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1. Interest only mortgages really get a bad rap when it comgees to talk about home loans. Many financial experts talk about how bad they are because you never gain any equity in the home because you are not paying down the balance. They are right in this conclusion because you are not required to pay down the balance during the interest only period of the mortgage.

2. What many financial experts or gurus do not tell you is that you have the choice to pay down the mortgage if you want. The mortgage company is not telling you that you have to for a certain period of time. Typically most interest only home loans are a normal 30 year fixed interest rate mortgage where the first ten years of the loan are an interest only option period and then at year ten it turns into a 20 year principal and interest loan where ..

Source: Real Estate

Ashley writes in and asks:

Hi I’m trying to check my credit score but i cant because I don’t have a credit card to type in and all I want to do is just know what my score is one time so i can make it good so could you please help me.

Ashley,

What a good question. I had to go hunt down the answer but here it is, if you use the credit score or credit report link you can pay for it with a checking account or debit card.

Steve

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Source: Credit Score

Reader’s Question:

I usually take advantage of low introductory rates on credit cards and avail of free annual fees. So, I’ve already opened and closed several accounts in the past four years. Do you think this will hurt my credit rating?

Peggy

St. Louis, MO

Actually, we all want to take advantage of better deals and there’s nothing wrong with pursuing teaser rates. Offers such as low introductory rates on credit cards and free annual fees are very enticing in deed. But it is also very important to take note of all your accounts- both old and existing. Just make sure that you maintain a very good payment history and your credit report reflects that your closed accounts were tagged as “closed by customer.” What will hurt your credit rating is tolerating unwarranted number of credits that could possibly be a cause for being denied of a loan. Somehow, it also depends on other factors on your credit report. Apparently, 10% of your FICO score is determined by “search for new credit”. It hurts you worse than if you wait a few months in between if you apply for many cards in a short period of time. Your credit scores distinguish between a search for a single loan and a search for many new credit lines. In addition, some credit card issuers are starting to screen out people who jump from card to card, so there would be a possibility that you might be turned down for a card at some point. Just in case, prefer cards that provide you with a low rate even after the introductory period.

Finally, you have to keep an eye on the details. Other card issuers have tried to impose account-closing fees, or charge a fee for using a convenience check to transfer your balance. If you close an account within 90 days of opening it, a fee for closing an account is typically imposed. There are some banks that will zap you with the fee if the account is closed within six months. If this is the case, then the offers given to you initially would eventually be useless.

Tags: credit cards, credit repair, credit report

Reader’s Question:

Can you tell me more about secured and unsecured cards and which one is better?

Evelyn

Fort Wayne, IN

The term “secured” comes from the fact that you must open a savings account and deposit a minimum amount that usually ranges between $200 and $500 before you can use the card. Your deposit is considered your security and some card providers will even allow the deposit to earn interest. The amount that you deposit into the account generally reflects your credit limit. It is important to understand that a secured credit card is not a debit card. Thus, if the customer fails to make sufficient payments, each month, interest will be charged on the outstanding balance and the deposited money will be used to satisfy the credit card debt.
An unsecured credit card, on the other hand, is generally issued to those who have a good credit history and have demonstrated an ability to repay the accrued debt on time. Credit limits are determined on an individual basis, and may be raised or lowered based on performance. An unsecured credit card is essentially subject to credit checks and credit approval though. Unsecured Credit Cards are simply credit cards that do not require a security deposit on the account.

So, which one is better?

You should consider getting a secured credit card if you have a bad credit score and cannot get a pre-approval for other credit cards, or if you want to increase the lines of credit other companies are willing to offer you. Secured cards generally accept everyone, it can easy way to start building or rebuilding credit. It is also generally used to help people raise their FICO scores, or the line of credit that companies are typically offering them. However, if you have a decent credit score and you want lower interest rates, then you should go with an unsecured credit card.
Your choice depends on your situation.

Tags: credit counseling, credit repair, credit report

Reader’s Question:

Hi, I just got my credit card as a graduation gift. I have heard horror stories though with lost or stolen cards. What happens if my credit card is lost or stolen and what should I do?

Nicholas

Los Angeles, CA

Hi Nick,

Well, I hope that won’t happen in the future. But if it does, as soon as you find out that your credit card is lost or stolen, you need to contact your credit card issuer immediately. The 24 hour emergency number provided by your credit card issuer is written on your statement. You are expected to report stolen or missing cards as soon as possible or at least within 24 hours, for that zero-liability luxury. To prevent any fraudulent activity, you are required to verify your credit card number, the circumstances of the loss or theft such as date and location, the last authorized charges to your account, and any access or purchase checks numbers that need to be honored.

However, some card companies admit that they rarely enforce this requirement. But it is still the wisest practice to get on the phone and notify them as soon as you see the card is gone or the minute you see transactions made without your permission. Make a follow up on that call with a letter confirming the facts of the loss or the phantom charges on your statement, and also include the details of your call (name, time, date) The rule of thumb is simply to be “better-safe-than-sorry” .

If you report the missing card and have not compromised your Personal Identification Number (PIN), you will not be responsible for any confirmed fraudulent activity that occurs on your card. Your current card will be blocked and a replacement card will be ordered. You will be issued a new card and any remaining balance will be transferred.

It would also be best to review your credit card company’s policy when you get your card deal because there are always exceptions. Card companies are more liable to ask for their money if you have done something reckless, like not reporting the card stolen for a period of time.

Tags: credit cards, credit repair