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Getting your mortgage loan on the internet has many advantages and benefits, although, it is not a good choice for all homebuyers.

Online mortgage loans are both quick and convenient. The application process can be completed in the privacy of your home, at your leisure. Applying for a mortgage online takes much less time to receive a reply when you apply. You can receive and compare the rates of numerous lenders almost instantly. Online shoppers are able to receive estimates on closing or settlement costs at the same time they apply for the loan rates. When applying for a loan in person, lenders are not required to provide a “good faith estimate” until 72 hours after receiving the loan application. The amount of time you will save from not having to contact lenders by phone or email makes online mortgage loans very attractive to applicants. Save Money by Applying Online The process of completing an online mortgage loan application is less costly for the lender. When an application is filed online, the customer does not need to visit the lenders office or meet with an agent to fill out forms. When the cost of business is reduced, the lender is then able to give the customer a better rate. By applying online, customers are often given a discount on interest rates, loan origination fees, and closing costs. In general, customers who apply online tend to have more knowledge of the loan process and often have a good credit history. The less likely you are to be considered a risk, the more likely you are to be approved by the lender. There is also a great deal of competition among online lenders. In order to be successful, lenders must be able to offer rates that are competitivecredit discover card . Applying Online is Safe Many people are cautious about applying for an online mortgage loan because they fear their credit information may be stolen. However, your chances of becoming a victim of identity theft are just as great when you apply for a loan in person. The vast majority of online lenders use encrypted transmission to send your loan information. After you complete the application, the text is changed to a secure code, which makes it difficult for others to obtain your discover credit card personal information.2

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Depending upon the financial situation, the level of debt and the future prospects, every individual in personal debt may require a different approach to the debt repayment. An individual will have to choose a debt repayment plan that is best suited to his/her present financial situation.

There are various programs available and choosing the right solution to debt problems may be difficult for some. It is better to take professional advice from reputable credit counseling organizations. These organizations have trained professionals or certified credit counselors who are experts in the field of consumer credit and debt management.

Credit counselors first study the current financial situation of the customer. After understanding the payment abilities, the customers are given various options of managing money and debts. Each option is discussed along with their pros and cons. A debt management program is then developed and a plan is worked for the customer to follow.

Selecting a reputed credit counseling organization is important. A legitimate organization charges a flat fee per month or a small fee on every individual debt account handled. Their counselors study the financial situation thoroughly and educate the customers on budgeting and money management skills before suggesting or enrolling them in any debt management program.

Any credit counseling organization asking for financial data before sending information about their services should be avoided. The customers should insist that the credit counselor takes all the necessary steps to minimize the damage to their credit standing.

Credit counselors normally offer their services through the Internet or on telephones. Some counselors offer in person counseling. Financial institutions, credit unions, U.S. Cooperative Extension Service, local consumer protection agencies and many universities offer credit-counseling services on a non-profit basis.

The FTC gives free information to the customer regarding fraudulent business practices. They can be visited at their official website at

Very few people live their entire lives without inflicting any damage upon their credit scores. Whether it be high balances on credit cards, bankruptcy, collections issues or financing troubles, credit problems affect the best of us and are difficult to repair.

Fortunately, there are solutions to repairing bad credit and restoring faith with credit agencies and bureaus. All it takes is a little time and the right strategy, and before you know it, you’ll be receiving “Pre-Approved” credit offers in the mail again. One of the most effective ways to repair your credit is with credit cards, and I’m going to show you how.

“Bad Credit” Credit Cards

Believe it or not, there are actually credit cards out there designed just for people who need to get back on their feet. Most of these cards have middle-of-the-road APR’s with annual fees ranging from $40 - $100. Some also require an account set-up fee and other charges, which are expected with customers whose credit reports have black marks.

Credit Reporting

The most important thing to remember when repairing bad credit is that your card will not help unless the financial institution reports it. There are three major credit bureaus: Experian (1-888-397-3742), TransUnion (1-800-888-4213) and Equifax (1-800-685-1111). When you fall into collections or fall short of a loan, the financial center reports the debt to one or more of these credit bureaus, and that is how your credit is damaged. In order to repair that damage, financial institutions must also report accounts in good standing.

The best way to ensure that this happens is to find a credit card that reports monthly (or at least quarterly) to all three major credit bureaus. This way, your credit continues to improve exponentially as you continue to pay off all of your balances.


Most people believe that to maintain a good credit score, you must always pay off your credit card balance each month. This isn’t true. When you are attempting to repair damaged credit, it is much better to keep a small balance on each card, and pay it off gradually over a period of three-to-four months. When you apply for a loan, mortgage or line of credit, financial institutions want to see that you are able to effectively manage your finances. Keeping a balance and paying it off shows that you are able to manage your debt in an efficient and systematic manner.

Secure Credit Cards

If your credit rating is too low, then you won’t be able to obtain a Visa or MasterCard. Instead, apply for a secure credit card. This works similarly to a debit card; you deposit money each month, and that amount determines your credit limit. If you choose a secure card that reports monthly to the credit bureaus, then you will be eligible for an unsecured card in a matter of months.

With Secured credit cards, you deposit money into a savings account, and the amount you deposit acts as your credit limit. The amount can be anywhere from $200.00 to $10,000, and it acts as a type of security deposit. It is never removed from your savings account unless you become delinquent on payments, and it accrues interest the same way a normal savings account would.

Repairing your credit with credit cards can dramatically increase your chances of achieving an “A” credit rating, and you’ll be able to effectively manage your finances. Take the time now to research credit cards – both secure and unsecured – and make today the first step toward a better credit score.

Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to

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