St Louis Finance News: Here Are 3 Important Credit Moves One Can Make In 2010 [News Hot Line: 877-334-0210 | Floyd Tapia]

Most consumers understand that we are living in a new credit restricted society. Thus, it only makes sense that we should exercise more care as handling our credit profiles.

Here 3 good ways to make improvements as regards our credit information:

1. Always Check Your Credit Report Regularly -

One of the most important reasons for keeping close tabs on your credit score is to make sure there are no errors contained within.

Since you credit score is based on your current credit report, you want to make sure it is free of errors that could cost you financially.

Federal law allows you to order a free copy of your credit report from each major credit bureau every 12 months but make sure you do so through AnnualCreditReport.com.

You must carefully review your credit report and then immediately dispute any errors including accounts that are not yours and duplicate accounts.

2. It May Be Best To Opt Out Of Prescreened Credit Card Offers -

Why allow piles of prescreened credit card offers pile up in your mailbox.

Then when you want a new credit card, you can do your own shopping at CreditCardGuide.com or Bankrate.com and then apply online.

One of the biggest misconceptions when receiving credit card offers in the mail is thinking that you automatically qualify for the best terms and rates available.

Most credit card companies and banks will still pull your credit report and then score you when you apply.

If your credit has become worse since this offer found you, you will probably be offered less than favorable terms or your application may be declined.

You can also opt-out of receiving credit card and insurance offers for up tot five years or permanently with a mail-in form at OptOutPrescreen.com.

3. Don’t Forget About Stashed Away Credit Cards -

New rules taking effect in August will now get rid of inactivity fees for not using credit cards.

That being said, keep in mind that unused cards are targets for account closure or reduced limits which of course could have a negative impact on your credit score.

For cards that you definitely want to hold on to, make sure you use them at least once every 3 months.

This will allow you to have cards for emergencies or just in case another card is tagged with a higher annual fee or interest rate.

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When applying for any type of St Louis mortgage, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at 877-334-0210 and ask for Steve Swan or Doug Stahlschmidt.

For business owners looking for small business loans and alternative financing that works, call Floyd Tapia, host of the St. Louis “Mortgage Minute” at 314-334-0210. He is a successful hedge fund originator assisting local and national business owners in getting private and public St Louis finance and commercial lending with no upfront fees.

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Although the St. Louis mortgage and real estate market has drastically changed over the last 18 months, there are ways that consumers can avoid or at least minimize the home buying stress factor.

The following five simple yet ingenious tactics will help in making your St. Louis home loan and home buying experience a better one that will yield positive results.

1. Do not make the mistake by waiting to apply for your loan -

There have been reports that The Federal Reserve plans to stop buying mortgage-backed securities by the end of March. Many mortgage analysts feel that the added risk will precipitate higher interest rates which means that low rates will be a thing of the past. Don’t miss out on this huge potential savings.

2. Your credit report may no longer be the ideal factor concerning your loan -

Now would be the perfect time to look carefully into your credit files. If there are any errors located on your credit report, correct them now before your lender sees them. If you are looking to attain the best interest rates and lower fees, banks will expect a FICO score of 740 or higher. Anything less than 620 will definitely become a financial hurdle in getting your loan done.

3. What are you bringing to the table in regards to a down payment -

Due to more and more borrowing restrictions, most lenders require buyers to put at least 10 percent down. This will benefit you with lower interest rates when purchasing or doing a St. Louis refinance.

For consumers that don’t have ten percent down, an FHA-insured mortgage with a needed 3.5 percent down may be an option. For those who do not have a down payment, you can pursue a VA or U.S. Department of Agriculture’s Rural Housing Service loan. Although there are qualifications for both loans, neither requires a down payment.

4. Try this when refinancing your home -

Turn a common financial fumble into a refinancing game winning touchdown by not refinancing from the beginning. Instead of starting over with a new 30-year St. Louis mortgage, ask your lender to crunch the numbers with the remaining number of years left on your old loan. A lower rate may then take you further down that path of saving money.

However, if you need financial breathing room and a lower monthly payment would help, then refinancing into a new 30-year term may be the right loan for you. Make sure you discuss the possibilities with your St. Louis mortgage broker.

5. The extension of the tax credit may serve you well -

The extension of the home buyer’s tax credit would logically be a great reason to move forward with your impending home purchase decision. The savings are quite attractive.

Now having said this, be careful as to not rush into an unwise buying decision. This savings should be a “bonus” and not the deciding factor. Keep in mind that staying balanced in this matter is as equally important as not missing the tax savings and lower interest rates which may not happen again any time soon.

I would suggest sitting down and go over these five proven home buying tips before purchasing or refinancing that home of yours. If your credit score is 740 or higher and if you have some money put aside, then it only makes sense to move forward with purchasing while taking advantage of that tax credit and lower interest rates.

But, if your credit score is not where you want it to be and you are short on cash, seeking other options or perhaps waiting all together to apply until items are corrected may be the best way to go for now. Either way, I wish you the best in your financial endeavors.

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Looking to find the best deal on St Louis lending, then visit www.LibertyLendingConsultants.com to find the best advice on St Louis refinancing and mortgage news for you.

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News: Analysts Recommending Homeowners Rebuild Credit Now

The past year and a half has left an indelible mark of financial losses in the market, widespread greed and dishonesty, home values plummeting and unemployment rising at alarming rates.

These are indeed bad times and millions have suffered with losing their job and having their homes go into foreclosure.

Although your disparity may be heart-wrenching, you simply cannot throw in the towel and entirely give up.

And for most individuals involved in this unparalleled financial debacle, it is how you mentally handle this crisis that will ultimately determine how long your personal finances will be badly affected.

Avoiding bankruptcy at all cost is the best step to take.  However, hundreds of thousands of Americans have not been able to avoid this necessary step.

But if you find yourself in this position and when you have this filing behind you, if you are responsible with your credit again, you may not be doomed to the proverbial 10 years to rebuilding your credit.

That’s the good news!  The bad news is that any negative or derogatory marks placed on your credit file will probably stay on your credit report for seven to ten years.

A good question we get from our readers is:  “What are some other ways to help me live frugally while rebuilding my credit?”

1.  Control Your Spending - Controlling your spending is a vital avenue all ‘credit resuscitatees‘ must abide by which in turn would include eating at home, turning off lights in empty rooms and perhaps carpooling.

2.  Emergency Savings Plan - Another important decision that will undoubtedly help your overall finances remain within a fixable budget would be to start an emergency savings plan as soon as possible.  This will help you avoid future disasters.

3.  Credit Repair - And finally, we will briefly discuss a very successful way in proactively repairing your credit yourself. 

(Warning:  Keep in mind, waiting to re-establish your credit may prove costly to your financial health.)

Hundreds of nationally known credit experts suggest getting a secured credit card from your bank which allows you to charge purchases against your savings account.

Not only will this help you control your spending but more importantly, you will re-establish your credit reputation with a good payment history.

Once this appears on your credit report, creditors will more likely offer you a loan in the future since you demonstrated you can responsibly use credit.

St. Louis Refinancing Group mortgage news team hopes these proven suggestions will help those who have undergone financial hardships and are looking ahead to better financial times.

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