I have to share my terrible experience in trying to get a refinance done with Bank of America. I am already a BofA customer (though their acquisition of Countrywide) so I thought I would give them the first shot in doing the refi.
At first everything seemed fine, a quick approval and rate lock over the [...]
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Filed under: Credit, Finance, Mortgage, Personal Finance
A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months. But there’s only one online source authorized to do so. That’s annualcreditreport.com. Beware [...]
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Filed under: Credit
These days all lenders are more than willing to provide joint mortgages. Besides getting better loans, here are four more reasons why someone should opt for them.
1. Deposit – This is a simple numbers game. Two people sharing the burden is much easier than one person bearing all the burden. Also, the bigger deposit you [...]
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Filed under: Credit, Financial Planning, Funds, Mortgage, Personal Finance
Protecting your assets is the top concern of everyone. Everyone has their own definition of this wretched word – ‘Risk’. Bottom line is that everyone is afraid of losing their money when it comes down to investment assets. The truth is that this definition takes a whole new meaning depending upon your current stage in [...]
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Filed under: Credit, Financial Planning, Funds, Investing, Personal Finance
If you have bad credit, it’s a good idea to start working to get it fixed now. Regardless if your credit problems are because of mistakes on your credit report, a poor credit history from not paying your bills, or stolen identity, there are several steps you can take to fix your credit. The first [...]
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Filed under: Credit, Financial Planning, Personal Finance
Around two months back I did a post on bad-credit. That is where I discussed about the importance of getting professional help. There is no doubt that having bad-credit closes a lot of doors, but that in no ways means that the consumers with a bad credit score should jump to apply for the first [...]
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Filed under: Credit, Financial Planning, Personal Finance, Products & Websites
This is going to be an interesting post. Why, you ask? Well, how about if I told you that you may be accidentally lowering your credit scores while practicing the ‘good-ways’? Unfortunately the ways to accidentally lower your credit score are not so well known. There are just as many ways to lower your credit [...]
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Filed under: Credit, Personal Finance, Understanding Finances
As promised, here is the part two of ‘understanding FICO Score’. This post will hopefully help you understand FICO 08 - the ‘new and improved’ credit score introduced by Fair Issac and Co. in order to help lenders predict loan defaults. The effectiveness of this new score has been predicted to be 5 to 15% [...]
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Filed under: Credit, Finance
I want to write a detailed post about FICO a.k.a. the ‘new’ credit score for 2008, but then I decided to do a preliminary post describing it first.
What is FICO Score? FICO credit scores is a number calculated using various factors pulled out from your credit data. Basically speaking, it’s a number between 350 to [...]
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Filed under: Credit, Finance
One of the unforeseen problems with taking early withdrawals from the 401k can be the accumulation of a huge debt to the IRS. Most people fail to figure this out (maybe because they forget to read the ‘fine print’, or maybe because this is a lesser known fact), but when they take an early withdrawal [...]
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Filed under: Credit, Debt Consolidation, Financial Planning, Personal Finance, Taxes
Mark Your Calendar! DO NOT get a home loan from BofA. Bank of America is the worst! Better returns through diversification Loans Now, Groans Later? Think twice before borrowing from your plan Get your free credit report from Evaluate options before breaking your 401(k) nest egg Mark Your Calendar IRA Contributions Tax Saving Options in 2008 rules: Part II Tax Saving Options in 2008 rules: Part I Saving for your child’s college education Which Path To Tread – Traditional Or Roth? IRS – Do We Know All About It? Joint Mortgages – Why To Opt For Them How Much Risk Is Too Much Risk?