and cash. Management of the financial segment is a great responsibility that demands equal attention on investments as well as sources of income (both long term and short term). In fact, a business firm can never enhance its value if it fails to survive initial hiccups in the short run. Hence, efficient management of finances is essential for any business to survive.

Strategies to finance short-term working capital needs much greater attention than are usually practiced. Precisely speaking, there are two short-term working capital financing options; business cash advance programs and short-term commercial mortgage loan programs that have been often overlooked. But these two working capital funding options are excellent for small and new business ventures to ward initial financial obstructions off their way. Business cash advance is one of the best financing options for businesses accepting credit cards as mode of payment. Speaking of benefits, business cash advance offers great help even to prospering businesses. For instance, even thriving businesses need working capital that might not be borrowed from a bank. Under these circumstances, business cash advance or merchant cash advance programs come to the rescue. Retail chains, bars, and restaurants, service businesses are highly benefited from these finance programs.

Receivable factoring or "credit card factoring" is another unique working capital management strategy, whereby the businesses sell their future receivables at a discount. However, it is not possible for all small businesses to document their receivables in order to qualify for this financing option. The documented sales volume and credit card sales activity of these small businesses serve as financial asset to attain a business cash advance or a merchant cash advance.

Not negating the importance of short-term working capital loans, it is also necessary to understand the importance of long-term working capital management. While planning to finance your business long-term, make sure to get hold of a long-term commercial mortgage for at least 15-20 years. In a few cases though it becomes essential to avoid long-term commercial mortgage loans and opt for its short-term counterpart. This would especially be applicable for those who intend to sell or refinance their business within one to five years. In fact, availing short-term commercial mortgage loans comes with the added advantage of negating prepayment penalties and "lockout" fees, normally associated with long-term loans.

There are few lenders providing effective services for both these financial strategies. Hence, working capital loan in the form of business cash advance programs or commercial mortgage loans should be chosen with great care.

About the Author/Author Bio
Suzanne Macguire is an Internet marketing professional with expertise in content development and technical writing in a variety of industries. Working Capital Financing
By Expert Author: Suzanne Macguire
Article Source: http://www.articlesphere.com/