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Florida Bad Credit Loan
 Bad Credit Mortgage
 Bad Credit Loan
 Credit...Repair and Rebuild

  





FLORIDA BAD CREDIT LOAN
Florida Bad Credit Mortgage
How Credit Reports Work
Rebuild Credit
Know your Credit
Understanding Your Credit Score
Marriage and Credit
Modify Your Mortgage
Short Sale or Foreclosure
Free Credit Repair Kit



Florida Bad Credit Mortgage and How Bad Credit Affects You
Very few things in life can have a more devastating effect on your lifestyle than a poor credit score on your credit report. A low credit score can cost you hundreds or even thousands of dollars per month because of higher interest rates and larger monthly payments. 
Get to know your credit, moniter and rebuild.
PRE-Qualify for Florida Mortgage
Contact Floridaloan.net

 
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Call us and ASK!
561-470-7623
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Credit Cards and Bad Credit

Most prime credit cards are entirely out of reach to consumers with bad credit. What is available is secured credit cards. These are available to your even with bad credit. Here you have an opportunity to build credit by funding your credit card with savings. You secure the card with a deposit and borrow against, and repay as agreed and build credit. After a period the credit card companies will start offering you unsecured credit. The better you are at repaying credit each month the better your credit will get. Good credit does get a better interest rate, and the best of mortgage terms.

 

Automobile Financing and Bad credit

If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in a higher payment. Take a look.

$20,000 car paid over 5 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

10%
14%
20%

$424.94
$465.37
$529.88

$0.00
$4,722.54
$8,593.30

 

Florida Loan and the Home Mortgage for Bad Credit

Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit.  

$100,000 home paid over 30 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

7%
9%
12%

$655.30
$804.62
$1,028.61

$0.00
$50,155.24
$130,791.63

 

 


Credit Cards
Many times consumers are confused about why credit scores are not higher when there are no credit balances. The fact is open accounts score higher that closed accounts. Also, a balance of 20% against the total available line scores better than 40%; and over 50% balance absolutely lowers your score. Credit scoring takes into consideration that the lender has extended credit to you and now you are being rated on how well you manage your credit. It is better to use cards and pay off monthly.
It is also better to have accounts open rather than closed. You are being rated on how long your accounts have been opened and how much is available to you, as well as how much you still have available for use. 
You need credit cards to establish high scores.

The Last Resort for Credit 
If you keep getting turned down for credit cards, a secured card is the way to go. Here's how they work: You make a deposit with the bank that issues the card. That money is held as collateral in case you don't pay your credit card bills (in the best cases you earn a respectable rate of interest on it). The amount you deposit is also, typically, your credit limit.

  • The card. In return, you get a secured Visa or MasterCard. It doesn't look any different from a regular credit card—you don't have to worry that some smug store clerk is going to give you a wink or a nod and that you'll be mortified. You just use the card and pay the bills at a slightly higher interest rate, generally, than standard counterparts.

    The payoff. After eighteen or twenty-four months of on-time payments, the best programs will convert your card to a standard Visa or MasterCard and return your deposit.

APPLY FOR CREDIT CARDS So That You Can Establish Credit

Get Your Secured Credit Cards Here:

Current Card by Discover
No Debt and Build Credit with Rush Card!

Silver Prepaid MasterCard card
Perfect alternative to a checking account

 
 
 
Get   Credit Smart by Freddie Mac

Freddie Mac strongly supports the benefit of credit education and building sound financial literacy skills among consumers. Well-informed and well-prepared homebuyers are on the best path to enjoying successful and sustainable homeownership. As part of this ongoing commitment, Freddie Mac developed CreditSmart®, a multilingual financial education curriculum and consumer outreach initiative designed to help consumers build and maintain better credit, make sound financial decisions, and understand the steps to sustainable homeownership. CreditSmart increases consumers' financial understanding by teaching life-long money management skills and showing consumers how to avoid foreclosure and keep their home.


      

     
     
     
 

 

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