Bad Credit Repair

Unemployment and Politics

Karen — Fri, 30 Jul 2010 21:12:43 +0000

The unemployment extension package finally passed Congress but without any help from the Republicans who have stated that the unemployed are “spoiled”, have a disincentive to work, don’t want the jobs that are available, are “hobo’s”, and who will just take their unemployment benefits and “blow it on drugs”.

Republican Sharron Angle, running for Senate in Nevada: “We have put in so much entitlement into our government that we
really have spoiled our citizenry and said, you don’t want the jobs that are available.”

Sen. Jon Kyl (R-Arizona): “Continuing to pay people unemployment compensation is a disincentive for them to seek new work.”
Rep. Steve King (R-Iowa): “We shouldn’t turn the safety net into a hammock. It should actually be a safety net.”

Rep. Dan Heller (R-Nevada): “Is the government now creating hobos?”

Sen. Orrin Hatch (R-Utah): “You know, we should not be giving cash to people who basically are just going to blow it on drugs.”

We now have the highest rate of long-term unemployment on record in this country and there are apparently 5 or 6 unemployed candidates for every one job that is available….yet according to the Republicans, we are creating a country full of lazy bums who would prefer to collect a measly $300. a week (can’t hardly even pay rent in America on that much money) than get a job that can feed their family, provide shelter and allow them to flourish.

See
Conservatives hate the Unemployed
The “Let Them Eat Want Ads” caucus
What’s next for the 99er’s
Unemployment Benefits and the GOP Principle
Republicans to Unemployed, You’re spoiled, Drug-Taking Hobos and Animals, Who Shouldn’t Breed

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What Do The Stores Know About You?

Karen — Fri, 30 Jul 2010 18:18:48 +0000

Apparently a lot more than you realize.

Stores across the nation collect shopping data which highlights regional preferences and perhaps even upswings in the economy.

Detroit, one of the cities that was hit the hardest by the economic meltdown had a growth of 18% in luxury spending during the first quarter of 2010 compared to the first quarter of 2009.

But the Big Apple of New York is still in the doldrums as luxury spending was down 7.7%. Atlanta was the worst in the country, down at 18.2%.

Retailers track customers’ spending habits and get a clear picture of what we are buying, the regional preferences, apparently all of the skinny girls –size 0- live on the coast while the bigger size 12-typical American women live in the middle somewhere.

You can read the whole story here at Fashion Nation: What retailers know about us.

Kinda makes you want to give it all up and become a Freegan—well maybe not to that extreme….but what about privacy?

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You Should Monitor Your Credit Score

Karen — Fri, 30 Jul 2010 15:15:58 +0000

Most people never even consider their credit score until they need it. And unfortunately at that point it is usually too late.

Too late if you want to get that auto loan.

Too late if you want to get that mortgage and house.

Too late.

(well, maybe not for the house in this current real estate market but definitely in a normal market someone else who could get a mortgage would swoop in and steal it away!)

But people with a high credit score typically enjoy lower rates and better terms whenever they need to borrow money.

To have that peace of mind, wouldn’t it be worth it to monitor your credit report and know exactly what is on it?

You can get your free credit report one time each year from annualcreditreport.com

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Negotiating With Your Credit Card Company

Karen — Thu, 29 Jul 2010 18:58:38 +0000

Don’t expose your hand.

Like any good poker player you must keep your cards to yourself.

For example, if you know you’re in trouble but the credit card company or lender does not know it yet, meaning you haven’t yet missed a payment, you won’t get any results or response.

If you’ve had problems in the past you may not get help either.

Keep the information you offer at a minimum. Don’t tell about income levels, assets or anything else.

Look out for yourself because the credit card companies will only look out for their own profits.

Read more at “Credit Card Debt: How To Cut a Deal”.

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Incentive For Paying Your Credit Card? Credit card companies have begun to use an unusual tactic...
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Incentive For Paying Your Credit Card?

Karen — Thu, 29 Jul 2010 16:16:04 +0000

Credit card companies have begun to use an unusual tactic with their formerly best customers.

Credit card borrowers who charges high amounts and then only paid the minimum payment every month used to be the favored customers because they always brought in that interest profits.

But recently those same borrowers are actually being offered cash incentives to pay down their debts. There have also been similar incentives such as interest rate reductions.

The credit card companies began the experiment of offering incentives last year when the delinquencies and defaults began to increase due to the ongoing recession. It is theoretically a way to reduce their risk of future losses.

One caveat to consider is that these offers have only been made on a invitation only basis to customers specifically identified by the lender. In other words, if this sounds good to you and you call and try to negotiate a deal for yourself you may be denied.

You are probably much better off by developing a plan for payoff that works for you and sticking to it.

See “Bribed” on MSN money.

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Paying The Minimum In Black And White With credit cards many people have fallen into the trap...
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Tougher Mortgages Here To Stay?

Karen — Thu, 29 Jul 2010 11:11:14 +0000

The recent housing bubble and real estate slump that came along with the worst recession since the Great Depression has resulted in a tightening up of mortgage standards and it looks like it may be here to stay, maybe forever or at least for a while.

The CEO for Fannie Mae, Michael J. Williams said in a recent speech that mortgages will be harder to come by. It will take longer to get a mortgage and fewer people will be able to become homeowners.

Not such good news for the housing market, which still has a glut of inventory and many, many more empty and/or foreclosed homes coming up.

However, housing is a staple of the economy and we can’t really completely recover until the excess inventory is sold. In the past there have always been creative ways to buy and sell homes and this time will be no exception.

If you want a house, there will be a way.

Bulls or Bears In The Housing Market? Is the housing market across the United States in a...
Lowest Interest Rates In 50 Years But Still No Buyers Interest rates on mortgages have fallen to the lowest rate...
Need A Big House? Price Cuts On Mega-McMansions Need a big house, a really, really big house? Apparently...

Credit Repair Success Stories

Karen — Wed, 28 Jul 2010 18:18:40 +0000

Check out this article on Fox Business news about some credit repair success stories.

It can be done and the most important things are
· Paying on time, no matter what, try automatic bill pay if necessary.
· Be patient and persistent.
· Get rid of store cards and keep just the major credit cards, but don’t cancel accounts.
· Pay off your small balances or the highest interest balances and work your way through it all.
· Check your reports regularly.

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Good News For Car Buyers

Karen — Wed, 28 Jul 2010 15:15:44 +0000

If you want to buy a car and you can’t pay cash, there is good news for you.

General Motors, one of the big three American automakers has said that it will acquire the auto financing company Americredit Corp so that it can increase the leasing and sales to buyers with lower credit scores.

Ally financial, which was formerly known as GMAC will continue to finance the loans for the buyers who have good credit.

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New Lows Across The USA For Credit Scores

Karen — Wed, 28 Jul 2010 11:11:05 +0000

Gotta a low credit score? You’re not the only one!

Credit scores across the United States are dropping to new lows. According to FICO, inc., the company that provides the most commonly used credit score in the United States, the FICO score, right now as many as 25.5 percent of consumers have a credit score of 599 or below, which is considered a poor risk for lenders.

With the tighter lending standards that are also now in place, it would seem that this would create additional lag on the economic recovery.

Credit scores are dropping and it is expected to get worse before it gets better.

Higher Credit Scores For FHA FHA, once the bastion of easier home loans for people...
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Reverse Robinhood-Take From The Poor, Give Back To The Rich

Karen — Tue, 27 Jul 2010 23:37:31 +0000

A new study from the Federal Reserve Bank of Boston has confirmed the theory that credit card rewards hurt the poor while subsidizing the rich.

The report, “Who Gains and Who Loses From Credit Card Payments? Theory and Calibrations” that was released Monday, the people who do not use credit cards are subsidizing the people who do use credit cards due to the across-the-board price increases that are used to cover the additional costs of accepting the cards.

Also, it was found that the use of credit cards and rewards programs was directly correlated with income, the higher income people use credit cards and rewards programs while the lower income people do not.

After taking into consideration the rewards paid out to the credit card customers, the lowest income households ended up paying $23.00 per year while the highest income households, defined as those making $150000.00 per year or more, received a subsidy of $756.00 every year.

And the rich get richer……