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/

Credit Tip from National Credit Care

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"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/

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.