Question by thisguyisbored: What are my chances of getting an auto loan with 630 credit score, bankruptcy a year ago, and a repo?
I make about $ 3300 monthly gross. Do I have a decent chance of getting a car loan of about $ 25k at a decent rate? If so, what rate should I expect?
I forgot to note that I would also be putting down $ 4k. I would still be financing $ 25k, though. Will the down payment make a difference?

Best answer:

Answer by Steve
I just had the same issue.My salary is not quite as high as yours.I ended up buying a used car from an individual.Sallie Mae Financial was the only one to give me a chance.The dealer said the bankruptcy hurt my chances for a new car.For a 17k Honda Civic it would require a down payment of 5k. So try looking for a used one until you build your credit back up.Good luck.

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Question by jamz: How will a house in bankruptcy hurt my credit if it goes to a tax auction?
Bankruptcy cleared in Feb’09. Told bank to take it, they didn’t now it is going to auction. They want me to do a short sale, we moved 4 hrs away from where my house is, It flooded in June.06, so bad that we completely gutted and took of the siding on the house. We bought it in June’05. Have a 80/20 mortgages on it.
I have told the bank that has the 80% mortgage since Aug of ’06 to take the house. Husband lost his job in May’06. We havent lived in the house since June’06 no money to fix and repair flood damage.
Can they go after us for the house? Will this hurt our credit more?

Best answer:

Answer by Kent
You can get the right answer from the Tax Experts. They know more about this and they will be able to give the best solution for your case .

I’d suggest you not to deal with IRS yourself. If you make mistakes, you may end up loosing your credit.

Anyway, you can get Free Tax Consultation at http://freepl.us/5/USATaxAdvice

Hope that helps!

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Question by evianne5 -: How does a person get off the Chex System after bad banking behavior and declaring bankruptcy?
I have a friend who cannot get a checking account because he did not pay off a credit card he had through his bank a couple of years ago. He plans to file backruptcy and has been using the Green Dot debit card thing for while. However, not knowing much about this, I am wondering if he can ever repair his credit, get off the Chex System and eventually get a checking account, or if he is doomed to use Green Dot forever. If he can get off the Chex System list, then what is the process and how long does it take? Thank you!!

Best answer:

Answer by echo
When a person is on Chex it is difficult, but not impossible, to be removed before the 5 year reporting period is up.

If a person is denied a banking account for being on Chex, the bank should give the person the information to receive a free copy of their Chex report.
If what is listed is reporting correctly then it would be extremely tough to remove.

But, with that said, there are “many” banks and credit unions that do not use Chex.
There is a free to use site where your friend can look up his state to find a bank or credit union that doesn’t use Chex.

www.chexsystemsvictims.com/

When you go to the site, click on the tab at the top that says “Get My List” then scroll down to near the bottom of the page and click on your state.

The woman who owns the site donates her time, and resources, to locate banks/credit unions that do not use Chex and she works hard to keep her database as current as possible.

What do you think? Answer below!

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Prevent Bankruptcy By Seeking Help Through A Non-profit Debt Counselor

For many Americans, it is believed that the people who file bankruptcy are irresponsible with money, which all filers are living outside of their means and flat out refuse to make bill payments. While there are unfortunate cases in which these instances have been found to be true, the majority of Bankruptcy causes are uncontrollable. There are seven main factors that can lead to a person filing bankruptcy.

The seven main factors are listed from the main cause to the least likely cause of bankruptcy. Credit card debt is the most likely cause of bankruptcy at a 67% cause rate. The loss of a job or a decrease in pay carries a 50% rate for bankruptcy. Poor financial management is rated at 37%. Medical bills are said to be half out of 1.5 million bankruptcies. Three quarters of individuals who file bankruptcy due to medical bills or health issues are insured. Medical causes carry a 28% cause of bankruptcy. For those who encounter business trouble there is a 15% rate of bankruptcy. Divorce carries 13% and legal bills and lawsuits combined carry 12%.

These percentages show the true factors for most bankruptcies are not at the fault of the filer. Unfortunately even when finances are managed frugally, bankruptcy can still be forced to occur. It is very important in prevention of bankruptcy to properly plan your finances and create a budget that you can live within. Make bill payments on time and pay credit card payments on time as well. By doing so you lower your risk of having to file bankruptcy at all.

Non-profit debt counselors are well-trained and experienced professionals who help those who are struggling with severe debt and financial struggles. They do this as a free service to help debtors regain control of their finances and to pay off their debtors. This program is not a loan but an education based program.

Tools and courses are provided to assist debtors in creating either a repayment plan or a debt management plan. These debt counselors review your personal situation to help provide you with the most beneficial program. They research your credit report, your average income, your assets and your debts. Once this information is gathered, the plan that is most suitable will be discussed with you entirely. You will know the advantages and disadvantages of the plans offered so that you can choose the plan that will best help you regain control over your finances.

Debt counseling does not just provide a band-aid for your debt trouble like bankruptcy can. Instead it heals the problem at the source. You are provided with tools to help you to get out of debt and stay out of debt. Bankruptcy can discharge your debts immediately for a fee, but further in the future your debt troubles can easily return.

There is numerous non-profit debt counseling services available to you. To find a representative in your area the most helpful tool is the Internet. You can find services that can help you online and over the phone. They are there to help you in any way possible. The help is available to relieve you from stress and financial chaos. All you have to do is click or call and you will be on your way to a fresh start with your finances.

Find More Debt Counselors Articles

Your credit report is a repository of information about how you live your life which is why it’s imperative you fix your credit report and keep it fixed. The choices open to you in life are dictated by what is on that report. People look there to find out if you pay your bills, where you live, where you work, have you filed for bankruptcy in the past 10 years and even whether or not you’ve been sued! If you have been arrested, that will show up too.

The list just goes on and on. Have you provided credit information as part of an application for a job? Do you have any criminal convictions? What about an unpaid judgement against you?

To top it all off it’s not just your creditors providing this information to the credit bureaus, even your life insurance company is getting in on the act. And if you’ve applied for more than $150,000 worth of life insurance there’s no time limit to remove that information from your record!

Now you know who’s loading information about you onto your credit report, take a guess at who might be reading that information – and making decisions about what choices you have? Pretty much all the same people. Businesses use this information to assess you each and every day. Whenever you apply for credit, employment, insurance or any other purpose allowed under the Fair Credit Reporting Act (FCRA) your credit report is what they’ll be looking at to decide whether you can have/do/be it. Not such a great feeling is it?

I hope the importance of why you should fix your credit report and keep it fixed is becoming apparent? With all those different parties sending information to credit bureaus, do you think there’s a possibility someone may have accidentally loaded an error or two against your name?

What if you are being penalized for something you haven’t done – and you don’t even know about? Have you thought about the implications of identity theft, all those unpaid bills, frauds and other wrongdoings being recorded against you?

Your credit record is a vital part of who you are and it needs to be regularly checked and maintained. To protect yourself, you don’t need a one time free report, you need comprehensive weaponry that can check and fix your credit report over and over again. Checking, reviewing and repairing your credit should be done at least annually.

Whilst eBooks on credit repair may tell you what to do today, as legislation and rules change over time, they become more and more out of date (if they aren’t already). Credit repair is a specialized field and you need to ensure your source of information is being constantly updated. Credit repair software is a great solution for this. Find a package that is reputable and regularly updated and you’re away – go the power of the internet! If you do some research you can even find ones for under $100 that will manage the whole administration side for you (a real plus).

Don’t let your credit record unnecessarily limit your life, fix your credit report before it “Fixes” you.

Article Source: http://www.itempad.com

How will you increase your credit rating and eventually erase from credit report the negative credit record which has been recorded? Credit report contains the breakdown of your credit habits be they good or bad. However, it is always faster to spot the negative than the good. Even just one bad record can already make a heavy impression on your credit score. What can you do to remove that negative record to once again enjoy having a good credit rating?

What are the classifications of negative findings that can be removed from your credit history? There could be some inconsistencies in information by the creditors such as discrepancy in names, address and many more. Another is the actual delinquency of the borrower to make timely payments, announcement of bankruptcy, home foreclosures and many others. The first kind of negative finding can be argued by immediately writing the credit agency to clear the data. The credit agency shall make verifications on these issues. If they will not be able to prove their allegations, then the finding shall be removed form your credit history. But for the latter kind, an amount of time and money is required to erase it from someone’s file.

To be able to remove from credit history the bad entries that has been inputted, you have to settle for what you owe and let time go by until such time that your credit record shall renew itself. When there is a declaration/an announcement of bankruptcy, or home foreclosure in your credit report, corresponding harmful effects on your credit rating shall be unavoidable. It will surely decrease your credit score. When this occurs, it will be more difficult for you to apply for future loans. These bad findings are harder to erase from someone’s file. And these findings shall be in your file for several years.

What can you do to clean up your credit history/record? Is it still possible to rebuild your credit record? Yes it is very possible. However, it will take some time to do that and you need to come up with financial resources to make it possible. You should start rebuilding your credit record by updating payments to your existing loans. You have to redeem again the trust that bankers have given you before. It shall take time but it’s going to be worth it. You need to prove them that you have grown and learned from your mistakes; that you have become a better person and are now in a better position to handle your finances and obligations.

Article Source: http://www.itempad.com

Ordering your free credit report is probably the last thing on your mind when you’re yearning for a new car, but unless you’re going to pay cash for that new car, it is something you should do before you start to shop.

You know that at least 25% of all credit reports contain errors. Making sure that your credit scores aren’t being pulled down by some stranger’s negative information is reason enough to take the few minutes to order a free credit report.

If you wait until you’ve found your dream car to find out that your scores are low, one of two things will happen:

1. You’ll lose out on the car because even if the lender agrees to finance it, you won’t be willing to pay the interest rate offered. 2. You’ll go ahead and buy at a higher interest rate – and waste thousands of dollars in interest payments.

Correcting mistakes can take a couple of months, so you should get your free credit report just as soon as you start dreaming about that new car.

Along with a stranger’s negative information, your credit report could contain information that should have been removed long ago. Only a bankruptcy should still be showing on your credit report after 7 years, but mistakes do happen. So if you’ve had some financial troubles in the past, they could still be affecting your credit scores.

You could also find that one keystroke in error has reported your true debt as higher than it really is, or your available credit as lower. If you do any typing or data entry yourself, you know how easy it is to make an error.

But there’s one more reason why when you begin thinking “I need a new car” you should also be thinking “I need a free credit report with scores.”

It’s because not all car dealers are honest. You probably already knew that, but thought it applied to misrepresenting a car. It also applies to misrepresenting your financial picture, and thus the loan you’ll be offered.

If you don’t know your own credit scores, a car dealer can tell you anything. And if he’s in line to profit by you paying a higher interest rate based on your “poor credit scores” he’s apt to tell you what he wants you to believe.

Protect yourself from that kind of shady dealing by knowing your credit scores before you talk to a car dealer.

Article Source: http://www.approvedarticles.com

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