Lori Jake with http://www.torebuildcredit.com . You can download your free Ebook on how to pull your credit from all 3 credit bureaus. You need to know what your credit report says before you can start improving. It is the first step to understanding credit and building good credit.
Duration : 0:4:41
How Debt Gets to Collectors – Legal Consequences
When you become late on one credit card – your rates immediately jump up on ALL you credit cards. Including promotional zero-interest cards. And sometimes this goes retroactively back in time. Credit card companies explain that they can do this because you become a “high risk”.
As of today (beginning of 2009) late fees and over-limit fees are by far the single biggest profit center for credit cards (more than $4 BILLION annually). Those fees have now gone as high as $43 on some credit cards, with the average between $35 & $39 by most major issuers.
And unfortunately the lenders can legally do this – so pay close attention to your payment due dates. For more information visit http://www.101creditrepair.com
As you miss payments – this gets reported to CRAs (Credit Reporting Agencies). And the lender will start contacting you (either directly, or via a contracted collection agency).
If you miss the due dates on three payments, the lender will usually shut your card off, declare it in default and make demand for payment in full. Your rates and late payment penalties can quickly make your balance grow by 50% or more.
If you don’t pay for 180 days – they will charge-off your account so that they can get tax benefits for it. They will also turn over to collections. Usually just sell for 3-4 pennies on a dollar.
VERY IMPORTANT: keep records of all letters you get (bills, collection letters), especially the proof of the charge off date or date of last activity as reported to the credit bureaus by the original creditor, so as to legally ascertain when your state statutes kick in. The best way to legally document this is by obtaining a copy of your credit reports that denote this fact, which could become an important document in future disputes or legal proceedings. Keep the report for several years (7 years).
Note: the charge-off date determines two very important date marks for you:
1. how long the debt record will stay in your credit file (usually 7 years from this date).
2. the statute of limitations (SOL) date: how long the debt can be collected. It depends on the type of the debt and on state. Usually 4-6 years. Each state has its own rules.
For more information visit http://www.101creditrepair.com/resources
Note: Collectors can not change the date – re-aging of accounts is prohibited by law. But be careful. If a collector sues you on an “expired debt” (“Time Barred Debt”) – you still have to go to court to protect yourself. If you don’t show up – the collector wins “by default” – and now you will have to pay this debt plus legal fees plus you will get a new bad record on your credit report about the judgment – which will stay for 7 years.
Duration : 0:5:11
Sadly, Visa is now accepted in more places than cash. Millions of credit cards are being used daily for purchases. Visa, MasterCard, & AMEX, are in just about every household worldwide and the trend is not going to die anytime soon. There are people though who do not have the means to obtain a regular credit card, be it a lack of credit in general or too much bad credit combating the application process. Here, a secured credit card can come into play as an asset to building your credit rating and history. A secured card works just like a regular credit card with the exception of having to deposit your own funds initially to open the account and utilize as available credit. Some banks require a minimum amount be deposited to obtain a secured credit card while other banks simply do not offer the option. The average deposit requirement ranges between $200 – $500. Whatever amount you decide to deposit will be the available spending amount for the secured credit card. Just like a regular credit card, a payment is due each billing cycle and interest fees are applied to purchases and cash advances as applicable. Yes, this means you will be paying interest to spend your own money. While this may seem asinine, for some consumers it is the best way to build a good credit score or help combat a bad credit rating. It is a good idea to know who you are getting into bed with before making any commitment. You could say the same about establishing credit with big banks. There are some things you want to consider when shopping banks for a secured credit card. Terms and conditions are just as applicable and enforced as they are with regular credit so it is important to see what you will be facing after the honeymoon phase. Fee Fi Fo F- What are the fees for the secured credit card?! Is there an activation fee? Is there an annual fee? Is there a fee for speaking to a customer service rep? Will you be charged for inactivity if you do not use the card one month? Payment processing fee? Make sure your initial deposit is not eaten alive by enrolment fees, etc. Secured card fees can add up quickly so watch OUT! Get interested in interest: Check the interest rate before signing any tri-folds and make sure the rate is not going to detonate after a certain promotional time frame or period. Obviously, look for a low interest rate and compare rates. AND make sure it is in writing. Read between the lines and the lines between those. Those 3 font tri-folds were not developed on accident. Most banks make it difficult and irritating to read all the terms and conditions, usually in an attempt to sway you away from reading the terms definitively. Apply accordingly. Try not to apply for too many secured credit cards. One or two will suffice. Going overboard could cause your credit rating to decrease instead of increase over time. To spell it out, applying for too many secured cards is contradictive to the mission of building better credit. Checka checka check it out. Ok. So you have your fancy secured credit card. You are done cursing about the fees and using your own money to establish credit and have come to terms with your position in the credit game. Now we need to make sure someone is keeping score. Be sure to check your credit report a couple months after establishing the secured account. The account should be reporting to the credit bureau and positing with all 3 credit reports. If not, contact the lender and find out WTF the problem is and how they can fix it ASAP. If possible, it is a good idea to find this out before establishing the account. Honestly, if the activity is not reported to the credit bureau on a consistent basis the effort is then a waste. There are many ways to build a better credit score. A secured credit card is just 1 of a few ways a consumer can begin to establish credit or rebuild a bad rating over time. Consolidating unsecured credit cards can also help combat bad scores and help improve credit over time. Unsecured accounts consolidated with a non-profit receive a lower fixed interest rate and usually a lower monthly payment. This enables a consumer to pay off their credit debts at an affordable cost and a decent rate, lowering the debt amounts faster and establishing a positive consistent payment history. Utilizing both can accelerate your efforts to build a better credit score and help you be debt free from unsecured debts. Contact a certified credit counselor at 800.905.1563 or visit our website for more information about debt consolidation and building a better credit score.
Duration : 0:1:40
3 Easy Tips On How to Negotiate Your Own Debt with Credit Card Companies and Collection Agencies
Duration : 0:1:31
This is video 4 in a series of training videos from OptOutDetectives.com. This training video covers the 3 credit bureaus, future and current creditors, credit freezes and how to opt out of preapproved offers for credit.
Duration : 0:4:34
http://www.platinumnationalcredit.com of Bakersfield, California provides true credit restoration on your all (3) credit bureaus. Let National Credit Associates the Home of the $10,000 guarantee free yourself from credit prison now!
Duration : 0:1:50
Interview on role of Credit Bureau and Information Security in Financial Industry
Duration : 0:5:38
Abraham Walker (http://www.abrahamwalker.com) video blogs about steps you should take before you start looking for home with the help of Brandy Simpson(http://www.brandysimpson.com). The points Brandy touches on are:
1.Check your credit report with the 3 Credit Bureaus (Transunion, Equifax, and Experian) for any inaccurate information. You may be eligible for a free report every year from each bureau.
2.Don�t make any large purchases (cars, computers, furniture) with credit accounts. Every purchase you make using a credit card will increase you Debt to Income ratio and reduces the Loan amount you will be eligible for to purchase a house.
3.Try not to change jobs until after you purchase your home. Lenders like to see job stability.
4.Hold off on switching Bank accounts. Any sign of instability will cause the Lender to request more paperwork to get your loan closed.
5.Educate yourself about the Home Buying process and don�t be afraid to ask any questions.
If you want to ask Abraham any questions please email them to abraham@abrahamwalker.com. Check out Abraham’s Real Estate Videos @ http://abrahamwalker.com/realestatevideos. Thanks for watching.
Duration : 0:2:37
National credit bureau and Texas lender explain the credit process and Loan Approval difficulties with Chet Wilke host of TXCN “Your Real Estate Advisor”.
Duration : 0:5:19
Proactive Identity Theft Protection
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Fraud alerts set
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Duration : 0:0:29