June 2010

An Extension For Closing?

June 16, 2010

Apparently the $8000 tax credit for home purchases was a success. In fact, it was so successful that right now it is estimated that as many as 180,000 of these people are in danger of not being able to close on time in order to meet the June 30 deadline. And rules may be rules [...]

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Mortgage Rates At Almost Record Lows

June 15, 2010

Mortgage Rates on a 30-year fixed mortgage recently fell to the low for the year and hit at just barely above the record all –time low. According to mortgage finance company, Freddie Mac, the average mortgage interest rate dipped to 4.72 percent, down from 4.79 percent. The record low was 4.71 percent set in December [...]

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Barely Late?

June 14, 2010

And it can still show up on your credit report. Depending upon your lender and oftentimes depending upon your past history even a barely late payment can show up on your credit report, bringing your credit score down as much as 60 to 100 points. There is a myth out there that a payment must [...]

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What is ChexSystems?

June 11, 2010

What is ChexSystems? Basically ChexSystems is a consumer credit reporting agency similar to Experian, Equifax and TransUnion except that it does not report on how you handle your credit but rather on how you handle deposit accounts at banking institutions. A ChexSystems report on a consumer will contain information such as check overdrafts, unsatisfied balances, [...]

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Graduation And Student Loans

June 10, 2010

It’s graduation time and many former students will now have to face the music on how much they owe on their Federal student loans. And from a credit perspective, you may or may not know that you can’t file bankruptcy nor is there any statute of limitations on a Federal student loan (or taxes either [...]

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Security Freeze For Your Credit Reports

June 9, 2010

There may be some instances in which you would want to control who can access your credit report. Instances such as a divorce or other type of court proceeding or if you have a concern about identity theft you may want to make sure that no one is able to access your credit report without [...]

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Free Credit Reports

June 8, 2010

As you may know you are entitled to a free credit report from each of the three main credit-reporting agencies one time each year. You can get them from annualcreditreport.com with no strings attached asking you to purchase anything. But maybe you didn’t know that if you have been turned down for any type of [...]

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The Benefits of Bad Credit

June 7, 2010

If you have bad credit you might think that there are no benefits to bad credit. But if you look on the bright side there are benefits to everything and that includes bad credit. Think about this. If you have bad credit you are forced to become a better financial manager. You can’t just pull [...]

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Beware Of Credit Card Antics Still

June 4, 2010

Even with the CARD legislation in place, credit card companies are still doing whatever they can to make up their profits and while “whatever they can” is significantly less than it was prior to CARD, there are still enough pitfalls that the average consumer needs to be careful. For example, a “fixed rate” is not [...]

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Be Sure To Close On Time

June 3, 2010

The deadline to close is fast approaching for those homebuyers who are trying to take advantage of the $8000 tax credit. The contract to purchase had to be in place by April 30, 2010 and the sale must close by June 30, 2010. That seems like plenty of time and barring any problems it is [...]

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