Archive for June, 2009
If the Banks & Lenders are being given nearly $1 Trillion,shouldn’t our Credit-Scores be given amnesty as well?
stealth asked:
…After all, most of the credit-scores in America, are horribly incorrect, and the reporting system is Flawed. Some of the Credit reporting is almost criminal, and has little basis in reality…
…After all, most of the credit-scores in America, are horribly incorrect, and the reporting system is Flawed. Some of the Credit reporting is almost criminal, and has little basis in reality…
Who designed this Nightmare?
If they are getting a break, why shouldn’t we?
A clean slate, means everyone starts at Zero…
Both consumers & lenders!
Rebecca
How did consumer credit counselors become a mandatory part of the bankruptcy process?
Posted by admin in Personal Finance on June 27, 2009
The Commissioner asked:
In 2005, it became the law in the United States that before a person could file for bankruptcy protection, they needed to complete consumer credit counseling.
In 2005, it became the law in the United States that before a person could file for bankruptcy protection, they needed to complete consumer credit counseling.
I am very interested in reading a case study about how they (the consumer credit counseling industry) pulled this off. I have a cursory understanding of the issue – the arguments, the changes to non-profit status, etc… so I don’t want just some high level, overview. I am much more interested in the steps and arguments they used to accomplish this.
Lucy
Refinance 6% mortgage for 2 homes on 10 acre lot to consolidate debt?
Posted by admin in Renting & Real Estate on June 25, 2009
Beth B asked:
Just added another manufactured home on permanent foundation,1600 s.f., year 2000, to our 10 acre property. We can split the lot into two 5 acre lots, so each house is on 5 acres. Property values are increasing 10-15%/year in this area, even in this market. We have a 6% mortgage, 2 years old, and a 13% second mortgage for about $14000. We have about $45,000 in consumer debt, credit score in low 600′s. Should we try to use the value in our property to relieve us of the high interest consumer credit? Would we be better off, considering our mediocre creit score?
Phyllis
Just added another manufactured home on permanent foundation,1600 s.f., year 2000, to our 10 acre property. We can split the lot into two 5 acre lots, so each house is on 5 acres. Property values are increasing 10-15%/year in this area, even in this market. We have a 6% mortgage, 2 years old, and a 13% second mortgage for about $14000. We have about $45,000 in consumer debt, credit score in low 600′s. Should we try to use the value in our property to relieve us of the high interest consumer credit? Would we be better off, considering our mediocre creit score?
Phyllis
How does the Dodd credit card bill help consumers?
vivayvida asked:
The bill allows people to take guns into national parks, good news for families I guess?
The bill suggest credit cards access fees to those who pay off their balance every month? The bill says that no matter what the initial interest rate is (meaning it can be much higher than it is now), credit cards cannot raise their rates if someone misses one payment (but can if they miss 2). Banks get money for almost 0%, yet credit card companies can charge whatever? TARP is giving them money and we have to pay whatever the companies choose to charge? I do not see any advantages to this bill. I suggest that all of us who pay off our balances each month not use our cards for 3 days and see if anyone gets a message. We can pay bills electronically with our bank accounts. So why not see if we can just quit using our credit cards for a while. Our government is encouraging banks to ream us with interest and bank charges and it is touted as a good bill? Why?
What’s in it for those of us keeping the system going?
To get companies to start re-hiring instead of firing, we need to cause more demand for products. CC are used to buy almost everything now.
The most important thing right now for all industries, including banks, is to get the consumer buying commodities again. If they want to turn things around, both the government and the banks should be in an enabling mode right now. Best way to prevent consumer die -off is to lower interest rates to a reasonable 7-10% (they pay almost nothing for the money at a cost to our future generations) and allow people to actually catch up on their debt balances, instead of making their customers into dead beats by financially ruining them with excessive interest rates and charges. This bill does not address this issue. It makes it legal for banks and CC to charge more, not less. Transparency isn’t going to help us right now. If the government enforced laws on the books at present, transparency wouldn’t be an issue.
Ralph
The bill allows people to take guns into national parks, good news for families I guess?
The bill suggest credit cards access fees to those who pay off their balance every month? The bill says that no matter what the initial interest rate is (meaning it can be much higher than it is now), credit cards cannot raise their rates if someone misses one payment (but can if they miss 2). Banks get money for almost 0%, yet credit card companies can charge whatever? TARP is giving them money and we have to pay whatever the companies choose to charge? I do not see any advantages to this bill. I suggest that all of us who pay off our balances each month not use our cards for 3 days and see if anyone gets a message. We can pay bills electronically with our bank accounts. So why not see if we can just quit using our credit cards for a while. Our government is encouraging banks to ream us with interest and bank charges and it is touted as a good bill? Why?
What’s in it for those of us keeping the system going?
To get companies to start re-hiring instead of firing, we need to cause more demand for products. CC are used to buy almost everything now.
The most important thing right now for all industries, including banks, is to get the consumer buying commodities again. If they want to turn things around, both the government and the banks should be in an enabling mode right now. Best way to prevent consumer die -off is to lower interest rates to a reasonable 7-10% (they pay almost nothing for the money at a cost to our future generations) and allow people to actually catch up on their debt balances, instead of making their customers into dead beats by financially ruining them with excessive interest rates and charges. This bill does not address this issue. It makes it legal for banks and CC to charge more, not less. Transparency isn’t going to help us right now. If the government enforced laws on the books at present, transparency wouldn’t be an issue.
Ralph
Online Application | San Francisco Giants® Extra Bases® Credit Card
College Credit Builder asked:
The San Francisco Giants® team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card issued by Bank of America. (www.giantscreditcards.com ). This rewards credit card is scoring big with avid baseball fans and credit card consumers across the country. Like many department stores, colleges and airlines have done for decades, Major League Baseball™ teams are now being displayed on consumer credit cards. These sports oriented rewards credit cards — a great way for fans to express their undying team loyalty – are proving to be a home run in the credit card industry.
Features offered by the Major League Baseball™ Extra Bases™ Credit Card from Bank of America include:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
During a period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly during difficult economic times. With the MLB™ Extra Bases™ credit card, Giants fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.giantscreditcards.com to complete the credit card application online in a few short minutes.
http://www.articlesbase.com/baseball-articles/san-francisco-giants-credit-card-major-league-baseball-extra-bases-mastercard-626554.html
Stephanie
The San Francisco Giants® team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card issued by Bank of America. (www.giantscreditcards.com ). This rewards credit card is scoring big with avid baseball fans and credit card consumers across the country. Like many department stores, colleges and airlines have done for decades, Major League Baseball™ teams are now being displayed on consumer credit cards. These sports oriented rewards credit cards — a great way for fans to express their undying team loyalty – are proving to be a home run in the credit card industry.
Features offered by the Major League Baseball™ Extra Bases™ Credit Card from Bank of America include:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
During a period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly during difficult economic times. With the MLB™ Extra Bases™ credit card, Giants fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.giantscreditcards.com to complete the credit card application online in a few short minutes.
http://www.articlesbase.com/baseball-articles/san-francisco-giants-credit-card-major-league-baseball-extra-bases-mastercard-626554.html
Stephanie
Unenforceable Credit Card Agreements | Advice | Write Off Debt Under the Consumer Credit Act 1974
Posted by admin in Personal Finance on June 23, 2009
Kerry Jonas asked:
UK Debt is a huge problem and is set to worsen. If financial problems are an issue, write off debt as a result of unenforceable credit card agreements.
If a credit card was taken out prior to April 2007 there’s a significant chance that it is an unlawful credit card agreement and it is possible to write off the debt. The Consumer Credit Act 1974 has a fundamental requirement that any agreement must comply with certain prescribed terms.
Examples of Unenforceable Credit Card Agreements
The interest has been incorrectly calculated.
The credit charges are not deemed to be fair.
No rate of APR is displayed.
There is no mention of any ‘cooling off’ period.
Settled Debts Cannot be Successfully Challenged
It is unlikely that settled debts can be recovered. A number of test cases have gone through the courts and none have been successful to date. Credit card debts that have been included in Debt Management Plans can be challenged.
What Happens if the Credit Card Agreement is Lost?
The lender has to send any information it holds on the debtor within a period of 40 days or it has committed a criminal offence. If the lender cannot provide a copy of the actual, signed credit agreement they aren’t in a position to enforce the debt as it is an illegal credit card agreement.
Will This Have a Negative Impact on Credit Ratings?
Provided payments are kept up during the legal challenge, no credit rating will be affected. Those who have adverse credit could actually improve their credit rating. This is because the debt was deemed to have never technically existed so no adverse credit entries can be registered for a debt that doesn’t exist. These entries can be removed when a case is successful.
How Long Will it be Before the Outcome?
The duration of any case does vary depending upon the institution and complexity of the case. Most cases are usually settled within 3 to 9 months, sometimes a lot sooner.
What Happens if the Unlawful Credit Card Agreement Case is Successful?
If it is decided that there is an illegal credit agreement, it is possible that the entire debt will be written off. This will mean that the balance is completely wiped and the solicitor will be able to advise how to get any adverse credit entries removed in relation to the debt.
What About Credit Card Debt that Cannot be Written Off?
For more recent credit card debts that cannot be written off, it is worthwhile considering a Debt Management Plan or even an Individual Voluntary Arrangement (IVA). It is imperative the serious debt problems are dealt with as efficiently as possible.
Whilst technically possible to handle the case personally, most financial institutions are unlikely to take any case seriously without the threat of legal action. A Solicitor will assess any agreement and put together a breakdown of any transgressions. Should they feel that it is an unenforceable credit card agreements, everything will be handled by them.
The Author invites readers to visit Write Off Debt Under The Consumer Credit Act 1974
Possibly related posts:
Clear your Credit Cards legally due to flawed credit agreements
BBC Panorama Write Off Debt | Loophole clears couples debt’s | Write Off Unfair Loans
Kelly
UK Debt is a huge problem and is set to worsen. If financial problems are an issue, write off debt as a result of unenforceable credit card agreements.
If a credit card was taken out prior to April 2007 there’s a significant chance that it is an unlawful credit card agreement and it is possible to write off the debt. The Consumer Credit Act 1974 has a fundamental requirement that any agreement must comply with certain prescribed terms.
Examples of Unenforceable Credit Card Agreements
The interest has been incorrectly calculated.
The credit charges are not deemed to be fair.
No rate of APR is displayed.
There is no mention of any ‘cooling off’ period.
Settled Debts Cannot be Successfully Challenged
It is unlikely that settled debts can be recovered. A number of test cases have gone through the courts and none have been successful to date. Credit card debts that have been included in Debt Management Plans can be challenged.
What Happens if the Credit Card Agreement is Lost?
The lender has to send any information it holds on the debtor within a period of 40 days or it has committed a criminal offence. If the lender cannot provide a copy of the actual, signed credit agreement they aren’t in a position to enforce the debt as it is an illegal credit card agreement.
Will This Have a Negative Impact on Credit Ratings?
Provided payments are kept up during the legal challenge, no credit rating will be affected. Those who have adverse credit could actually improve their credit rating. This is because the debt was deemed to have never technically existed so no adverse credit entries can be registered for a debt that doesn’t exist. These entries can be removed when a case is successful.
How Long Will it be Before the Outcome?
The duration of any case does vary depending upon the institution and complexity of the case. Most cases are usually settled within 3 to 9 months, sometimes a lot sooner.
What Happens if the Unlawful Credit Card Agreement Case is Successful?
If it is decided that there is an illegal credit agreement, it is possible that the entire debt will be written off. This will mean that the balance is completely wiped and the solicitor will be able to advise how to get any adverse credit entries removed in relation to the debt.
What About Credit Card Debt that Cannot be Written Off?
For more recent credit card debts that cannot be written off, it is worthwhile considering a Debt Management Plan or even an Individual Voluntary Arrangement (IVA). It is imperative the serious debt problems are dealt with as efficiently as possible.
Whilst technically possible to handle the case personally, most financial institutions are unlikely to take any case seriously without the threat of legal action. A Solicitor will assess any agreement and put together a breakdown of any transgressions. Should they feel that it is an unenforceable credit card agreements, everything will be handled by them.
The Author invites readers to visit Write Off Debt Under The Consumer Credit Act 1974
Possibly related posts:
Clear your Credit Cards legally due to flawed credit agreements
BBC Panorama Write Off Debt | Loophole clears couples debt’s | Write Off Unfair Loans
Kelly
Providian Credit card to Washington Mutual Card Services?
bountydog06 asked:
Has anyone got a Providian Credit Card only to find that when Washinton Mutual Card Services took over the APR has jumped significantly? I am now paying almost 10 percent more APR. I have had my card for over 5 years now and never had a problem. I was told that all the APR’s went up and everyone is paying more. There’s nothing they can do to change it.
Has anyone got a Providian Credit Card only to find that when Washinton Mutual Card Services took over the APR has jumped significantly? I am now paying almost 10 percent more APR. I have had my card for over 5 years now and never had a problem. I was told that all the APR’s went up and everyone is paying more. There’s nothing they can do to change it.
I have filed a complaint with the General Attorney’s Office today and if this has happened to you. Please send in a complaint and stop these companies from absusing the consumers. I plan to pay off this card ASAP and never have anything to do with this company ever again!
Albert
What You Should Know About Consumer Credit Reports
Sandra Stammberger asked:
Consumer credit reports are often used by businesses to help them decide whether to lend money or provide other types of benefits to a particular consumer. Credit bureaus provide credit report information on consumers to interested parties, to enable them to assess a person’s risk levels or suitability for a loan or other purpose. These consumer credit reports show the status of your credit score including judgments, tax liens, and other credit related information. Your consumer credit report can be accessed very easily, and often at little or no cost. In fact, you are entitled to one free copy a year. Be sure to check your consumer credit report often to ensure that it is accurate.
To purchase a copy of your consumer credit report there are a number of contact details that you can use:
Equifax call: (800) 997-2493
write: Equifax Information Service Center
P.O. Box 740241
Atlanta, GA 30374-0241
Experian (Formerly TRW) call: (888) 397-3742
write: Experian National Consumer Assistance Center
P.O. Box 2104
Allen, TX 75013-2104.
Trans Union call: (800) 888-4213
write: Trans Union Corp. Consumer Disclosure Center
P.O. Box 390
Springfield, PA 19064-0390.
A copy of your consumer credit report will cost between 8.00 and 11.00 USD. You can also get a free copy of your consumer credit report if you have been turned down for credit in the last two months. If you do have a problem with your consumer credit report you can repair it. Many creditors offer their clients help in cleaning up their consumer credit report. Accurate data, negative or positive cannot be removed legally from a consumer credit report. However if there is incorrect information on your consumer credit report you should know the following:
1. You can usually have inaccurate information removed from your credit report at little or no cost by contacting the relevent credit bureau.
2. Credit repair scams that involve “file segregation” or hiding unfavorable credit history are often illegal.
3. Credit repair companies are required to provide consumers with complete information about the services they will provide. They must not charge a fee until after services have been provided.
Therefore, if you are ever asked to compensate a credit repair service before they have successfully repaired your consumer credit report, it is illegal and you should not pay them. Be sure to get a detailed list of what they will do to help you and know your rights.
Jennifer
Consumer credit reports are often used by businesses to help them decide whether to lend money or provide other types of benefits to a particular consumer. Credit bureaus provide credit report information on consumers to interested parties, to enable them to assess a person’s risk levels or suitability for a loan or other purpose. These consumer credit reports show the status of your credit score including judgments, tax liens, and other credit related information. Your consumer credit report can be accessed very easily, and often at little or no cost. In fact, you are entitled to one free copy a year. Be sure to check your consumer credit report often to ensure that it is accurate.
To purchase a copy of your consumer credit report there are a number of contact details that you can use:
Equifax call: (800) 997-2493
write: Equifax Information Service Center
P.O. Box 740241
Atlanta, GA 30374-0241
Experian (Formerly TRW) call: (888) 397-3742
write: Experian National Consumer Assistance Center
P.O. Box 2104
Allen, TX 75013-2104.
Trans Union call: (800) 888-4213
write: Trans Union Corp. Consumer Disclosure Center
P.O. Box 390
Springfield, PA 19064-0390.
A copy of your consumer credit report will cost between 8.00 and 11.00 USD. You can also get a free copy of your consumer credit report if you have been turned down for credit in the last two months. If you do have a problem with your consumer credit report you can repair it. Many creditors offer their clients help in cleaning up their consumer credit report. Accurate data, negative or positive cannot be removed legally from a consumer credit report. However if there is incorrect information on your consumer credit report you should know the following:
1. You can usually have inaccurate information removed from your credit report at little or no cost by contacting the relevent credit bureau.
2. Credit repair scams that involve “file segregation” or hiding unfavorable credit history are often illegal.
3. Credit repair companies are required to provide consumers with complete information about the services they will provide. They must not charge a fee until after services have been provided.
Therefore, if you are ever asked to compensate a credit repair service before they have successfully repaired your consumer credit report, it is illegal and you should not pay them. Be sure to get a detailed list of what they will do to help you and know your rights.
Jennifer
Credit report question.PLEASE RESPOND?
jonathansbabymama asked:
I have a question about Credit Reports and a friend told me this, and im not sure its true.. Is this true or false…If you dispute information on your credit report, you can add a consumer statement explaining the circumstances.
Chester
I have a question about Credit Reports and a friend told me this, and im not sure its true.. Is this true or false…If you dispute information on your credit report, you can add a consumer statement explaining the circumstances.
Chester
Apply Online | Student Credit Card Offers
Posted by admin in College And University on June 15, 2009
College Credit Builder asked:
Online credit card applications can be found at www.goodstudentcreditcard.com where students can compare the best student credit card offers currently available for students. Conscientious credit card use can lead to a lifetime of low-interest rate loan opportunities like auto loans, mortgages and other forms of consumer credit. Even though students tend to have limited credit histories and lower reportable incomes, good students enrolled in universities and colleges throughout the country are often given the opportunity to start building a credit record early. This is an opportunity that should be highly valued, particularly in light of the enduring credit crisis which has made it difficult for many people with good credit records to receive new credit cards, mortgages and auto loans.
Student credit cards issued by Discover and Capital One are specifically designed for student applicants. Some of the features offered by these credit card issuers include:
• No Annual Fee
• 0% Interest for a fixed period of time
• Cashback Bonuses
• $0 Fraud Liability Guarantee
During this climate of economic instability, illiquidity in the credit markets, uncertainty in the stock market, and the softening real estate market, one thing remains constant – good students should be given the opportunity to build a credit history. Responsibility, however, is required. It is important for students to remember that if they don’t have enough money to buy something now, you should consider saving up until you can. Credit cards are most beneficial when then balance is paid in full every month. They should be treated like cash in your wallet. In these difficult economic times, where credit is proving to be more difficult to come by, it is important to establish a strong credit profile by obtaining credit early and maintaining a consistent payment history. Student credit cards issued by Discover and Capital One are perfectly designed for student applicants.
Visit www.goodstudentcreditcard.com to apply online in a few short minutes.
http://www.articlesbase.com/college-and-university-articles/apply-online-student-credit-cards-660191.html
Edward
Online credit card applications can be found at www.goodstudentcreditcard.com where students can compare the best student credit card offers currently available for students. Conscientious credit card use can lead to a lifetime of low-interest rate loan opportunities like auto loans, mortgages and other forms of consumer credit. Even though students tend to have limited credit histories and lower reportable incomes, good students enrolled in universities and colleges throughout the country are often given the opportunity to start building a credit record early. This is an opportunity that should be highly valued, particularly in light of the enduring credit crisis which has made it difficult for many people with good credit records to receive new credit cards, mortgages and auto loans.
Student credit cards issued by Discover and Capital One are specifically designed for student applicants. Some of the features offered by these credit card issuers include:
• No Annual Fee
• 0% Interest for a fixed period of time
• Cashback Bonuses
• $0 Fraud Liability Guarantee
During this climate of economic instability, illiquidity in the credit markets, uncertainty in the stock market, and the softening real estate market, one thing remains constant – good students should be given the opportunity to build a credit history. Responsibility, however, is required. It is important for students to remember that if they don’t have enough money to buy something now, you should consider saving up until you can. Credit cards are most beneficial when then balance is paid in full every month. They should be treated like cash in your wallet. In these difficult economic times, where credit is proving to be more difficult to come by, it is important to establish a strong credit profile by obtaining credit early and maintaining a consistent payment history. Student credit cards issued by Discover and Capital One are perfectly designed for student applicants.
Visit www.goodstudentcreditcard.com to apply online in a few short minutes.
http://www.articlesbase.com/college-and-university-articles/apply-online-student-credit-cards-660191.html
Edward