Credit & Lending

A:

A conditionally approved loan is a loan approval based on the financial and credit information that an applicant has provided, and it is subject to final verification. Final verification includes employment and income verification, and additional documentation, such as pay stubs, bank statements and utility bills, is required before the loan is completely approved.

See Full Answer
Filed Under:
  • Where can I get help for finding free grants at no cost to me?

    Q: Where can I get help for finding free grants at no cost to me?

    A: According to USA.gov, grants that come at no cost to the applicant can be applied for and potentially received from the federal government, from states and from local communities. The federal government typically provides funds to local agencies that then distribute the grants for particular purposes.
    See Full Answer
    Filed Under:
  • How many times a day can a debt collector call?

    Q: How many times a day can a debt collector call?

    A: According to the Consumer Financial Protection Bureau (CFPB), federal law does not define a specific number of times a debt collector is permitted to call, but the amount must not be enough to qualify as harassment. This rule extends to family and friends of the debtor.
    See Full Answer
    Filed Under:
  • How do you recover money owed?

    Q: How do you recover money owed?

    A: Recovering money owed can involve making a reminder phone call to the debtor or obtaining a court judgment against the debtor; this judgment grants permission to place a lien against property or garnish wages. Other ways to recover money include engaging the services of a collection agency, using a mediator, offering a settlement agreement and sending a registered letter to remind the debtor of the money owed, according to ProfitGuide.com.
    See Full Answer
    Filed Under:
  • 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. As of 2014, any of the following three provide a great service: Equifax, Experian and FreeCreditReport.
    See Full Answer
    Filed Under:
  • How can you raise your credit score fast?

    Q: How can you raise your credit score fast?

    A: According to Forbes, some ways to raise a credit score quickly include raising credit limits, keeping accounts open and paying bills on time. Increasing credit limits and keeping accounts open lower a consumer's balance-to-limit ratio, an important ratio when calculating credit scores, according to Experian. Paying bills on time is important because timely payments directly determine a third of the credit score.
    See Full Answer
    Filed Under:
  • What is the highest credit score you can get?

    Q: What is the highest credit score you can get?

    A: As of 2014, a perfect score on the FICO credit scoring model is 850. However, a perfect score is rare. A 2013 Bankrate article pointed out that a long-time mortgage banker had never seen a FICO score higher than 834.
    See Full Answer
    Filed Under:
  • What tools can I use when dealing with home loans?

    Q: What tools can I use when dealing with home loans?

    A: Most of the tools available that aid in estimating, obtaining and managing a home loan are online calculators. These calculators rely on accurate user input of certain variables related to the mortgage, household income and home to be purchased. The tools calculate values that are useful or necessary to know for dealing with home loans. Information is critical for mortgage shoppers, the Federal Trade Commission states.
    See Full Answer
    Filed Under:
  • 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.
    See Full Answer
    Filed Under:
  • How does a voluntary repo affect my credit?

    Q: How does a voluntary repo affect my credit?

    A: Submitting to voluntary repossession can reduce the amount of money that is ultimately charged to you and might therefore make restoring your credit a little easier. A voluntary repossession is much like an involuntary repossession in that the unpaid balance of the debt is still charged to you along with any costs associated with repossessing the property but, according to the Federal Trade Commission, it might be cheaper.
    See Full Answer
    Filed Under:
  • How old do you have to be to get a student loan?

    Q: How old do you have to be to get a student loan?

    A: Students can apply for student loans without their parents cosigning at any point they are ready to enter college even if they are under the age of 18. This is because the "defense of infancy" does not apply to federal student loans.
    See Full Answer
    Filed Under:
  • How do I get my name off of a joint mortgage?

    Q: How do I get my name off of a joint mortgage?

    A: 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.
    See Full Answer
    Filed Under:
  • 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.
    See Full Answer
    Filed Under:
  • How long does it take to recover from bankruptcy?

    Q: How long does it take to recover from bankruptcy?

    A: The exact amount of time it takes for someone to recover depends on the type of bankruptcy filed, according to Experian. A chapter 7 bankruptcy stays on one's credit report for 10 years, while a chapter 13 bankruptcy stays for seven years. As time goes on, the damage to someone's credit score from the bankruptcy lessens.
    See Full Answer
    Filed Under:
  • 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.
    See Full Answer
    Filed Under:
  • 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.
    See Full Answer
    Filed Under:
  • Can I buy a money order with a credit card?

    Q: Can I buy a money order with a credit card?

    A: As a general rule, a money order cannot be purchased with a credit card, according to Fox Business News.
    See Full Answer
    Filed Under:
  • What is the difference between debt and equity?

    Q: What is the difference between debt and equity?

    A: Debt is loan financing used to start or grow a business. Equity financing is investment money received in exchange for shares of ownership in the business. The National Federation of Independent Business indicates that debt has to be repaid, while equity does not have to be repaid.
    See Full Answer
    Filed Under:
  • What is a good credit score for a car loan?

    Q: What is a good credit score for a car loan?

    A: CarsDirect notes that an average, or good, credit score for a car loan is 680-739. An excellent credit score for a car loan is 740-850. A consumer whose credit score lands in the excellent range is eligible for the best interest rates available on a car loan.
    See Full Answer
    Filed Under:
  • Can I give my house back to the bank?

    Q: Can I give my house back to the bank?

    A: According to the Federal Trade Commission, a person facing foreclosure can give his house back to the bank with a deed in lieu of foreclosure. In exchange for signing over the deed to the home, the bank forgives the debt owed on the home.
    See Full Answer
    Filed Under:
  • What is a renter credit check?

    Q: What is a renter credit check?

    A: A renter credit check is when a landlord checks a person's credit report and score to determine if he should rent a property to the potential tenant. A renter credit check is often the only way a landlord can sort reliable tenants from unreliable tenants.
    See Full Answer
    Filed Under:
  • What is the difference between credit and debit?

    Q: What is the difference between credit and debit?

    A: The difference between credit and debit, relating to a bank card, is that credit allows a purchase without immediate funds based on the customer's trusted and proven ability to pay, while debit is an actual debt recorded in an account, as defined by Dictionary. In bookkeeping and accounting, a credit is a payment to an account, and a debit is a debt on an account, according to Bookkeeping Basics.
    See Full Answer
    Filed Under: