If there has been any lesson that has been almost universally learned in the past few years of the struggling economy it is that very few people are immune to financial problems. Even people who had always had stellar credit in the past have seen their credit scores plummet due to unforeseen circumstances such as job losses or the loss of value on homes, stocks and retirement accounts.

Even so, life goes on and emergencies and life essentials come up. Do you have no credit or poor credit? Wouldn’t it be nice to have a credit card on hand for those “just in case” moments of life? But if you have bad credit how can you get a credit card? Everyone knows that they will check your credit report right?

Well as luck would have it, If you are you a person with no credit or poor credit there are ways to secure a good credit card even if you have suffered from bad credit in the past. And that is really the way it should be. After all, anyone can have financial problems and so many people have suffered financial difficulties that accommodations need to be made to assist the large segment of the population that has had these problems in the past.

However, it is not as easy, nor should it be as easy, for someone with bad credit to get a credit card as for someone with excellent credit to get a credit card. Not as easy but it can be done. Whenever you apply for a credit card the financial institution will pull a credit report to determine if you are credit worthy or not. If you have bad credit from some problems in the past you look as if you are not creditworthy at all, at least on paper. And if the financial institution decides to issue you a credit card they will be taking a bigger risk. Therefore you may have further qualifications that you will have to meet it is just not an instant approval.

Apply For Credit Card With Bad Credit

You may be able to get a card with a higher rate of interest. The financial institutions will charge a higher amount in order to offset the risk that they are taking. Credit cards that are issued to people with bad credit typically charge a higher rate of interest. Your first priority needs to be to do whatever you can to increase your credit score and getting a credit card when you have bad credit may be a great first step that you can take for your goal of a higher credit score. There really is no better way to increase your credit score and establish credit than to get some credit and make regular payments.

However, you may not be able to get a credit card through the usual applications. If you are denied a credit card outright because of your past bad credit then you may want to consider getting a secured credit card. A secured credit card is an excellent way to rebuild your credit because you will be making regular credit card payments just like any other credit card and you will be able to use your secured credit card just like any other credit card. The difference is that you will need to put down a secured deposit. This is a deposit that you make at the financial institution, usually the same amount as your line of credit. You place a deposit with the financial institution and it gives them the security to take you on as a risk. Basically, it is a great way to rebuild credit after some problems and it is a win/win for both you, the customer and the financial institution

Unsecured Credit Card For Bad Credit Offer

You may be able to get an unsecured card. There are a few different ways. Have you considered a co-signer? That is one way that you can get a credit card. You may also have an advantage in getting a card if you go to your own bank. If the bank can see your history and they know you they may be more willing to take the chance. You may still be required to pay a higher interest rate but as your credit improves you should be able to get that rate lowered. With your own bank you may also be able to structure a plan where they debit your account every month. However, you need to be careful to make sure that you will be getting credit for the payments made or else you will not get the acknowledgment you need to improve your credit score. Orchard bank is a good place to begin your search.

If you do decide to apply for an unsecured credit card offer when you have bad credit you need to verify all of the details. There are cards out there with outrageous interest rates along with requiring money upfront. Make sure that the total cost, of the interest rate plus all upfront charges is something you can live with. If it is too high, you could very easily find yourself in trouble again because the costs are so high. You need to protect your own finances. The financial institutions are just out there to make money, they have found a market by offering credit cards to people with bad credit so make sure that you read the fine print. Know exactly what you are signing up for.

Getting a credit card with past bad credit may be difficult. You may need to check out many different options. The important thing is to check out every option very carefully and make sure it will work for you and your own situation.

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It seems that today a person’s credit rating is very important. Most people borrow money to purchase large-ticket items such as cars and homes, not to mention that many people also use credit cards to make everyday purchases for what they want and need. A credit rating is extremely important financially for most people yet many are not as familiar with it as they could be. For information about how to improve credit rating see here.

A credit rating is a financial measure that is defined as a number that fits into a scale that compares how a person manages debt in their life compared to others and compared to the expected norm. The actual credit score is called FICO and it only calculates how you manage debt and how you have managed debt in the past.

Credit Rating Agencies

There are three major and well-known companies called credit bureaus that keep track of these scores. The companies are Experian, TransUnion and Equifax. You can get a credit report that has your composite credit rating from each of the three credit bureaus. The scores will vary depending upon the credit bureau and many lenders will actually take an average of the three. The FICO score is used to determine your creditworthiness when you make application for mortgages, credit cards, car loans and more. In some circumstances the FICO score has even been used for employment and insurance purposes, even though when someone is unemployed and needing a job they may have difficulty paying their bills on time. Unfortunately, using a credit rating for employment purposes is a form of discrimination against the long-timed unemployed. But often a credit rating is used for unfair purposes. That is one reason why it is very important for you to keep your credit rating as high as possible. Having a bad credit rating can hurt you in numerous ways.

The range of the numbers of a credit rating or the FICO score will be within a spectrum of 300 to 850. 850 is the high and essentially “perfect” yet very few people achieve that actual score. And while having a “perfect” score may sound appealing, the fact is that if your score is on the high end you can qualify for all of the same benefits and advantages that a perfect score will allow so striving for perfection may be pointless.

Credit Rating Check

Any score over 750 is considered to be excellent and you will rarely have any trouble qualifying for anything with that high of a score. However, most people will be able to qualify for a mortgage will a score of 680 or even lower sometimes. A mortgage application will typically count in other things also such as how long you have worked at your job and if you have any money saved for down payment but the credit rating is crucial. Even if your job is great and your income is great if your credit rating is bad you probably won’t get the mortgage. In order to qualify for the very best mortgage terms you will need a credit rating of 700 or higher.

The FICO score and your credit rating is based upon a mathematical formula that takes several different factors into consideration. Payment history, including any late or non payments, the length of your credit history, the amount and type of debt that you currently owe, along with recent inquiries all affect your credit rating. Bad credit decisions and histories such as charge-offs, bankruptcies, foreclosures, repossessions and judgments also have a huge effect on your credit rating.

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Single moms have big responsibilities. They have the complete responsibility of running a household and taking care of the kids all on their own. While these responsibilities can be rewarding, they can also be very difficult. If a single mom is not able to secure a good job that pays enough for her and her family to live comfortably it can be very difficult indeed.

Many times the key to being able to secure a better job and to create a better life for your family is to get a higher education. However, it can be very difficult for a single mom to afford the additional expenses of going back to school, not to mention the difficulties in splitting time between work, kids and school. There is also the additional expense of child care during the time she is taking classes. These challenges are often what stops a single mother from trying to go back to school. It just seems to complicated and expensive to do it.

However, the truth is that the sacrifice will pay off. The time spent furthering your education can be the best thing for your family. It can help you get into a good career that can provide all of the things that you and your family need. Even though it may seem difficult at first in the long run it can be well worth it.

Most people know that it is possible to get financial aid to attend college. However, most people do not know how much and what types of financial aid is available. Most people also don’t know exactly how to apply for financial aid. With a little research, some planning and attention to detail, almost any single mom can get financial aid to assist them to go back to college so they can improve their lives and the lives of their children.

Paying for Tuition

If you have checked it out recently you are surely aware that tuition costs for colleges are quite high. Add in the cost of books and other resources, child care and more and it can look overwhelming. However, it is better for everyone in the long run for the government or others to help pay for schooling for a short time for single moms than to have them stay a minimum wage jobs taking government subsidies for a long time.

There are several Government backed grants that are available to help single moms and other low-income families pay for tuition, books and other expenses associated with higher education. The benefit of receiving a grant is that you don’t have to pay it back. Yes, that’s right. You will be able to get an education without incurring student debt. And that would be great for anyone and especially nice for a single mom with so many responsibilities.

The Pell Grant is likely one of the best known grants that are available. This grant is provided by the Federal government o n a need-basis to low-income undergraduate and a few post baccalaureate students to promote access to college and post secondary education. A Pell grant recipient can use their grants at any one of as many as 5400 participating colleges. The amount of the grant is dependent upon the student’s expected family contribution (EFC), the cost of tuition as determined by the institution, whether the student is part-time or full-time and whether the student plants to attend for a full academic year or less. Pell grant funds can only be used for one school at a time.

Financial need for the Pell grant is determined by the U.S. Department of Education using a standard formula established by Congress. The applicant must submit the FAFSA or the Free application for Federal Student Aid. The formula are the student’s income and assets (if the student is independent) or the parents’ income and assets (if the student is dependent), the household size and the number of family members currently attending post-secondary educational institutions. The EFC or Expected Family Contribution is based upon a percentage of net remaining income after basic living expenses and taxes and a percentage of net assets after subtracting an asset protection allowance. Different assessments are made for different situations, for example dependent students and independents students and whether the students have dependents of their own. After filing the FAFSA and it is evaluated the student will receive a Student Aid Report (SAR) or the institution that they are planning to attend will receive an Institutional Student Information Record (ISIR). These reports will notify the students of their eligibility for a Federal Pell Grant.

A Federal Pell Grant is a direct grant awarded through the participating educational institution to students with a financial need who have not yet completed their first bachelor’s degree or who are enrolled in specific post baccalaureate programs which will lead to teacher certification or licensure. The participating institution will either credit the student’s school account with the funds from the Pell grant or they will pay the student directly by check or a combination of these. The student will be paid at least one time per term, whether it is a semester, a trimester or a quarter. If the schools does not use formal terms the student must be paid at least twice per academic year.

In order to qualify for a Pell grant the student must:

1. Not be in default on any federal student aid.
2. Take at least six credit hours for each term that they will be using the Pell grant money.
3. Be a U.S. Citizen with a valid Social Security number
4. Maintain at least a 2.0 GPA with an acceptable attendance record. They must also be careful not to fail any class while they are using Pell grant funds. Poor grades or failure to attend classes could adversely affect future financial aid.
5. Meet certain income requirements, which will vary based upon the situation, such as the state of residence, annual income, family size and dependent status. The highest Pell grant award at this time is $5550.00 per school year.
6. No criminal history of drug charges for at least one year. Applicants with multiple drug convictions may be declared ineligible for funds or they may have to complete a further requirement of completing a drug rehabilitation program.
7. Never have earned a bachelor’s degree in the past.
8. A student can only attend one school at a time. This also includes summer or Internet based classes. All education must be completed at the school where the Pell grant was issued.

For further information about the FAFSA (the Free Application For Federal Student Aid) you can visit
http://www.fafsa.com/

After the Pell grant has been awarded and classes have begun the school fees will be taken out of the Pell grant funds. At that time the students may be allowed to use the balance of they grant to pay for books and other necessary school supplies. Any remaining balance is typically refunded to the student after the add/drop period for class changes has passed.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) provides need-based grants to low-income undergraduate students. Students can use these grants at any one of approximately 4000 participating educational institutions. The financial aid administrators at the participating institutions have significant influence in determining the amount of the FSEOG awards. Priority for these awards is giving to students with what is considered to be “exceptional need”. This would be the students with the lowest expected family contributions (EFCs) and also those who have been recipients of the Federal Pell grant.

Financial need is determined using a standard formula from the U.S. Department of Education to evaluate the financial information on the FAFSA and to determine the family’s EFC. The qualifications are similar to the qualifications for a Pell grant and typically they would be student’s who would still have unmet financial needs after receiving the Pell grant.

One additional feature of the FSEOG over the Pell grant is that each institution has limited funds for the FSEOG so the qualification process becomes even more stringent. If you believe that you may qualify for the Pell and the FSEOG it is crucial that you get your FAFSA in as early as possible. You may also be required to submit a Federal Income Tax return as well because that information will be used for the decision process.

The FSEOG provides a grant to qualified students in the amount of at least $100.00 but less than $4000.00 per year. If there are funds available after all of the academic expenses including books and supplies has been met, the remaining money will be sent directly to the student. The school may choose to issue a check, put the funds on a pre-paid debit card or directly deposit the remaining funds into the student’s bank account.

Once the student has received those funds, he or she may use them in any way that will benefit their education. It can be used for living expenses while attending school to to pay for gas, insurance or transportation to school. A single mom may even use the additional funds for child care that is provided while she is attending school. If the additional funds are not needed immediately it may be smart to save them for the next semester.

Student Loans

Student loans are probably the most commonly used financial aid for college. Most colleges and Universities across the United States have students who are using student loans. While a student loan is actually a loan that must be paid back at some point, student loans are not processed like most loans are. Student loans are needs based, meaning that low income or other students with needs can qualify for these loans even if they have no or poor credit. As of August 2011, a person’s credit score is not relevant when it comes to qualifying for a student loan.

The same FAFSA form that allows students to apply for grants will allow them to be considered for student loans. However, it does not necessarily meant that the student will get a loan based upon the FAFSA alone. After the FAFSA form is processed and the student is found to be eligible for a student loan, he or she will then be required to fill out a separate loan application. All forms and applications should be available at the financial aid office at the educational institution that you would like to attend.

The Federal student loans that are available may fall into the category of the Stafford loan or the Perkins loan depending upon the school. There are a few schools that may offer both types of loans. The loans are similar in that neither will have to be paid back while the student is attending school and at least six to nine months following graduation. If the student drops out of school or takes less than six credit hours per term, the loans may be called back for payment sooner.

Both the Stafford loans and the Perkins loan have low interest rates, however, the Stafford loan rate is variable depending upon when the loan was taken out. The Perkins loan is 5% for a 10 year repayment program and payments will commence nine months after graduation. Interest does not begin to accrue until payments have begun.

Federal student loans are relatively easy to obtain but they are still debt and they will need to be paid back in a timely manner. Currently, Federal student loans are one of the few types of debts that cannot be dismissed with a bankruptcy petition. It is advisable to understand that this is a debt that will need to be repaid and one should never borrow more than is necessary. One should also consider the job prospects for the field that they are entering and make sure that they feel comfortable that they will be able to pay back their student loans. If the student loan becomes delinquent, the Federal government may garnish wages and freeze bank accounts. All tax returns can also be garnished for payment of Federal student loans. The loan will have to be paid back and garnishments will ensue if they are not even if the student has difficulty finding employment after college.

Books and Supplies for College

The cost of textbooks for college is very high. Many of these books are extremely expensive and the fact that you have to purchase them for every class makes this a huge expense for most students. However, there are some ways to help pay for books and supplies that can save your pocketbook.

As mentioned previously, if you receive a Federal grant or loan for school and you have extra money after the tuition has been paid you can typically use those funds to purchase textbooks. Schools will often allow a student to “charge” the textbooks and supplies at the campus bookstore and they will work with the financial aid office to receive the funds. Sometimes a student will be given a voucher for books from the financial aid office, which they can then take to the bookstore to pay for their textbooks and supplies. The student must already be registered for classes before they can use any of the financial aid funds, whether from a grant or from a loan, before they can use any of the available funds for textbooks and supplies.

There are also other ways to get books that can be cost-effective. Used books are always cheaper than buying new books and most college bookstores have a large selection. There are also a rising number of online sales and online auctions that make it possible to pay less for books. However, with the online methods the money to pay for the books is generally needed upfront. Recently, there have also been some businesses that have popped up that will allow a student to rent textbooks. This may be the least expensive option upfront, however, you would not have the opportunity to recoup any of your money after the class by selling the books back.

You may also want to check around your school for resources for book sharing. If a student has the same class but at a different time, you can share a book. This can save both students quite a bit of money, however, it may be a hassle when it comes to studying. This type of arrangement takes more planning and it may be more challenging for a single mom with kids and a job to know exactly when she will be able to study and will need to have the book.

Some schools have implemented a lending program for textbooks, similar to a library. This type of program can provide the books that are needed. The student just needs to take good care of them and make sure that they get returned by the right date. A book that has been damaged or a book that is turned in late would accrue additional penalties in the form of fines. These are the types of fees that can wreak havoc and cause big problems with your transcript and your financial aid so it is important to make sure you avoid these types of fines.

Who will Babysit while you attend school?

Each state has some funding for child-care and depending upon your individual state you may or may not qualify for these funds. Unfortunately, not every state will consider a student to be the most qualified applicant, even though you may be training for a career that can help you take care of your family in the long run. If you think you may qualify for some funding that will help you to take care of babysitting costs you should contact your individual state and find out about how to apply for this type of aid. The waiting lists may be long so it is important to do it as soon as possible if you need it in the near future.

There are some schools that have day-care facilities right on campus. Depending upon the school you may be able to get daycare for a reduced rate. Contact the financial aid office at the school you wish to attend to find out more.

Employer Sponsored Training

Depending upon the field that you are in, you may be able to get some training and education to further your career from your own employer. Many employers will assist in paying for an employee’s education and training with the commitment from the employee that he or she will continue to work at the company for a specified period of time following graduation. This period of time is generally somewhere between one and five years in the future. Most contractual agreements will specify that failure to continue working at the company could result in the obligation of immediate and full repayment of all funds used by the employee. You must be willing to make the commitment and follow through to finish the educational program and commit to working at the company and giving back your time and resources.

Miscellaneous Financial Aid

The financial aid office at the school you wish to attend will have a list of all of the financial aid that is available. You may find that there is aid for things that you have not thought of but that can be very helpful for you and your education. Be sure to check out all of the opportunities very thoroughly.

With all of the financial aid that is now available a single mom should look at every option because you can and should continue your education so that you can provide for your families future.

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Why should you hire a credit expert to help you to clean up your credit? Are there any advantages to hiring a credit expert? Actually there are some definite benefits and advantages to hiring a professional for credit repair services is if you are drowning in debt or if you are struggling to keep up with your monthly obligations. Right now, many people are in this same position, with the current state of the economy debt has become a big issue for people in the United States and throughout the world.

If you can maintain your good credit you will be in a much better position to accomplish your financial recover. If you can get a debt management plan that you can handle your worries about your debts can become a thing of the past. These days it is very important to have as good of credit as possible so that you can be prepared for any eventuality.

A credit expert can help you to structure a debt repayment program or they can help you with a strategic plan to consolidate your credit card debt. They can assist you in streamlining your monthly obligations designed to get you lower monthly payments through a variety of debt management solutions.

The advantages are that with a better plan you can get to the point where you can easily pay your bills and pay off all your debt. This can help you tremendously down the road when you apply for a mortgage or a car loan and you are able to get lower interest rates and better terms than if you had not consolidated your debts and your credit faltered.

One advantage to using a professional credit expert is that they understand the laws about loan settlements and debt consolidation and they also know about the best debt consolidation loans to help you reorganize your debts. While your credit may not remain perfect throughout this process it will be better than it would have been if you do nothing and let your debts go to charge-offs. If you don’t try to handle your debt and get in the position where it can be paid off, you may have credit problems for as long as 7 to 10 years. If you can avoid that it will be much better for you in the long run.

Credit Expert

Another benefit to consulting a professional credit expert and reorganizing your debt is that you can avoid the harassing phone calls from debt collectors and credit agencies. No one enjoys those calls and they can be so disruptive. It is better to find a solution and stop the calls so that you can get to ahead with your financial situation. A credit expert can help you to deal directly with the loan agencies and the credit bureaus in a way to minimize the conflict while achieving a sustainable way to handle your debt. You and the credit expert can negotiate a debt payment plan that fits within the budget you have now.

A credit expert should keep you informed every step of the way and you should be able to understand and discuss all possible options before you make a decision. It is still your money and your debt so you will make any and all decisions, the credit expert will just help you to be more informed so you can make a more educated decision.

Before you hire a credit expert you need to check out their qualifications and credentials. Make sure that they have experience in helping others who have had similar problems to you. A referral from a friend or an acquaintance may be helpful but if that is not possible just make sure that you know you are getting a credit expert who has the knowledge and expertise to help you in your specific situation.

A credit expert may be able to help you qualify for a structured settlement, where you pay off an agreed amount. They may also be able to help you by working with loan companies, evaluating your credit score ratings and advising you on the best way to proceed. You need specific advise for your specific situation so one solution does not work for everyone.

The stress of having overwhelming debt that can lead to bad credit can be over when you hire a professional credit expert to assist you with your problems.

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Because of the way credit ratings are calculated, some actions you take will affect your credit rating better than other people. In general, paying your bills promptly and meeting your monetary responsibilities may boost your rating the most. Owing an acceptable amount of money or being able to repay it will show lenders that you simply take your finances seriously and pose little threat of lost cash. There are a few ideas that, a lot more than any other, will boost your credit rating the most:

1. Pay your bills promptly.

One of the best methods to improve your credit rating is simply to pay your bills on time. This is very simple but it works very well, because nothing shows lenders that you take financial obligations seriously over a history of paying promptly. Every lender wants to end up being paid in full and on period.

If you pay all your expenses on time then the odds are great that you will make the payments on a new debt on time, too, and that is definitely something each and every lender wants to see. Specialists think that as much as 35% of your credit rating is based on your paying associated with bills on time, so this easy step is among the easiest ways to boost your credit score.

Paying your bills promptly also ensures that you don’t get hit with late fees along with other financial fees and penalties that make paying your bills off harder. Paying your bills in a timely method makes it easier to keep making payments on time.

Of course, if you have had problems making your payments on time in the past, your current credit score will be affected by it. It will take numerous months of repaying your bills on time to enhance your credit score again, but the work will be well worth it when your credit risk rating rebounds!

2. Avoid extreme credit.

If you have many lines of credit or a number of huge financial obligations, you make a worse credit risk since you are near to “overextending your credit.” This simply means that you might be taking on more credit score than you can comfortably repay. Even if you are paying regularly now on current bills, lenders know that you will have a harder time paying off your debts if your financial debt load grows too much.

The larger your debts the higher your monthly debt payments and so the higher the risk that you will eventually be in a position to repay the money you owe. Plus, statistical studies have shown that those with high debt loads have the hardest period financially when dealing with a crisis such as a divorce, unemployment, or unexpected illness.

Loan companies (and credit bureaus who determine your credit score) realize that the more debt you have the higher problems you will have in case you perform run into a life crisis.

To be able to have a great credit score, steer clear of taking out extreme credit. You should stick to one or two credit cards and one or 2 other major debts (car loan, mortgage) in order to have the best credit rating. Do not apply for every new line of credit or credit card “just in case.” Borrow only when you need it and ensure to make payments on your debts on time.

It’s also wise to know that getting lots of new credit accounts in a relatively short period of time may cause your credit score to nosedive because it will look as though you’re being monetarily irresponsible.

3. Pay Down The money you owe

If you have a lot of debt, your credit rating will suffer. Paying lower your debts low will help elevate your credit score. For instance, if you have a $1000 limit on your credit card and also you regularly have a balance associated with $900, you will be the less appealing credit danger to loan companies than someone who has the same credit card but has a smaller stability of $100 or so. If you are serious about improving your credit score, after that start with the largest debt you’ve and start having to pay it lower so that you are using a less large percentage of your credit total.

Generally, try to make sure that you use no more than 50% of your credit. That means that if your credit card has a limit associated with $5000, make sure that you spend it down to at least $2500 and work at transporting no bigger balance. If possible, reduce the debt even more. If you are able to pay off your own credit card entirely each month, that’s even better. What counts here’s what percentage of your own total borrowing limit you are utilizing – the lower the better.

4. Have a selection of credit types.

The types of credit you have are a factor in determining your credit score. Generally, lenders like to see that you are able to take care of a range of credit score types nicely. Having some form of personal credit such as credit cards plus some larger kinds of credit such as a mortgage or car loan and paying all of them off regularly is better than having only one type of credit.

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For a long time now, consumers have been able to get a free copy of their own credit report one time each year from each of the three main credit reporting agencies, TransUnion, Experion and Equifax.
And that has led some consumers to mistakenly believe that they are also entitled to a free credit score. But that is not true. Necessarily.

But now there are some changes. A new rule that just went into effect in January requires lenders to inform consumers if a poor credit score resulted in less favorable terms for the loan, such as a higher interest rate or a higher down payment.

Another rule will take effect this summer that will require lenders to give more borrowers free copies of their credit scores.

Under the rule that went into effect in January, the lenders will have two options to disclose and inform the consumer. One of these options is to provide the borrower with a copy of the credit score that was used to make the decision. If a credit score is given, further information should also be included that will explain the range of possible credit scores so the consumer can see where they rank on a National level according to their credit score.

The lender will also be required to disclose which one of the three credit bureaus, Experion, TransUnion or Equifax, provided the score.

The other option that the lenders have now does not require the disclosure of the actual score but rather a letter stating that the borrower was given less than the most favorable rate or terms because of their lower credit score. While this letter need not include the actual credit score, it must still disclose the credit bureau that provided the credit report and the credit score.

However, on July 21, 2011 that loophole will be closed and the lenders will be required to disclose the credit score if the low credit score was used to deny the credit or loan or if it was used to give the consumer less favorable terms than someone with a higher credit score. After July 21, the consumer should always receive a free copy of the credit score if it caused them a problem in obtaining the loan or if they obtained the loan but at less favorable terms.

So if you have been denied credit or if you have been given less favorable terms you can get a free copy of your credit score.

But if not, you will still have to pay for it.

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Many people, many more than usual and many more than in past years, have recently experienced the trauma of not being able to make the house payment, not being able to catch up after delinquencies and the horror of foreclosure, not to mention the people who never really missed a payment but were completely unable to sell the home for as much as they owed when they needed to move, thereby resulting in a “short sale” on their credit report.

And all of these problems affect your credit scores and your credit reports. The question is how much? And how long? And what can I do to improve now that the crisis has past?

Well the people at FICO, the credit score people, have long been tight-lipped about how much these types and even other types of problems can affect you. You can check out this article on Mintlife, “How Mortgage Delinquencies Affect Your Credit Scores” to see some of the worst details.

Apparently, it has much to do with how high your credit score was in the first place. If you had a score of 680 there is no difference between a 30 day late and a 90 day late (except of course, it is much easier to pull out of a 30 day late and if you haven’t been able to make payments for as long as 90 days, you may find that nasty foreclosure to be inevitable).

But if you had a 780 score to start there is a difference between the 30 and 90 day delinquency.

An interesting note is that if you had a 680 score, a short sale would negatively affect your score as much as a foreclosure. Rather seems extremely unfair for those millions of folks who just got unlucky in the market and couldn’t sell their home. You know, if you haven’t missed a payment that ought to count for something, don’t you think? Is the typical homeowner in the typical town in the USA actually responsible for the fact that real estate prices have plummeted since they purchase their home? See, these credit scores are not always reasonable and very often not really fair.

And no matter what your score was to start with, any one of these problems can make it much, much worse. It will take time to recover.

Approximately, 3 years for a short sale or a foreclosure, 5 years for a bankruptcy.

But one consideration is the fact that until mortgages are more readily available, even to the people who have struggled in the past recession the housing crisis will not really end.

And that is a boon for you if you had these types of problems in the past because the price of housing in coming down. By the time your credit has recovered the prices will probably be even lower.

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If you have ever purchased a home with a mortgage, you will remember the stacks upon stacks of papers you needed to sign, bothe during the loan application and the closing, all the while supposedly knowing everything each paper said, even while there was not time to read them.

Well now, Elizabeth Warren, the woman tapped by the President to create the Consumer Financial Protection Bureau, has stated that one of the first orders of business for the new Consumer Financial Protection Bureau is the create a one-page disclosure form for all home buyers.

Apparently the bureau has already drafted four separate forms that the industry and consumer watchdog groups will review before they establish which one will become the final version. And of course, if it is anything at all like Real Estate Purchase Contracts or HUD statements, there will probably be revisions as time passes and different considerations come to light.

There has always been disclosures with home mortgages, hence the stacks of papers a home buyer and a home seller are required to sign at closing. But the fact is that a disclosure is supposed to assist a buyer to better understand the all of the terms of the mortgage. Elizabeth Warren has stated that the existing regulations that require dozens of arcane disclosure forms for closing a loan now is one of the most ineffective rules that are currently in place and this is one of the things that she seeks to change.

Imagine, just one form that spells out all of the details in an effective and concise manner.

Many financial analysts, including Elizabeth Warren herself, have said that the subprime bubble in mortgage lending was created by lenders steering unsuspecting borrowers into overpriced subprime loans that became too burdensome for the borrowers in the long term contributing to the housing downturn and the recession.

Much of the problem was the stacks of papers the borrowers had to sign at closing and also at loan application. The paperwork was so laden with “fine print” that it became nearly if not completely impossible to compare mortgage offers.

A one page mortgage disclosure form would be a relief and much easier to understand by the typical homebuyer.

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Many problems with credit can be caused by going through a divorce. Many times, regardless of what the court order may say, the lenders just want their money and so they will harass you for payment and report bad credit on your report even if your ex-spouse is supposed to be the one responsible. Divorce is frequently a cause of bad credit.

But what if you are still married? In this article, someone wrote in asking about identity theft by a spouse and what they can do. The person answering the question gave three scenarios with the last one including “file for divorce”. This was supposedly the last resort according to the advice.

But really? If you can’t trust your spouse not to steal your identity and make you responsible for paying for things that you never consented to and essentially threatening your own credit and the livelihood of both of you, should you really stay married to this person?

Bad credit for either party in a marriage affects both parties. It is often difficult to qualify for a home mortgage with just one income. And credit card payments and car payments and food, lodging and everything else typically comes out of a combined income. Surely, you’re not going to let your spouse starve if they make less money than you do and they don’t have any money for groceries. And splitting all expenses straight down the middle isn’t exactly teamwork.

So, I tend to disagree with the advice that in this case divorce is the last option. Of course, it does depend upon other things in the relationship and extenuating circumstances, of course, but marriage needs to be a partnership. You need to work as a team. And if you can’t trust your partner in a business you call it quits. If you can’t trust your partner in a marriage, you should also call it quits. Your choice.

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It’s the last week to file your taxes if you are going to make the April 18 deadline for the year 2011. And while many who were expecting a huge refund may have completed this onerous task clear back in January or early February, those of us who know that they will end up paying typically put it off till around the last minute. That turned out to be last Friday for me.

“Document your receipts” was the advice I received from my tax man. Being self-employed I need to and can take deductions for everything from my home office to paying my children for doing work for my business. And so I try to keep very thorough records and document every receipt for every ream of paper, the utilities for my home office and more.

But I could learn a few things from this guy. He is billed here as “The Most Tax Efficient Man in America”. It sounds as if he painstakingly documents every possible legal deduction and enjoys every minute of it.

And I admire him for it. I say “Take every deduction you can”.

Unfortunately, though, I do not quite feel the same about General Electric, America’s largest corporation and the fact that they did not pay any taxes.

Somehow taxes on profits of $14.2 billion or even $5.1 billion from operations just in the United States, seems like it could substantially cut into the deficit and help with the balancing of the budget instead of doing it on the backs of the middle class and the poor.

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