Financial and Credit Blog

Is It Safe To Appy A Credit Card On Line From A Not Wellknown Bank?

August 3rd, 2009 at 01:44pm Under Student Loan

I received a lot of on-line offers to appy credit cards. Ｉ　ｄｏ　ｎｅｅｄ　ｏｎｅ　ｎｏｗ. Discover card rejected my application, I am finding some other possiblities. Ｙｅｔ，　Ｉ　ｄｏn’t know if it’s safe to apply one over the the internet giving out some very important personal information. If yes, which one would you recommend? No annual fee, service charges, no hidden cost…thanks

My Bank Has Sent Me A Letter About My Credit Scores. I See Names And Coments But Where Isthe Score?

August 3rd, 2009 at 01:41pm Under Commercial Loan

Newbie with no credit card balances and confused during home loan process-first time home owner age mid 50s married with independent business for over 30 years-many commercial and realestate loans involved with the business. Seems the fico is saying I am a bad risk but not sure if I am reading the right numbers. Teh comments all refer to not having any revolving credit and I believe the commercial loans we have. Would seem that a net worth over 1 mil and a d to a under .3 would not be bad.

The Amount That A Commercial Bank Can Lend Is Determined By Its?

August 3rd, 2009 at 12:29pm Under Commercial Loan

-required reserves.
-excess reserves.
-outstanding loans.
-outstanding checkable deposits.

Can An Exiting Line Of Credit Be Canceled Because A Person Has A Bad Debt With Another Bank ?

August 2nd, 2009 at 07:43pm Under Student Loan

I have a line of credit and the bank suspened it because I have received just received a late notice or default on a different loan not in any whey connected to this loan.

Is It A Felony To Close Your Bank Account If You Have A Payday Loan?

August 2nd, 2009 at 05:40pm Under Payday Loan

If you decide to get out of debt and the best way is to not have a checking account but still owe debit payday loans and want to close the checking account wil this cause a felony to be issued by the payday loan company even thow you do plan on settling the owed money to the payday loan

Is It Best To Contact My Bank Or The Credit Card Company About An Unknown Bill?

August 2nd, 2009 at 01:44pm Under Best Credit Card

credit bill that is. Problem is, I activated my new card with the bank, but forgot to add its account with payment by internet. This mysterious bill I dunno know. I have 20 something % APR, min finance charge of $1, and no annual fees. It’s a new card. Thanks for letting me ask again.

Ways To Improve Your Credit Scores for Buying House

August 2nd, 2009 at 11:50am Under Credit Card Fraud

Buying house is a lifetime asset and many buyers do not have sufficient money in their bank to afford it. They take loan from the mortgage lenders or banks to buy the real estate property. But one should know that taking a mortgage loan will have an effect on their credit score. And in order to get a mortgage loan you need to have good credit score.

Every bank or mortgage lender will evaluate your credit score to find out your ability in repaying the debt in time and to the completion. On the basis of your credit score they will approve your loan and also decide the amount that you can get as loan. Therefore to acquire loan as per your requirement it is important to have a good credit score and if you do not have it then start working on it to improve it.

It is good for you to know that all banks and mortgage lenders do not report to same agency for the credit score. As a consequence your credit score will differ with each agency. Therefore the mortgage lender always takes the middle score as your credit worthiness. Hence before applying for loan it is better for you to check your credit score and if need be work on it to improve. Read further to know ways to improve your credit scores.

The very first thing that you should do is find out your credit report. The credit report of an individual in The United States is determined and maintained by three agencies and they are Equifax,Trans Union, and Experian. You can request for your credit report online at http://www.AnnualCreditReport.com.

Once you have your credit report check it for any errors in accounts. Sometimes by error someone else transaction might reflect on your account or there can be a credit fraud too. And this will affect your credit score. Therefore it is very essential for you to study all the details of the transaction in your credit report. If there is any error then you should report to the concerned company and ask them to make the necessary corrections.

Then make a separate request for your credit score to know about your credit worthiness which will ultimately decide your loan approval. The credit score will tell you where you stand in the credit scale which is from 850-300. If your score is somewhere in between 800 to 850 then you have excellent credit worthiness and you will get loans easily and that too with some benefits like lower interest rates. If you are anywhere less than 720 then you have to improve your scores. If you are within 650 then you can still you’re your loan approved but not with any benefits and if you are lower than this scale then you have to do a lot of things before thinking of buying own house.

For those below the scale if you want to improve your credit scores then start working on your current debts. You must start paying your credits in time. You can start with lesser debts first. If you have trouble in paying your credits then speak to the creditor and make your payment plan accordingly. It is better to handle one credit account rather than opening too many. Keep in mind that it will take time to improve your credit score

Is It Wrong For Your Bank To Hold A Check (for 15 Days) To Pay Off Part Of Your Home Equity Line Of Credit?

August 2nd, 2009 at 06:41am Under Student Loan

I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn’t a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can’t pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I’m not able to pay off yet. I’ve always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

A Commercial Bank Can Expand Its Excess Reserves?

August 2nd, 2009 at 01:11am Under Commercial Loan

A commercial bank can expand its excess reserves by:
A. demanding and receiving payment on an overdue loan.
B. buying bonds from a Federal Reserve Bank.
C. buying bonds from the public.
D. paying back money borrowed from a Federal Reserve Bank

If I Wanted To Get A Bill Consolidation Loan , Would It Be Hard To Get One Without A Bank Account?

August 1st, 2009 at 06:39pm Under Consolidation Loan

Yes !
Open an account first. ING is good.http://index-go.com/finance-savings-acco…
then try to consolidate http://index-go.com/debt-consolidation-r…