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100% Financing Or No Down Payment & Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types ...
Secured Credit Cards- Consumer Tips
Whether you have no credit or damaged credit, secured credit cards are a good tool for building a good credit history. Several months ago Tom, a member of CreditBoards.com, filed for a Chapter 7 Bankruptcy. Now he is in the process of rebuilding his ...
supposition and Credit Repair
When it comes down to it, the majority of people are always assuming, and most of them assume the worst. Creditors or anyone today all base their theories on suppositions, and suppositions have forever caused failure. When people fail to pay their bills ...
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Affinity card A credit card that makes a donation to a charity of your choice based up on how much you spend. In most cases it's best to avoid a charity that encourages you to sign up for such a card. Chances are such a credit card has a higher interest rate than the standard. Don't let guilt cloud your judgement.
APR (Annual Percentage Rate) calculated yearly this is your overall interest rate presented as a percentage of your credit card balance.
ATM (Automated Teller Machine) A cash machine. Utilized to withdraw money direct from your credit card, although in general a fee will also be charged.
Balance transfer When you transfer your debt 'balance' from one credit card to another. The usual reason for this is to try and keep as much debt as possible on a lower-interest card.
Credit limit Your credit limit is the maximum amount you can spend or withdraw on your credit card. Spending beyond your credit limit will result in your card no longer being accepted, and you being charged an over-limit fee.
Fixed rate A fixed rate credit card is one which indicates that you are given a fixed rate on sign up which should stay the same for the period you have the credit card. In practice though interest rates can be changed for almost any reason.
Grace period The grace period is the amount of time between
your spending with the credit card and the time when you start paying interest on that spending. The best credit cards can have a grace period of up to two months, poorer cards may not have one at all.
Minimum payment The minimum payment is the lowest amount you can pay back to the credit card company each month. You always try to pay more although this is not necessary. Paying only the minimum amount you are not paying back the money borrowed but only the interest. Minimum payments are usually around 2% of your balance.
Sub-prime A phrase used in the finance industry to describe customers who are a bad credit risk, but are considered worth lending to as the bad credit risk allows the finance company to charge higher fees.
Teaser rate A 'special offer' low rate. You will see many offers with "LOW 4.9% APR" in the headline followed by "for first six months, 21.9% thereafter" in the small print. Teaser offers can sometimes be worth taking, but not if they tie you in for longer than the period of the offer.
Variable rate An interest rate that is calculated by adding a figure to the current base rate. Taking this option will allow your credit card to be affected by changes in national interest rates - a good idea if you think they might go down, and a bad one if they're on the way up.
About the author:
Credit repair, Debt problems, need a Loan, Mortgage help... not sure what to invest in? This General Finance Guide may have the advice you've been searching for. Hundreds of useful articles on all aspects of Finance are available to help.
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CREDIT MARKETS: Huge Corporate Deal Hits As Treasurys SlipWall Street Journals (BAC) surprise repurchase of $330 million in loans due to appraisal errors was muted, according to Credit Suisse. But some investors voiced concern that the resulting loan buyouts from Freddie Mac (FMCC) MBS -- creating prepayments at 100 cents on ...and more » |
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