Loans

Most pawn shops (it depends on local laws) will allow an individual to borrow money, using an item of value as collateral for the loan. If the loan is not paid back WITH INTEREST in a specified amount of time, the item can be sold or otherwise disposed of in accordance with the terms of the loan. On the other hand, if you sell something to a pawn shop they will sometimes give you a little more money since they don't need to hold the item until the loan expires. Most cities require that pawn shops write down the identification information about anyone who wants to pawn or sell an item in case the police discover that the item was stolen.

The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.

If the married couple lived in a community property state at the time of the spouse's death, the surviving spouse may be responsible for the lease debt even if she was not an account holder. If the couple did not live in a community property state the creditor will be required to file a claim against the estate of the deceased to try to recover the debt.

Without proper permission (in writing) to take your car after it's been repossessed, it is considered stealing. Anything from jail time to a hefty fine. If it's been repo'd, it's not yours anymore.

Yes, the vehicle itself is considered collateral and the lender remains on the title until the loan agreement is fulfilled.

18

Aply For It Like Any Person Does. Present Income And All OtherInformation. That's It.

Self-employed persons can use their federal tax return and bank account information as proof of income.

Only if you are in threat of being garnished or a lien may be placed on your property. A bankruptcy lasts as long as a bad debt. Bankruptcy just costs money. You have a better chance of disputing the loan in a few years were as bankruptcy lasts longer. Your best bet is to talk to a lawyer, but they will almost always tell you to file. Also, the laws for bankruptcy are a lot harder now.

In general, any lender can file suit, be granted a judgment, and have the judgment enforced. So the short answer is yes.

Some also claim they can file criminal charges for a "bad check(s)." This is not true. The actions that can be taken depend on the laws of the state in which the person resides.

While inquiries are displayed only 90 days on a typical credit report, they are factored into a consumer's credit score for 12 months for loans, 24 months for insurance purposes. Different scoring models also assess inquiries differently. Bureaus factor similar inquiries, like multiple mortgage companies or multiple auto financers, as ONE inquiry if those inquiries are performed within a certain period of time. There is also variation in how many points are deducted from the score for an inquiry. Consumers who have any public record items on their credit, like bankruptcy, foreclosure, tax liens or judgments, are hit harder for an inquiry than a consumer who has no public records showing.

Factoring Companies buy account receivables from businesses. This is an alternate way for businessess to access cash, by selling their inventory, without having to take out a short term loan. The use of this term is a misnomer in the credit industry. Collection agencies have adopted this term to avoid the legal implication of being a collection agency or "junk debt buyer". The vital difference between a true factoring company and a junk debt buyer is whether the subject accounts were in default at the time they were puchased. For your purposes, this is a collection account. It is a derogatory listing on your credit report. You need to write the collection agency and request verification of this debt.

Addendum: You will want to send them a request for debt validation, not verification (requesting verification will most likely result in them sending you another dunning letter) send the letter to them USPS certified mail, return receipt requested. Here is a link for a good validation letter template: https://www.debtconsolidationcare.com/letters/sample6.html

The sale of your mortgage on the secondary market should have no impact whatsoever on your credit score.

You may want to double check the status of your loan with your new lender, and make certain that your payment due date has not changed.

You probably signed documents when your loan was originated that not only allowed this sale and informed you of the possibility, but also decreed that the terms of your loan would not change. Check your original documents to be sure.

Unless the authorization you signed specified only ONE pull of your credit report, then you have little recourse. It is typical for lenders of all types to perform multiple pulls of a consumers' credit report when trying to secure financing. For this reason, the scoring models count multiple pulls within a short period of time as only one pull.

In order to report information to the credit bureaus, a company or individual would have to become a contributing client of the bureaus. There is an expense involved and there are also federal statutes which must be followed. So, for the most part, private individuals do not report to the major credit reporting agencies.

That's at the discretion of the lender, and/or terms of the loan. If the mortgagee has a good payment history many lenders will not report a single late payment.

It is possible that your mortgage company reported your loan as "past due", but not likely. This is one column/heading in a typical credit report. The rating of I1 or M1 would not change, nor would the delinquency be reported in the counters until your mortgage was 30 or more days late.

The ordinary procedure is for mortgage companies to report only 30+ delinquencies. According to each individual contract, they may charge late fees if you pay 5,15 or 20 days late, but this generally is not reported against you.

To be sure, it would be best to obtain copies of your credit report from all three reporting agencies. Address any late payment showing NOW and see if your mortgage company will remove that late as an act of goodwill.

All new accounts impact your credit score, usually causing a decrease.

Since your credit file is a history of how you have managed debt in the past, a new account has no history to show how you have paid the payments; hence, your score receives a deduction. This deduction remains in effect for 2-3 years, but tapers off sharply after 6 months, after which you start to get some additions for how you have paid on the account (hopefully those payments will be on time). FYI: Any account under a decade is considered "young" or "new" to the scoring programs. There are major benefits to have accounts open, active and paid currently for many years.

Your score also takes a hit for any/all inquiries related to opening a new account.

No, most likely not. Credit scores are calculated based on ALL the information showing in a consumer's credit file at the time they are requested. So one small piece of information needs to be evaluated in relation to the whole. However, there is nothing about paying off an installment loan, whether early or on time, that would cause your scores to rise. The same is not true regarding revolving accounts (like credit cards).

Having a mid to high FICO score doesn't necessarily say: "you're approved!". Although it does reflect the general credit situation - payments on time, debt to pay ratio isn't too high - many factors still come into play when you're looking at purchasing a car.

Don't forget, when you get a loan to buy your car, you'll most likely see yourself having a lien on that car for the duration of the loan. Default on your payments and you'll see a collector come and seize your car faster than a speeding bullet!

Always remember that, like any other case where there exists a physical product (house, car, boat, etc..) to apply a lien on when in default, chances are, like in this case, the car dealership won't look so much at your FICO score but at your total indebtness VS what your pay looks like and approve it based on that percentage...

The more you owe, whatever your salary, the least chances to get approved...

Statute of limitations is a term that applies to how long a consumer can be sued to recover a defaulted debt. It has no bearing on collection activity. There is a separate time period for how long a charge off can show on your credit report. A creditor can attempt collection on an unpaid debt forever. It's just that after these two time frames have passed, their collection efforts have no "teeth".

Some cards with a low APR for on-time payments apply a very high APR if you are late a certain number of times in any specified time period. These rates sometimes exceed 20 percent. Information about a delinquency credit card rate should be disclosed to you in applications or in solicitations that do not require an application.

It's harder b/c credit cards have a very tough time collecting on bad debts. Car loans usually have a lien on your vehicle, so that's their collateral. Credit card co.'s do, but very rarely, repo goods, but only if they can trace actual goods purchased.

Yes, that is the reason there is an estate, so that anyone that has a claim can make it and collect.

There's no reason you couldn't except the difference in interest rates would be substantial. More than likely a much larger amount would be owed/repaid then if the mortgage was paid by conventional means. Also, interest charged on a mortgage is tax deductible, CC's aren't.

No mortgage company directly accepts credit card payment, only debit cards. Historically, you could only use your cash advance checks to pay your monthly mortgage bill with a credit card. However, just launched this year, two companies are allowing direct payment.

The first is an American Express program for IndyMac and American Home Mortgage loans. There is a $400 enrollement fee for this program and you can only sign up on closing of a new loan.

The other service that let's you pay your mortgage with a credit card is CardIt. They support 115 lenders and charge a per-payment fee of %2.49 + $19.99. You can use a Visa, Mastercard, or Discover, but not Amex.