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Finance FAQ's
What is the maximum length of time that a credit report will show a filing for bankruptcy?
It will usually show anywhere from seven to ten years.
What is the difference between secured and unsecured debts? A secured debt is one in which collateral such as a home or a car has been secured. This can be repossessed upon failure to make payments. Unsecured debt is usually related to revolving credit, i.e. a credit card or account. There is no assurance or collateral attached and the financial institution with which you hold your account cannot touch your assets if you fail to make payments.
Where do I go to obtain a credit report?
Most creditors will be able to draft your credit report using their specially designed software programs. Each creditor’s database is slightly different so it is best to get one from the company you wish to invest with.
What are finance calculators used for?
Finance calculators can be used to help you make sound financial decisions. The internet has calculators for almost anything, from calculating the impact that inflation has on your standard of living to determining what is the best retirement plan or college fund for you. Whenever you are trying to determine the best course of action financially, seek out a calculator that deals with the subject then input your own variables to see what is the best choice.
What is debt consolidation?
Debt consolidation is, quite simply, the combining of numerous debts into one big debt. Consolidating your debts usually results in lower interest rates and smaller payments. Thus, you can pay off existing debts faster.
What is the difference between a mortgage and a secured loan?
A mortgage is a form of secured loan, but often the collateral held for the loan is the item that is being purchased with the loan. The institution borrowing the money will purchase the home on your behalf and you will then pay them back. A mortgaged home will only truly be yours once the loan has been paid off.
What is a prepaid credit card and how do they work?
A prepaid credit card is a form of credit card that ensures you do not go into debt but gives you the safety and freedom of paying with a card instead of cash. You need to put money into the account before you can make charges to it, thus, it is a form of secured credit. They are available to almost everyone as they do not carry a risk factor.
Where is the information for a credit scoring system obtained?
When applying for credit you need to fill out a credit application form and submit a credit report. The information necessary to determine your credit score is found in these two items.
smart news
China in talks to buy stake in AIG unit: report
TOKYO (AFP) - A consortium led by China's sovereign wealth fund is in talks with struggling US insurance giant American International Group to acquire a stake in one of its units, according to a Japanese daily.
Citigroup executives consider sale of all or part of bank: report
WASHINGTON (AFP) - With Citigroup stock value plunging, top executives at the financial giant are considering the sale of all or parts of the company, the Wall Street Journal reported on its website.
Oil prices fall further below 50 dollars
SINGAPORE (AFP) - World oil prices fell further below 50 dollars on Friday -- at levels unseen in more than three years -- on growing fears that a worldwide recession could ravage energy demand, analysts said.
Argentine Congress passes pension nationalization law
BUENOS AIRES (AFP) - A bill to nationalize over 26 billion dollars in private pension funds was approved by the Senate, after clearing the Chamber of Deputies earlier this month, and was headed to President Cristina Kirchner for her signature.
Financial turmoil biting hard for Vegas gaming giants
LAS VEGAS, Nevada (AFP) - Times are tough for Las Vegas casinos as for every other sector of the ailing US economy, but that in itself is news because, until this economic downturn, the one place that seemed less impacted by hard times was the world's gambling capital.
No viable auto industry bailout plan: Democrats
WASHINGTON (AFP) - Democrats in Congress put off a vote on a bailout for crisis-hit & quot;Big Three & quot; auto makers until at least December, and ordered industry chiefs to come up with a new restructuring plan.