Did you know that each year you are entitled to one free viewing of you credit report? The Fair Credit Reporting Act grants Americans the ability to view their credit once a year, without having it penalized. This is an excellent way to keep an eye on your credit activity, and to have any incorrect or fraudulent marks removed from your history. In today’s world of identity theft it is very important to manage your credit since so much rides on it, everything from credit cards, to auto purchases, to home loans rely on you credit score. Taking the time to verify your credit history’s accuracy is to your benefit. The FTC has all the information on this report, and that page can be found Here.

You have several options to reduce your consumer debt. You can take the do-it-yourself approach by consolidating debts into a low rate loan. You can also find help through companies that management payments or negotiate debt elimination. Each option has pros and cons, and should be analyzed carefully before committing to a specific approach.

Do-It-Yourself Approach

Refinanced mortgages and home equity loans can help consolidate your short term debt into one easy payment while reducing your interest rates. Your interest is also tax deductible. More »« Less

Because of low interest rates, many homeowners are opting to refinance their homes and cash-out at closing. The refinance process is similar to the procedure of obtaining the original mortgage. Homeowners must be approved by a lender and pay fees associated with acquiring a new loan - closing cost, title search, settlement fee, etc. Yet, there are benefits to refinancing a home. Homeowners may obtain a lower interest rate, which equals lower monthly payments. Moreover, refinancing a home for a shorter term allows the property to build equity quicker.

Benefits of Refinancing with Poor Credit

Refinancing a home with good or fair credit is less complicated. Persons with a good credit rating are qualified candidates, thus some lenders are more willing to compete for their business. Some homeowners with bad credit may hesitate to refinance. However, it is possible to refinance a home with poor credit. In fact, refinancing and receiving a lump sum of money at closing may help improve credit. Once funds are received, the homeowners could use money to pay off high interest credit cards and other consumer debt, which will boost credit ratings.

How to Get Approved? More »« Less