Some tried and true guidelines to increasing your score are:
Pay your bills on time
Keep your account balances low
Take out new credit only when you need it

People who do that faithfully have very high credit scores. It usually means you are being conservative and cautious about your credit.

After repairing errors, the fastest way to a better score is paying down balances on credit cards.

Though it’s not an instantaneous cure, paying down credit cards over a two month period can boost your score a substantial amount.

Another little known secret tip is to call your credit companies to increase your credit lines. But absolutely do not use the extra funds made available. Few people know about this secret and what this does to help increase your score when you have unused funds available verses the balance due. It helps to increase your score when you have a larger difference from the balance you owe to the credit amount you are allowed.

Do not max out your credit lines.

Consolidating all of your debt on one or two cards may hurt your credit score by maxing out your lines. It is much more advantageous to your credit score to space your balances out to more cards with a 20% or 30% ratio rather than a few cards at a zero or 80% ratio.

Even if you have paid your bills late in the past, you can improve your credit score by paying every bill on time from now on.

If you are tempted to close accounts, it can actually harm your credit score. You should reconsider if you are trying to boost your score.

The length of your credit history is another important factor in your score. If you close an account from a credit card that you have had for a long time, but keep the newer ones open you look like a newer borrower.

Keep your oldest cards open regardless of the interest rate.

Your credit score is your lifeline to your future lifestyle. You will want to understand your credit score and what influences your score today. Then you can take an objective look at the different options available.

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According to the National Score Index for credit score stats, the average American credit score is 678.

If your score is under 620, then you will most likely have a tougher time getting a loan.

Below you will find the score ratings and the meanings:

720-850 - Excellent - This is the best score range and you get the best financing terms.
700-719 - Very Good - You qualify for favorable financing.
675-699 - Average - This score can still qualify you for most loans.
620-674 - Sub-prime - You may still qualify but you will pay a higher interest rate.
560-619 - Risky - You will have trouble obtaining a loan.
500-559 - Very Risky - You will need to work on improving your rating.

Even if you have a low credit score, it is not too late to begin the process to clean up your credit and build it up. Depending on where your credit is there are many small things that you can do to raise your credit score and if you are diligent you should be able to see a significant improvement within 6-12 month.

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Ask yourself these three questions to determine your self directed IRA investing strategy:

You should ask yourself three questions about tapping into your IRA for investing in real estate:

Are you a risk taker, very conservative, or somewhere in the middle? By knowing your investment personality this will guide you in what type of real estate you will want to invest in.

How many years do you have before you retire? Do you need to invest for long term strategies or short term?

How much money do I need to maintain my lifestyle during retirement? How many years before you retire and how many years do you need income during retirement. Break down your yearly income and cash flow needed to maintain your lifestyle.

Since buying a property may require more funds than you currently have available in your IRA, you also can have your IRA purchase an interest in a property in conjunction with other individuals, such as a spouse, business associate, or friend.

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Did you know that there are many people quietly using their IRA to invest in Real Estate? IRA real estate investing has not been a known term until recent years.

A long standing IRS ruling allows everyone to invest their IRA funds into a self-directed IRA. The taxes due on the growth of the investments are deferred until distribution begins.

You can open a self directed IRA with a special custodian, transfer your current IRA funds to the self directed IRA and ask the custodian to invest the funds in the asset of your choice. The custodian forwards the funds to purchase the asset, and the asset becomes the ownership of your IRA.

If it’s so easy and possibly lucrative, why aren’t more people aware of the use of self directed IRA’s? The reason is primarily lack of knowledge, there are only a handful of firms in the nation that are capable of providing the custodial services needed for this type of investing.

Click Here To Read More »

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We Are In the Hottest Foreclosure Market In US History!

If you decide to venture into foreclosure investing, you will want to become familiar with the foreclosure laws applying in your state. You will also want to become comfortable with the idea of participating in auctions and, if a property you want is “passed in” at the auction (i.e. the lender does not accept any of the bids and is forced to buy the property), you can still negotiate with the bank after it has bought the property. You will also want to check your numbers and temper your bid for a property based on the fact that it may require extensive repairs.

Regardless, buying foreclosure properties can provide exceptional opportunities to buy and profit on relatively cheap properties, and I thoroughly recommend you investigate it further. Don’t let all the doom and gloom get to you. We as real estate investors live for this market. And there are still many ways to purchase properties with no money down.

To learn to invest in foreclosures and other real estate tips click here to pick up your free 7 secrets to foreclosure report.

For further foreclosure, real estate investing tips and specials don’t forget to watch my blog weekly.

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We Are In the Hottest Foreclosure Market In US History!

What are the major advantages of buying foreclosures in an auction? Firstly, because a bank will be keen to get rid of the property, they will often accept a bid that is significantly lower than the market value of the home. This is especially true now, when the number of foreclosure listings have hit record highs! Also, because auctioned properties are generally sold sight-unseen (or, at least, without an extensive inspection and appraisal) this also creates downward pressure on bids.

Finally, the rules governing foreclosure auctions include a requirement to pay a substantial deposit if your bid is successful, with the remainder of the entire purchase price due within a few days. This automatically reduces the number of other investors you will be competing with.

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We Are In the Hottest Foreclosure Market In US History!

There are three phases a foreclosure goes through and you as an investor have the opportunity to obtain the property at any one of these phases:

Pre foreclosure: The time the homeowner has fallen behind in payments, the bank foreclosure process has been started and before the bank has taken the property back.

Auction: If the homeowner cannot resolve the default the property will go to auction.

REO: The bank owns the property. Banks are not in the business to own property they are in the business to loan money and they are going to get rid of the property.

Remember, you may be the only resource the homeowner has to save their credit for a future purchase of a home. A foreclosure is often worse than having a bankruptcy on your credit report.

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We Are In the Hottest Foreclosure Market In US History!

A home becomes subject to foreclosure proceedings when a home owner is unable to pay the monthly payments due on their mortgage. In such circumstances, the financing company or lender can issue a notice of foreclosure, which essentially notifies the home owner that they have a certain amount of time to make good their mortgage (including selling the property for that purpose) or the lender will foreclose the home and take possession of the property. Once that happens, the lender’s objective is to sell the property as soon as possible, and will do so via a trustee sale or public auction, depending on the relevant state laws.

The lender is required to list the house in a public notice that lists all the homes to be sold at the auction or trustee sale. Then, at the auction, it’s a matter of bidding the highest acceptable price in order to secure the property.

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We Are In the Hottest Foreclosure Market In US History!

For many people, buying an investment property is a major step involving a substantial investment. You may think you need to save for a considerable period of time in order to be in a position to afford a property. You may even have to overcome a poor credit history in order to qualify for a loan. But before I scare you away, let me reassure you: investing in property does NOT have to be such a struggle!

In fact, you don’t necessarily need significant (or any) savings – and still make more profitable investments - by focusing on investing in homes that have been foreclosed. And while there is a view that foreclosed properties are somehow inferior to regular property investments, nothing could be further from the truth. The reality is that many foreclosed homes are in fine condition, and even those that are not can still offer significant profit potential. There are many ways to purchase foreclosed properties with or without your own money.

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We Are In The Hottest Foreclosure Market In US History!

Don’t Miss Out On Investing In Foreclosure Properties!

Foreclosures are growing in most states and the banks inventories are only increasing in the market to make our foreclosure market reach historic high levels. Investing in Foreclosures in today’s market could prove to be a bargain for all of those who work in foreclosure real estate investing. The foreclosure market today is every foreclosure investors dream.

- There will be more than a million foreclosures over the next two years…
USA Today – December 20, 2007

Everyday I hear about the bargains that other investors are finding due to the rising numbers of foreclosures and the banks huge inventories. I get amazing deals in my inbox daily. Sellers are discounting price and bargains are showing up. You can expect the discounts to grow over the next 6-36 months.

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