Payday loans - pros vs cons

These steps can assist in finding the ideal agent.

1. Online Comparison of Mortgage Lenders - Conducting this comparison allows you to make an informed decision.

2. Refer a friend
3. Visit your local housing market to get acquainted with the real deal

4. At least three loan officers must be present.

5. Ask the Appropriate Questions
Asking the right questions can provide valuable insights.

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When applying for and receiving a credit card, it is important to create an organized budget for your family's finances. Without planning ahead, you could quickly become trapped in the debt cycle that many have experienced.

To avoid this fate, take time to create an effective budget now and plan out all expenses associated with using the card responsibly. Some find themselves drowning in debt with no way out. A credit card can be a lifesaver, providing access to funds during an emergency or for traveling purposes so you don't need to carry cash on you at all times. As long as you use your credit card only for purposes outlined in your personal budget, maintaining its balance and making payments on time should not be an issue.

However, if you start treating it like a debit card instead, then you could quickly find yourself facing financial strain. Personal Budgeting Tips & Tricks First and foremost, never spend more money than you can actually afford. This can be especially challenging when using credit cards in the equation; it's very tempting to purchase now with the intention of paying later, only to find out later that you don't have enough funds!

Dear Praxis Credit Consulting

I recently forgot to send a credit card payment until it was about 45 days late.I have never made a late payment before.Will this one time mistake really hurt my credit score?

Question 1 - Does it really work? or do you just mail out a ton of letters?

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Anyone worried that their financial information has been misused has good news: they now have the ability to place a Fraud Alert on their credit file.

Fraud alerts are used to stop others from opening accounts in your name and are a red flag that appears on your credit report. Businesses cannot view this file without authorization, so call one of the three credit bureaus and request an alert; one will be attached within 24 hours to your file, plus any pre-approved credit or insurance applications for two years will also be removed from consideration.

Types Of Fraud Alerts
After 90 days, an "Initial Alert" will remain on your credit reports. This alert serves to notify creditors if someone has access to personal information such as your Social Security Number or birthdate. Potential creditors must then verify your identity through the establishment of this initial alert before extending credit; providing you with a phone number that can be reached quickly. Furthermore, having this alert in place ensures that no one else opens accounts in your name.

If your identity has been stolen, an "Extended Alert" is recommended. This will guarantee that your credit file remains protected for seven years and remove your name from marketing lists for prescreened credit offers for five years. To be eligible for an extended fraud alert you must provide evidence such as a police record.

Active duty military personnel have access to a "Military Fraud Alarm." This alert helps protect members of active duty by stopping anyone from opening an account in their name while away on leave.

Bankruptcy’s not an easy topic to talk about. Chances are, if you’re looking into bankruptcy, something has already gone seriously wrong, and you’re all out of options. Bankruptcy exists for a reason, though, and if it’s something you need to do, realize that there is a light at the end of the tunnel. This is the first in a series of posts intended to show you what bankruptcy is, who is eligible for it, what different types exist, and what the consequences of bankruptcy are.

Are you tired of your credit score playing hide-and-seek with your financial dreams? Well, you're in for a treat, because we're about to embark on a credit repair journey that's as entertaining as it is effective. Grab your popcorn, folks, because we're diving into the whimsical world of credit score improvement with ten quirky and quick fixes!

1. Channel Your Inner Sherlock Holmes

Sherlock Holmes may be a fictional detective, but you can solve your own credit mysteries! Grab a magnifying glass (or a smartphone, whichever is handier), and investigate your credit report. Look for any errors or discrepancies that might be holding your score hostage. One typo could mean the difference between a good score and a great one!

2. Be the Smooth Operator You Were Born to Be

Imagine you're James Bond, navigating the world of credit with effortless charm. Your mission, should you choose to accept it, is to negotiate with your creditors. Offer them a deal they can't refuse—a payment plan that works for both parties. Remember, even the toughest villains can be swayed with the right approach!

1. What is or isn’t in your bank account – Bank account information will never, ever appear on your credit report and therefore can never affect your credit score. Your credit report is a comprehensive list of your debts, not your assets. If you plan on applying for a home loan or a car loan a chunk of change in your bank account can still help even though it won’t help your credit score. Extra money in the bank always looks attractive to lenders; some even consider it a “compensating factor” for a lower than desired credit score.

2. How much you make – In the same way your bank account information will never appear on your credit report, neither will your income! This one is a catch-22. Some people believe that having a stable job should help boost their credit scores, but could you imagine if you didn’t have a job? It would become a vicious cycle! No job means you may need to borrow some funds to get by but you wouldn’t be able to use credit because your credit score would drop and so on, so thank goodness it doesn’t affect your score!

3. The value of your home or if you even own one – These days there have been many people worrying about the value of their homes since property values have dropped vastly across the board. While a credit report does include the amount you owe on your mortgage versus your original loan amount, the value of your home is not factored in. Great news!

There is also a common misconception that a rented home or apartment will appear on a credit report. This is actually not the case. Landlords currently aren’t required to report your consistency on paying rent to the credit bureaus – for now at least!

4. Your job or lack on one – Well, not directly. Though your job history does appear on your credit report (just the name of the employer and an address typically), your job information isn’t relevant to your credit report at all. Job consistency isn’t related to your credit score at all. It is much more common though to see credit scores of those without a job drop because they are unable to pay their bills on time. If you’re able to pay your bills and pay them on time you’ll be good to go!

Great question! Every time a credit report is pulled by a company analyzing your ability to repay a loan they request your credit history from not one, but three credit bureaus; Experian, Equifax and TransUnion. Why do we need to have three different credit bureaus you may ask? Well in a way it is for your own protection! Think of it like a checks and balances system, if there were just one bureau they may go mad with power and create ridiculous credit standards, with three I suppose this is less likely.

Have you heard these words spoken before? “I use my credit card instead of my debit card because my credit card accumulates reward points. I pay it off every month so what’s the difference?” It SEEMS like a pretty good plan doesn’t it? Turns out there may be a price to pay for those tempting rewards points.

Not only do credit cards cost money to have; annual fees, interest rate charges etc. but they also may ding your overall credit score. Of course you say; that’s the nature of the beast! Fair. But you may not be fully aware of the creature with which you tangle.

Frequently we hear from clients, friends or simply overhear random conversations about how frustrated people are with the home buying process, particularly the mortgage loan portion – which is a pretty big portion! The three most important things to know about real estate are location, location, location, right? Well in the world of mortgages it’s preparation, preparation, preparation.

When I hear the irritation of those going through the mortgage process I have been able to come up with a few tips that if the buyer had known ahead of time would have saved everyone quite a headache.

Mortgage interest rates are so crazy low that it seems like lenders are practically begging you to come and take their money to buy a home. Interest rates are hovering at levels that rival the lowest rates over the past 50 years. All indications from the powers that be (the Federal Reserve) indicate that rates probably won’t be jumping anytime too soon either? If this is the case then, why is the housing market still so lousy?

It is true that mortgage lenders really do want to loan you their money for a new home, they are just being really picky about it! The housing crash shed light on bad lending practices that brought down behemoth Wall Street banks and now the few left standing are being really careful. So how can you actually qualify for these fantastically low rates? Review this quick checklist:

The realities of facing a foreclosure can be very painful to grasp. A foreclosure not only means the loss of a home but realistically a huge gouge to your credit and a mountain of debt. There is always hope and a road to recovery, but if you are able to catch the foreclosure before there it is finalized you may be able to save yourself a lot of money and hundreds of points to your credit score.

Being denied for a new credit card is not a good feeling to say the least. More than likely if you’re like the rest of us, you’ll probably be looking for somewhere to lay the blame for that nasty feeling of rejection. You’re first reaction may be to blame your credit score, but not so fast! Banks and lenders definitely weigh a credit score heavily in their decision as to whether or not to grant a credit line but the scrutiny doesn’t stop there.

In recent years it has become fairly difficult to become approved for a credit card especially cards with reasonable terms. If you already know that you may not have the best credit history and have your fingers crossed during the application process it’s important to remember that lenders are being particularly picky these days. Rather than take it too personally take the opportunity to turn your credit history around and proactively make some changes so that down the road you’ll be the consumer banks drool over.

2012 is likely to be a year of credit recovery thanks to the legislation of 2011 as well as the evolution of consumer outlook on their financial needs versus wants list. It of course can’t be set into stone that 2012 will bring about an even better economic and credit climate than last year, but there are six factors which forecasters consider positive indications.

1. Higher Credit Scores – Overall economic stability likely means higher credit scores across the board. National unemployment dropped from 2010 to 2011 and has indications of further dropping in 2012. How does this mean higher credit scores? Typically consistent income and jobs is a direct indicator that consumers will be able to pay their bills on time and therefore be able to maintain a healthy credit score.

2. What Frank-Dodd did Part 1 - The Frank-Dodd act of 2010 put into effect as of October 1^st, 2011 a multitude of financial policies to benefit and protect consumers. One of the many changes under this law changed transaction fees banks are allowed to charge on debit card transactions. Since October we’ve seen a bit of flip-flopping of banks attempting to enact a monthly debit card fee. It’s hard to say where this will land but its more than likely that we will see less debit card use and a rise in pre-paid “debit” cards as well as rewards credit cards. An increase in credit card use should help boost the credit economy.