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| Ray Repage - 703.587.0542 |
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I can help you get the best price possible
on the property you want and need. ~ Ray
SURVIVING THE CREDIT CRUNCH |
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After the mortgage meltdown, lenders are cracking down on home equity loans, causing consumers to turn to credit cards as a lending source. Credit card debt and delinquencies are on the rise. Credit card companies, feeling the brunt of delinquencies, are cracking down on credit, increasing interest rates and credit card fees, and decreasing credit limits.
1. Verify the status quo: Check not only the interest rate on your account, but the credit limit and the grace period. Issuers sometimes shorten grace periods on accounts that aren't generating much revenue.
2. Avoid 'atypical' activity : Consumers spend in patterns, so any atypical moves could cause a drop in your credit score and attract scrutiny from your issuer.
3. Keep up the good payment history : Always pay on time, keep balances low and pay them off every month, if possible. The higher your balances, the riskier you look. Keeping balances below 30 percent of the credit limit -- even if you pay your balances off every month -- will help you stay under the radar.
4. Don't neglect other bills : Utility companies and other service providers sometimes report payment information to the credit-reporting companies. An unpaid medical bill, for example, could wind up as a derogatory item on your credit report, bringing down your credit score.
5. Check your credit reports : Make sure your credit reports contain accurate information, because inaccurate, derogatory marks could damage your credit scores. Pull a different report every four months from one of the three major credit-reporting agencies. You're entitled to a free credit report from each bureau every 12 months.
6. Plan ahead if missing a payment : If you know you're going to miss a payment, don't wait for a collector to call about the delinquent debt. Contact your issuer in advance to see if you can work out a payment plan. Call your issuer to explain why you're going to miss a payment. Emphasize your good payment history and say that while you don't want to see your interest rate skyrocket, you aren't trying to skip out on the bill. Ask if a payment plan could be arranged.
7. Read 'junk mail' from your issuers : People who don't open correspondence from their issuers may get rude surprises. According to the Truth in Lending Act, an issuer has to give only 15 days’ advance written notice before taking an adverse action -- an undesirable change to the terms of your card agreement. Read anything that comes from your issuer, and if you pay your bills online, set up e-mail alerts that will notify you when you get close to your credit limit.
For more information contact us.
All personal and financial information will be kept in the strictest confidence. |
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ENOUGH OF THE DOOM AND GLOOM! |
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Enough of the doom and gloom forecasters predicting the end of happiness,
the end of the dollar, the onset of starvation, the collapse of all global markets, and the domination of China, take a moment to observe the other sector.
They see that the powers that protect their checking and savings accounts have not fallen into the void, and that their deposits are now insured for up to $250,000, which even these days is not chicken feed.
And they see that certain stocks seem to have
hit a floor and are now trading at very attractive multiples. And they perceive that not every single financial entity has failed.
And they see that while many people have been shattered, others are still walking around and drawing breath, and that these folk continue to shop, purchase cars and homes -sometimes for quite attractive prices - and attend very expensive colleges.
You have a choice: to live with those who wait for the end in terror, or to strike out for the future alongside those who are brave enough,
or simply too naive, to relinquish all hope. |
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