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We all agree on this. Nobody likes a pessimist. But somewhere in between is the realist who is totally disinterested...meaning unbiased. The press tries so hard to interpret any uptick as "recovery." I saw one headline today "Retail sales up 9% in March!" But last March retail sales were down 5%. Not everyone realizes that a 50% loss last year requires a 100% gain this year in order to get even. If you had a $ 100 and suffered a 50% loss or $ 50. Now to get back to $ 100 you would need a 100% gain. Nothing from nothing is still nothing. Many times headlines really camouflage the truth.
Is the economy in recovery? I keep reading that it is. Yes, the quarterly GNP no longer is spiraling down but the slight improvements are meaningless considering the following FACTS:
Last week, the Feds stopped buying mortgaged backed securities which has been artificially keeping lending rates down. Today's headline "The era of record-low mortgage rates may be over." The fact is that mortgage rates have jumped from 5 to 5.3% in the past week. Analysts predict 6% rate this year.
Holy moly, nearly 1 out of 10 homeowners are behind 90 days or more on their payments!
The #1 industry that can lead us to recovery is the real estate market. And, this industry is under assault. Related
Your credit rating is a number between 300 (poor) and 850 (good), also known as a FICO score which stands for Fair Isaac & Co, the company who developed the first scoring systems in the 1950s. The rating is compiled by three credit reporting agencies: Experian, Equifax and Trans Union from a number of factors, including:
This may happen for a number of reasons, a person may accumulate debt over a number of years until they suddenly realize it has gone out of control or perhaps they have invested in a business that collapsed. Bankruptcy results when both the creditor (the people lending money) and the person in debt realize that there is no chance of repaying that amount of money back. The person in debt then files for bankruptcy. How does bankruptcy affect my credit rating?
Bankruptcy may seem like an easy way out, but it has a very bad effect on your credit rating, which is why it should only be used as a last resort. A declaration of bankruptcy can remain on your credit files for up to ten years and will bring your credit rating down considerably making it harder to get loans and credit cards as well as pushing your interest rates up. If you can prove that you can manage your money well, then the outlook wont be all bleak for the next ten years. Some things that you can do to heal your credit rating are:
Taking out a credit card after bankruptcy may be the last thing you feel like doing, but if you take out a secured credit card and use it strictly within your repayment budget each month you will build up a financial history indicating responsible use of credit, which will help to improve your credit rating. It is also worth applying for copies of your credit report from the credit reporting agencies (Experian, Equifax and Trans Union) and checking them for any errors. Although bankruptcy will be listed on your report it is important to make sure there are no mistakes that could unfairly add to a low credit rating.
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