tag:blogger.com,1999:blog-29326700862245701442024-03-13T21:03:58.935-07:00AUTO LOAN CALCULATORRiandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-2932670086224570144.post-16596196012174093242009-04-11T20:39:00.001-07:002009-04-11T20:40:27.920-07:00How to Use a Car Loan Finance Calculator<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_CUskRY2JgrA/SeFim4lK_pI/AAAAAAAAAKk/gsroSTSxBeo/s1600-h/autoloancal.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 170px; height: 127px;" src="http://1.bp.blogspot.com/_CUskRY2JgrA/SeFim4lK_pI/AAAAAAAAAKk/gsroSTSxBeo/s320/autoloancal.jpg" alt="" id="BLOGGER_PHOTO_ID_5323644654691483282" border="0" /></a><br />By Michael B Podgoetsky<br /><br />Finding a car loan finance calculator can help you determine the best rate, amount and payment terms for your new or used car loan. These calculators are an important part of the car financing process. Thanks to the Internet, you can now find a variety of car loan finance calculators with just the click of your mouse.<br /><br />Car loans help you finance the purchase of an automobile. They can be used for new or used cars, but normally you need to purchase through a dealership of some sort in order to get a loan. Car loans may or may not require a down payment, depending on your credit score, your income and how much you want to borrow.<br /><br />Before you find a calculator and plug in your numbers, make sure that you are using the right kind of loan calculators. There are tons of loan calculators available online, but not all are for auto loans. Real estate loans, commercial loans and credit cards all have calculators available online. Be sure you're using an auto loan calculator.<br /><br />Car loan finance calculators will help you determine what is possible based on your qualifications. You'll need to enter the amount of the loan you want to obtain, the rate of the loan and the length of repayment. Auto loans normally run for 36, 48 or 60 months. The longer the term of the loan, the lower your payments will be. However, you'll also have to pay more interest if your loan is for a longer period of time.<br /><br />The car loan calculator will help you find a variety of different options for your car loan. You can play around with the different figures to see how your rate will be improved by different factors. Advanced car loan finance calculators will give you extra details on your loan that will help you evaluate it more carefully. You'll be able to see how much interest you can save by having a shorter term loan or how much of a difference a few percentage points of interest can make.<br /><br />Loan calculators will help you evaluate the best options for you before you go shopping for a car loan. By using a calculator before you shop, you can find out what type of rate you can expect. You should note that a loan calculator is just a tool to use. It is not a guarantee that you'll get those rates. Banks have different rates for auto loans, so it pays to shop around. In addition to considering the amount of money that you want to borrow, the bank will also look at the current interest rates and your ability to repay.<br /><br />After finding a variety of quotes with an online car loan finance calculator, you'll be better prepared to find out more about a car loan from a lending institution. For the most accurate rate, you should meet with a loan officer or contact a lending institution online. While you'll be able to plug numbers into a calculator, you won't know the exact rate you'll receive.<br /><br />For more information on finding a car loan finance calculator and other tips on managing finances, visit Finance-AAA.com. The site offers extensive information on all aspects of finances for consumers.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com1tag:blogger.com,1999:blog-2932670086224570144.post-55344011488831788652007-04-17T23:56:00.000-07:002007-04-17T23:58:08.820-07:00Starting a home-based business<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_CUskRY2JgrA/RiXBdKG40gI/AAAAAAAAABQ/nYpqBwNu23g/s1600-h/home-business.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_CUskRY2JgrA/RiXBdKG40gI/AAAAAAAAABQ/nYpqBwNu23g/s320/home-business.jpg" alt="" id="BLOGGER_PHOTO_ID_5054658863466861058" border="0" /></a><br />It can be great to be your own boss. But there are challenges, too. Make sure you think it through before setting up on your own.<br />Home-based businesses are a growing part of the corporate landscape -- there are more than 11 million home-based businesses in the U.S. today, according to a recent study by the Independent Insurance Agents and Brokers of America.<br /><br />But before starting one up, think it through. It’s great to be able to wear your pajamas to work, but you need to earn a decent income and there’s a lot more to operating your own home-based business than meets the eye. The U.S. Department of Labor lists some useful websites for home-based businesses or people who are self-employed.<br /><br />To begin with, you need to have lots of initiative, self-confidence and marketing skills, as well as perseverance. Nobody’s going to be putting work in your in-basket anymore -- you’ve got to get out there and find it. Good contacts as well as the ability to sell yourself and your goods and services are essential. Once you’ve got the work, you’ve got to be disciplined enough to get up and get at it every morning so that you meet deadlines and delivery dates. You also have to persevere when business is slow and the checks are few and far between.<br /><br />Good organizational skills and business smarts are other must-haves. You need to set up a business plan, arrange financing, price your products or services competitively, and make sure you don’t get so caught up in a project that you let marketing, bookkeeping and other essential tasks slip.<br /><br />If you are ready to set up your own business, here are some of the pros and cons of working for yourself out of your home.<br /><br />Pros<br /><br />Flexible working hours. This one’s a biggie, especially if you have kids. It also allows you to capitalize on your personal peak working times and to goof off on a sunny day (provided you have the discipline to make up the lost time after sundown or on a rainy Saturday).<br />Being your own boss. No one will be looking over your shoulder or stepping on your toes. No one can fire you (except your clients). You have the freedom to put as many of your own ideas into effect as you see fit, and you get the benefit and experience of participating in every aspect of a business operation.<br />Cost savings. Working out of your home, you won’t have much overhead and your transportation costs will be lower than if you were commuting. You should also enjoy a reduction in what you’re paying for work clothes and outside meals. Depending on the age of your kids and nature of your occupation, a home business can also help you save on childcare.<br />Tax benefits. The IRS says you can deduct certain costs (mortgage interest, repair charges, utility bills and real estate taxes among them) associated with your home’s maintenance if you have a home office. Consult a tax advisor to find out whether these deductions apply to you.<br />More control. The ability to dictate how you can spend your time (and how much of it you wish to spend on work) is important.<br />Cons<br /><br />Financial challenges. You have to find funding for your start-up, and also figure out how to weather ups and downs in your income, especially at first. That means exploring financing options such as lines of credit, refinancing your mortgage to get cash out of your home, private investors and family loans. Until the business is established, you may also have to consider options such as continuing part-time work at a regular job until the business is established, selling your second car or renting out space in your home. It’s a good idea to make a personal budget as well as a business plan, so you can anticipate cash shortfalls and estimate how long it will take until your business brings in enough for you to pay your bills.<br />Keeping your work separate from the rest of your life. When you work in the same place you sleep, work can encroach on your personal and/or family life. Keeping the line between the two worlds distinct can be a challenge. You might want to consider: getting two phone lines (one personal, one business); making a strict schedule for yourself that limits working hours, and putting your office in the basement or other, separate part of the house.<br />Long hours. With no colleagues to back you up, you’re the one who has to burn all the midnight oil.<br />It gets lonely. As much as the water-cooler chatter might have distracted you at the office, you may miss it in the silence of your home office.<br />More administrative headaches. Tax deductions are one thing, but accounting for all of your expenses in the kind of detail the IRS requires can be time-consuming. Unless (or until) you can afford a bookkeeper to look after this chore, you may spend a fair amount of your time on clerical tasksRiandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com1tag:blogger.com,1999:blog-2932670086224570144.post-43922339879164832252007-04-17T04:08:00.000-07:002007-04-17T04:10:05.924-07:00How to avoid real-life credit disasters<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_CUskRY2JgrA/RiSq98VR9ZI/AAAAAAAAAA4/af6Rrnp8xqU/s1600-h/pool-01.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_CUskRY2JgrA/RiSq98VR9ZI/AAAAAAAAAA4/af6Rrnp8xqU/s320/pool-01.jpg" alt="" id="BLOGGER_PHOTO_ID_5054352662960666002" border="0" /></a><br />We've all heard horror stories of credit card fraud and runaway debt. Here are some tips on how to protect yourself.<br />Borrowing money wisely can help you accomplish goals you’d otherwise be unable to attain, such as owning a home or getting an education. But credit can also get you into trouble if you’re not aware of its potential dangers. Here are some examples drawn from real life, along with tips on how to make sure they don’t happen to you.<br /><br />Fraud and scam artists<br />Tom received a call from a man who identified himself as a member of the anti-fraud department of his credit card issuer. “Did you recently purchase an item from XYZ Marketing for $450?” the man asked. When Tom said no, the caller continued: “That’s what we thought. This company is currently under investigation for fraud. We’ll process a refund immediately, but I need to verify the three-digit code on the back of your card.” Tom read the number, and the caller confirmed it was correct. A week later, Tom received his statement in the mail. It included a brand-new charge for $450.<br /><br />Tom was the victim of a scam designed to trick people into revealing the verification code on their credit card. Many merchants cannot process transactions unless you provide this three-digit number, which ensures that you have the card in your possession. To protect yourself, never reveal your credit card information to someone who calls to request it, no matter what story they feed you. Most legitimate credit card companies do not do this with their customers, and if you suspect foul play, hang up and call your credit card issuer back to verify the call. Same goes for your bank account -- never reveal your account details or PIN number. If you suspect you have been scammed, call you card issuer or bank immediately to report it.<br /><br />Delinquent co-signers<br />Paula had been divorced for six months when she applied for a mortgage. When the lender checked her credit report, they declined her application because her line of credit was five months in arrears. Paula protested that her ex-husband had agreed to pay off the line of credit as part of their divorce settlement. The loans officer explained that while he was sorry, there was nothing he could do.<br /><br />Paula discovered the hard way that divorce does not get you off the hook for credit accounts held jointly with a former spouse. Even though Paula’s husband agreed in writing to pay off the line of credit, the lender is not obliged to recognize that agreement -- Paula was still legally responsible for the debt. If you are in the process of divorce, make sure that any joint credit accounts are closed and refinanced during the settlement. That way, if your ex doesn’t pay his or her share, you’re not responsible.<br /><br />Mortgaging tomorrow to pay for today<br />Colin made a good salary and felt he deserved the finer things in life -- a luxury SUV, a big house with a swimming pool and dinners at expensive restaurants. His philosophy was always “buy now, pay later.” He bought his home and vehicle with no money down and charged everything to his credit cards, making the minimum payment each month. Then Colin was downsized out of his job, leaving him $300,000 in debt with no way to pay it off. In the end, he was forced to declare bankruptcy.<br /><br />Smart borrowers use credit with an eye to the future and are careful not to live way beyond their means. Colin spent years racking up high-interest debt to finance a lifestyle he could not afford. Even if you’re not a spendthrift, you may still end up in trouble if you never pay more than the minimum payment on your credit cards or if you’re constantly borrowing from one account to pay off another.<br /><br />Already feeling over your head in debt? Talk to a credit counselor or financial planner who can walk you through some options for regaining control of your finances, including a debt consolidation loan.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-25965367775144435772007-04-16T14:22:00.000-07:002007-04-16T14:23:24.646-07:00Fly Your Dreams With Adverse Credit History Loans<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_CUskRY2JgrA/RiPpPMVR9YI/AAAAAAAAAAw/m38urNSqJyQ/s1600-h/dreams-01.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_CUskRY2JgrA/RiPpPMVR9YI/AAAAAAAAAAw/m38urNSqJyQ/s320/dreams-01.jpg" alt="" id="BLOGGER_PHOTO_ID_5054139654057620866" border="0" /></a><br />Is your adverse credit making it difficult finding a loan? Not a problem, as your adverse credit is no more a barrier getting the loan. Adverse credit is added to your credit history when a person taking a loan fails to make timely payments or did not make any payments at all, fall under this category. Even you may attach adverse credit history with arrears, bankruptcy, CCJs, IVA.<br /><br />The main problem arises when a person with adverse credit requires loan. Adverse credit makes him think twice about his chances of getting loan. But with adverse credit history loans it is of no issue. Adverse credit history loans are availed to both homeowners and tenants. The two types of adverse credit history loans are secured and unsecured.<br /><br />People with adverse credit history should make up their mind set that the loan they are going to opt will come with high rate of interest but with secured option the rate of interest is lowered. The amount of secured adverse credit history loans ranges from £3000 to £75,000 with the term of 3 to 25 years. The security provided can be your home, car, property papers etc.<br /><br />On the other hand, the unsecured adverse credit history loans come with slight increase in rate of interest as compared to secured one. The amount of unsecured adverse credit history loan varies from £3000 to £25,000 with a term of 3 to 10 years. The borrowers applying for unsecured adverse credit loans are required to provide documents of their monthly income showing the steady flow of money to satisfy the lender of getting back the loaned amount he offered you.<br /><br />The amount of adverse credit history loans can be used for various reasons like debt consolidation, home improvement, purchase of car, making interior or exterior changes and many more.<br /><br />The other factor which makes the borrower take adverse credit history loans are it helps to turn the status of the borrower in the loan market. In case of his sticking to the repayment term shows his credibility and reliability in returning the amount.<br /><br />Like other loans, some initiatives are needed to get the best adverse credit history loans. Don't confine yourself to only one lender. But have a look at other sources too. The internet is a good option for a swift loan searching on adverse credit history loans. This helps you to get comparative quotes, repayment terms and low interest rates.<br /><br />Thus adverse credit history loans are affordable to each one. The interest rate offered is according to the pocket of borrower as the competition in market makes it easy to deal with.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-90533276107289718842007-04-16T13:58:00.000-07:002007-04-16T13:59:45.683-07:00Things to consider if you're lending money to family<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_CUskRY2JgrA/RiPjs8VR9XI/AAAAAAAAAAo/kUiaj9W6h-Q/s1600-h/money-01.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://2.bp.blogspot.com/_CUskRY2JgrA/RiPjs8VR9XI/AAAAAAAAAAo/kUiaj9W6h-Q/s320/money-01.jpg" alt="" id="BLOGGER_PHOTO_ID_5054133568088962418" border="0" /></a><br />Considering loaning money to one of your family members? Here are a few easy tips for lending money to family.<br />It’s natural. You love your family members and want to help them out whenever possible. However, when your son, daughter, brother or sister come to you in need of money, how do you draw the line between a loan and a donation? Here are a few easy tips for lending money to family and still keeping your financial and emotional integrity in tact:<br /><br />Make sure you are financially sound before lending to others<br />Of course everyone would like to be able to help a child buy their first home or pay off their college education. But, if the reality is that you can’t financially swing it – then don’t. Do your research about what lending may mean for your finances and your credit score and also consider speaking with your financial advisor about making such a move. There is no reason to put your financial security at risk when there are a multitude of other viable financing options out there. (For more information, read Working with a financial planner.)<br /><br />Draw up a contract<br />Sure, it sort of takes the intimacy out of it, but drawing up a legal contract is nothing short of a smart idea when lending money. Not only does it provide a sense of security and formality to the agreement, it also helps to organize the process, making it easier for everyone involved. In creating a contract, everything is out on the table, including loan length, loan payments and loan terms and conditions. It’s simply a good foundation to help you and your borrower get the most out of the loan.<br /><br />Get a competitive interest rate<br />As a loving family member, you may want to give your kids or siblings a break in their borrowing interest rate. You don’t have to rake them over the coals, but you do have to consider the interest you are losing by not having those funds in your own investments. With this in mind, you should research interest rates to determine what is competitive by market standards, what you feel comfortable with in terms of your relationship and what is going to keep your finances working for you. Also keep in mind that if you charge an interest rate below a certain threshold determined by the Internal Revenue Service (IRS), your loan may be considered a gift and subject to certain taxes. The minimum interest rate required by the federal government is known as the Applicable Federal Rate.<br /><br />Learn the tax ramifications<br />When lending money to family members, you are not only doing them a favor, you are also making an investment. That is, you will make money on the funds you loan. Just as the IRS requires that you use a reasonable interest rate, they also require that you declare any money you earn on a loan in your income taxes. Keep in mind that you are entitled to “gift” another individual up to $12,000 annually tax free. (Note that $12,000 is the annual exclusion for 2006 and 2007.) You may want to factor this into your mortgage contract agreement. (To learn more, please see your attorney or accountant or visit www.irs.gov.)<br /><br />Don’t risk your relationship<br />When it comes down to it, no investment is worth your relationship. To this end, it is important to seriously discuss this endeavor and its long-term consequences – both good and bad – before entering such an arrangement. If you decide that going forward with the loan is a good idea, remember to keep the communication channels open after the loan contract has been drawn up and signed to avoid any tension or surprises down the road.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-56639077778399766932007-04-16T13:52:00.000-07:002007-04-16T13:53:34.230-07:00Credit card terms<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_CUskRY2JgrA/RiPiScVR9WI/AAAAAAAAAAg/07rjYje0e7Q/s1600-h/book-01.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_CUskRY2JgrA/RiPiScVR9WI/AAAAAAAAAAg/07rjYje0e7Q/s320/book-01.jpg" alt="" id="BLOGGER_PHOTO_ID_5054132013310801250" border="0" /></a><br />Credit card terms can be confusing. But it's important to understand them when you're applying for a credit card.<br />Credit cards have become a standard part of most people’s lives. However, if you’re applying for a credit card for the first time, it can be a bit intimidating. Understanding a few of the most typical credit card terms can help make the process go more smoothly.<br /><br />Annual fee: An administrative fee that a credit card issuer may charge your account each year.<br /><br />Annual Percentage Rate (APR): The yearly cost of a loan to the borrower. It’s similar to the interest rate. However, it also includes other charges and fees so as to reflect the total cost of the loan.<br /><br />Credit card: Any card used to borrow money or buy goods and services on credit.<br /><br />Credit limit: The maximum amount that can be charged on an account at any given time. If your card has a $10,000 limit, you cannot charge more than $10,000 on it.<br /><br />There are many different credit cards on the market to choose from. Take time to find the one that’s right for you. And remember, owning a credit card is a serious responsibility. Get a card that has a credit limit you can afford. And remember to use it wisely so you won’t get trapped by credit card debt.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-23850170472240169482007-04-16T13:37:00.000-07:002007-04-16T13:40:13.389-07:00Family loans<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_CUskRY2JgrA/RiPfFsVR9VI/AAAAAAAAAAY/A9HMNf5TiMY/s1600-h/family-01.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://1.bp.blogspot.com/_CUskRY2JgrA/RiPfFsVR9VI/AAAAAAAAAAY/A9HMNf5TiMY/s320/family-01.jpg" alt="" id="BLOGGER_PHOTO_ID_5054128495732585810" border="0" /></a><br />Make sure keeping it in the family doesn't bankrupt your relationship.<br />If you need an extra few thousand dollars to make a down payment or to purchase a house, or are facing tuition fees or a car purchase, borrowing from a family member may be a good option. Thousands of Americans go this route every year. In fact, the person-to-person loan market, including private mortgages, is $65 billion annually. If you’re thinking of borrowing from or lending to someone near and dear, think through the impact it will have on your relationship first. Be sure to put key terms of the loan in writing and consider getting professional advice if the amount of the loan is substantial.<br /><br />Family loans are tempting for several reasons:<br /><br />they usually require less security, or none at all<br />the interest is often lower, or non-existent<br />the terms are more flexible<br />the lender is less likely to require a detailed business plan<br />If you’re the borrower<br />It’s convenient to get a family loan. But, if things go sour, relationships can suffer. Even though the Bank of Mom and Dad is the lender, you should treat the loan just as seriously as if it were an arm’s-length transaction.<br /><br />If you’re the lender<br />You need to avoid putting your own financial future at risk. As a general rule, don’t lend more than you can afford to lose -- there’s always the possibility you won’t be paid back. It’s OK to say no. Refusing a family member’s request for money now won’t be as painful as dealing with payment problems in the future.<br /><br />Take an interest<br />There are tax implications for certain person-to-person loans. As always, you should check with a tax consultant to determine the requirements in your situation. However, as a general rule, there are no tax implications for either party for loans under $10,000. But you may be required to charge interest on loans of more than $10,000. And with interest-bearing loans -- even if the rate is very low -- the lender must declare the interest as taxable income. If the borrower is using the money for business purposes, he can generally deduct the interest when calculating profit.<br /><br />Get it in writing<br />For smaller loans, you may not need a formal legal agreement, but you should put the key terms of the loan in writing. These include:<br /><br />a repayment schedule, including dates, amounts and interest (spreadsheet programs such as Excel include templates that make this easy)<br />a description of how the money will be used<br />some explanation of how problems will be resolved if they arise<br />In a dispute, these documents protect both parties from any attempt to misrepresent the original terms. And if the borrower is unable to repay the debt, the paperwork will help the lender write it off as a non-business bad debt for income-tax purposes. For best results, retain a qualified attorney to represent your interests.<br /><br />Talk to an expert<br />If the loan is substantial, or if it’s going to be used for a risky business venture, it’s a good idea to seek the advice of a lawyer or accountant. This will help both parties consider key issues objectively and reach a decision everyone is comfortable with. To save on fees, you may want to prepare a draft agreement yourself and simply ask a professional to review it. Software such as Quicken Family Lawyer can help you draw one up.<br /><br />For smaller loans, you may not need a formal legal agreement, but you should put the key terms of the loan in writing. These include:<br /><br />a repayment schedule, including dates, amounts and interest (spreadsheet programs such as Excel include templates that make this easy)<br />a description of how the money will be used<br />some explanation of how problems will be resolved if they arise<br />In a dispute, these documents protect both parties from any attempt to misrepresent the original terms. And if the borrower is unable to repay the debt, the paperwork will help the lender write it off as a non-business bad debt for income-tax purposes. For best results, retain a qualified attorney to represent your interestsRiandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-52196341806938816332007-03-21T01:06:00.001-07:002007-03-21T01:06:53.705-07:00Can't Get a Credit Card? Apply for a Secured Credit Card InsteadBy Mario AL Churchill<br />A credit card is one of those ubiquitous inventions of the modern age that refuses to quit. In fact, it has made itself so necessary in our lives that we need one to rent a car, book a hotel room or just to buy a comicbook online. More than that, credit cards are one of the ways creditors take a peek at our credit history with and they can actually make or break our chances for a good loan, an apartment or a job. So what do we do if we've torn our credit to pieces? We turn to secured credit cards.<br />Secured credit cards are a great substitute for regular credit cards. Whether you have poor credit badly needing repair, can't get a credit card or are new to the credit scene, a secured credit card can help you re-build or establish your credit.<br />How does it work?<br />A secured credit card is a cross between a credit card and a debit card. It requires collateral in the form of cash deposited in an account. That amount then functions as your credit line. So if you deposited $700 in your account, you can use your secured credit card to purchase items up to $700, nothing more. The catch is, you have to pay it back.<br />Some banks offer to give you more credit as a reward for being a good client (i.e., you pay your bills on time) or maybe allow you to charge up to a certain percentage more than your deposit amount. You only need to pay a small interest rate to cover for that type of usage.<br />What's the minimum deposit amount?<br />Depending on the type of card you chose or on the banking institution, most secured credit cards will require a deposit starting at $300. There is no limit to how much you want to add later on.<br />What to look for in a secured credit card<br />Compared to unsecured cards, secured credit cards require annual fees and come with higher rates. If you're shopping around for a secured card, make sure to get one that has no application fee. You will have to pay an annual fee so choose a secured card that does not ask for a prohibitively high charge.<br />Watch out for secured credit card agreements that hide fees or ridiculous add-ons that you don’t really need. An example is one where a credit card company will approve your secured card application provided you sign up for a monthly insurance policy that costs $50.<br />Where can I apply for a secured credit card?<br />Not all banks offer secured credit cards but you can still check out your local banking institutions if it's still part of their product line. You can also check with your credit unions since many of them offer these cards to members only.<br />Using secured credit cards to build credit<br />While most banks target clients who have never had credit before as the main users for secured credit cards, many consumers use secured credit cards to help re-establish their credit. To do this, consumers need only to use their secured cards and ensure that the bill gets paid each month. By establishing their reliability, the consumer establishes positive credit.<br />The future of secured credit cards<br />Secured credit cards are still the choice of many card holders, but many are giving up their secured cards in exchange for unsecured cards. Unsecured cards don’t require cash collateral, which accounts in part for their attractiveness. A secured credit card is still a great choice, especially for people who are still building credit or for those who are trying to rebuild theirs.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com1tag:blogger.com,1999:blog-2932670086224570144.post-47960766537411680302007-03-21T01:05:00.000-07:002007-03-21T01:06:10.615-07:00Build Credit for a Better FutureBy Michael Benifez<br />Building credit is building a better future for yourself. Nowadays, it takes good credit scores to purchase just about anything, such as a home or car. If your credit is bad, your life will seem like it’s in a downward spiral. It takes time to find a solution that will repair your credit.<br />The fist step in repairing your credit is to take a look at all your bills, including the past-due ones. Make sure current bills are paid in full to avoid more negative credit reporting.<br />Once you have taken care of your current bills, work toward paying off your late bills. Some current bills, such as utilities or unsecured bills, can wait longer than others. You might want to payoff your secured bills first. Secured bills are those that require collateral. You risk losing more with unpaid secured debts, so take care of those first.<br />Most utility companies will delay a bill if you don't have the funds, and you may be able to get some help paying them. Social Services and some religious organizations offer this type of support to low-income families. If you have a loan with a bank, you might want to contact your lender to see if there are options for reducing your monthly payments.<br />Some banks wait for financial burdens to occur before they offer a solution. They may, for example, ask you to consider refinancing your home or car. Be careful in this situation because some loans have high interest rates. Some loans may have additional hidden charges, so read the fine print thoroughly.<br />When you’re trying to repair your credit, it’s important to find the best deal out there for you. To start with, though, figure out what you can cut back on. Reduce spending as much as possible. Delayed gratification may be your key to a better future. This will also allow you to begin repairing your credit.<br />Credit repair is the process of rebuilding your credit history, thereby reestablishing your life. You need to look at all angles to find a solution to repair your credit. When you are searching for solutions, consider all aspects of the resolution you choose. If there are additional charges, you risk getting further in debt instead of building a better future and repairing your credit.<br />Debt counselors, debt consolidation, bankruptcy and various companies offer credit repair solutions. These, however, should probably be the last resort if you really want to get out of debt and repair credit.<br />If you think bankruptcy is the answer, realize you will need a few hundred dollars upfront to even start the process. Lawyers are not cheap! On top of the high prices you’ll have to pay, you’ll also go through court proceedings and other headaches. The best solution is to find a way out of debt on your own.<br />If you’re in debt over your head and have nothing left to loose, it might be the time to ignore your debts completely. This sounds ludicrous, but it’s sometimes is the only solution to debt relief.<br />Before it gets this bad, however, you might ask your family or friends for a loan that’s enough to pay off your debts. You might have to pay them interest, but friends and family will often charge less and give you a longer time frame to repay your debt. This solution is often better than applying for a bank loan to payoff your debts.<br />Most bank lenders welcome people who are struggling and take advantage of their situation by offering high-interest rate loans. Your monthly installments are often lower, but your price in the end is huge. Search all options before deciding on a solution to repair your credit.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-26923540808275819502007-03-21T01:04:00.000-07:002007-03-21T01:05:29.410-07:00Bad Credit Auto Loan? Shop For Low Rates!By Mary Wise<br />It is you who has to shop around to find a low interest rate. Fortunately it doesn’t require too much effort to shop around for the best bad credit auto loan rate, nor does it take too much time if you choose to search online. But before you begin your quest for the best bad credit auto loan rate, keep in mind that these loans come at higher rates than traditional loans.<br />Average Market Rate<br />Therefore you need to find out the lender who offers you bad credit auto loans at rates lower than those of the market. Try the car dealerships, the banks and online to explore your options. The wise consumer is the one who shops around. Whatever you do don’t make the mistake of settling for the first loan that comes your way.<br />The interest rates on bad credit auto loans are very expensive mainly due to the fact that you pose a high risk. This implies to the lender that there is every chance that you will not repay the loan on time, if at all. Thus a higher interest rate is charged on bad credit auto loans to enable the lender to recover the maximum amount of their money from the interest payments on the loan if you fail to meet the monthly payments.<br />Improving Your Credit Score<br />No matter how unfair it may seem to you, the fact is that if you have established bad credit, bad credit auto loans may well be your only means of bringing your credit back into good standing. The advantage of a bad credit auto loan is the opportunity for you to reverse your credit.<br />A loan may or may not have a competitive rate and the only way you can make sure of getting the best deal is by comparing it to other options. With a high interest rate you can easily end up paying far more in interests than purchase price of the car. So, it makes sense to take your time and shop around for options.<br />Online Bad Credit Auto Loan Shopping<br />Shopping online for bad credit auto loans is the best thing you can do because you’ll save time and money. Even if you eventually fail to secure your bad credit auto loan from any of the online lenders, you will still be well informed. Learning about them will result in having an awareness of the interest rates on offer on bad credit auto loans.<br />Car Dealerships<br />Car dealerships usually promote amazing deals but you need to know that those deals are only for people with perfect credit. You need to ensure that you qualify for them prior to applying because when you apply, the interest rates may undergo a drastic change from those that were advertised if you have bad credit. Shop around at as many different places as possible to acquire a better knowledge on bad credit auto loans before you apply for one.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-39975331358316417562007-03-21T00:56:00.000-07:002007-03-21T00:57:07.374-07:00Credit Cards For People With Bad CreditBy Joseph Kenny<br />When it comes to having bad credit ratings, or at least less than good credit ratings, it sure can make things a little tough financially to be able to do what you want. Many people today start getting into bad credit partly because of credit cards simply by taking full advantage of the "charge it" possibilities that a credit card gives you. A credit card - at least a certain kind, can actually help you to repair your credit - here's how.<br />While a credit card can actually help you to improve your credit ratings, you probably already know that you will not be able to get the best rates or features on a new credit card. The terms will generally be restrictive and your rates higher. It also means that any credit limits you get will be low - at least to start with, since the credit card company will consider you to be a higher risk than someone with good credit.<br />The first thing you need to do is to make sure that the credit card company you are applying to says that it reports to a major credit bureau. It may report to all three of the major ones (look for it) which are Experian, Equifax, and TransUnion. If it does not report to at least one of these, look for another card. It cannot help you to repair your credit even if you do make every payment on time.<br />The next thing is the interest rate - you will want to get one that has a very low rate of interest - the lower the better. This interest rate is what you will be paying each month on whatever balance you leave on the credit card. Ideally, you will want to pay off the full amount each month. This will allow you to build your credit rating faster.<br />Check out the various fees that apply. You may actually be surprised to find out just how many there are - a fee for just about everything. The idea they want to convey is that while they are willing to take a risk by issuing you a credit card, you will pay for the pleasure of it. The good news, though, is that by handling your finances well with the new card, you will get offers for better cards with time. Because there are so many fees, you do not just want to accept any card - compare them to discover which one has the least amount of fees. The truth is that when your fees are applied at the start, that there will be little room left to charge much of anything else.<br />Most credit cards that are issued for those with bad credit do not include the usual introductory offers that a regular card may have. There will not be any rebates or rewards, either. A couple of these cards may offer balance transfers.<br />For your own information, be sure to see if there is a time period stated in the application, that tells you how often the credit card company will review your account. This is important because your opportunity to get a better card can only be offered at that time. At those reviews, the issuing company may elect to raise your credit limit, lessen your fees, or some other such option. Even though you will pay more at the start, getting your credit card for people with bad credit is good because soon your credit rating can be improved and offers will come that you will enjoy more.<br />Joe Kenny writes for the Credit Card Store, offering views on poor credit credit cards, visit his other comparison site today to compare credit cards and find yourself a better credit card deal.Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0tag:blogger.com,1999:blog-2932670086224570144.post-5341949753512021932007-03-21T00:38:00.001-07:002007-03-21T00:38:23.517-07:0010 Step Credit Repair GuideBy Jeanette Joy Fisher<br />The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. You can get the credit reporting agencies to help you instead of hindering your excellent credit quest with these tips.<br />1. Order credit reports.<br />2. Check for discrepancies.<br />3. Note problems and discrepancies in your Credit Dispute Log.<br />4. Contact disputed companies by telephone. (Contact original debtors, not collectors.)<br />Log the telephone call with a brief summary of agreements.<br />Remember to record the name of the contact representative.<br />5. Follow up with certified letter to original company.<br />6. Write letters to collectors, dispute bill, send documentation of payment to original company.<br />7. Fill out dispute form provided by credit bureau.<br />8. Write separate letter for each disputed item to credit bureaus.<br />Send letters by certified mail.<br />Enclose copies of supporting documentation.<br />9. Use the number provided by the credit bureau and call for progress; have your reference number handy.<br />10. Keep comprehensive records in your Credit File.<br />These ten steps will help you finance your dreams.<br />Copyright © 2005 by Jeanette J. Fisher. All rights reserved. (You may publish this article in its entirety with the following author's information with live links only.)Riandonohttp://www.blogger.com/profile/08437904055747452177noreply@blogger.com0