oh yeah asked:


At a furniture store, isn’t financing a piece of furniture different from getting credit to be able to buy it? Like say when you go to Sears & they approve your credit & tell you “You got approved for $1000″. Isn’t that different from getting something financed? I’m just trying to prove a point for somebody.

Dorothy

smarterchild_usa asked:


is it going to be good for my credit line by being a co-signer for a car loan? on the finance paper, my name is in the co-signer section and my dad’s name is in the first section of the loan. but i am the owner of the car and the registration and the title is under my name. yhnak you in advance for your help.

Kelly

StephenWeinstein asked:


The computer says:

“Why Is My Score 828?

1. The time since your most recent account opening is very recent

Research shows that consumers who have recently opened new credit accounts are slightly more likely to miss payments than those who have not. This is not an especially strong risk factor, and therefore usually means a difference of no more than a few points in a consumer’s FICO score.

2. There is a lack of recent (non-mortgage) installment loan information being reported on your credit file

Demonstrating that you can manage a variety of different types of credit responsibly is a behavior the score evaluates. In particular, the score may examine your repayment behavior on some types of personal loans (but usually, not including mortgage or other big ticket loans, which are examined in other ways). Having no personal loan accounts appearing on the credit bureau report, or if they are present but are closed or are no longer being reported by the lender, is a slightly higher risk compared to currently having an installment loan and making payments on it. The score evaluates the types of credit in your credit history, and considers your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It isn’t necessary to have one of each, and it’s not a good idea to open credit accounts you don’t really need, or don’t intend to use. ”

If item 1 “means a difference of no more than a few points” and “it’s not a good idea” to do anything about item 2, what can or should I be doing?

John

dankman asked:


I used a credit card for a purchase because I feared I would run into some shady issues with the business I was dealing with and wanted the extra consumer protection that comes with using my card. They ran my card through a reader, printed a receipt that I signed and, everything seemed OK; until I got my statement. Upon checking my statement I had a finance charge for a cash advance, it turns out the business I was dealing with treated my credit card as a debit card (my credit card company treats debit purchases as a cash advance) but I never entered a pin and signed a typical credit card receipt. The finance charge caused my card to be overdrawn so my credit card company charged me an extra $36 for going past my limit.

Is it legal for a business to use a credit card as a debit card without having the card holder enter a pin # and not informing them of how they are going to pull funds from the account? If so or not can you please supply a link so I have a decent reference?

Thanks for your help, it is appreciated.

Adam

Ron C asked:


i am 23 years old and am wanting to basically be able to buy a 2nd motorcycle but have some small consumer debt (3200) and a current auto loan (2900) and want to be able to finance the new bike, bundle the current loan into it and pay off my credit cards (for good and shred them), and have about 1k to put aside for any unseen rainy days… all in all less than 15,0000. What am i looking for (what type of loan, where to start,etc) i just simply want 1 bill every month with one bill cycle, one intrest, one payoff date… just one!… Thank you in advance

Debbie

Name D asked:


I can’t find a website that talks about the history of credit in USA. I need enough information to write a 2-page paper.

Information like this book would be nice. (to poor to buy) Its not at my local library either ):
http://www.amazon.com/Financing-American-Dream-Cultural-Consumer/dp/0691074550

Rachel

daddeo01905 asked:


The car financing comapny called Mitsubishi Motor Credit, doesn’t seem to be a very well run company and is not consumer friendly. This is based on my own personal bad experiences with the company.

Geraldine

Edward Jamison asked:


Over the last several months we’ve seen our economy take a severe beating. It started with the mortgage meltdown and is now seeping its way through Wall Street, the stock market and straight toward the credit card issuers. There are also signs that this trend is trickling down and now beginning to impact aspects of the consumer credit lending environment. These factors alone leave little doubt that we’re facing one of the most severe economic environments since the great depression.

While financial analysts and economists continue to debate over the impact that the $700 billion bailout will have on the average American consumer, none of us really knows for sure what will happen over the next 12 to 24 months. What we do know is that lenders have already begun to tighten up their lending requirements and this means continued changes in the consumer credit environment as this crisis evolves. It also means that many Americans are facing a stern wakeup call in regards to the way we currently view and manage our credit.

It doesn’t take a financial genius to figure out that the mortgage industry’s lending practices were in dire need of a complete facelift. Two years ago, you could pretty much qualify for a mortgage with a minimum FICO score of 580 — as long as you had a pulse. Not enough consideration was given to whether or not you could actually afford the loan or whether or not you had a high risk of defaulting on the loan itself.

These days ‘easy money’ is a thing of the past. To give you an idea of how things have changed, in order to get the best deal on a mortgage today you’re going to need a score in the 720+ range. And the score alone won’t guarantee an approval – you’ll also need to meet the new income and collateral requirements. And if you think this is only happening in the mortgage industry, think again.

We’re also beginning to see changes in the auto and credit card industries. Take GMAC for example, who recently announced that they would no longer approve loans for consumers that had FICO scores below 700. Other lenders like USAA, have not only increased their score cutoffs on their auto loans, but also on credit card and personal loan approvals. See the pattern? Make no mistake, lenders across the board are becoming more cautious and are beginning to safeguard themselves by looking for borrowers that pose less of a risk. Less risk means higher credit scores and more lenders are going to place even more emphasis on your credit scores and credit report data.

So how does this impact the rest of us? The current state of our economy has many of us worrying about what tomorrow may bring. This means that a lot of us will need to take a step back, re-evaluate the way we manage our finances and our credit obligations, and start living within our means instead of beyond them. There are two important lessons that we can learn from this debacle:

Credit isn’t a right – it’s a privilege. How we manage our credit reports and credit scores are a direct reflection of our credit risk. For high scorers (750-780+), the credit crunch probably won’t impact your ability to obtain credit when you need it. But for those that have not so great credit and credit scores, it’s going to be even more important than ever.

It’s time to start living within our means. That’s right, it’s time to take a step back and reevaluate our relationship with money and realize that if you can’t afford something, then you shouldn’t be buying it. This means reevaluating how and why we use credit cards. Is it to live an unrealistic lifestyle? If so, time to make the change.

The current financial crisis is a wakeup call for all of us. And while many blame the current crisis on the sub-prime mortgage industry giving loans to consumers that shouldn’t have been approved in the first place, (which may be true) — we can’t ignore the fact that consumers that got themselves into these loans should at least share a part of the responsibility. At some point, we all need to accept responsibility and be accountable for our own actions.

Get More Information about Credit Repair and CreditCRM

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Lauren

Michael T asked:


http://www.consumeraffairs.com/finance/cashcall.html
They advertise 99% APR for people with excellent credit but who with excellent credit would use Cash Call? So they typically charge 400% APR or more.

Louise

shade_in_freud asked:


I’m trying to help my aunt who got a notice in her visa card state-ment from chase, that said there’d be a new way of figuring her finance/interest & minimim payments, coming up. She called them for infor. on what this would mean for her so she could plan for any increase but the reps claim they dont know nothing about the form she got, no one will call her back, & she’s lost as to where she can go to decipher the long complex printed & undated enclosure she got. I also don’t know what to tell her. Where should I call to get help with the answer, then worry about major complaining at later date? Is there a consumer rights place or something? Anyone else get the notice, & how did u handle it? Hurry! Thanks.

Ralph