Entry for July 22, 2007
I learned very quickly to improve credit in order to get a house. So I worked very hard to move from an Experian 430 to 660 within months.
You can improve your credit. It is a matter of knowing what to do. First order a free credit report. You can go online to http://www.freeannualcreditreport.com and get copies of three credit bureau reports namely Transunion, Equifax, and Experian.
Study your reports to find out if there are any errors on the credit reports. If there are errors, you have the right to challenge the credit bureaus to verify any errors. They have 30 days to investigate or they must delete certain items of question. Equifax will let you call them and you can report errors on any inquiries that you never made. Usually equifax can delete them in a matter of days. My score went up after trying this.
Establish Credit in your name. Start with opening a furniture store account. Some of these stores are in-house and can grant easy credit. You can also get a credit card by putting a deposit down and making that your credit line.
It is important to make payments on time for any account you open. No lates will open the doors to being able to rent an apartment, get a mortgage, or buy a car.
Any positive tradeline that is on your credit report will help your credit history overall and your scores move up over time.
The Author:
David is the Group leader for Choice Peer Lending on Prosper.com, Lender, and Borrower since 2006.
You can join his group and get a loan through http://www.choicepeerlending.com
Monday, July 23, 2007
Thursday, July 12, 2007
How to Improve your credit
I learned very quickly to improve credit in order to get a house. I taught myself how to fight my way to getting good credit.
You can improve your credit. It is a matter of knowing what to do. First, order a free credit report. You can go online to http://www.freeannualcreditreport.com and get copies of three credit bureau reports namely Transunion, Equifax, and Experian.
Next,study your reports to find out if there are any errors on the credit reports. If there are errors, you have the right to challenge the credit bureaus to verify any errors. They have 30 days to investigate or they must delete certain items of question. Equifax will let you call them and you can report errors on any inquiries that you never made. Usually equifax can delete them in a matter of days. My score went up after trying this.
Establish Credit in your name. Start with opening a furniture store account. Some of these stores are in-house and can grant easy credit. You can also get a credit card by putting a deposit down and making that your credit line.
*It is important to make payments on time for any account you open. No lates will open the doors to being able to rent an apartment, get a mortgage, or buy a car.
Any positive tradeline that is one your credit report will help your credit history overall and your scores move up over time.
For more information on loans. http://www.choicepeerlending.com
You can improve your credit. It is a matter of knowing what to do. First, order a free credit report. You can go online to http://www.freeannualcreditreport.com and get copies of three credit bureau reports namely Transunion, Equifax, and Experian.
Next,study your reports to find out if there are any errors on the credit reports. If there are errors, you have the right to challenge the credit bureaus to verify any errors. They have 30 days to investigate or they must delete certain items of question. Equifax will let you call them and you can report errors on any inquiries that you never made. Usually equifax can delete them in a matter of days. My score went up after trying this.
Establish Credit in your name. Start with opening a furniture store account. Some of these stores are in-house and can grant easy credit. You can also get a credit card by putting a deposit down and making that your credit line.
*It is important to make payments on time for any account you open. No lates will open the doors to being able to rent an apartment, get a mortgage, or buy a car.
Any positive tradeline that is one your credit report will help your credit history overall and your scores move up over time.
For more information on loans. http://www.choicepeerlending.com
Sunday, July 8, 2007
Imagine making money like E-Bay, but in the world of loans. Two years ago, if you lent me money with principal and interest from a family member or friend I would've said you are "crazy"! But today there is such an opportunity to get a loan from people who want to lend money. They are called "lenders" and these are ordinary people. These lenders could be your boss, friend, grandmother, aunt, dad, or even a stanger. Their job is to fund loans on a website called Prosper.com. Prosper was founded on the very same principal as E-Bay. Namely to allow online bidding through an auction style process of lending. Chris Larson who is the co-founder of E-Bay is the owner and founding father of Prosper.com
If you have made a lot of money selling on E-Bay or made a deal through buying that product, the same goes for Prosper.com. A person who needs a loan becomes a borrower. When I needed a loan last year, I was able to secure a loan through Prosper and get my loan in a matter of days.
The loans are given through Lenders. These "lenders" are collectively involved in purchasing the loan and funding it. So if someone needs $14,000, then it will take mulitiple bidders to secure that amount. There may be as many as 300 lenders bidding for that $14,000 loan at $50 min bids. The amount of lenders may decrease depending on the bidding amounts from each lenders. Some will bid $65, 100, $1000, or more. The limit is $25,000 per bid.
Prosper is not in the business of giving away the money. These are loans that must be repaid by the borrower within 3 years. The borrower is subject to credit preapproval to begin listing for a loan. Some may not make it to Prosper, but the ones who do make it, see it as something new and very intriguing!
Next Week: How to get a $3,000 loan
David is a Prosper Borrower since 2006 and a Lender,Group Lender on Prosper.com
Visit his site to be a lender or borrower: http://www.choicepeerlending.com
If you have made a lot of money selling on E-Bay or made a deal through buying that product, the same goes for Prosper.com. A person who needs a loan becomes a borrower. When I needed a loan last year, I was able to secure a loan through Prosper and get my loan in a matter of days.
The loans are given through Lenders. These "lenders" are collectively involved in purchasing the loan and funding it. So if someone needs $14,000, then it will take mulitiple bidders to secure that amount. There may be as many as 300 lenders bidding for that $14,000 loan at $50 min bids. The amount of lenders may decrease depending on the bidding amounts from each lenders. Some will bid $65, 100, $1000, or more. The limit is $25,000 per bid.
Prosper is not in the business of giving away the money. These are loans that must be repaid by the borrower within 3 years. The borrower is subject to credit preapproval to begin listing for a loan. Some may not make it to Prosper, but the ones who do make it, see it as something new and very intriguing!
Next Week: How to get a $3,000 loan
David is a Prosper Borrower since 2006 and a Lender,Group Lender on Prosper.com
Visit his site to be a lender or borrower: http://www.choicepeerlending.com
Wednesday, May 30, 2007
A New Way to Borrow
One of the ways we can borrow used to be from the conventional methods of lending. Everyone went to a bank and asked for a loan or the newest avenue had been the Payday loan since the 1980's. For those who went to a bank and getting a loan was like rolling the dice and hoping the Loan Officer would allow you to get a bank loan. We know that banks want someone who has unblemished credit and fico scores in the 670's and beyond. If you could not get a loan from the bank, some people would resort to high interest loans from a PayDay or Finance Company.
With the emergence of the Internet in the last 10 years, we see an exciting new trend of borrowing known as Peer to Peer lending. People can borrow money from a lender and a loan can be written with easy terms at 3 years. The difference with this type of loan is a stranger who could be your neighbor, friend, or investor could be the lender on this type of model. At Choice Peer Lending. com we have a group of lenders and borrowers who support each other. We are located on the Prosper.com website where getting a loan is a new of of borrowing.
For more information go to http://www.choicepeerlending.com
With the emergence of the Internet in the last 10 years, we see an exciting new trend of borrowing known as Peer to Peer lending. People can borrow money from a lender and a loan can be written with easy terms at 3 years. The difference with this type of loan is a stranger who could be your neighbor, friend, or investor could be the lender on this type of model. At Choice Peer Lending. com we have a group of lenders and borrowers who support each other. We are located on the Prosper.com website where getting a loan is a new of of borrowing.
For more information go to http://www.choicepeerlending.com
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