Credit Tip from National Credit Care: Part 3

EXTRA EXTRA READ ALL ABOUT IT
-------------------------------------------------

Part 3
Statutes of Limitations?

Maybe it's due to the horrendous natural disasters Florida, Texas and California must endure, or the fact that everyone else feels good by all that Vitamin A provided by the sun but boy oh boy do those States look out for you if you owe someone money!

There are four categories of debt that each state decides the length it is collectable for: Oral agreements (I agree, sounds rather worthless they carry a bigger punch than one would assume); Written agreements (where your typical collected would be located, like a medical debt); Promissory Notes (installment loans like your mortgage or student loan); and Open-ended Account (your revolving accounts like a credit card.) Check out this sweet table HERE if you want to know your States statutes of limitations for a particular debt. The different between legally owing someone for 3 years compared to 15 years is a crazy difference.

Just remember one thing (a story we get every other minute), when you hear someone boast to you of a tremendous story that they negotiated a debt for pennies on the dollar, it's because the debt was probably outside the States collectable period and therefore paying anything was far too much. Not to mention they could be looking at that same collection for another 7 years on their credit report due to reactivity. Just because debt is not enforceable in court doesn't mean the collector still cannot try to fool you in paying in what they believe is still owed. I hope you enjoyed this information, don't hesitate to get those referrals over asap to your URL LINK so we can close you some more loans.


Devin Norcross
Regional Director and Manager National Credit Care
Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

A trip from The National Credit Care- Student Loans Part 2

                                            ------------------------------------------------

EXTRA EXTRA READ ALL ABOUT IT!

Student Loans- Part 2

There are a lot of people out there who receive tremendous benefits from student loan assistance. This doesn't include the 30% of people who obtain only to drop out of school early, or for our 300,000 waiters and waitresses that have a Bachelor's Degree. It's certainly a hit or miss scenario. However, what definitely shouldn't be a hit or miss is on how the student loan fairly impacts your credit profile.

Obviously, we can expect if we don't pay our loan on time, or at all, that it will go late or into collection status. What really kicks us when we are down is that if you do go late on a student loan you don't just get a single late. As student loans report per semester, and you receive them for four years, then you will have eight lates from your eight different accounts causing eight times the damage and headache! Our experience shows an abundant amount of people will go late as soon as the deferment is over. This is generally because they aren't aware or haven't been appropriately notified when they have to pay. That then creates a sever-year penalty on your credit report, which seems harsh as criminals seem to serve less time for felonies.

The plot thickens as now we can see reports that the federal government along with an Attorney General is suing Navient (the largest student loan provider) for allegedly cheating borrowers out of their repayment rights. The allegations are that Navient directed struggling borrowers towards paying more than they had to, misallocated borrowers' payments, and in some cases falsely reported borrowers had defaulted on their loans causing tremendous credit score damage. So apparently not all student loans provide tremendous assistance like we hoped.

These kinds of cases seem like they will last forever, in the meantime, people will still be denied for loans or will pay too much for the ones they can get. Allow us to provide a better solution for this case and many others, please get those referrals on over from your personal URL PORTAL.



Devin Norcross
Regional Director and Manager National Credit Care
Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

A tip from the National Credit Care

---------------------

EXTRA EXTRA READ ALL ABOUT IT!

I just love my credit card...

Alright, so everyone understands they are getting robbed blind by credit card interest rates assuming they are an active user. There is no secret there; however, I think we should quickly study how impactful a lifetime of using credit cards with bad interest rates really is.

There is a reason we have seen anywhere from David Spade at his height to Samuel L. Jackson do credit card commercials. I'm pretty sure they didn't go cheap. Great credit scores can get you down into the 10% APR range on your cards. Pretty bad credit, assuming you can get qualified at all, can put you all the way up to 30% range.  Although we've seen ultra-high as much as 80% APR on high-risk cards, but at that point, you might as well go outside and shoot yourself in the foot because they will both feel about the same.

Let's use a slightly worse than average rate surveyed by creditcards.com of 23.23%. Let's say you make a single $1,000 purchase on a card with a 23.23% APR, it would take you over 6 years to pay it off if you just paid the minimum and the credit card company would collect $840 of interest during that time. However, if you had a good credit score you would pay it off two years earlier, and only be at around $200 in total interest. The difference is well over $600 and that is just ONE purchase. ONE PURCHASE. THAT'S INSANE.

What people often forget when losing money due to their credit scores, is that not only do they end up with the same product after spending more, the money they lost could have been allocated towards investment/retirement and when you add a modest 7% return on that lost money over a lifetime, the bill goes from anywhere from 100s of thousands to millions.

Don't throw away money or allow others to do likewise. Please send these referrals on over by using your personal URL PORTAL.

Devin Norcross
Regional Director and Manager National Credit Care
Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

Tip from the National Credit Care

--------------------------------

EXTRA EXTRA

READ ALL ABOUT IT!

The Handshake is Dead

Do you remember hearing the stories of your grandfather going into the bark to receive a loan and after a firm man chat where the terms were agreed upon by a "stronger than oak" handshake? That's about as believable as unicorns these days. Let me tell you how far we have "evolved for better or worse since then, and this is not just a great demonstration because I work in the credit restoration universe, but it's certainly convenient. The latest victim to come under the scrutiny of the credit score may well be customer service industry. According to DSL Reports, Cable One fully admitted that they provide worse customer service to people with lower scores. CEO Thomas Might said at a recent P Morgan Global Technology conference that the cable company's support staff isn't going to spend 15 minutes setting up an iPhone app for a Customer who has a low FICO score.

Legal or not, like it or not, Cable One who services almost a million people, makes it known that a variety of companies are getting more skilled at using a range of data that is collected to identify credit-troubled customers in efforts to spend less time and resources aiding them, that is if they even accept them in the first place.

Talk about kicking you when you're down. Not only does one prevent themselves from attaining a house, car, job, credit card or many other things with struggling scores, or at the very least has to suffer through high enough interest rates to bankrupt Greece all over again; but now you get treated like the local leper when calling for some help because your cable went down during the 982nd season of The Bachelorette... when on earth is that show going to end... yes I can see it's the last rose tonight...I can count to ONE you know.

I tell you, complaining about it like I'm currently doing isn't going to her regardless of how good it feels. You must allow us to help so you don't end up on the wrong side of the battle. Please send those referrals on over by using your URL PORTAL

Devin Norcross

Regional Director and Manager National Credit Care 

Cell: (303)500-7697 Office: (866)595-6313 Ext. 403 Fax: (877)754-5724 Email: devin@nationalcreditcare.com http://www.nationalcreditcare.com/

Credit Tip from National Credit Care

READ ALL ABOUT IT

"Types of Credit - 10%

This 10% of your score is made up of criteria where almost nobody has
a correct idea of what to do. If you have ever heard those incorrect
statements such as: 'You should have at least three credit cards,' 'American
Express is a great revolving account,' or my favorite, 'You should have a 1
to 1 ratio between revolving and installment accounts' (this would mean
my sister, who at one point had every store card known to mankind and
would need to buy up half the real-estate in town to keep her
calculation requirements), this section is for you.

The best score is certainly not about quantity but rather quality. Ideally,
you want to have one account in every category. I'm not just talking
about Revolving, Installment and Other either. Installment accounts can
be broken down further than that. A close to perfect mix is going to be: a
credit card (R), an automobile loan (Auto), a mortgage loan (Mtg), a
student loan (I), and an "other loan" like American Express (O). American
Express that has no limit and is considered an "Other" account, not
revolving as one might assume, as it has no limit to calculate its
utilization.

The reasoning behind all this is to show you can carry a variety of loans
(shows responsibility) but not too much of any one kind (too much risk).
This doesn't mean you should start opening and closing your loans left
and right to try to get this mixture correct. If you do, all of the other
sections are going to be impacted just as much, which could be good or
very bad. However, to receive guidance, you certainly may send your
referrals our way by using your URL PORTAL."

Devil Norcross

Regional Director and Manager

National Credit Care

Cel: (303)500-7697

Office: (866)595-6313 Ext 403

Fax: (877)754-5724

Email: devin@nationalaecftcare.com

http://www.nationalaecftcare.coni/

We're Hiring!

Prime Lending is looking to hire a Loan Officer Assistant or Team Loan Officer to join our Richmond office!

Job Description:

30 to 40 hours per week. A flex schedule is possible. Salary based on experience. Bonus based on closed volume.

Individual should be organized, good with all standard software programs (Excel, Word, PowerPoint, etc…).  Lending experience a plus, but not required.  Self-starter, high energy and good people skills are required for this position.  Duties include loan applications, document gathering and analysis, software input, loan monitoring, database management, lead oversight, office supply monitoring, and scheduling.

TLO must be licensed, otherwise not a requirement.

If licensed, individual could apply for Team Loan Officer position, which duties include all of above, plus own origination, with grooming for full-time loan officer.


Please contact me to apply! Forward resume to Richard.day@primelending.com, or call 804-855-4421.

How your customers write your paycheck...

HIT more accurately, and secure more jobs...

Today's news - Renovation Financing should be in your toolbox. Here's why... From the Joint Center for Housing Studies at Harvard - Accelerating growth in residential improvement and repair expenditures is anticipated through the third quarter of 2018, according to the Leading Indicator of Remodeling Activity (LIRA). Home renovation and repair spending will increase from 6.3 percent in the fourth quarter of 2017 to 7.7 percent by the third quarter of next year. Recent strengthening of the US economy, tight for-sale housing inventories, and healthy home equity gains are all working to boost home improvement activity. “Over the coming year, owners are projected to spend in excess of $330 billion on home upgrades and replacements, as well as routine maintenance.” For more info check out the full report - http://www.jchs.harvard.edu/growing-momentum-expected-remodeling-spending

What you need to have in your toolbox... You can get more business, and be the hero by simply handing a potential client information with all their financing options. If you would like such a flyer, please contact me. Here are the many ways your customers can pay for home improvement, renovation and additions - Renovation Mortgage or Renovation to Perm - This type of financing has one significant advantage...it is based on the future value of the home and is likely tax deductible depending on IRS rules at the time. Cash (including retirement funds) - This is great, but if it is coming from a high yield fund or retirement account, then your customer might want to consult with their financial adviser before liquidating such an asset. HELOC/2nd Mortgage - This vehicle can work nicely, if there is enough current equity to cover the project costs. Under new tax laws, this type of financing may no longer be tax deductible. Also HELOC's typically have variables rates. Cashout Refinancing - Much like a HELOC, in that this is based on current value, NOT future value. If there is enough equity, then this is excellent, and is still likely tax deductible. Custom Renovation Financing (from companies that specialize stand alone loans for this purpose) - Can work if a relatively small project. Rates are higher. Not tax deductible. Look at final payment compared to above options.  Personal Loan - This works, but is limited as most banks cap these loans at around $10,000. Rates are higher, and not tax deductible. Best for small projects, especially if customer can pay down rapidly. Credit Cards - Much like personal loans, these are not tax deductible, typically have much higher interest rates. Loan amounts are limited. Not a good option unless customer has ability to rapidly pay down the balance.