Weekly Tips

Weekly Tips

What's Loss Mitigation?

What does this financial buzzword you're hearing everywhere really mean? If you're a homeowner facing the possibility of foreclosure, it should mean a great deal to you because loss mitigation is a process available to help keep you in your home. And while loss mitigation includes various methods used to negotiate terms with home lenders, each method has the same goal in mind - to stop the home foreclosure process before it occurs.

on Mon, 2008-11-17 16:00

Checking Your Credit Report for Signs of Identity Theft

Most of us have seen the clever commercials that portray identity theft victims boasting about illegal purchases with dubbed voices that are clearly not their own. While entertaining and just plain funny, these ads have also helped raise consumer awareness of the real dangers associated with identity theft and credit-card fraud.

on Thu, 2008-11-13 16:00

Rates Drop in US and UK, but Banks Fail to Follow

In an effort to ward off a deep depression, the Fed dropped its benchmark rate to a record-tying low of 1 percent, and the Bank of England recently slashed Britain's base rate by a record 1.5 percent. Since many credit cards are pegged to the prime rate, which is tied to the fed funds rate, you should expect to see some relief on your annual percentage rates any time now, right?

on Sun, 2008-11-09 16:00

750 is the new 650

Prior to a few months ago, there was basically no difference between a credit score of 650 and 800 for most loans. Whether you were looking to get into a car, a home, or simply a new credit card, a score above 650 would land you the best interest rates and loan terms 90% of the time.

on Mon, 2008-11-03 16:00

How Will A Short Sale Affect My Credit Score?

As property values continue to head south, many people are finding themselves upside-down on home loans and possibly facing foreclosure. A "short sale" can provide an alternative to foreclosure if you're able to negotiate a deal with your mortgage lender to take less than you owe on the loan and consider the mortgage paid in full. Say you owe $400,000, but you can sell your house for $300,000. If the lender allows you to sell and satisfy the loan, you've sold your house short.

on Sun, 2008-10-26 17:00

Does Your Credit Card Have a Penalty Rate?

Buried deep in the fine print of your credit card's terms and conditions, chances are you will find something known as the "penalty rate clause". In fact, more than 75% of credit card issuers include a penalty rate clause with their card offers, and this number is increasing as credit defaults are on the rise and issuers are looking for ways to increase revenues through higher interest rates and fees.

on Mon, 2008-10-20 17:00

Your Credit GPA: 3 Must-Know Credit Concepts for Students

Isn't it about time you gained some Credit¢ents? Perhaps you've never had to worry about credit before, but now you're off on your own and it seems like you're bombarded with credit card offers everywhere you go. What should you do? You opened a checking account at the local bank, and they offered you a shiny new piece of plastic. You signed up for a free subway sandwich at student orientation, and much to your surprise a credit card with your name on it appeared in the mail two weeks later.

on Thu, 2008-10-16 17:00

What To Do When Someone Steals Your Identity

Think you're having a bad day? Stuck in traffic, late for work, your kid is flunking math, the kitchen is a mess after dropping an egg? Well, you can relax and count your blessings. Because as horrible as those days might be, they pale in comparison to the ulcer-inducing rush of discovering that someone out there has not only stolen your identity, but is also hard at work leveraging your lifelong pursuit of solvency while sending your credit score plummeting and sucking your bank accounts dry. What to do about it? There's plenty, actually.

on Wed, 2008-10-08 17:00

Times are Tough, but Basic Rules Remain Unchanged

The economy is hurting and credit markets are in the tank. In fact, it's easy to understand why all the media hype concerning the credit crunch has consumers scared about what the future will hold. So should you close all your credit card accounts, begin stockpiling your paychecks in cash under the mattress, and avoid using credit altogether? That's simply not the solution to the problem.

on Sat, 2008-10-04 17:00

How Will Foreclosure Affect My Credit?

The credit markets are in the tank, and mortgage foreclosures are happening everywhere in today's economy. Whether voluntary or involuntary, it's important to understand that a foreclosure on your home will severely damage your credit score. In fact, a mortgage foreclosure will remain on your credit file for 7 years and will have a significant impact on your ability to borrow anything in the future.

on Sat, 2008-09-27 17:00