Posts Tagged bad credit
Light on the Credit Repair Path
Posted by Jim Kemish in Finances on 05/14/2010
Who Needs Credit Repair?
The purpose of credit repair is to improve your credit. The most significant transformations will occur for those with credit issues, but if you have decent credit you may still get valuable and substantive results. Your credit scores will dictate the interest rate you receive on every dollar you borrow, and even an incremental improvement in your loan rates can add up to significant savings over time. Potential financial benefits are available to most everyone.
What Credit Repair Does
Credit repair, at its best, will address everything that contributes to your credit score. The process will include sending dispute letters to the credit bureaus to clear up erroneous reporting. Deficiencies in your credit profile should be addressed as well; if you do not have the accounts you need to develop higher scores a good credit repair service should provide you with the guidance and assistance to rebuild your credit to insure the best outcome. And finally, you may benefit from appropriate score optimization tips. There are many cases where careful changes to existing accounts can produce major score improvement.
What Credit Repair Does Not Do
Credit repair is not about eliminating real and accurate accounts from your credit report. If you are in debt and looking for a way to resolve your outstanding commitments you may benefit from consumer credit counseling. You may even want to consult a bankruptcy attorney. Credit repair is intended to skillfully identify and correct reporting errors. These may include simple issues like accounts that are not yours, to more tricky errors that may seem correct but should not be there as a matter of law. These later issues generally require training to spot and may call for the services of a professional.
Do it Yourself?
Managing the restoration of your own credit can be rewarding. But be careful not to miss any opportunities. Before starting the credit repair process do your homework. You must have an understanding of the Fair Credit Reporting Act as well as knowledge of the way the Fair Isaac FICO score works. And if you have any collections on your credit report you will need to understand the Fair Debt Collection Practices Act and your state statutes of limitation.
Subtle Factors Count
But there is still more you need for success. You must have an understanding of the way the credit bureaus operate if you want your dispute letters to get processed to your satisfaction. You may want to spend some time browsing online credit forums or pick up a book on the subject before you get started. If all of this seems intimidating, you should consider hiring a good credit repair service.
Choosing a Professional Service
For most people, the decision to use a professional credit repair service is the wise option. If you take this path you will not have to invest the time to master all of the skills you need to succeed. You will be comfortable knowing that all the angles are being addressed adequately. One of the more time consuming and organizationally intensive tasks in the process is managing dispute letters. Letters may need to be resent. Responses must be rebutted to when the results are not to your satisfaction. For what should be a moderate monthly fee you can turn all of the work over to an expert and insure the highest likelihood of success. Good luck!
Copyright © 2010 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish is the president and founder of Sky Blue Credit Repair, a leading credit repair service. Sky Blue Credit has been dedicated to providing intelligent customized credit solutions since 1989.
Differences Between Debt Settlement, Credit Counseling, And Debt Consolidation
Posted by Zach Hamilton in Finances on 04/19/2010
Jenny was in trouble with her credit card debt, and she resolved to get on the right track and avoid bankruptcy. She had heard about a debt settlement service and it sounded like a good idea: the company claimed it would negotiate with her creditors and arrange for Jenny to pay off her debts with one lump sum that was as much as fifty percent less than what she owed.
At the debt settlement company office, Jenny began to have suspicions. The “certified credit counselor” told Jenny that she would have to start making monthly payments into an escrow account, and the payments included not only her regular credit card payments but a set of substantial service fees owed to the debt settlement company. Only after 24, 36, or 48 months would the escrow account have enough funds to offer her creditors a lump sum settlement.
With horror Jenny realized that while she was paying the debt settlement company exorbitant fees every month, her creditors would be paid NOTHING. Interest charges and late fees would be piling up! The “certified credit counselor” assured her that this was perfectly fine and urged her to sign on the dotted line. Instead, Jenny got up and walked out.
Debt Settlement vs. Debt Consolidation
Jenny was lucky. Thousands of consumers have been bilked by debt settlement scams. What happens is that the creditors get no payments, so they start calling the debtor. They threaten collection and legal action. The hapless debtor contacts the debt settlement company, who suddenly does not return phone calls! Most debtors drop out of debt settlement programs and complain to the Better Business Bureau. In many cases they lose thousands of dollars and end up with more debt than when they started.
Another scam is credit card debt termination. This scheme is based on the bogus assertion that your debts are not “legal” and that the debt relief company can compel your creditor to wipe out your debt. Any company offering “debt termination” should be avoided.
Debt consolidation can be a solution; it involves taking out one loan to pay off others. It can make sense if your credit is reasonably good. Here how it works: Say you have four or five credit cards, each with twenty percent interest rate and a total balance of ten thousand dollars. If you can get a $10,000 loan at an interest rate of ten percent, you can pay off all the cards, and you will save thousands in interest charges. In some cases you can do this yourself. Ways to get lower-interest cash include:
- Take out a home equity loan
- Do a “cash-out” refinancing
- Refinance your car
- Get a personal loan
- Or, you an always try to negotiate better terms with your creditors
If this sounds daunting, credit counseling can be a good option. But where to start? Jenny contacted the National Foundation for Credit Counseling, which is the nation’s largest and longest-serving national nonprofit credit counseling network. The NFCC has more than 100 member agencies and nearly 850 offices in communities throughout the country.
Jenny learned that credit counseling services run the gamut from legitimate to fraudulent. Many can provide effective low-cost advice and services; others will take your money and run. Here’s what you should watch out for:
Lack of accreditation. Check to make sure the company is affiliated with the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.
Big upfront fees. Legitimate consumer credit counseling services charge low upfront or setup fees-perhaps only ten dollars. Unless you’re getting extensive professional financial advice, be wary of paying more.
Unrealistic promises. Beware of any company that promises to eliminate your debt or negotiate a settlement that sounds too good to be true. It probably is.
Missed payments. Rather than passing every payment you make on to your creditors, some companies take your first months’ payments as a service fee. What they get, your creditor doesn’t get!
By being a smart shopper, Jenny got the credit counseling she needed. She took control of her household budget, negotiated payment plans, and paid off her debts.
ConsumerFinanceReport.com features an extensive article library covering a wide range of personal finance issues and topics, such as the article on debt relief agencies. Sections include advice on how consumers can best pay off debt.
A Complete Guide to Unsecured Personal Loans
Posted by Zach Hamilton in Finances on 04/19/2010
When you need some extra cash – perhaps for a vacation, home improvement, or personal expense – you may consider taking out a loan. You can do this in many different ways: you can use your credit card to get a cash advance, take out a payday loan, or get a second mortgage on your house. You can also take out an unsecured personal loan.
What is an unsecured personal loan? It’s a loan for which you are not required to put up collateral, such as your house or car. Credit cards are a type of unsecured loan because if you fail to pay, the credit card company has no authority to take your house or car. Your home mortgage is a secured loan because if you fail to make payments, the holder of the loan – the bank or mortgage company – can seize your house.
You may think that an unsecured loan is by definition much better than a secured loan because the risk to you is less, and the risk to the loan issuer is greater. But the creditor will make you pay for the increased risk they are carrying by charging you a higher interest rate than if you were taking out a secured loan.
Taking out an Unsecured Personal Loan
Say you need $10,000 quickly, and let’s assume you have an excellent credit history. You go online to the website of a reputable national bank. You’ll find a handy personal loan rate calculator and you can see how much you’ll be paying.
You enter how much you need ($10,000). You enter your state (a bank’s ability to lend and the fees it charges may vary from state to state), and the term (let’s say you think you can repay it in two years, or 24 months). The website says that your annual percentage rate (APR) will be 12.36% and your monthly payments will be $472.42.
You can see immediately that a rate of 12.36% is much higher than a typical automobile or mortgage loan of 5%. This is because the loan is unsecured – if you default the bank has little recourse other than turn your debt over to a collections company. The rate of 12.36% is for a customer with an excellent credit score; if you have poor credit your rate will be much higher or you will be turned down.
If you pay $472.42 per month, by the time you have paid off your loan in 24 months you will have paid a total of $11,338.08, not including fees. This is something that you need to consider carefully; in two years you will pay over thirteen hundred dollars extra because you borrowed ten thousand.
What are the pitfalls?
Avoid scams! Here is what you need to watch out for:
- Do not respond to unsolicited phone calls, emails, and/or letters offering you a “guaranteed approval loan.”
- No reputable loan company or bank will ask you for a fee in advance to cover the cost of the application, processing, loan insurance, or the first month’s premium. If you’re in doubt, contact your local Better Business Bureau.
- Once a scammer has convinced you to pay an up-front fee, invariably the scammer will ask for additional fees. If you try to complain or ask to speak to a manager, you will be directed to voicemail and your calls will not be returned.
- Never wire money via Western Union or send a Moneygram to any lender, and especially to anywhere outside the U.S. such as Nigeria or even Canada.
Before you decide to take out an unsecured personal loan, be sure you really need the money. If possible, it’s better to solve your cash flow problems without taking additional debt. But if you decide to consult with a lender, be a smart shopper, and get the best deal you can.
Check out the article bad credit home equity loans on ConsumerFinanceReport.com. Visit the site to view additional personal loan content such as overnight loans and peer-to-peer lending.
Bad Credit Home Equity Loan
Posted by Zach Hamilton in Finances on 04/19/2010
Have you ever thought of taking out a home equity loan or line of credit? If you are facing a big expense – like college tuition or home repairs -and you own your home, a home equity loan might make sense. But you may also be worried about your credit score. You suspect that you have some history of bad credit-perhaps some late credit card payments or an unpaid student loan. You think that if you have bad credit, you can’t get a home equity loan.
Home Equity Loans
What is a home equity loan? You own your own home and for ten years you’ve been paying your mortgage on time. During this period you have built up equity in your home, which means that you are a part owner together with your lender. If you bought your house ten years ago for $300,000 and your down payment was $45,000, the amount of equity you have in your house is the down payment ($45,000) plus the principle you have paid (say, $15,000); this equals $50,000. But there is one more factor: the current appraised value of your home. For simplicity sake, let’s assume that even in this recession your home has held its value and is worth $300,000.
In theory, you could access a portion of your $50,000 equity for a second mortgage, a home equity loan, or line of credit. But what if you have bad credit?
When you apply for a home equity loan, the lender will take many factors into consideration when determining how much to lend you and at what price. With bad credit, it may not be a question of whether or not you can get a home equity loan (if you own your home chances are good that you can) but how much it will cost you.
A major factor in the lender’s decision is your credit history. Today there are three major credit reporting agencies. These are Equifax, Experian, and Trans Union. Under the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions (FACT) Act you are entitled to view your credit reports at no charge once a year. Do not contact the agencies directly; to learn about how to access your credit reports go to the website of the Federal Trade Commission at http://www.ftc.gov and click on “Consumer Protection.”
The three credit bureaus most often use the FICO score system, which assigns each consumer a number rank between 300 and 850. Higher scores (above 700) are good. Lower scores (below 600) are bad. The lower your score, the less money you can borrow and the higher interest rate you will pay.
What Can Affect Your Credit Score?
Many factors that seem obvious will affect your credit score, including missed or late credit card payments. But there are other things that can bring down your score, too.
- How often your credit history is accessed. That’s right: every time a potential lender checks your credit history, this fact becomes part of your record. If your credit records are being checked too often, lenders see this as a red flag. Why? Because it may mean that you are “shopping around” for credit and are being turned down. A lender may think that you are a high risk.
- A short credit file makes you less desirable. Some consumers (wisely, they think) refrain from using very much credit. They may have only one credit card, which they don’t use very often. This is fine until they try to access a bigger loan, such as a home equity loan. A lender may see this customer’s lack of credit history as a higher risk and charge more for the loan.
If you want to get a home equity loan or line of credit, be aware that because of the current recession many lenders are tightening their requirements. Your bad credit may be a factor if you are denied. But you have rights; under federal law, if a lender takes adverse action against you (such as denying your application for credit or charging you a high interest rate), you are entitled to a free explanatory report. You must request your report within sixty days of the decision.
ConsumerFinanceReport.com features an extensive article library covering a wide range of personal finance issues and topics, such as the article bad credit home equity loans. Sections focused on mortgage topics educate consumers on loan modification and provide tips on refinancing.
Quick Credit Repair Tips That Really Work
Posted by Ian Webber in Finances on 04/17/2010
Dispute Freely
Credit repair requires courage. If you see something on your credit report that does not look familiar to you, you have the right to dispute it with the credit bureau. To hold back would be a great mistake. Do not attribute the credit bureaus with infallibility. The truth is far different. Errors abound.
And Dispute Again
Errors, generally, are not the fault of the credit bureaus, but the inevitable outcome of a complex reporting system involving countless reporting entities. Credit repair is the cure. And if your disputes encounter resistance, do not give up so easily. Dispute again. Demand satisfaction. You have the right to ask for errors to be investigated and corrected.
Validate Debt
Getting a collection letter in the mail is no fun, but it does offer a fantastic credit repair opportunity. The Fair Debt Collection Practices Act requires collectors to provide documentation of their legal ownership of the subject debt as well as proof of the amount that they say you owe. This is called debt validation.
Do It Soon
Your debt validation credit repair opportunity only exists for the thirty days following your receipt of the collection letter, so you must act quickly. If the collector cannot provide the required documentation they must stop collecting and reporting. But an important caveat applies! If you have no doubts about the accuracy of the collection there is no point in validating the debt unless you are ready to negotiate payment.
Open New Accounts Now
This is a major credit repair opportunity which can provide a dramatic boost to your credit scores. If you have been through a difficult financial period, and your credit suffered as a result you can get enormous benefit from opening a couple of new credit card accounts now. As critical as this is for those who currently have no open accounts, it is equally valid for those who do have accounts which have survived the period of difficulty.
Get Secured Cards
The FICO credit scoring model needs open and active accounts to calculate a score, so if you do not have any open accounts it is essential that you open them now. But FICO also gives credit to those who have taken steps to rebuild after a period of hard times, so even if you still have open accounts you can benefit from opening one or two more. Concerned about being approved? Just get secured cards. They are easy and you will not get denied.
Keep Revolving Balances Down
Once you start rebuilding your credit there is one more credit repair tip that will insure that you get the best possible results from your hard work. Keep your balances down! The FICO scoring model puts enormous weight on the ratio of your revolving balances and your account limits. If you open a new account and then use the entire available balance do not be surprised to see your scores fall.
Avoid This Trap
There is a common credit repair trap that you want to be sure to avoid. Many people get small cards, use the full amount available each month, and then pay the balance when the bill arrives. It is unlikely that your payment date and the reporting cycle of the card issuer will coincide. It is more likely that your account will be reported with a higher interim balance, which is likely to harm your scores. For credit repair, and when you need your scores to be their best, limit your card usage to a small percentage of the card limit and do not exceed that number.
Copyright © 2010 Ian Webber. All Content. All Rights Reserved.
Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.
Short Term Loans Without a Checking Account – 5 Things You Should Know
Posted by Larry Donaldson in Finances on 04/16/2010
In need of cash but don’t have a checking account? You are not alone. These days, more and more people are being rejected for a new account – and the rejection is not for the reasons you might think (see below).
The taking out of short term loans is on the rise due to many people finding themselves in a cash pinch. The economy, personal misfortune, or just bad planning are all possible reasons why you may be running short on cash.
Here are 5 things you should know if you are interested in short terms loans without a bank account:
1. The vast majority of short term lenders require that you have a bank account.
Most short-term lenders require that you have a bank account. There are three main reasons for this:
a. usually, the lender will want you to write a post-dated check to them so that you can pay them back on your next pay day. And, a check requires a bank account!
b. having a checking account is a symbol your being a responsible person who can pay back the loan.
c. possessing a checking account also allows the bank to establish your identity, which builds trust.
2. Some lenders do not require an account.
There are some lenders who do not require that you have an account. However, these lenders will usually want you to put up some type of collateral in order to potentially cover any risk that your loan represents. And, that is not always easy to come up with.
3. Not having a checking account is frustrating for other reasons, as well:
Lacking access to your own checking is frustrating for many other reasons, besides not being able to get qualified for a loan. For example, having an account allows you to have a safe place to keep your money. It also allows you to write checks and make debit charges at almost any store, gas station, and service provider anywhere. Not only that, but checking accounts also allow you to manage your money through online banking. And, of course, it gives you access to your money through a network of ATM machines located anywhere you go.
4. Chex Systems: the reason you cannot get approved for a checking account.
Applying for a new checking account is a fairly easy process that can take 15 minutes or less. The bank will need to establish your identity and get you set up in their system. But, what if you have applied for one or more checking accounts but been rejected? This is a humiliating and frustrating experience.
The reason that 99% of people get rejected for a new checking account – to the surprise of many people – has NOTHING to do with your credit (FICO) score. Rather, it is because their name has been reported to a database called Chex Systems. Banks use this database to share information with each other about past customers whom they consider a banking risk. Currently, about 80-90% of banks refer to Chex Systems when considering new account applications.
5. Second chance checking accounts allow you to avoid the Chex Systems hassle.
Once your name has been reported to Chex Systems, there is no way to get it immediately removed. However, there is a silver lining to this cloud: there are a handful of banks that do not refer to Chex Systems when considering a new application. These banks are called “second chance checking” banks, for good reason: they give you a second chance when others won’t.
If you are looking for short term loans without a checking account, your best bet is to apply for a second chance checking account first. The approval process can take just minute, and you can find any number of lenders willing to extend to you a new loan.
For a list of second chance checking banks in your area, check out: http://www.squidoo.com/open-second-chance-checking-account-online .
Advantages of Financing With a VA Mortgage
Posted by Victoria Belle-Miller in Finances on 03/16/2010
A VA mortgage has numerous advantages for a borrower purchasing a new home or a homeowner who is refinancing his or her current mortgage. This type of loan is specifically for veterans or service members currently serving in the U.S. military. It is an exclusive benefit available to them in return for their service to this country. This type of financing is known for its great rates, flexible loan requirements and easy qualification guidelines.
Save Money When Purchasing a Home with this Loan
This type of loan is especially great for veterans and current military members who are first-time homebuyers because of the large amount of money it saves them. These loans do not require a down payment on home purchases, unlike most conventional home loans. Borrowers can use the money they save for other home expenses or for their personal use. If eligible, borrowers can also qualify for the first-time homebuyer’s tax credit, which can be up to $8000. This incentive is ending soon, so new homebuyers should act now.
Current Homeowners Save Money with this Loan
Because this type of financing is known for having lower interest rates than most other home loans, homeowners can save money each month on their monthly mortgage payment. This money can be used for other bills or for personal expenses. This loan also does not require any mortgage insurance, which is typically required on most home loans. The absence of this requirement also leaves homeowners with more money in their pockets.
If interest rates have decreased since the original mortgage was taken out, homeowners can refinance their current mortgages in order to receive the new, lower interest rate. The lower rate can lower their monthly mortgage payments and save them thousands of dollars in interest over the life of the loan. A homeowner may also refinance their current mortgage to consolidate debt or receive cash back.
Requirement of this Loan
To qualify for this type of financing, the applicant must be a veteran or current service member and meet certain service length requirements. If the borrower is a veteran, he or she must have been discharged from the military under conditions other than dishonorable.
The Department of Veteran Affairs does not have strict credit or income requirements, but it is required that borrowers have clean credit histories of at least twelve months. Most lenders will require a borrower to have a credit score of at least 620 to qualify for a loan. There are also a couple of credit/income requirements, including a minimum residual income requirement and a maximum debt-to-income ratio.
Borrowers are required to escrow their taxes and insurance to ensure that all payments are kept up to date. The fees associated with the loan, such as the funding fee and title insurance, can be financed into the loan to lower the borrower’s out of pocket costs.
A VA mortgage can save both new homeowners and current homeowners a great deal of money in the present and over time. Interest rates are currently low, but they always have the potential to increase based on changes in the market. Now is a great time to take advantage of this loan while rates are still low.
Victoria Belle-Miller is the newest member of the VeteransLoans.com writing staff. Her background in journalistic writing and ability to evaluate the issues that Americans face in daily life make her a strong addition to the VA loans team and a valuable source of sound mortgage advice.
Expect Miracles From Credit Repair
Posted by Ian Webber in Finances on 03/16/2010
Amazing Results
Credit repair is capable of producing amazing results, but it requires a sincere effort. You may hire the best credit repair company in the world, but unless you play your role the outcome will disappoint. But do it right and you will see your credit scores rise dramatically and your credit report gain the quality of respectability that prospective lenders want to see.
More than Disputes
The roll of a good credit repair company should go well beyond simply sending dispute letters to the credit bureaus on your behalf. It is true that dispute letters are important to the process, but it would be wrong to believe that the dispute process alone will deliver the amazing life-changing results that you hope for.
The Big Picture
In addition to sending disputes, a good credit repair company should provide a robust analysis of all of your credit deficiencies and score improvement opportunities, along with an offer of help in rectifying any deficiencies and taking advantage of opportunities. This advice and support function is critical to your success.
Correcting Deficiencies
The most significant deficiency that most people entering credit repair programs have is the lack of active credit. It is not unusual for people to emerge from a bout of financial trouble with no open credit cards. The elimination of credit reporting errors from your report can eliminate much of the burden that is weighing down your scores, but without open, active accounts you will not see any significant improvement.
The Power of Credit Cards
If this describes you, the best and easiest solution is to open a couple of secured credit cards. Secured credit cards are the perfect companion to your credit repair process. Secured cards are collateralized by small savings deposits, which under most circumstances will guarantee your approval. Manage these new accounts properly and you will be providing the data that the credit scoring formula needs to rate your reliability and reward you with higher credit scores.
Payment Perfection
It is also critical that you manage your new credit very carefully. This also applies to any other existing debt that you have. Your credit repair success depends on the new payment history that you establish starting today. Prove that you are a completely reliable consumer and your credit scores will behave accordingly.
Debt Management
Another important debt management issue that has a dramatic impact on your scores is the balances you maintain on your open accounts as they relate to their limits. High balances will depress your scores and detract from the benefit that you are working so hard to achieve. Keep your revolving balances down and watch your scores go up.
Succeed Beyond Your Expectations
If you choose to hire a credit repair company, expect miracles! But expect to participate fully in the miracle yourself. The service you hire should play their role, but without you they will not succeed. Open accounts, make your payments meticulously, and manage your debt. From now on you should be a paragon of good credit and you will succeed beyond all your expectations.
Copyright © 2010 Ian Webber. All Content. All Rights Reserved.
Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.
Obtain Low VA Mortgage Rates and Save Money!
Posted by Victoria Belle-Miller in Finances on 03/13/2010
VA mortgages are a great financing option for both first time homebuyers and current homeowners. These types of loans have multiple benefits, including no down payment on purchases and no mortgage insurance. The absence of these costs, which are required on most mortgages today, saves borrowers money for their other expenses. Borrowers can also save money because this type of financing tends to have lower interest rates than other types of home loans.
Why Low Rates are Beneficial
First time homebuyers or homeowners who are purchasing a new home and are eligible for VA financing can receive a low VA mortgage rate on their home loan. Having a low interest rate will lower the borrower’s monthly mortgage payment and save him or her money in the long run. A borrower can use the money he or she saves for personal expenses or for other expenses related to the new home. First time homebuyers can also use the $8000 first time homebuyer tax credit to maximize their savings. The tax credit is slated to end in April, so first time homebuyers should consider taking advantage of this incentive now.
Obtaining lower rates by refinancing
Current homeowners can refinance their existing VA mortgages in order to receive lower interest rates on their home loans. There are a few different home-loan refinancing options homeowners can choose from. With a lower interest rate, a homeowner can lower his or her monthly mortgage payment and save a great deal of money in the long run. In addition to lowering one’s interest rate and monthly payment, refinancing also gives homeowners the option to change the terms of their loans, consolidate debt and/or take cash out.
Requirements to Qualify
To be eligible for this type of financing, the borrower must be either a veteran or a current member of the U.S. military. If the borrower is a veteran, in order to qualify for a loan, he or she must have been discharged under conditions other than dishonorable. There are certain other service length requirements that borrowers must also meet. A home loan specialist can help potential borrowers determine their service eligibility.
In addition to service requirements, an applicant must meet a residual income requirement and have an acceptable debt-to-income ratio so that the lender knows he or she can make the loan’s monthly payments. The VA does not require that applicants have a high credit score, but most lenders will require a credit score of at least 620.
In some cases, a veteran or current service member’s spouse may qualify for loan benefits in the event of a death caused by or related to military service or other special circumstances. Disabled veterans who were disabled while in service or as a result of service may be entitled to additional loan benefits, such as being exempt from paying the loan funding fee. They may also be able to receive accommodation grants that they can use to make their home more accessible for their disabilities, or they may be exempt from having to pay property taxes, depending on the laws in the state in which they reside.
This type of loan is a great financial solution for those who have served our country. Borrowers can receive low interest rates, which will lower their monthly payments and leave them with more money for their other expenses. The absence of mortgage insurance and a down payment (for purchases) saves borrowers even more money overall. Interest rates are continually fluctuating, so now is a great time to take advantage of low VA mortgage rates to save money on home financing.
Victoria Belle-Miller is the newest member of the VeteransLoans.com writing staff. Her background in journalistic writing and ability to evaluate the issues that Americans face in daily life make her a strong addition to the VA loans team and a valuable source of sound mortgage advice.
No Credit Check Bank Accounts
Posted by Peter Franks in Finances on 03/12/2010
Whenever you walk down any high street you will come across lots of banks, all of which would love to have you and your money settled in their “safe” hands. But the simple fact is as the recession gets deeper and deeper, more and more banks are closing their doors to those whose credit rating is less than perfect. Ironic really considering it is the banks that have got the world into this mess, don’t want to go down that road now though! Well, what far more people now than ever before are asking is where can I get a no credit check bank account? Unfortunately the answer is not that simple, as already described most banks are just not willing to the risk; however there is one or two that still offer such a possibility of a no credit check bank account!
Before we look into the availability of such, it would be good to consider just why anyone would want to consider such a bank account in the current climate of financial strife taking place in the world.
Benefits of a No Credit Check Bank Account
If you find yourself in the unenviable position of having a bad credit rating, you will know that you cannot get yourself a basic bank account at most establishments, this alone is a good reason to get yourself a no credit check bank account, however there are other benefits!
If you struggle to get a basic bank account the most likely reason is that you have a bad credit rating, the reasons you may have this are endless, it could simply be that you made one late payment on a loan or credit card bill, of course there could be more serious reasons, perhaps you defaulted on a loan or mortgage. These are the most common reasons people get bad credit ratings and therefore unable to get a basic bank account let alone a checking account or business bank account.
Millions of people just like you are facing this dilemma, but you needn’t worry for long as help has come from bank accounts advice, these specialists in advising the UK populace have been helping people just like you for years, and since the downturn in the economy their advice is ever more needed. The CEO of Bank Accounts advice said this “With the recession looking to continue for quite some time yet, it is vital that we (Bank Accounts Advice) step up our efforts in finding the most useful and important information for the standard bank account holder, to help improve your chances of making it through this difficult period in tact”
No Credit Check Bank Account Is Waiting For You
There is no doubt that the need for a bank account where no credit check is required is essential for the progress of the country as a whole, if you are considering finding a bank account but have a bad credit rating and require a no credit check bank account then do not hesitate to check out Bank Accounts Advice for all their helpful information, they have even gone to a lot of trouble and time to narrow down your search to the best providers of a no credit check bank account.
Without a shadow of a doubt it would be worth your while looking into this even if your credit rating isn’t all that bad, For further information about no credit check bank accounts at the bank account advice website. There is far more than this as well!