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AMAZING
Dear Friend
Answer your credit questions. Page 2
Health
Trivia
Turkey. Page 3
Elite Credt Care 018 156Th Ave NE Suite 100, Bldg. F. Bellevue, WA 98007>
2013
Credit News is a monthly newsletter from your friends at Elite Credit Care Dear Friend, We hope you enjoy this months newsletter. It is a great time to spend outdoors with your family! Respectfully, Attila Thiry
Credit News
The Newsletter Thats Both Informative and Fun!
Volume 1, Issue 26
Contact Us Now To Get A Free Consultation! (Valued at $200) |1.877.604.4489 Answers to the trivia:
3: The outside!. 10: Enough drumsticks for Thanksgiving!. 2: Fowl weather!. 5: To prove he wasnt chicken!. 9: From a gobble-let!. 6: Because he had the drumsticks!. 7: To hatchet!. 4: Wing! Wing!. 1: He got the stuffing knocked out of him!. 8: By bird class mail!.
the rare circumstances when the credit bureaus did nothing wrong. And, the company that furnished the mortgage information to the credit bureaus also did nothing wrong. This isnt an issue of incorrect credit reports or a rouge data furnisher. This is simply an issue with how Fannie Maes beer goggles are causing it to interpret a short sale. Having said all of that, apparently Fannie Mae is hard at work on a fix that will solve the problem and actually treat short sales like, well, short sales. The software fix will become live sometime on November 16th as reported by MarketWatch. Does that solve the problem sort ofbut not really. Interest rates on mortgage loans were at one point as low as 3.25 percent for a conventional 30 year fixed rate loan. Today the average rate for the same mortgage loan is almost 4.1 percent. And, in many parts of the country home prices have either fully recovered to pre-recession values
or are darn close to it. Point being, if you were unable to buy a home because of this Fannie Mae problem several months ago then you wont get a 3.1 percent mortgage and you wont find the same house for the same price. Im sure many class action attorneys are watching this very closely.
Dear Friend
Dear Friend Protecting Your Credit Scores From Your Holiday Spending Dont look now but the holiday shopping season officially starts in just a few weeks. The statistics are vague on the amount well spend during the 2013 holiday season but if the pattern holds true many of us will charge more in the last several weeks of the year than the prior 10 months. Picking the right credit card can not only help diffuse the cost of shopping but can also protect your credit scores. Option 1 A newly opened retail store credit card. This is a pretty bad idea in my mind. Retail store cards are notorious for having very high interest rates and very low credit limits. That means even modest purchases can cause a spike in your balance to limit ratio and lower your scores. And, if you fell for one of those save 10% on your purchases by opening a new card offers youll subsidize your discount by revolving a balance even one month because of the high rates. Finally, retail store credit inquiries are among the most damaging types. They are treated exactly like credit card inquiries and do not get the same treatment as auto, mortgage or student loan related inquiries. Option 2 An existing retail store credit card. Ok, by using your existing retail store card you avoid the potential damage of opening a new one. Congrats! But, you still have the same issue of low limits and high interest rates. Option 3 A newly opened general use credit card (Visa, MasterCard, Amex, Discover). You run into the same problem with the inquiry but you may avoid the issues with having a lower credit limit, but only if you get assigned a healthy line. And, because youve opened a new card you may lower your average age of trade to a point where that can lower your scores. Option 4 Use an existing general use credit card. I think this is the best idea and heres why. Youre not opening a new account so you completely avoid any problems caused by the new credit inquiry and the newness of the account on your credit report. And, theres a possibility that the limit is high enough that you wont have to worry about your scores being negatively impacted by the balance incurred by your shopping. And while credit card interest rates are rarely good, at the very least youll likely have a card thats much more competitive than a retail store card.
Is Missing a Loan Payment Worse Than Missing a Credit Card Payment? Im often asked if theres a difference in the score impact if you miss a payment on one type of credit obligation versus another. The most common scenario is whether or not a missed mortgage payment is worse for your scores than a missed credit card payment. This makes sense as an assumption because missing a mortgage payment is likely a much higher dollar amount than a missed credit card payment. Having said that, were focusing specifically on two thingsthe incident and the past due amount. From an incident perspective a missed payment is a missed payment is a missed payment. So, it doesnt matter where the late payment was made. And, if the account becomes so delinquent that it crosses the line between whats referred to as a minor derog and a major derog it also doesnt matter where those serious late payments were made. What is important and what can cause a variance in the impact to your credit scores is the amount past due on the account. When you miss a payment on a credit card youre only past due the minimum payment amount. When you miss a payment on a large loan, such as a mortgage, youre past due the entire payment. And, if youre late several months in a row (pre-default) you can easily find yourself having thousands of dollars of past due debt. There are measurements within credit scoring systems that consider the amount past due. And while its certainly bad to have any past due amount, its going to be worse for your scores if you have a larger amount rather than a smaller amount.
8. How do you send a turkey through the mail? 9. How does a turkey drink wine?
10. What do you get when you cross a turkey with an octopus?
Internet Tidbit
If you are in the market for a tech or electronic product, stop by TheWirecutter.com. This free review site simply shows you the best of the best in each category of tech products listed. You dont have to wade through lists of products, giving you a chance to avoid information overload. Each review includes an in-depth article explaining the reviewers choice. The website prides itself on staying up-to-date with new releases of products too, making it a great starting point for all your tech shopping.
By The Numbers:
Holiday Travel
If you struggle with your weight, you may want to take a look at your sleep health.
By Attila Thiry
- About 91 percent of all long-distance holiday travel is by personal vehicle. Only six percent of holiday travel is by air. - Over 93 million travelers venture at least 50 miles from their home each end-of-year travel period. - Travelers journey an average of 706 miles round-trip over the end-of-year travel period. - Thanksgiving Day is the most dangerous day of the year to travel, with an average of over 500 people killed in traffic accidents that day. - The Wednesday before Thanksgiving is the busiest travel day of the Thanksgiving weekend, with 45 percent of travelers on the road that day. Source: U.S. Department of Transportation, AAA
Studies have found a link between too little sleep and weight gain. Lack of sleep can cause an increase in hunger hormones, and daytime fatigue can lead to less exercise. To set your metabolism in better working order, be sure to get about 7.5 hours of sleep each night. While sleeping more does not cause weight loss, getting adequate sleep helps keep some of those extra pounds off.
Dale Turner
Jim Gaffigan
EliteCredit News
| November 2013 3