Finance: Avoiding The Bi-Weekly Payment Scam

Avoiding The Bi-Weekly Payment Scam

Written by Dave Czach

Continued from page 1
The second method of self mortgage reduction is repparttar

mysterious 13th payment. Establish a separate savings account to be used only for your mortgage reduction program. Each month deposit 1/12 of your regular monthly mortgage payment in repparttar 112575

account - use payroll deduction if necessary. At repparttar 112576

end of

year, you have accumulated repparttar 112578

13th payment (1/12 payment per month x 12 months). In December, you send two checks to your mortgage company. One for repparttar 112579

regular payment and one for repparttar 112580

13th payment. Be sure to write and highlight repparttar 112581

memo section on your 13th payment check with "Apply directly to principle reduction only." Again follow-up with a certified letter within 3 months to verify repparttar 112582

13th payment went straight to principle, not interest. In conclusion, repparttar 112583

Bi-Weekly Mortgage Reduction Plan is great and makes sense. However, since most lenders do not accept bi-weekly payments, clever entrepreneurs created repparttar 112584

massive bi-weekly escrow system. But this method can be costly and leave your perfect credit rating in repparttar 112585

Editor's Note: Dave Czach has 12 years experience in the mortgage business and a Bachelor's Degree in Real Estate. He can be reached at dave@czach.com. This article may be reprinted without compensation provided there are no changes whatsoever to the article, the copyright notice and the complete Editor's Note. Any reprinting or duplication without these conditions is copyright infringement.

Ten steps to building a good credit history

Written by Drahcir Semaj

Continued from page 1

For more information on how to dispute errors on your credit report, visit repparttar Federal Trade Commission website at: http://www.ftc.gov/bcp/conline/pubs/credit/crdtdis.htm.

6. Apply for a credit card. If you're rebuilding your credit history, consider applying for a secured credit card. To get a secured credit card, you'll need to deposit funds with repparttar 112574 credit card issuer and your credit limit is usually equal to repparttar 112575 amount you deposit. A secured card can be used repparttar 112576 same way as an unsecured card and your timely payments will help to improve your credit history.

7.Apply for a department store or gasoline card. These cards are usually easier to get than major credit cards and they come with smaller credit limits.

8. Establish an account at a credit union and take a loan out on it. This is a secured loan. You'll have to pay interest on repparttar 112577 loan, but if your payments are reported to repparttar 112578 credit bureaus, repparttar 112579 small interest fees will be worth repparttar 112580 positive information that is added to your credit record.

9. Don't max out your credit cards. Maxing out your credit cards can hurt your credit score. Try not to use more than 30% of repparttar 112581 credit you have available to you. Part of your credit score measures repparttar 112582 amount of credit that your have available to you and how much you're using. The more credit you're using, repparttar 112583 more negative impact on your credit score.

10.If you get into trouble with your credit, get help. Don't wait until creditors send your accounts to debt collectors. If you can't make a payment contact repparttar 112584 creditor and make arrangements to make repparttar 112585 payment. If you feel that you're over your head in debt get help from a debt counselor

You can contact Equifax, Experian, and Trans Union at:

Equifax: http://www.equifax.com/ Experian: http://www.experian.com/ Trans Union: http://www.tuc.com/

About the Author Drahcir Semaj is a freelance writer. You can contact him at drahcir@drahcirsemaj.com. Or visit his website at http://www.drahcirsemaj.com.

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