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Home > > Mastercard after bankruptcy no annual fee

Mastercard after bankruptcy no annual fee

If you are a borrower with a history of unsatisfactory credit transactions, the lenders will describe your credit history as “adverse”.

The expressions “poor credit”, “bad credit” and “sub-prime” all describe exactly the same situation. This leads to a number of questions; what bankruptcy mastercard annual after no fee credit information is collected about you, where does it come from and how bad must your credit history be for it to be labelled as “adverse”?It's the credit agencies like Equifax and Experian which collate information about you and then process it. They are then legally entitled to sell the information to anyone with an authorised purpose as defined by Law. This includes banks, building societies, credit card companies, other lenders, landlords, employers, any government agency and anyone you have ordered a product or service.And you'll be simply astounded what information the credit agencies hold about you!A typical computer file will store your name, address, date of birth and social security number. It will also include your previous addresses, whether you are registered on the voters' roll, details of your current and previous employers. They also hold crucial information relating to your monthly payments on your mortgage, hire purchase agreements, loans and any credit cards you have. Then their computers will store information from the public records. If you have any Court judgements in respect of your debts, then the details will all be on their files. The file is topped off with details of all the times you apply for credit.All this data is gathered from two chief sources: the Public Records offices and records supplied by financial institutions from throughout the UK. You can't escape their watchful eye. Quite honestly, the agencies are recording your credit history from the first day you show on their computer screens.The credit agencies then sell this information to anyone to whom you've applied for credit. As part of their service, they'll also credit score your data. This enables your lender to make a statistical based decision whether to award you credit. So within this credit vetting process, your credit score becomes crucial.Under credit scoring your credit history is statistically judged and awarded a number of scoring points. The more points you have, the better your credit rating. These points measure the probability that you will repay any credit provided to you. The system is based on the principle that it's possible to predict your future credit performance by examining your credit history and statistically comparing it with the performance of other applicants who have similar characteristics. The points score allocated to you then makes it possible for your prospective lender to calculate the level of risk in your application and lessen the element of subjectivity in their lending decision.So now we revert to our first question - When is a credit history labelled as being “adverse”?In practice it's not the credit agencies but the lender that decides. Each lender has it's own lending policy through which they define the level of credit risk which is acceptable to them. If your credit score reaches a certain level, then you 'pass' their credit screening. If you don't score sufficient points, the lender may either refuse your application or offer you a smaller sum than you had applied for or offer you a higher interest rate. The decision is always theirs - after all it is their money! But as lenders each have different lending policies, your credit score could be acceptable to one but not to another.However, we can tell you some of the main “black marks” that will harm your credit score - the last two being by far the worst:You're not on the Voters Roll where you claim to be living.Multiple applications for creditPayments that are over 30 days late on your mortgage or other loansArrears on your mortgage or other loansCounty or High Court Judgements for debtRepossessionRecent Bankruptcy (undischarged bankrupts will always be refused credit)Lending policies are central to a lenders business and as such are highly confidential but on mortgages especially, some will indicate that certain black marks mastercard after bankruptcy no annual fee might be acceptable.All things considered, by reading this article, you should know if there is a likelihood that you will be judged as an “adverse credit risk”, But in the end you cannot be absolutely sure unless you've bankruptcy mastercard no annual after fee been refused by a main line lender. If you do get turned down you'll have to apply to a sub-prime lender who is more likely to accept you, especially if you own your own home - but you'll definitely be charged a higher rate of interest for the privilege.All in all, it's essential to build up a good credit profile that will reflect in your credit score. This then gives you access to a wide range of credit facilities at reasonable interest rates. So please remember, if you need a loan, make sure you can afford it before you sign mastercard after bankruptcy no annual fee up and then maintain a perfect payment record.2

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Purchasing a new vehicle requires more than just deciding what type of car to buy and how much to pay. Unless you have a lot of cash saved and can buy the car upfront, you will have to decide upon some type of financing.

Before choosing a car finance company, you will want to compare prices and rates. While it is convenient to have the car dealership set up your loan and payment plan, in most cases this is not the best option. A dealer will submit your credit information to several lenders but this does not mean you are getting the best deal. A car dealerships first priority is to make money and they will pick the lender that offers them the best commission. However, their commission is based on the interest rate that you are charged.

Car dealerships have business relationships with banks, credit unions, and other types of finance companies. The finance company allows the dealership to increase the amount of your interest rate. The extra amount you are charged in interest goes to the dealership in exchange for your business. The dealership makes a profit, the lender gets their original asking interest rate, and the customer ends up paying too much in interest charges.

Online Lenders Offer Low Interest Rates

Applying for a car loan online is one of the best ways to lower your interest rate. Besides having a good credit record, which all lenders will check when applying for a loan, an online loan is your best bet in obtaining a low interest rate. By applying for a loan online, you are saving the lender time and money. The savings from the cost of doing business are passed on to the customer.

Usually if you apply for your loan online, the lender will want you to sign up for an automatic payment plan. After filling out a form, your car payments will be automatically deducted from your account. This prevents the lender from having to process as much paperwork and the loan payment is always made on a specified date.

Don’t Be Pressured By Salespeople

Even if you have already been pre-approved for a car loan, don’t let an eager salesperson force you into making a decision. Many will use excuses to lure you into purchasing the vehicle that same day.

If they are willing to offer you a deal on a car today, chances are they will offer you a deal of equal value next week. Before you decide on a car and sign the loan papers, make sure you are happy with both the vehicle and your financing terms.

Everyone I have ever spoken with claims to have the desire to be in control of their money. Most of these people will admit that they don’t feel like they have very much control over where their money is spent and a surprisingly large number tell that their money is in control of them. The people who feel like their money is out of control are not the same people who don’t know how to stop spending when they are out of cash, or when their checking account is perpetually overdrawn.

If your money is controlling your life, you may have the feeling that you get up in the morning and go to work for the sole purpose of bringing home a paycheck and signing it over to the mortgage holder, the auto finance company, the utility providers, your eldest child’s college tuition office, your youngest child’s youth activity director and every door-to-door child pitchman selling school fundraising items.

How can you tell when your money is out of control? You fell as though it is simply getting up and leaving your wallet whenever it darn well feels like it. So what are you to do about your money and controlling where it goes?

1. Know where you stand

Anytime you are going to go change anything in your life, you have to know what it is that needs changing. This is the same whether you are talking about your finances or your weight.

What you need is a snapshot of where your finances are right now. The only way to do this is to create a Net Worth Index.

There is only one way you can create a Net Worth Index – and that is honestly. Drop the kids off with your in-laws, sit down with your spouse and start writing everything down on paper. You can use a computer spreadsheet if you want to.

Start by listing everything you have that can be sold, and how much you could reasonably expect to get for it. Do not claim your 19th Century rocking chair from Grandma Hopscotch is worth $500 if someone who isn’t sentimentally attached would only pay $100.

While you and your spouse are taking inventory, remember to include watches, diamond earrings, boats, vacation time-shares, stocks inherited from Uncle John and your retirement accounts. List everything and its’ sale value. When you do things like Certificates of Deposit and IRA’s where there is substantial penalty for early withdrawal use the face value. For our purposes we’ll figure you won’t be taking the money out until it has matured.

Now that you have inventoried everything of value and totaled up what it is worth, do the same for your debts. Add in loans from family, friends, banks, businesses, and mortgage companies, past due accounts with the Gas Company and all credit card balances. This is not the time to “forget” someone you owe.

Subtract how much you owe from how much you own. This number is your Net Worth and should be a positive one, though it could be kind of tiny. You won’t need to use this number again until next year when you calculate your Net Worth Index again.

If your Net Worth Index reveals a negative number you are definitely doing something right by working to bring your money under control. What you’ll have to do is follow these four steps, and if necessary taking drastic measures such as a second job, selling valuables, or even selling your current house and moving into a smaller, less expensive dwelling.

2. Develop Your Goals

After you know where you stand financially, you need to decide where you want to go. This involves setting some reachable targets or goals.

Goal setting is not very complicated and in this instance, we are referring to the overall target of gaining control of your money. To do this requires a few measurable small goals, sort of like baby steps.

Your first baby step is to create a plan to pay off your debts. Look at your list of debts again and find which one is the smallest. This is the one you want to pay off first. Pay your minimums on all the others, and then pay everything you can extra a month on the smallest debt.

When it is paid off, take all the money you had paid on the smallest and add it to what you are paying on the second smallest. Keep doing this until you are out of debts to pay off. It doesn’t matter if your debt is for a house or for your soda pop at the corner gas station Following this plan you have created to pay them off is your first baby step.

The second baby step will be the creation of an Emergency Savings Account. This account needs some money added each month until you have accumulated enough money to equal six months of your income. The money you set aside here will help you avoid debt when you have to make a surprise car repair or meet the deductible for your child’s appendix operation.

Your third baby step will be found in the next paragraph, under the heading of Spend with a Plan.

3. Spend with a Plan

Now that you know you are serious about controlling where your money goes, and you are seriously doing something about your debt it is time to make a plan. A spending plan is comparable to a budget in the same way an imported pickup compares to an F-150. When you use a spending plan to guide your finances, you know critical work is getting done.

You need to know what your take home, or net, pay is. Start with your gross monthly salary and deduct all taxes and Social Security contributions. Next you should subtract how much you tithe or contribute in charitable giving each month.

The amount you have left is your Spendable Income. The next thing to pay for is your house expenses and your grocery bill – include only the food you buy in a grocery store to prepare yourself, no eating out or fast food here.

The very next thing to subtract is your debt payment. Once this is taken out, you are left with the money you can spend on everything else you require to live on for the month – also known as your Disposable Income. Write down everythingwhat all you spend money on and see just how much it costs you.

Since it wouldn’t do any good to be working at paying off your debts if you are adding to them every month, you had better find a way to cut your spending down below your Disposable Income or else you will never have control of your money.

Working with your spouse you can decide how to buy store brand things for a fraction of the cost, do without the monthly beauty saloon treatments, cancel club memberships and eat at home instead of dining out 3 nights a week. Perhaps you could even take your lunch to work instead of eating in the cafeteria every day.

The key is to find fun ways to decrease your spending amounts. Involve the children and find small ways to reward them for their practical money saving ideas, after all, they are part of the family and can help too.

Once your spending is under control and kept below the level of Disposable Income available, start to enjoy life. While you are probably not quite as materialistic as the Jones’, you can enjoy a great quality of life than they do as they run controlled by their money.

4. Clean Up Your Clutter

I’ve found that after setting debt repayment as a goal, wrangling the spending into line and in general improving my life by gaining control of my money there is too much stuff in my life. Not activities, but material things.

This is a good time for you to have a garage sale and clean out your closets, the attic and wherever you have hidden all that stuff over the years. The money you raise could be applied towards your smallest debt to speed along its repayment.

Another thing you can do is look for larger things in your life you can dispose of that will help you reach your goal sooner. Do you have a vacation home you haven’t taken a vacation to for several years? What about that second or third car – can you sell it, pay off the loan against it and use cash to outright buy a good used car?

You might think it will hurt to make large changes like this, and it might. Once you have taken the step though, you will feel an easing of the burden on your shoulders.

These four things are just the tip of the iceberg when it comes to controlling money. This short over view is enough for you to get started thinking about ways to begin taking control of your money, but it doesn’t begin to be a step by step guide. Those kinds of guides are out there, but they are too thick to include here.

Using this as a quick start guide to controlling your money will get you pointed in the proper direction. As you progress you’ll find dozens of ways to write your Spending Plan, a hundred more goals to set, and plenty of ideas on how to cut costs. When you are debt-free and telling your money what to do, instead of following it around, you’ll be a happier person.

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