How Quickly Can You Increase Your Credit Score?

Credit scores are an important part of personal finance. A good credit score allows you to qualify for home, auto or other types of loans, while a bad credit score likely will prohibit you from qualifying. However, even bad credit scores improve over time, as long as you put in the effort to fix them. The speed at which credit scores improve depends on how quickly you can resolve financial issues dragging your credit score down as well as how soon...

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How to Modify an 80/20 Mortgage

An 80/20 mortgage is actually two mortgage loans allowing 100 percent financing for home purchases. A first mortgage is issued for 80 percent of the purchase price and a second mortgage for 20 percent, eliminating the need for a down payment. The loans are considered controversial because with no money down the borrower usually has little or no equity in the home at closing. Falling property values, because of a housing bust or recession, can lead to the borrower owing much more on the house than it is worth. Instructions 1 Hire a licensed...

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Is My Husband's Debt Mine?

Tying the knot with your partner does not necessarily mean you need to take on his debt or credit history. As long as you keep separate finances during the marriage, your spouse's previous debt will not affect your credit score. Joining Finances As soon as you and your spouse open a joint account his credit score will affect yours, and vice versa. Your spouse's previous debt and credit history will affect your ability to qualify for loans, including a mortgage. Account Users Authorizing your spouse on any of your accounts is not...

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Information on Personal Credit Questions

Misinformation about credit reports, credit scores and other consumer credit issues can cause people to unwittingly mismanage their finances. People who want to raise their credit scores or apply for credit cards and loans need to understand how various actions impact their credit histories and the way creditors and lenders view their creditworthiness. How Do Creditors Decide Whether to Approve a Credit Application? Creditors try to determine how risky it would be to extend credit to an applicant. They review credit reports to evaluate...

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Debt Management Opinions

There are many opinions about debt. Some people believe all debt is bad while others conclude it can be a form of investment. Some people think you should try to avoid consolidation while others believe it creates peace of mind. Many people feel that defaulting on debt is always irresponsible, while others conclude that sometimes it's the only responsible option. There are almost as many opinions about debt management as debtors. Debt is Bad...

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Debt Restructure Recovery

Debt restructuring is a process generally used by corporations, but individuals may also use restructuring. Briefly, restructuring debt means repackaging it with a lower interest rate. Once the debt restructure is successful, the process of recovery begins. Make Regular Payments When personal debt is restructured, it is imperative to make regular, on-time payments on that restructured loan. Timely payments are the only way to assure that...

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How to Pay a Collection Agency With a Certified Check

While paying off a collection account does not improve your credit score, it looks much better to lenders that you absolved past debts rather than ignored them. Unfortunately, not all collection agencies accept personal checks. If you are not comfortable permitting a collection agency to draft your bank account directly, consider sending the company a certified check. Certified checks reflect the bank's authorization that it has "reserved" the funds until the company cashes the check -- providing security for the collection agency and helping you...

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Debt Consolidiation Help

When you have high interest rates and are struggling to make monthly payments on your credit cards, consolidation might be your only option. Debt consolidation helps to lower your interest rate as well as your minimum payment, so you pay more toward your principal, which helps you get out of debt faster. There are different ways to consolidate your debt, depending on your current financial situation. Home Equity Consolidation Using the equity...

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Debt Recovery Techniques

Creditors that cannot recover debts from consumers lose money. Thus, unpaid consumer accounts cut into a company's profit margin. To keep the company profitable, corporations and small businesses alike use a variety of debt recovery techniques when collecting debt, although the exact methods used vary by company. A collector may use only one or all of the debt collection options available when attempting to recover unpaid consumer debts. Creditor...

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Information on Superior Debt Solutions

A search of the Better Business Bureau's consumer website brings up three businesses that use the name Superior Debt Solutions. Two of them had F ratings while one---Superior Debt Solutions, aka Stone Mountain Group, and the focus of this article---had a B+ rating. Superior Debt Solutions' Services Superior Debt Solutions---also called Superior Debt Relief Services---negotiates with clients' creditors to reduce amounts owed on unsecured debts....

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What Is Considered a Cash Bond?

When a person is placed in jail while awaiting trial for a crime, he is often given the opportunity to be released before the trial starts. However, to give the defendant an incentive to show up at the trial, a court will often require that he put up a cash bond. A cash bond is a cash deposit made to secure the release of the defendant. The money will be returned when his trial is over. Bail When a person awaits trial, a judge will have the right to set an amount that the defendant can put down as a deposit to secure his release. This money...

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Can Arizona State Retirement Disability Pension Be Garnished?

Unless specifically exempted from the garnishment process by state law, almost any source of income can be claimed to pay back legal debts. The controlling authority for determining exemption status is federal law, and then state law in the Arizona Revised Statutes. Federal law says Social Security disability cannot be garnished except in a few instances. Whether the same holds true for your state-level retirement disability pension depends upon...

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What to Do About Credit Card Payments When You've Lost Your Job

Losing a job is a horrifying experience, especially if you have large amounts of credit card debt and are now on a very limited income. Above all, you must make sure you do not panic and take steps to address your situation as quickly as possible. In order to protect your assets and credit rating, apply for any assistance that is available, speak with your creditors and work with a credit counseling firm if you need some extra help. Stabilize Your Situation Losing a job is traumatic, but you cannot let it mire you in depression and hopelessness....

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How to Remove a Late Pay History

It's easy to end up with a late payment on your credit report. Everything from major life events like job loss or divorce to minor incidents like popping a check in the mail a day later than planned could earn you a late payment ding. The hard part is what comes next. A single late payment could knock 30 points off your credit score. An account that is more than 90 days past due can be as damaging as bankruptcy. Even years later, a late payment could impact your chances of getting a loan, mortgage or credit card. If you have a late pay holding...

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How to Stop a Wage Garnishment in Ohio

Wage garnishment is the court-ordered interception of part of your wages to satisfy a debt over time. Having your wages garnished in Ohio depletes your income and may cause you to struggle financially. Your employer takes out the amount directed by the order each time you get paid and forwards the money to the creditor. Ohio laws do not provide for an undue hardship exemption due to a garnishment order, but you may be able to stop the wage garnishment...

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Loan Consolidation Basics

If you have multiple creditors, you may want to consolidate your debt into one loan. There are a number of benefits derived from a loan of this sort. First of all there is a matter of convenience. It is much easier to pay one creditor than five or six. Consolidating your debt also saves time. Prior to consolidating, make sure you choose the lender with the most cost-effective terms. Home Equity If you are a homeowner, you may be able to use the equity in your home to consolidate all of your credit card debt. Home equity loans usually have...

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How to Raise Your Credit Score Fast After Bankruptcy

Filing bankruptcy affects your credit score and makes it difficult to obtain any type of credit. In some cases, bankruptcy makes it tough to find adequate housing or decent employment. There isn't an overnight solution to repairing your credit score. By making small changes in the way you spend money, pay your bills and what types of credit you apply for, you can bring your credit score back to respectability quickly. Instructions 1 Order...

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How to Get a Reaged Debt Removed From Your Credit Report

Reaged debts are a violation of the Fair Credit Reporting Act (FCRA) and must be removed from your credit report as soon as possible. A reaged debt is simply a debt in which the DOLA has been set to a more recent date in order to prevent the negative tradeline from falling off your credit report in a timely manner. Instructions 1 Know what a DOLA is and how it affects you. DOLA stands for Date of Last Activity 2 Learn how creditors calculate your DOLA. A DOLA is only assigned by an original creditor and is the date the debt first...

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Understanding Concepts of Deficits & Debt

To the financial layperson, the distinction between deficit and debt might be unclear, but they are in fact two separate and distinct economic concepts. Debts and deficits exist in all levels of the global economy, be it in households, businesses or even on the national stage. Debts are par for the course when it comes to large investments, but deficits are indicative of more far-reaching problems than manageable debt. Understanding Debt ...

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What You Can Lose Due to Defaulted Loans

Defaulting on a loan is never a good choice, although sometimes it's beyond a person's financial control. Defaulting on a loan can sometimes lead to losing your house or car. Lenders can also go after your paycheck. Do everything you can to avoid defaulting on a loan, including dipping into your savings account. Unsecured Loans Unsecured loans are not secured by collateral, such as a house or car. Personal loans are a common type of unsecured loans. You typically will not lose anything with an unsecured loan, since you didn't put up any...

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How to Negotiate Credit Card Debt Down by Half

Credit card debt is a serious problem for many Americans. Sometimes credit card companies charge high rates and fees that add up. If you can't afford your payments, there are ways you can negotiate with creditors to cut your debt in half. Instructions 1 Consider your reason for not being able to pay back your debt, because credit card companies will ask you why you need debt relief. Examples of possible reasons that credit card companies will...

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Dental Financing Problems

Needing dental work can put a dent in your pocketbook. If you can't afford to fix your teeth, your dentist may offer you an alternative to paying the bill upfront. Dental financing in the form of credit cards may be the answer to necessary treatment that you otherwise would not be able to have done. However, before you agree to charge your dentist's fees, read the small print carefully and decide if you think that it's worth it. Background Many dentist offices offer simple payment plans for patients who cannot afford a large out-of-pocket...

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A Debt Collector Refuses to Send a Settlement Notice

A debt settlement notice is a letter that is usually written by a debt collector and addressed to the debtor. It is created after a collections agency makes a verbal agreement with the debtor concerning an owed debt. A settlement notice is used to ensure that a debtor understands the terms for settling the debt. It also ensures that the debtor knows what the collections agency will do in return for her paying off the debt. Why A Settlement Notice Is Needed Verbal debt settlement agreements are often difficult to prove in a court of law....

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How to Get Out of Debt When You Owe More Than You Make

Getting out of debt when you owe more than you make requires careful budgeting and sacrifice. Eliminating discretionary spending on cable television, hobbies, eating out and traveling is essential. Even that may not be enough and could force you to make other hard decisions about your finances. Government-certified credit counselors, such as those affiliated with Consumer Credit Counseling Service, can offer suggestions based on your income and expenses. The public library or local charities such as the United Way can offer referrals for credit...

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What Is a Budget Deficit?

A budget deficit is the residual debt that comes from spending an amount that is greater than your budget or the amount of positive revenue that you are able to bring in. The term "budget deficit" is often used to refer to a local, state or national governing body. In such cases, a budget deficit is created when the government's expenditures are greater than its tax revenues. Types of Deficits There are two main types of governmental deficits that are commonly identified by economists. They are cyclical deficits and structural deficits....

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Can You Get a Credit Card When You Are on Unemployment Insurance?

Oftentimes, when a person is receiving unemployment benefits, he may wish to take out a credit card. Used judiciously, credit cards can be a good source of short-term loans that a person can use to pay bills. However, credit cards are not a right. Finance companies will generally only offer cards to clients who they believe are capable of paying the loans back. A person living on unemployment benefits may, therefore, have trouble getting a card. Unemployment Insurance When a person is receiving unemployment insurance, he is making only...

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Credit Card Settlement Agreement Vs. Pay-Off in Full

An offer to settle a debt for less than you owe can be tempting, and may be your best option if you are seriously in debt with no means to repay it. But debt settlement has pitfalls as well, including additional taxes and significant damage to your credit score. In the long run, paying your debts in full, even if it takes longer, may save you a lot of money and trouble. Credit Consequences The fact that you settled a debt for less than you originally owed may end up on your credit report, and can remain there for some time -- up to seven...

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Usury Laws on Credit Card Debt

High interest rates or credit cards with hidden fees and costs can mean financial trouble for consumers who spend above their means or accumulate too much debt. Some consumers may claim that high interest rates violate usury laws. That answer depends largely on what state the credit card company is incorporated in. Usury Laws in General The purpose of usury laws is to prevent a lender from charging illegal interest rates and to protect borrowers from predatory lending practices. States may set the usury limit on various transactions such...

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If a Loan Is Paid Early Is it Impaired?

Loan impairment occurs when the lender expects to be able to collect less than the full value of the loan. Either the value of the collateral has been reduced, such as when a car is worth less than its loan, or the borrower can no longer afford to pay the full value, such as when student loans are consolidated and the principal reduced. Impairment The concept of impairment is a way for a lender to estimate its future earnings based on a current,...

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How to Pay Off Bills Without Bankruptcy or Bill Consolidation

Debt weighs you down, keeps you poor and prevents you from saving money for your future. Bankruptcy and bill consolidation are tools some people use to address debt, but both options come with drawbacks. Avoid the drawbacks and learn to manage your money and pay off debt on your own. Learn skills that keep you out of debt in the future and help you increase wealth and long-term financial stability. Avoid quick-fixes that will have a negative impact...

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The Average Student Debt After Graduation

A college education is expensive, and taking out loans to cover expenses is necessary for many college students. However, debt levels are high for some graduating students, a scary fact for college seniors who are already anxious about finding entry-level work in a lackluster economy. College students worried about their debt load may want to take part-time jobs, apply for scholarships and avoid carrying credit card balances to avoid large post-graduate burdens. How Much Is Tuition These Days? How much college costs depends on the institution...

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What Happens in Court Judgments for Credit Cards?

When you leave credit card debt unpaid, your credit card company or the collection agency that purchased your debt has the right to sue you in court. A court judgment is the result of a successful lawsuit. The civil judgment serves as legal acknowledgment of the creditor's right to recover the unpaid debt and provides it additional legal tools with which to do so. Lawsuit Notification A court judgment begins with a lawsuit. Once your creditor...

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How to Transfer My Credit History From the US to Europe

Credit history and creditworthiness are extremely important in both the United States and Europe. They determine the interest rates you'll receive on car loans, mortgages, credit cards and even whether you qualify for certain jobs. If you're considering moving to Europe from the U.S., it's important to keep a record of your credit history since there is no process by which you can electronically transfer your credit file to European systems. Instructions 1 Pull a copy of your credit report (see Resources). Make sure you print out several...

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What Is the Maximum I Should Pay for Debt From My Net Income?

The relationship between the amount of debt you have and the amount of money you bring in each month is called your debt-to-income ratio. Keeping the maximum amount you spend on debt each month below recommended levels not only helps to keep you from running out of money by the end of the pay period, but it also boosts your ability to obtain new credit when you need it. Maximum Debt Payments Your total debt should not exceed 36 percent of your net monthly income, according to Bankrate. Therefore, if you bring in a gross monthly income of...

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How to Find Out If You Are on an Ex-Spouse's Federal Student Loan

Many students rely on federal financial aid to supplement the cost of attending college or graduate school. Although there are a number of grant programs for undergraduate school, graduate and professional students often depend on student loans to pay for school. The Direct PLUS loans for graduate and professional students provide loans to students who qualify. A credit check is required for Direct PLUS loans. If your ex-spouse applied for one of these loans and was unable to qualify alone, you may have agreed to co-sign for the loan. If you are...

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Strategies for Getting Out of Debt

There are over 1 billion credit cards in circulation in the United States, so if you're in debt you're not alone. Getting out of debt isn't an easy task for everyone, especially if you're unemployed. Developing a strategy for getting out of debt is the first step towards a more sound financial future. Create a Budget Creating a list of your expenses is an important part of developing a strategy for getting out of debt. Write down what your...

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Do I Need a Lawyer If I Get a Summons?

A summons is a document issued by a judge or government agency requiring you to appear in court. Although you are not required to hire a lawyer if you get a summons, it is often advisable to do so. Judicial Summons If you receive a summons stating that a party has named you as the defendant in a lawsuit, you may benefit from a consultation with an attorney. Since the rules of your court system require you to respond to the summons, contact...

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