Why credit is important???????

The stock market falling 352+ points yesterday should make YOU nervous even if you do not have any money invested. The fall (it will continue) shows that we as consumers are not in control of our finances as we think. In addtion, with the housing market in a "freefall" and price of everything going up it is time to take a stand.

NEWS FLASH!!!!!! Your credit is NOT as inportant as you think. If you still believe this you probably think O.J is not guilty. I deal with clients everyday who want to modify their loan but dont want to "hurt" their credit. Hellow "Mcfly" (back to the future) it is like asking to go swimming and not to getting wet.

There are lenders who will put the lates on hold until the modification process is in place. For those of you who want a lower payment without any credit "issue", go try to refinance and after your 750+ FICO gets you turned down call me.

I only bring this up to make you think outside the box. The credit system as we know it will be reconstructed using different factors. With mortgage and credit companies cancelling "credit lines", without YOU missing or being deliquent should send a message, YOUR CREDIT MEANS NOTHING TO THE COMPANIES PULLING THE STRINGS!

Enough of beating up these poor banks that extend credit at these fair rates.

Make sure you check your credit card statements for increases in the rate even if you are not late etc. The credit card companies are increasing rates because of the increase of defaults in the mortgage industry. (so much for not doing a modification) What is interesting, when you call to ask why the rate increase you get some off the wall answer. Unless you are going to payoff and cancel the credit card be prepared to pay your new higher rate with a smile every month.

The bottom line is your credit is not as important as YOU think. If this is holding you back from doing a loan modification, keep paying your credit cards and explain to your wife why you have to move because of a higher house payment. (but we have good credit honey)

Comments

[loan modification]

Hi,
Yes Credit plays a vital role in our day-to-day life, making expenses like a home mortgage more—or less—expensive for us. And it’s practically impossible to rent a car without a credit card.

[Loan Modification]

Loan modification and Credit score, indeed they have a link. Read more here http://cdloanmod.wordpress.com/2009/01/14/loan-modification-and-your-credit-score/

[Toronto Corporate Housing]

The credit score shows someone how desirable they are to a lender , so the higher your credit score is, the more savable rates you are going to get. When you buy a home or car, you're showing with a higher credit score that you are physically responsible and you are going to get a better rate than the person that has a lower credit score, so it is extremely important to monitor and manage that.

[Corporate Housing Oklahoma]

Great post, obviously credit is important. People just forgot why I guess.

[Loan Modification Zoom]

Credit is an asset, not the holy grail. Lately credit card companies have been raising interest rates pretty much arbitrarily, with little rhyme or reason. Most homeowners do not qualify for refinancing based upon too little equity in their homes. On the negative side, though, wrecking your credit might mean that Ferrari will have to wait.

[Loan Modification Lawyer]

I don't think credit has that much of a link...

check out this article...

http://loanmodlawyer.wordpress.com/2009/04/07/5-things-to-consider-before-applying-for-loan-modification/

[Tammy]

This is very true that credit card companies are increasing the rate of interest and other charges in the recent time. When you will ask about the increasing rate they are giving wacky answer. So people are bound to pay the credit card charges with the increased rates. If you are thinking to pay off the credit cared debt or cancel the card then it is ok, otherwise you will have to be prepared to pay your new higher rate with a smile every month.

[roger]

There are lenders who will put the lates on hold until the modification process is in place. For those of you who want a lower payment without any credit "issue", go try to refinance and after your 750+ FICO gets you turned down call me.

[tam]

This is very true that credit card companies are increasing the rate of interest and other charges in the recent time. When you will ask about the increasing rate they are giving wacky answer. So people are bound to pay the credit card charges with the increased rates. If you are thinking to pay off the credit cared debt or cancel the card then it is ok, otherwise you will have to be prepared to pay your new higher rate with a smile every month.

[Peter]

delete this link:[Posted by: roger | April 18, 2009 at 08:52 AM]

while checking your comments I found that some one has given a unrelated url in the comment section. It will not be good for your page as some poker related site is getting listed in the comment section.

So it will be better for you if you delete that link. Post was made by "roger" on April 18th.

[Lower Mortgage]

This is an info post. Thanks for sharing with us.

[Generic Viagra]

Credit is important thats no doubt about that.

Elizabeth D.Taylor

[Loan Modification]

You got a point, however people still should keep up with their credit score and history. We need some quality programs in place to educate public about financial decisions.

Thank you for sharing

[Mens Health]

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[Nancy Carlson]

Do You Qualify?

1. Do you live in the home?
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas
and for other areas it is $417,000)
3. Are your current house payments more than 31% of your gross income?(Loan modification kits can
help with all financial calculation your lender may want to see)
4. Are you must be able to prove you have current income?
5. Do you currently have a job?

http://www.obama-loanmodification.com/

[Chrisparker]

Thanks for that great article.Great tips you forwarded. It's a truth that the Obama loan modification is the federal government’s answer to the rising need of preventing foreclosures for American homeowners. Onesample link to apply http://obama-loanmodification.com