How to See My Credit Score Without Paying or Joining a Free Trial Period

Countless advertisements offer "free" copies of your credit report. What the ads don't tell you is that "free" refers to a trial period, after which your credit card will be charged on a monthly basis. Your credit score affects your ability to obtain financing and will help you detect identity theft, so reviewing it is essential. What many consumers don't realize is that, under the Fair Credit Reporting Act, they are entitled to one free credit report from each of the major bureaus (Experian, TransUnion and Equifax) in a 12-month period. The...

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How to Borrow Money at a Low Rate to Pay Off High Rate Credit Cards

Paying off credit cards with high interest rates has obvious advantages. Credit card debt can last for decades. For example, Utah State University reports that it can take 15 years and six months to pay off a $3,000 credit card balance at 18.9 percent if a person makes only a minimum payment of $50 dollars a month. At that rate, the debtor will pay $6,279.85 in finance charges. Taking out a loan to eliminate the interest-rate credit debt can result...

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How to Quit a Job After a Wage Garnishment Is Ordered

If a creditor obtains a judgment against you for an unpaid debt, it may pursue collection of the debt through wage garnishment in most states. Only four states -- Texas, Pennsylvania, North Carolina and South Carolina -- prohibit wage garnishment for most consumer debts. If a judgment creditor has ordered your employer to garnish your wages, no law requires you to continue working to satisfy the garnishment. Instructions 1 Write a resignation letter to your employer that includes your reason for leaving and the last date you will work. ...

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What Happens If You Cannot Pay Your Unsecured Credit Cards?

A layoff, medical problem or sudden car repair can deplete financial reserves and create payment delays, even against your best intentions. Making the decision to forgo even the monthly payment on a credit card bill may furnish some necessary financial breathing space, but it comes with consequences. Forward thinking and action can minimize some of the damage. Identification Nonpayment of an unsecured credit card signifies that the cardholder has missed the 30-day window of on-time payment, including the grace period. For a payment to count,...

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Debt Negotiation Help

You don't have to negotiate your debts alone. You can get debt-management help if your accounts are in collections or you are in danger of defaulting. In fact, the most effective way to handle your out-of-control debt situation is by using the services of a debt settlement company. These companies specialize in debt negotiation and have established working relationships with lenders. Debt Negotiation If you are going through financial hardship,...

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How to Get Credit Card Companies to Lower Payments

Requesting your credit card company to lower your payments can be an ideal way to save money. Most credit card companies will only lower your monthly payments during a hardship. A hardship can include job loss, childbirth, death in the family, disability or chronic illness--to name a few. Speaking with your credit card company about ways to lowering monthly payments may preserve your credit history and save you money during your hardship. Instructions...

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How to Refinance in Arizona

Refinancing your home mortgage in Arizona should be a straightforward transaction. However, the local economy and state of the Arizona housing market at the time of your refinancing could make the process challenging. For example, in December 2010 "The Arizona Republic" reported that Phoenix ranked third in the nation in mortgage delinquencies, as the entire state continued to struggle with a housing crisis. Refinancing your mortgage in Arizona under conditions similar to those could require you to have exceptional credit as lenders tighten lending...

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Budget Guidelines for Credit Counseling

Bad budgeting often leads to credit problems that may require outside assistance. Credit counseling companies offer helpful services, from retooling budgets and teaching financial management skills to preparing and administering formal debt repayment plans, according to the Federal Trade Commission website. You can get your budget back on track and bring your debt under control with a legitimate credit counselor's help. Self-Help Good credit counseling firms do not just focus on structured debt management plans. The FTC explains that they...

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How to Handle a Garnishment Notice

The federal government uses the term "levy" when referring to a garnishment. A garnishment gives a creditor, debt collector or legal entity, such as the state or the Internal Revenue Service, the legal right to seize your property, or rights to property, to satisfy a debt you owe. A debt collector or creditor must obtain a court-ordered judgment to garnishee, and the court sends you notice of the lawsuit filed against you. The federal and state government...

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Can SSI Benefits Be Garnished?

The terms garnishment and levy refer to the legal process of intercepting or taking money from wages or bank accounts. For public policy reasons, SSI and SSDI benefits are generally exempt from garnishment or levy. Legal Procedures For non-governmental creditors to attempt to levy or garnish an SSI or SSDI recipient's bank account, the creditor must obtain a court judgment. Accordingly, an SSI recipient has the opportunity to contest the...

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Texas HELOC Rules

Texas law allows residents to create home equity lines of credit (HELOC) on the value of their homes for a variety of purposes. However, there are several rules that must be followed under penalty of law. These rules, which are clearly stated in Texas law, establish limits on HELOCs; control and regulate the loan process; ensure the financial best interests of both borrowers and lenders. Definition of HELOC In Texas, a HELOC is defined as...

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Ideas for a Hardship Letter

A hardship letter is a letter that you draft to a mortgage holder or another type of lender to explain a financial setback. The letter typically asks for assistance in keeping a loan out of foreclosure, an adjustment in debt interest or payment amounts or the forgiveness of debt repayment penalties while you get back on your feet. Before you sit down to write your hardship letter, there are a few ideas to keep in mind to win your lender's sympathy...

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How to Change Your Debt Ratio

Debt ratio is the percentage of monthly gross income used to make debt payments each month. Some consumers pay little attention to their debt ratio. However, a high debt ratio can influence qualifying amounts for mortgage loans and automobile loans. To maximize buying power when financing items, it's imperative to maintain a low debt ratio. Instructions 1 Ask your employer for a raise to increase monthly and yearly earnings or seek a position with your company that pays more. A higher-paying position changes your debt ratio because it reduces...

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What Is the Process for Charging Back Credit Cards?

When you are dissatisfied with a purchase, options are to return the merchandise to the store or suffer buyer's remorse. However, a third option may be to request your credit card company resolve the situation on your behalf. Defective Merchandise For purchases made on your credit card, you have the right to charge the sale back on your credit card if the merchandise is damaged or substandard. Before contacting your credit card company, take the product back to the merchant for your money back or store credit. If this is unsuccessful, contact...

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How to Figure Up Child Support for Arkansas

Child support guidelines help state judges order child support in a fair manner that serves the children's best interests while leaving the non-custodial parent with enough money to take care of his daily needs. In Arkansas, judges use a child support table to determine the basic amount of child support that is fair based upon the parent's income. However, if a parent is deliberately underemployed, he may be required to pay a higher amount of child support than would be normal for someone making that amount of income. Instructions 1 Calculate...

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How to Calculate a Debt Settlement

While debt settlement is one of the best ways of getting out of debt, pros and cons are attached to it. Creditors only agree to the calculation of a debt settlement when they are certain that the debtor will not be able to pay off the entire loan amount and they want to get back at least part of the money owed to them. Calculation of a debt settlement and payoff is more favorable to the debtor because he pays less than the total amount owed. Instructions 1 Calculate the debt-to-income ratio, which will give you the percentage of your income...

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How to Get Legal Advice on Credit Card Debt

Overwhelming credit card debt is crippling. It may be impossible to catch up on your payments if you have fallen behind. Many people with large amounts of credit card debt are ashamed and embarrassed, and do not know where to go to for help. Before you make a decision on how to deal with your credit card debt, you should seek legal advice. Instructions Credit Counseling Service 1 Search for a legitimate credit counseling agency. Make sure...

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Is There a Credit Line With Secured Credit Cards?

All secured credit cards have credit lines, which are called credit limits. Credit limits restrict how much you can charge on the card. On secured accounts, the credit limit usually is equal to the amount of money you deposited to open the account. Some banks establish a credit line that is a little less than the cash you have on deposit. The money acts as collateral, removing risk for the bank in case you default on the credit card payment. Purpose Secured credit cards appeal to people who are seeking their first credit card and those...

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Do Debt Reduction Programs Affect Credit Scores?

Debt management plans (DMPs) are the debt reduction programs recommended by credit counselors. Do not confuse debt management plans with debt negotiation or debt settlement, both of which have much different impacts on your credit score. Under a DMP, your credit counselor will work with you and your creditors to create a map to your financial freedom. Definition You may only sign up for a debt management plan if a credit counselor has recommended...

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Is a Surviving Relative Responsible for a Parent's Unpaid Bills?

A surviving relative, even one who is an heir, is not responsible for a parent's debt. Debts are not wiped out by death, however. Debt collectors may legally seek from the estate of the deceased borrower payment for any debts owed. Debt Survives Death A parent's debt remains active even after death. Debt collectors also remain active. Sometimes, according to the AARP, they start calling relatives after the borrower's death. They know the...

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How to Add an Authorized User Who Has Bad Credit to a Credit Card

Authorized users on credit accounts are not financially obligated to the repayment of the account. Parents often add their college-age children to their credit cards as authorized users. This helps give them some extra cash while at the same time building their credit. Adding an authorized user is not difficult, so long as the credit card company offers this service. Instructions 1 Understand that credit card companies are not concerned about the credit history of authorized users. They do not even perform a credit check. Since the account...

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How to Stop a Foreclosure Sale on the Same Day

Many homeowners lose their homes to the foreclosure process through lack of action. There are a number of ways to avoid losing your home, and there may even be a way to stop a foreclosure sale on the same day it is scheduled to happen. Waiting too long to respond to a foreclosure notice, or failing to react altogether, will limit your options as the foreclosure auction date draws nearer. Most methods for saving your home from foreclosure need to...

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Creative Ways to Pay Off College Debt

If you are one of the students able to make it through four or more years of college without accruing debt, that is to be commended. If not, then you are most likely searching for creative ideas to lesson the load of debt. There are numerous ways to increase your income without demanding too much of your time. Yard Sale Look around the house for items to sell in a yard sale. You may also let family and friends know your financial goals so...

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How to Save Half of Your Income

Saving half your income is challenging, but doing so could help you live debt-free. Putting that much money away every year forces you to make hard decisions about how much to spend on vacations, housing, automobiles and just about everything else. For people who start early, saving half their annual income could lead to an early retirement. That's possible because they will save a year's salary every two years they follow the plan, meaning someone starting at age 22 could put away 15 years of salary by age 52. With compounding interest on the...

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How Does the Financing Process Work?

Financing is the process of obtaining funding for a piece of property. People use financing when they are unable to pay for an item in full using their own money. There are many ways to obtain financing, but certain standards apply to the process to help lenders assess the borrower's level of risk. Applying The financing process starts with an application for a loan or credit. You complete an application that includes personal information like your social security number, full legal name, current and previous addresses, and the type of...

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How Does Debt Consolidation Work?

Why Consolidate Your Debt You may want to consider consolidating you debt if you are having trouble making the payments on all of your loans. If you have several loans with high interest rates and high monthly payments you can put them all into one loan for a longer period of time and make a smaller payment each month. The common types of loans that you would want to consolidate are credit cards, high interest car loans, boat and RV loans and any personal loans with a high interest rate. Disadvantages of Debt Consolidation Loans If...

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Can I Work With the Credit Bureau to Remove Charge-Offs?

A charge-off occurs when you do not pay a credit card provider and the company writes off the debt for tax purposes. Credit card companies charge off delinquent account balances after 180 days. The charge-off then appears on your credit report as a negative trade line. Fortunately, in some situations you can work with the credit-reporting bureaus to have the derogatory account removed from your credit files. Credit Disputes The credit bureaus will not work with you to remove accurate negative information. If any aspect of the trade line...

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What Happens if Someone Has a Judgment Against Me?

If you ever find yourself in financial trouble, you may be contacted by debt collection agencies to try to recover the funds you owe. If you do not pay them, they can eventually take you to court to have the court order you to pay them. If the court rules in a creditor's favor, the creditor is then allowed to pursue your money with new methods. These methods help ensure that they get the money that you owe them. Wage Garnishment A wage garnishment...

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What Does Credit Card Charge Off Mean?

If a credit card company determines that your account balance cannot be collected, they will charge it off of their account receivables listing. Many accounts are forwarded to a collection agency for further collection activity at this point. Types When a credit card company charges off an account, it means they are reporting it as a loss for their accounting records. A charged-off account is the same as a bad debt or uncollectible account....

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Consolidation Loans With Poor Credit History

Debt consolidation loans allow you to pay off some of your current debts and make a single payment to your new lender. These loans can be helpful in some situations, but if you already have bad credit you may not be able to get a new consolidation loan or obtain good terms on the loan offers you do receive. Consolidation Loans A consolidation loan is very much like any other kind of loan, in that you have to apply to a lender for the loan...

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How Does a Passbook Loan Work?

Definition A passbook loan is a loan that is collateralized with your savings account. Dissimilar to a standard credit account, a passbook account is a loan that--usually at a lower interest rate--borrows your own money as a safer risk for the bank. Usually these accounts are only offered through community credit unions and local banks. Despite the security, this is not the best way to build credit--nine times out of 10 these accounts are not reported to the three major credit bureaus. It is, however, a safe way to borrow money without the...

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Credit Card Terms & Conditions

Most consumers that apply for credit cards seem to ignore or skim through the credit card terms and conditions. Every product comes with an instruction manual or a booklet that contains vital information that must be read and performed. You would not cook a tuna casserole without reading the instructions on how to properly prepare it for serving. Understanding the terms and conditions will prevent you from further credit issues such as credit card...

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Can a Person Be Sued by Multiple Credit Card Companies?

Some people with extreme financial problems find themselves fending off multiple credit card lawsuits from different card companies. There simply are no provisions for combining the accounts or preventing several companies from filing separate lawsuits. Each lawsuit is potentially devastating, as each could lead to a court judgment and bank garnishment. A person facing multiple credit card lawsuits should immediately seek help from a bankruptcy attorney. Considerations Illinois Legal Aid reports that people facing credit card lawsuits have...

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Which Should I Pay First: Credit Cards or Medical Bills?

If you don't have enough money each month to meet your obligations and you are falling behind on your debts, you need a plan to work your way out. It's wise to make a schedule of your debts and decide which are most important to pay first. While it should be obvious that your rent or mortgage and your essential utilities take precedence, it can be harder to decide when it comes to other types of debt. Unsecured Debts Credit card balances and medical bills are both what's known as unsecured debts. In other words, you did not borrow against...

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Will a Secured Credit Card Help Me Build a Credit History?

Secured credit cards such as MasterCard or Visa are excellent for building credit. The key is making sure the credit card company reports credit information to all three major credit bureaus---Equifax, TransUnion and Experian. Virtually all full-featured bank credit cards report to the agencies, but you should confirm this before investing in a secured card. Customer Service Contact customer service departments for several secured credit cards before opening an account. Or contact the banks directly. Ask all of the companies if they report...

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What Does a Line of Credit Mean?

When a person borrows money from another party, the money that is borrowed is considered a loan. Generally, loans are issued at a particular rate of interest that the borrower must pay back with the principal. However, when a lender extends a borrower the option, but not the obligation, to borrow a certain amount of money at a set rate of interest, this is known as a line of credit. Features Lines of credit are generally offered by financial institutions, such as credit card companies and banks. In some cases, the line of credit will be...

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How to Finance Vehicle Payments After Bankruptcy

Filing bankruptcy can damage a person's self esteem as well as his credit history, but there is an upside. When the discharge is complete, you have a devastated credit score, but you have no debt either. Provided you are working and receive reasonable income, there are lenders who feel that the risks your bankruptcy filing and resulting low credit score present are acceptable given that a new loan will be your only debt obligation. That makes buying a car following a bankruptcy discharge not only possible, but relatively easy. Instructions Instructions...

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What to Do After Credit Card Balances Have Been Turned Over to Collection?

If you have credit card bills that are more than 180 days past due, chances are they will be turned over to a collection agency. In some cases, collection agencies are part of the credit card company. In other cases, the collection agencies will have purchased your debt from the credit card company or will earn a percentage of the balance that it collects. Send a Cease and Desist Letter One tactic when your credit card balance is turned over to collections is to send the collection agency a cease and desist letter. This will not stop the...

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Can My Pay Be Garnished by Any Company While I Am in Bankruptcy?

Bankruptcy provides protection against garnishment, making it impossible for traditional creditors like credit card companies to garnish your bank account or wages. However, there is one notable exception. A company managing a pension fund could garnish your wages, if you failed to repay a loan payment for the pension. Identification Bank or wage garnishment allows debt collectors to take money from a debtor's bank account or paycheck. The debt collector must first file a lawsuit in civil court to obtain a judgment. After that, the debt...

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