Veracity's Credit Tip of the Week
Myths of Credit RepairMyth: Credit can be repaired instantly.
Fact: Credit repair is a lengthy process that can take months even when working with dedicated professionals. Any company that offers a guaranteed instant fix to your credit scores should be considered a scam and avoided. Remember, if it's too good to be true, it probably is.
Myth: You can't fix bad credit.
Fact: Inaccurate items on a credit report can by all means be removed through the dispute process. Even accurate derogatory trade lines can be repaired with time and careful repayment of your debts. As old debts are paid and all newer debts are paid on time, even the worst credit will slowly begin to improve.
Myth: I can improve my credit by simply paying off all my old debts.
Fact: As much as we wish this were true, the fact is paying your old collections can drop your scores by updating the activity on those accounts. There is a process for paying off old debts that must be followed if your credit is to improve through paying debts.
Tuesday, April 22, 2008
Thursday, April 17, 2008
Credit Score tip of the week
Veracity's Credit Tip of the Week
Myths of Credit Scores
Myth: Consumers only have 1 credit score.
Fact: Every lender will look at 3 different scores from each of the three Credit Bureaus information. In common practice, a lender will use whatever score happens to fall in the middle. It is always a good idea to check all 3 when you purchase your scores online.
Myth: Your age, income and place of residence are factors in your score.
Fact: None of this information will be factored into your scores. Though your address, employer and DOB do show on the report they will have no bearing on the score itself.
Myth: Shopping around for a loan hurts your score.
Fact: Though excessive inquiries do damage a score, as long as you are shopping for the same type of credit within a 14 day period, your scores should not be affected. Scores will drop if you apply for a car loan, a house loan, and a credit card all in the same month as these types of credit all differ.
Myths of Credit Scores
Myth: Consumers only have 1 credit score.
Fact: Every lender will look at 3 different scores from each of the three Credit Bureaus information. In common practice, a lender will use whatever score happens to fall in the middle. It is always a good idea to check all 3 when you purchase your scores online.
Myth: Your age, income and place of residence are factors in your score.
Fact: None of this information will be factored into your scores. Though your address, employer and DOB do show on the report they will have no bearing on the score itself.
Myth: Shopping around for a loan hurts your score.
Fact: Though excessive inquiries do damage a score, as long as you are shopping for the same type of credit within a 14 day period, your scores should not be affected. Scores will drop if you apply for a car loan, a house loan, and a credit card all in the same month as these types of credit all differ.
Wednesday, April 9, 2008
Cattle Dog / Heeler adoption event
New Hope Cattle Dog Rescue of Colorado will have many dogs on display this weekend. Come meet them and help them find their forever homes.
http://www.nhcdrescuecolorado.com/adopt.htm
TAKODA'S PET DEPOT
7735 West Long Drive, Suite 1
Littleton, CO 80123
10 am - 3 pm
12 APRIL 2008
http://www.nhcdrescuecolorado.com/adopt.htm
TAKODA'S PET DEPOT
7735 West Long Drive, Suite 1
Littleton, CO 80123
10 am - 3 pm
12 APRIL 2008
11 Deadly Mistakes When Applying for a Mortgage
1.Not Knowing How Much Money You Can Put Down
It's important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you're likely to get. At the same time you also need to stay within your means and comfort level.
2. Working With A Mortgage Broker Who Has A Poor Performance Record
Industry insiders know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance guarantee.
3. Not Understanding The Process
Most of us don't shop for a mortgage very often. As a result it isn't something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand.
4. Working With A Lender Who has Only One Investor
Not all lenders have a range of options when it comes to investors. What if that investor doesn't offer the type of mortgage you need? Or worse yet, what if you need to change loan products after you've started the process? Working with a mortgage broker who has many investors enables you to address these issues without starting the process over again.
5. Making Large Purchases Prior to Your Mortgage Application
Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.
6. Over Shopping Your Loan
Each time you call a lender seeking the best possible rate and terms you have your credit report pulled. Every time your credit report is pulled you risk decreasing your credit score and thus possibly decreasing the likelihood of getting the best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.
7. Hiding Things From Your Mortgage Broker
Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your mortgage broker can only help you with those things with which s/he is aware.
8. Making Late Payments
Late payments, especially those within the last year, can be very detrimental to getting the best rate, terms and even the difference of being approved at all. While this might seem like unnecessary advice, ALWAYS pay on time.
9. Over Using Credit Cards
Credit cards are a convenient way to make purchases, but if not paid off or balances kept low you might find it more difficult to get the best rates and terms on your mortgage. Keeping your total debt as low as possible helps you get the mortgage that best meets your specific needs.
10. Cosigning On Someone Else's Loan
While it can be a great service to a friend or loved one, signing to guarantee someone else's loan is often a big head ache for the cosigner. Before cosigning you decide if you're willing and/or able to assume the liability.
11. Not Getting All The Facts
It is important to learn the total cost of your mortgage loan, both at closing and for the life of the loan. While mortgages can look a lot alike there can be subtle differences which can save or cost you thousands of dollars. Get all the facts and know what to expect.
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information - Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved. Everyday people have their mortgage loan turned down because of one or more of these mistakes. By taking these few minutes to acquaint yourself with the "11 Deadly Mistakes When Applying For A Mortgage" you can save thousands on your mortgage.
It's important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you're likely to get. At the same time you also need to stay within your means and comfort level.
2. Working With A Mortgage Broker Who Has A Poor Performance Record
Industry insiders know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance guarantee.
3. Not Understanding The Process
Most of us don't shop for a mortgage very often. As a result it isn't something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand.
4. Working With A Lender Who has Only One Investor
Not all lenders have a range of options when it comes to investors. What if that investor doesn't offer the type of mortgage you need? Or worse yet, what if you need to change loan products after you've started the process? Working with a mortgage broker who has many investors enables you to address these issues without starting the process over again.
5. Making Large Purchases Prior to Your Mortgage Application
Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.
6. Over Shopping Your Loan
Each time you call a lender seeking the best possible rate and terms you have your credit report pulled. Every time your credit report is pulled you risk decreasing your credit score and thus possibly decreasing the likelihood of getting the best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.
7. Hiding Things From Your Mortgage Broker
Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your mortgage broker can only help you with those things with which s/he is aware.
8. Making Late Payments
Late payments, especially those within the last year, can be very detrimental to getting the best rate, terms and even the difference of being approved at all. While this might seem like unnecessary advice, ALWAYS pay on time.
9. Over Using Credit Cards
Credit cards are a convenient way to make purchases, but if not paid off or balances kept low you might find it more difficult to get the best rates and terms on your mortgage. Keeping your total debt as low as possible helps you get the mortgage that best meets your specific needs.
10. Cosigning On Someone Else's Loan
While it can be a great service to a friend or loved one, signing to guarantee someone else's loan is often a big head ache for the cosigner. Before cosigning you decide if you're willing and/or able to assume the liability.
11. Not Getting All The Facts
It is important to learn the total cost of your mortgage loan, both at closing and for the life of the loan. While mortgages can look a lot alike there can be subtle differences which can save or cost you thousands of dollars. Get all the facts and know what to expect.
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information - Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved. Everyday people have their mortgage loan turned down because of one or more of these mistakes. By taking these few minutes to acquaint yourself with the "11 Deadly Mistakes When Applying For A Mortgage" you can save thousands on your mortgage.
Why are people getting Reverse Mortgages?
ATLANTA, April 2, 2008, 2008 /PRNewswire via COMTEX/ -- A survey of 213 homeowners who have received reverse mortgage loans found that the number one reason for the loan is to pay for daily living expenses. Only 3% say they used the funds from a reverse mortgage loan to take a vacation.
The survey was conducted in January by Consumer Credit Counseling Service of Greater Atlanta, Inc., a credit counseling agency that provides reverse mortgage counseling. The homeowners average 74 years old and have lived in their homes an average of 18.5 years. The average purchase price of their homes was $95,554 and the respondents said that the current value of their homes was approximately $221,997.
When asked the question, "What prompted you to obtain a reverse mortgage loan?" the responses were:
-- Budget too tight - 19%
-- Need more liquid assets on hand - 16%
-- Home repairs and maintenance - 15%
-- Provide care for dependents, pay medical bills - 8%
-- Pay property taxes and homeowner's insurance - 7.23%
-- Falling behind on monthly payments - 6.25%
A person must be 62 years of age or older to be eligible for a reverse mortgage. A reverse mortgage is a loan that allows homeowners to convert the equity in their homes into tax-free income without having to sell the home, give up the title, or take on a new or additional monthly payment. Loans must be repaid when the homeowner no longer lives in the home.
"We expect the demand for reverse mortgages to grow significantly as baby boomers reach retirement and need funds to meet daily expenses," said Sue Hunt, manager of reverse mortgage counseling for CCCS. "It is important for homeowners to educate themselves about reverse mortgages. Credit counseling can help them understand how these loans work."
While 79.4 percent of the respondents are retired, 10.5 percent work part- time jobs, nearly 5 percent work full-time and another 5 percent said they were looking for a job.
Most reverse mortgage lenders require homeowners to obtain counseling prior to receiving the loan. To qualify for a reverse mortgage, a person should have a significant amount of equity in their home and the home must be in reasonably good condition.
Although income and credit history are not considered in securing a reverse mortgage, CCCS believes it is critical for homeowners to review their entire financial situation during counseling. Reverse mortgage clients need to develop effective budgeting skills to meet periodic expenses, such as property taxes and homeowners insurance.
The survey was conducted in January by Consumer Credit Counseling Service of Greater Atlanta, Inc., a credit counseling agency that provides reverse mortgage counseling. The homeowners average 74 years old and have lived in their homes an average of 18.5 years. The average purchase price of their homes was $95,554 and the respondents said that the current value of their homes was approximately $221,997.
When asked the question, "What prompted you to obtain a reverse mortgage loan?" the responses were:
-- Budget too tight - 19%
-- Need more liquid assets on hand - 16%
-- Home repairs and maintenance - 15%
-- Provide care for dependents, pay medical bills - 8%
-- Pay property taxes and homeowner's insurance - 7.23%
-- Falling behind on monthly payments - 6.25%
A person must be 62 years of age or older to be eligible for a reverse mortgage. A reverse mortgage is a loan that allows homeowners to convert the equity in their homes into tax-free income without having to sell the home, give up the title, or take on a new or additional monthly payment. Loans must be repaid when the homeowner no longer lives in the home.
"We expect the demand for reverse mortgages to grow significantly as baby boomers reach retirement and need funds to meet daily expenses," said Sue Hunt, manager of reverse mortgage counseling for CCCS. "It is important for homeowners to educate themselves about reverse mortgages. Credit counseling can help them understand how these loans work."
While 79.4 percent of the respondents are retired, 10.5 percent work part- time jobs, nearly 5 percent work full-time and another 5 percent said they were looking for a job.
Most reverse mortgage lenders require homeowners to obtain counseling prior to receiving the loan. To qualify for a reverse mortgage, a person should have a significant amount of equity in their home and the home must be in reasonably good condition.
Although income and credit history are not considered in securing a reverse mortgage, CCCS believes it is critical for homeowners to review their entire financial situation during counseling. Reverse mortgage clients need to develop effective budgeting skills to meet periodic expenses, such as property taxes and homeowners insurance.
Tuesday, April 8, 2008
Boulder Flatirons Rotary battles Polio
Rotary's $100 million challenge
Your contribution will help Rotary match a US$100 million challenge grant from the Bill & Melinda Gates Foundation. The resulting $200 million will directly support immunization campaigns in developing countries, where polio continues to rob children of their futures and compound the hardships faced by their families.
As long as polio threatens even one child anywhere in the world, children everywhere remain at risk. The stakes are that high. By donating now, you can help Rotary achieve a polio-free world.
Your contribution will help Rotary match a US$100 million challenge grant from the Bill & Melinda Gates Foundation. The resulting $200 million will directly support immunization campaigns in developing countries, where polio continues to rob children of their futures and compound the hardships faced by their families.
As long as polio threatens even one child anywhere in the world, children everywhere remain at risk. The stakes are that high. By donating now, you can help Rotary achieve a polio-free world.
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