Your credit score and credit report can have greater effects on your life than you might anticipate. By checking them frequently for anything out of the ordinary, you can prevent potentially costly mistakes—both innocent and malicious.
Identity theft and other forms of fraud are running rampant. Chances are if you haven't been made a victim, someone you know has been. By checking your reports frequently, you can catch scammers early in the act and prevent any lasting damage. Our sponsors' credit monitoring services make it easy for you by keeping an eye on your credit and alerting you to any changes.
Thursday, February 12, 2009
Monday, February 2, 2009
Improve Your Credit Score and Avoid Foreclosure part 1
You certainly never imagined you'd be facing foreclosure when you purchased your new home. Whether you're dealing with an existing foreclosure on your credit reports or are trying to avoid having one, we can help.
We understand that sometimes the unexpected happens and puts responsible home owners in regrettable circumstances. Our experts can give you the tips you need to help you avoid foreclosure and get back on track.
If you've already experienced foreclosure, we can help you regain your financial credibility and take steps to become a home owner once more.
www.AgapeCreditService.com
We understand that sometimes the unexpected happens and puts responsible home owners in regrettable circumstances. Our experts can give you the tips you need to help you avoid foreclosure and get back on track.
If you've already experienced foreclosure, we can help you regain your financial credibility and take steps to become a home owner once more.
www.AgapeCreditService.com
Friday, January 30, 2009
Overcoming Your Credit Card Debt part 1
Many Americans are falling into the trap of buying more than their incomes will support because they don't want to wait until they can afford to pay cash. Besides the "I want it now" mentality, people are also finding themselves in debt as the cost of living continues to rise while wages remain the same. When an emergency situation comes up, like a job layoff, an unexpected medical procedure or a natural disaster, the usual outcome is increased credit card debt.
Don't let yourself be caught unaware when your interest rate suddenly skyrockets
Getting a loan through a bank or other lending institution is not something most of us can do instantly. We have to apply and wait for the decision. But our credit cards are there, waiting in our wallets. Credit cards can act as instant loans, but the consequences of using them (think high interest rates) without being able to pay off our balances are not pretty.
To prevent increasing your debt load, read your credit card statement very carefully every month. Credit card companies typically notify you of changes in the fine print on your statement. Read carefully, as well, any notices that come to you separate from your bill. Don't let yourself be caught unaware when your interest rate suddenly skyrockets or you are levied an annual fee for not carrying a balance on your card.
As for the debt you already have, there are ways to pay it off and free yourself. Unfortunately, they take work, and the chances of coming into a huge inheritance, winning a big lottery or writing the screenplay to the year's most acclaimed movie are slim. If you are a typical middle-class American with debilitating credit card debt, you'll have to discipline yourself and carefully take steps to eliminate your debt load.
Paying the minimum amount required will do nothing to eliminate your debt. Actually, this is exactly what most credit card companies want you to do, because your minimum payments go straight to their bottom lines. You can literally end up owing twice as much as you charged in the first place. Instead, add at least $50 extra to the minimum amount due. It would be better, of course, to add more—as much as you can—to eliminate the debt as quickly as possible. The AgapeCreditService.com Credit Card Payoff calculator can help you figure out how long it will take to pay off your credit card debt.
Don't use your card while you pay it off. Put it on your dresser or in a safe. Lower your unnecessary expenditures so that you can pay cash for what you do need while you are paying off credit card debt.
Pay off your highest interest rate cards first. Once you have paid off the card with the highest interest rate, move on to the next highest. Try with all your might to pay as much as you can possibly afford every month. It may be human nature to want to pay off the credit card that has the highest balance first, but instead, choose the card with the highest interest rate. This is the one you really want to get rid of.
Figure out which of your credit cards has the lowest interest rate. If it still has an available open balance on it, you might consider transferring the debt on a high-interest card to this one. As you pay it off, you will save money by paying less in interest.
If transferring debt onto a lower-interest card that you already possess is not possible, then check out some of those unsolicited credit card offers you're probably getting in the mail. Most of them will be offering you the opportunity to transfer credit card debt onto their new card with the promotion of a very low interest rate for a certain period of time. Some even have a 0 percent rate. If you're cautious, this could work to your advantage. First, figure out whether or not you can pay off the debt entirely before that initial teaser interest rate goes up. If so, do it! Send in the extra money you would have paid on the higher-interest card, which will now be applied to the principal of your debt instead of to an astronomical interest rate. If you cannot pay off the debt entirely before the interest goes up, be careful. Read the fine print on the offer, because if you think you can simply do the same thing again and transfer the remaining debt onto yet another low-interest teaser card offer, you might get zinged badly. Some credit card companies penalize you if you transfer any balance off that card within a certain length of time, like a year, and force you to pay higher interest retroactively back to when you first got the card.
Some of us are lucky enough to have family willing to give us a loan. It is something to consider. Just be sure everything is clearly understood and in writing. Do all you can to avoid misunderstandings and hurt feelings.
A home equity loan can often be a great idea for debt consolidation. Do you own a home? If so, do you have some equity built up? The equity in your home is what a buyer would pay for your home, less the outstanding debts, such as how much you owe on your mortgage. The reason this can be a good idea is that a home equity loan almost always offers a much lower interest rate than your credit card. Plus, because it involves mortgage interest, it is almost always tax deductible. Do not take out a home equity loan to pay off credit card debt then turn around and charge up your credit cards again while you are paying off the home equity loan. You will end up in a deeper pit of debt than you were to start with. Do not take out a home equity loan if you have any fears or doubts about being able to pay it back in full. If you default on this loan, you could end up on the street. For a free no obligation home equity quote, go to our home loan center.
If you have a savings account, you might consider using the money in it to pay off your high-interest credit card debt. You are probably not earning anywhere near the interest in your savings that you are paying on your credit card debt. As soon as you get that high-interest debt paid off, you should begin building up your savings again.
If you have a 401K retirement plan at work, it might be a good idea to borrow from it to pay off your debts. The drawback is that you will probably end up paying taxes on the loan and interest twice: once as you pay it back with your after-tax dollars and again when you start withdrawing that money to live on after retirement. Also, be careful about your employment status. If you think you could lose your job or quit before the loan is paid back, you will be required to pay back the loan in full within a very short period of time, usually 30 days. If you don't, you'll get stuck with taxes and a 10 percent IRS penalty for early withdrawal, unless you are over the age of 59 ½.
Another idea you might not have thought of is borrowing against a life insurance policy, if you have one and it has built up a cash value. Most insurance companies allow this, and the interest to pay this loan back will be less than your credit card interest. Just remember that if you die before paying back this loan in its entirety, you will leave your beneficiaries with less money than you intended, because the insurance company will keep what they are still owed.
If all other avenues have been exhausted, try renegotiating with your credit card issuers. If you can convince your credit card issuer that you are on the edge of filing bankruptcy and you cannot make your payments, they might be willing to change a few things in order to get some of the money they feel they deserve. They might lower your monthly payments, dissolve some of your debt, give you a lower interest rate or work out a different repayment schedule. It's worth a try.
Bankruptcy is something you must try to avoid as it can greatly harm your future credit rating and score. This black mark will stick to your credit report for ten long years. But as a last resort, it might be a way to escape serious, debilitating credit card debt.
The deeper you are in credit card debt, the harder it will be and the longer it will take to get out. But you can do it, if you commit yourself and hang in there. As you eliminate one debt after another, you will have more money to dedicate to the remaining debt. This is called the "snowball" effect. Results will be hard to see at first, but if you keep at it, you will eventually see your debt disappear.
Just imagine the day you send in the final check to eliminate the last of your credit card debt. When that day comes, you ought to celebrate. You surely will have earned it.
Twitter at Agape Credit
Don't let yourself be caught unaware when your interest rate suddenly skyrockets
Getting a loan through a bank or other lending institution is not something most of us can do instantly. We have to apply and wait for the decision. But our credit cards are there, waiting in our wallets. Credit cards can act as instant loans, but the consequences of using them (think high interest rates) without being able to pay off our balances are not pretty.
To prevent increasing your debt load, read your credit card statement very carefully every month. Credit card companies typically notify you of changes in the fine print on your statement. Read carefully, as well, any notices that come to you separate from your bill. Don't let yourself be caught unaware when your interest rate suddenly skyrockets or you are levied an annual fee for not carrying a balance on your card.
As for the debt you already have, there are ways to pay it off and free yourself. Unfortunately, they take work, and the chances of coming into a huge inheritance, winning a big lottery or writing the screenplay to the year's most acclaimed movie are slim. If you are a typical middle-class American with debilitating credit card debt, you'll have to discipline yourself and carefully take steps to eliminate your debt load.
Paying the minimum amount required will do nothing to eliminate your debt. Actually, this is exactly what most credit card companies want you to do, because your minimum payments go straight to their bottom lines. You can literally end up owing twice as much as you charged in the first place. Instead, add at least $50 extra to the minimum amount due. It would be better, of course, to add more—as much as you can—to eliminate the debt as quickly as possible. The AgapeCreditService.com Credit Card Payoff calculator can help you figure out how long it will take to pay off your credit card debt.
Don't use your card while you pay it off. Put it on your dresser or in a safe. Lower your unnecessary expenditures so that you can pay cash for what you do need while you are paying off credit card debt.
Pay off your highest interest rate cards first. Once you have paid off the card with the highest interest rate, move on to the next highest. Try with all your might to pay as much as you can possibly afford every month. It may be human nature to want to pay off the credit card that has the highest balance first, but instead, choose the card with the highest interest rate. This is the one you really want to get rid of.
Figure out which of your credit cards has the lowest interest rate. If it still has an available open balance on it, you might consider transferring the debt on a high-interest card to this one. As you pay it off, you will save money by paying less in interest.
If transferring debt onto a lower-interest card that you already possess is not possible, then check out some of those unsolicited credit card offers you're probably getting in the mail. Most of them will be offering you the opportunity to transfer credit card debt onto their new card with the promotion of a very low interest rate for a certain period of time. Some even have a 0 percent rate. If you're cautious, this could work to your advantage. First, figure out whether or not you can pay off the debt entirely before that initial teaser interest rate goes up. If so, do it! Send in the extra money you would have paid on the higher-interest card, which will now be applied to the principal of your debt instead of to an astronomical interest rate. If you cannot pay off the debt entirely before the interest goes up, be careful. Read the fine print on the offer, because if you think you can simply do the same thing again and transfer the remaining debt onto yet another low-interest teaser card offer, you might get zinged badly. Some credit card companies penalize you if you transfer any balance off that card within a certain length of time, like a year, and force you to pay higher interest retroactively back to when you first got the card.
Some of us are lucky enough to have family willing to give us a loan. It is something to consider. Just be sure everything is clearly understood and in writing. Do all you can to avoid misunderstandings and hurt feelings.
A home equity loan can often be a great idea for debt consolidation. Do you own a home? If so, do you have some equity built up? The equity in your home is what a buyer would pay for your home, less the outstanding debts, such as how much you owe on your mortgage. The reason this can be a good idea is that a home equity loan almost always offers a much lower interest rate than your credit card. Plus, because it involves mortgage interest, it is almost always tax deductible. Do not take out a home equity loan to pay off credit card debt then turn around and charge up your credit cards again while you are paying off the home equity loan. You will end up in a deeper pit of debt than you were to start with. Do not take out a home equity loan if you have any fears or doubts about being able to pay it back in full. If you default on this loan, you could end up on the street. For a free no obligation home equity quote, go to our home loan center.
If you have a savings account, you might consider using the money in it to pay off your high-interest credit card debt. You are probably not earning anywhere near the interest in your savings that you are paying on your credit card debt. As soon as you get that high-interest debt paid off, you should begin building up your savings again.
If you have a 401K retirement plan at work, it might be a good idea to borrow from it to pay off your debts. The drawback is that you will probably end up paying taxes on the loan and interest twice: once as you pay it back with your after-tax dollars and again when you start withdrawing that money to live on after retirement. Also, be careful about your employment status. If you think you could lose your job or quit before the loan is paid back, you will be required to pay back the loan in full within a very short period of time, usually 30 days. If you don't, you'll get stuck with taxes and a 10 percent IRS penalty for early withdrawal, unless you are over the age of 59 ½.
Another idea you might not have thought of is borrowing against a life insurance policy, if you have one and it has built up a cash value. Most insurance companies allow this, and the interest to pay this loan back will be less than your credit card interest. Just remember that if you die before paying back this loan in its entirety, you will leave your beneficiaries with less money than you intended, because the insurance company will keep what they are still owed.
If all other avenues have been exhausted, try renegotiating with your credit card issuers. If you can convince your credit card issuer that you are on the edge of filing bankruptcy and you cannot make your payments, they might be willing to change a few things in order to get some of the money they feel they deserve. They might lower your monthly payments, dissolve some of your debt, give you a lower interest rate or work out a different repayment schedule. It's worth a try.
Bankruptcy is something you must try to avoid as it can greatly harm your future credit rating and score. This black mark will stick to your credit report for ten long years. But as a last resort, it might be a way to escape serious, debilitating credit card debt.
The deeper you are in credit card debt, the harder it will be and the longer it will take to get out. But you can do it, if you commit yourself and hang in there. As you eliminate one debt after another, you will have more money to dedicate to the remaining debt. This is called the "snowball" effect. Results will be hard to see at first, but if you keep at it, you will eventually see your debt disappear.
Just imagine the day you send in the final check to eliminate the last of your credit card debt. When that day comes, you ought to celebrate. You surely will have earned it.
Twitter at Agape Credit
Thursday, January 29, 2009
From Identity Theft to Innocent Errors: How to Recover
When it comes to your personal credit, what you don't know can hurt you. In a study completed in 2004 by the U.S. Public Interest Research Group (U.S. PIRG), as many as 79 percent of credit reports contain errors. A quarter of the reports checked had errors so serious that the consumers could be dumped into higher-interest-rate categories or denied credit altogether. Whether listed as the result of identity theft or an innocent typo, errors on a credit report can have serious repercussions for the victim.
Even utility companies, cable companies and cell phone providers pull the credit reports of interested partiesCourthouses, workplaces and rental offices routinely pull credit reports and use the information in them to judge our character. Auto and property insurance companies use the information in our reports to decide how much to charge us. People with poor credit appear to file more claims and therefore cost insurance companies more money. Even utility companies, cable companies and cell phone providers pull the credit reports of interested parties before deciding what types of services they'll offer each customer and the price at which those services will be offered.
Simple MistakesAccurate credit information is important. So how do so many mistakes manage to creep into our credit reports? Experian, one of the three major credit reporting agencies, receives between thirty to forty million new bits of information every day. Because of the privacy rights of consumers and the huge amounts of data they receive everyday, credit bureaus have no way of catching mistakes or screening for individual errors. With two other credit bureaus, TransUnion and Equifax, besides Experian collecting information, the chances of errors getting through are overwhelming. The relationship between the bureaus and the creditors is also problematic. Communication between the two is basically one-sided as the creditors send information and the credit bureaus receive it. This means that although the credit bureaus may be aware of an error and even remove it from a person's credit report, the creditor will probably continue reporting, allowing the erroneous item to continue popping up in your credit history.
Even utility companies, cable companies and cell phone providers pull the credit reports of interested partiesCourthouses, workplaces and rental offices routinely pull credit reports and use the information in them to judge our character. Auto and property insurance companies use the information in our reports to decide how much to charge us. People with poor credit appear to file more claims and therefore cost insurance companies more money. Even utility companies, cable companies and cell phone providers pull the credit reports of interested parties before deciding what types of services they'll offer each customer and the price at which those services will be offered.
Simple MistakesAccurate credit information is important. So how do so many mistakes manage to creep into our credit reports? Experian, one of the three major credit reporting agencies, receives between thirty to forty million new bits of information every day. Because of the privacy rights of consumers and the huge amounts of data they receive everyday, credit bureaus have no way of catching mistakes or screening for individual errors. With two other credit bureaus, TransUnion and Equifax, besides Experian collecting information, the chances of errors getting through are overwhelming. The relationship between the bureaus and the creditors is also problematic. Communication between the two is basically one-sided as the creditors send information and the credit bureaus receive it. This means that although the credit bureaus may be aware of an error and even remove it from a person's credit report, the creditor will probably continue reporting, allowing the erroneous item to continue popping up in your credit history.
Wednesday, January 28, 2009
Repairing Credit Yourself
The Fair Credit Reporting Act gives you the right to dispute any and all items on your credit reports that you feel classify as inaccurate, unverifiable, or misleading. If the bureaus can not verify that the information on your reports is indeed correct, then those items must be deleted.
Restoring your own credit is like representing yourself a court of lawDisputing items on your credit report is easy. Getting results from the credit bureaus is amazingly difficult, complex, and infuriating. It is not a coincidence that the Federal Trade Commission receives more complaints against credit bureaus than any other type of business. Remember, the credit bureaus are primarily interested in protecting their profits. Investigating your challenge consumes these profits. Short of sparking a mass number of lawsuits, the credit bureaus seem to do everything in their power to discourage consumers from making progress in their restoration efforts. Restoring your own credit is like repairing your own transmission or representing yourself a court of law; it is possible, but you must decide if you are willing to take the time and assume the risks of doing it yourself. Most people choose to allow an attorney to represent them because an attorney better understands the complexities of the legal system.
Restoring your own credit is like representing yourself a court of lawDisputing items on your credit report is easy. Getting results from the credit bureaus is amazingly difficult, complex, and infuriating. It is not a coincidence that the Federal Trade Commission receives more complaints against credit bureaus than any other type of business. Remember, the credit bureaus are primarily interested in protecting their profits. Investigating your challenge consumes these profits. Short of sparking a mass number of lawsuits, the credit bureaus seem to do everything in their power to discourage consumers from making progress in their restoration efforts. Restoring your own credit is like repairing your own transmission or representing yourself a court of law; it is possible, but you must decide if you are willing to take the time and assume the risks of doing it yourself. Most people choose to allow an attorney to represent them because an attorney better understands the complexities of the legal system.
MANAGING YOUR DEBT
By taking responsibility for and tackling your debt problems now, you can make them manageable and, in time, nonexistent. We can help by providing you with the options to improve your situation. Whatever debt problems you're facing, they can be helped by improving your financial habits. We can help you decide whether or not options like consolidation or debt counseling are right for you. Take stock of your situation and begin finding solutions today. Your actions can and will prevent future debt problems and minimize those you're currently experiencing.
MANAGING YOUR DEBT ARTICLES
How Debt Counseling Works
The average household in the United States is in debt to the tune of about $14,500, not including mortgage debt. More and more consumers have over-extended themselves financially..
Ways To Consolidate Your Debts Yourself
There is more than one way to consolidate your personal debts. You may think the only way to consolidate your debts is to use a debt consolidation company...
The Degrees of Debt Management
Dealing with increasing debts is a scary proposition. If you continue along the path you are on you will be stuck helplessly watching your bills grow while your bank accounts dwindle and you face the prospects of missed payments...
MANAGING YOUR DEBT ARTICLES
How Debt Counseling Works
The average household in the United States is in debt to the tune of about $14,500, not including mortgage debt. More and more consumers have over-extended themselves financially..
Ways To Consolidate Your Debts Yourself
There is more than one way to consolidate your personal debts. You may think the only way to consolidate your debts is to use a debt consolidation company...
The Degrees of Debt Management
Dealing with increasing debts is a scary proposition. If you continue along the path you are on you will be stuck helplessly watching your bills grow while your bank accounts dwindle and you face the prospects of missed payments...
Friday, January 23, 2009
Free Credit Repair
Will debt consolidation help? We can help you to...
* Credit Problems * Increase your Score * Get out of Debt * Lower Monthly Payments * Credit Repair * Consolidate Debt Payments * Lower Monthly payment * Reduce interest rates * Eliminate collection calls * Avoid Bankruptcy * Re-built Credit * Waive late fees
Two programs to choose from.
http://www.agapecreditservice.com/signup.html
INFO@AGAPECREDITSERVICE.COM
* Credit Problems * Increase your Score * Get out of Debt * Lower Monthly Payments * Credit Repair * Consolidate Debt Payments * Lower Monthly payment * Reduce interest rates * Eliminate collection calls * Avoid Bankruptcy * Re-built Credit * Waive late fees
Two programs to choose from.
http://www.agapecreditservice.com/signup.html
INFO@AGAPECREDITSERVICE.COM
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