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Angry & confused is what happens when new home dream disappears…for now! photo credit: tikibata

Maurice Roberts and his wife found their dream home.

They have 20% to put down.

They have W-2 verifiable income.

They also have good credit.

Should be a slum-dunk, right?

That’s what Maurice and his wife thought until their mortgage professional called them with some strange news.

Oh wait, it’s the government we’re talking about here.

Why didn’t you say so. Anything “shocking” is to be expected when the government’s involved.

DO NOT DISPUTE YOUR CREDIT REPORTS….

Maurice followed the book on buying a home.

He first pulled his own credit reports and discovered damaging credit information that was NOT his.

So he did what I expected him to do. He informed the

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If you didn’t already know, there are five main factors that determine a Fico score.

They include:

- Payment history – Amounts owed – Length of credit history – New credit – Types of credit

Now that we know what’s in a Fico score, let’s find out more about “what’s NOT in a Fico score.”

Your race, ethnicity, national origin, sex, and martial status do not affect your credit score, per the Consumer Credit Protection Act.

Your age is also not a determinant of a Fico score, though other types of credit scores may use it.

Your salary, occupation, title, and employer are included in your credit report, but do not affect your actual Fico score.

However, banks and lenders may use this information against you as part of their own underwriting decisioning.

Additionally, a Fico score does not take into account where you live, the interest rate being charged on your accounts, or any items reported as child/family support.

Rental history doesn’t affect Fico scores either, but now affects VantageScore.

Finally, certain types of credit inquiries don’t count against you, such as those initiated by you and those initiated by employers and insurance companies (will a credit check lower my score?)

And as a rule of thumb, if it’s not on your credit report, Fico doesn’t use it.

It will look like you’re attempting to obtain credit and as a result, could lower your credit score.

Get all 3 credit scores instantly for free for 30 days without worrying about a credit score ding.

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Women are much more careful about handling money than men. Whether household spending or investment accounts, women check everything before spending money. It is a natural tendency of women. Sometimes, too much delay in taking decisions results in lost opportunities in life. It is essential that women choose a suitable pension account to ensure the safe and peaceful years of retirement.

There are many pensions that women can use to protect the days in retirement. Safe 401 (k) plans have proven to be very useful for employees who have a schedule of 20 hours weekly. Traditional IRA and its improved version of Roth IRAs are good deals to invest for your retirement days. You can even convert your 401k to roth ira.

Roth IRA is a tax-deferred retirement plan which allows you to withdraw your investment at maturity period. A small amount is taken from the investor as tax when the account is opened. Apart from that there are no hidden taxes or complex terms. Read more…

Credit Question: What does a credit card “grace period” mean?

Answer: This is one of those terms that gets tossed about a lot by the media, but rarely gets clearly  explained. The grace period is the amount of time you have to pay your entire balance without being charged any interest. If you aren’t already carrying a balance, it’s kind of like a free loan during this time. Generally, it’s the time between the statement date and the date the payment is due.

[Related Resource: Credit Card Resolutions for 2011]

Grace periods usually last around 21 days, but you have to read the terms and conditions of your credit card agreement for the details. The Credit CARD Act of 2009 requires issuers who offer grace periods to mail your billing statement at least 21 days before the due date. Pay your balan

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With today’s economy, it’s hard to feel like you can stay on top of things. Why does debt relief become so essential? Everyone worries if there is an opportunity to pay the credit card bills or about the possibility of losing the job. Maybe somebody has to reduce hours of work or to choose between the available services.

If you lose your job and don’t have a chance to get another, then your company can not give you a health insurance policy or a vacation pay. You are in the really stressful situation.

Of course, the disquiet becomes a real concern when you understand that you could lose your property or your retirement money. Before the bankruptcy procedure, you can used the money that the federal government has set aside to relieve those who have severe debt. You can find programs suitable for you, and money that is set aside. Much of this money, however, will be never claimed because people like you do not know it’s there. Read more…