Keep Your Credit History Clean – Remove A Negative Credit Record From Your Credit Report

It can make a difference of up to 18% in loan repayment costs. For example, on a 30-year, $150,000 fixed rate mortgage, a borrower with the best credit score, 760-850, will pay 5.59%, or $860 per month, while someone in the worst score range will pay 7.18%, or $1,016 per month. This can make a big different to the household budget, so it’s to your advantage to keep your credit score as low as possible.

The 3 major credit bureaus, Experian, Equifax and Trans Union are similar and feature a “Credit Score”, which is derived from credit report information submitted to them about you.

Under the Equal Credit Opportunity Act, a credit scoring system may not use characteristics such as race, sex, marital status, national origin or religion as factors, though they are allowed to use age.

Credit scores are determined by …

Read the rest of: How to Repair a Bad Credit Score here

It’s the new year, taxes will be due soon and you might have too much debt. It’s smart to pay off all your loans but this isn’t always easy. Paying off debt seems like trying to swim through mud. There are some solutions for you, though.

If you have a lot of credit cards, the fastest way to get them paid off is NOT by paying the higher interest rate ones first. It is accomplished by paying off the lowest balance cards first. I am not going to go into the formula to show you how this is true, but if you start by paying off the lower balanced cards first, you will save a lot of money by the time you get through the last card with the highest balance.

Don’t worry about the interest rates, instead focus on getting them all paid off, then cutting most of the cards up for good and closing the accounts. No one needs 10 credit cards or more. You need two major cards and maybe a gas card for emergencies.

DON’T use department store cards as their interest rates are ridiculous. You can use a Visa or Mastercard when shopping at a department store IF you don’t have the cash available and IF it’s something that you absolutely “have” to have.

Try getting a loan to pay off all your loans. There is a cool tool that’s free to use called the DebtWizard®. It will let you add all your loans and show you how much you could save every month if you paid off all those loans with one loan. You can use that FREE cool tool here:

DebtWizard

Set realistic goals for paying off your debt and then stick to the plan and timetable. Before you purchase something on credit ask yourself these 3 questions:

1. Can I do without it?
2. Do I need it right away?
3. Could I save for it and pay cash?

You need to take a good look around your house right now and see all the “junk” that you thought you just had to have and bought with a credit card. I bet that 45% of it is stuff you could have done without. Not only did it cost you the purchase price but it also cost you extra to pay it out in time and I also bet that it’s not even close to being worth what you paid if you tried to sell it today. Most of this junk ends up in a garage sale for pennies on the original dollar.

I know! I’ve been there, done that.

You need to experience the freedom that comes with being debt free. You will be happier. You will be richer. You will be in control of your destiny.

Pay off those loans!

HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.

HUD Reverse Mortgage Eligibility

Homeowners must meet the following criteria in order to be eligible for a HUD reverse mortgage:

- Homeowner must be age 62 or older.

- The home must be owned free and clear or have a mortgage balance that can be paid from equity.

- The home must be a principal residence.

- The property must be …

Read the rest of: A Hud Reverse Mortage For Retirement? here