December 30, 2006

“Overcoming Humiliation…While Dying A Little With Each Event…With Challenged Credit”

Adventures At The Local Car Dealer, a story by Dale

Barry and Jessica had some scrapes created through job changes and loss time job injuries. No one ever expects it, but life is messy.  Now with credit scores just hovering in the low 500 FICO range Barry and Jessica needed to buy a new truck for his work as a pest control inspector. The company pays mileage and per diem for the use of employee owned vehicle but the job requires driving a newer vehicle with a removable magnetic advertising for curbside appeal and company image. The pay was good based on a salary plus commissions on sold jobs. Barry and Jessica owned their own home that they had purchased five years before and have very little equity due to a cash out refinance three years ago. With the current pressure to buy a new truck for work, Barry and Jessica set out for a local car dealer who had sent them an invitation. With the just received flyer in hand, which touted they had been pre-approved to buy a vehicle even with bad credit, they drove to the car dealership which featured almost new late model vehicles. The company was encouraging the purchase of at least an American named truck to offset any customer prejudice against foreign named vehicles. The company figured the sales rep would get a no just based on the make of the vehicle they were driving before ever setting foot on the property. So driving the older truck Barry had been used in his work, he and Jessica set out to the dealer. The truck did not have any rust but was showing it’s age. Barry and Jessica were hopeful of a good trade-in value even with over 80,000 miles. Used trucks had been selling well in the area. (more…)

Free Online Seminar

Filed under: Credit Repair Seminar

I thoroughly enjoyed the program.  It was very informative.  Thank you, Bob (more…)

Credit Report Late Payments….Correct?

How can I remove a 30 day / 60 day late from a credit report?

Jules (more…)

December 29, 2006

Opinions Vary

Below are some comments submitted by Jim.  I can’t say I agree with everything he wrote, but in the spirit of democracy in this holiday season, here ya go… (more…)

December 28, 2006

What’s Happening To The Mortgage Blog?

Filed under: Mortgage

What’s happening to the mortgage blog?  A relative newcomer to the blog scene, please forgive the Broken Credit Blog’s momentarily superfluous use of the word blog.  Blog, blog, and mortgage blog – there, I said it!  Enough shameless promotion and SEO induced indexing of the word ‘blog’.  The rant of a madman in charge of a mortgage blog!  Actually, it’s a credit blog, but perhaps if I say mortgage blog enough then it will start showing up in searches for ‘mortgage blog’.  Seriously folks, please allow me to make a few points about how the mortgage blog canvas has changed in the past few months and in the process, I’ll list a few of the blogs mortgage blogs I read. (more…)

Cease Communication – A Warning To All

Filed under: Collections

What happens when you send a creditor a cease and desist letter and they replay back with a summons to appear in court? The summons is real, I’ve called the county clerk, but they are a third party trying to collect on a debt and I have no contract with them. What do I do? Do I go to court and settle, if not I could face a potential judgment or do I hire a lawyer?

Tanya (more…)

Your Access To Free Credit Reports

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies. (more…)

December 27, 2006

Date of First Delinquency

Does a creditor or collector have to enter the date of first delinquency in an entry on your credit report? If not, how can you tell when the 7 year period expires?

Len (more…)

Foreclosure Included In Bankruptcy

I was laid off for a number of months and we had to do a bankruptcy and foreclosure.  The lawyer said the Foreclosure was included in the Bankruptcy, and was one of the major items in the Bankruptcy. 

Now we have seen about applying for Mortgage loans, and are being told, its showing the Bankruptcy and the Foreclosure, and all the places are saying that they are hearing the same thing from lots of people.

One person said to call the credit agencys, and it they can fix it and show the foreclosure under the bankruptcy, so we only have the one bad mark, and not as two bad marks on our Credit report?

Will that work, or will we have the two items for the next 6 years (Happened about a year ago).

Dale (more…)

December 26, 2006

Adjustable-Rate Mortgages

Filed under: Mortgage,Real Estate

“If housing prices fall, your home may not be worth as much as you owe on the mortgage. Also you may find it difficult to refinance your loan to get a lower monthly payment or rate”.

Page 23 of FRB Consumer Handbook on Adjustable Rate-Mortgages
Released Today, December 2006
(source=federalreserve.gov/pubs/arms/armsbrochure.pdf)

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