Secured Loans And Credit Ratings
By: John Smith
There are many factors that affect your credit rating from the obvious to the not so commonly known. These things will become apparent when you go and apply for secured loans, home loans, etc.Poor debt management is the most obvious factor that will affect your credit rating such as missing your minimum monthly repayments on your mortgage or secured loans. This in turn can lead to higher borrowing costs in the future.There are however many other factors that to the average person may seem completely irrelevant but to the credit scoring companies say a lot about how you are likely to manage your finances. For example, an applicant with a mobile phone but no telephone landline might be seen as a fairly high risk to the lender. This is because lenders worry that if you only have a mobile phone, you would be harder to locate if you were to default your secured loan payments.Whether you rent or own your own home could have a great influence. Being a tenant is not looked upon favourably. If you are a temporary worker, unskilled labourer or self employed, this could also count against you. Another circumstance which could affect your score is down to where you live in the country. ‘Postcode profiling’ is becoming an important part of the credit scoring process. In this way lenders can look to avoid lending to those who live in less desirable neighbourhoods.The following gives a list of the common ways to blacklist your credit rating:# Living abroad.# Not staying on the electoral roll for long enough.# Moving frequently.# Renting a flat.# Becoming a victim of identity fraud.# Reapplying for a secured loan immediately after you have been refused one.# Not paying your yearly car tax to the DVLA on time.# Signing up for lots of credit cards within a short period of time for the free gifts and special offers.Most high street banks and building societies will only grant secured loans to those who have either good or excellent credit. There are specialist lenders however that would be willing to accept applicants with poor credit records. These are known as bad credit loans.For those with an impaired credit history, the process of ‘credit repair’ is achievable over time. The first step to recovery is to settle your bad debts and meet payments on your existing secured loans. All unpaid credit and county court judgements (CCJ’s) will stay on your credit file for 6 years. These will be marked as settled as and when they are paid. This is usually taken into account when you’re making future credit applications.Lenders will often allow you to write a statement to balance out a bad report, which could explain circumstances that might have tarnished your credit rating. So next time you are looking for a secured loan make sure you understand the factors that will effect not only your chances of being accepted but also the rates.
Article Source: http://www.superfeature.com
Peter Copper works for Adderson & Co. as their Bad Credit Loans specialist. He enjoys writing on all areas of personal finance.
Monday, January 29, 2007
How To Improve A Bad Credit Score
How To Improve A Bad Credit Score
By: Jon Arnold
Somehow over the course of time you discover that you have a poor credit score. Maybe you got busy with your job, maybe there were some major family emergencies, maybe you got caught up with being out of town, the reasons this can happen are numerous. But a bad credit score does not happen overnight, and it will not get resolved overnight either. The key point to note is that you need to start NOW, because every day that you delay taking positive action towards getting your credit score delayed is yet another day that these negative reflections of you appear on the records of the credit bureaus.What if you don’t do anything about managing your credit score? Is it really going to hurt you? The very honest answer is a resounding YES. If you change jobs or go to interview for a new job, many employers are now running a credit check on potential new employees before extending a job offer to them, and if your credit report is poor, there is a great chance that that job offer will not be offered to you. What about that car loan for your next new car, or even a used car? With a poor credit score, your interest rate will be much higher than it needs to be. As for a mortgage, if you have a poor credit score, you might want to stake out land under the park bench, because you will have an extremely hard time getting approved for a mortgage.In other words, having a bad credit score and not doing anything about it is going to cost you money in the long run. And that is money that you don’t need to pay, if you take steps today to improve your credit score.The first thing you need to do is get a copy of your credit report and start going over it thoroughly and in detail. If there is something on there that you don’t understand, it is your right to call the credit bureau and ask for clarification. The reason this is the first place to start is because it is a known fact that the MAJORITY of credit reports on consumers have errors. Those errors do not get fixed automatically, but ONLY if you dispute the information and it cannot be proven.Another thing you need to do is make sure, absolutely sure that you pay your existing bills on time. Some studies show that you get additional credit if you pay more than just the minimum amount due, but in any event, make sure you pay it on time. If you are mailing a payment, mail it at least a week before the due date to ensure that it gets posted to your account on or before the actual due date. This is a starting point but there are many other things you can do to improve a bad credit score. It is clearly in your best interests to take the necessary steps to improve your credit score as quickly as possible. It does not happen fast but you need to start taking the actions that will eventually get your credit score raised.
Article Source: http://www.superfeature.com
Jon is a computer engineer who maintains web sites on a variety of topics based on his knowledge and experience. You can read more about Improving Your Credit Score at his web site at Improving Your Credit Score.
By: Jon Arnold
Somehow over the course of time you discover that you have a poor credit score. Maybe you got busy with your job, maybe there were some major family emergencies, maybe you got caught up with being out of town, the reasons this can happen are numerous. But a bad credit score does not happen overnight, and it will not get resolved overnight either. The key point to note is that you need to start NOW, because every day that you delay taking positive action towards getting your credit score delayed is yet another day that these negative reflections of you appear on the records of the credit bureaus.What if you don’t do anything about managing your credit score? Is it really going to hurt you? The very honest answer is a resounding YES. If you change jobs or go to interview for a new job, many employers are now running a credit check on potential new employees before extending a job offer to them, and if your credit report is poor, there is a great chance that that job offer will not be offered to you. What about that car loan for your next new car, or even a used car? With a poor credit score, your interest rate will be much higher than it needs to be. As for a mortgage, if you have a poor credit score, you might want to stake out land under the park bench, because you will have an extremely hard time getting approved for a mortgage.In other words, having a bad credit score and not doing anything about it is going to cost you money in the long run. And that is money that you don’t need to pay, if you take steps today to improve your credit score.The first thing you need to do is get a copy of your credit report and start going over it thoroughly and in detail. If there is something on there that you don’t understand, it is your right to call the credit bureau and ask for clarification. The reason this is the first place to start is because it is a known fact that the MAJORITY of credit reports on consumers have errors. Those errors do not get fixed automatically, but ONLY if you dispute the information and it cannot be proven.Another thing you need to do is make sure, absolutely sure that you pay your existing bills on time. Some studies show that you get additional credit if you pay more than just the minimum amount due, but in any event, make sure you pay it on time. If you are mailing a payment, mail it at least a week before the due date to ensure that it gets posted to your account on or before the actual due date. This is a starting point but there are many other things you can do to improve a bad credit score. It is clearly in your best interests to take the necessary steps to improve your credit score as quickly as possible. It does not happen fast but you need to start taking the actions that will eventually get your credit score raised.
Article Source: http://www.superfeature.com
Jon is a computer engineer who maintains web sites on a variety of topics based on his knowledge and experience. You can read more about Improving Your Credit Score at his web site at Improving Your Credit Score.
Sunday, January 28, 2007
4 Tips for Common Newlywed Situations
By: Jeff Dodd
When you find you and your spouse stressing over bills, bills and more bills on your first year of marriage, you seek help. But most of the tips and advice given to you isn’t really applicable, is it? Here are four tips catered for new couples in specific marriage arrangements.1. Your spouse supports a child from a previous marriage – You’re cool with the kid and it didn’t really bother you- until now that you’re electricity is due and he says he has just sent the remainder of his paycheck for Bobby’s birthday party. Solution: Converse. Set the rules this early on. Make clear that you expect the other to pay his or her share of the responsibilities in this house. If his paycheck is too small to cover child-support and your bills, make sure that neither is compromised. Think of ways to earn extra money where you both work for it, so that it doesn’t feel like the other is putting is weight on the other’s shoulders. 2. You are constant travelers. To different parts of the world. Your boss sends you to a conference in Beijing for a week, while he’s in Rome covering the Pope. You feel so guilty not being at each other’s side you buy presents for each other like crazy. The next week it’s the same thing. At the end of the month, you both realize that you’ve spend your whole paycheck on trinkets, you don’t have enough to pay the rent!Solution: Ask your employer or force yourself to withhold a certain percentage of your salary to leave behind when you go abroad. And don’t go cheating by reaching for that Amex either. Your spouse will appreciate it the same if you scale down that emerald ring from China to a simple bamboo flute the next time you go away. At the same time don’t sulk that he didn’t buy you that luxurious but highly-expensive Roman coffee. After all, isn’t it that it’s the thought that counts?3. You are both still in school. You’re both in law school and though you’ve never been happier, you’ve also never been poorer! Even if both of you work nights, you still won’t have enough money to live independently as a couple.Solution: At this point, talk about getting a loan from both of your parents and promise to repay them after graduation. Your marriage and your studies are equally important so it might not be a good idea for one person to stop and work full-time to support the other. Make clear the reasons why you are borrowing, and even offer to pay interest. Be mature in doing so, and even your parents’ respect will grow for both of you.4. You lost your job after the wedding. This is a big blow to your self-esteem, and to your pocket. Thank goodness one of you is still working, but you figure it isn’t enough to scrape by. What’s worse, you blew all your savings on the honeymoon!Solution: Don’t even think that this is the time to start a new business or pursue your hidden talent. The first year of marriage isn’t the time to experiment or risk both your financial stability. Look for a job pronto, and your spouse will love you even more.
Article Source: http://www.superfeature.com
Danny O’Neal is an accomplished writer who specizies in marriage and relationship. For more information on groomsmen gifts, please drop by at www.engravedgiftcreations.com
When you find you and your spouse stressing over bills, bills and more bills on your first year of marriage, you seek help. But most of the tips and advice given to you isn’t really applicable, is it? Here are four tips catered for new couples in specific marriage arrangements.1. Your spouse supports a child from a previous marriage – You’re cool with the kid and it didn’t really bother you- until now that you’re electricity is due and he says he has just sent the remainder of his paycheck for Bobby’s birthday party. Solution: Converse. Set the rules this early on. Make clear that you expect the other to pay his or her share of the responsibilities in this house. If his paycheck is too small to cover child-support and your bills, make sure that neither is compromised. Think of ways to earn extra money where you both work for it, so that it doesn’t feel like the other is putting is weight on the other’s shoulders. 2. You are constant travelers. To different parts of the world. Your boss sends you to a conference in Beijing for a week, while he’s in Rome covering the Pope. You feel so guilty not being at each other’s side you buy presents for each other like crazy. The next week it’s the same thing. At the end of the month, you both realize that you’ve spend your whole paycheck on trinkets, you don’t have enough to pay the rent!Solution: Ask your employer or force yourself to withhold a certain percentage of your salary to leave behind when you go abroad. And don’t go cheating by reaching for that Amex either. Your spouse will appreciate it the same if you scale down that emerald ring from China to a simple bamboo flute the next time you go away. At the same time don’t sulk that he didn’t buy you that luxurious but highly-expensive Roman coffee. After all, isn’t it that it’s the thought that counts?3. You are both still in school. You’re both in law school and though you’ve never been happier, you’ve also never been poorer! Even if both of you work nights, you still won’t have enough money to live independently as a couple.Solution: At this point, talk about getting a loan from both of your parents and promise to repay them after graduation. Your marriage and your studies are equally important so it might not be a good idea for one person to stop and work full-time to support the other. Make clear the reasons why you are borrowing, and even offer to pay interest. Be mature in doing so, and even your parents’ respect will grow for both of you.4. You lost your job after the wedding. This is a big blow to your self-esteem, and to your pocket. Thank goodness one of you is still working, but you figure it isn’t enough to scrape by. What’s worse, you blew all your savings on the honeymoon!Solution: Don’t even think that this is the time to start a new business or pursue your hidden talent. The first year of marriage isn’t the time to experiment or risk both your financial stability. Look for a job pronto, and your spouse will love you even more.
Article Source: http://www.superfeature.com
Danny O’Neal is an accomplished writer who specizies in marriage and relationship. For more information on groomsmen gifts, please drop by at www.engravedgiftcreations.com
Credit Repair Post Bankruptcy
Credit Repair Post Bankruptcy
By: Adam J. Heist
If you recently fired for bankruptcy and wonder if your credit can ever be restored, take heart: it can. No, you may not be able to qualify for an auto loan or a mortgage for some time, but you could see credit improve at a steady pace if you follow the tips I will outline for you below.Start Simply – One of the best ways to start mending your credit post bankruptcy is to simply make certain that all of your bills are paid on time. Your utility bills, your personal loan payments, everything that requires a monthly payment. Being late on even seemingly simple water bills can work against you especially if the water company decides to report you to the credit bureaus. Apply for a Store Card – If you need new credit, and then apply for a store credit card. Over the next year make monthly purchases with that card and pay the card off on time every month. For existing cards that you did not lose upon filing for bankruptcy simply use them regularly as well and pay them off every month.Your New Car – If you are able to swing new car payments, but fear that you will be turned down for a loan, don’t worry about that. Some automakers, including Ford, are offering loans even for the most risky borrower. It is a tough road out there for Ford and they may welcome your business. Even the purchase of a new home may not mean that you will have to wait many years post bankruptcy in order to qualify for one. If you are or were a veteran, a VA Loan could still be within your reach. For everyone else, an FHA backed loan could open up the door to home ownership for you. Simply visit a trusty mortgage lender and get their input on your financial condition; they may know of other programs for which you could be eligible to get a home.Bankruptcies stay on the books for seven years but can stay on your credit report for as long as ten years time. Run copies of your credit reports every year and make certain that all errors are corrected and that all other information is up to date. Finally, obtain your credit scores as that figure will ultimately indicate if you can get additional credit and what rate you can expect to pay for a particular loan.
Article Source: http://www.superfeature.com
Jeff Lakie is writer for the credit help website, a new trend called loan debt has been stirring up quite a commotion. Visit us today to find out why.
By: Adam J. Heist
If you recently fired for bankruptcy and wonder if your credit can ever be restored, take heart: it can. No, you may not be able to qualify for an auto loan or a mortgage for some time, but you could see credit improve at a steady pace if you follow the tips I will outline for you below.Start Simply – One of the best ways to start mending your credit post bankruptcy is to simply make certain that all of your bills are paid on time. Your utility bills, your personal loan payments, everything that requires a monthly payment. Being late on even seemingly simple water bills can work against you especially if the water company decides to report you to the credit bureaus. Apply for a Store Card – If you need new credit, and then apply for a store credit card. Over the next year make monthly purchases with that card and pay the card off on time every month. For existing cards that you did not lose upon filing for bankruptcy simply use them regularly as well and pay them off every month.Your New Car – If you are able to swing new car payments, but fear that you will be turned down for a loan, don’t worry about that. Some automakers, including Ford, are offering loans even for the most risky borrower. It is a tough road out there for Ford and they may welcome your business. Even the purchase of a new home may not mean that you will have to wait many years post bankruptcy in order to qualify for one. If you are or were a veteran, a VA Loan could still be within your reach. For everyone else, an FHA backed loan could open up the door to home ownership for you. Simply visit a trusty mortgage lender and get their input on your financial condition; they may know of other programs for which you could be eligible to get a home.Bankruptcies stay on the books for seven years but can stay on your credit report for as long as ten years time. Run copies of your credit reports every year and make certain that all errors are corrected and that all other information is up to date. Finally, obtain your credit scores as that figure will ultimately indicate if you can get additional credit and what rate you can expect to pay for a particular loan.
Article Source: http://www.superfeature.com
Jeff Lakie is writer for the credit help website, a new trend called loan debt has been stirring up quite a commotion. Visit us today to find out why.
Investing and financing in accounting
Investing and financing in accounting
By: John Ugoshowa
Investing and financingAnother portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments are signs of growing or upgrading the production and distribution facilities and capacity of the business. Disposing of long-term assets or divesting itself of a major part of its business can be good or bad news, depending on what's driving those activities. A business generally disposes of some of its fixed assets every year because they reached the end of their useful lives and will not be used any longer. These fixed assets are disposed of or sold or traded in on new fixed assets. The value of a fixed asset at the end of its useful life is called its salvage value. The proceeds from selling fixed assets are reported as a source of cash in the investing activities section of the statement of cash flows. Usually these are very small amounts.Like individuals, companies at times have to finance its acquisitions when its internal cash flow isn't enough to finance business growth. financing refers to a business raising capital from debt and quity sources, by borrowing money from banks and other sources willing to loan money to the business and by its owners putting additional money in the business. The term also includes the other side, making payments on debt and returning capital to owners. it includes cash distributions by the business from profit to its owners.Most business borrow money for both short terms and long terms. Most cash flow statements report only the net increase or decrease in short-term debt, not the total amounts borrowed and total payments on the debt. When reporting long-term debt, however, both the total amounts and the repayments on long-term debt during a year are generally reported in the statement of cash flows. These are reported as gross figures, rather than net.
Article Source: http://www.superfeature.com
Matthew Meyer. You are welcome to publish this article on your webiste or in your newsletters as long as you have a link back to www.thefreeadforum.com For more information on accounting see www.thefreeadforum.com/infowizards/CAT/Accounting_90_1.html
By: John Ugoshowa
Investing and financingAnother portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments are signs of growing or upgrading the production and distribution facilities and capacity of the business. Disposing of long-term assets or divesting itself of a major part of its business can be good or bad news, depending on what's driving those activities. A business generally disposes of some of its fixed assets every year because they reached the end of their useful lives and will not be used any longer. These fixed assets are disposed of or sold or traded in on new fixed assets. The value of a fixed asset at the end of its useful life is called its salvage value. The proceeds from selling fixed assets are reported as a source of cash in the investing activities section of the statement of cash flows. Usually these are very small amounts.Like individuals, companies at times have to finance its acquisitions when its internal cash flow isn't enough to finance business growth. financing refers to a business raising capital from debt and quity sources, by borrowing money from banks and other sources willing to loan money to the business and by its owners putting additional money in the business. The term also includes the other side, making payments on debt and returning capital to owners. it includes cash distributions by the business from profit to its owners.Most business borrow money for both short terms and long terms. Most cash flow statements report only the net increase or decrease in short-term debt, not the total amounts borrowed and total payments on the debt. When reporting long-term debt, however, both the total amounts and the repayments on long-term debt during a year are generally reported in the statement of cash flows. These are reported as gross figures, rather than net.
Article Source: http://www.superfeature.com
Matthew Meyer. You are welcome to publish this article on your webiste or in your newsletters as long as you have a link back to www.thefreeadforum.com For more information on accounting see www.thefreeadforum.com/infowizards/CAT/Accounting_90_1.html
Stop Foreclosure - We buy houses
Stop Foreclosure - We buy houses
By: Ron Victor
The term foreclosure refers to the circumstances, which arise due to the nonpayment of loan to the lender. When the borrower failed to pay back the money borrowed to the lender, then the lender will transfer the ownership of house property to him. The foreclosure arises when the owner of the property failed to make payment to the lender, the property will be seized. Losing the house property for not paying of foreclosure is a ridiculous task. Some steps can be followed to avoid foreclosure. There are so many alternatives available to avoid foreclosure. Foreclosure Involves Many StagesStopping foreclosure is not the difficult process. There are several stages involves to pay off the current loan and avoid foreclosure. When the owner failed to pay money for a long period say 5 to 6 months then the lender ask to obtain a notice from the county record office. This notice will make the borrower to face the foreclosure and starts with replacement period. If the borrower fails to correct the foreclosure within few months, say three months then foreclosure date for sale will be intimated. The notice of sale will be issued to the homeowner and this notice will be posted on the property. The notice of sale will recorded in the county record office and also published in the newspaper.The foreclosure occurs where the property is located. In the notice of sale the time and location of the foreclosure will be properly designed. In the sale, the property is auctioned to the highest bidder. Foreclosure AuctionIn the auction the opening bid for the property is foreclosed by the foreclosing lender. The opening bid will be equivalent to the outstanding loan, interest accrued, additional fees and attorney fees related with the trustee sale. Compared to the opening bid, if no bid is higher than the property, the property will be purchased by the attorney who conducts the sale for the lender. The property will be deemed as REO if the opening bid is not met. It occurs because many of the properties listed for sale at the foreclosure auctions are worth less than the total amount payable to the lender. When a property has been purchased in the foreclosure auction sale, all small liens other than the property taxes will be swabbed out. The priority of lien will be determined by the date of recording. Buying Homes On ForeclosureBuying homes on foreclosure is said to be good purchase. If you are interested to buy a property on foreclosure, then you can search either on online or through professional realtor. 1. Search the foreclosed property either on online or through a professional realtor. The realtor will help you to find a successful foreclosed property. The realtor may always be updated with the real estate information. 2. If you are searching a foreclosure property through a selling agent you have to pay a commission to him at the time of purchase. But if you obtain a foreclosed property through a realtor you need not want to pay commission and find good foreclosed property. 3. Time is essential for purchase of foreclosure property. If you are paying for a foreclosure property through a loan or through cash, maintain proper records. 4. While purchasing a foreclosed property obtain some few bids from different contractor to estimate the cost. 5. If the property is going to be sold in the market, then ask the realtor to estimate the market value of the property going to be sold. 6. Additional cost or maintenance cost can be estimated to the tax department to get exemption or deduction. 7. After purchase of the foreclosed property, the purchaser receives the title under the special warranty deed. This title protects the buyer. Each lender obtains an insurance protection from the loan. 8. Foreclosure properties are highly profitable. But it requires more alertness while collecting details. The experienced realtor will handle the situation more carefully.
Article Source: http://www.superfeature.com
Ron Victor is a Expert Author for We Buy Houses. He written many articles in various topics like Buying Homes Fast and Stop Foreclosure online. For more information visit Buy House for cash. Contact him at ron.seocopywriter@gmail.com.
By: Ron Victor
The term foreclosure refers to the circumstances, which arise due to the nonpayment of loan to the lender. When the borrower failed to pay back the money borrowed to the lender, then the lender will transfer the ownership of house property to him. The foreclosure arises when the owner of the property failed to make payment to the lender, the property will be seized. Losing the house property for not paying of foreclosure is a ridiculous task. Some steps can be followed to avoid foreclosure. There are so many alternatives available to avoid foreclosure. Foreclosure Involves Many StagesStopping foreclosure is not the difficult process. There are several stages involves to pay off the current loan and avoid foreclosure. When the owner failed to pay money for a long period say 5 to 6 months then the lender ask to obtain a notice from the county record office. This notice will make the borrower to face the foreclosure and starts with replacement period. If the borrower fails to correct the foreclosure within few months, say three months then foreclosure date for sale will be intimated. The notice of sale will be issued to the homeowner and this notice will be posted on the property. The notice of sale will recorded in the county record office and also published in the newspaper.The foreclosure occurs where the property is located. In the notice of sale the time and location of the foreclosure will be properly designed. In the sale, the property is auctioned to the highest bidder. Foreclosure AuctionIn the auction the opening bid for the property is foreclosed by the foreclosing lender. The opening bid will be equivalent to the outstanding loan, interest accrued, additional fees and attorney fees related with the trustee sale. Compared to the opening bid, if no bid is higher than the property, the property will be purchased by the attorney who conducts the sale for the lender. The property will be deemed as REO if the opening bid is not met. It occurs because many of the properties listed for sale at the foreclosure auctions are worth less than the total amount payable to the lender. When a property has been purchased in the foreclosure auction sale, all small liens other than the property taxes will be swabbed out. The priority of lien will be determined by the date of recording. Buying Homes On ForeclosureBuying homes on foreclosure is said to be good purchase. If you are interested to buy a property on foreclosure, then you can search either on online or through professional realtor. 1. Search the foreclosed property either on online or through a professional realtor. The realtor will help you to find a successful foreclosed property. The realtor may always be updated with the real estate information. 2. If you are searching a foreclosure property through a selling agent you have to pay a commission to him at the time of purchase. But if you obtain a foreclosed property through a realtor you need not want to pay commission and find good foreclosed property. 3. Time is essential for purchase of foreclosure property. If you are paying for a foreclosure property through a loan or through cash, maintain proper records. 4. While purchasing a foreclosed property obtain some few bids from different contractor to estimate the cost. 5. If the property is going to be sold in the market, then ask the realtor to estimate the market value of the property going to be sold. 6. Additional cost or maintenance cost can be estimated to the tax department to get exemption or deduction. 7. After purchase of the foreclosed property, the purchaser receives the title under the special warranty deed. This title protects the buyer. Each lender obtains an insurance protection from the loan. 8. Foreclosure properties are highly profitable. But it requires more alertness while collecting details. The experienced realtor will handle the situation more carefully.
Article Source: http://www.superfeature.com
Ron Victor is a Expert Author for We Buy Houses. He written many articles in various topics like Buying Homes Fast and Stop Foreclosure online. For more information visit Buy House for cash. Contact him at ron.seocopywriter@gmail.com.
Secured Loans And Credit Ratings
By: John Smith
There are many factors that affect your credit rating from the obvious to the not so commonly known. These things will become apparent when you go and apply for secured loans, home loans, etc.Poor debt management is the most obvious factor that will affect your credit rating such as missing your minimum monthly repayments on your mortgage or secured loans. This in turn can lead to higher borrowing costs in the future.There are however many other factors that to the average person may seem completely irrelevant but to the credit scoring companies say a lot about how you are likely to manage your finances. For example, an applicant with a mobile phone but no telephone landline might be seen as a fairly high risk to the lender. This is because lenders worry that if you only have a mobile phone, you would be harder to locate if you were to default your secured loan payments.Whether you rent or own your own home could have a great influence. Being a tenant is not looked upon favourably. If you are a temporary worker, unskilled labourer or self employed, this could also count against you. Another circumstance which could affect your score is down to where you live in the country. ‘Postcode profiling’ is becoming an important part of the credit scoring process. In this way lenders can look to avoid lending to those who live in less desirable neighbourhoods.The following gives a list of the common ways to blacklist your credit rating:# Living abroad.# Not staying on the electoral roll for long enough.# Moving frequently.# Renting a flat.# Becoming a victim of identity fraud.# Reapplying for a secured loan immediately after you have been refused one.# Not paying your yearly car tax to the DVLA on time.# Signing up for lots of credit cards within a short period of time for the free gifts and special offers.Most high street banks and building societies will only grant secured loans to those who have either good or excellent credit. There are specialist lenders however that would be willing to accept applicants with poor credit records. These are known as bad credit loans.For those with an impaired credit history, the process of ‘credit repair’ is achievable over time. The first step to recovery is to settle your bad debts and meet payments on your existing secured loans. All unpaid credit and county court judgements (CCJ’s) will stay on your credit file for 6 years. These will be marked as settled as and when they are paid. This is usually taken into account when you’re making future credit applications.Lenders will often allow you to write a statement to balance out a bad report, which could explain circumstances that might have tarnished your credit rating. So next time you are looking for a secured loan make sure you understand the factors that will effect not only your chances of being accepted but also the rates.
Article Source: http://www.superfeature.com
Peter Copper works for Adderson & Co. as their Bad Credit Loans specialist. He enjoys writing on all areas of personal finance.
There are many factors that affect your credit rating from the obvious to the not so commonly known. These things will become apparent when you go and apply for secured loans, home loans, etc.Poor debt management is the most obvious factor that will affect your credit rating such as missing your minimum monthly repayments on your mortgage or secured loans. This in turn can lead to higher borrowing costs in the future.There are however many other factors that to the average person may seem completely irrelevant but to the credit scoring companies say a lot about how you are likely to manage your finances. For example, an applicant with a mobile phone but no telephone landline might be seen as a fairly high risk to the lender. This is because lenders worry that if you only have a mobile phone, you would be harder to locate if you were to default your secured loan payments.Whether you rent or own your own home could have a great influence. Being a tenant is not looked upon favourably. If you are a temporary worker, unskilled labourer or self employed, this could also count against you. Another circumstance which could affect your score is down to where you live in the country. ‘Postcode profiling’ is becoming an important part of the credit scoring process. In this way lenders can look to avoid lending to those who live in less desirable neighbourhoods.The following gives a list of the common ways to blacklist your credit rating:# Living abroad.# Not staying on the electoral roll for long enough.# Moving frequently.# Renting a flat.# Becoming a victim of identity fraud.# Reapplying for a secured loan immediately after you have been refused one.# Not paying your yearly car tax to the DVLA on time.# Signing up for lots of credit cards within a short period of time for the free gifts and special offers.Most high street banks and building societies will only grant secured loans to those who have either good or excellent credit. There are specialist lenders however that would be willing to accept applicants with poor credit records. These are known as bad credit loans.For those with an impaired credit history, the process of ‘credit repair’ is achievable over time. The first step to recovery is to settle your bad debts and meet payments on your existing secured loans. All unpaid credit and county court judgements (CCJ’s) will stay on your credit file for 6 years. These will be marked as settled as and when they are paid. This is usually taken into account when you’re making future credit applications.Lenders will often allow you to write a statement to balance out a bad report, which could explain circumstances that might have tarnished your credit rating. So next time you are looking for a secured loan make sure you understand the factors that will effect not only your chances of being accepted but also the rates.
Article Source: http://www.superfeature.com
Peter Copper works for Adderson & Co. as their Bad Credit Loans specialist. He enjoys writing on all areas of personal finance.
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