Feb
28
How much mortgage debt is there in the USA?
Filed Under Credit | Comments Off
PrimeConcern asked:
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.
Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.
Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.
PABLO
Feb
18
FAQ about the credit score and credit limit (whats my credit score)
Filed Under Credit | Comments Off
Shane Lee asked:
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, credit score and credit limit, etc.
1. How many credit cards should I have?
The number of your credit cards has no impact on your credit score. You can still keep those credit cards that you don’t want to use. If you cancel these credit cards, the length of your credit card history will be affected. This will have a negative impact on your credit score.
2. Is the credit limit the higher the better (for the credit score)?
Generally, if a credit card have a high credit limit, its “use of credit” will be low. This will have a positive impact on your credit score. Another good thing about the high credit limit is that you can get a better credit limit if your average credit limit (from your credit report) is high when applying for a new credit card. In the old days, the banks did not like loan applicants with a high credit limit, especially when you applied for the housing mortgage. But they do not care about this issue now.
3. How to raise my credit limit?
(1). You can call your bank or credit card company to ask for an increase on your credit limit every 6 months. (you will have a better chance to get an increase if you just returned a big amount of money recently)
(2). You can ask for an credit limit increase if you are planning to buy big stuffs (like computer, DC, DV, etc).
(3). Use the credit cards from MBNA, AMEX, CHASE or PROVIDIAN. These credit card companies are generous with their credit limit.(you can get more “whats my credit score” info from our site)
4. Do I get a inquiry in my credit report if I ask for a credit limit increase?
You can ask your credit card companies’ customer representatives about this issue. Generally, If it is a pre-approved application, there will be no inquiry to your credit report. If you will need to fill out lots of forms, this credit limit increase application will probably put a inquiry to your credit report.
5. I don’t spend a lot of money with my credit cards. How to produce some balance in my credit cards’ bills?
(1). You can help your friends to buy big stuffs. (with your credit cards)
(2). Pay your tents with the balance transfer checks (from the credit cards with no transaction fee).
(3). Do some balance transfer (BT) if there is no transaction fee for your credit cards’ BT service.
(4). Pay minimum during the “0% APR on purchase” period. (you can get more “whats my credit score” info from our site)
6. What is the best rate for “balance / credit limit” ?
Actually, what matters for your credit score is the “total balance / total credit limit”. 1-2% is the best rate for you to improve your credit score. If you use more than 50% of one credit card’s credit limit, this will have a negative impact on your credit score. If you are planning to apply for the housing loan or car loan recently, you can increase your credit score by decrease your balance of your credit cards. Your credit score can be improved significantly by controlling this “total balance / total credit limit” rate. (you can get more “whats my credit score” info from our site)In my point of view, the credit score is not that import for you, especially when you are not planning to apply for the housing loan or car loan. You don’t need to care about this too much when making purchases.
By Shane Lee. Date: 05/27/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article’s source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.
RUFUS
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, credit score and credit limit, etc.
1. How many credit cards should I have?
The number of your credit cards has no impact on your credit score. You can still keep those credit cards that you don’t want to use. If you cancel these credit cards, the length of your credit card history will be affected. This will have a negative impact on your credit score.
2. Is the credit limit the higher the better (for the credit score)?
Generally, if a credit card have a high credit limit, its “use of credit” will be low. This will have a positive impact on your credit score. Another good thing about the high credit limit is that you can get a better credit limit if your average credit limit (from your credit report) is high when applying for a new credit card. In the old days, the banks did not like loan applicants with a high credit limit, especially when you applied for the housing mortgage. But they do not care about this issue now.
3. How to raise my credit limit?
(1). You can call your bank or credit card company to ask for an increase on your credit limit every 6 months. (you will have a better chance to get an increase if you just returned a big amount of money recently)
(2). You can ask for an credit limit increase if you are planning to buy big stuffs (like computer, DC, DV, etc).
(3). Use the credit cards from MBNA, AMEX, CHASE or PROVIDIAN. These credit card companies are generous with their credit limit.(you can get more “whats my credit score” info from our site)
4. Do I get a inquiry in my credit report if I ask for a credit limit increase?
You can ask your credit card companies’ customer representatives about this issue. Generally, If it is a pre-approved application, there will be no inquiry to your credit report. If you will need to fill out lots of forms, this credit limit increase application will probably put a inquiry to your credit report.
5. I don’t spend a lot of money with my credit cards. How to produce some balance in my credit cards’ bills?
(1). You can help your friends to buy big stuffs. (with your credit cards)
(2). Pay your tents with the balance transfer checks (from the credit cards with no transaction fee).
(3). Do some balance transfer (BT) if there is no transaction fee for your credit cards’ BT service.
(4). Pay minimum during the “0% APR on purchase” period. (you can get more “whats my credit score” info from our site)
6. What is the best rate for “balance / credit limit” ?
Actually, what matters for your credit score is the “total balance / total credit limit”. 1-2% is the best rate for you to improve your credit score. If you use more than 50% of one credit card’s credit limit, this will have a negative impact on your credit score. If you are planning to apply for the housing loan or car loan recently, you can increase your credit score by decrease your balance of your credit cards. Your credit score can be improved significantly by controlling this “total balance / total credit limit” rate. (you can get more “whats my credit score” info from our site)In my point of view, the credit score is not that import for you, especially when you are not planning to apply for the housing loan or car loan. You don’t need to care about this too much when making purchases.
By Shane Lee. Date: 05/27/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article’s source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.
RUFUS
Oct
22
How does making your mortgage payment bi-weekly save you money?
Filed Under Credit | Comments Off
honeybear asked:
I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $40,000 to $100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?
JOHNIE
I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $40,000 to $100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?
JOHNIE
Oct
14
2nd mortgage Foreclosure: How long is the delay to put it on your credit?
Filed Under Credit | Comments Off
hruss7 asked:
We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.
MERLIN
We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.
MERLIN
Sep
26
Basic Credit Repair FAQ’s
Filed Under Credit | Comments Off
Steve De la Rosa asked:
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Sep
24
FAQ about the credit score,credit report (whats my credit score)
Filed Under Credit | Comments Off
Shane Lee asked:
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, how to check my credit score, etc.
1. Who provides the the credit report services?
There are 3 credit bureaus in the U.S. and they are Equifax, Experian and TransUnion.
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800 or (800) 888-4213
2. Whats the info in the credit report?
(1). Personal information like name, SSN, date of birth, current address, previous addresses, employer, etc.
(2). Credit card, mortgage and loan information like credit card number, credit card status, open date, balance, credit line (credit limit), update date, minimum payment, records of the money return, etc.
(3). Inquiry: (a). Hard inquiry: It is the inquiry from the banks or credit card companies, authorized by you. This kind of inquiry has a negative impact on your credit score. (b). Soft inquiry: When the credit card companies wanna do some promotions, they can run a soft inquiry on your credit report. This type of inquiry has no negative impact on your credit score.
(4). Collection information.
(5). Public records. (bankruptcy, mortgage, frozen assets, decree, etc)
3. Who is interested in my credit report?
Banks and credit card companies, cell phone comapnies, insurance companies, employers, landlords.
4. How do the 3 credit bureaus get the info on my credit report?
You credit report info is provided by these: banks, credit card companies, insurance companies, collection companies, government, court.
5. How long do they keep the info in my credit report?
Usually, it is 7 years.
bankruptcy: 10 years.
>$75000′s work: forever.
criminal record: forever.
>$150,000′s life insurance: forever.
inquiry: 2 years.
6. How to get my credit report?
If you are rejected when applying for a credit card or loan, you will receive a letter. This letter will tell you how to get your free credit report.
You can also contact the credit bureaus directly.
7. What can I do if I find something wrong with my credit report?
You can dispute if you find something wrong in your credit report.
8. I did not find anything about the employers and insurance in my credit report, why?
It is possible that your employers or insurance companies do not provide any information to the credit bureaus.
9. How long does it take to update the credit report?
For the inquiry, it is the real-time update. The update speed of other records depends on the related corporations. Usually, the credit card records can be updated every month. If you are planning to get a housing loan or car loan, you’d better start to improve your credit score earlier. Because it takes time to update your credit report and to improve your credit score.
10. What should I do if my personal info is stolen?
1). Call your bank and credit card company.
2). Call the fraud department of the credit bureau to place a fraud alert on your credit file.
3). Close your stolen accounts.
4). File a police report.
5). File your complaint with the FTC.
11. Whats my credit score? (info about the credit score)
Currently, the most common credit score is the FICO credit score. It is calculated from the credit report. Because the 3 credit bureaus have different credit reports for you. Your credit score can be different for these 3 credit bureaus.
12. I can not find the credit score from my credit report, why?
You need to purchase your credit score. It is not free.
13. Whats a good credit score? ( loan credit score, credit score mortgage )
Usually, the credit score is between 350 and 850. You will have a better chance to get the best offer when applying for the loans if your credit score is very high. For the housing loan, you can get a good offer if your credit score is above 650. For the car loan, it is 720.
14. What affects my credit score?
Negative factors: bankrutcy, collection, default payment, late payment.
Credit history (the longer the better).
Open accounts with balance.
Credit usage (the best ratio of Balance/Credit Limit is 1-2%, >50% is negative)
Inquiry (Hard inquiry will have a negative impact on your credit score, especially the hard inquiry within 6 months)
15. How to improve my credit score?
Pay your bills on time.
By Shane Lee. Date: 05/25/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article’s source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.
SAMMIE
This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, how to check my credit score, etc.
1. Who provides the the credit report services?
There are 3 credit bureaus in the U.S. and they are Equifax, Experian and TransUnion.
Equifax
P.O. Box 105873
Atlanta, GA 30348
(800) 685-1111
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Trans Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
(800) 916-8800 or (800) 888-4213
2. Whats the info in the credit report?
(1). Personal information like name, SSN, date of birth, current address, previous addresses, employer, etc.
(2). Credit card, mortgage and loan information like credit card number, credit card status, open date, balance, credit line (credit limit), update date, minimum payment, records of the money return, etc.
(3). Inquiry: (a). Hard inquiry: It is the inquiry from the banks or credit card companies, authorized by you. This kind of inquiry has a negative impact on your credit score. (b). Soft inquiry: When the credit card companies wanna do some promotions, they can run a soft inquiry on your credit report. This type of inquiry has no negative impact on your credit score.
(4). Collection information.
(5). Public records. (bankruptcy, mortgage, frozen assets, decree, etc)
3. Who is interested in my credit report?
Banks and credit card companies, cell phone comapnies, insurance companies, employers, landlords.
4. How do the 3 credit bureaus get the info on my credit report?
You credit report info is provided by these: banks, credit card companies, insurance companies, collection companies, government, court.
5. How long do they keep the info in my credit report?
Usually, it is 7 years.
bankruptcy: 10 years.
>$75000′s work: forever.
criminal record: forever.
>$150,000′s life insurance: forever.
inquiry: 2 years.
6. How to get my credit report?
If you are rejected when applying for a credit card or loan, you will receive a letter. This letter will tell you how to get your free credit report.
You can also contact the credit bureaus directly.
7. What can I do if I find something wrong with my credit report?
You can dispute if you find something wrong in your credit report.
8. I did not find anything about the employers and insurance in my credit report, why?
It is possible that your employers or insurance companies do not provide any information to the credit bureaus.
9. How long does it take to update the credit report?
For the inquiry, it is the real-time update. The update speed of other records depends on the related corporations. Usually, the credit card records can be updated every month. If you are planning to get a housing loan or car loan, you’d better start to improve your credit score earlier. Because it takes time to update your credit report and to improve your credit score.
10. What should I do if my personal info is stolen?
1). Call your bank and credit card company.
2). Call the fraud department of the credit bureau to place a fraud alert on your credit file.
3). Close your stolen accounts.
4). File a police report.
5). File your complaint with the FTC.
11. Whats my credit score? (info about the credit score)
Currently, the most common credit score is the FICO credit score. It is calculated from the credit report. Because the 3 credit bureaus have different credit reports for you. Your credit score can be different for these 3 credit bureaus.
12. I can not find the credit score from my credit report, why?
You need to purchase your credit score. It is not free.
13. Whats a good credit score? ( loan credit score, credit score mortgage )
Usually, the credit score is between 350 and 850. You will have a better chance to get the best offer when applying for the loans if your credit score is very high. For the housing loan, you can get a good offer if your credit score is above 650. For the car loan, it is 720.
14. What affects my credit score?
Negative factors: bankrutcy, collection, default payment, late payment.
Credit history (the longer the better).
Open accounts with balance.
Credit usage (the best ratio of Balance/Credit Limit is 1-2%, >50% is negative)
Inquiry (Hard inquiry will have a negative impact on your credit score, especially the hard inquiry within 6 months)
15. How to improve my credit score?
Pay your bills on time.
By Shane Lee. Date: 05/25/2009.
Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.
NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article’s source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.
SAMMIE