We all gripe about our credit problems, whether you have a 550 credit score and don’t know the best secured credit card to get, or you have a 750 and still can’t qualify for that coveted American Express card.
Even though our credit problems are different, there are a handful of shared reasons why many consumers just can’t seem to get their credit score to climb.
Here’s a quick look at our top 10 reasons why your credit score probably isn’t as high as it could be.
- Two steps forward, one step back. It takes credit to build credit, right? In applying for credit cards or loans to build credit, those hard inquiries can sure add up and knock some points off.
- Reformed credit bad boy/girl. That string of late payments from a few years ago is still dragging down your credit score. Only good behavior and time will let your score off the hook.
- One big, past mistake. That one
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When you are in a state of financial crisis, it is important to find only the most suitable and workable solutions. Seeking the advice of a debt relief specialist through credit counseling can be beneficial towards finding your way out of debts. Just like when you are dealing with an illness, you look for a medical specialist who will take care of your health. The same goes for debt issues. You have to look for a professional whom you are comfortable with to take care of the problem and who can present to you various options that can pave the way to your financial freedom.
Once you have decided to go for credit counseling, you must ensure that you will be dealing only with legitimate and credible debt relief professionals. You can do your own research about the best debt management firms in your area. You can also check for the profiles and qualifications of their debt relief professionals. This is a very critical part of your decision since there are many firms out there who are just plain scams. If you make the wrong decision of signing up with their program, you can end up in a far worse situation.
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Bad credit auto loans are the most difficult and most challenging kind of auto loans to apply for. Bad credit auto loans are very challenging and difficult to get approved for because there are quite a few number of bad credit auto loan providers out there.
If you are an individual who has bad credit and intends taking up a bad credit auto loan, it is recommended that you should endeavor to apply to a provider that very liberal and considerate. Applying to a provider that is liberal and very considerate is very important because you most providers of bad credit auto loans would interview you and scrutinize your application thoroughly before getting you approved for a bad credit auto loan.
When applying for a bad credit auto loan with poor credit, it is recommended that you should simply send in your application and hope for the worse so that you do not end up heart broken when you application is rejected or refused. Applying for a bad credit car loan can be quite challenging and rewarding at the same time.
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The income figures used in the Means Test formula are changing effective March 15, 2011 and the changes bear some good news for Oklahoma households.
The new income figures will make it a little easier for Oklahomans to qualify for Chapter 7 bankruptcy as households of all sizes will be allowed to file Chapter 7 bankruptcy on or after March 15, 2011 with a slightly higher gross income than is currently allowed.
The new median income figures for Oklahoma households are:
- $36,884 (1 person household)
- $49,711 (2 person household)
- $54,135 (3 person household)
- $64,037 (4 person household)
*Add $7,500 for each individual in the household over 4.
If gross household income falls below the pertinent numbers, an individual or married couple passes the Means Test and automatically qualifies to file a Chapter 7 bankruptcy.
A person whose household income exceeds these figures may still qualify for Chapter 7 bankruptcy if he/she has enough allowable expense deductions to offset his/her above median income or if the projected amount of disposable income would pay less than 25% of the total unsecured debt.
A person who fails the Means Test and does not qualify to file Chapter 7 bankruptcy may choose to file a Chapter 13 bankruptcy instead.
Small businesses are often what forms the core of the community, whether that community is a small town or Beverly Hills, and bankruptcy has hit such businesses hard in the last few years.
Across the country, small businesses have strained to stay afloat under a struggling economy. And when a business must file for bankruptcy protection, often a piece of the community goes with them. Such is the case with a survey of businesses that have recently filed for bankruptcy.
In Perry, Iowa, for example, a town of under 8,000 people, a local institution that touched the lives of countless members of the community has filed for Chapter 7 bankruptcy protection.
The Perry Tea Room saw many a Mother’s Day celebration and gatherings of generations of women enjoy the fine service and the sense of tradition. The article in the Des Moines Register reporting the bankruptcy called the Perry Tea Room, a “cultural touchstone.”
“A lot of daughters and a lot of grandparents went through that place,” said Brian Witherwax, the bankruptcy attorney for local owners Vicky and Dwight Taylor. “It was e
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With so many families living from paycheck to paycheck, it is easy to fall into the cycle of debts. If any other expenses arise, such as medical, car repairs, home repairs, etc, it can cause anyone to fall behind on their other bills. After this happens, it becomes a vicious cycle trying to catch up. Eventually they find themselves, spiraling into a debt pit. There are solutions for families that are finding that they are struggling with debt. Debt reduction solutions are available to help in getting the debt under control and eventually eliminating it all together.
Debt consolidation is one solution that has helped hundreds and thousands of families to get on top of their crisis. Basically, it involves, taking the existing debts and combining all of it into single payment. With only having one lower monthly payment, it frees up extra money for families to live more easily.
Debt settlement is another solution that involves negotiation with the debtor’s creditors. With a debt settlement solution, the monthly payments can be reduced up to 50 percent, making it a substantial savings. T
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