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Home > > Guarenteed credit card offers after bankruptcy

Guarenteed credit card offers after bankruptcy

These days, it's becoming increasingly difficult to make ends meet with just one source of income. Thus, more and more people are investigating the possibilities of starting their own extra-income online business.

Most of guarenteed credit card offers after bankruptcy these part-time endeavours are started and operated from the comfort and privacy of the home – and, for some, it means you can kick the “day job” into touch and concentrate on your home-based online business as the main source of income and a very profitable business. For those that don’t only rely on their home-based online business - they are making the extra money they need, keeping busy, having fun, and enjoying life as never before. The important thing is that they are doing something other than waiting for the government to give them a handout; they are improving their lot in life, and you can do it, too! The fields of information products, software tools,guarenteed card offers credit after bankruptcy consultancy services have never been more popular. If any of these kinds of extra income producing ideas appeal to you, then you owe it to yourself to check them out. But these aren't the only fields of endeavour you can start and operate from home, with little or no investment, and learn as you go. The first thing you must do, however, is some basic market research. Groups such as Yahoo and Google are great for seeing where people have an “itch” and where you may be able to “scratch” it with your online business. It is much better to find a need then locate a product to match it. That way you already have an idea that there are customers out there. Trying to find a market for a product you already have can be very difficult – better to find (or develop) a product that solves an existing problem Alternatively, you can try to find an online business or product that is already successful that you can get access to. Try these resources for ideas: If, after guarenteed credit card offers after bankruptcy checking around, you get the idea that these people would be paying customers, your next effort should be directed toward the "detailing" of your business plan. The more precise and detailed your plan - covering all the bases relating to how you'll do everything offers guarenteed credit card after bankruptcy that needs to be done - the easier it's going to be for you to attain success. Such a plan should show your start-up investment needs, your advertising plan, your production costs and procedures, your sales program, and how your time will be allocated. Too often, enthusiastic and ambitious entrepreneurs jump in on an extra income project and suddenly find that the costs are beyond their abilities, and the time requirements more than they can meet. It pays to lay it all out on paper before you get involved, and the clearer you can "see" everything before you start, the better your chances for success. Now, assuming you've got your market targeted, you know who your customers are going to be and how you're going to reach them with your product or service. And you have all your costs as well as time requirements itemized. The next step is to set your plan in motion and start making money. Here is the most important "secret" of all, relating to starting and building a profitable home-based online business, so read very carefully. Regardless of what kind of business you start, you must have the capital and the available time to sustain your business through the first six months of operation. Specifically, you must not count on receiving or spending any money coming in from your business on yourself or for your bills during those first six months. All the income from your business during those first six months should be reinvested in your business in order for it to grow and reach our planned first year potential. Now, don’t be put off thinking this can cost a fortune. With low-cost hosting, payment processors, free autoresponders and some time searching the internet for products to sell that meet your needs this needn’t be expensive. If you’re planning products which are delivered electronically you have no stock to hold, no shipping costs and no inventory to manage so the costs can be very low. You can even find dropship suppliers of physical products so you can carry physical products on your site and they will hold the stock and ship it your name. Here are a few: Once you've passed that first six months milestone, you can set up a small monthly salary for yourself, and begin enjoying the fruits of your labour. But the first six months of operation for any business are critical, so do not plan to use any of the money your online business generates for yourself during that period. If you've got your business plan properly organized, and have implemented the plan, you should at the end of your first year be able to begin thinking about hiring other people to alleviate some of your work-load. However, the beauty of online businesses is that many operate very successfully (and profitably) with only one or two people keeping it up to date and handling customer queries. Remember this: Starting a successful online business is not a means towards either a job for yourself or a way to keep busy. It should be regarded as the beginning of an enterprise that will grow and prosper, with you as the top dog. Eventually, you'll have other people (or even better – an automated sales, delivery and autoresponder process) doing all the work for you, even running the entire operation, while you vacation in the Bahamas or Hawaii and collect or receive regular income from your initial efforts. For more details on market research, business planning, advertising, selling, order fulfilment,guarenteed offers card after credit bankruptcy and other aspects of home-based businesses, check out our Online Business Tools and Tips resource at the website below. To your success Dawn Robertshaw2

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We all know that credit is important, but what should we do if we are in need of credit repair? I know if were to find that my credit was in trouble, I would want to solve the problem myself rather than pay someone to do it. Credit repair is a serious thing since your credit determines so much of your life in today’s world. Credit can effect your ability to buy a home, rent an apartment, buy a car, or even finance your new washer and dryer. That is why you should take credit repair very seriously. There are some steps you can take to help yourself by fixing your credit problems yourself.

The first thing you will need to do is find out if you even need credit repair. To do that you will need to get your hands on a copy of your credit report. That should not be difficult, since the government mandates that you are allowed to obtain one free copy of your credit report annually. You just have to ask the right people. You can either check out the website for the Federal Trade Commission or contact one of the major credit agencies directly. When you do, though, remember that it should be free and you should only have to supply your name, address, and social security number to get it.

Next, you will want to look over your copy of the report carefully. One of the easiest ways you can perform credit repair for yourself is to spot any incorrect information on your report. All of the agencies have ways you can go about making corrections to your credit report. Even if the information is just partially incorrect, you should take the time to get the credit repair made. Also, if something just doesn’t look right to you, ask the credit agency to give you the name and number of the institution that gave the report that you are not sure about. There is a chance you can work whatever it is out with the company, which can help with your credit repair even more.

Once you are familiar with the credit repair process for incorrect information, assemble what you need. Then, send it in to the agency to make sure they make the necessary changes and repairs to your credit report. Before you do, though, be sure to make copies for yourself. If the information is lost in the mail or even misplaced by the company before the credit repair is made, you will be able to easily make another copy and get it to them quickly. It is always a good thing to keep copies of everything so that you can track the progress of your credit repair.

If you keep getting rejected for loans or credit that you believe you should be able to obtain, it is a good idea to find out why. With the law allowing you one copy of your report a year for free, there is no reason you can’t make at least the easy credit repairs. When you obtain your copy of your credit report, you may be amazed at the incorrect or inaccurate information on there, and at how easy it is to get those inaccuracies corrected. Take the time and put in a little effort and you can do some serious credit repair without having to pay someone to do it for you.

Having worked in the mortgage industry for some time I have come across some pretty informed borrowers, and they usually get the best deals. Rarely do uninformed borrowers get the "best deal", if they are working with reputable lenders they more than likely get a good deal. However, the difference between a good deal and your best deal could be many thousands of dollars over the life of a loan. For this reason I decided to put a list of things you should know before you go.

This being said, the list will be minimal due to the fact if I make it too large or complicated most people will glaze over this material. Then they would find their selves in the same predicament of waiting for the lender to tell you these things and hoping they are correct. The list is:

1) Credit Scores - You should know all three of your credit scores AND have a fully tri-merged report outlining all of your creditors. Check each and every entry on this report for accuracy, should you find errors you should immediately dispute them with the bureaus and the creditor. You see all over this website, and others, get a free credit report here. The truth is the only free credit report comes from this is a free service that will in most cases mail you a report. This report is different than the ones a lender sees. It only list the people on the bureau and how they report, no scores. You should PAY for a fully tri-merged report with scores. It will cost you abut $35 bucks and is worth every penny. If you want you can apply to a credit management system and they will give you this free report too. One of the best can be found here.

2) Documentation Type (Doc Type) - You should know what documentation you are prepared to provide. This distinction is the first thing a loan officer is going to determine when filling out your application and BEFORE he gives you a rate or closing cost. Lenders require that you PROVE: income, assets, employment, length of self employment, reserve assets, housing/ rental history, proof of insurance, collections are paid. Be prepared to show proof of anything that you dispute on your bureau with either a letter from the reporting party or undisputable proof that you are right. If you are unable to prove these things you may still get the loan....but the price is going up.

The documentation type falls into these categories:

Full Doc

Lite Doc

No Doc

There are three main types of light-doc/no-doc mortgages.

Stated-income mortgages tend to be for people who work but don't draw regular wages or salary from an employer. That includes self-employed people or those who make a living off commissions or tips. Stated-income mortgages are for people who make the money they say they make, but that amount doesn't show up on the bottom line of their income taxes. Expect to pay .5% - 1.5% premium over full doc loans.

No-ratio loans are often the right call for wealthy people with complex financial lives, retirees who live off investments and people whose lives are in flux because of divorce, recent death of a spouse, or career change. Expect to pay .5% - 1.5% premium over full doc loans.

Stated Income Stated Assets Are for borrowers that do not wish to share or can not share proof of income and proof of reserves in the bank. Expect to pay .5% - 1.5% premium over full doc loans.

No-doc or NINA (no income/no asset verification) mortgages are for creditworthy people who want maximum privacy and can afford to pay for it. Expect to pay 1% - 2.5% premium over full doc loans.

3) Loan To Value (LTV or CLTV) This is a measurement of how far into the value of the home you expect the lender loan. For example a $100,000 house with an $80,000 loan amount is 80% loan to value or LTV. We get this value by dividing the PRESENT value or sales price by the ACTUAL loan amount (PV/ LA = LTV). When you begin to go over 80% loan to value you are asking the lender to bear more risk, be prepared to pay more in the long run should you refinance or purchase above this LTV. Foreclosures happen most often on homes with less than 20% equity, and the banks know this.

If you go over the 80% threshold on a conforming loan you will be made to carry mortgage insurance, otherwise known as PMI, MI. This is to protect the investor should they have to foreclose. There are ways around this such as doing a combination of loans with a conforming first and a non-conforming second mortgage, however the second mortgage always comes in at a higher rate thus costing you more for the loan. Know what LTV loan you are asking for before you go.

4) Debt to Income Ratio (DTI) - This is where your credit bureau you bought earlier comes into play. Lenders will determine your ability to pay by your debt to income ratio. This is simply the amount of payments that show on your bureau plus the payment of the loan you are applying for divided by your GROSS income. (DEBTS + CURRENT PAYMENT / GROSS INCOME = DTI). Only use the minimum payment that you are required to pay and in most cases you can ignore payments with less than 10 payments remaining.

In times past FHA set the standard for allowable DTI Ratios they are currently at 33% & 44%. These ratios are called a Front Ratio and a back ratio. The front ratio is simply a percentage derived from dividing your mortgage payment (PITI) by your Gross Income. EXAMPLE - $1000 payment / $4000 gross income gives us a 25% Front Ratio. The back ration is simply the same formula we stated earlier. EXAMPLE $2000 total debts divided by $4000 total income yields a 50% DTI Back end ration.

The back end ratio is used most commonly in non-conforming and conventional mortgages. I have seen borrowers with a 75% back end ratio get approved with other factors being present such as plenty of liquid assets, job time, low LTV and so on. So if your ratio looks a little high you may be ok as long as the other pieces of the pie look good. If not, you may be looking at a stated documentation loan.

5) The Three C's - The 3 C's of credit comprise your entire financial life and stand for Character, Capacity and Collateral. You should look at these things as an underwriter would, because these are ultimately what the underwriter has to prove a case for before she signs off on your loan.

Character is the most important of the three C's. The underwriter will rank the importance of each of your current and past debts when measuring your capacity. Beginning with the most important credit, the mortgage, followed by installment loans, such as a car or personal loan, revolving loans, such as credit cards, and then all other loans. A mortgage lender is primarily going to be concerned with whether or not we have made our mortgage / rental payments on time, and then he or she will consider the other loans. Look at yourself as she would and give yourself a letter grade A-F.

The second C of credit, Capacity, is a measure of how much income we have versus how much debt we have. As discussed earlier, debt is broken down into two categories. First, the mortgage loan size and resulting payments and second, all other debts and their resulting payments. In general lenders allow mortgage borrowers to use between 28% and 35% of their gross-pretax income for mortgage payments and 33% to 45% for all debts including the mortgage. Give yourself a letter grade here objectively A-F.

The third C of credit, Collateral, is a measure of the size of your down-payment in the event of a purchase, and in the event of a refinance, it is the amount of equity you have in our home. It also calls into reason the over-all condition and desirability of the collateral. For Example a home worth $250,000 in the middle of a subdivision is a good collateral risk should the lender need to foreclose. However that same house set miles away from other homes of similar value, or surrounded by homes of lessor vale would call into question the ability to sell this collateral should foreclosure happen. Give yourself a letter grade from A-F on this as well.

Now average these letter Grades together and this will give you a good picture of how your loan application will be viewed and why you may be asked to pay a premium over other borrowers.

This material is, by no means, the whole picture when trying to price a mortgage. However if you know the answers to these questions before you go you will be a better informed customer, know what questions to ask and as we said in the beginning. "The best informed customers always seem to get the best deal". Aubrey Clark - Editor

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