Things You Should Know About Your Credit Report

Things You Should Know About Your Credit Report
When applying for credit or taking out a loan, the first
thing that your creditor will do is to check your credit
report. Based on your credit report, a lender can either
grant you an approval or reject your application. For this
reason, everyone is advised to personally check on their
credit report first before sending out an application to a
prospective lender. This way, rejection and unnecessary
inquiries in your credit report can be avoided.

What factors affect the status of your credit report? Your
credit report is divided into four sections- the identity
information, credit history, public records and inquiries.
Checking the accuracy of the details in your ID information
section is important. One minor error can cause serious
problems or mistaken identity.

Meanwhile, your credit history section is what your lenders
is most interested about. The types of accounts you own,
your debts, your payments, credit limit, and everything
that concerns you and your creditors are listed here.
Naturally, you'll want to check if all the charges that are
billed in your account are correct and if all the payments
you've submitted to your lender are recorded accordingly.

The next part of your credit report is the Public Records
section. You'll want this section to be empty unless
you've filed for bankruptcy once or if you have tax liens
or have been through foreclosure. Obviously, a remark
listed in this section of your credit report will have a
negative impact on your status and your credit score.

Last but not the least, the inquiries section of your
credit report contains information about past and present
lenders who have made an inquiry in your report. If you
frequently submit applications to various lenders and often
get rejected, this will all be reflected in your credit
report. Take note that too many inquiries and rejections
will badly affect your credit score.

Now that you know the factors that make up your credit
report, take the time to review every detail in your
report. In case you've errors, you are free to dispute
about them by sending a dispute letter to the credit bureau
who issued your report and to your creditor as well.
Remember, being aware about the status of your credit
report is your personal obligation and is the best way to
protect yourself from erroneous reporting and fraud.

What if you found out that your credit score isn't enough
to get an approval from a lender? Do not lose hope. You
can still work out on improving your credit score by paying
your unpaid debts and keeping up with your payments to your
present creditors. By being timely in submitting your
payments, significantly reducing the amount owed, and
staying within your credit limit, you can be assured that
your credit score will improve. So instead of rushing in
submitting your credit card or your loan application, take
a moment to review your credit report and see if you are in
the right position to apply for new credit.

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Liz Roberts is a credit analyst and a writer for 8 years.
She has been participating in the programs of NHBS, Inc
such as their continuous effort in giving out Free Credit
Repair and Building Ebook. NHBS also has a list of
recommended bad credit credit cards.
Copyright 2008.
http://www.newhorizon.org/Info/unsecured.htm

Consumers 'Have Financial Concerns'

Consumers 'Have Financial Concerns'
A significant number of Britons are worried about the
country's economic prospects, new research shows.

In the Cracking the Credit Crunch: Recession Veterans vs
Recession Virgins study by Fool, it was revealed that 17
per cent of people believe Britain is already in a state of
recession. Recession veterans were indicated as being those
who have experienced economic difficulties during the past
40 years, with recession virgins yet to face the impact of
a slump in the monetary markets. Findings from the personal
finance publication also indicated that one in five
respondents admit being filled with fear at the smallest
hint of an economic downturn.

The drop was attributed to the continuing impact of the
credit crunch, which was seen the availability of cheap
loans and other types of borrowing diminish. Consequently,
just under three-quarters (74 per cent) of Britons claim
that they are to change their spending habits to help
protect them against a financial slump.

Following an economic downturn it may be possible that
significant numbers of consumers develop problems in
meeting demands on their finances. Such areas could include
home loans, store cards and mortgage repayments.

An estimated 41 per cent of recession veterans claim that
recent difficulties in the financial markets have already
had a negative effect on their own money management. One in
three of people yet to experience a slump are reported to
be "clueless" about the predicted difficulties that they
may face. In addition, a third of recession virgins believe
they are in a fiscal situation where they are forced to go
into the red. Furthermore, 33 per cent of Britons state
that they are unable to afford saving money.

Commenting on the research, David Kuo, head of personal
finance for Fool, said: "The term credit crunch has become
a part of our everyday vocabulary over the past eight
months but it's instructive to see how people feel about a
looming recession. In an economic downturn there will be
opportunities and threats and we can take steps to maximise
the first and minimise the second. And simple measures such
as reining in spending will ensure that we have a pot of
spare money tucked away to see us through a slump."

Mr Kuo reported that those who have cash to spare may be
able to manage various financial commitments such as making
mortgage repayments or investing money into a savings
account. "It won't make the credit crunch go away but it
will make life more bearable until it does," he added.

Research from Fool also indicated that 31 per cent of
people think that a recession will last for at least two
years. Some five per cent of respondents meanwhile claim it
will carry on for an indefinite period of time.

For those consumers who are concerned about their ability
to manage money as 2008 progresses taking out a low-cost
loan now could be advisable. By applying for a UK loan it
is possible that borrowers can meet numerous demands on
their spending at once, leaving them with a single low-cost
repayment to make. This may be particularly helpful to
those experiencing difficulties in paying their mortgage. A
recent study by the Council of Mortgage Lenders revealed
that 27,100 homes were repossessed during the course of
2007.

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Abbi Rouse writes for All About Loans. Visist us today to
apply for secured UK loans, low cost personal loans, and
loans for tenants. Visit today
http://www.allaboutloans.co.uk

Essential Insurance for Landlords

Essential Insurance for Landlords
As a landlord (or a prospective one), you need to protect
yourself against the damages that can potentially occur to
your properties and your overall financial health. Mostly
likely, you won't need all of the forms of insurance I'm
going to describe in this article; however, you should know
what each one can do for you in case you ever have need of
them.

On a general note, I can't stress enough the importance of
having adequate insurance, especially if landlording is
your entire livelihood. Compared to catastrophic losses
(fire, floods, tornadoes, liability suits, etc.), insurance
costs are definitely a bargain! Types of Insurance Title
insurance—this establishes who owns the title and
prevents you from throwing away money on a property that
might legally belong to someone else.

Fire insurance—definitely don't skimp on protection
in this area! Recommendation: insure your properties for
top value, or the insurance company may discount their
payment. For example, if you paid $100,000 for a house and
it's worth $120,000, but you insure for only $100,000, then
that hundred-thousand is all you'll get.

Liability insurance—be sure to have this insurance.
Recommendation: read the policy carefully and note any
exclusions! If necessary, pay the extra money to have
specific exceptions included in the policy. If you do any
building, remodeling, or painting, you may also want to get
a separate contractor's insurance policy

Extended coverage—this is also called "comprehensive"
coverage or a "package policy." It's often offered along
with the standard fire insurance policy, and it's an
investment well worth paying for. This type of coverage can
protect you from damage caused by a variety of
phenomena--hail, windstorms, smoke, rioting, falling trees,
vandalism, freezing temperatures, landslides, accidental
water discharge from burst pipes, and so forth. Tailor the
coverage to your particular geographic area. Earthquake
coverage—always a separate policy. If you live in an
earthquake-prone area, you should definitely have this
policy. Nature's power can destroy your property in a
matter of seconds!

Flood insurance—insurers consider flood damage
different from water damage caused by burst pipes and such.
So, if you live in a flood-prone area, be sure to have this
coverage.

Vandalism/malicious mischief—cheap insurance and
worth the price. It can pay for repairs caused by vandals
who damage or destroy your property.

Property improvements insurance—a standard building
policy doesn't cover damage to such items as swimming
pools, fences, signs, parking lots, and other areas. So,
because weather can badly damage these items, it pays to
have them covered as well.

Business interruption insurance—basically, this is
"loss of rent" coverage. Here's an example: if a fire
damages one of your properties, making it unlivable for a
while, then you'll lose rent until that damage is repaired.
In the meantime, fixed expenses keep piling up! With
business interruption insurance, the insurance company
compensates you for loss of rental income over a specified
period.

Mortgage insurance—the purpose of this insurance is
pay off the balance of your outstanding mortgage if trouble
strikes. Believe me, it's well worth the price. Check
with a lender for the type you need.

Boiler/machinery insurance—this is wise coverage to
have with larger properties. Boiler explosions can have
horrible results. Needless to say, claims can be large for
these terrible accidents, and you definitely don't want to
shoulder the expense. This insurance is also a good idea
because the insurance company will inspect the equipment on
a regular basis. In effect, the insurance company becomes
your partner in maintenance and safety. Other Forms of
Insurance to Consider Management insurance--if you manage
properties, get management insurance so the insurance
company handles any lawsuits for you.

Umbrella policy--it's called "umbrella" insurance because
it's designed to give liability protection above and beyond
the limits of other insurance policies; that is, it kicks
in when the liability on other polices has been exhausted.
Depending on the insurance company, you can get an umbrella
policy with an additional one to five million in liability
protection.

Workers compensation insurance--a definite must if you have
employees and/or contractors working for you. Where
accidents are concerned, it's better to be safe than sorry.
This insurance also protects you against frivolous lawsuits.

Legal Protection--legal protection is a kind of insurance
so it pays to have the services of an attorney for two
reasons: To handle lawsuits. To handle insurance companies
reluctant to pay in the event of covered damages.

If you find a personal lawyer too expensive, consider using
pre-paid legal services. They're inexpensive, charging a
monthly fee in the range of $10-30 a month. Check with the
American Prepaid Legal Services Institute for a partial
listing of plans and services. Or try Pre-Paid Legal
Services, Inc. for coverage of civil cases or work-related
criminal cases.

Key Point: Don't be "penny wise and pound foolish." In
other words, never skimp on insurance; your property
investments are too valuable to worry about saving a few
dollars on premiums.

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Jack Sternberg is a nationally recognized expert on real
estate investment and the creator of the renowned "Buyers
First Program" who's been in the business for more than 30
years. Sternberg's deals have totaled over $750 million and
he's been to the closing table more than 1,500 times. For
more, visit http://www.askjacksternberg.com

How To Find the Best Credit Card Rewards

How To Find the Best Credit Card Rewards
If you're using a rewards credit card it's important to
that you get the best credit card rewards possible. Why?
Because if you're not putting your rewards to work for you,
you're technically throwing money away. Here are some
factors to consider when looking for the top rewards cards
and redeeming your credit card rewards.

Who Doesn't Love Cash?

Some of the best credit card rewards have nothing to do
with points or miles. The best rewards are often cold-hard
cash -- and who's complaining? There's something to be said
about getting paid to use your credit card. If you pay your
statement in full each month, you won't be paying interest
and you'll be getting cash back for each purchase you make.
It's like getting paid for good spending habtis.

Double Your Rewards?

Oftentimes the best credit card rewards are rewards that
can be doubled. Some credit card companies, such as
Discover Card, allow you to double your rewards if you
redeem them at participating merchants. For example, if
you've earned $25 in rewards you'll be able to get $50 if
you use your rewards at a participating store or website.
It's a great way to get more mileage out of the rewards you
earn.

No Limits

Not all rewards programs are created equal. The best credit
card rewards are unlimited. Some credit card companies cap
the amount of points, miles or dollars you can earn each
year. If you want to get the most from your credit card
spending, opt for a card that doesn't impose rewards limits.

Understanding Miles vs. Cash vs. Points

Credit card rewards come in different shapes and sizes.
Some cards offer miles, others offer cash and others offer
points. Finding the best credit card rewards means
understanding how to compare the three different types.

Before opting for a points-based card, check to see how
many points equal a dollar. To do this, look at a monetary
reward (gift cards, etc.) and see how many points are
needed to get that card. For example, if 2500 points are
needed for a $25 gift card, it takes 100 points to earn $1.
Miles-based rewards, as a general rule, are worth from 3 to
9 cents per mile depending on how you use them.

If you're going to opt for a rewards card, why not make the
most of the rewards you get? While getting the best credit
card rewards takes a bit of research and some proper
planning, it will be well worth it when you see your
rewards stretching further and further.

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For more tips on the best credit cards, saving money and
avoiding getting taken, check out the best credit card
section at CreditCardTipsEtc.com, a website that
specializes in providing credit card tips, advice and
resources.
http://www.creditcardtipsetc.com/best_credit_cards