The Top 10 Reasons To Never Use A Credit Counseling Service
1. Credit counseling is an industry that has popped up because of a lack of one very simple thing, education. Its the thing that is not taught in our schools which is causing all of this financial crisis the country is jammed up in. All that a credit counselor really does is say to you to pay your bills on time. The best part is that you are going to pay them a fee to tell you to do that. Doesn’t that sound a bit backwards. You are getting bills from creditors telling you to pay your bills by a specific date, you can’t figure it out without hiring somebody to tell you how to do it.
2. Some of the other features credit counselors do is tell you what balances you need to be working on to get them paid down faster. You will usually be told to do something like
Click here to continue readingThe Top 10 Reasons Mortgage Companies Stopped Doing Second Mortgages
1. Mortgage companies starting around November 2007 stopped doing fixed second mortgages and home equity lines of credit (HELOC) due to changes going on in the mortgage industry. A lot of swift and sudden changes came to the type of companies that were farthest away from the actual money like the mortgage brokers, correspondent lenders, then the banks.
2. The banks are the one’s that set the guidelines for anybody who does business with them. Since a mortgage broker does not lend you the money (the bank does that the mortgage broker works with) they were told that they would not be honoring anymore fixed second mortgages or HELOC’s. This lead to a mad dash from all of the smaller companies to close these loans so they could sell them to the bank before the deadline or they would not be able to close.
3. What lead to this rush was a realization
Click here to continue readingThe Top 10 Reasons Why You Should Never Pay For A Credit Report
1. Paying for a credit report is something that a lot of people get told they need to do every six months or so. They go to a website that has the latest catchy jingle on the television and go there and buy a merged credit report from Equifax, Experian, and Trans Union.
2. The credit report is going to cost you probably $30 and you might even get told that you need to sign up for a credit watch thingy that costs you $25 a year or something. Stop wasting your money.
3. You already know what is on your credit report, or at least you should. What do you get bills for every month? Do you get a credit card bill? Yup, then it will be on there. Do you have a mortgage, car lease, boat loan, time share or any other monthly payments? Yes. Than guess what they will
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