Lazerloan Article On Bad Credit Scoring and Loans

This is a good 14 step guide for getting your personal spending and financial habits.

Sometimes a little rough around the edges, but there a few nuggets of gold in this piece.

The related video is about your FICO score. This woman is advertising her company really, but hey, it’s on topic!   

Begin article….

For consumers who want fix their bad credit score, there are a few options they can look at.

You can simply attempt to procure financing to clean up your bad debt, and hope for the best (I don't recommend that as your best option) or - the best way to fix your bad credit - use a step by step approach.

The step by step method detailed below is practical and I hope you will take the time to carry it out. You will find that fixing your fico score problem is not as difficult as you may have first imagined.

Step 1. Collect all paper work, bills, statements, receipts, and creditor documents you can find. Keep track of your credit lines.

Step 2. Track all debts on paper or on your computer.

Step 3. Only have credit cards you need. Don’t "collect them". Some banks see the credit you have as an existing loan.

Step 4. Set your credit limit according to your ability to manage payments. Just because a creditor gives you a massive credit line, does not mean you can afford to use it all.

Step 5. Never miss a payment and ALWAYS place your bills in one place so you don't miss paying them. I put them on a desk in my office. This is critical because you could damage your credit rating from simply mis-placing an outstanding bill.

Step 6. Pay back ALL your debt by consolidating your loans into one payment.

Step 7. Try to get approved for a low interest line of credit and pay off all high interest debts. Stop spending anything on wants and only spend on needs, at least until your debts are cleared up.

Step 8. If you are spending more each month than you net in income STOP now.

Step 9. Find out what your FICO score is so you know where you stand as far as your credit rating goes. Use this as a barometer as you work towards a good credit rating. Check out your credit score by going to a site like Credit.com, and get yourself a free credit report.

Step 10. Make payments on bills as soon as possible and don't let them ever build up. Write as few checks as possible because they can be forgotten and may cause a bounced check.

Step 11. Liquidate (sell) anything you can to pay off as much debt as possible.

Step 12. Do not get cash advances or "live" off your credit card(s). If you are that stage, you are likely in serious trouble financially. Start using the steps above to remedy this situation.

Step 13. Write down all the expenses you have on a monthly basis and decide what you really need. If you write down some expenses that you could survive without, get rid of them. Sell the car - take the bus, etc. etc.

Step 14. GET SERIOUS.....everyday you wake up think of fun and entertaining things you can do that DON'T cost money. You will be amazed at how quickly you will rebound.
Keep positive and STICK to your budget and program. Don't be afraid to get help from a local financial adviser. I can't stress this enough. People don't seem to realize that there are professionals who give guidance. Even if that professional help costs you some money, it's the best money you could spend.

Now, for a last resort, you can try some of the other bad credit lenders available online and off line. Be careful to make sure you read all the small print and don't get caught up in any ridiculous terms and high interest rates. When you are finally finished your education, be sure to keep your financial nose clean. All the very best to you in your future endeavors and your educational quests.

Fico Score – Related Video

 

Small Bit On Used Motorcycle Loans

This was a short piece on used motorcycle loans –think my writer is getting lazy.

Also, below is a short video on a Kawasaki.

Article…

Many riders want a classic old bike as opposed to a brand new one. Some motorcycle enthusiasts buy and sell their bikes frequently so there are allot of "near new" motorcycles on the market. Hence the need for used motorcycle loans.

Times have changed in the world since the days of easy rider and the growing population rides now more than ever. Of course there are the Harley Davidson fans who are willing to pay big money for bikes. Even a used Harely Davidson will require a large used motorcycle loan. (depending on the year and condition)

Whether you need a used Harley or a new Kawasaki, you can apply for used motorcycle loans through this site. No middle man cost from using this site folks. I feature several financial institutions in the U.S.A. and I always have a top pick recommended. If you have bad credit you will find links to great online brokers that will find you the lowest interest rate for a used motorcycle loan. I recommend "Creditaxis" at the time of this writing.

Related Video…..Kawasaki Video Review

Rv Financing 2007 Summer

Rv financing because the summer is here and it's time to hit the road. I have no intention of going on about which recreational vehicle to buy. I have experience regarding where to find rv financing. The online revolution has created a new way to do business and rv financing is one of those businesses that has thrived. The ease in which Americans can find the lowest interest rates online is amazing. The ability to click your mouse a few times (or few hundred times) and find the ideal finance company has made millions of people more comfortable when getting rv loans.

If you have no interest in reading this brief article on rv financing and you want to get on with it you can click the "rv loans" button at the top of the page or click the link at the bottom of the page. These navigation's will bring you to my rv financing page where I have the daily top pick. The top pick is chosen with a particular criteria in mind. First the financial merchant must have one the lowest rate online and still have a user friendly web site and process policy. It's one to thing to get your funding confirmed and another to have the cash in your bank account. Speed is of the essence.

I have been heralded as a "loans geek" and a "computer geek". Neither of these handles bother me because I resemble those remarks. I provide information on Rv financing, boat financing, auto loans, motorcycle loans and that is it. I have spent an exorbitant amount of time and my experience has been both fruitful and exciting. The scintillating part of this is how excited people get when they get the financing they need so easily. I receive emails from people from all over the United States who are ecstatic about the new car, truck, motorcycle, boat or recreational vehicle they just bought.

I wish you all the best in applying for your rv financing. I hope you choose to use this site for your page pointer.

Bad Credit - Zero Down - Sub-Prime Loans

Carry Reeder wrote this piece on subprime/bad credit loans. She hits on a few good point regarding zero down loans.

This kind of lending is a bad idea, unless you have a serious and viable plan for repayment, and house-hold income.

Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month’s worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

To view our list of recommended subprime mortgage lenders online, visit this page: Recommended Bad Credit Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. Related Video…

6.37 Percent Average For Mortgage Rates

Story on rising mortage rates. Some say it’s no big deal, while others panic.

You humble narrator believes there is no need to panic regarding these adjustments. The Feds have to do what they can in the current climate, and we as consumers need to do what we can in the current banking climate.  

Story…

Mortgage rates continued their ascent this week, boosted by consumer-confidence data and recent comments from the Fed, Freddie Mac's chief economist said on Thursday.

The benchmark 30-year fixed-rate mortgage jumped to an average 6.37% from 6.21% in the week ending May 24, according to Freddie Mac's weekly survey. It was the benchmark's biggest rate move since Nov. 3, 2005, when rates also jumped 16 basis points. The 30-year fixed-rate loan averaged 6.62% a year ago.

The 15-year fixed-rate mortgage rose to a 6.06% average, up from its 5.92% average last week. That mortgage product averaged 6.23% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages also moved upward, averaging 6.02% for the week, up from last week's 5.92% average. The ARM averaged 6.21% a year ago.

One-year Treasury-indexed ARMs averaged 5.64%, up from last week's 5.48%. The ARM averaged 5.61% a year ago.

To obtain the rates, the 30-year and 15-year fixed-rate mortgages required payment of an average 0.4 point, while the 5-year ARM required an average 0.5 point and the 1-year ARM required an average 0.6 point. A point is 1% of the total loan amount, charged as prepaid interest.

"Stronger than expected consumer confidence and recent comments from members of the Federal Reserve ... raised some inflation concerns in the market, causing it to lower expectations of a Fed rate cut this year. This helped push mortgage rates higher this week," said Frank Nothaft, vice president and chief economist, in a news release.

Indications are that economic growth is on the rise again, increasing the probability that a rate cut by the Federal Reserve isn't in sight -- and that perhaps a rate hike is more likely, said Keith T. Gumbinger, vice president of HSH Associates, a publisher of mortgage and consumer loan information, based in Pompton Plains, N.J. This is creating upward pressure on mortgage rates, he said.

But Gumbinger said that, despite the increases, this is still a low-rate environment. In fact, he sees encouraging signs that the low interest-rate environment is helping to fix some of the problems in the housing market, not only assisting people in buying homes but also helping them refinance out of adjustable-rate mortgages after feeling the pinch of rising ARM rates, he said.

"It's not great news," he said of the most recent mortgage rates, "but it's nothing to get terribly excited about." Absent any major occurrences, he doesn't think the rates will rise much more over the remainder of the year, he said. Freddie Mac also doesn't predict a sharp spike in rates.

"We expect a gradual rise in mortgage rates over the remainder of the year with sales slipping further in the second half of the year. A gradual recovery returns toward the end of 2007 with modest increases in sales and construction during 2008," Nothaft said.

As evidence of the housing slowdown, Nothaft pointed out that the first three months of 2006, when the 30-year fixed-rate mortgage averaged 6.25%, spurred 1.11 million (annualized) new home sales. The first three months of 2007, on the other hand, enjoyed mortgage rates that averaged a bit lower but produced only 0.86 million in sales, a 23% drop.
But the Commerce Department provided a glimmer of hope for the industry, reporting on Thursday that new home sales rose by a seasonally adjusted 16% in April. See full story.

In a separate mortgage survey released on Wednesday, the Mortgage Bankers Association reported that mortgage application volume increased a seasonally adjusted 1.6% during the week ending May 18. Volume was up 23% compared with the same week in 2006. The MBA survey covers about half of all U.S. retail residential originations

[Source Marketwatch]

Related Video…

Understanding Credit Scores

The banks are getting tougher and tougher on borrowers, and penalizing them with higher and higher interest rates. Home-owners who manage to get their finances in a mess will be paying allot more on their next mortgage renewel.

Most mortgage lenders look at your FICO score. What exactly does this score take into account?

Your payment history, which makes up the biggest chunk of your score, looks at how often you pay your bills on time. The amount of debt you owe is considered equally important. The amount of time you've had your credit cards and how much new credit you apply for all play a role in determining your score.

I. Pay Off Bad Debt
You want to aim for a score in the 700s to get more favorable loan terms. The national average, according to Fair Isaac, is a FICO score of 723. And the best way to improve your credit score in the short term is to pay off the high balances on your credit card - that can raise your FICO score 60 to 70 points overnight, says Craig Watts of Fair Isaac.

Credit bureaus can predict how much of a credit risk you are by how you handle credit card debt more than any other kind of debt, like student loans. That's because with installment loans, like mortgage payments, there is a predetermined amount you pay each month. With credit cards, you're in control of what debts you have.

II. Minimize Your Balances
Even if you pay your bills off every month, the amount you paid will be listed on your credit report. And if you spend more than 50 percent of your credit limit, that's going to negatively impact your score. In fact, you could lower your score 60 or 70 points, says Watts.

And that could make the difference between getting a good mortgage rate and a bad one. If you're within three months from applying for credit, make sure you don't charge a lot on your cards, or split the purchases between a few cards, so you keep the balances down.

III. Keep Older Cards
As we mentioned, your FICO score looks at how long you've managed your credit. So the longer you've managed your credit wisely, the better your score. If, for example, you have a card that is at least 5 or 6 years old, it's not a good idea to close those accounts.

At the same time, opening any new lines of credit - whether it's a retail credit card or a new car loan - will almost certainly lower your score by a few points.

IV. You Can Inquire About Your Credit Score Without Penalty
We've already told you what impacts your score. But here are some things that don't matter to your score at all. Your score won't be affected if you request your own credit record, or if you go for credit counseling.

It also won't impact your credit score if your employer or other lenders look at your credit score and try to solicit your business.

[Via CNNMoney.com]

Related Video…

 

Even The Loaded Can't Save Money Anymore

Studies show that wealthy people in the United States are having trouble saving money as well as the “less wealthy”.

No real surpise here to me, but there are those that think rich people are stashing away bags of cash. 

Story…

"It's clear from this survey that savings hurdles transcend income levels and that savings requires more discipline than we may realize, regardless of household income," said Kevin Martin, senior vice president, HSBC Bank in the U.S. "The data revealed recurring bills get in the way of saving for the majority of households at both ends of the income spectrum."
   
The HSBC reports that people with more than $250,000 in household income, who constitute the top 1.5% of U.S. households, report facing many obstacles when it comes to saving. Indeed when HSBC asked what prevents them from saving more, the top answer was the need to pay everyday bills, with 34% of respondents of those who earn more than $250,000 concurring.
The savings rate in the United States dipped to zero in 2005 and has even fallen into negative territory, the first time since the Great Depression.

Financial advisers recommend that people keep three to six months or more of income in a savings account, depending on their financial circumstance. But when people don't save, and over-spend in addition, a precarious financial circumstance evolves where even the slightest snafu in expenses can send them into defaults and bankruptcy.
Over the past two years, default rates on debt payments and bankruptcy rates have soared. Most recently, mortgage fore-closures have sky-rocketed.

It's sometimes assumed that wealthier people are somewhat sheltered from risk of fore-closure or bankruptcy. But just because the numbers may be bigger doesn't mean the financial circumstance may be better.
HSBC found that 49% of respondents with at least $250,000 in income aren't saving more because they simply "want some spending money." In 28% of the cases for those who earn between $100,000 and $250,000 they do not save more because "something unforeseen always comes up." And in nearly one in 10 situations, people who earn $250,000 or more say they aren't even earning "enough to make ends meet as it is."

Were Pre-Conditioned To Spend
Wow. Those statistics are great insight. The serious case of consumerism in the U.S. -- we spend more than twice as much as anyone else in any other country in the world on average per year -- may come back to bite if the economy slips and employment slows.

"Savings can be a challenge at any stage of your life," says Martin. "Regardless of your income, financial status, or age, saving does require a level of control and awareness."

It seems that awareness dims, however, with the more money you earn. More people who earn between $50,000 and $100,000 save consistently than people who earn between $200,000 and $250,000 per year, according to HSBC.
To be sure, there are other things to consider when examining the financial lives of higher income earners. For example, while people who earn more may not be saving more, they may have some type of an investment plan that acts as a surrogate for their savings account. That may be why 74% of people who earn more than $250,000 per year say they save consistently throughout the year. (They save most just before tax time.)

Still, investing aside, saving is a different thing altogether that doesn't always get its due. Talk of hedge funds, sophisticated trading techniques and hot stocks often obscures what should be the gateway to the investing world: the savings account. It shouldn't be minimized or taken for granted. It should be there when times get tough.
These days, I bet a lot more people wish they had a bigger savings account instead of a bigger house.

[Source MarketWatch.com]

Related Video…

Bad Credit Loan Article

I like this little article on bad credit loans. Some good points made, and a worthy read. Basically general stuff, but sometimes the obvious is overlooked when looking at your financial situation. Geez, isn’t that what Dr. Phil does. He’s like John Madden on Monday night football. Speak the obvious.

Bad credit for a car loan could bring apon problems such as higher interest rates and higher fees as well as rejection for lending. To avoid dealing with the issues associated with a poor financial history, make wise financial decisions such as opening up a Visa card account and paying the balance off each month. Those who already have poor finances need to apply for lending and take a few steps before entering the dealership to insure getting the best deal possible. The 1st thing potential vehicle purchasers will want to do is research lending options outside of the dealership. When people enter dealerships with bad credit for car loans, dealers usually offer financing options according to payment total not value total.

To limit possible consequences of applying with a poor financial history, go to a traditional lender such as a bank or credit union. These money lenders will take the time to educate someone with bad credit for car loans that fit their income level. This way the applicant can look for the best valued car at a particular price. People trying to borrow with bad credit for a car loan total higher than their income allows will have a difficult time improving their taking a loan for  history. Applicants need to use the bad credit for car loan as an opportunity to strengthen their score. By accepting the consequences associated with bad credit for car loans, such as a larger down payment or shorter loan term, applicants can begin making timely payments. This will help them improve a future rating and allow them to avoid the costs added to having a poor financial record.

A poor credit history could increase the payment total 'cause the higher interest rates will swell the total. However, once the vehicle is paid off, the person will be free to take out a loan at a competitive rate. At this point, if finances allow, the applicant can begin to shop for the vehicle of his or her choice instead of being limited to the vehicles available to people who apply with bad credit for car loans. Those who have a blemished record need to take the steps necessary to clean up their credit history, even if that means applying with bad credit for a car loan and paying higher interest rates for a season. When the car is paid off, the owner will be delighted at how much easier it's to finance purchases with a clean record. "Who can bring a clean thing out of an unclean? not one"

Related Video…

New York Real Estate Cost vs Cost of Living (Video Incl)

Found some interesting numbers quoted at the Terry Zulit blog (Your Financial Freedom), regarding the cost of living and breathing in New York city, and surrounding areas. I’m glad I’m not trying to make a go of it in New York!

I guess the saying is true…..”if you can make it there, you can make it anywhere”.

All this, with the latest forcast for overall housing prices to drop in late 2007 across the United States. I suppose there are some areas where real estate is somewhat immune from fluctuation, and New York is one of those places.

Some of the numbers below are not directly related to NYC real estate, but they either show the trend, or add a little humor into the fray. Interesting number on how much real estate work you can do when you're serving 33 1/3 years in jail.

Enjoy!

$7.25 million =

Going price for the most expensive of One Brooklyn Bridge Park's 26 penthouse units, making it Brooklyn's all-time priciest condo

$3.8 million =

The borough's previous record, paid this past January for a penthouse in Williamsburg's Aurora building

45 =

Stories slated for Donald Trump's planned condo-hotel in SoHo

12 =

Months it took for The Donald's controversial project to finally get approval

$1,550 =

Rent for a one-bedroom loft in Bushwick advertised - without apparent irony - as "punk rock heaven"

$1 =

Amount residents at the former punk squat C-Spot paid to purchase their East Village building five years ago

40,000 =

Square feet in Brownsville and East New York set aside by the city to be used as community farms

33 1/3 =

Minimum number of years drug dealer Alejandro Lopez-Guevara was sentenced to serve in prison following his 1988 conviction

$1.775 million =

Sum of the real-estate deals Lopez-Guevara has pulled off from behind bars

7 1/2 =

Percentage a rent-stabilized apartment could increase on a two-year lease

$1.2 billion =

Entire 2006 gross domestic product of Belize

$2.4 billion =

Value of residential listings held by Prudential Douglas Elliman, according to a survey by The Real Deal

$940 million =

Price that Urban American Management and the City Investment Fund paid for nearly 4,000 units in former Mitchell-Lama buildings in Harlem, making it the second-biggest real-estate deal in NYC history

34 =

Percentage of Mitchell-Lama's original 105,000 apartments that were moved out of the program between 1990 and 2005

750 =

Number of calculators Halstead Property is donating to Harlem public schools

New York City real estate is a little on the expensive side, you might say. Therefore, real estate in New York NY, is prime for those desiring a solid financial investment.

Related Video……cost of living in New York

Allstate Halts New Homeowner Policies July 2007

The third-largest California insurer said last week it will stop writing new homeowner policies starting in July, pointing at the high risk of catastrophes in the state.

The company said it will continue to serve customers with existing homeowner policies and that it will renew those policies when they expire. If you are an Allstate customer, you should know the company is lobbying to raise premiums about 12 percent in California.

Allstate customers who have questions about their policy should contact contact the company directly or call the Department of Insurance Hotline at 800-927-HELP.

If you're shopping for a home insurance policy, here's what you need to know:

1: Don't panic
You should not have a problem getting property insurance if you are a California homeowner. There are over 100 companies competing for Californians' business, according to Amy Bach of United Policyholders, an insurance consumer group.

Homeowners should know that most other insurers in California are lowering premium prices rather than raising them. State Farm rates are down 20 percent this year, and while others including AAA, Farmers and Safeco are cutting rates.

2: Know where to go
Allstate is referring policyseekers to a third-party insurance company, but homeowners should not be afraid to shop around. This is where you need to do your homework.

Insurance seekers can go to the state insurance department for a list of agents and helpful tips on comparative pricing. In California, that Web site is insurance.ca.gov. But no matter where you live, you can also go to insure.com and insweb.com.

3: Don't Delay
If you have a mortgage, you'll need homeowners insurance. There's no way around it. Homeowners insurance generally covers the cost to repair or rebuild your home if it is damaged or destroyed by fire, hurricane, hail, lightning or any other disaster listed in your policy. But keep in mind that it will not pay for damage caused by a flood, earthquake or routine wear and tear.

That being said, make sure you have enough insurance to rebuild your house. Two-thirds of homes are insured for less than their full value. To get the best estimate of how much coverage you need, ask a contractor what it would cost to rebuild your home.

As an additional note, your standard homeowners policy won't cover valuables over $1,000 to $2,000, so you may need to buy a separate rider for that antique art collection. And be aware that flooding is not covered in a standard policy. You'll have to get that from the government. Go to Floodsmart.gov for more information.

[Source CNNMoney.com]

Related Video…

 

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Terry Savage's - The Savage Number

First Woman Trader On The Floor of The Chicago Board Options Exchange, Terry Savage, lays out “The Savage Number”. She discusses retirement planning for the baby boom generation.

“It pays to plan while you can.”