Home Loans – Repair Your Credit Before You BuyWritten by Charles Essmeier
Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit cards, judgements, bankruptcies or other major financial transactions are listed there. Along with your credit report will come your credit score, which is a three digit number between 300 and 850 that represents a distillation of all of above. That score represents your entire financial life, and your ability to obtain financing for any major purchase depends on having a good one. What if you don’t have a good record? Should you go to one of those companies that promise to repair your credit? What you should do is repair it yourself.
The idea of credit repair is a myth. There is no magic solution to fixing problem credit, and any company that promises to do so is only interested in your cash. Your credit report and score are maintained by three separate credit bureaus that keep pretty accurate accounts of all financial dealings done under your Social Security number. There is no way to quickly “fix” a faulty credit report. You can, however, fix it yourself and fix it for free. It
Auto Loan Borrower's Cheat SheetWritten by Joel Walsh
Most people really get taken for a ride on their auto loan. Did you know that differences in total cost of different auto loans for same car can run into a thousand dollars or more? Here’s how you can get lowest rate:
• Make a list of different auto loan lenders and their interest rates and terms, before you go to dealer (the web is usually easiest way to do that). Did you know dealers get a commission on loans they refer? If you’re not careful, that extra bit of money for lender could mean you pay a higher rate than you would if you got loan yourself.
• Get a credit report and figure out your FICO scores. Removing any incorrect negative information from your report will help you get a better deal. Knowing exactly what your score is will help you figure out what interest rate you can realistically get.