Credit Tip from National Credit Care: Part 3

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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

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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

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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/

VA Home Loans – A Valuable Benefit

A VA home loan is a great benefit to military personnel during and after their service. PrimeLending understands the importance of a “home base” for military and their families and is proud to be able to help active and retired military use this product to meet their unique needs.

VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offers the following advantages:

• No down payment
• Higher loan value
• No private mortgage insurance
• Limit on closing costs
• Option for seller to pay closing costs
• No penalty fee for early payoffs
• Possible VA assistance if you have difficulty with payments

Once certified, an applicant can apply to use the guaranty on these financing and refinancing opportunities:

• Purchase or build a residence
• Purchase a condominium or duplex
• Purchase and imporve a residence
• Purchase a manufactured home/lot
• Refinance an existing home loan
• Install energy improvements

Qualified service members are those that have received a discharge other than dishonorable from an eligible branch of the service, including the U.S. Army, Navy, Air Force, Marines, Coast Guard, Nat. Guard and Reserve and US. Military academies. They also meet the service requirements charted below.

There is a VA Loan to Fit Your Needs

VA Fixed Rate Home Loans

A 30-year fixed rate option gives you a stable, predictable monthly payment. These loans are great for people settling down in one house over a long period of time. They give deployed soldiers a warm place to come home.

A 15-year fixed-rate option could help current service members who would like to build equity more quickly. You pay more monthly, but this pace builds more equity in your home.

VA Adjustable-Rate Mortgages

The flexibility of an adjustable rate mortgage can be appealing to current military service members expecting to move in the next few years. ARM homeowners pay a low introductory interest rate for the first few years, then move or refinance before it adjusts upward.

VA Jumbo Home Loan

The VA will guarantee a maximum of 25% on your home loan up to the conforming loan limit of $424,100. For a loan greater than that amount a VA Jumbo Loan is needed. With a VA Jumbo Loan you can apply for a home up to $1,000,000 and will only need a down payment of 25% on the difference between $424,100 and the asking price of the home.

For example, you want to purchase a home that costs $500,000. You would be required to pay 25% down on the amount over $424,100.

$500,000 - $424,100 = $75,900. Then $75,900 x 25% = $18,975. This would be your down payment. This payment is still considerably lower than the 10% traditionally required for jumbo loans.

Cash-Out Refinance Loans

A cash-out refinance helps you handle big-ticket items – college, health expenses or debt, for example. Effectively, you pay off the remaining balance and take out a new loan for the appraised value of the house. Much of the difference goes into your pocket as cash.

Interest Rate Reduction Refinance Loan (IRRRL)

An Interest Rate Reduction Refinance Loan (IRRRL) helps service members refinance at a lower interest rate. Refinancing can help lower your monthly payment, change your term or turn an ARM into a fixed rate. Other advantages include:

• No appraisal or credit underwriting
• No Income and/or asset verification
• No out-of-pocket expenses
• Rolling all costs into the new loan
• No new COE - just validation of loan