Gold Medal Software 3/Gold Medal Software - Volume 3 (Gold Medal) (1994).iso/accounts/credit_.arj/CREDIT!.TXT

Text File | 1994-04-06 | 10KB | 470 lines

                    NOTICE TO ALL READERS






     The Authors of this file will not be held

liable in any way due to loss of credit worthiness or any

other losses incurred for any misinterpretation or misuse of

information contained herein. All information contained in

this file is used at your own risk.






     There is also no guarantee that all information

contained in this file can be used in all circumstances.

This file is merely a guide. Most information contained

in this file is current to January 1993.





     This file does not intend, nor give, any legal

or official financial advice.  If you need legal or

financial advice consult your attorney or certified public

accountant.



















                        P R E F A C E





     In these current times credit worthiness is an

invaluable asset to your financial well-being. Without

credit, such purchases as Houses, Boats, Cars, TV's and other

luxuries would be very well out our reach. Unless of course

you are one of those lucky few who are very well-off.

Credit worthiness is not only a luxury, it's a neccessity

in our society today.




     This file is written specifically for those who

need to restablish credit, build credit, or to those who have

a difficult time maintaining credit. In the following pages

you will find many interesting ideas and facts about credit.

For your convenience, at the end of this file you will find

the name and phone number of a recommended company that can

help you further with your credit problems.














    BUILDING OR RESTABLISHING CREDIT THROUGH SAVINGS ACCOUNTS

                   ( THE LEAP FROG TACTIC )


     Yes, there is a way to build or restablish credit
through simple Savings Accounts at local financial
institutions.


Step (1)   Deposit $500.00 into a savings account.
           (Some financial institutions require more)



Step (2)   After two weeks has passed speak to the loan
           officer about applying for a `passbook' loan (A
           passbook loan is one type of loan which most
           financial institutions by using your savings as a
           guarantee or collateral.)

           Note: Once you receive the loan your savings may
           not be closed or reduced by any amount until the
           loan is repaid in full, Also there is usually a
           loan fee (usually a percentage of the loan).




Step (3)   Once you've received the loan proceed to another
           financial institution and follow step (2) again.
           Continue until you've established a minimum of
           three savings accounts and three passbook loans.
           With the last loan pay off the loan at the first
           financial institution.  Close your savings account
           and pay off the second loan at the second
           financial institution and finally close your
           savings from the second financial institution and
           pay off the last loan. By having repaid all loans
           and fees the financial institutions will in most
           cases report the loans and paying history to their
           credit bureaus.  Which will in turn put good A+
           ratings on your credit bureaus files. The more A+
           ratings you have the more chances of getting more
           or better credit.



          CASH THROUGH DEPARTMENT STORE CREDIT CARDS



     Ever been Short on CASH but had your Department

Store Credit Cards on hand?  Well theres a little secret

that Department Stores don't want you to know.  All you have

to do is buy a Gift Certificate in any amount with your

Department Store Credit Card then bring the Certificate to

any cashier with a cheap item and purchase it.  Once you've

paid for the item with the Gift Certificate the change will

be given to you in cash.





                CREDIT THROUGH JEWELRY STORES



     It is a little known fact that most Jewelry Stores

don't bother to run Credit Reports on people that have a

stable source of income and a small down payment for a

purchase.  Opening these types of Accounts is usually fast

and relatively easy.




     This is the Easiest way to Build or Restablish

your Credit History. Just make All your payments on time and

in three to six months you will be reported to the Jewelry

Stores Credit Bureau with an A+ rating.  It would be

beneficial to you to open at least two Jewelry Store

Accounts.





                 SECURED VISA AND MASTERCARD




     These types of Credit Cards are great for all persons

in all situations (new to credit or have credit problems).

Secured Visa and Mastercards can be used anywhere regular

credit cards are used. They even look and feel the same

(no one but you will know that the card is a secured one).

These types of Credit Cards usually require you to open a

Savings Account at their bank.  Once you have established a

Savings Account at their bank, the bank will inturn issue you

a Visa or Mastercard with the limit equal to the amount in

your savings account. For this type of Account the participating

bank will require a Savings ranging from $250.00 to $500.00

minimum to start.  There are currently only a few banks

nationwide that offer a Secured credit card program

(The name and phone number of a recommended company that markets

a good Secured Card program is given at the end of this file).

This type of credit is also put on your CREDIT FILE.








                   SIGNATURE LOANS BY MAIL





     A signature loan is a loan in which no collateral is

required.  The loan is approved on your signature and income

only.  Normally, anyone with some source of income is eligible.

Information you supply on the loan application determines the

basis for loan approval.  The lenders of these types of loans

arrange everything with you by mail.  No co-signers...No mort-

gages...No personal interviews...No inquiries made of friends,

relatives, or associates.   Therefore, this type of loan allows

you a great degree of confidentiality.   The annual rate of

interest is competitive and regulated by state government.

(The name and phone number of a recommended company that can help

you get these types of loans is given at the end of this file).











                   CREDIT RE-ESTABLISHMENT




     Most people are not aware of this, but the Federal Laws

have made it possible for you to start over with a new,

clean credit report separate from your existing one!

Your new credit file won't show your bankruptcy, or any

other "negative" credit history you may currently have.

It's true and it's perfectly legal!   (The name and phone

number of a recommended company that offers this program

to the public is given at the end of this file).

This is not a way to avoid paying your creditors....

It IS a way to get a fresh start!








        PURCHASING AN AUTOMOBILE WITH NO OR BAD CREDIT





     This can be accomplished with a reasonable sized down

payment and by being gainfully employed.  Big and small auto

dealers can get you a loan.  New auto dealers usually have an

easier time getting you the loan (Depending on how bad your

Credit File is).  All auto dealers have what is referred to

as CREATIVE FINANCING.



Example:


        (1)  Using a co-signer.

        (2)  Putting automobile in friends or spouses name.

        (3)  Making a bigger down payment.




     Those are just a few examples of their CREATIVE

FINANCING.  Used auto dealers also have some types of

CREATIVE FINANCING, especially the smaller ones.  The smaller

the used car lots will usually finance the cars themselves

(But watch out for HIGH A.P.R.'s.   When speaking to any auto

salesman be HONEST and explain your credit problem(s) to

them, most will try their best to help you.






                     FREE CREDIT REPORTS


     Some of you might not know this, but every time you are

refused Credit or Turned Down, you are entitled to review the

credit report the company used to evaluate your credit

worthiness.  When you receive the Turn Down notice, make a

copy of it.  Send the copy of the notice to the credit bureau

listed on the front of the Turn Down letter and enclose a

letter stating that you would like a copy of your Credit

Report.






                  FACTS ABOUT CREDIT REPORTS





     Credit reports contain every bit of information a

credit bureau can get about you.  You have the right to see

your credit report FREE of charge anytime you are Turned Down

for credit (you may only receive the free report from the

credit bureau the company you applied for credit used).  If

you find something that you don't think belongs there you can

contact the credit bureau and dispute the item(s).  The

credit bureau will research the item(s) and will either

delete it from your file or just add your dispute and reasons

to the file.







WHERE DO I FIND ...

"SECURED VISA OR MASTERCARD"?

"SIGNATURE LOAN INFORMATION"?

"CREDIT RE-ESTABLISHMENT"?

"and other related help"?


   HERE IS THE NAME AND PHONE NUMBER OF A COMPANY THAT
   CAN HELP YOU GET SECURED VISA/MC AS WELL AS SIGNATURE
   LOANS EVEN WITH CREDIT PROBLEMS.  THEY CAN ALSO SHOW
   YOU HOW YOU CAN LEGALLY START A NEW, CLEAN CREDIT FILE
   SEPARATE FROM YOUR EXISTING ONE:


N.C.C. Co.
(404)-723-7288
You may call for free information and an application
24 hours/7 days a week





         IF YOU FIND THIS CREDIT INFORMATION USEFUL, PLEASE
PASS THIS INFORMATION ALONG TO A FRIEND OR RELATIVE, AND
FEEL FREE TO UPLOAD THIS USEFUL FILE TO OTHER BULLETIN BOARDS!