Month: January 2017

How Will Unpaid Medical Bills Impact your Credit?

Unpaid medical bills are a funny thing when it comes to your credit. Not every unpaid bill will negatively impact your credit, but if you let them go long enough, your score could suffer. Knowing exactly how and when you should get your medical bills paid can help you prevent your credit score from suffering too much. WHAT DOES UNPAID MEDICAL BILLS MEAN? The first thing to understand is what unpaid medical bills really are and what they are not. If you do not pay for your services right when you receive them, they are not considered “unpaid.” What...

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Borrowing Money From a Paid Off House With Bad Credit

You paid off your house a while ago and have enjoyed being mortgage free. However, in recent years you hit bad luck and ruined your credit. Now you want to tap into your paid off house and get some of that equity back in cash to help make ends meet. Is it possible with your bad credit? REFINANCING A PAID OFF HOUSE You must know that the bad credit you accumulated may hurt you. Certain lenders will not even consider your application. You may find a few willing participants, but they will be harder to come by. Your best bet...

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Qualifying for a Mortgage with Child Support Arrears

Child support arrears can affect your loan application, but not always in a negative way. How you handle the arrears play a vital role in your ability to secure financing. As is the case with any other debt or even income, the lender looks at the whole picture. They don’t focus on one aspect of your loan application. Instead, they look at how everything comes together. This way some things can make you a risk, while others decrease that risk. If the good outweighs the bad, you have a loan. Because of this, there are no cut and dry...

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Five Common Refinancing Blunders and How to Avoid Them

When you think of refinancing, you automatically think of saving. It allows you to lower your current interest rate and reduce the loan term. Some refinancing options even allow some cash-out. The goal is to save more money. While this is true, it is not always that when you refinance you actually save money. Situations vary per borrower. There may be times when situations aren’t suitable for refinancing. And that, instead of saving more money, it actually costs you more than just staying with your current loan. HERE ARE FIVE BLUNDERS WHICH BORROWERS COMMIT WHEN REFINANCING. LEARN ABOUT EACH...

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