Aug
29
Abhishek Agarwal asked:
All of us have a credit report. It is compiled from all the credit transactions we have ever made. Every credit card payment, every store card, every loan, every mortage is included in it. Your credit report tells potential lenders whether you are a good or a bad risk. It affects your ability to get credit.
It is important to keep a check on your credit report because errors can creep in over the years. If there are mistakes on your credit report then you may be refused credit for no reason that you can understand.
Checking your credit report online is comparatively simple.You can find it on three websites. They are www.experian.com, www.transunion.com and www.equifax.com.
Each of these sites belongs to a different company: Experian, Transunion and Equifax. These companies each keep credit records. They use slightly different methods and none is provides complete record of all transactions. But they provide a general picture of your credit record.
Most companies report credit transactions to at least one of these companies. They are not obliged to do so but it is in their interest to do so.
Since 1997 everyone is able to apply for one free credit report every year.The Fact Act made it obligatory for the credit ratings agencies to provide this information to you. You can only get one for free but it is worth paying for the other two.
You obtain the report from www.annualcreditreport.com or www.freecreditreport.com. They will deliver it direct to your computer.
If you find any inaccuracies you should notify the credit reporting company and provide them with evidence of the transaction. They will be eager to correct the mistake because they want their records to be as accurate as possible. That is what their business depends on. They are no use to the finance companies if they have poor data.
Checking your credit on an annual basis will allow you to make sure that it is correct. It will also give you a picture of how your credit rating is going and whether you need to take some remedial action.
You need as high a credit score as possible. You achieve that by paying loans promptly and in full. You need to be proactive about managing your credit score. You can avoid problems by taking action before it gets so bad that you are seen as a bad risk. Pay off any outstanding loans especially credit card debt. You may have to curb your spending for a month or two but it will be worth it. When you really need a loan for something important it will be easier to get it if you have taken action on bad debt.Original word
AL
All of us have a credit report. It is compiled from all the credit transactions we have ever made. Every credit card payment, every store card, every loan, every mortage is included in it. Your credit report tells potential lenders whether you are a good or a bad risk. It affects your ability to get credit.
It is important to keep a check on your credit report because errors can creep in over the years. If there are mistakes on your credit report then you may be refused credit for no reason that you can understand.
Checking your credit report online is comparatively simple.You can find it on three websites. They are www.experian.com, www.transunion.com and www.equifax.com.
Each of these sites belongs to a different company: Experian, Transunion and Equifax. These companies each keep credit records. They use slightly different methods and none is provides complete record of all transactions. But they provide a general picture of your credit record.
Most companies report credit transactions to at least one of these companies. They are not obliged to do so but it is in their interest to do so.
Since 1997 everyone is able to apply for one free credit report every year.The Fact Act made it obligatory for the credit ratings agencies to provide this information to you. You can only get one for free but it is worth paying for the other two.
You obtain the report from www.annualcreditreport.com or www.freecreditreport.com. They will deliver it direct to your computer.
If you find any inaccuracies you should notify the credit reporting company and provide them with evidence of the transaction. They will be eager to correct the mistake because they want their records to be as accurate as possible. That is what their business depends on. They are no use to the finance companies if they have poor data.
Checking your credit on an annual basis will allow you to make sure that it is correct. It will also give you a picture of how your credit rating is going and whether you need to take some remedial action.
You need as high a credit score as possible. You achieve that by paying loans promptly and in full. You need to be proactive about managing your credit score. You can avoid problems by taking action before it gets so bad that you are seen as a bad risk. Pay off any outstanding loans especially credit card debt. You may have to curb your spending for a month or two but it will be worth it. When you really need a loan for something important it will be easier to get it if you have taken action on bad debt.Original word
AL
Aug
26
need help
Filed Under Mortgage | Leave a Comment
vinny asked:
short version:
pending forclosure by the second mortage while I am looking into a loan modification by the first mrotgage. What is the best option since I don’t even want the house anymore as it is a money pit.
So after 7 years of never missing a mortgage payment I had some hardships of seperation and the lose of a second job. Although the wife and I are pack after a 6 month split, I am in jeopardy of losing the house and need advice. I have a second and first mortgage and owe 145% on my home. Or owe $72,000.00 more then the house is worth. I am behind on both first and second. The first is trying to help with a loan mod but the second says they are going to pursue forclosure. What is my best option.?Short sale? died in lieu? let them forclose? will I have to pay the difference to both morgages? Please help!!! Frankly the house is a money pit and regreat ever believing i the second mortgage lender in them telling me the house was worth more then it really was. I ended up checking after the fact and the day we took the second the comps in the area were $35,000 less and my home was worth $31,000 less then what they wrote on paper just to ok the loan.
Can they garnish my wages?
I dont want the house so what is my best option?
Will I have to pay second mortgage back if there isn’t enough money?
LEONEL
short version:
pending forclosure by the second mortage while I am looking into a loan modification by the first mrotgage. What is the best option since I don’t even want the house anymore as it is a money pit.
So after 7 years of never missing a mortgage payment I had some hardships of seperation and the lose of a second job. Although the wife and I are pack after a 6 month split, I am in jeopardy of losing the house and need advice. I have a second and first mortgage and owe 145% on my home. Or owe $72,000.00 more then the house is worth. I am behind on both first and second. The first is trying to help with a loan mod but the second says they are going to pursue forclosure. What is my best option.?Short sale? died in lieu? let them forclose? will I have to pay the difference to both morgages? Please help!!! Frankly the house is a money pit and regreat ever believing i the second mortgage lender in them telling me the house was worth more then it really was. I ended up checking after the fact and the day we took the second the comps in the area were $35,000 less and my home was worth $31,000 less then what they wrote on paper just to ok the loan.
Can they garnish my wages?
I dont want the house so what is my best option?
Will I have to pay second mortgage back if there isn’t enough money?
LEONEL