We deal with building better financial futures.
We deal with building better financial futures.
Involuntary Repossess and Repo's
|Posted by Percy A Lowe on May 7, 2016 at 1:10 AM||comments ()|
It's a bad day when your car gets repo-ed. Ending your work day by discovering the repo man has come and gone is a terrible situation. We don’t always have enough money to pay our credit cards, but not making our car payment carries a whole separate set of circumstances. One being, your transportation can vanish!
When you buy a car, truck, or other vehicle on credit, you should be aware that, until you have made the last payment your creditor retains important rights in the vehicle. These rights are established by the contract you signed and by the laws of your state.
Your failure to make timely payments on the vehicle carries serious consequences. Your creditor has the right to "repossess" -- take back your car without going to court or, in many states, without warning you in advance. It's completely legal to take back a car that's behind on payments.
However, your creditor's right to repossess your car is subject to some limitations. In particular, state law places limits on how your creditor may repossess the vehicle and resell it to reduce or eliminate your debt. If any rules are violated, your creditor may lose other rights against you, or even be required to pay you damages. For further information about the rights discussed generally ask the company or person doing your credit do they know your state rights on repossess. If they pause then they don't, if they say yes tell them to show hat they are. This is a in justice to the consumer if you claim you know about credit and can't fix this problem of both involuntary repossessions or repo's.
Learning the Credit Score Grading Scales
|Posted by Percy A Lowe on October 11, 2013 at 7:00 AM||comments ()|
Hello I am going to go into some things you need to know as a consumer about Experian, Equifax, and TransUnion grading scale. But first I like to just share with you the two grading scales ok. The next two post after this one will be a little information how this came about. Then we go into the two scales and how they will effect you. But for now I was to just make you aware of the two grading scales so you can see where you are now. Keep in mind that still Experian, Equifax, and Transunion stillhave their own in house grading scale in which you learn about next over the weekend in those blogs.
The MyFico will br based on a grading scale from 350 to 850 like always.
Up to 499
500 - 549
550 - 599
600 - 649
650 - 699
700 - 749
750 - 799
800 - 850
The VantageScore will be based on a grading scale from A to F similar to what is used in elementary school:
• 901-990 A
• 801-900 B
• 701-800 C
• 601-700 D
• 501-600 F
What is a Good Credit Score vs a Bad Score?
|Posted by Percy A Lowe on September 23, 2013 at 7:00 AM||comments ()|
The Experian scale runs from 330 to 830. The Equifax scale runs from 280 to 850. The TransUnion scale runs from 300 to 850. The vast majority of people will have scores between 550 and 630. A score of over 700 is usually considered "excellent credit" and will usually get you the most favorable interest rates on loans, mortgages, and credit cards. If the score is in the low 600's or below, then you are viewed as a higher risk, and considered to have "mediocre" to "poor credit". Also, MyFico scoring range is from 300 to 850 and VantangeScore scoring range is from 501 to 990.
But, the key is understanding how all this effect you as a consumer. Know that the higher your credit score the more points that is taken away from you when you go through a hard pull on your credit report to acquire what is it you are trying to acquire on credit alone. As a cosnumer you need to know what is the credit score needed to acquire what it is you are trying to do. Never go into anything without know all the facts because it is going to effect your credit score. So, if someone wants your business and have to pull your credit you need a list of question to ask.
Next, as this blog started you see that each credit bureau has their own scoring range. If you didn't know that then you been in the blind for a along time. Now I like to take the blinders off your eyes and give you some information that can change the way you do things. So, you need to know their are two scoring system one is MyFico and the otherone is Vantage Score. The three credit bureau came together to help develop the Vantage Score model. So, that it will full take over the calculating of the credit score range and the determinatin of what type of borrower you will be.
The understanding of all these new systems and how to manage your self within the systems are taught on: coveringyouwithwealth where you as a consumer can become well educated on ways you can improve and maintain a credit score that is always worthy to the lenders.You get a little insight on all this but to get the full understand you have to attend one of the credit work shops offered by: coveringyouwithwealth
By Percy A Lowe
Knowing where you stand
|Posted by Percy A Lowe on September 22, 2013 at 8:00 AM||comments ()|
According to the Credit Bureau study in 2012, there are two averages the consumers need to know. These averages are good to gauge yourself off of to know where you are. You have a state average credit score rating an individual average as well. First let’s discuss the state average because it is based off the entire state you live in and those who takes care of their credit. Because that plays a factor into your credit score as well on whom you are being compared to. Also, knowing your state average is good to measure your credit score off the state average. This helps measure your credit risk when applying for credit cards, credit lines, and loans.
Now, you have the individual average where it is based on what you personally are doing to affect your credit score positively or negatively. That is based on everyone owns individual experience with using their credit. So, the individual score has many factors that each individual is gauge against. Just as well as classification as well. The key really is to know them both and making sure you can either been on your state level or above with your credit score. In this case you can count on saving money with no deposit and acquire the interest rate hopefully you can deal with. Remember; don’t take interest rates so seriously because they can be manipulated easily.
Now, the state national average credit score is 687 and the individual national credit score is 749 to 750. The goal is to be able to maintain a credit score between the 687 and 750 if not try to get your score above the 750. The goal is to be able to maintain your score above 750 on a regular basis year after year. I know some are saying that is impossible because something always goes wrong. But think really hard something is always going right as well. You just need to know how to capitalize off what is going right. Meaning it is your money that is being spent and you might as well get some credit for spending it and the credit you get is helping your credit score raise monthly. But, I know what you are thinking that is impossible because I don’t own a credit card, I don’t use them, they are rip off’s, I use a debt card, are I use a pre-paid debt card. Those work fine for me but in actuality no of those systems works in your behalf. What you need is some wise use of credit card education. If you take the time out to want to be educated I advise you who are reading this blog to visit: coveringyouwithwealth click on the inquiry tab and leave your information. Then in the message box ask how to raise my credit score 100 points and learn to maintain it is what I am looking for.
By: PERCY A LOWE
What is a Credit Score?
|Posted by Percy A Lowe on September 18, 2013 at 5:00 AM||comments ()|
A credit score is a number that lenders use to estimate their risk if they should choose to lend you money.
Experience has shown them that people with a high credit score are usually going to pay them back with little or no problems. Conversely, borrowers with lower scores tend to be a higher risk to them and tend to be more likely to pay late or perhaps stop making payments altogether.
Credit scores (usually) range from 340 to 850 points. As your score climbs, lenders tend to offer lower interest rates and better terms. Conversely, the lower your score dips, the more likely you are to have higher interest rates, higher fees, tougher terms, and potentially even get declined by the lender altogether.
Notice: I said (usually) the range is from 340 to 850. That depends on which company scores you are looking at. Because behind the scenes each credit bureau has their on scoring algorithm. That is explain in my workshops where you are able to see how each bureau handles your scores. Most, important is that which you never hear talked about is the score reaches to 990. But since we have two scoring companies battling to be the primary scoring company you as a consumer doesn't know who issuing the scores to te lenders. That puts you at a disadvantage but put the lending institutions at the advantage over you.
This is where some good credit education comes in hand to leverage the playing field for the consumer. So, it is very important that you deal with a credit company are individual who claims they can help you acquire a better credit report card. With some better scores to become lendable to with out having high interest rates and having to pay huge deposits.
You would like to find someone are company that understands how this scoring model works. Most of that can turn the leverage around in your favor. Not tell you what you need to do but being able to guide and instruct you what you need to do. Most of all have a awesome understanding of the way building credit works. That gives the consumer all the control and decision making when it coems to rebuidling their credit scores.
How is Credit Scores Calculated?
|Posted by Percy A Lowe on September 17, 2013 at 5:00 AM||comments ()|
The three major credit reporting agencies don't necessarily use the same scoring. So don't be surprised when you see 3 different credit agencies come up with 3 slightly different scores.
Your credit score is a number generated by a mathematical formula based on the information and data in your credit report. Your information is further compared to millions of other people's information and data.
This number is a pretty accurate prediction of how likely you are to pay your bills and honor your commitments to your lenders. Please take in count your very own state adverage credit score that plays a role. Meaning the mathematical formula looks at all the others in your state as well as you. So, how your next door nieghbor pays his bills reflect on you as well that helps gives a state average.
Also, your geographic area, zip codes, address, and etc.These are a few things that plays into credit scores. That is why it is so important to not allow your credit score to sit dormant. It is important to do something once a month are for a lenght of time with positive payments. Now, their is a nice way to off set the formula to help you as a consumer. But you would need someone who understand the pie chart percentages that factor into your credit scores. That also can be explain in one of my workshops.
Finally, I like to say that since the formula is not really handed out into the public. We have to really understand all the things that factor into our credit score with out the formula. So, that we can manage those things in the right manner to at least keep our credit score above our very own state average. I know you saying I don't even know my own state average to know where I need to be. Well stay on top of my blogs that will be explain soonm within my blogs.
FYI: On Credit
|Posted by Percy A Lowe on September 16, 2013 at 4:00 AM|
Have you ever wondered how some people can easily and effortlessly waltz into a bank and walk out with a home loan, car loan, or line of credit, while others get rejected time after time?
Have you ever been puzzled at the complex science behind credit scoring? It is a somewhat confusing and mind-numbing mix of numbers, ratios, and complex algorithms used by our lenders these days to supposedly calculate your risk as a borrower.
Are you tired of feeling confused at the lingo that so many lenders throw around as if you knew what they were saying as they turn you down for having insufficient credit scores?
You are about to discover the simple credit scoring secrets that lenders use to help evaluate your risk as a borrower.
I will pull apart the few components of a credit score for you so that by the end of this, you will be able to better understand exactly what you must pay attention to with regards to your own credit, so that you can become and maintain status as an "A" borrower forever more.
Why is it important to have healthy Credit
|Posted by Percy A Lowe on May 23, 2013 at 8:15 AM||comments ()|
Credit history and credit have become some of the most talked-about topics in money management over the last few decades—and for good reason. Without a good credit history in today’s society, it is difficult (if not nearly impossible) to own a home, own a dependable vehicle, or even get a high-paying job. Not having a good credit score can limit your options on various levels, causing you to remain dependent on others who have learned to navigate the credit system better than you have.
Anyone who has ever filed bankruptcy or gone through the process of bad credit repair understands the devastating effects that negative credit can have on your lifestyle. Not only does bad credit negatively affect things like the cost of your auto insurance premiums and rates for health insurance—things that almost everyone needs—but it also could be a potential barrier to that great job you’ve been wanting. This is because an increasing number of employers are now running credit checks on their potential employees to determine how responsible they are and how trustworthy they will be on their job, particularly if the job involves moving and handling large sums of money.
In addition to your insurance premiums and potential career options, your credit is also a primary factor in whether you can even move into an apartment. Without a good credit score, you will definitely not qualify for a mortgage in today’s restricted lending environment. Add to that the difficulty in finding a space to rent and you could find that you are unable to find a place to live at all without having to put down a significant security deposit or getting someone to co-sign for you.
While everything we’ve discussed above are things that you need in order to live and survive on a daily basis, there are also the things you want. If you have bad credit, you will not qualify for a loan of any type, including a loan for an automobile or home. This situation will seriously limit your lifestyle and keep you restricted to a cash-only system.
Keep in mind that if your credit has suffered in the past, all hope is not lost. With the help of a New You and Credit Education, there are ways to get your credit back on track—even if you have filed for bankruptcy recently. The trick is to focus on repairing bad credit and learning to use credit wisely in the future. BY: Stephen Leifer
The reason for Secured Credit Cards Part 4
|Posted by Percy A Lowe on March 24, 2013 at 7:00 AM||comments ()|
One charge you will not be familiar with Secured credit cards is an application fee. These tend to not apply to a regular card or any other form of financial solution, an application is as you'd expect from the name; a fee for applying for the service. This charge will usually be of very little value however it does mean you are paying more than most people believe you should, just to apply for a service.
Now, remember the card may take at least 7 to 10 days to reach you. But, your money is going ot be drafted right away. You might have the option to rush the card to you for a fee. Make sure you check the rush fee. If your money is drafted it is wise to rush your card as well. So, have at least and extra $50.00 on the side to rush your card.
The reason for Secured Credit Cards Part 3
|Posted by Percy A Lowe on March 23, 2013 at 7:00 AM||comments ()|
The balance of a normal card is usually based on your income or your credit history and sometimes it can be hard to apply for a balance that you really need. Another great thing about secured cards is that we can have more of a say on what our cards balance is. The item we initially use, such as a car, house, jewellery or cash deposit is used to roughly calculate a suitable credit balance for us personally. This means if you use a car valued at £1500 as your deposit, you balance will either be £1500 or a slightly lower amount.
Much like any credit card there are various charges that can be applied and you should be fully aware of these before you sign for or start using your card. Standard fees you will find appearing on your bill are things like monthly interest, with a secured card you may expect a slightly smaller amount of interest and the vendor already has some guaranty that you will pay back your credit. Annual fees are charged on most of these cards and secured cards unfortunately follow the same principle, you will be charges a set amount just for having your credit card each year.
Just, like any other credit card you need to read the fine print. Most secured credit cards on the site is going to have a privacy statement. Please find that link and read everything. Also, look for the toll free number so you can call and ask question to the card holder as well. Write down what you don't know to get answers to those questions. No, question is a dumb question when it is concerning your money.