Comments for http://www.creditdebthelpsite.com Helping Consmers With All Their Credit Needs Thu, 18 Oct 2012 10:25:13 +0000 hourly 1 http://wordpress.org/?v=3.5.1 Comment on What Happens When You Can’t Pay Your Credit Card Debts? by Credit Card Debt Gets Trumped By Student Loans « Credit Card Debt HQ http://www.creditdebthelpsite.com/what-happens-when-you-cant-pay-your-credit-card-debts/comment-page-1/#comment-2292 Credit Card Debt Gets Trumped By Student Loans « Credit Card Debt HQ Thu, 18 Oct 2012 10:25:13 +0000 http://www.creditdebthelpsite.com/?p=837#comment-2292 [...] [...] Actually the outcome of unpaid credit card bills depends on several factors. First and foremost, the most crucial factor that determines what happens to unpaid credit card debt is how old your debt has become. With the passage of time, the unpaid bills get charged off or creditors sell them off to a collection agency. If you are presently receiving collection calls for some long lost unpaid dues, your first duty should be checking whether the accounts are in delinquent status or not. In order to avoid any damage to your credit score, make sure you credit report remains updated and all the delinquent accounts are removed from your credit report. In terms of your credit score, paying your charged off accounts wont help you much as the damage has already been done, but in the long run it will help you as it will improve your chances of getting new credit.Source: creditdebthelpsite.com [...]Source: creditdebthelpsite.com [...]

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Comment on How To Improve Credit Score Quick And Easy by Jessica Johnson http://www.creditdebthelpsite.com/how-to-improve-credit-score-quick-and-easy/comment-page-1/#comment-2235 Jessica Johnson Sun, 30 Sep 2012 00:26:03 +0000 http://www.creditdebthelpsite.com/?p=1007#comment-2235 I was able to raise my credit score after I got a couple of secured credit cards who reported to the credit bureaus. Great article and thanks for the write-up!

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Comment on What Happens When You Can’t Pay Your Credit Card Debts? by How Our Bankruptcy Lawyer Can Assist You « Credit Card Debt HQ http://www.creditdebthelpsite.com/what-happens-when-you-cant-pay-your-credit-card-debts/comment-page-1/#comment-1474 How Our Bankruptcy Lawyer Can Assist You « Credit Card Debt HQ Fri, 04 May 2012 10:22:14 +0000 http://www.creditdebthelpsite.com/?p=837#comment-1474 [...] Actually the outcome of unpaid credit card bills depends on several factors. First and foremost, the most crucial factor that determines what happens to unpaid credit card debt is how old your debt has become. With the passage of time, the unpaid bills get charged off or creditors sell them off to a collection agency. If you are presently receiving collection calls for some long lost unpaid dues, your first duty should be checking whether the accounts are in delinquent status or not. In order to avoid any damage to your credit score, make sure you credit report remains updated and all the delinquent accounts are removed from your credit report. In terms of your credit score, paying your charged off accounts wont help you much as the damage has already been done, but in the long run it will help you as it will improve your chances of getting new credit.Source: creditdebthelpsite.com [...]

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Comment on The Average Credit Debt in America Continues to Rise by Paul http://www.creditdebthelpsite.com/the-average-credit-debt-in-america-continues-to-rise/comment-page-1/#comment-772 Paul Thu, 06 Oct 2011 15:08:07 +0000 http://www.creditdebthelpsite.com/?p=308#comment-772 Great and interesting information, thanks Mike. My wife and I found site about 2 months ago and thru your recommendation we are now on our way to getting control of our finances once again….

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Comment on Debt Consolidation & Settlement Center by Emmy Zuckerman http://www.creditdebthelpsite.com/debt-consolidation-settlement-center/comment-page-1/#comment-677 Emmy Zuckerman Sun, 10 Jul 2011 20:53:25 +0000 http://www.creditdebthelpsite.com/?p=353#comment-677 Thanks for a marvelous posting! I seriously enjoyed reading it, you could be a great author.I will be sure to bookmark your blog and will come back sometime soon. I want to encourage that you continue your great work, have a nice morning!

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Comment on Steps To Fix And Repair Bad Credit by Mike http://www.creditdebthelpsite.com/steps-to-fix-and-repair-bad-credit/comment-page-1/#comment-537 Mike Fri, 03 Jun 2011 22:20:35 +0000 http://www.creditdebthelpsite.com/?p=116#comment-537 great post,thanks for your insight

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Comment on Building Credit-From The Basic Foundation To Starting Over by Allan Henry http://www.creditdebthelpsite.com/building-credit-from-the-basic-foundation-to-starting-over/comment-page-1/#comment-175 Allan Henry Thu, 10 Mar 2011 20:02:50 +0000 http://www.creditdebthelpsite.com/?p=390#comment-175 In order to determine if you will be able to establish, build and maintain true corporate business credit for your new or existing company, very carefully consider each of the following C’s to see how you would look to a potential lender looking at things from the lender’s point of view. Here are the five C’s of building corporate business credit:

Capacity — This is an evaluation of your ability to repay the loan. The financial institution wants to know how you will repay the funds before it will approve your loan. Capacity is evaluated by several components, including the following:

Cash Flow — Cash Flow refers to the income a business generates versus the expenses that it takes to run the business which is analyzed over a specific time period. For example, if a new or existing company regularly generates ten-thousand dollars a month of revenue, and that company has expenses of eight-thousand dollars a month, the lender would determine that there is two-thousand dollars a month in cash flow that could effectively be used to repay the loan. If a company has the same amount of expenses as income, that would mean the cash flow would be zero and the potential lender would have reason to be concerned about how the company plans to repay the debt from either the loan or the credit line being applied for by that company.

Payment History — Payment history refers to the timeliness of the payments that have been made by a new or existing company on previous loans granted by that lending institution, or by others to which that company used prior to seeking additional funding. In the past, it was much more difficult for commercial institutions to accurately determine whether a small company or corporation had a good strong business credit report or a good solid payment history. However, today there are companies that specialize specifically in the evaluation of commercial credit ratings (such as Dun & Bradstreet) that are able to provide this kind of history to nearly all commercial and private lenders.

Contingent Sources — Contingent sources for repayment are additional sources of income that can be used to repay a loan. These could include private trusts, personal assets, savings or checking accounts, and other resources that might be considered usable by your company to help secure a loan or credit line. Ultimately, capacity is the main requirement for lending and corporate business credit. The ability to receive regular payments generated by a company’s cash flow is the easiest way a financial institution can be guaranteed to be repaid for lending to you and your company.

Business Capital– Typically, a company’s owner must have his own funds invested and at risk in the company before a financial institution will ever be willing to risk their own investment into your company. Business capital is an owner’s personal investment in his or her business which could be lost if the business is a failure. There is no fixed dollar amount or percentage required by the potential lending institution that the owner must be vested in via his or her own company before he or she is eligible for a business loan. However, most lenders want to see at least twenty-five percent of a company’s funding coming from the owner before they will step up to the plate.

Business Collateral — Business colateral simply means heavy machinery, stocks and bonds, and other expensive business assets that can quickly be sold by the lending institution if a borrower fails to repay the loan back as agreed. These company assets are considered to be viewed as business collateral. Since small items such as computers and office furniture are not typically considered to be viewed as business collateral, in the case of most small business loans, the owner’s personal assets (such as his home or automobile) are required in order for the loan to be approved by the lending institution or private lending source. When an owner of a small business uses his or her own personal assets as a guarantee on a business loan, that means that the lender can sell those personal items to satisfy any outstanding amount which may be due to them that is not repaid as agreed.

Conditions — This is an overall evaluation of the conditions or specific terms surrounding the loan including general economic climate at the time the loan is requested and also includes the general purpose for the use of the loan by your business. Economic conditions specific to the industry of the business applying for the loan as well as the overall state of the country’s economy also factor heavily into a lending institution’s decision to approve a loan for a business. Clearly, if a company is in a thriving industry during a time of solid economic growth, there is more of a chance that the loan will be granted to the business than if the industry is declining and the economy is uncertain. The purpose of the loan is also an important factor in the decision as well. If a company plans to invest the loan into the business by acquiring assets or improving its equity, there is more of a chance of approval than if it plans to use the funds for more risky expenses such as expanding into new markets. Most financial institutions require that the borrowed funds are to be used solely to increase income or decrease business expenses.

Character — This is a highly subjective evaluation of a business owner’s personal history and his or her business history. Lenders have to believe and proove that a business owner is a truthful, stable, reliable and strong individual who can be depended on to repay the loan that they approve for a business. Background characteristics such as personal credit history, education, and work experience are all factors in this business credit analysis. Note: When you are applying for a small business loan or lines of credit, don’t forget the importance of personal relationships. Apply for a business loan or line of credit at a bank where you already have a positive business relationship. Also, make an attempt to meet with the person who will be evaluating your application, such as a bank’s lending officer, rather than the teller who handles your day-to-day banking transactions. One important thing to remember, most banks today, replace people frequently to avoid favoritism from client to client, so be absolutely certain to maintain a positive relationship with all bank officials that you deal with.

The five C’s to credit are very important to lenders when evaluating the risk in a financial credit transaction.

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Comment on Debt-What Keeps Us There by Jill Herendeen http://www.creditdebthelpsite.com/debt-what-keeps-us-there/comment-page-1/#comment-159 Jill Herendeen Sun, 06 Feb 2011 17:10:04 +0000 http://www.creditdebthelpsite.com/?p=93#comment-159 Yes, but after you’ve done all that and your outgo still exceeds your income–IF YOU’RE PUTTING GROCERIES ON YOUR CREDIT CARD–there are some other things you have to do:
1) apply for food Stamps–and if the lady on the other end of the line tells you you can’t get food stamps while you own your own home, that’s an oversimplification which should NOT PUT YOU OFF.
Sometimes, there’s state assistance w/ heating bills, sometimes you can get help/reduction on medical bills. People don’t go around volunteering this information, so you have to ASK, ASK, ASK EVERYWHERE. Whatever you do, don’t put those bills on your credit card.
2) Investigate bankruptcy–all states have different laws about what you get to keep–in NY you only get to own $50,000 worth of house (per owner–a married couple then gets to keep $100K-worth); in FL you can own a house worth the-sky’s-the-limit.
3) If your credit cards are way up there, you may be able to negotiate a big discount on what you owe the company (if, for example, you have a kind relative who can help you out, or a debtor finally pays your a chunk of change) by just telling them, “hey, I’m going bankrupt here, will you take $20K to settle this $65K debt in its entirety, because my income is nil & you won’t make out nearly as well if I have to declare bankruptcy.” Any they will probably take it, because they’re not stupid. but be aware that the debt ou’re forgiven is going to be counted as “INCOME” next tax season…
Another point you don’t men tion is that these debt consolidation companies were formed w/ public monies by our dear Congress. In other words, we’re all paying taxes to set up these commpanies to make a profit skimming fees from people who are going belly-up financially. It’s just more socialization of pain & privitization of assuaging the pain (while, unfortunately, adding to the pain.) Congress would have done a lot better to merely give the same monies directly to the under-employed, or better yet, make incentives for real job creation and require wages high enough to actually live on, or require that CEOs cannot earn more than 15X the wage of their lowest-paid employee, or all of the above, or probably a number of other actions which would help people who weren’t bankers.

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