Personal Finance and Money Management

Getting your credit report for the first time, or even the 10th time can be fairly confusing, and I can understand.  You’re going to find that there are so many terms that just aren’t going to make sense.  In order to make things easier for you, I’ve wrote down a few terms that you’re going to see.  Hopefully, by the time you’ve looked them over, you will find that it’s not as confusing as you thought it was!

First, you have to understand that you can only get your credit report from the three major credit bureaus.  These bureaus will include Experian, TransUnion, and Equifax.  If you want your free government credit report, you will want to head to .

Now, when you get your credit report, you’re going to be able to see the following.  While it’s straight forward, I can understand on why some may seem kind of confusing.

When you first opened the account: You will notice a date, as well as if it’s still active, or if you closed it.

What kind of credit account is it? It may be a m

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Applying for a traditional mortgage can be a tough one, and if you’re finding that you’re not getting approved for one, or you’re simply having trouble, you may want to look into a FHA loan.

A FHA loan is a mortgage that’s distributed by the Federal Housing Administration.  It’s assistance that you can get from the government, when you’re purchasing your first home.

What are the requirements for a loan like this?

Personal use only: When purchasing a home, it has to be for personal use only.  You can’t use it for a business, or use it as an investment property.  Instead, you’re going to want to ensure that this is going to be your homestead, not someone elses.

Must be a citizen: This is simple, but you must be a legal resident of the United States, and over the age of 18, so that you can legally sign a contract.

Find a qualified bank: Not every bank will work with FHA loans.  You will want to search out a particular bank.  You can either consider a loan officer, or if you wish, you can look into finding a bank online.  One simple phone call can give you the answers that you need.

When you apply for a FHA loan, the banks are going to look into your income, your assets, credit history, as well as your FICO score.  Each situation is going to vary, and you will find that every person has a different story, so it doesn’t hurt to head to a bank.  What you will find out is that everyone has their own scenario, and just because you have $20,000 in student loans, it doesn’t mean you’re not going to get approved.

Most people know when it’s time to buy a house.  Don’t go out, and purchase a home if you can’t afford one.  Instead, you will want to make sure that you have at least 3% to put down on your home, and enough socked away for a rainy day.

A FHA loan is a great alternative to look into.  Check it out, and see if it’s something that you may want to consider for your next home purchase.

When you’re looking to get professional help, you have to be very weary on who you’re going to do business with.  What you’re going to find out is that there are a lot of companies out there that are going to love to take advantage of you, since you’re going to be fairly desperate to get rid of your debts.

When you’re ready to sign up with a company, I wanted to point out some warning signs that you should be well aware of.

How’s their reputation? Check with the company, and dig into their history.  If they are brand new, you may want to steer clear, unless you have a good vibe about them.  You’re going to find that a company with a long history is going to have a reputation online.  This is essential when looking to find information on them in regards to reviews, etc.

Are they accredited? Call up

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Whether you’re in a load of debt, or you need some assistance with an adoption, your kids, or your housing, there are a lot of programs out there that can give you financial assistance, if you qualify.

First, you need to know how you can qualify for financial help, and it’s all going to depend on what you need.  For example, if you want to get food stamps, you will have less than $2,000 in resources at your home, and you must meet an income limit.  Food stamp information can be found on the .

What kind of assistance is out there in terms of financial help?

Adoption assistance: If you’re looking to adopt, you can get assistance from the government if you qualify.

Child Care: If you’re a single parent, or even married, you can get credit for health insurance, tax credit, loans, and more. D Full Article