Credit & Lending

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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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  • 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.
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  • How do I give back a financed car?

    Q: How do I give back a financed car?

    A: According to Nolo, a legal advice website, you can simply call the dealer and return a financed car, but the lender is under no obligation to release you from the debt owed. The lender may sell the car, but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.
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  • How do you calculate TTL for a car in Texas?

    Q: How do you calculate TTL for a car in Texas?

    A: Several online sales tax and fees calculators are available that help you estimate how much you pay when purchasing a new car. State-specific sales tax calculators allow you to determine the estimated TTL for a car in Texas.
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  • 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.
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  • 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.
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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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  • What are the advantages of a bank loan?

    Q: What are the advantages of a bank loan?

    A: According to Chron, the major advantages of a bank loan are stability and autonomy if the borrower is a small business. This source explains that banks lend money without taking ownership in the enterprise for which the loan is being used, so the borrower retains total autonomy as long as the money is paid back in time.
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  • 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.
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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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  • How do you build business credit?

    Q: How do you build business credit?

    A: Building business credit usually involves setting up a business, acquiring all necessary legal and tax documents, and maintaining a good credit history. You also need to keep accurate books of accounts.The lenders normally access this information when approving business credit.
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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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  • 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 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.
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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 a promissory note?

    Q: What is a promissory note?

    A: A promissory note is a written financial record of the details surrounding a loan between two parties. It encompasses every aspect of the financial agreement and serves as documentation and proof of the transaction.
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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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  • What happens if my house is repossessed?

    Q: What happens if my house is repossessed?

    A: If a house is repossessed by the mortgage company, it is usually sold through an auction or a real estate agent. Depending on both the mortgage company and the state, the former owner may have the opportunity to redeem the property. If the home sells for less value than the outstanding mortgage, the former owner may be sued by the lender for the difference or have the debt forgiven.
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  • What is the mortgage underwriting process?

    Q: What is the mortgage underwriting process?

    A: The mortgage underwriting process is the final, extensive review phase of a home loan application before a lender approves and funds a mortgage. The homeowner typically has little to no direct contact with underwriters as their reviews are performed behind the scenes.
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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 is a credit card's CVV code?

    Q: What is a credit card's CVV code?

    A: A CVV number stands for the card verification value on a debit or credit card. On Visa, Discover and MasterCard, the three-digit number is located on the back of the card. A four-digit number is found on the back of American Express credit or debit cards.
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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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