Credit Cards For Less Than Perfect Credit

Should You Refinance if You Have Bad Credit?

July 15, 2009 – 6:44 pm

Refinance is possible for people with bad credit. The option is readily available to any body with good or bad credit history. The question here is, Should you refinance? It is a sensible question. While on the one hand, refinancing is possible and will certainly help you lower your liabilities, on the other hand it can also be a detriment to the prevailing condition.

Analyzing your Credit Situation

You need ask yourself several questions before proceeding to refinance your liabilities. As a first step you should read through your credit account. If the credit report is not appealing, you should first work for improving the credit situation. With no effort your refinance application will be rejected for sure. Hence to avoid a bad foot print on your credit report, you should improve and ensure your refinance application will succeed in fetching you a loan.

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Credit Score and Mortgages – Ways To Get A Higher Score

July 15, 2009 – 4:31 am

Pay off debts to improve credit scores.

Credit Score Basics

Your credit score is something you can see on your credit report. You will typically have three different credit scores on your credit report. This is one score from each of the three different credit bureaus.

These credit bureaus collect information from all of your different creditors and assign you a credit score.

Mortgage lenders usually use your middle (”mid-score”) of the three credit score as part of your mortgage application. Usually your three credit scores are usually quite similar, but sometimes they can be very different.

Collections

Your credit report will list bad debts and collections.

The more you have of these, and the more you owe on these, the lower your credit score is likely to be.

When you review a copy of your credit report you may see creditor names that you do not recognize who claim that you owe them money.

These unfamiliar names are usually the names of collections companies you have purchased your bad debt from your original creditors. For

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Subprime Bad Credit Lenders

July 12, 2009 – 5:36 pm

Bad credit means that your credit score is in a poor condition. Credit score refers to the score assigned to each individual to determine if they are worthy of credit or not. If they have taken only one or two loans, repay them promptly and make no default, points get added to the score. However, if they default on loan, have too many loans and so on, and then points get reduced from their credit score.

A person with a high score is worthy of lending money to, while a person with poor score is a risk to lend money to. When you default on repayment of loan, you are in bad credit and banks owned by government and financial institutions owned by the private will not be forthcoming to further lend any money to you. The only option available to you is to borrow money from the subprime bad credit lenders.

Who are Subprime Bad Credit Lenders?

These lenders give money as borrowing to people who suffer from bad credit.

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Bad Credit Mortgage Loans: Understanding Appraisal Fee, FICO Credit Scoring System and APR

July 12, 2009 – 5:25 am

When applying for bad credit mortgage loans, you should have an idea of FICO credit scoring system. If your credit score is in the range of 570 to 580, you need to put at least 15 percent as down payment on the property. In this scenario, you are not going to get an approval for 100 percent financing. Individuals having credit score in the range of 585 to 599 needs to put 5 percent down payment in order to avail home mortgage loan. You are going to get an approval for 100 percent financing when your credit score is in the range of 600 to 620. With a credit score of more than 620, you are going to get bad credit mortgage at low interest rates.

Interest-only bad credit mortgage loans give you an opportunity to only pay the mortgage interest. You need to pay the mortgage interest on a monthly basis. Your interest rates are going to remain the same throughout the duration of the loan. At the term completion, you can opt for refinancing. Read the full post

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Chevron Credit Card a Scam?

July 11, 2009 – 9:16 pm

With gas stations coast to coast, it comes as no surprise that the Chevron credit card is one of the most widely issued gas cards in America. But be warned… before you fill out an application to get your own, there are a few important things you should know.

The Interest Rate Shocker…

Chevron includes Texaco (they acquired the company in 2001) so they issue similar cards under each brand. Their ordinary cards are no affiliated with any major payment networks (like Visa, MasterCard, etc) so they can only be used for purchases at their stations. Two of them offer no rewards on fuel purchases, and the other one that does requires cardmembers to pay a $25 annual fee just to have the ability to earn cash back… not cool! These all carry sky-high interest rates, currently starting at whopping 21.49% APR at the time this article is being written.

The company also issues another, different category- the Visa Chevron Texaco cards. The i

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