Posts Tagged ‘credit’

Credit Market: Credit Repair Whiz

Credit Market: Credit Repair Whiz

Predatory lending is in the news again. This time it is not just about mortgage companies offering 100% financing on homes.

It looks like First Premier Bank of South Dakota has agreed to refund .5 million dollar to New York consumers based on illegal and deceptive marketing tactics.

Although a settlement of 4.5 million sounds huge, after every one takes their cut and it get distributed through out the group…the actual settlement could amount to peanuts.

Also, after the creditor pays the settlement, the individuals that were victims of this kind of scam will continue to pay for 7-10 years with their credit score.

Since everything we do today is unfairly linked to the credit score, it will cost these victims more than they think. In case you didn’t know, when your credit score goes down it is a way for the credit bureaus to advertising to the world that you are not creditworthy and you are a risk to do business with.

Creditors have the right to pull your credit regularly to make sure you are still in good standing. So, if you are late or having trouble paying one creditor (say first premier bank), your credit privileges can actually be revoked by other creditors (Sears, Macys, Shell, Discover etc.).

As if that’s not enough…when your auto and / or home insurance become due…that could cost more too. All Insurance companies base your insurance premiums on your credit score. So, if you have a low credit score, you will pay higher insurance premiums.

Lets not even talk about if you are in the military, work for a bank, your job requires you to have a security clearance, applying for a new job, trying to relocate, or want to adopt a baby…

The downfall of the residential mortgage industry is having a significant effect on the credit industry. Because of so many bad loans Wall Street is not interested in investing in mortgages.

As a result, we are seeing a tremendous amount of banks going belly up. As of since the fist of the year 129 banks have gone out of business. You can get a list from MortgageImplode.

Keep an eye on your mortgage lender and if they are in trouble, try buying your mortgage back from them at a discount. If you can raise the funds to pull this off, you will have saved yourself a lot of money in mortgage interest over time.

Credit is not the most exciting topic; however, you must guard it with your life. Especially, since the credit score is so unfairly attached to necessary and mandatory resources.

My advice is to keep an eye on your credit. Check it often. If you discover problems try to fix them. Credit repair is not difficult.

As soon as your score begins to rise…don’t forget to call your auto insurance and ask them to recalculate your premium…you will be pleasantly surprised.

Everyone is entitled to receive one credit report a year, from the three different credit bureaus, at no cost. So, go online AnnualCreditReport and check your credit. If you decide to include your credit score, the company is allowed to charge a fee for the credit score.

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If You are Looking for Leeches, Skip the Pond, Go to Your Credit Card Company

If You are Looking for Leeches, Skip the Pond, Go to Your Credit Card Company

Copyright © 2007 Ed Bagley

Two seemingly unrelated stories caught my attention yesterday. One was about corporations stockpiling cash and the other was about consumer savings rates.

Some American corporations really know how to sock it away.

ExxonMobil ended its 2006 first quarter with .5 billion (not million, but billion) cash in hand, according to USA Today, giving the world’s No. 1 oil company more cash than any company in the USA.

Could you even imagine having .5 billion in your savings or retirement account? That is a lot of moolah, or serious money for people in the know.

Microsoft was close behind with .8 billion in cash. Microsoft’s savings were even more significant when you remember that Microsoft paid a billion one-time dividend in 2004 after starting an annual dividend program in 2003.

Johnson & Johnson was a distant third with .2 billion, but even .2 billion is a staggering figure.

Industrial companies in the Standard & Poor’s 500 had stuffed their corporate piggy banks with 2.7 billion by June of 2006. Imagine just the interest a company generates on its retained earnings. ExxonMobil earned 6 million in 2005.

The savings rates of consumers are just the opposite.

In 2005 personal savings rates of consumers moved into negative territory for the first time according to the U. S. Commerce Department.

That means consumers not only spent all of their after-tax income but dipped into existing savings or borrowed money, often with credit cards (the scourge of modern American finance) to cover their spending.

This is a fact that I learned from QSR, which is a trade magazine that covers the restaurant and fast food industry. QRS follows consumer spendable income.

By law other monies evaporate from retirement savings accounts through forced distributions. Your government loves to keep consumers spending so the economy grows, and it could care less whether retirees actually need to withdraw their retirement funds early.

Your government cannot keep its nose out of your business, or its hand out of your pocket.

Credit card companies did very well during this period. CBS reported that in 2004 credit card companies collected billion in penalty charges and other fees, accounting for nearly half of the industry’s billion in profits.

You remember credit card companies. They are the leeches who loan you money when you do not deserve it and then bleed you dry until you cannot stand up straight or pay your monthly bill on time.

Then comes the over limit fee, the late fee and the interest on the remaining balance, all of which is calculated to send you to the poor house faster than a merchant can swipe your credit card for a purchase.

I call credit card companies leeches not to be clever but to be accurate.

A leech is really a worm, many of which are bloodsucking parasites, especially of vertebrates, which include mammals, which include humans. And if you think credit card companies do not suck the lifeblood out of you financially, then you will be forever enshrined as their friend in need of being snookered.

You have no need to go looking for leeches at your local pond, most Americans are carrying eight credit cards around with them every day. The average American family has 8 credit cards according to a 2004 report by FRONTLINE (a PBS-funded web site) and the New York Times newspaper.

Here are a few facts you should know about credit cards:

1) Nearly 144 million Americans have a Visa, MasterCard, American Express or Discover credit card.

2) 38% of those credit card users pay their bill in full monthly.

3) 24% pay only the minimum payment monthly. Do you understand that only one credit card with an outstanding balance of ,000 at 18% interest takes 40 years (yes, 40 years) to pay off if you make only the minimum payment of 2% per month? And that is even if you charged nothing else on the card for 40 years.

4) The average American family carries a credit card debt of roughly ,000.

5) Did you know that a credit card issuer (generally banks) can raise your APR (annual percentage rate) automatically for any of the following reasons: You went over your credit limit on another card, you failed to make a payment to another creditor, or you applied for and received a loan, including a mortgage loan for a house, a car loan or a student loan. I am not making this up and some of you readers know this.

6) Did you know that there are no legal limits on the amount of interest and fees that banks can charge for a credit card because two U. S. Supreme Court decisions permit banks to charge what the market will bear.

This means a credit card issuer could charge you 100% interest, I,000% interest or 100,000% interest. Wipe that mocking smile off of your face and smarten up.

Your U. S. Supreme Court was not thinking of you when they allowed banks no legal limits on the amount of interest and fees they could charge. I suspect some of those highly educated justices own stock in credit card companies, and even if they do not, they should be ashamed to call themselves justices at any level.

That is why Citibank, the issuer of MasterCard and one of America’s banking giants with its tentacles reaching into every financial area, moved to South Dakota which has no cap on interest rates.

Usually credit card issuers move to South Dakota or Delaware because they are states with weak or no “usury laws” which regulate interest rates.

So what does all of this have to do with the price of tea in China? Let us draw a picture for those who cannot connect the dots.

American corporations are doing well at the moment and stockpiling money while the consumers that feed them profits are saving zero dollars and paying high interest rates.

These high rates are charged not only by credit card issuers but by predatory lenders who prey on those most in need who have not done a good job of handling their finances.

To think that your U. S. Supreme Court allows these kinds of practices to continue is pathetic. It is neither just nor reasonable. It is downright cruel and unnecessary and should stop.

I know this article is not flashy and will probably get little attention from consumers who continue to act as if banks are their best friends.

H. L. Mencken figured it out a long time ago when he said “You can never underestimate the stupidity of the American people.” He said it, not me, but I agree with him in regard to the 24% of credit card users who pay only the minimum monthly payment.

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Never Underestimate How Much Credit Reformers Will Accept for a Vote

Never Underestimate How Much Credit Reformers Will Accept for a Vote

Copyright © 2009 Ed Bagley

When I moved from the East Coast to the West Coast in 1973, credit card companies doing business in the State of Washington could not legally charge more than 12% interest on an account. That was because credit card interest rates were subject to the usury limits of the State of Washington; that was the law in every state.

In 1979, the U. S. Supreme Court justices that represented you and me ruled that the state of the lender, not of the borrower, had the sole power to legislate interest rate limits.

South Dakota then eliminated any usury limits, hoping to draw more businesses to its state. The credit card companies flocked to South Dakota and immediately began to increase their interest rates to what have now become unconscionable levels. Federal credit unions are currently limited to charging a maximum of 18% interest, but banks can charge whatever the market will bear.

Many banks currently charge 30% interest for certain accounts, and virtually all banks have default rates that soar to 30% when cardholders use their line of credit and then overcharge their limit, make a late payment, or miss their monthly payment. Credit card providers also have steep fines for any misstep a consumer may commit.

While no one is forcing consumers to apply for and use credit cards, credit card companies have routinely and willfully taken advantage of any consumer misfortune, such as losing their job or being hit with exorbitant hospital bills, to inflate interest rates.

The average credit card balance of many Americans is ,000, either on one card or several cards. A 30% interest rate means the consumer has to pay more than 0 a month in interest alone without reducing the underlying ,000 principal balance by a single cent.

The idea is to put consumers into a position where they have a legal obligation for the rest of their natural lives that they cannot possibly bring to a zero balance even if they stop using their credit card(s) and pay the interest only.

The recent legislation to help curb these abuses sounds better than it is. Yes, there are some restrictions but here is what the bill does not do:

It does not cap interest rates on credit cards, it just slows down the time when the rates can be implemented. Companies will still be able to charge interest rates of 30%, 40%, 50% or 100%, whatever the market will bear.

It does not explicitly cap credit card fees. Are your surprised? Don’t be.

It does not take effect immediately, giving credit providers in many cases 9 months to raise rates and fees on current accounts. Do you really think they will not do so?

It does not limit interchange fees charged to businesses for credit card processing; these fees are passed on to the consumer.

In other words, the bill does not attempt to restrict the most important issues, such as capping the interest rates and fees.

It also does not prevent issuers from finding new fees to boost revenue. Use your card to withdraw money at another bank’s ATM machine, and your credit card provider as well as the bank in question charges a fee. Look for these fees to rise dramatically. So how ridiculous can this get? How about cameras that record if you even look at an ATM machine but do not use it, then you are charged a fee for just thinking about using the machine.

While some regulation of credit card provider abuse is welcome, this current bill is more smoke and mirrors than substantive legislation. Why? Heck, I thought you would never ask.

Here’s why: Credit card providers spread a lot of money around to get a majority of your congressmen to craft a bill that was more favorable to the credit card company than the consumer. Some people call this lobbying; others call it a convenient pay-for-vote system that continues to enrich congressmen and credit card companies at your expense.

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Caught out: Credit Card Providers Sneaking up Balance Transfer Rates

Please note: cards are ranked based on intro rates, then revert rates and have been chosen by best card per company. Interest rates a variable. Conditions, fees and charges may apply.

Sydney, Australia (PRWEB) October 9, 2010

    RateCity reveals balance transfer revert and purchase rates hiked up
    Market for balance transfer rates ‘for life’ almost ends
    The best way to beat the banks with a balance transfer card!

Australia’s credit card providers are pushing up ‘hidden’ interest rates such as ‘revert’ rates on balance transfer cards, according to new findings by Australia’s best financial comparison website RateCity.

The average purchase rate on balance transfer credit cards after the intro period ends (also known as the revert rate) has increased by 3.85 percentage points since December 2007, to 18.39 percent (as at September 15). The average purchase rate on balance transfer cards has also increased, by 2.36 percentage points from 14.80 percent in December 2007 to 17.16 percent in August 2010. (See table below).

This is while the official cash rate has dropped by 2.25 percentage points since December 2007, from 6.75 percent to the current 4.50 percent (as at September).

Damian Smith, RateCity’s CEO, said the most vulnerable credit card users who have an ongoing balance are being stung the hardest by card providers.

“We have found that credit card holders who switch to a balance transfer credit card and keep using the card after the intro period have been hit the hardest with interest rate charges over the past few years.

“While the average introductory rate for balance transfer cards is exactly the same as it was in December 2007, we’ve seen credit card providers push up their interest rates on purchases and revert rates for balance transfer cards quite substantially. These purchase and revert rates, of course, are far less obvious than the widely-advertised balance transfer introductory rate, so consumers have to look carefully at each credit card offer.

“In fact, for a ,000 debt on a balance transfer credit card after the intro period ends, these credit card holders are paying an extra per month than what they were in December 2007,” he said.

Another interesting change is the diminished number of balance transfer cards with a low rate ‘for life’, which means the debt you transfer onto the card will receive a low interest rate with no end period as long as the minimum repayment is met.

“In December 2007 RateCity recorded 84 balance transfer cards with a low rate for life whereas now there are only three including from Suncorp Bank and Citibank,” said Mr Smith.

It’s not all bad news for consumers who have credit card debt according to Mr Smith, as RateCity found that the intro periods for balance transfer credit cards has increased since December 2007, from an average of 6.2 months to almost seven months.

“Consumers now have more time than they did three years ago to take advantage of low interest intro periods and pay down their debts,” he said.

While it has gotten tougher for credit card holders with a debt on their cards, there are still plenty of opportunities to save on interest and pay down your debts for good, according to Mr Smith.

“There are currently 11 credit cards that offer no interest charges for up to six months and if used properly, they are still a great way to save you a lot of money in interest.

“The best way to use balance transfer cards is to pay off as much as you can during the low interest period and don’t use the card to make purchases or cash withdrawals because you are usually charged a lot more in interest for transactions. Once you have paid off your debt, compare the interest rates to what’s on the market and consider closing it for a cheaper card.

“Make sure you read the contracts and all terms and conditions carefully before signing anything,” said Mr Smith.

For Further information please contact:

Michelle Hutchison

Consumer Advocate & PR Manager

Tel: +61 2 8917 8005

About RateCity

RateCity is Australia’s best financial comparison website, where Australians can easily search, compare and apply for over 13,000 financial products – from credit cards to home loans to car insurance – from over 250 institutions. Our job is to take the hassle out of finding the right financial products online – saving our users both money and time.

RateCity is a private company with an AFS Licence (AFSL: 316 710), powered by CANSTAR CANNEX, in partnership with ninemsn.

Disclaimer

To the extent that any RateCity Pty Limited data, ratings or commentary constitutes general advice, this advice has been prepared by RateCity Pty Limited ABN 12 122 743 542 AFSL 316710 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided on and available from this site does not constitute financial, taxation or other professional advice and should not be relied upon as such. RateCity Pty Limited recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser.

Product Disclosure Statement relating to the product should also be obtained and considered before any decision about whether to acquire the product.

Please refer to RateCity’s FSG for more information.

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FreeScore.com Announces the First Online Credit Score Learning Center

Norwalk, CT (PRWEB) October 1, 2010

FreeScore.com, a leading online consumer site providing consumers with affordable and unlimited access to all three of their credit scores and their complete credit profile, announced a new online Credit Score Learning Center. The Learning Center includes educational videos hosted by Carrie Coghill, Director of Consumer Education for FreeScore.com. Each video answers frequently asked questions from consumers about credit scores.

The videos include:

    The Difference Between Hard and Soft Credit Inquiries
    How Is a Credit Score Calculated?
    What Does It Mean to Have 3 Credit Scores?
    The Difference Between a Credit Score and Report
    How Many Times Can Your Credit Score Change Each Year?
    Why Check Your Credit Scores & Reports?
    Who Is More Credit-Savvy: Men or Women?
    Credit Alerts Can Keep Your Identity Safe
    Monitor Both Your Credit Scores & Reports
    Conduct a Credit Check-Up 3 Times Per Year or More
    Can Bad Credit Cost You a Job?

The Learning Center can be one resource to help close the gap on Americans’ knowledge about credit scores and reports.

For example, data from the Third Quarter 2010 FreeScore.com Consumer Credit Score Awareness Survey, which polled 1,000 Americans age 18+, showed the following:

    Just 31% of the population knew a credit score could change 5+ times a year.
    Only 14% of consumers could identify factors that affect their credit score.
    Just 26% of women and 31% of men knew the difference between “hard” and “soft” credit inquiries.

According to Carrie Coghill, “Besides these statistics above, just 37% of respondents knew they have three credit scores. Credit scores are increasing with importance so consumers can make a major purchase, get a credit card, or even a job. The Credit Learning Center empowers consumers by providing a centralized location for them to get information about credit. Once consumers understand the issues, they’re in a much better position to take control of their credit score.”

Users can also e-mail Carrie at Carrie@freescore.com with any questions they have that aren’t addressed by the articles available in the Learning Center.

About FreeScore.com

FreeScore.com is the leading online consumer credit site, providing consumers with affordable, unlimited access to all three of their credit scores and complete credit profile. Launched in 2009 with an award-winning advertising campaign featuring actor, economist, and lawyer, Ben Stein, FreeScore.com has serviced more than 750,000 members. Members have unlimited access to their credit scores from all three bureaus, a complete credit profile, and expert tips, articles, videos and other educational information about credit management. For more information, go to FreeScore.com.

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*The data for the Third Quarter 2010 FreeScore.com Consumer Credit Score Awareness Study were collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.

The articles and information available are for educational and reference purposes only. They do not constitute, and should not be construed as, legal or financial advice. Any legal or financial principles discussed here are for general information purposes only and may differ substantially in individual situations and/or in different states or countries. For specific legal or financial advice, please consult a licensed attorney or a financial professional. FreeScore does not control or guarantee the accuracy of any information provided through external links from the articles on this website to any other website, nor does the FreeScore privacy policy apply to any personal information that may be collected via the external links.

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CAS-MI Laboratories Receives $1.2 Million Tax Credit for Expansion in the State of Michigan

Ypsilanti Township, MI (PRWEB) May 19, 2009

Not all Michigan companies and industries are struggling during these challenging economic times. In fact, some are thriving and expanding, much to the delight of the state and local economists. Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation is supporting CAS-MI Laboratories’ new Innovation Center that will help entrepreneurs and established companies create new specialty chemical products from concept to commercialization. Based on the MEDC’s recommendation, the Michigan Economic Growth Authority approved a state tax credit for CAS-MI valued at .2 million over 10 years.

CAS-MI Laboratories is an independent testing laboratory specializing in paints and coatings, plastics and polymers, and adhesives and sealants. Due to the company’s recent growth, expansion opportunities were explored in both Michigan and Missouri, where the company headquarters is located. However, the MEGA tax credit, in addition to the support of Ypsilanti Township, encouraged the company to expand near its current location. The credit will be awarded over 10 years and is aimed to help CAS-MI invest in the state’s economy. CAS-MI Laboratories will use the tax credit in its efforts to expand its analytical and product development services.

This tax credit will help fund the expansion of CAS-MI’s new Innovation Center. As the first order of business, CAS-MI and the Innovation Center will be moving from two facilities, one at Eastern Michigan University and another property near the campus, to a newly purchased 11,000 square foot facility in Ypsilanti Township. CAS-MI plans to invest millions of dollars in building renovations, new equipment and state-of-the-art technology over the next five years. To further support local business, it will hire Michigan contractors with skilled labor to expand and modify the new facility.

The company currently employs eight people, but plans to add ten more jobs by end of 2010. By 2014, the company expects to employ more than 60 people. CAS-MI has a long history of hiring from the southeast Michigan area, including students and graduates from Eastern Michigan University. CAS-MI will continue its dedication to hiring locals by engaging employees in technical, professional and clerical roles.

“We’re thrilled to partner with the state of Michigan on job creation and expansion of technical services,” said David W. Riggs, PE, President of CAS-MI Laboratories. “We are especially excited about our Innovation Center’s potential to attract more entrepreneurs to our state.”

The new Innovation Center will help entrepreneurs and established companies create new specialty chemical products from concept to commercialization. Already, the Innovation Center has partnered with the award winning Idea Paint, which is a dry erase coating that can be applied to any surface just like regular wall paint. The CAS-MI Innovation Center helped formulate this start-up’s high-performance dry-erase coating, coordinated supply chain management, toll production and beta testing.

CAS-MI’s new location in southeast Michigan will also enable a partnership with Ann Arbor SPARK, a proven business incubator. “I am delighted to invest in this region of high-tech growth” says Shri Thanedar, Ph.D., Chairman/CEO of CAS-MI Laboratories. “The strong business development and entrepreneurial resources of the region were a deciding force in our commitment to expand in Michigan.”

About CAS-MI Laboratories

CAS-MI Laboratories solves problems for the paints, coatings and polymer industries by providing independent product testing and chemical analysis. Troubleshooting services include deformulation (reverse engineering), contaminant identification, failure analysis and materials testing. The CAS-MI Innovation Center offers formulation services, scale-up assistance, regulation support, toll production and beta testing. CAS-MI Laboratories also specializes in litigation support and consulting, with expert witness services for issues involving paints, coatings, polymers, plastics, coatings, adhesives, sealants, elastomers and more. For more information visit www.cas-mi.com.

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Bad Credit Florida FHA Loans down to a 530 FICO

Bad Credit Florida FHA Loans down to a 530 FICO

Bad Credit FHA Loans down to a 530 FICO

Bad Credit FHA Purchases (Min 530 score)

12 months cancelled checks or Management VOR Must have 3 open and active tradelines for last 12 mths Payment shock limited to 1.5 times 35/45 Max DTI No late’s or collection in last 12 months NO late’s after BK

http://www.fhamortgagefhaloan.com/

 Bad Credit Florida Mortgage Lender

Getting a Bad Credit Florida Mortgage with Bad Credit isn’t as easy as it was a year or two ago. However, it isn’t as impossible as some news reports make it seem. Even Floridians with bad credit reports which reveal past financial sins still sometimes get to the promised land of mortgage approval. Most Home Buyers and Refinance clients do so with the help of a skilled and experienced Florida mortgage lender who specializes in Florida bad credit home mortgages.

If you have what is known in general as bad credit, and you are trying to obtain a home loan in Florida, then we encourage you to work with an experienced Mortgage Lender with a record of funding even the most difficult loans.

At 1st Continental Mortgage, we have been helping borrowers with bad credit find the right lenders, gather their loan documents, and present complete loan packages to lenders for over a decade. Our technique really comes down to understanding what a underwriter is looking for and putting together a complete and thorough loan package.

For some borrowers, it’s the only way to get a lender to say yes to a home loan. This is especially the case for a borrower with bad credit mortgage issues.

At 1st Continental Mortgage, we know that a temporary set back like a job loss or car accident can leave you with damaged credit even though you have worked hard to meet all of your financial obligations for most of a lifetime. This episode can affect credit ratings quickly and adversely affect the loan process when applying for your Fl home mortgage.

We feel the borrower with less than perfect credit is the one who benefits the most from working with an experienced Florida mortgage lender. A good Florida mortgage lender knows which lenders have the best programs for borrowers with poor credit and knows how to present an application truthfully and ethically in the strongest light possible. No, we won’t exaggerate or misrepresent the facts on your behalf; however, we will work to properly represent you and explain why the situation you are in exists.

Your credit report is the key factor for many of the mortgages we offer, but it is not the only factor. With an experienced Florida Mortgage professional from 1st Continental mortgage working on your behalf, you may be pleasantly surprised at the bad credit home loan quote you get from our network of quality Florida lenders.

We can help you take an objective look at your home loan options regardless of your past credit history. Our experienced loan officers are very skilled at examining your credit report. And our Florida bad credit home loan specialists are happy to offer you free advice on how to clean up your credit report in preparation for your home loan process.

For some bad credit mortgage applicants, the hardest lifting takes place weeks before the mortgage application. It’s never too soon to call 1-800-570-0448 to speak to one of our mortgage officers. If you have a weak credit report but want to get a mortgage or refinance your existing one, now is the time to get started. Use our quick application to find out more.

At 1st Continental Mortgage, we have excellent rapport with many lenders who underwrite and service their own loans in house. Because they don’t resell the loans they originate, these lenders can say yes to a borrower when banks that are more conservative have said no.

It’s actually better for borrowers with bad credit right now than it was before 1990. Before 1990, if a borrower did not qualify for a conventional or government loan, he or she was out of home loan options. The emergence of lenders willing to serve those with poor credit has been a godsend for the borrower who recognizes that a bad credit home loan is a temporary loan.

Used properly with good financial planning, a subprime home loan serves the bad credit borrower for 2-4 years while he or she demonstrates the discipline to pay financial obligations on time. Once the healthier financial pattern yields a higher middle credit score, the borrower can apply for a government insured FHA home mortgage or a fixed rate conventional mortgage.

Even for mortgage borrowers with bad credit, 1st Continental Mortgage has found ways to secure financing for a decade.

30 year fixed rate mortgages for persons with damaged credit to purchase homes; Fixed rate mortgages with one, three, or five year Interest Only periods; Limited opportunities on loans for purchasing or refinancing single and doublewide Mobile Homes on land for buyers with low FICO scores in Polk County and the other Florida counties we serve; A range of Jumbo and Super Jumbo home loans for those borrowers seeking to purchase executive homes

Don’t let credit dings prevent you from applying for a mortgage from one of Florida’s fastest growing mortgage lenders. Call 1-800-570-0448 or apply for a Florida bad credit mortgage online using our quick application right now!

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Great News for Employers and Job Seekers: No Credit Card Required for this Job Search Site

Plymouth, MA (PRWEB) May 11, 2009

A new, 100% free job posting site for employers and job searching site for job seekers being launched to help millions of people find work, launches. 2 Entrepreneurs announce the launch of a new job posting website at http://www.LotsofJobs.net.

Corporations and recruiters can now quickly post jobs and job search candidates can easily post resumes and search for jobs. While most employment, career and job search sites ask for a credit card and offer no-cost trials, www.LotsofJobs.Net offers the same services at no charge LotsofJobs.Net is encouraging employers and job applicants to post their jobs and resumes on the website to become part of the historical launch of what will likely become the largest job posting and job search web site in the world.

Citing that the move is right for the times, officials of the company said that they could not have picked a better time to launch the free job posting, resume posting, job search web site. People who are looking for jobs often feel strapped for money and do not want to pay per month for the employment web sites with monthly subscription fees and resume posting fees. Hoisington states that companies regularly pay upwards of 0 to post jobs on the well-known employment sites while their HR budgets as well as marketing and advertising budgets are getting slashed; making the paid-for job posting sites less attractive in our current economic climate.

Dave Hood and Chip Hoisington met more than 18 years ago while working for a large retailer. Both were extremely entrepreneurial and both went on to start their own companies. While always keeping tabs on what the other one was up to, they kept each other motivated and knew that someday they would probably launch a business together. The company philosophy is to work hard and have fun, as evidenced by one of the company’s development teams at www.insitecreative.com, whom the two entrepreneurs said they had a lot of fun working with during the development.

Hood states that matching candidates to employers should not cost money for either party. Preliminary reviews of the site indicate a very user-friendly easy portal in which employers and candidates feel immediately comfortable navigating the site. www.LotsofJobs.Net expects to be the most widely used job match service in the world.

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Florida FHA home loan MINIMUM CREDIT SCORE = 530

Florida FHA home loan MINIMUM CREDIT SCORE = 530

Florida FHA home loan MINIMUM CREDIT SCORE  =  530

http://www.fhamortgagefhaloan.com/

FHA guarantees “eligible” Florida loan applicants the ability to obtain Florida mortgages with No money or Little money down .FHA loans feature low down payments and flexible guidelines to make it easier to for Florida homebuyers to qualify! FHA loans are popular with Florida first time home buyers but they can be equally attractive to Florida move-up buyers and Florida homeowners looking for a home improvement loan. With an FHA loan you can borrow up to 97% of the purchase price of the Florida home. Please keep in mind that the FHA home loan will be based on the homes purchase price or the appraised value.

Florida FHA home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase Florida home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs. Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs. Easier Credit Qualifying Guidelines such as: No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application to find out more about the many FL mortgage programs we can make available. Or Apply now for a FL FHA home loan.

http://www.fhamortgagefhaloan.com/

When analyzing a Florida mortgage applicant credit report, it is important to focus upon the general pattern of credit behavior rather than isolated occurrences of late payments.  Often times, Florida mortgage applicants will experience a period of financial difficulty in the past and does not necessarily translate into an unacceptable risk.  Reasonable explanations of the credit derogatory and evidence of offsetting factors (such as a new job or promotion with greater stability and pay, for example) will be necessary.  All derogatory credit information must be explained, in writing, by the borrower.

The following is a brief synopsis of the credit underwriting guidelines for FHA mortgage loans:

Lack of credit history:  If a Florida mortgage applicant does not have a minimum of 3 trade lines on their credit report, alternative forms of credit may be used.  This would include items such as auto insurance payment history, utility bills, etc. 

Included credit obligations:  Any installment loan (e.g. student loans, car loans, etc.) with less than 10 months remaining does not need to be included when qualifying for a FHA home loan.  However, consideration is given to a large debt of over 0 a month, regardless of the number of months remaining.  Furthermore, payments on auto leases with less than 10 months must be included in the qualifying ratios.  The minimum payment on all revolving accounts (i.e. credit cards) is also factored in.  If the borrower has an open revolving account without a balance, per open account should be included when qualifying. Any loan where the borrower has co-signed for another party is included with their debts unless the borrower can prove that the the other party has made the payments on their own for a minimum of 12 months.

Chapter 7 Bankruptcy:  FHA requires a minimum of 2 years since the discharge of the bankruptcy.  An explanation of the bankruptcy will be required.  Furthermore, the borrower should have re-established credit (i.e. secured credit card) with no late payments.  

Chapter 13 Bankruptcy:  FHA will consider a borrower still paying on a Chapter 13 bankruptcy if the payments to the court have been made for a minimum of 1 year in a satisfactory manner (as verified with the courts) and with the approval of the court trustee.

Federal Debts:  A Florida mortgage applicant is not eligible for a FHA loan if he/she is delinquent or in default on any federal debt (such as a HUD or VA mortgage, student loans, SBA loans or a tax lien against his/her property).  Borrowers can become eligible by bringing any delinquent accounts current, making satisfactory repayment arrangements with the creditor (generally a 3 month history will be required), or paying the account in full.

Judgments:  Judgments must be paid or have 12 months of arranged payment history

Collection Accounts:  Collections do not need to be paid  (LOX) needed

Foreclosure:  A borrower who has had a property foreclosed upon, or who has given a deed-in-lieu of foreclosure within the previous 3 years, is generally not eligible for a FHA home loan.  However, if it was the result of extenuating circumstances beyond the borrower’s control (such as the death of a spouse, loss of employment, or serious long-term illness, etc.) and the borrower has since re-established good credit, an exception may be granted.  However, extenuating circumstances do not include the inability to sell a house when transferring from one area to another.

Non-purchasing Spouse:  If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower’s credit obligations and used to determine the financial capacity of the borrower.  Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property.    

To Learn more about FHA financing visit the links below   

Florida facial plastic surgeon, David C. Pearson, MD, explains rhinoplasty (cosmetic plastic surgery of the nose) in this illustrated video of the procedure. ©2007 Pearson Facial Plastic Surgery (www.pearsonfaces.com)
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Louisiana Film Tax Credit Program Deserves Legislative Support

Louisiana Film Tax Credit Program Deserves Legislative Support

Fortunately most Louisiana lawmakers, including Governor Bobby Jindal, see the tax credits as an important part of the state’s economy and are pushing to extend the program. Jindal has said that he will support extending the current 25 percent level of movie tax credits for 2 more years and 5 years on infrastructure credits. Jindal also supports eliminating the 2009 deadline for The Digital Media Production Tax Credit, a program for the development of video games, animation and special effects.

And since lawmakers seem to agree on continuation the debate shifts to the question of what the future should look like for the tax credit program? Among the factors being discussed during the debate over the future shape of Louisiana’s film incentive program are:

* Incentive structure

The Louisiana Motion Picture Act created allows out of state film producers to earn tax credits on their qualified Louisiana based production and labor costs. These tax credits can be converted into cash and help make Louisiana based film productions more lucrative for producers and investors. The percentages and uses of tax credits are something the legislature will carefully consider to ensure the program remains competitive.

* Financial impact of the film industry

The film industry has become a major economic engine for Louisiana. The state film office reports that Louisiana has taken in more than billion in revenues and over 0 million in payroll alone generated by film and TV productions between 2002 and 2008.

* Development of key film support infrastructure

As more film productions continue to take place in Louisiana a strong infrastructure of film related services has taken root all over the state. These include post production services, staffing, finance and even specialty education programs can now be found throughout the state.

* Impact of a worsening economy

Like most states, Louisiana faces a budget shortfall for 2009. Decreases in state revenues make it harder to expand tax incentives in a down economy. However the potential decrease in jobs or revenue from film and TV productions is of more concern to state officials.

* Increased pressure from other states

Given the success of Louisiana’s film program other states are now trying to compete in this sector and have begun offering incentive packages of their own. States like Georgia and Michigan have “upped the ante” by setting tax credits at higher levels than have previously been done before. There is great debate in those states as to whether or not this is financially sustainable but the net effect has been greater competition.

FBT Film and Entertainment would like to see the film tax credits extended in their current state. While other states have created programs with deeper discounts Louisiana has many other factors which help to level the playing field including unique locations, strong film infrastructure, a highly trained workforce and ongoing support from state and local officials.

Rep. Charles W. Boustany, Jr., MD (R-LA) appears on MSNBC with Tamron Hall to talk about the impact of the President’s moratorium on Louisiana jobs. Thousands of Louisiana workers’ jobs will be lost if the blanket moratorium remains in place.
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