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checking credit reports

How Long Do Late Payments Stay on Your Credit Report

Amid the Coronavirus pandemic,  people have been struggling to make ends meet and keep businesses afloat.  The global crisis has already led many countries – even the leading ones, in debt as they aim to support households. 

The situation, nonetheless, has seen a boost in online purchasing as it is deemed more secure. While shopping outside is discouraged, contactless, and digital payment methods with less physical interaction emerge. 

Credit cards have been one’s best friend ever since and Penny Saved gathered tips on how you can properly maximize its use and avoid mortgages.

Credit cards offer important means when you’re out of budget, which implies it is a lifeline in getting basic needs during this situation. This is proof that it’s best to pay your credit bills on time.

For many reasons, late credit payments occur. While your payment history counts for 35% of your FICO score, if you’ve made a late payment, you’ve likely seen your points take a plunge. Rest assured, you can recover from it. Some credit card issuers are even letting cardholders skip payments amid COVID-19. read more

Removing paid collections from credit report

How to Remove Paid Collections from Credit Report?

About to take up an important loan? Or maybe you want to fund that personal project you have been planning for months now? Everything might go smoothly except for when the lender of your chosen financial institution checks that credit report of yours and finds that there is still a record of a collection you were able to pay from before. 

To be able to remove that paid collection stain from your credit report, you typically have to dispute it unless your bank or other financial institution you are dealing with has a unique way of doing things.

Most lenders use an update method of calculating your credit score which automatically removes paid credit due to it being paid already. However, some lenders and financial institutions still use older methods of calculating for you credit score which will include paid collections from the credit report.

There are about three steps to remove that paid credit collection stain from your credit report and it would be: To check all your credit reports, determine the legitimacy of the accounts, choose your plan of action. Will it be to dispute it, ask for a goodwill deletion, pay for delete, or just pay it anyway?  read more

Young couple meeting financial consultant for student loan

Do Student Loans Go Away After 7 Years?

The most obvious answer is no, but there are ways and circumstances allowing you to minimize or sometimes eradicate all of your student loan obligations.

The most obvious answer to whether student loan debt would go away after seven years or any amount of time, is no.

After all, student loans are obligations that should be paid back.  But what if you haven’t found a job after student loans require you to start payment?  What if you are still studying?  What will you do with your student loans if you only have a part time job and have to deal with several expenses too?

There are ways and certain circumstances which may reduce the payment needed to cover your student loans, and in some occasions, remove all liabilities entirely.

Types of Student Loans

First, you have to understand differences between available student loans.  The Federal Student Aid, the United States (US) government’s official site for student loans, has enumerated four of their federal loan offerings:

  • direct subsidized loans which are offered to undergraduate students who need more money to fund a higher education;
  • direct unsubsidized loans, which are given to students but in a scheme were eligibility is not based on financial need;
  • direct PLUS loans are given to graduate or professional students or parents of dependent students who need extra money for educational expenses not covered by existing financial aid, and;
  • direct consolidation loans, which allows loanees to combine all of their student loans into one single loan servicer.

As the name suggests, federal loans are sourced from public funds, which means that you are borrowing money from the government.  On the other hand, there are student loans offered by private entities, mostly banks and other financial and credit institutions. read more

Men signing car loan agreement

Can I Get a Car Loan with a Credit Score of 600?

Having a good credit score makes it easier for people to get loans or financing. In car loans, having a score credit of 700 or above makes it more likely to get approved. But, if you only have a 600 credit score or less, there are still ways for you to get car financing. 

Read this article to find alternative ways and techniques for someone with a low credit rating to get a car loan application approved. These options might be your best chance to get your loan application approved.

How to Get a Car Loan with a 600 Credit Score?

People with a high credit score are more likely to get an auto loan. Also, they usually qualify for competitive interest rates. For customers with a credit score of 600 or less, getting an auto loan requires more work. They have to look for a dealership that allows for special financing, so their application is approved.

Needless to say, we must all try to attain a good credit rating. But achieving such is easier said than done. For individuals with a low credit score, do not worry because there are ways for individuals like you to get an auto loan still. The critical thing here is to find the right dealers who are willing to help you achieve what you want. read more

Get loan with bad credit

How to Get Guaranteed Approval $5000 Personal Loans with Bad Credit

Bad credit scores truly impact your ability to get loans like payday loans, installment loans and personal loans. However, there is a specific personal loan for you. 

Guaranteed approval 5000 personal loans are perfect with those that have bad credit history. Know who offers these types of personal loan and how you can possibly contact them.

There are still ways to improve your bad credit standing. Once you get approved for 5000 personal loans, then try your best to comply with the terms of the contract especially with the repayment schedule. This will help improve your credit standing in the long run.

Tips on getting guaranteed approval for $5000 personal loan despite bad credit

If you have a bad credit score that makes it difficult, if not impossible, to have your personal loan application approved, then consider applying for a $5000 personal loan where your chances of approval are still probable.

Transform your poor credit score into an acceptable one by doing these tips below.

1. Get a copy of your credit report by contacting the credit bureaus

You may feel that your credit history is hopeless but unless you have your credit file with you, you can never really be sure how bad your credit score is.  read more

Stop bankruptcy hand gesture

How Long Does Chapter 7 Bankruptcy Stay On Your Credit Report?

Chapter 7 Bankruptcy will stay on your credit report for 10 years. That is also the reason why a lot of people are hesitant to file for bankruptcy, often considering it as a last option, because of its harsh effects on a person’s credit rating.

Working individuals have been protective of their credit score and credit reports, up to the point where some spend on various things just to ensure the inflow and outflow of money.  And why not — credit reports and credit scores is a measurement banking and lending firms use to gauge whether an individual can be entrusted with loans.

The common question is, can you bear having a stain on your credit report for a decade?

What is Chapter 7 bankruptcy?

Bankruptcy is a situation wherein a person overwhelmed with debts and other liabilities seeks a reprieve from a court, with the goal of the court intervening for the person and the creditors.  What the courts do, depending on the situation, is to discharge several debts from the person who filed bankruptcy in exchange for some of his or her assets. read more

yound lady holding a credit card

Can You Transfer Money From A Credit Card To A Bank Account?

If you are looking to get your hands on some fast money due to a financial problem that blindsided you on your rest day or any other day of the week for that matter, there are tons of options available for you to transfer money to your bank account.

One of them is to transfer money from a credit card to your bank account, among personal loan, other forms of cash advances, and other types of bank loans. But what if the easiest way is to somehow transfer money from your credit card?

Well, yes, it is possible to transfer money from a credit card to your bank account through cash advance, however, transferring money from your credit card to your ready account might cause future inconveniences and other hassles that can be avoided if you use other modes of getting cash.

Ways To Transfer

As we have mentioned above, to transfer cash from your credit card, as convenient as it is, it may inconvenience you in the future due to its high interest rates. These types of interest rates from your card start accumulating with no grace period once you take the money from your credit card to your bank account. read more

checking credit reports

How Long Do Late Payments Stay on Your Credit Report

Amid the Coronavirus pandemic,  people have been struggling to make ends meet and keep businesses afloat.  The global crisis has already led many countries – even the leading ones, in debt as they aim to support households. 

The situation, nonetheless, has seen a boost in online purchasing as it is deemed more secure. While shopping outside is discouraged, contactless, and digital payment methods with less physical interaction emerge. 

Credit cards have been one’s best friend ever since and Penny Saved gathered tips on how you can properly maximize its use and avoid mortgages.

Credit cards offer important means when you’re out of budget, which implies it is a lifeline in getting basic needs during this situation. This is proof that it’s best to pay your credit bills on time.

For many reasons, late credit payments occur. While your payment history counts for 35% of your FICO score, if you’ve made a late payment, you’ve likely seen your points take a plunge. Rest assured, you can recover from it. Some credit card issuers are even letting cardholders skip payments amid COVID-19. read more

Removing paid collections from credit report

How to Remove Paid Collections from Credit Report?

About to take up an important loan? Or maybe you want to fund that personal project you have been planning for months now? Everything might go smoothly except for when the lender of your chosen financial institution checks that credit report of yours and finds that there is still a record of a collection you were able to pay from before. 

To be able to remove that paid collection stain from your credit report, you typically have to dispute it unless your bank or other financial institution you are dealing with has a unique way of doing things.

Most lenders use an update method of calculating your credit score which automatically removes paid credit due to it being paid already. However, some lenders and financial institutions still use older methods of calculating for you credit score which will include paid collections from the credit report.

There are about three steps to remove that paid credit collection stain from your credit report and it would be: To check all your credit reports, determine the legitimacy of the accounts, choose your plan of action. Will it be to dispute it, ask for a goodwill deletion, pay for delete, or just pay it anyway?  read more

Young couple meeting financial consultant for student loan

Do Student Loans Go Away After 7 Years?

The most obvious answer is no, but there are ways and circumstances allowing you to minimize or sometimes eradicate all of your student loan obligations.

The most obvious answer to whether student loan debt would go away after seven years or any amount of time, is no.

After all, student loans are obligations that should be paid back.  But what if you haven’t found a job after student loans require you to start payment?  What if you are still studying?  What will you do with your student loans if you only have a part time job and have to deal with several expenses too?

There are ways and certain circumstances which may reduce the payment needed to cover your student loans, and in some occasions, remove all liabilities entirely.

Types of Student Loans

First, you have to understand differences between available student loans.  The Federal Student Aid, the United States (US) government’s official site for student loans, has enumerated four of their federal loan offerings:

  • direct subsidized loans which are offered to undergraduate students who need more money to fund a higher education;
  • direct unsubsidized loans, which are given to students but in a scheme were eligibility is not based on financial need;
  • direct PLUS loans are given to graduate or professional students or parents of dependent students who need extra money for educational expenses not covered by existing financial aid, and;
  • direct consolidation loans, which allows loanees to combine all of their student loans into one single loan servicer.

As the name suggests, federal loans are sourced from public funds, which means that you are borrowing money from the government.  On the other hand, there are student loans offered by private entities, mostly banks and other financial and credit institutions. read more

Men signing car loan agreement

Can I Get a Car Loan with a Credit Score of 600?

Having a good credit score makes it easier for people to get loans or financing. In car loans, having a score credit of 700 or above makes it more likely to get approved. But, if you only have a 600 credit score or less, there are still ways for you to get car financing. 

Read this article to find alternative ways and techniques for someone with a low credit rating to get a car loan application approved. These options might be your best chance to get your loan application approved.

How to Get a Car Loan with a 600 Credit Score?

People with a high credit score are more likely to get an auto loan. Also, they usually qualify for competitive interest rates. For customers with a credit score of 600 or less, getting an auto loan requires more work. They have to look for a dealership that allows for special financing, so their application is approved.

Needless to say, we must all try to attain a good credit rating. But achieving such is easier said than done. For individuals with a low credit score, do not worry because there are ways for individuals like you to get an auto loan still. The critical thing here is to find the right dealers who are willing to help you achieve what you want. read more

Get loan with bad credit

How to Get Guaranteed Approval $5000 Personal Loans with Bad Credit

Bad credit scores truly impact your ability to get loans like payday loans, installment loans and personal loans. However, there is a specific personal loan for you. 

Guaranteed approval 5000 personal loans are perfect with those that have bad credit history. Know who offers these types of personal loan and how you can possibly contact them.

There are still ways to improve your bad credit standing. Once you get approved for 5000 personal loans, then try your best to comply with the terms of the contract especially with the repayment schedule. This will help improve your credit standing in the long run.

Tips on getting guaranteed approval for $5000 personal loan despite bad credit

If you have a bad credit score that makes it difficult, if not impossible, to have your personal loan application approved, then consider applying for a $5000 personal loan where your chances of approval are still probable.

Transform your poor credit score into an acceptable one by doing these tips below.

1. Get a copy of your credit report by contacting the credit bureaus

You may feel that your credit history is hopeless but unless you have your credit file with you, you can never really be sure how bad your credit score is.  read more

Stop bankruptcy hand gesture

How Long Does Chapter 7 Bankruptcy Stay On Your Credit Report?

Chapter 7 Bankruptcy will stay on your credit report for 10 years. That is also the reason why a lot of people are hesitant to file for bankruptcy, often considering it as a last option, because of its harsh effects on a person’s credit rating.

Working individuals have been protective of their credit score and credit reports, up to the point where some spend on various things just to ensure the inflow and outflow of money.  And why not — credit reports and credit scores is a measurement banking and lending firms use to gauge whether an individual can be entrusted with loans.

The common question is, can you bear having a stain on your credit report for a decade?

What is Chapter 7 bankruptcy?

Bankruptcy is a situation wherein a person overwhelmed with debts and other liabilities seeks a reprieve from a court, with the goal of the court intervening for the person and the creditors.  What the courts do, depending on the situation, is to discharge several debts from the person who filed bankruptcy in exchange for some of his or her assets. read more

yound lady holding a credit card

Can You Transfer Money From A Credit Card To A Bank Account?

If you are looking to get your hands on some fast money due to a financial problem that blindsided you on your rest day or any other day of the week for that matter, there are tons of options available for you to transfer money to your bank account.

One of them is to transfer money from a credit card to your bank account, among personal loan, other forms of cash advances, and other types of bank loans. But what if the easiest way is to somehow transfer money from your credit card?

Well, yes, it is possible to transfer money from a credit card to your bank account through cash advance, however, transferring money from your credit card to your ready account might cause future inconveniences and other hassles that can be avoided if you use other modes of getting cash.

Ways To Transfer

As we have mentioned above, to transfer cash from your credit card, as convenient as it is, it may inconvenience you in the future due to its high interest rates. These types of interest rates from your card start accumulating with no grace period once you take the money from your credit card to your bank account. read more

Who is
Penny Saved?

From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.

We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.

We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!

lady holding Free Government Phone
lady holding Free Government Phone

Who is
Penny Saved?

From the basics of financial management to ways to be debt-free, Penny Saved explores how to achieve financial freedom.

We cover topics such as personal finance, income streams, loans; and offer practical tips on managing your finances.

We also analyze financial products from banks, licensed money lenders, to assist you in making wiser decisions for yourself!

Copyright © 2021 Penny Saved. All rights reserved