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GEORGE MARGRAVE NEWSLETTER
NUMBER 16 VOLUME XXI, May 27, 2015
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George's Real Estate & Mortgage Corner
George Characture

What Your Credit Report Says About You:

A Guide To Understanding Your Credit Report

by Jennifer Hamby 

 

You are ready to tackle your bad credit and you want to increase your credit score so you just ordered your credit report. But, if you are like most people, you have a hard time understanding what your credit report means let alone interpreting all of the information it contains.

 

Although each credit reporting agency may have a slightly different format, all credit reports contain basically the same categories of information.

We at Data Facts, Inc. have created a list of everything included in your credit report.

As always, please review each item for accuracy, and dispute anything that isnt accurate.

Personal Information

  • Your name, spouse's name, Social Security number, birth date
  • Current and previous addresses
  • Current and previous employers
  • Comes from your past credit applications

Summary

  • An overview of your accounts and credit profile
  • Use to compare information from all three credit bureaus

Account History

  • An account record all of your creditors i.e., credit cards, installment and mortgage loans, and other sources
  • Includes date opened, amount, balance, monthly payment and payment pattern going back several years
  • Shows how much credit you have and how you've repaid your debts - on time or past due
  • Includes if you have a payment plan or arrangement with a creditor, if the account was turned over for foreclosure or repossession or if it was in collection
  • Creditors are especially interested in your last 24 months of payment history. This helps them predict how you will pay in the future.
  • Can stay on your report for up to 7 years

Public Record Information

  • Bankruptcy, foreclosure, tax liens, monetary judgments, court ordered alimony and child support, garnishment
  • Bankruptcy information can stay on your report for up to 10 years

Inquiry Information

  • Shows who asked for your credit report within the past two years.
  • Pre-approved offers and on-going inquiries from companies that you do business with will not affect your credit score.
  • Filling out too many credit applications can have harmful effects on your credit score.
  • It's wise not to have more than six inquiries a year.

Consumer Statement

  • Can attach up to 100 word statement to your report.
  • Can explain a change in your payment history -for example, why you were late making payments.
  • Only mortgage lenders review the consumer statement.

Alert Messages

  • Military alert or fraud alert from being a victim of identity theft.
  • Fraud alert is good for 90 days and can be extended for seven years
  
Bible Verse of the Week
Humble yourselves before the Lord, and he will exalt you.
-James 4:10
  

Quotes from Tom Black 

To talk well and eloquently is a very great art, but an equally great one is to know the right moment to stop.  -Wolfgang Amadeus Mozart 

 

The difficulty lies not so much in developing new ideas as in escaping from old ones.  -John Maynard Keynes 

 

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it.  -Steve Jobs  

 

CREDIT 101

 

Your income is your biggest wealth-building tool.  It's how you'll get out of debt and invest in your future.  So, if you need more of it, go out and kill something and drag it home.  Nothing will change your money situation faster than hard work.

 

 

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3 Smart Ways to Get More Out of Your Day 

Right now I have approximately 47 different baby bottles scattered around my kitchen. Okay, that may be a slight exaggeration, but for one tiny baby there are still a lot.

 

Finding the right bottle turned out to be more difficult than we thought. We even tried one that had five separate pieces. But we rejected it because it had five separate pieces that had to be taken apart, washed, sanitized and put back together every time we fed our son!

 

Like cleaning baby bottles, time often gets lost in the many tiny tasks we do each day.

 

It's easy to think of our lives in generalities like cleaning house or running errands and wonder where all our time went. When in reality, there are small changes we can make to reduce, outsource or automate these tasks and free up more time for what matters most.

 

Here are three smart ways to carve out more time in your day:

 

1. Start Saying No

 

You will never feel like you have time for yourself, your family or your priorities if you're always saying yes to everyone and everything else.

 

Instead, be more selective about how you spend your time and you will instantly feel like you have more of it. You can create room to breathe in your schedule by saying no to life's less important opportunities, invitations and events.

 

There will always be something more deserving of your time (and money) if you don't put your goals at the top of your priority list.
 

 
Related: 
The Secret to Time Management

 

2. Do More of What Only You Can Do

 

Since time is the most finite resource you have, the best use of it is to do something only you can do. What are your strengths, passions and talents? What makes you come alive? What gives you energy and joy?

 

Find ways to do more of what you love and less of the stuff you don't. For example, cleaning your house, filing your taxes, and mowing your lawn are all chores you can ask for help with or hire someone else to do for you. If cost is a concern, figure out how you can fill that time doing something that will pay for it.

 

Instead of mowing your lawn, maybe you pay a teenager in your neighborhood and spend those hours on a hobby such as painting. Then you can sell the paintings on the side to pay for the lawn service. That way, you spend more time doing something you enjoy and you provide work for your neighbor's lawn business.

 

Turning your hobby into a business has never been easier. Get Christy's free quick-start guide and read more about how to get started making money doing what you love.

 

3. Use Tools to Help You

 

Technology is advancing every day with new apps and tools to help make life easier. So take advantage of what's out there!

 

Subscribe to a recipe service like eMeals to plan out your weekly dinners and grocery lists. Download digital coupons instead of going through the Sunday circulars. And create a standing delivery of diapers through Amazon Prime or Costco.com to avoid extra trips to the store.

 

When it comes to keeping your money organized, check out Dave Ramsey's free online budget tool, EveryDollar. Instead of fiddling with a pen and paper, the app allows you and your spouse to sync up accounts on the go. Even if you're headed in 10 different directions, your money will stay connected.

 

Whether it's saying no to another invitation, asking (or paying!) for help around the house, or using a tool to help with your budget, there are plenty of smart ways to simplify your life-like buying drop-in bottle liners!

 

Making small changes will help you create more time for what matters most.

 

-Christy Wright

 

  
Personal Note

To get the Holiday weekend off on the right foot, we went to the Blue Moon Friday evening and had dinner overlooking the Cumberland River.  Saturday morning we played catch up with the weeds in our flower beds and cut the yard.  Then I visited my Dad in his rehab  facility before running by the funeral home to pay respects to the father of Matt's new wife.

Sunday we went to Sunday School and Church before going to Southside Grill for brunch.  Then we spent some time bonding with the newest member of the family (Lucy, our new doggy).  We took her for a walk at Radnor Lake.  Monday we rested up and I did take a walk, but got soaked before I got home.

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