Archive for January, 2010

debt help?

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trudimiller64 wants to know:

does any body now if debt consolidate or counslers charge and if so how much

Wanting to help him in debt but. 10 pts bst ans?

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Tia Michelle wants to know:

My friend is 20 yrs old and in debt. He owes his insurance for his truck a few hundred and the bank a few hundred. He always owes our mutual friend about $50 dollars. His dad is going to help him with the bank and insurance, I offered to pay back his friend and he can pay me back some other way. but the thing is…my friend has never actually paied me back for some money ive loaned to him. at first it didnt bother me..but i really want to help him because i care for him deeply. i also dont want to waste the money IVE worked for and not get anything back. for anyone who wants to know im 18. suggestions on how i can help with getting something in return? (i know not helping is an option but id like to see if theres anything else i can do first) btw yes he has a job..but not to great with saving money…

How much debt would disqualify you from getting a security clearance in the army?

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Christopher M wants to know:

Is there an exact amount of debt or is it if you have any kind of bills in collections no matter the amount? I have a couple of bills in collections that equal to about one thousand dollars. Would that disqualify me from getting a secret security clearance from the army? If anyone knows the amount I would appreciate the help.

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What is the best debt counseling company?

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Johnny wants to know:

What is the best debt counseling company?

I’m trying to help my friend get out of massive credit card debt. I need a good, reliable debt counseling company.

My Credit Report – 3 Golden Rules For Fast Credit Repair

My credit score far from perfect. Are you planning on a major purchase or loan but fear being rejected by creditors? Don’t worry. More than 30 million Americans are in the same boat. According to the general myth, there is one sure way to fix bad credit report-time, financial effort, careful budget planning and discipline. This formula has proven to bring a gradual credit score increase. The paradox here lies in the fact that most of us need that nice house, luxury car, personal or business loan NOW, not later. Luckily, there are some less known secrets and shortcuts that can help you raise your credit in a shorter period of time.

Here are 3 rules you have to keep in mind if you want a fast credit repair:

1 Where are you? Where do you have to be?

The fist thing you have to figure out is where do you stand on the credit scale and where do you have to be. The Fico score places you somewhere on the credit scale between 300 and 850. This three digit number that the credit bureaus assign to you determines if you will get approved for a loan and if you will have to pay thousand of dollars in high interest. And not only that -the score is increasingly used by employers, landlords, insurers in order to evaluate applicants. Once you know where you stand, you have to figure out where you need to be. Different lenders have different criteria. A 700 score can be enough for one creditor to give you the most favorable loan. Yet it might be insufficient score for another lender. Do you need to raise your score with 10, 20, 50, 100, 200 points? This is vital information if you want to come up with a viable course of action.

2 The newer the debt, the bigger the influence on credit score.

In general the most recent credit history has the biggest influence on the overall FICO score. The older the negative item, the less impact it has. Credit is time sensitive and you have to keep that in mind when you embark on your credit repair program. Taking care of current late payments or bringing down current credit card balances to a healthy balance/ credit ratio will produce dramatic change in your score.

3 “paid ” vs “deleted” status.

Contrary to what many people think, a paid collection is still considered a negative item on your credit report. In other words, it still impacts your score negatively. “Deleted”collection on the other hand will instantly raise your score with more than 30 points. How do you delete a collection? You simply negotiate with the collection agency and promise to pay the settlement amount ONLY if they delete the item from your record. In a similar fashion, you can send a “goodwill” letter to your creditor explaining the circumstances surrounding your late payment and ask them to remove it from your account. A little diplomacy can really work miracles with your credit score.

These are just some of the things you have to keep in mind if you want to fix bad credit report. There are many other credit secrets that can help you boost your credit in no time. You’ll be surprised to find out how easy credit repair is once you start thinking outside the box.

Author: Irena Bocheva http://fix-credit-score.info/. You think fixing credit takes a long time? Click on the link above and learn more about the shortcuts to a better credit.

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How can people blame the free market instead of the government’s easy credit policies for the Crash of ’08?

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Brad wants to know:

The government adopted easy credit policies over a number of years to help people who are unqualified to get mortgages. The Community Reinvestment Act is one notorious example. This act required affirmative action (that is, reverse discrimination) in lending because large numbers of minorities were incapable of affording a home. The Association of Community Organizations for Reform Now (ACORN) had their activists trespass on bank property, obstructing bank customers until the banks agreed to loan money to people who were unqualified. Fannie Mae and Freddy Mac lowered their standards, encouraging banks to give out unsound loans (many Republicans proposed regulating Fannie and Freddy to stop this, but Democrats and some other Republicans stopped them from doing so). Most importantly, Alan Greenspan at the Federal Reserve decided to lower interest rates to absurd levels (largely for short-term political gain as President Bush needed the illusion of economic recovery in order to deflect attacks from Democrats over his economic management and Alan Greenspan, of course, is a good Republican who wanted to help out his party).

George W. Bush and the Republicans also deserve portions of the blame. Bush’s American Dream Downpayment Act was part of a trend toward the elimination of downpayments as a safeguard against unqualified people being given mortgages. The bankruptcy reforms of the Bush years also played a role, as creditors were more willing to loan, since they knew that it would be nearly impossible for the debtors not to repay them. As a result, insanity ensued, as a bank issued a credit card to a tree (see: http://www.snopes.com/business/bank/treecard.asp ).

Considering that the evidence clearly shows that the government is responsible for what has happened to our economy, why are many people blaming the free market? Isn’t it time to face the evidence and admit that easy credit brought on by idiotic government policies was the root cause?

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Were democratic and liberal policies to blame for economic crisis?

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castlekeepr wants to know:

Under Clinton, mortgage qualification rules were loosened to enable everyone, no matter how poorly qualified, to be able to get a mortgage. The democrats partnered with their major campaign donors in Fannie Mae and Freddie Mac (Major Obama connections in both of these) to loosen restrictions to get their democratic voters (typically poor people with bad credit) into houses.

Now the democrats are placing all of the blame on the republicans and deregulation. It was not deregulation, but regulation forcing the elimination of restrictions that caused this mess