Tag Archives: Loan

CREDIT 101.1a quiz answers


Thank you to all who contributed to this post and for having some fun with the comments. Below you will find the answers to the quiz. What I want and hope is that you will consider your credit and the value it has on your finances. I will continue to post on this topic in the future. In the mean time here is the greatest link to the most informative site I  know on this topic. Go there and use it! It is a great resource!       WWW.CREDITFAIRY.ORG     Please give me some feed back on this resource. Do you have one we should know about?

1. It is impossible to change what’s in your credit report.
False

Correct! Inaccuracies, errors, out of date information canbe fixed with the credit bureaus. Accurate negative information (late payments, delinquencies, etc.) less than seven years old cannot be magically “erased” from your report, but you can begin to rebuild your credit by making positive financial choices going forward.

2. You have to make a lot of money to have a good credit score.
False

Correct! Your income is not included as part of your credit score or credit bureau report.

3. Paying cash for every purchase hurts your credit.

True

Correct! If you do not have any established sources of credit—credit cards, loans, etc.—lenders will actually consider you a credit risk. Paying your bills on time, using varied sources of credit and building a long credit history can bolster your credit score. Consider taking out a small loan and paying it off quickly or opening a new credit card and paying your charges off each month to help boost your score.

4. You have multiple credit scores.

True

Correct! You actually have at least four credit scores! Each of the three credit bureaus—Experian, Equifax and TransUnion—calculates your credit score based on their own information and data, in addition to calculating your FICO score based on their own information as well.

5. It takes 7 years to fix a poor credit score.
False

Correct! Negative credit items like late payments, defaults or delinquencies do remain on your credit report for seven years on average. However, you can begin to rebuild your credit score almost immediately by adding positive items (like on-time payments) to your credit history, thereby diluting the effect of past negative items.

6. Keeping old credit card accounts open can improve your credit score.

True

Correct! Length of credit history accounts for at least 15 percent of your overall credit score, so if you have a number of credit cards and decide you want to close one, selecting the card with the longest history is not the best choice. Payment history accounts for up to 35 percent of your score, so make sure you keep the cards you’ve had the longest, and pay them on time every month. The longer you’ve had a card with a good payment history, the better!

7. When you get married, your credit score is merged with your spouse’s.
False

Correct! Your credit history is unique to you…forever. However, if you apply for joint credit (car loan, home mortgage, etc.) with your spouse, both credit histories will be reviewed. If one of you has a negative credit history, it can affect whether or not you will be approved for the loan and its terms.

8. Checking your credit report can hurt or lower it.
False

Correct! You have the right to check your credit report anytime; this is called an “administrative inquiry” and it does not affect your credit score. However, too many inquiries made by potential lenders over a twelve month period canlower your score, so be careful about opening too many cards or applying for too many loans in one year.

9. Credit scores and credit reports are two different things.

True

Correct! Your credit report is a comprehensive listing of all your current and past credit cards, loans, and other personal financial data. Your credit scoreis a number calculated from the data in your credit report and other information, like checking accounts.

10. Bankruptcy is a “fresh start” for troubled credit.
False

Correct! Bankruptcies are reflected on your credit report…so while you won’t owe any outstanding debts anymore once you have filed for bankruptcy, the bankruptcy itself will still have a negative impact on your overall credit score.

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Filed under Current events, Financial opinons, Life, Marriage

W.T.F. a fourth bureau?


STOP!  PAY ATTENTION!  This is some serious shit that i am about to drop in your lap. I’m going to give you a few minutes to put the kids to bed, turn off the T.V. get your glasses and a pen and paper. Well are you ready? Let’s focus… This is a preliminary post with more to follow as i continue to research this craziness. Any finance or accounting  pros out there please help us out with any info you can share. We all know about the 3 major credit bureaus, Equifax, Trans union, Experian. But you might not know that there are other CLANDESTINE companies who track the rest of your life.(collectively they are known as the FOURTH BUREAU). These companies sell that information to lenders, landlords, employers and even health care providers with out your knowledge or consent. These companies gather data from sources as varied as payday loans, magazine subscriptions, cable subscriptions, utility bills, auto warranties, also purchases of prepaid cards, visits to payday lenders, plus rent-to-own furniture stores, gym memberships, rent payments and cell phone bills. WAIT a f*****g new york minute. Are you listening to the words that are coming out of my mouth. These companies know whether your checks have cleared. WHAT! and they scour public records for mentions of your name. SON-OF-A-BITCH this pisses me off!  These companies unfairly use your data to draw potentially harmful and unreliable conclusions about your credit worthiness and your ability to pay.  Five – facts about the fourth bureau: (One). The fourth bureau collects what the big three don’t. There is no industry standard for the type of data that can be used in the fourth bureau. (Two.) 30-70 million U.S. consumers or more do not show up in the big three or have thin credit histories. Ahhhhh let’s think about this for a minute, i wonder who these people could be that are being targeted by these mother f******g vultures. Come on you have been following my blog for a while you know this answer come on its easy. IT’S THE YOUNG STUDENTS, IMMIGRANTS, MINORITIES OR LOW – INCOME CONSUMERS. Surprise, Surprise. (Three.) Fourth bureau data can help you qualify for a loan or better rate – or NOT. For consumers outside the big three, the data in the fourth bureau can help them establish a track record that proves they are financially responsible. Showing that you’ve paid other bills on time may help persuade banks to lend you money. But not all of them are willing to accept the data in place of a traditional credit history. On the other hand, if you have been late on your bills, it may come back to haunt you even if your record at the big three is clean. (four.) You may be charged a fee to look at your records. You can be charged as much as $11.00 for your file. However, anyone who hs been denied credit or gotten a bad interest rate  can get one free report . (five.) No one knows how accurate the reports are.
Federal regulations do not always require companies to disclose when they share your financial history or with whom, and there is no way to opt out when they do. No standards exists for what types of data should be included in the fourth bureau or how it should be used. No one is even tracking the accuracy of these reports. That has created a virtually impenetrable system n which consumers, particularly the most vulnerable, have little insight into the forces shaping their financial futures.
Now it’s your turn – comment ,offer some advise, provide some research, MAKE SOME NOISE DAMN IT!

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Filed under Current events, Financial opinons, Life, Uncategorized

Mafia or Western Sky Financial


I choose the Mafia they have much better terms on their loans then this bunch of criminals. Your ass will be left bleeding after this company gets through raping you. Take a look at this rates chart from westernsky.com

Lets do the numbers. You borrow $2,600.00 but you actually get $2,525.00 because these sons a bitches are not satisfied with the 140% interest on the loan, they also want $75.00 as a loan fee. They tell you that the monthly payments on the loan are only $298.94 per month. And since you are in need of the loan this monthly payment looks manageable to you. But STOP!  Look at the whole picture, Those $298.94 monthly payments are for a 36 month term. That’s 3 years! You are obligated for $298.94 x 36 months for a total of $10,761.84  Thats $8,311.84 in interest that you paid on just $2,525.00 you originally borrowed. This company has just robbed you with out a gun, they screwed you and did not even give you a kiss first. PLEASE TELL ME YOU SEE AND UNDERSTAND THIS.  Also consider the fact that all loans will be subject solely to the exclusive laws and jurisdiction of the cheyenne river Sioux tribe, cheyenne river indian reservation. All borrowers must consent to be bound to the jurisdiction of the Cheyenne river Sioux tribal court, and further agree that no other state or federal law or regulation shall apply to this loan agreement. WHAT!  i can’t even stop laughing at your dumb ass if you still deal with this company after reading the last paragraph.

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Filed under Financial opinons, Life