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Cleaning up a strawberry patch always requires you to have a few key tools at the ready. Find out how to clean up a strawberry patch with help from the founder of Gardenerd.com in this free video clip.
Removing a subcontractor lien doesn't have to be the most difficult thing you ever attempt to do. Learn about removing a subcontractor lien with help from an attorney in this free video clip.
When you apply for new loan, the lender typically reviews your credit report and score to determine if you qualify for a new account. If your credit score is low, you may have trouble obtaining loans. To improve your credit score, consider paying off some of your debts.
People looking for employment usually focus on their skills, experience and other qualifications for a job. However, in some situations negative information on credit reports can disqualify even the most talented candidate. Some employers check credit as part of a pre-employment background check.
You want to take out a mortgage loan to pay for your dream house. The problem is that you can't afford to pay your loan closing costs, which run thousands of dollars. There is hope, however: Many mortgage lenders will allow you to take out a rolling loan. In such a loan, you "roll in" your closing costs in the initial principal balance of your mortgage loan. It's a way to make taking out a mortgage loan more affordable. You have one question, though: Will doing this impact your credit score?
A credit report will reflect the payment history of your credit accounts, including loans. Payment history is recorded in 30-day increments. One 30-day late payment can lower your credit score by as much as 110 points, according to MSN Money. Once the payment is 150 days late, the lender may write-off the loan as a loss. Under the Fair Credit Reporting Act, defaulted loans can remain on your credit report for up to seven years. After that time, the bureaus must purge the data. This does not always happen in a timely fashion. If you have defaulted loans on your…
Many factors affect your credit report and your credit score, which potential creditors use to help them determine whether they will extend credit to you and how much of a limit creditors will give you on a credit card or other forms of revolving credit. Receiving a rejection on a credit card application does not directly affect your credit or future creditors’ decisions.
A bankruptcy may be dismissed at the request of the bankruptcy trustee or the debtor. In addition, a judge may dismiss a bankruptcy action with prejudice, which means that the debtor cannot file a bankruptcy again. The damage to your credit report from a bankruptcy is done when you file, and the dismissal will not erase the filing from your credit report. This is a particularly difficult situation, and may make it difficult to re-build your credit score. You will need to make good financial decisions to get yourself back on track.
Refinancing your home can prove difficult if you have limited income or a high debt level. Adding a co-borrower into the equation may make things easier because the lender bases its decision on your combined income. However, if you have a past foreclosure on your credit report, you may find it hard to refinance your home with or without a co-applicant.
The Fair Credit Reporting Act is a federal law that governs your credit report rights and the credit bureaus' responsibility regarding a credit report. In New York, paid judgments can remain on a report for up to five years. In all other states, including New Jersey, paid and unpaid judgments can remain on your credit report for up to seven years from the date filed. The FCRA prohibits credit bureaus from including outdated data on your report. Bureaus don't always purge old data in a timely manner, however. If you have a judgment on your credit report in New Jersey…
A creditor may place a lien against your personal property, such as your house or car. The creditor files for a property lien in court, so the public record appears on your credit report. A public record like a lien has a negative effect on your credit score and may also affect whether or not a lender extends credit to you.
On a credit report, a closed account deals a large blow to a consumer's financial history. Not only does it show that the account holder couldn't pay the bill, but that the debt is old enough to allow for a write-off. Paying this old debt may feel good, but it doesn't serve to increase the credit score in the long run. Some experts even argue that payment may lower the score and re-start the clock on the legal statute of limitations, allowing the negative item to remain on your credit record even longer.
Although a tax lien is one of the most damaging items in any person's credit history, it is also one of the easiest to counteract. If you can pay off the tax lien, you may be able to get the IRS to withdraw it from your credit history within days. However, this is not a perk that applies to all tax liens, so you should avoid them in the first place.
It's common knowledge that a high credit score is the key to low-interest loans and increased purchasing power. But what makes a credit score go up? Counter to conventional wisdom, people who keep their credit card balances near zero and always pay their bills on time might not have the highest possible credit score. Many factors are used to calculate the score beyond the main checks on timely paying of bills and having no maxed-out lines of credit. Some of the methods for helping a score go up are surprising.
Your credit report is a compilation of your credit history. Information in the report can affect the interest rate you pay for credit, which employer will hire you and what rates an insurance company quotes you for coverage. Errors can be costly. If you have a creditor who refuses to remove an item from your report that you believe is inaccurate, you may be able to seek the court's help in resolving the dispute.
Paying all your bills is just the first step to re-establishing a healthy credit score. It is a terrific first step, and you should be proud of yourself, but also realize you need to establish a lengthy credit history that proves you are trustworthy. Accomplishing this requires avoiding additional debt, maintaining healthy relationships with creditors and acting responsibly. It will take several years before your credit is healthy enough that you can seek a loan or mortgage, but for now, be patient.
If your credit history and your son's get mixed up, you may face months of headaches and possibly financial difficulty. Take action to correct your credit history immediately and keep monitoring your credit report until the matter is resolved. You may be able to obtain credit before the credit bureaus fix your problem.
Your credit score helps lenders to determine whether to approve or deny you credit. The higher your credit score, the easier it is to obtain new credit. If you have a low credit score due to bankruptcy or other financial difficulties, or if you're just beginning to establish your credit history, there are several things you can do to give your credit score a boost.
There are two ways to file for personal bankruptcy. When you file under Chapter 7 of the bankruptcy code, the court orders your assets liquidated, except those which are exempt, and the proceeds used to pay your creditors. Under Chapter 11, the court oversees a repayment plan. In either case, the court may discharge some of your debts, but the damage to your credit score was already done when you filed for bankruptcy.
If you enroll in a post-secondary institution to improve your job skills, you may be eligible for two tax credits offered by the IRS. Even if you are not enrolled in a formal course of study, you may be able to deduct your expenses as either a business expense or an educational expense.
When it comes to the world of credit reporting, almost anything can happen. It is entirely possible that your spouse's bankruptcy can show up on your credit report. However, whether it should be there depends on whether your spouse filed individually, whether you had any joint debts, and whether an error has occurred.
A bankruptcy allows debtors to have major debts that they cannot handle repealed or discharged via a court order. A Chapter 7 accomplishes this process quickly, while a Chapter 13 bankruptcy requires the formation of a payment plan and may discharge remaining debt after the plan is complete. Debtors can only qualify for this process if they can prove they have too much debt for their income level to handle. If the bankruptcy proceeds, then income and debt levels are altered, which in turn alters the taxes that the debtor must pay. This can change and add tax credits depending…
A television's refresh rate is most commonly associated with the incoming feed. Short of replacing your current set with one featuring a higher native refresh rate, the best way to improve the refresh is to ensure that the incoming signal is optimized for the source you are using.
Lenders and other credit issuers use the information in your credit report to ascertain your level of credit worthiness. The reports contain the payment history of your credit accounts and reflect both positive and negative data, amounts owed and the status of accounts. The report also contains other information that might affect your credit standing. If you have a property lien filed against you, it can appear on your credit report.
Escrow accounts are often established by your mortgage company when you take out a mortgage, and they hold and collect property-related funds such as homeowners insurance premiums and property taxes. These third-party accounts serve as a transaction segue between lenders and borrowers. Escrow accounts sometimes help borrowers become homeowners, ensuring that property taxes are paid on time and premiums are up to date. However, escrow accounts also come with their share of disadvantages.
Understanding your credit report, and how your financial decisions and behavior influence your ability to get new credit, are important to your financial health. Some of the rules and guidelines that applied in the past have changed, and many consumers are unaware of how these new guidelines affect them. One such area is the reporting of closed accounts.
Once a debtor files bankruptcy, the filing is reported to the nation’s credit reporting agencies. Dismissing the bankruptcy will not remove the bankruptcy filing from your credit records. In fact, according to Equifax, one of the nation's three major credit reporting agencies, a dismissed bankruptcy can stay on your credit report for up to 10 years.
Lenders have strict criteria that must be met in order to obtain a mortgage. However, despite their strict rules, your credit doesn't have to be perfect in order to qualify. Even having negatives listed on your credit report may not disqualify you as long as you meet the lender's other criteria, such as credit score, income level, debt-to-income ratio and length of time on your job.
It might not seem as though your personal credit can affect your ability to get a job, but in fact, it can. Particularly when it comes to federal jobs, some employers look at all aspects of a potential candidate to determine whether or not he is the best person for the job. Consider the job for which you are applying and whether or not your credit can cost you a chance at the position.
Improving your credit score can help you get approved for loans and credit cards at lower interest rates. Paying off your debt can be an effective way of improving your credit score. However, not all debt payments will have the same effect on your credit score.
When you cosign for another person, you guarantee a specific debt for that person and assume full legal responsibility and liability for the debt. As the guarantor, you will hold full responsibility should the other person default on the debt. If this default happens, and you do not repay the debt as contracted, you will damage your credit.
Bankruptcy is commonly used as a method to prevent foreclosure. Surrendering the home allows you to avoid foreclosure. You may also be able to avoid foreclosure altogether by restructuring your debt through bankruptcy. Both foreclosure and bankruptcy can have a serious impact on your credit. In most cases, bankruptcy allows you to keep foreclosure off your credit as long as you act fast.
Taxpayers who owe the Internal Revenue Service back taxes may find that the government placed a lien for the unpaid taxes against their property and listed the information on their credit report. Local, state and federal tax liens may be reported for years, even after they are paid. Removing a federal tax debt after it is paid became possible in February 2011.
You may feel resentment when a creditor reports missed payments on your report, especially when other creditors allow you a longer grace period to pay a debt, but you probably can do nothing about a negative item. Unless the creditor reports false information, it can legally report something to the credit reporting bureaus.
Facebook credits are an online currency used to purchase items in Facebook games and apps. For example, in "FarmVille" users can buy buildings for their farm with Facebook credits. Credits can be purchased, gifted with a Facebook gift card and earned through special promotions. Credits can only be used on Facebook and cannot be refunded.
Sometimes people make foolish financial mistakes, sometimes economic circumstances change dramatically and sometimes medical bills are simply more than families can possibly pay, and in many of these cases bankruptcy is the best option. However, a bankruptcy is also a chance for a fresh start, and although your credit score will be damaged, there are a number of steps you can take to start rebuilding your credit.
A credit report consists of a consumer's identifying information, past and present employment information, public record information and credit account listings. Companies who compile the consumer credit report information -- Equifax, Experian and TransUnion -- are responsible for reporting accurate information in accordance with the Fair Credit Reporting Act. Collections and original debts can be listed on credit reports simultaneously as long as the information is correct.
A down payment on a car does nothing to improve a credit score -- but paying more money down on the car could make credit approval easier. Down payments are usually necessary on automobile loans for several reasons, including reducing the monthly payments to an affordable level for the buyer's income and other credit obligations. Down payments also represent an investment by the buyer. Theoretically, a buyer is less likely to stop making payments and allow repossession of the vehicle after making a significant down payment. Credit score is important as well, but building a good score takes time and…
Credit card accounts are revolving accounts -- an account that requires a minimum payment each month on any balance due and limits the amount of credit you can have at a time. If you are abusing your credit cards, you may be considering closing those revolving accounts. However, this isn't always the best idea, as closing accounts can damage your credit.
Your credit report is a compilation of your credit accounts and the payment history associated with those accounts. A creditor charges an account off once the account reaches a certain level of delinquency, often beyond 120 days late in payment. Charged-off accounts can lower your credit score, so it's helpful to know when, and if, you can have a settled charge-off removed from your credit report.
One of the best ways to improve your credit is to dispute errors contained on your credit report. You can file a dispute for free online at the credit bureau's website. Once your report is free of errors, you can begin to focus on obtaining positive tradelines. If you have a relative or spouse with good credit, that person can add you to their credit card as an authorized user by contacting the card issuer and including you on the account; however, you should be aware of how your status as an authorized user will impact your credit score.
A FICO score ranges from 300 to 850. A higher credit score can lead to lower interest rates and even a new job. A poor credit score can prevent a landlord from renting to you or cause a denial on a credit card application. To get the best score, understand what factors contribute to improving your credit score.
Being denied credit, such as an increased limit on a credit card, a car loan or a store credit line, can be disconcerting. A credit denial doesn't devastate your credit, though. The denial doesn't show up on your credit report at all, but the credit inquiry does. Too many credit inquiries can have a negative effect on your credit report and score.
Bankruptcy enables you to partially or fully eliminate many debts, but you risk losing assets such as a home as well as suffering damage to your credit rating. The type of bankruptcy case you file determines how long your credit rating will suffer and which assets you are allowed to keep, according to the book "How to File for Chapter 7 Bankruptcy."
If you owe state or federal back taxes, a lien may be placed on your personal property and assets. This lien gives the government a legal claim to these items, which prevents you from selling or disposing of the goods until you settle your outstanding debt. The best way to get a state or federal IRS lien removed is to pay off any debt owed to government authorities. Several methods are available for removing a lien.
One of the keys to maintaining a healthy credit score is to make all of your payment on time. As soon as you become 30 days late on a payment, damage has been done to your credit report and credit score that will take time to heal. While paying off your late accounts should help your score recover some, in general, only time can reduce the derogatory effects of your initial delinquency.
If you determine that you can no longer afford your home, there are several options available to you. Two of these options, bankruptcy and deed in lieu of foreclosure each have their pros and cons and will impact your credit rating in different ways. Choosing between the two will depend on your total financial situation and how willing your lender is to work with you to resolve the situation.
Creditors can sue you for unpaid debts and get a judgment against you. The county records the judgment and places a lien against your nonexempt assets. In Texas, a homeowner's primary residence is protected from unsecured debt liens. The only three liens a creditor can place against a home are for unpaid taxes, home improvements and the original mortgage lien. All other liens are unenforceable, according to Texas law. If the home is sold, the new owner can take free title of the home and the seller must still pay the debt.
A collection account appearing on credit reports is very harmful to credit scores. It indicates that a debtor failed to pay an account as agreed, forcing the creditor to close the account and list it as charged off. After that, the creditor transferred or sold the account to a debt collector, resulting in an update to credit reports noting the new status as a collection account. It is impossible to maintain an excellent credit score with active collection accounts on credit reports. However, paying off a collection account may not immediately increase scores.
Your credit report is more than just your financial history; it can tell an employer or service provider about your character. If you do anything that involves borrowing money or owing a debt, it probably shows up on your credit report. Credit histories tend to favor the consumer, because positive information stays on a report longer than negative information.
