Urban myths- We hear them all the time. Some that come to mind: alligators living in the sewers…mixing the candy Pop Rocks with soda pop will make you explode…and credit repair companies can instantly solve credit problems.Most of the myths are harmless fun; but when it comes to your credit, you could lose money and break the law if you don’t know the truth.Some credit repair companies make promises about turning bad credit into good credit. And while it may sound enticing, don’t be fooled. Truth is, nobody can legally remove accurate and timely information from your credit report. You should be skeptical of any company that claims they can do a quick fix to your credit.In fact, the Federal Trade Commission (FTC) is continuing its crack down on credit repair schemes. Eileen Harrington, Deputy Director of the FTC’s Bureau of Consumer Protection, is part of the project. “There is absolutely no reason to pay for credit repair,” Harrington said. “Despite their claims, there is nothing that any credit repair firm can do for you for a fee that you cannot do for yourself at little or no cost.”So, what can you do if you want to improve your credit? […]
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FHA loans are loans that are insured by (HUD) Housing Urban and Development. FHA loans have been around since the 1930’s right after the “Great Depression.” This was when 4 out of 10 households owned a home. (FHA) Federal Housing Administration is the savior for our current market just like it was back during the roaring 30’s.With FHA loans especially during a credit crunch like we are currently are in, you can rest assure banks are willing to be more lenient to approve credit challenged borrowers with FHA financing. The reason is FHA loans are insured by HUD, and if the borrower looses the home HUD will pay a claim to lender for the loss. FHA is the largest single insurer of loans in the world.FHA Advantages.- Lower interest rates, typically interest rates are lower on FHA loans with the banks since they are government insured loans- Only requires minimum investment from borrower of 3% down payment, which can be eliminated by Down Payment Assistance. So essential you can get a 100% financing with FHA loans. Note: Requires Seller participation- If you have less than perfect credit you can typically can get a loan with FHA, they usually like to […]
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Life can and most of the time will be hard with bad credit and I will be the first person to admit that I ruined my personal credit. Well lets say that I destroyed my credit early in my adult life by making huge mistakes like basically not paying my bills on time, I have a car repossession, and a bankruptcy which had put limits on my life as I couldn’t get an acceptable car loan, mortgage loan, or credit cards due to bad creditWhich is sad but true because I am really a good person that has made a few mistakes in my financial life but if I were to be given a second chance I would make my credit profile the most important thing and pay on time so I can benefit from all the privileges that people with good credit have. Now since we cant go back in time inside of a time machine to start our credit history all over again with the information we have. I will give you some new information about getting a real second chance by cleaning your credit even with the worst credit ever and dont worry […]
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