Credit & Lending

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A mortgage is a legally binding contract, so it is not possible to remove a name from the loan documents until the mortgage has been paid in full. According to the San Francisco Gate Home Guides, the mortgage loan can be refinanced in the name of the person who wishes to keep ownership of the home, or the property can be sold to settle the debt.

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  • What Is a Good Credit Score Range?

    Q: What Is a Good Credit Score Range?

    A: Experian considers a credit score higher than 700 as indicative of good credit management. Typical credit scores range between 600 and 750, but the scale runs from 300 to 850.
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  • What Is a Credit Card CVV Number?

    Q: What Is a Credit Card CVV Number?

    A: A CVV number on a credit or debit card is a three or four-digit number printed on the back of the card used to verify that the user has physical possession of the card when making purchases, according to CVV Number. These numbers are also called card security codes.
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  • What Is the Average Monthly Car Payment?

    Q: What Is the Average Monthly Car Payment?

    A: According to Experian Automotive, the average monthly car payment for a new car in late 2013 was $471. For consumers purchasing a used vehicle, the average monthly car payment for the same period was $352.
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  • How Do You Check Your Credit Score?

    Q: How Do You Check Your Credit Score?

    A: Because lenders assess your credit score to determine how much of a financial risk you are, it is vital to stay on top of your credit score and check your credit reports yearly. You simply need a computer with Internet access and a credit card to check your score. Websites such as Annual Credit Report allow you to review your credit report and purchase your credit score.
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  • Can You Put a Down Payment for a House on a Credit Card?

    Q: Can You Put a Down Payment for a House on a Credit Card?

    A: BankRate states that most mortgage lenders require a cash down payment of 5 percent, 10 percent or 20 percent of the price of the home. The Federal Housing Administration approves loans of 3.5 percent. The use of a credit card to pay the down payment is not allowed.
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  • How Does Revolving Credit Work?

    Q: How Does Revolving Credit Work?

    A: Revolving credit is a line of credit where a borrower is not bound by a set number of payments to pay back the loan, but is instead free to use the funds whenever they are needed. For individuals, an example of revolving credit would be a credit card, where monthly payments are paid based on the amount of funds that have been used. For businesses, revolving credit is often used to cover fluctuating operational expenses.
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  • How Much Debt Does the Average American Have?

    Q: How Much Debt Does the Average American Have?

    A: On average, Americans have more than $15,000 in debt, and that is just credit cards according to Debt.org. That doesn't include mortgages or car loans, which significantly increase that number.
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  • What Does Adverse Credit Mean?

    Q: What Does Adverse Credit Mean?

    A: According to FinAid, adverse credit is defined as having any debt paid over 90 days late, or having a Title IV debt within the past five years that has been subjected to default, foreclosure, bankruptcy discharge, repossession, tax lien, write-off or wage garnishment. While this designation does not otherwise involve the credit score, it does have an effect on a person's ability to get a loan or other financing.
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  • Where Can You Find Lists of Free Student Scholarships?

    Q: Where Can You Find Lists of Free Student Scholarships?

    A: There are many online lists of free student scholarships, including ones maintained by the Consumer Fraud Reporting Bureau, the list of free minority scholarships at Black Excel and the lists hosted on Scholarship Experts. These sites maintain different lists of scholarships that are organized by their accessibility and by the ways in which they apply and do not apply to bodies of students, according to the websites themselves.
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  • How Do Credit Card Companies Investigate Fraud?

    Q: How Do Credit Card Companies Investigate Fraud?

    A: Credit card companies investigate fraud by verifying all information associated with the account, speaking to the business entity where the money was spent and working with law enforcement to find the credit card thief. This process can take a long period of time and may be drawn out for several months depending on the amount of money that was stolen and the circumstances surrounding the account before the credit card was stolen.
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  • How Long Does a Creditor Have to Collect a Debt?

    Q: How Long Does a Creditor Have to Collect a Debt?

    A: The average statute of limitations, or the number of years a debtor has to seek payment or sue, is three to six years, according to the Federal Trade Commission. The exact time frame varies by state and the type of debt under collection.
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  • What Is the Best Credit Score Site?

    Q: What Is the Best Credit Score Site?

    A: The best credit score website should provide its users with an easy way to find out their credit grade scores. Any of the following three provide a great service: Equifax, Experian and FreeCreditReport.
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  • How Long Does It Take for Bad Credit to Go Away?

    Q: How Long Does It Take for Bad Credit to Go Away?

    A: Negative accounts on a credit report are usually removed after 7 years; however, negative accounts pertaining to bankruptcies generally remain on the credit report for 10 years. The time starts when the account is first listed as past due, according to Equifax.
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  • How Do You Choose a Credit Card for the First Time?

    Q: How Do You Choose a Credit Card for the First Time?

    A: When choosing a credit card for the first time, it is important to consider yearly or monthly fees, periodic and annual percentage interest rates, rewards programs, grace periods for payments, credit limits and extra fees. Various types of cards are available for those who qualify for them.
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  • What Is a Good Credit Score From Experian?

    Q: What Is a Good Credit Score From Experian?

    A: According to Experian, a good credit score is a score above 700. This suggests to a lender that there is a history of good credit management. Experian states that most credit scores are between 600 to 750.
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  • What Are the Factors That Go Into Your Credit Score Calculation?

    Q: What Are the Factors That Go Into Your Credit Score Calculation?

    A: The factors that go into calculating a FICO credit score, the system used by most banks and other businesses that deal in credit, include payment history, amount of debt, length of credit history, types of credit and amount of inquiries. Special circumstances such as bankruptcy or a limited credit history also impact credit scores.
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  • What Percentage of Parents Pay for College?

    Q: What Percentage of Parents Pay for College?

    A: The percentage of parents who pay at least a portion of their children's college costs is between 22 and 35 percent. The rate varies depending on the components of cost and payment figured into the calculation.
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  • What Is a Pre-Approved Car Loan?

    Q: What Is a Pre-Approved Car Loan?

    A: A pre-approved car loan means that a buyer has gone through basic approval steps for a loan to buy a vehicle. Lenders pre-approve auto loan applications up to a certain amount, which allows a buyer to go to a dealership with a purchase limit in mind.
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  • What Is Pre-Approval?

    Q: What Is Pre-Approval?

    A: Pre-approval means a lender is ready to make a customer a loan or extend some other type of credit based on information the customer provided or that the lender retrieved from a credit reporting agency. Pre-approval is not usually a guaranteed approval; instead, it is an initial creditworthiness evaluation.
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  • How Do You Write a Letter for Explanation of a Bankruptcy?

    Q: How Do You Write a Letter for Explanation of a Bankruptcy?

    A: The purpose of a letter of explanation of a bankruptcy is to explain to a potential lender the extenuating circumstances for an unfavorable credit history. These can include loss of a job, medical problems, family member deaths and other circumstances that are unlikely to reoccur. A combination of these credible excuses sometimes help reduce the waiting period for obtaining a new mortgage after bankruptcy or foreclosure, according to Innman News.
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  • What Is "do It Yourself Credit Repair"?

    Q: What Is "do It Yourself Credit Repair"?

    A: According to the Federal Trade Commission, most credit repair businesses are scams, and as such they advocate consumers take a "do-it-yourself" approach to credit repair by working with creditors to remove inaccurate information, and by setting up and sticking to a payment schedule to pay off debts that are legitimately owed. There are no easy fixes when it comes to repairing credit, and in particular, only time can remove accurate negative reports, but taking a personal, and active roll in the repair process will save consumers money and reduce frustrations in the long run.
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