What Is Your Credit All About? – Part II
Last week we discussed the importance of having a good credit score. This week I am going to discuss something that a lot of people don’t consider that also affects your credit sore and that is something called inquiries. Every time you allow someone to pull your credit report, you are adding another inquiry to your report. These inquires remain for 120 days and can have negative implications. Read the rest of this entry
What Is Your Credit All About?
Understanding how your credit works is vital in today’s world. Nowadays, it seems that your credit matters more than how much cash you have in the bank. So here is a summary of what it’s all about. The three big credit agencies are Experian, Equifax, and TransUnion, also known as repositories. Each agency uses a scoring system from the information reported to them about consumers. TransUnion’s uses what is called a Vantage Score, while Experian and Equifax is FICO or Beacon. Within these agencies there are three types of credit reports that can be pulled. Read the rest of this entry
MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION
HAPPY NEW YEAR!!!! In the early morning hours on January 1st, 2013, an extension of the Mortgage Debt Relief Act of 2007 was passed by the Senate and many are hopeful will also be passed in the House by today. The legislation dealt with many issues, but relevant here is the amendment they made to the 2007 Act by striking the expiration date of “January 1, 2013” and inserting “January 1, 2014”. Without this extension, any debt forgiven by a lender due to a short sale, modification, or deficiency waiver would be considered taxable. Read the rest of this entry
Developing Family Heirlooms, traditions and Values Heirloom: A valued possession passed down in a family through succeeding generations, something of special value handed on from one generation to another, an object that has been in a family for generations. Read the rest of this entry