Clean up your credit report….

One common problem people emerging from bankruptcy often face that is credit reports frequently show accounts as open and overdue –when in fact they were closed and the obligations wiped out as a part of the bankruptcy.

If you encounter this, you need to contact the credit bureaus and insist that those accounts be properly reported as “included in bankruptcy.” Its the only way your credit can recover.

If you have other serious mistakes on your credit report, those need to be corrected as well.  Your credit score is based on information in your credit report, so errors on your report can seriously dampen your score.

What do you think?????

Proposed 28th Amendment to the United States Constitution: “Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States .”

Monday on Fox news they learned that the staffers of Congress family members are exempt from having to pay back student loans. This will get national attention if other news networks will broadcast it. Just where will all of it stop?

What do you Think?

If you recently filed for bankruptcy….

If you’re recently bankrupted, here are two things you need to keep in mind:

• Nothing in credit is “forever.” A bankruptcy legally can remain on your credit report for up to 10 years, but its effect on your credit score can start to diminish the day your case is closed — if you adopt responsible credit habits such as paying your bills on time, using only a small portion of your available credit and not applying for too much credit at once.
• You have to get and use credit to build your credit score.  Living on a cash-only basis may be a smart choice for those who really can’t handle credit.  But if you want to rebuild your credit score, you can’t sit on the sidelines.

What is A Car Title Loan?

Most people own a car, but many don’t realize that they can quickly and easily use their car as security for a car title loan.  This means that you can have access to a loan and your automobile becomes collateral for that loan.  This type of loan is usually taken in an emergency or time of need whee other types of personal loans are no suitable.

It should not be confused with an auto loan which is used to purchase a car and is a completely different financial product.

A car title loan is very easy  to apply for and you will be accepted within minutes on most applications.  Typically a lender will offer you25% of you vehicles resale value, but some will offer more in certain situations.  However, there are a few requirements that you must consider before applying:

• You must hold title on the vehicle itself – shared titles require the signature of both parties.
• The vehicle must be paid in full without outstanding loans, financing or lease agreements.
• In most circumstances you will be required to have full insurance on the vehicle.

Although this type of loan can be very useful they also have some serious downsides that need to be taken into consideration.  Firstly, the interest rate on a title loan can be quite high in many cases.  Secondly, because your car is required as collateral should be unable to repay the loan you may lose your vehicle.  You may be allowed to roll the balance over, but this also comes with drawbacks. It is a good idea to carefully consider the advantages and disadvantages of a car title loan before applying.

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