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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (110516)	4/11/2010 11:20:47 AM
From: Jim McMannis	1 Recommendation Respond to of 116555

The new term is HELOCsquatters.

To: mishedlo who wrote (110516)	4/11/2010 12:23:21 PM
From: Jim McMannis	1 Recommendation Read Replies (2) \| Respond to of 116555

Here's a clever little trick to raise your credit score. Credit Scores: What is Rapid Rescoring? bcsalliance.com You've probably come across claims made by certain companies that they can fix your credit in 24 hours. Most of those claims are fraudulent, but you can get your credit score recalculated in a few days by any one of the 200 companies who specialize in rapid credit rescoring and who have special relationships with the three major credit reporting agencies -- Equifax, Experian and TransUnion. In addition, these rapid rescoring companies can only be accessed by mortgage lenders and brokers and not by the general public. This means that if you want to have your credit report rapidly rescored, you must ask your mortgage lender to do it for you. The cost is modest, around $25 to $50 for each item they fix, and is certainly worth paying since an improved credit score can result in reducing your monthly mortgage payment significantly. To illustrate how rapid rescoring can made a difference -- suppose you have been a victim of identity theft and there is a credit card account you didn't open appearing on your credit report showing a 30 day late payment. Normally, it would take at least a month (but more realistically, two or three months or longer) to clear this matter up and get the item removed from your credit report. However, in the meantime, this negative item on your credit report has lowered your credit score to 620, which means you will be approved for a mortgage loan, but at an interest rate of 7 % instead of the 5.7% rate being offered to those with credit scores above 720. As a result, your monthly mortgage payment is going to be about $130 higher than it would be if that negative item wasn't on your credit reports. You ask your mortgage lender to contact a rapid rescoring company and have the credit card account removed from your credit report and your credit score recalculated. Three days later, your credit score is now above 700 and you qualify for a mortgage loan at 5.5%, saving you from paying $46,800 in additional interest over the next 30 years. In places where housing prices are through the roof, such as California, an interest rate even one percent lower will significantly reduce your monthly payment, for example, by as much as $1,000 on a very high priced house!