Questions about loans and credit?

Questions about loans and credit?
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1 Answer

Answer :

answer:There’s more to a credit rating than using credit cards. Your income is very important. They want to see that you know how to handle money. Paying off your bills each month in full is a good thing. But you can get too much credit. Your credit limit on each card counts against the amount of debt the banks think you can handle, and if you have too big a combined credit card limit, it may keep you from qualifying for a mortgage the size you want. Use your credit cards to show responsible management of money, not to borrow a lot or to potentially borrow a lot. One credit card of the mastercard or visa type should be sufficient to do that. Also, you may have a problem with the downpayment on your home. It may be too small. You may want a 15% or 20% downpayment these days. Banks are very stingy due to the banking crisis. They may require a down payment of that size.
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Related questions

When I compare my school loan statements and my credit card statement and my car loan it appears to me that school loans operate like credit card debt?

Description : When I compare my school loan statements and my credit card statement and my car loan it appears to me that school loans operate like credit card debt?

Last Answer : My loans were like a car payment, if I remember correctly. But have you ever deferred any of your loans or ever had them in forbearance? Depending on the type of loans you have, that would effect the total amount ... to pay them off. Ugh! Can't tell you how glad I am that that's over and done with.

Can you go to jail if you can't pay back loans, such as student loans?

Description : Can you go to jail if you can't pay back loans, such as student loans?

Last Answer : No, you can’t go to jail. You may end up bankrupt, and you may be in debt for a long time. But you won’t go to jail.

What are some options for paying (off) school loans?

Description : What are some options for paying (off) school loans?

Last Answer : You could ask your parents to pay for it and then they wouldn’t charge you interest.

Will this hurt my credit?

Description : Will this hurt my credit?

Last Answer : I would focus on just the one for awhile, to be safe. Spend wisely and pay off monthly until done. If you're doing well on that loan or pay it off, as far as payments and being on time, ... , he's helped millions of people get a realistic view of credit and debt. Highly recommend you read the book.

If you have a loan or credit card balance, and you pay over the minimum due, whatever you pay over goes directly to the principal, right?

Description : If you have a loan or credit card balance, and you pay over the minimum due, whatever you pay over goes directly to the principal, right?

Last Answer : answer:The longer you have the debt the more interest you pay as each month more interest is added. If you only pay the minimum you will have the debt for much longer and you will pay more interest. The ... . Even I you pay the loan of early you will stay pay the interest for the full loan period.

What is the best way to improve my credit?

Description : What is the best way to improve my credit?

Last Answer : answer:1 Not impossible to get, but difficult. You may have to pay TWO months rent ahead along with security deposit. 2. Timely payment is the biggest thing. 3. Do not close an unused credit card, use it on a limited basis. Then pay off ALL of balance each month.

Why am I required to obtain credit?

Description : Why am I required to obtain credit?

Last Answer : It’s all part of the game.

Where can I get a loan to purchase a business, even though I have bad credit at the moment?

Description : Where can I get a loan to purchase a business, even though I have bad credit at the moment?

Last Answer : Even small businesses with great credit and history of success are finding it hard to get a loan right now. I would be surprised if you can get the loan. And if the seller has any sense, s/he will put ... down payment cannot be borrowed. I hate to be so negative, but that's the facts as I see them.

What does a credit score of 816 actually mean?

Description : What does a credit score of 816 actually mean?

Last Answer : 816 is very high, I think the highest is 850. You should have no problem getting a loan or a credit card or an apartment, or whatever you want. I am shocked that is considered a B rating. Any score ... Or, a credit card you no longer use might have some crazy $35 charge on it you are not aware of.

Where should I open Credit card?

Description : Where should I open Credit card?

Last Answer : why do you think you should open one at all? If you already have one, why do you want/need another? If it’s because the Capital One card is maxed out, you do NOT want another. Fix your lifestyle so that you can get out of debt, do not accumulate more!

Can a private loan company call my friends?

Description : Can a private loan company call my friends?

Last Answer : I don’t think it’s legal. They have nothing to do with your loans. You can check with a attorney though for next course of action.

Is taking out a HELOC a good idea?

Description : Is taking out a HELOC a good idea?

Last Answer : Perhaps you’d tell us what a HELOC is.

Are my estimated closing-costs too high?

Description : Are my estimated closing-costs too high?

Last Answer : This seems very high. I’ve bought 3 homes in my lifetime and refinanced a few times (am in the process of refinancing right now) and I’ve never paid more than 2,500 in closing costs.

Does this mortgage payment sound realistic?

Description : Does this mortgage payment sound realistic?

Last Answer : What’s the amortization? If you’re working with a mortgage broker then you should be able to trust what he says your payments will be as long as your ok with the amortization.

Which available method should I use to pay for this class I'm taking?

Description : Which available method should I use to pay for this class I'm taking?

Last Answer : answer:Girl friend. Absolutely. Cheapest form of money. And you're good for it, right? Of course, you could maybe get a student loan somewhere. There may be grants, as well or other scholarships. If ... . Instead I had to borrow from my father. That was all right, but a girlfriend is even better.

Should I payback my student loan?

Description : Should I payback my student loan?

Last Answer : answer:I am always in favor of paying off date. What I would do is save save save save. Continue to pay the $116, and then when you have $20K+ in the bank, pay off the loan (It will be lower by then) and start looking for a house while you continue saving. @johnpowell What are you talking about?

Can I legally cancel a loan contract?

Description : Can I legally cancel a loan contract?

Last Answer : answer:Not really, unless there is a clause, in the contract, that allows this. Read the fine print.

Can someone buy a house in America if they only come here on a visitors visa?

Description : Can someone buy a house in America if they only come here on a visitors visa?

Last Answer : Anyone can buy a house in America, even if they never step foot in this country. Lenders will loan money to anyone they believe will pay it back, so all anyone needs is proof they can repay a loan, or better yet, most foreign investors simply pay in cash.

Help on getting a loan returned from a good friend?

Description : Help on getting a loan returned from a good friend?

Last Answer : Stacy, you know I’m not in the best of times right now, I could really use some money I loaned you a while back. If it doesn’t go as planned, just laugh about it and ask someone else :p

Question about refinancing...

Description : Question about refinancing...

Last Answer : he has no incentive to report you but she may not be able to do the re-fi. You used to have to give all this info years ago, then everything got loose. It’s now tightening back up.

Where can I get personal loans, even if I have bad credit?

Description : Where can I get personal loans, even if I have bad credit?

Last Answer : Many credit unions will provide personal loans to people with poor credit. Talk with your local credit union for more information.

Where can I apply for a poor credit personal loans?

Description : Where can I apply for a poor credit personal loans?

Last Answer : Many online services can offer personal loans even if you have poor credit. Many local loan services also offer poor credit loans.

Which websites have details on bad credit loans?

Description : Which websites have details on bad credit loans?

Last Answer : www.247lendinggroup.com is a site that loans bad credit people money.

What are unsubsidized loans and is there a credit check?

Description : What are unsubsidized loans and is there a credit check?

Last Answer : An unsubsidized loan is simply a student loan which make it possible for students to finance an education while attending a college or university. To obtain most loans, you must submit a credit check.

What is the interest like on student loans for people with bad credit?

Description : What is the interest like on student loans for people with bad credit?

Last Answer : There are a number of government loans that are offered with no credit checks. In order to be eligible for these loans, you must fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA ... as well as yourself. If you are independent of your parents, the form will only apply to you.

Fastest and easiest personal loans with no credit check and guaranteed lowest rates on no credit check loans. Fast cash loan today in one hour or less.?

Description : Fastest and easiest personal loans with no credit check and guaranteed lowest rates on no credit check loans. Fast cash loan today in one hour or less.?

Last Answer : Online there are many places to find a fast cash loan that also can be very reliable and trustworthy. Also if you are signed up with banks that have online loans it can be quick as a whistle and you can be off to wherever you need to go with a loan.

Bad Credit Student Loans?

Description : Bad Credit Student Loans?

Last Answer : form_title=Bad Credit Student Loans form_header=Loans are available for students regardless of your credit. Find a service that will help you get back on track. Have you ever declared for bankruptcy?*= () ... Full time What is the name of the educational institution you will be attending?*= _[50]

Personal Loans For Bad Credit?

Description : Personal Loans For Bad Credit?

Last Answer : The economic downturn has left many consumers with damaged credit. Naturally, obtaining a loan with damaged credit is more difficult, but it is possible, especially if you are willing to make some ... research and exhausted all other options, such as borrowing from friends, family or the local bank.

How do loans and debt consolidation affect credit score?

Description : How do loans and debt consolidation affect credit score?

Last Answer : If you pay your bills on time and in full each month it will help your credit score rise. If you are late on payments and have outstanding payments then your credit score will become lower. Your credit score is an important thing to help you obtain loans such as car loans or a mortgage.

Are there any places that offer cash loans for people with bad credit?

Description : Are there any places that offer cash loans for people with bad credit?

Last Answer : There are places one can go to get cash loans if one has bad credit, loan sharks are an option. These alternative lending places are dangerous and not a good choice.

Can student credit cards be used to repay loans?

Description : Can student credit cards be used to repay loans?

Last Answer : Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.

Get Credit Union Auto Loans For Less?

Description : Get Credit Union Auto Loans For Less?

Last Answer : When looking to purchase a new or used car, credit unions can be a great financing option. Credit unions are typically formed on a local basis and function as non-profit organizations, allowing ... , and other factors are considered, it is often possible to get cheaper loans through credit unions.

The main source of long-term credit for a business unit is - (1) sale of stocks and bonds to the public (2) borrowing from banks (3) loans from the Government (4) deposits from the public and financial institutions

Description : The main source of long-term credit for a business unit is - (1) sale of stocks and bonds to the public (2) borrowing from banks (3) loans from the Government (4) deposits from the public and financial institutions

Last Answer : (1) sale of stocks and bonds to the public Explanation: Companies issue securities called stocks and bonds to raise necessary capital which funds the company's daily operations and growth. ... issuing stock to owners called stockholders doesn't require the company's repayment of investor principal.

Which of the following works is/are done by Credit Information Companies? A. Collecting records of an individual‘s payments pertaining to loans B. Maintaining records of an individual‘s payments pertaining to credit cards C. Creating Credit Information Reports D. All of the Above E. None of the Above

Description : Which of the following works is/are done by Credit Information Companies? A. Collecting records of an individual s payments pertaining to loans B. Maintaining records of an individual s payments pertaining to ... cards C. Creating Credit Information Reports D. All of the Above E. None of the Above

Last Answer : D. All of the Above Explanation: Credit Information Companies collects and maintains records of an individual‗s payments pertaining to loans and credit cards. These records are submitted to Credit ... scores which are provided to lenders in order to help evaluate and approve loan applications.

Loans granted by a bank to an exporter popularly known as „Export credit‟ is guaranteed, in case of default,by which of the following A. EXIM Bank B. Ministry of International Trade, GOA C. ECGC D. DICGC E. Other than those given as options

Description : Loans granted by a bank to an exporter popularly known as „Export credit‟ is guaranteed, in case of default,by which of the following A. EXIM Bank B. Ministry of International Trade, GOA C. ECGC D. DICGC E. Other than those given as options

Last Answer : C. ECGC Explanation: ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

Payment Banks can not issue ________ A. Credit Card B. Debit Card C. loans D. Both (B) and (C) E. Both (A) and (C)

Description : Payment Banks can not issue ________ A. Credit Card B. Debit Card C. loans D. Both (B) and (C) E. Both (A) and (C)

Last Answer : E. Both (A) and (C) Explanation: Payment banks cannot issue loans and credit cards while at the same time current account and savings accounts can be operated by such banks.

Which of the following would not be classified as a related-party transaction? a. Sales of merchandise between affiliated companies. b. An advance of one week's salary to an employeec. Loans or credit sales to the principal owner or client. d. Exchanges of equipment between two companies owned by the same person.

Description : Which of the following would not be classified as a related-party transaction? a. Sales of merchandise between affiliated companies. b. An advance of one week's salary to an employee. c. Loans ... the principal owner or client. d. Exchanges of equipment between two companies owned by the same person

Last Answer : An advance of one week's salary to an employee

Which of the following is not the function of commercial bank? (a) Acceptance of deposits. (b) Advancing loans. © Issue of paper notes. (d) Credit control.

Description : Which of the following is not the function of commercial bank? (a) Acceptance of deposits. (b) Advancing loans. © Issue of paper notes. (d) Credit control.

Last Answer : © Issue of paper notes.

Which of the following is not the function of commercial banks? (a) Issue of paper notes. (b) Credit control. © Acceptance of deposits (d) Advancing loans.

Description : Which of the following is not the function of commercial banks? (a) Issue of paper notes. (b) Credit control. © Acceptance of deposits (d) Advancing loans.

Last Answer : (a) Issue of paper notes.

The main source of long-term credit for a business unit is (1) sale of stocks and bonds to the public (2) borrowing from banks (3) loans from the Government (4) deposits from the public and financial institutions

Description : The main source of long-term credit for a business unit is (1) sale of stocks and bonds to the public (2) borrowing from banks (3) loans from the Government (4) deposits from the public and financial institutions

Last Answer : sale of stocks and bonds to the public

What questions should you ask about unsecured loans?

Description : What questions should you ask about unsecured loans?

Last Answer : Review the Truth in Lending statement so that you understand the rate of interest and what it means in the overall repayment of the loan. Find out if there are penalties for early repayment ... certain number of on-time payments. Read the contract and make sure you understand the terms completely.