Credit Cards and Loans sounds like just two things, but in actuality, it is
dozens of things. Due to a combination of user preferences, lifestyles, and marketing ideas, there are dozens of different types of credit cards out there. Because of the wide variety of things people need money for and the wide variety of ways to collateralize a loan, there are dozens and dozens of different types of loans out there.

Because of the huge variety of different types of credit cards and loans, you
need a really big web site to find out about all of them. If you go off in search
of a new credit card, how do you know you’re getting the best deal or even the
best type of card for your lifestyle? Sure, you want a card that offers you some
sort of a reward, but if you are a soccer mom, do you really need airline miles,
or would a card that provides discounts on gas be a better deal for you?

Maybe you are a business owner and your cash flow is getting a little bit tight.
You might have thought your only recourse was to get a lousy rate on yet
another business credit card. Have you considered one of the many types of
factoring that can provide you with quick cash at reasonable rates? What about
venture capital to take your business to the next level?

No matter what sort of money you are looking for, you owe it to yourself to get
educated on the possibilities and the caveats for that particular type of loan or
credit. At http://www.creditcards-and-loans.com, we have all the info and all
the offers you are looking for… and perhaps quite a few you never thought of.

Jeff Pritchard is a successful online entrepreneur with several successful
websites. His most recent site provides tons of information for those in search
of credit cards and loans:
Credit Cards And Loans

Share This

Credit scores are a major issue when it comes to getting a home loan. Following is a discussion of how said credit scores are determined.

If you want to borrow hundreds of thousands of dollars for the purchase of a home, you are going to have to put up with some scrutiny. Your credit history, blemishes and all, is going to be front and center. Since we have all missed payments at one time or another, this can be a frightening prospect. Will one missed credit card payment result in your loan being denied? Probably not. There are five factors used to evaluate your score.

Payment history is by far the most important factor in determining your credit score. 35 percent of your score will be based on this factor. Meeting your debt payments in a timely manner will help your score. Making late payments will do the opposite. Lawsuits, judgments and tax liens are killers. Also, the size of the payment is taken into account. When in doubt, pay higher debt obligations before lower ones.

The balance on your debt obligations is another significant factor in your score. In a perfect world, you want to have a lot of credit available without actually owing any money. Since this is not a perfect world, you should try to keep the total amount you owe below thirty percent of the total credit available. If you have twenty thousands in available credit, you want to actually owe less than six thousand. This factor accounts for 30 percent of your credit score.

The length of credit is also a factor in your FICO score. The longer you have held individual credit accounts, often credit cards, the better. Importantly, you also need to show a history of actually using the credit. Oddly, lenders discount credit if it has never been used. The time you have had credit accounts for roughly 15 percent of your score.

The type of credit is also a facto in your FICO score, accounting for about ten percent. Credit cards are okay, but lenders like to see more formal obligations. This can be a car loan, student loan or previous mortgage. If you have a history with non-credit card debt, it is vital that you met every monthly payment obligation on the debt.

Inquiries also are factored into your FICO score, to the tune of ten percent. A lender is looking at inquiries over a 6 month period. Each one you initiated by applying for credit can ding your score, so make sure to avoid applying for credit for six months before seeking a mortgage.

It is vital that you order credit reports before applying for a mortgage. The credit reporting companies are often fined by the government for massive errors on reports. In fact, as many as fifty percent of all credit reports may have erroneous entries. Make sure yours is clean before applying for a loan.

Sergio Haros is with Great Western Mortgage - San Diego home loans provided by San Diego Mortgage Brokers. Great Western Mortgage is a San Diego mortgage company providing San Diego mortgages, San Diego home equity loan and San Diego mortgage solutions.

Share This

Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit cards, judgements, bankruptcies or other major financial transactions are listed there. Along with your credit report will come your credit score, which is a three digit number between 300 and 850 that represents a distillation of all of the above. That score represents your entire financial life, and your ability to obtain financing for any major purchase depends on having a good one. What if you don’t have a good record? Should you go to one of those companies that promise to repair your credit? What you should do is repair it yourself.

The idea of credit repair is a myth. There is no magic solution to fixing problem credit, and any company that promises to do so is only interested in your cash. Your credit report and score are maintained by three separate credit bureaus that keep pretty accurate accounts of all financial dealings done under your Social Security number. There is no way to quickly “fix” a faulty credit report. You can, however, fix it yourself and fix it for free. It just takes time.

The way to repair your credit record is to start paying your bills on time and paying off your debt. More than one third of your credit score is determined by your past ability to pay bills and to pay them on time. Start doing so now. It may take a year or two, but steadily paying your bills without making any late payments goes a long way towards repairing a credit score. Another third of your score is determined by your ratio of debt to available credit. If your credit cards are maxed out, you need to pay off or pay down your balances. It’s tough to obtain a loan when you are already in debt to the gills.

Stop using your credit cards, if possible. Don’t cancel them; just stop using them, particularly if you have a balance to pay off. You want to reduce your debt. Pay cash when you can. And check your credit report for problems. You can obtain a copy for free from the free credit report Website.

Repairing your credit record takes time and discipline. There is no quick solution other than paying your bills, paying them on time, and waiting for the damage to heal. After that, you should be in good shape to obtain your home or car of your dreams.

©Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.

Share This