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Understanding Your Credit Score Is Easy


unduhan (62)Good news! Understanding your credit score is fairly easy and you can use this knowledge to help repair your score and keep it healthy.

35 percent of your score is tied to your payment history. If you haven’t had consistent payment history up until now, don’t panic. Part of the repair process starts with reaching out to creditors and bureaus to get inaccurate, misleading, and outdated information off your report forever.

If your payments are not current, get current and stay current. Creditors will often work with you to create a payment plan so you can get up to date on payments. Making payments on time should be your number one priority. It’s the easiest way to influence your credit score.

30 percent of your score is your credit utilization. Your credit utilization rate is extremely important, and you want it to be under 30 percent. What does that mean? Here’s an example.

You have three credit cards. Each card has as a $1,000 limit. Factoring in no other open credit accounts you have $3,000 in credit available to you. $900 is 30 percent of your $3,000

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Get Your Credit Established and Start Saving Too


images (31)As a retired banker I realize it has always more difficult to get a good credit rating started because you may have little or no credit or maybe some credit problems hanging around from your college days. This will give you an almost certain solution and help you start building some savings as well.

Many times first time car buyers or those people with little or no credit history (known in lending as “ghosts’) find it difficult to make larger purchases without co-signors or high interest rate penalties. The lenders are always looking for a credit history that shows good consistent paying habits. Their criteria also weigh other factors too.

  • How long on your current job: Each lender has an idea of time but usually like 1 year or more.
  • Stability: This means have you been changing jobs often and moving from address to address.
  • Ability to pay: Do you have enough income to cover recurring expenses and any new loans requested.
  • Character: These days many lenders may search you out on Social Media for this assessment. This can also be gleaned from your personal references or their
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How to Fix Your Credit Score and Maintain Good Credit


unduhan (71)One of the most frustrating things is seeing people get out of debt but then get right back into it. Sometimes we know what’s bad for us, but we do it anyway. Next thing you know, you’ve got collectors calling at all hours.

How can you fix your credit score and maintain that healthy credit rating long into the future? It’s not rocket science, but it can sometimes seem that way. So let’s break it down.

Here are some things you can do to keep that credit score healthy and to stay out of debt:

Payments: Always pay your monthly bills on time. One of the biggest reasons people slip back into debt and bad credit is because they miss one payment and then feel like they can miss another. This is not a good strategy for having a healthy credit history.

Stay Current on Your Payments: Missing a payment happens. Maybe you had some time off from work; perhaps a family emergency came up. Now you don’t have the money and you miss a payment, but the next month you get back on track.

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There Is No Shortcut to Credit Restoration


unduhan (69)Got a Low Credit Score? Avoid Quick-fix Solutions

Claims like “We can improve your bad credit instantly, no questions asked!” “Contact us to make a new credit identity – legally” or “Credit problems? Fix them in a month” are common in TV ads, radio, flyers, emails, and online space. According to the attorneys at the Federal Trade Commission (FTC), no legitimate credit restoration company claims credit repair is a quick-fix solution.

There is no shortcut or quick fix to improve your credit. It takes time, conscious effort and following a stringent debt repayment plan. You need to know your rights before hiring a credit restoration services company. Some people say that you don’t need any help to fix your credit and it is advisable to try it yourself. However, that will involve a lot more time and effort on your part.
Your Rights

In any case, you need to be aware of your rights:

– Each of the three nationwide credit bureaus – Equifax, Transunion and Experian are obligated by law to provide a free credit report to all consumers once a year. You can order the

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Credit Card Charge Offs and Their Impact on Your Credit Score


unduhan (66)If you are of the opinion that paying your bills late won’t have an impact on your credit score, think again. The late payment of bills under any circumstances can tarnish your credit history. Initially (for the first 180 days),the longer the debt goes unpaid, the more it will affect your credit score. In case the unpaid credit card debt reaches a point where the lender thinks that it will be irretrievable, it will be known as a “charge off”.

A charge off enables creditors to write off the debt and claim a tax exemption. Typically, an unpaid amount is recorded as a charge off when you don’t pay the bill for at least six months. However, the tenure varies from lender to lender.

Why Avoid Charge Offs?

A charge off means that you have been delinquent in making payment on the debts that you owe. After a debt is charged off, it is no longer considered as a revolving debt. It becomes a balance that is due to be paid. If possible, it is always advisable to avoid a charge off. This is because when

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How to Get Approval for a Home Mortgage Loan


unduhan (67)If you are planning to apply for a home loan, check out the following helpful tips to get your application approved.

Know Your Credit Score

Credit activity and credit scores will greatly affect your mortgage approval. Lenders usually require minimum amount of credit score that should be maintained so that your conventional mortgage loan request will not be denied.

Also, having derogatory credit information might hinder mortgage approval. To avoid unwanted denial of your requested loan, you should lower your debts, pay bills on time, and fix errors on credit reports.

Save Your Cash

Mortgage lenders require down payments which depend on the kind of loan. If you have the means, pay a higher down payment. This will lower your balance and alleviates your private mortgage insurance.

Down payment is not the only fee you should be worrying about. Acquiring a mortgage also involves home inspections, title searches, closing costs, application fees, credit report fees and other fees. Save up cash for these payable fees.

Stay at Your Job

Changes on your employment and/or income status will have a major effect on the mortgage process. The information you provided in your

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Credit Repair Services


unduhan (70)Repairing credit can be compared to losing weight, there is no quick-fix! Just as it takes time to get rid of your fat, the same goes for the negative items on your credit report. Any attempt to repair your credit quickly is more likely to backfire, than to produce any positive result. The best thing that you can do in order to rebuild your credit is to be responsible in managing it over a period of six months at the least.

You need to be responsible in managing your credit, but what if there are errors and inaccuracies in your credit report that render it negative? The worst thing about such inaccuracies is that you are at a serious disadvantage, usually through no fault of yours. Unfortunately, a study by U.S Public Interest Research revealed that 70 percent of all credit reports contain serious errors.

Fixing these errors involves a detailed legal process which consists of sending dispute letters to creditors and credit bureaus, sending reminders, studying the documentary evidence provided by creditors and bureaus, and more. Like most people, you might not have the

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4 Cool Tricks to Maximize Your Credit Card


unduhan (68)7Your credit card is an important tool when it comes to your finances. This is precisely the reason why you should try your best to make the most of its perks. You may not realize it, but there are a number of things that you can do to maximize your card’s use.

This article presents a couple of cool tips every cardholder needs to remember.

Make best use of your Billing Cycle

The way you pay your monthly bills is crucial to maximizing your card. For instance, if you settle your dues punctually and in full, then you will be able to avoid being charged with interest. This is probably the best way to use your card. This is because you are technically getting a free loan from your card provider.

Of course, there are still a couple of tricks you can do to step things up. Consider this: if you make a charge a day before your statement is closed, then that you will have around 20-25 days to settle that charge. However, making that same charge a day after the statement is closed will give

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Is It Worthwhile To Clean The Cluttered Credit Slate


unduhan (65)It will be difficult to come across someone who does not have a debt. Loans, mortgages, and credit card balances have more or less become a way of life, especially for those who live life king-size. The record of debts and payment history has a huge impact on credit reports. However, people rarely worry about their credit report until they are buried under deep debt and it lowers their credit score. Low credit score will make it difficult for you to rent an apartment, obtain a loan or apply for a new credit card. This is the reason why it is essential to repair your credit score when you find yourself in a similar situation.

You can hire a company that offers credit repair counseling to help you improve your credit score. While many of you may have some inhibitions when it comes to credit counseling but to your advantage, there are a lot of benefits that a reputed credit repair company can provide. Read on to get know how a credit repair company can help you out in deleting bad credit history from

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The Inner Workings of Credit Repair


images (30)Credit problems can affect anyone at any given time. Whether bad credit scores arise from a layoff, wrongful termination, new or old medical conditions that cause large bills to pile up, divorce, improper money management, or other reasons raising a credit score can be a daunting task for even the most dedicated individuals. Not only can credit problems affect your loan interest rates but it can also prevent a person from landing a job that also bases a person’s character on their credit worthiness. When an individual finds himself or herself in this situation there are a couple potential solutions. One, to do the time-consuming research necessary to find the rules and regulations in order to fix your credit yourself, or two contact a reputable credit repair company that has already undergone the training and acquired the skills to negotiate through the credit lines and repair them.

What Repairs Do:

The process is started by reviewing your credit history on your credit reports. Once a thorough assessment has been made, we can determine the best course of action in your individual circumstance. Credit repair is

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The Four Major Advantages of Hiring a Top Credit Repair Company


unduhan (63)Are you wondering about the best possible way to improve your credit score? Then it will certainly be wise for you to hire a credit repair company because the professionals of this company are highly experienced in improving the credit scores of their clients in the best possible way. Below, we discuss some of the major advantages that you will be able to experience when hiring a professional company to get credit repair services.

  1. They are highly experienced

This is certainly one of the main reasons due to which most people, in the United States and abroad, consider hiring the a company in order to improve their credit score. The professionals are well aware of the latest tricks, shortcuts and super-effective disputes to get the ultimate job done in an efficient way. The top companies have been fixing client’s credit scores for quite a long time and thereby are experts in facing various challenges in the best possible way.

  1. Will be able to save lots of your valuable time

This is also one of the major reasons due to which the services of a credit repair

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What Can Collectors Do To Me


unduhan (64)You are behind on a credit card or other unsecured loan (a loan that does not have any collateral like a car, boat or house). And the first call from a debt collector has come into you. What is their next step? Can they put you in jail? Can they sue you? Can they threaten to call your boss and have you fired?

Since I had 12 credit cards and one personal loan in delinquent status back in 1998 and 1999, I know what you are going through. The fear of the unknown is probably very large for you right now. Get some peace of mind! I will explain what can and cannot happen to you.

1. You will not go to jail for not paying your loan.

The police will not show up at your door with handcuffs. We do not have debtor prison in the USA. In fact it is a violation of the FDCPA (Fair Debt Collection Practices Act) for anyone to threaten you with arrest!

2. The debt generally does not get sold to a collection agency until you have been late for

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Delaware Statutory Trusts


unduhan (61)A Delaware Statutory Trust (commonly referred to as a DST) is, as the name suggests, a legal entity created as a trust under Delaware state law. A DST is created for real estate investment purposes, and is especially useful in a 1031 exchange.

Under a DST, investors each own a pro rata share of the DST itself. The DST in turn holds title to various real estate interests, and distributes any income received from the properties (either through rental income or the sale of the property) to the investors in proportion to their ownership share in the DST.

The DST, via its signatory trustee, makes all decisions related to any property held by the trust, freeing up investors from this responsibility. One important thing to note about a DST is that the trust is not considered a taxable entity, so any profits or losses are passed through to the investors of the trust.

When it comes to 1031 exchanges, the IRS has determined that any beneficial interest in the DST is treated as identical to a direct interest in real estate. This means that DST-held properties

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What to Think About Before Meeting Your Lawyer


unduhan (60)In my estate planning practice, it is not uncommon to meet with a new client who wants an estate plan prepared, but is a bit vague as to what should be included in that plan. Quite frequently, the initial conversation begins with the client saying something like, “I would like a will… or should I have a trust? Do I need anything else?” Actually, those are good questions to begin a discussion.

Most folks recognize that their estate plan should provide for the distribution of their assets upon their death. That, of course, is an essential element of an estate plan, but there is more to consider in a well-designed plan. Prior to meeting with your attorney for the first time you should also be thinking about such things as who you want to handle your affairs should you become incapacitated; whether you would want your doctor to keep you alive should you be near the point of death with little chance of recovery; who you want to have the authority to sign important legal papers for you if you are unavailable; and, who

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Nominating Guardians For Kids And Their Money


unduhan (59)Estate planning and parenting have at least one thing in common: Both are about a future that extends beyond your lifetime.

While creating a will is important for all adults, it is even more crucial for parents of minors. Nominating a trustworthy and caring guardian for your children is one of the most important choices you can make on their behalf. While no one likes to reflect on the possible reasons your child may need a guardian, the temptation to avoid such thoughts leads many parents to procrastinate setting up a will that reflects their wishes. Do not fall into this trap.

For parents who die intestate – that is, without a legal will – the court will decide who gets custody of their children. If you die, but your children have a living, biological parent who does not currently have custody, the court will almost always favor that individual if he or she comes forward. For blended families, this can result in the separation of siblings. If your current partner is not the children’s biological parent and has not formally adopted them, courts and

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Who Can Get a Copy of My Trust


images (29)Who’s Entitled to See Your Living Trust?

As a California attorney for 30 years, I’m often asked the question:

Is anyone entitled to receive a copy, for example, of my parent’s living trust before one, or both, have passed away?

The answer depends upon whether their trust is revocable or irrevocable.

If the trust is irrevocable, then the answer is generally yes. Irrevocable trusts mean just that – they can’t be changed or amended. However, there are some exceptions where, for example, the trustor (the person who creates the trust), trustee (person who carries out the terms of the trust) and all beneficiaries agree in writing to a change or amendment. Sometimes this would require court review and approval.

Since the general rule is that an irrevocable trust is “etched in stone”, the law recognizes the named beneficiaries as having certain rights, including the right to receive a copy of the trust.

Conversely, revocable trusts may be amended or revoked by the person who created the trust (the trustor) and the beneficiaries therefore have no assurance that the trustor won’t later change his or her mind and remove one

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Don’t Make the Great Estate Mistake


unduhan (58)“Daddy, what happens to your guitars when you die?”

My daughter has a habit of asking jarring questions like these, especially when she’s unable to overcome the urge – inscribed in our house rules – not to bother me in my office during working hours, unless it’s an emergency.

That’s pretty much always. The first time she asked that question I didn’t have a ready answer. After all, it’s hard to explain the concept of “probate” to a 7-year-old.

But I have an answer for her now… one so simple that even a child can understand it.

The Probate Pit

Probate is the compulsory legal process when a person dies. It inventories your assets, ensures that all your debts are settled and distributes the rest to the heirs designated in your will.

If you didn’t leave a will, however, each state has its own rules defining who is entitled to receive your property, and how much. This “intestate” probate process can be lengthy, during which time your heirs have nothing – sometimes, not even access to your life insurance proceeds. Most states have minimum periods that creditors are allowed

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Is An Inheritance Loan Worth It


unduhan (57)It is seen that a lot of people who make estate plans are focused on one very thought, which is how can they avoid the probate procedure. The primary reason for doing this is people do not want the property or estate being caught in legal formalities of the court. Instead, they want that the estate passes on directly to the respective beneficiaries.

However, if the estate plan is not a good one, there are chances that the property might get stuck in such legal compliances. Sometimes what happens is that despite putting in effort, the asset or property does tend to get stuck in the process of probate. When this happens, it is the beneficiaries of the asset, who are sure stuck in a difficult situation.

What probate problems you must avoid?

One of the most common problems happens with the personal representative of any property. That is a person who must be compensated for the time and expenses, pertaining to settling of the debts and maintenance of the assets of the estate.

One of the problems that may arise is that the representative may not

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Show Your Executor Some Love


images (27)We often choose a close family member to be the executor of our estate, usually because we trust them to carry out our final wishes. However, being an executor can be a huge and laborious task, especially when you are grieving the loss of a special loved one.

Ideally we would plan ahead for them so the journey they have before them would be as smooth as possible.

My father passed away when I was 15 years old and I can remember magazine subscriptions and an assortment of other mail coming to the house as unwanted reminders for years. A simple system of record keeping for our executors could prevent this sort of thing from happening.

Organizing and documenting our affairs is one of the most thoughtful steps we can take to help relieve our loved ones from emotional and financial burdens. All the information we have in our heads is of no use to anyone when we are gone. Without proper record keeping, our estates are at risk of financial loss, identity theft and missed deadlines.

For example, have you made any funeral pre-arrangements? Are you

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What Are the New Estate Laws in Ontario


images (28)Ontario has introduced a new Estate Administration Tax (EAT) starting in 2015. The gist of the new tax is that reporting requirements will be much more stringent and will have to be done more quickly than in the past. The reporting is also more complicated and the penalties more onerous, so dealing with estates will be less fun that it was in the past.

The Estate Administration Tax rate ranges from 1% to 1.5%, topping out at 1.5% in the $5 million range or higher for the estate value. This fee will apply to most assets – real estate, bank accounts, vehicles and registered accounts that have no named beneficiary. Any asset that does not pass through the estate would not be subject to this tax – Life Insurance policies with a person as a named beneficiary, real estate outside of Ontario and CPP death benefits are some examples. This tax is generally payable at the time of application with a refund for adjustments to the valuation given later on in the process.

What Is the Process?

The process starts with the executor applying to

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