Archive for October, 2008
Spending On Credit - Getting Back To Basics
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I don’t think there is one person right now that isn’t affected in some way by the current economic downturn we’re experiencing.
In some ways, I’m thinking that maybe what is happening right now is a good thing in some respects. Credit limits are being cut, and people can no longer "consolidate" their debt into home equity loans, because most of us don’t have any equity available. Don’t get me wrong…..these are not "good" things, but I do believe that all of us are having to re-think our spending habits, and THAT IS a good thing.
Tighter Credit Reporting Required for Bankruptcy Victims
Posted by: | CommentsCredit standards have tightened to the point that you now have to have, at the very minimum, a 680 
credit score to obtain financing for a mortgage or home equity loan. If you don’t have that kind of score or better, then you’re going to be denied credit, as millions of Americans have found out first hand in recent months.
Basically, we’re all counting on the fact that the three major credit reporting agencies are reporting accurate information, in order to ensure you have the highest credit score you can obtain based on your situation.
How to “buy time” when late on your Mortgage Payment
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Were you aware that as soon as you’ve missed three (3) consecutive mortgage payments in a row, that most lenders will NOT let you pay less than the full amount (all three payments at once) at that point?
If you’re struggling right now to just keep up with your mortgage payments until you can work out something with your lender, or the government’s bailout program steps in to help you, then did you know that you can continue to run 30 or 60 days behind indefinitely? Most lenders will continue to let you make one payment every month, as long as you are NO MORE than 60 days behind on your mortgage. This isn’t going to help your credit score any, but it does buy you some time.
