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How to Manage Your Debt Effectively

Love it or hate it, debt is an integral part of modern life in the United States. And, when you think about it, debt in itself really isn’t a bad thing. Neither are credit cards or loans.

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They only become a potentially negative thing when they’re misused or mismanaged. And once they get out of control, they can head down a long spiral and bring you down with them.

The wise use of debt — whether it’s revolving (like credit cards and lines of credit) or fixed (like a secured car loan or mortgage) — is like the skillful use of the right tool at the right time for the right purpose.

So, it’s important to realize that avoiding debt isn’t really the answer. In fact, trying to go through life without incurring any debt or using credit can be unnecessarily difficult and troublesome. It can even impact non-credit-related situations like renting an apartment. The skill Americans truly need to focus on developing is how to manage debt effectively.

Following are 7 tips to help you manage your debt more effectively:

1. Think Before You Sign

Banks, retailers, and many other organizations make credit very easy to obtain if you have a good credit score.

Nearly every department store or specialty shop has its own credit card that you can sign up for instantly while you’re making a purchase, and it often comes with the enticement of an immediate discount off your purchase.

Even if your credit score isn’t very good, there are many lenders who are willing to offer credit at high interest rates, from 25% APR credit cards to 33% payday loans.

The point to keep in mind is that lenders and retailers want you to spend money with them. They’re not concerned in the least with what more debt is going to do to your budget, your lifestyle, or your future.

So, the first tip is simple:

2. Avoid Applying for Credit Impulsively

Don’t sign up for additional credit as an impulse buy or based on desperation. It’s always going to be a bad idea under those circumstances.

However, if you frequent a certain store and routinely spend money there anyway, and you’re confident you can be responsible with a new credit line, it may be beneficial to sign up. The point is, that needs to be a conscious decision, not a second thought for the sake of a one-time 15% discount.

3. Educate Yourself About Your Credit Score

Your credit score is a 3-digit number calculated by credit reporting agencies based on a number of factors, many of which the average American couldn’t even name. While it may seem somewhat arbitrary, that doesn’t change the fact that that 3-digit number can determine:

  • Whether you qualify for a 0% introductory interest rate or have to settle for a rate that fluctuates at “prime plus 23%”.
  • Whether you’re considered financially trustworthy or not, and therefore whether a landlord will rent to you or certain employers will hire you.
  • Whether or not you can afford to buy your own house one day.
  • And much more…

There are numerous situations that are partially or fully out of your control that can result in damage to your credit score. However, much of the damage done could be avoided if consumers simply understood the basic factors that affect their credit score. Then, they could actively work to improve a bad score or maintain a good one.

So, our second tip is: Seek out reliable information about managing debt effectively and educate yourself, so you’re equipped to take strategic action.

4. Assess Your Current Debt Situation

As you learn more about managing debt and understanding your credit score, you’ll begin learning terms like credit utilization ratio and debt-to-income (DTI) ratio. These simple calculations have a huge impact on your score, and on how willing lenders may be to offer you favorable terms or to offer any credit at all.

  • Credit utilization ratio is the percentage of your currently available credit that you’re already using. (A simple example: If you own one credit card with a $1,000 credit limit, and it has a current balance of $200, you have a credit utilization ratio of 20%.)
  • Debt-to-income ratio is the percentage of your monthly or annual income that goes toward paying off debt you’ve already incurred. (Another simple example: If you earn $6,000 per month and the combined total of your existing car loan, mortgage, and minimum credit card payments amount to $2,000, you have a debt-to-income ratio of 33%.)

There are other important factors as well, but these two figures form a significant part of the calculation when determining your credit score. If they’re going to offer you the best possible terms, lenders want to be relatively confident you’re able to easily afford to pay for the credit they’re offering you.

They can make that decision based, in part, on how much of your current reliable income is already going toward other debt you’ve incurred in the past, as well as how much of your available credit you’ve taken advantage of thus far.

5. Keep Your Credit Utilization Ratio Low

If you already have four credit cards and they’re all maxed out, when you apply for a new credit card, it’s a pretty good bet you’re going to max that one out too. You already have a 100% credit utilization ratio.

This shows you’re probably not great at managing debt, and there’s a good chance you’ll eventually overdraw your ability to pay. So, the credit card company may decline your application, or they may offer a lower credit limit and/or a higher interest rate to help mitigate their risk.

Of course, if your income is such that, even with all those maxed-out cards, you’re having no trouble at all making the monthly payments, (your DTI ratio is still low,) they may not worry about your utilization at all. And that’s where debt tends to snowball quickly and dangerously.

To sum up, here’s the tip: To improve your credit score and make sure you’re managing your debt effectively, you should shoot to maintain a credit utilization ratio and a DTI ratio of no more than 30%. In other words, you’re taking advantage of available credit, but you’re coming nowhere near the maximum you can afford to spend on it.

6. Make and Keep a Budget

This one requires very little explanation. Everyone realizes that creating a budget is necessary if you’re going to manage your spending. The more formal your budget, the better.

If you’re currently in good shape, your credit score is high and your debt is low, A strategic budget can help keep it that way while improving important tools like emergency savings and investments.

If you’re on the other end of the spectrum, your credit score is low and/or your debt is getting out of control. A budget can be the lifeline you need to slowly but surely pull yourself out of that downward spiral one penny at a time.

The formula is very simple: Income > Expenses.

Of course, putting it into practice is a little more challenging. There are plenty of tools available, from a pile of envelopes with cash set aside for various expenses to smartphone apps, but the real value of budgeting depends on your own self-discipline and willingness to stick to the plan you create.

So, for this tip: Make a budget that consistently keeps your income above your expenses, and do everything you possibly can to stick to it.

7. Get Professional Help with Credit Repair If It’s Needed

While all of the above tips are self-serve actions you can take right now to make a difference in your debt management, many Americans are already in a situation where it may not be possible to turn it around completely on their own.

For instance, if the loss of a job, divorce, military deployment, or other major life events caused you to unexpectedly rely on credit cards for months, you may be in a desperate situation that isn’t really even your fault.

Likewise, if you’re like so many Americans who grew up, finished school, and left home without ever learning the basics of financial responsibility, you may have gotten in over your head in debt without even realizing that was possible.

No matter what the reason is for your current situation, you don’t have to go it alone.

Hire a Credit Repair Company

Get in touch with a reputable credit repair agency and discuss your situation with a professional who can help. For a small fee, they can take the reins on your situation by:

  • Investigating your credit report to confirm its accuracy and completeness
  • Working with creditors on your behalf to negotiate payment plans or better terms
  • Disputing errors and eliminating inconsistencies on your report
  • Setting up a realistic budget and debt reduction plan
  • Guiding you through the challenges that will inevitably rise as you resolve your situation

So, the final tip is this: If you need help getting out of snowballing debt and getting yourself to the point that you can effectively manage it going forward, don’t hesitate. Get the help you need.

In modern America, completely avoiding debt is not only difficult, it’s potentially harmful. However, incurring debt without managing it effectively can be even worse. Follow the tips above, and you’re sure to get a solid handle on debt and use it skillfully.

Source: crediful.com

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The Worst Ways to Deal With a Bill Collector

The Worst Ways to Deal With a Bill Collector – SmartAsset

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Dealing with a bill collector is never fun and it can be particularly stressful when you’re sitting on a mountain of debt. Sometimes debt collectors fail to follow the rules outlined in the Fair Debt Collection Practices Act. If that’s the issue you’re facing, it might be a good idea to file a complaint. But if you’re personally making any of these mistakes, your debt problem could go from bad to worse.

Check out our credit card calculator.

1. Ignoring Debt Collectors

Screening calls and avoiding bill collectors won’t help you get your debt under control. Debts generally have a statute of limitations that varies depending on the state you live in. Once it expires, the collector might not be able to sue you anymore. But you could still be responsible for paying back what you owe in addition to any interest that has accumulated.

In addition to the potential legal consequences of unpaid bills, letting old debt pile up can destroy your credit score. Unpaid debts can remain on a credit report for as many as seven years. So if your debt collector is getting on your last nerves, it might be best to stop hiding and face him head on.

2. Saying Too Much Over the Phone

If you decide to stop dodging your bill collectors, it’s important to avoid sharing certain details over the phone. You never want to say that you’ll pay a specific amount of money by a deadline or give someone access to your bank accounts. Anything you say can be used against you and agreeing to make a payment can actually extend a statute of limitations that has already run out.

A debt collector’s No. 1 goal is to collect their missing funds. They can’t curse at you or make empty threats, but they can say other things to try and scare you into paying up. Staying calm, keeping the call short and keeping your comments to a minimum are the best ways to deal with persistent bill collectors.

Related Article: Dealing With Debt Collectors? Know Your Rights

3. Failing to Verify That the Debt Is Yours

When you’re talking to a bill collector, it’s also wise to avoid accepting their claims without making sure they’re legitimate. Debt collection scams are common. So before you send over a single dime, you’ll need to confirm that the debt belongs to you and not someone else.

Reviewing your credit report is a great place to start. If you haven’t received any written documentation from the collection agency, it’s a good idea to request that they mail you a letter stating that you owe them a specific amount of money.

If you need to dispute an error you found on your credit report, you have 30 days from the date that you received formal documentation from the collection agency to notify them (in writing) that a mistake was made. You’ll also need to reach out to each of the credit reporting agencies to get the error removed. They’ll expect you to mail them paperwork as proof of your claim.

4. Failing to Negotiate the Payments

No matter how big your debts, there’s usually room for negotiation when it comes to making payments. If the payment plan your bill collector offers doesn’t work for you, it’s okay to throw out a number you’re more comfortable with.

Sometimes, it’s possible to get away with paying less than what you owe. Instead of agreeing to pay back everything, you can suggest that you’re willing to pay back a percentage of the debt and see what happens. A non-profit credit counselor can help you come up with a debt management plan if you need assistance. Whatever you agree to, keep in mind that the deal needs to be put in writing.

Related Article: All About the Statute of Limitations on Debt

5. Failing to Keep Proper Documentation

Whenever you communicate with a bill collector, it’s a good idea to take notes. Jotting down details about when you spoke with a collector and what you discussed can help you if you’re forced to appear in court or report a collector who has broken the law. Collecting written notices from bill collectors and saving them in a folder can also help your case.

Bottom Line

Dealing with bill collectors can be a real pain. By knowing how to interact with them, you’ll be in the best position to get rid of your unpaid loans and credit card debt (that is, if you actually owe anything) on your own terms.

Photo credit: ©iStock.com/Steve Debenport, ©iStock.com/RapidEye, ©iStock.com/JJRD

Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.
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How to Build Credit with Fingerhut

  • Raise Credit Score

If you’ve been wanting to make a big purchase, but your credit is less than spectacular, you might have looked into Fingerhut as an option. 

Fingerhut is an online catalog and retailer that showcases a multitude of products. On this website, customers can shop for anything from electronics to home décor to auto parts. Fingerhut offers financing through their own line of credit, making it appealing to shoppers with poor credit or a nonexistent credit history. Many consumers have a better chance of getting approved by Fingerhut, than they might have of getting approved through most other credit card companies. It’s an option worth looking into if you want to improve your credit score through credit utilization.  

The major difference between Fingerhut and credit cards that cater to low credit scores is that Fingerhut credit is exclusively available for use with its own company’s products and authorized partners. You’ll also find that the company’s products are pricier than they would be through most other retailers, while also bearing the weight of higher interest rates. While it might seem like a good idea if you don’t have good credit, it’s best to familiarize yourself with the ins and outs of the company beforehand so that you know what you’re signing up for. 

How Fingerhut credit works

When you apply for a Fingerhut credit account, you can get approved by one of two accounts:

  • WebBank/Fingerhut Advantage Credit Account.
  • Fingerhut FreshStart Installment Loan issued by WebBank.

As it happens, by submitting your application, you are applying for both credit accounts. Applicants will be considered for the Fingerhut FreshStart Installment Loan issued by WebBank as a direct result of being denied for the WebBank/Fingerhut Advantage Credit Account. In other words, you won’t have a way of knowing which one you will be approved for prior to applying. Both credit accounts are issued by WebBank and are set up so that customers can purchase merchandise by paying for them on an installment plan with a 29.99% Annual Percentage Rate (APR). These are the only things that the different Fingerhut credit accounts have in common.

The WebBank/Fingerhut Advantage Credit Account

The WebBank/Fingerhut Advantage Credit Account works very much like an unsecured credit card, except that it’s an account that you can only use it to shop on Fingerhut or through its authorized partners. 

This credit account features:

  •  No annual fee.
  • A 29.99% interest rate.
  • A $38 fee on late or returned payments.
  • A possible down payment; it may or may not be required. You won’t know prior to applying. 

If you get denied for this line of credit, your application will automatically be reviewed for the Fingerhut FreshStart Credit Account issued by WebBank, which is both structured and conditioned differently.

Fingerhut FreshStart Installment Loan issued by WebBank

If you get approved for the Fingerhut FreshStart Installment Loan, you must follow these three steps to activate it:

  • Make a one-time purchase of no less than $50.
  • Put a minimum payment of $30 down on your purchase, and your order will be shipped to you upon receipt of your payment. You may not use a credit card to make down payments, but you can use a debit card, check, or a money order. 
  • Make monthly payments on your balance within a span of six to eight months.

You can become eligible to upgrade to the Fingerhut Advantage Credit Account so long as you are able to pay off your balance during that time frame or sooner without having made any late payments. Keep in mind that paying for the entire balance in full at the time you make your down payment will result in you not qualifying for the loan as well as being ineligible for upgrade. 

How a Fingerhut credit account helps raise your credit score

The fact that it can help you improve your credit is one of the biggest advantages of using a Fingerhut credit account. 

When you make your payments to Fingerhut in full and on-time, the company will report that activity to the three major credit bureaus. This means that your good credit utilization won’t go unnoticed nor unrewarded. If you use Fingerhut to improve your credit score, you will eventually be able to apply for a credit card through a traditional credit card company—one where you can make purchases anywhere, not just at Fingerhut. 

Additional benefits of a Fingerhut credit account

Besides using it as a tool to repair your bad credit, there are a few other benefits to using a WebBank Fingerhut Advantage Credit Account such as:

  • No annual fee.
  • Fingerhut has partnerships with a handful of other retailers, which means you can use your Fingerhut credit line to make purchases through a variety of companies. Fingerhut is partnered with companies that specialize in everything from floral arrangements to insurance plans.
  • There are no penalties on the WebBank Fingerhut Advantage Credit Account when you pay off your balance early.

How to build credit with Fingerhut

Fingerhut credit works the same way as the loans from credit card companies work: in the form of a revolving loan. 

A revolving loan is when you are designated a maximum credit limit by your lender, in which you are allowed to spend. Whatever you spend, you are expected to pay back in full and on-time through a series of monthly payments. This act of borrowing money and paying off bills using your Fingerhut account causes your balances to revolve and fluctuate, hence, its name. 

Your credit activity, good or bad, gets reported to the three major credit bureaus and in turn, will have an effect on your credit report. Revolving loans play a large role in your credit score, affecting approximately 30% of your score through your credit utilization ratio. If your credit utilization ratio, the amount of available revolving credit divided by your amount owed, is too high then your credit score will plummet. 

When using a Fingerhut account, the goal is to try to keep your amounts owed as low as you possibly can so that you can maintain a low utilization ratio, and as a result, have a higher credit score.

Alternatives to Fingerhut

If you’ve done all your research and decided that Fingerhut isn’t the right choice for you, there are other options that might serve you better, even if you have bad credit. There are a variety of secured credit cards that you can apply for such as:

  • The OpenSky Secured Visa Credit Card: You will need a $200 security deposit to qualify for this secured credit card, but you can most likely get approved without a credit check or even a bank account. It can also be used to improve your credit, as this card does report to the three major credit bureaus. While this card does come with an annual $35 fee, you can use it to shop anywhere that will accept a Visa. 
  • Discover it Secured:  For all those opposed to paying an annual fee of any sort, this card might just be the one for you. With a $0 annual fee and the ability to earn rewards through purchases, there’s not much to frown about with this secured credit card. One of the best perks, is that it allows you the chance to upgrade to an unsecured card after only eight months. 
  • Deserve Pro Mastercard: This card is a desirable option for those with a short credit history. There is no annual fee and no security deposit required and, if your credit history isn’t very long-winded, that’s okay. The issuers for this card may use their own process to decide whether or not you qualify for credit, by evaluating other factors such as income and employment. This card is especially nifty because you can get cash-back rewards such as 3% back on every dollar that you spend on travel and entertainment, 2% back on every dollar spent at restaurants, and 1% cash back on every dollar spent on anything else. 

Final Thoughts 

Fingerhut is an option worth looking into for those with bad credit or a short credit history. If you want to use a Fingerhunt credit account to improve your credit score, be sure to use it wisely and make all of your payments on time, just as you would with any other credit card.

Even though it might be easy to get approved, the prices and interest rates on items sold through Fingerhut are set higher than they would be at most other retailers, so it’s important to consider this before applying. 

There are a ton of options available, regardless of what your credit report looks like, if you are trying to improve your credit. If the prices of Fingerhut’s merchandise are enough to scare you away, you might want to consider applying for a secured credit card. 

Source: pocketyourdollars.com

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USA Mortgage Review: #1 Mortgage Lender in Missouri?

Posted on November 17th, 2020

If you live in the USA and need a mortgage, perhaps you’ve thought about applying at “USA Mortgage.” Makes sense, right?

It just so happens that USA Mortgage is located right smack in the middle of our fine country, in St. Louis, Missouri to be exact. Well, that’s pretty darn close to the midpoint…

Anyway, geography aside, they’ve been around for about 20 years now and actually operate under the name DAS Acquisition Company, LLC, which purchased the lender when it was a distressed company.

Today, it’s the largest privately held mortgage banker in the state of Missouri and employs more than 750 licensed loan officers and operations personnel.

Technically, USA Mortgage is a full-service mortgage broker, meaning they can offer loan programs from various lender partners at wholesale prices.

USA Mortgage Fast Facts

  • Employee-owned direct-to-consumer mortgage lender located in St. Louis, MO
  • Founded in 2001 by current president and CEO Doug Schukar
  • Originally acquired as a distressed asset by DAS Acquisition Company, LLC
  • Has been #1 mortgage lender in metro St. Louis since 2012
  • Funded nearly $2.5 billion in home loans during 2019
  • More than half of total loan volume came from their home state of Missouri
  • Currently licensed to do business in 41 states and D.C.

If you live in Missouri, there’s a good chance you’ve heard of USA Mortgage. They did more than half their business in The Show-Me State last year.

They also funded hundreds of millions in mortgages in the states of Texas, Washington, and Ohio.

At the moment, they’re licensed in 41 states and the District of Columbia.

They don’t appear to be available in Delaware, Hawaii, Montana, Nevada, New York, North Dakota, South Dakota, Vermont, or Wyoming.

How to Apply for a Home Loan with USA Mortgage

  • You can apply for a home loan directly on their website in minutes without human interaction
  • Or get in contact with a loan officer at one of their many branches nationwide
  • Their digital mortgage application is powered by fintech company Ellie Mae
  • They also offer a free smartphone app that lets you complete most tasks remotely

It’s super easy to apply for a home loan with USA Mortgage. Simply surf on over to their website and click on “Apply.”

From there, you’ll need to fill in a digital mortgage application powered by Ellie Mae.

You can complete much of the process online, including the ordering of a credit report and the eSigning of disclosures.

If you are currently working with a loan officer, there is a box you can check, at which point you’ll be able to select that individual.

If not, simply click the “no” box and someone will be assigned to you automatically.

Once your mortgage application is submitted, you’ll receive status updates about loan progress and a to-do list for remaining conditions.

It’s also possible to download the free USA Mortgage smartphone app, which allows you to run calculations, scan and upload docs, contact your loan officer, and check loan status.

All in all, USA Mortgage provides a digital process from start to finish that is both convenient and easy to follow.

Loan Types Offered by USA Mortgage

  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government-backed loans: FHA, USDA, and VA loans
  • Jumbo home loans
  • Home renovation loans (203k, VA renovation, and Fannie Mae HomeStyle)
  • New construction loans
  • Bank statement programs (stated income)
  • Reverse mortgages
  • Doctor mortgages
  • Bridge loans
  • State bond programs, down payment assistance
  • Non-warrantable condos are OK

In terms of loan programs, USA Mortgage offers the whole gamut from conventional loans to government-backed loans and even bank statement programs (a newer version of a stated income mortgage).

You can get financing on a primary residence, second home, or an investment property.

It’s possible to take out a home renovation loan, such as a FHA 203k, or a new construction loan if you’ve got the lot but have yet to build the property.

Seniors who are 62 years of age and older can also take out a reverse mortgage in order to tap equity without monthly payments.

They also got a lock and shop program that allows you to lock in a mortgage rate up to 120 days in advance with no upfront lock fees.

You can choose between all the popular fixed-rate and adjustable-rate mortgage options available on the market today, such as 30-year or 15-year fixed, or a 5/1 and 7/1 ARM.

USA Mortgage Rates

USA Mortgage does not advertise its mortgage rates on its website or elsewhere to our knowledge.

In order to get pricing, you’ll need to contact a loan officer directly and/or begin the loan application process.

If on the USA Mortgage website, simply click on “branches” to find a loan officer near you, then you’ll find their contact info to inquire about pricing.

The same goes for lender fees – once you reach out to someone, ask them what fees they charge when comparing mortgage rates, such as a loan origination fee if applicable.

You should know both the interest rate and lender fees, which collectively make up the mortgage APR, an important figure to use when shopping lenders.

USA Mortgage Reviews

USA Mortgage has a pretty amazing 4.98-star rating out of 5 on Zillow based on more than 2,500 customer reviews.

Clearly that’s quite impressive given the number of reviews and the near-perfect rating.

Similarly, they have a 4.90-star rating out of 5 on SocialSurvey from over 30,000 reviews. Again, pretty close to perfection here.

They are Better Business Bureau accredited, and have been since 2010, with a current ‘A+’ rating based on complaints history.

All in all, they appear to offer stellar customer service to their clients, which would explain the almost-perfect scores they enjoy on several ratings websites.

Another plus is the wide range of loan programs offered, along with their access to wholesale mortgage rates.

USA Mortgage Pros and Cons

The Pros

  • Can apply for a home loan directly from their website without a loan officer
  • Offer a digital mortgage loan process
  • Tons of different loan programs to choose from
  • Excellent reviews from past customers
  • A+ BBB rating (and an accredited company)
  • Free mortgage calculators
  • Free smartphone app

The Cons

  • Not licensed in all states
  • Do not publicize mortgage rates or fees
  • Do not service their own loans
Don't let today's rates get away.

Source: thetruthaboutmortgage.com

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How Long Does It Take to Close On A House?

In this article:

The closing process on a home purchase can take anywhere from a week to 60 days, depending on the property type, whether or not you’re buying with a mortgage and what type of loan you’re taking out. The closing process includes two distinct periods:

Escrow is the period of time between when you and the seller sign the contract and the day you close.

Closing day is the day you sign all the paperwork, get the keys and become the official owner of a home.

How long does it take to close on a house with cash?

Part of what makes closings take so long is the financing requirements, so buying with cash can expedite the process. If you’re buying with cash, you can close as few as seven days after contract execution, assuming you’re willing to waive contingencies. However, only 23% of buyers purchase their homes with all cash, according to the Zillow Group Consumer Housing Trends Report 2018.

How long does it take to close on a house with a mortgage?

Buyers who use conventional financing to purchase a home can expect to close 30-45 days after the contract is signed. Special loans, such as first-time home buyer programs, VA and FHA loans can take longer to close because the requirements are stricter.

The escrow process timeline

After you’ve made an offer on a home and both you and the seller have agreed on terms (including price and closing date) and executed the contract, you’re officially in escrow. These are the steps that are usually part of the escrow process, and how long each step typically takes. Keep in mind that the escrow process and timeline can vary based on your market, lender, property type, financing type and the overall complexity of the transaction. You should also note that some of the steps below happen concurrently.

  1. Execute the contract and confirm closing date
  2. Open the escrow account (a few days)
  3. Complete inspection and repair requests (1-2 weeks)
  4. Mortgage application and underwriting (5-20 days)
  5. Appraisal (1-2 weeks)
  6. Acquire homeowner’s insurance and title insurance (1 day)
  7. Get loan approval, commonly called “Clear to close” (1 day)
  8. Do a final walk through (1 day)
  9. Attend your closing appointment and close on your new home (1 days)

According to Zillow Consumer Housing Trends Report 2019, 57% of buyers who attained a mortgage said one of their concerns was being unclear on how the mortgage process works. To make sure you fully understand the steps, stay in close contact with your real estate agent, real estate attorney (if you have/need one) and lender. They’ll be able to answer any questions you have and provide documents you need to sign, so be available to turn those requests around as quickly as possible.

The process of buying a house with cash

If you’re buying a home with all cash and still including common contingencies (like a home inspection contingency), your process will be the same, except you won’t have to do a mortgage application or wait for loan underwriting and approval. Some cash buyers opt to waive contingencies, which can speed up the process.

How long after the appraisal can you close?

Assuming there are no issues with your appraisal, the lender will send the “clear to close” about a week before the agreed-upon closing date. If you’ve requested a longer escrow period and a later closing date, you may get your “clear to close” well in advance of your closing date.

What causes delays when closing on a house?

Your closing date will usually be agreed upon with the seller during offer negotiations. But, your closing date could get pushed back a few days (or even a few weeks) based on unexpected setbacks. Here are some of the common issues that can lead to a delayed closing.

Buyer financing

Most of the time, delayed closings are related to finalizing your mortgage. This can be anything from appraisal concerns to missing financial documentation to an inexperienced loan officer.

Changes to your creditworthiness

If you’ve made large purchases, taken out another loan that negatively impacted your debt-to-income ratio or had a significant change in your income between the time you were pre-approved and closing, your lender may need to re-evaluate your credit profile, which can take time.

Low appraisal

If your appraisal comes in at or above the contracted sale price, it should be smooth sailing. But, a low appraisal could leave you needing to renegotiate with the seller or come up with enough cash to cover the difference between the home’s appraised value and the sale price.

Title issues

If the seller has any unresolved liens or judgments on the home, or if any other ownership disputes are uncovered during the escrow process, the closing can be delayed while these issues are resolved.

Homeowner’s insurance

In order to close, you must have proof that you’ve secured a homeowner’s insurance policy on the property you’re buying. If you miss this step or don’t have the correct documentation, your closing could be delayed.

Home sale contingency

If your contract says you can’t close until your previous home sells, your closing could be delayed if it takes longer than expected.

Slow repair requests

If you’re going back and forth with the seller on repairs needed based on the home inspection report, both the negotiations and the repairs themselves can slow down your closing timeline.

Unsatisfactory walk-through

Right before closing, you’ll do a final walk-through of the property. If the home isn’t in the same condition (or a better condition, if you negotiated repairs) than when you made your offer, you may delay closing until issues can be resolved.

Tips for staying on your closing timeline

Even if you’re buying with a mortgage (and you’ll be among the 77% of all buyers who are), you can help expedite the closing process by being prepared, responsive, diligent and decisive both before and during the escrow period.

Get pre-approved

Before you even start searching for homes, take the time to get pre-approved so you’ll know ahead of time that you’re eligible for a loan in the amount you need. Not only will it help you prevent delays during the escrow period, but it will make any offers you submit look more legitimate in the eyes of sellers, since they know you can pay for the home.

For a pre-approval, you’ll need documents that verify your income, like paystubs, bank statements and tax returns. You’ll also want to make sure your credit report is error free, as your lender will run your credit as part of your pre-approval.

Schedule the inspection as soon as possible

As soon as your offer is accepted and the contract is executed, schedule your home inspection. In some states, you are required to schedule the inspection within 7-10 days. After you receive the inspection report, you will have a few days to review and request repairs or credits from the seller. Keep in mind, the seller will have a few days to respond as well.

Buyers of Zillow-owned homes can have peace of mind that the home has been recently updated by licensed contractors. Of course, you’re still able to do your own independent home inspection.

Have a backup plan in case of a low appraisal

Appraisal reports can vary, and very rarely do two professional appraisers value a home exactly the same. If the home you’re buying appraises for less than the sale price, your lender won’t let you finance the home using the full sale price. If your appraisal comes back low, you have two options: either make up the difference in cash, or renegotiate the sale price with the seller. If you’re in a hot market where sellers have their pick of multiple offers, you shouldn’t expect the seller to lower their price to accommodate a low appraisal.

Hire an experienced lender

Find an experienced lender that is familiar with the intricacies and requirements of your market for a seamless and transparent closing process. Opt for an online lender to further optimize your experience. In fact, 15% of buyers who used a mortgage to finance a home in 2019 obtained their mortgage through an online lender. Though, younger buyers are more likely to choose an online lender option.

Be quick to respond to documentation requests

It’s likely that your lender will need updated financial documents, signed disclosures and other information as they prepare your loan for closing. Your title or escrow company may need you to complete certain tasks, too. Respond to all requests as quickly as possible to keep the escrow process moving forward.

How long does closing day take?

Closing day — that is, the day you go to the closing agent and sign your final paperwork to buy the home — typically takes between 1.5-2 hours if everything goes smoothly, but you’ll want to leave ample time in your schedule in case it takes longer.

During your closing appointment you’ll sign documents (a list of typical documents is below) and pay your down payment. Your lender will also wire the balance of the sale price at this time. The title or escrow agent will facilitate the closing appointment, but you’ll want your agent and/or attorney to be present as well. In closing attorney states, the attorney may facilitate the closing appointment. Be sure to bring your ID, a cashier’s check, proof of insurance and your purchase and sale contract.

Buyers usually must attend this meeting in person, whereas sellers can sometimes sign their paperwork ahead of time.

What documents do buyers usually sign?

  • Promissory note
  • Mortgage/deed of trust
  • Escrow disclosure
  • Signature affidavit
  • Initial mortgage payment
  • Appraisal acknowledgement
  • HOA documents (if applicable)
  • Certificate of occupancy (new construction only)
  • Equal Credit Opportunity Act disclosure
  • Truth-in-Lending disclosure
  • Mortgage fraud statements

Source: zillow.com

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Documents You Need to Apply for a Mortgage – Lexington Law

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Any application for credit should be taken as a serious matter. Simply applying and allowing the lender to pull your credit report has an impact on your credit score, so it’s not a good idea to apply for things on a whim. But mortgage applications tend to be more serious than most other apps because they’re for such large amounts of money and longer terms.

When you’re borrowing hundreds of thousands of dollars for 15 to 30 years, the lender wants to ensure you’re a sound investment. They actually have an obligation to their shareholders, employees and other customers to try to take on mortgage accounts that are likely to result in a return instead of a loss.

For these reasons, you usually have to show up to the mortgage application process with a lot of documentation. Here’s a rundown of the documents needed for a mortgage application.

Mortgage Application

The first document is the mortgage application itself. Whether you complete it online or as a physical piece of paper at a broker’s office or bank, this is the document that launches the process.

Typically, mortgage applications require the same type of information. That includes:

  • What type of loan you want. You may need to check or click boxes to indicate whether you want a conventional loan, VA loan, FHA loan or other type of loan.
  • Why you need the loan. Is it a refinance or new purchase, and are you purchasing a single-unit home you plan to live in, a rental property or a business property?
  • The property itself. You must fill in the address and some other basic information about the property you want to buy.
  • Demographic information about the person or people borrowing the money, including name, address, phone number and Social Security number.
  • Employment history for all borrowers.
  • Income and assets for all borrowers.
  • Debts and other liabilities for all borrowers.

You’ll also need to sign various agreements and disclosures. That includes whether you have a bankruptcy or other issue in your financial history and an agreement that the creditor can pull your reports.

Assets

You can’t just list items like assets on your mortgage application, though. You also have to prove your statements with documents. Documents that prove your assets can include bank statements showing current cash balances, investment statements showing current values and life insurance policies. If you’re including gift funds in your assets, you’ll need letters or other documents demonstrating where the money came from.

Debts and Expenses

Most of the time, the mortgage company can see evidence of your debts and expenses on your credit report. If the underwriter has any questions or concerns during the approval process, they may reach out for additional information such as copies of credit card statements. This is especially true if you’ve recently paid down debt and that isn’t yet reflected on your credit report.

When it comes to debts, one of the major concerns is your debt-to-income ratio. If it’s too high, the lender is less likely to approve you. Calculate this ratio by adding up all your monthly debt payments along with the estimated mortgage payment and dividing it by your total monthly income.

For example, if you have a car payment of $400, credit card bills with monthly minimums of $200 and student loans of $500 a month, that’s $1,100 in debt. Add a $1,500 mortgage and you would have $2,600 in debt. If you make $7,000 a month, your debt-to-income ratio is 37 percent.

The Consumer Financial Protection Bureau notes that the preferred debt-to-income ratio for mortgage approval is 43 percent or less. This is because you can’t use all your income up on debt—you still need money for utilities, food, fuel, savings and other critical expenditures.

Income and Employment Verification

You do have to prove the income amounts you put on a mortgage application. Common ways of doing so are summarized below.

Tax Returns

Tax returns from the past few years can demonstrate that you make a certain amount per year and have done so consistently. If you’re planning to apply for a mortgage soon and don’t have copies of your tax returns, consider proactively ordering a free transcript from the IRS.

W-2s and Pay Stubs

Copies of W-2 forms or a handful of pay stubs from your employer are also good ways to demonstrate your income. Start saving your paycheck stubs if you think you’ll apply for a mortgage soon.

Additional Information (Self-Employed)

If you’re self-employed or have forms of income that aren’t from an employer, you’ll need documentation. Some options can include statements from checking accounts or payment systems that show money you received. You could also provide a profit and loss statement if you’re self-employed.

Credit History

While the lender can get most of what they need from your credit report, you may need to be available to answer questions. Specifically, be ready to explain any negative items on the report. It’s a good idea to get a copy of your credit report for yourself before you apply for a mortgage so you know what might come up.

Other Documents

  • Photo IDs, such as a driver’s license or passport
  • Your rental history if you don’t already own a home, especially if you want to use it as demonstration of your payment history
  • Divorce records to prove that certain debts are no longer yours or that you don’t have access to funds from a previous spouse
  • Foreclosure or bankruptcy records, if applicable
  • Documentation of residency status if you’re applying as a noncitizen

Who Do You Give These Documents to?

You give the documents as requested to a mortgage broker you’re working with or to an underwriter with the mortgage company. You might be asked more than once for some documents, especially if you go through a preapproval process.

During preapproval, the mortgage company evaluates you as a borrower in general and lets you know what amount, terms and interest you can qualify for. Once you move to buy a home, the mortgage must go through a final approval process, and someone may need to look at your documents again or request additional documents.

Start Preparing for a Mortgage Early

A lender might ask for documents and require that you respond in a certain amount of time or it will deny the application automatically. So, you don’t want to get caught searching for documents during the process. Prepare for a mortgage app early by gathering everything that you anticipate that you might need. Another way to boost your chances for mortgage approval is to check your credit and resolve any negative items you can.

You might also be able to take actions to positively impact your credit before you apply for a mortgage—especially if your report has mistakes on it. If you want to repair your credit before making a big financial move, contact Lexington Law to find out how we can help.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

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Start-Up Business Loan Options

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

It can cost a lot of money to start a business, and most individuals don’t have all the capital they need up front, so they turn to a lender for help. Start-up business loans are offered by financial institutions to help business owners with a new business’s costs. While they’re a great concept, start-up business loans can be quite challenging to acquire.

These loans are risky for lenders, so the approval process can be laborious. Luckily, there are many options to consider.

How Can You Fund Your Start-Up?

When it comes to finding a start-up, business owners have several options available to them.

SBA Microloans

The US Small Business Administration (SBA) has a microloan program that offers loans up to $50,000 for small businesses and not-for-profit childcare centers. The average microloan is $13,000.

The SBA provides funds to specially designated nonprofit community-based organizations that act as intermediary lenders. These intermediaries administer the microloan program for eligible business owners. Here’s a list of providers.

Each of these intermediary lenders has its own set of unique requirements for borrowers. Typically, the intermediary lender will require some collateral from the business owner for the loan. These microloans can be used for working capital, inventory, supplies, furniture or fixtures. Microloans can’t be used to pay existing debts or purchase real estate.

Business owners who apply for SBA microloan financing may be required to fulfill training or planning requirements before being considered for the loan. The microloan downside is the “micro” part: Funding may not be sufficient for all borrowers.

The repayment terms on the microloan will vary depending on factors such as the loan amount, the planned use of the funds and the small business owner’s needs. Generally, the interest rates range between eight and 13 percent. Additionally, the maximum repayment term allowed for an SBA microloan is six years.

Other Microlenders

There are nonprofit organizations that are microlenders for small business loans. These microlenders are generally considered an easier route than an SBA microloan, especially for individuals with questionable credit history. A nonprofit microlender usually focuses on offering loans to minority or traditionally disadvantaged small business owners. Additionally, they help out small businesses in communities that are struggling economically.

These microlenders offer good term rates and allow business owners to establish better credit. This can help the business owner get other types of financing later on.

Individuals may consider a nonprofit microlender for a variety of reasons:

  1. Because profit is not their objective, the loan terms are fair and don’t take advantage of people in difficult situations.
  2. In addition to financing, many microlenders offer free consulting and training, helping small business owners make the right decisions to build their credit.

Business Credit Cards

You have a credit card for your personal expenses, so why not for your business expenses? Business credit cards can be an alternative financing solution to start-up business loans. To qualify for a business credit card, the lender will typically look at your personal credit score and combined income (business and personal).

One of the main benefits of a business credit card is that it allows you to, right away, separate your business and personal finances. You will start establishing business credit, which will help you in the future with additional business financing. Additionally, many business credit cards have great sign-up bonuses or rewards, such as cash back.

Some owners may incorrectly assume that it’s a poor decision to rely on a credit card for business expenses. However, having and using a business credit card is much more common than you may realize. In a 2019 survey from the Federal Reserve Banks, it was revealed that 59 percent of small business applicants use credit cards to fund their business.

If your score or income is low, you may have to consider a secured business credit card. Secured credit cards often come with higher interest rates and higher fees, so whenever possible, you’ll want to opt for an unsecured credit card.

Even if you receive an unsecured credit card, a low credit score will mean your interest rates on the card are higher than average. That’s why it’s essential you try to improve your credit before applying for a business credit card.

Personal Funding

You can also consider personal funding options to start up your business. Some examples are personal loans, dipping into your savings or home equity or personal credit cards. However, you should understand the risk of using this type of financing for your business. You will want to do some realistic calculations and ensure the business will be able to stand on its own without relying on further personal funding down the road.

If you use a personal credit card for business expenses, make sure you make payments right away and watch your credit utilization ratio. You should be aware that mistakes can significantly destroy your personal credit score, which will have serious consequences.

If you have a good amount in your personal savings, using this money is smart because you won’t have to pay interest on it. However, you’re ultimately taking a high risk. If your business doesn’t do well for a while, you won’t have savings to tide you over. The same applies to borrowing against your home equity. It will likely be a cheap option, but it comes with a significant risk.

If you do choose to use personal funding to start your business, make sure you take steps to start establishing business credit as quickly as possible. This will allow you to leverage business credit to gain more financing in the future and make the transition from personal financing to business avenues.

Lastly, you may consider branching out and asking friends or family for money. Make sure not to apply too much pressure, and give them the option of declining. 

Grants

Both private foundations and government agencies offer small business grants. These can be quite difficult to get, but it’s worth trying, as it would essentially be free capital.

Grants are often offered for specific groups, such as grants for US veterans or female entrepreneurs.

Venture Capital Investments

If you believe your business idea has the potential for massive growth, you may consider pitching it to venture capitalists. A venture capital investment gives you money in exchange for an ownership share or active role in the company. These investors can be individuals or part of a venture capitalist firm

The benefit of a venture capital investment is that it’s not a loan, so you’re not acquiring debt. Instead, the third party offers capital in return for equity. However, this does mean a higher risk, as you may end up paying them out significantly more if your business yields high returns. You’re also often giving up some control of your company to the investor.

Crowdfunding

Platforms like KickStarter have made crowdfunding an easily accessible and valid option for individuals wanting to start a business. You typically share your business plan and objectives with a public forum and hope people make donations or backings to fund the project.

These campaigns take lots of marketing effort but can get significant funding if they’re successful.

Which Option Is Best for You?

It can be difficult to know which of these options is the right approach for your business. However, we’ve broken down how you can better identify which solution works for you:

  1. First, determine how much funding you’ll need to start. This number will automatically rule out some of the options.
  2. Next, determine your credit score—both your personal score and business score (if applicable). Once again, this may rule out some funding options if your credit score is too low. For your personal consumer credit scoring, consider credit repair services to work on your credit score so you have more funding options available to you in the future.
  3. Understand that some of the business funding options will require collateral. Complete an analysis of your assets and identify if you have any collateral to offer up.
  4. When you apply for most types of financing, you’ll be required to share certain documents. You can have these documents prepared ahead of time. Some of the most common documents needed are a business plan, a business forecast, a business credit report, a personal credit report, tax returns, applicable licenses and registrations and legal contracts, to name a few.
  5. It’s essential that you only borrow an amount you can repay. Sometimes, you’ll be approved for much more than you think you need. Avoid taking it just because it’s offered to you.

More than anything, applying for start-up business loans starts with your credit. You should know your credit score, identify whether it’s low and consider credit repair services if needed. Ultimately, the higher your credit score, the better rates and financing options you’ll receive. Lexington Law can help with all your credit needs, so get started today.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

Prepare for Holiday Shopping with These Timely Credit Tips

October 29, 2020 &• 5 min read by Constance Brinkley-Badgett Comments 0 Comments

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Disclaimer

According to a YouGov Parent Survey in 2019, a quarter of parents entered the 2019 holiday shopping seasonstill paying down debt related to 2018 holiday spending. Deloitte numbers put holidayretail salesgrowth in 2019 at 4.1% year-over-year. In 2020, Deloitte predicts growth of between 1% and 1.5% year-over-year for the holiday season.

It might be that some people no longer want to pay for holiday gifts, decorations and food a year down the road. But it’s also true that the COVID-19 pandemic has hit consumerwallets and some people might be cutting back this year.

That doesn’t mean that people aren’t shopping. Google and other thought leaders note that changes to shopping habits and the need for social distancing and other measures will likely spread the holiday shopping season out longer. Shoppers are also likely to turn to online shopping.

With a ton of shopping opportunities, a longer holiday shopping season and pent-up pandemic energy, it might be easy to overspend and create debt you’ll deal with into the future. Follow these tips to prepare for holiday shopping so you can protect your financial standing, save money and make the most of the resources you have this season.

1. Check your credit scores

Begin by checking your credit scores and reports. They tell you where you stand if you want to apply for credit. They also give you a baseline of where you are so you know if your score goes up or down later with no explanation.

An unexplained drop in your credit score can be a sign your financial information is compromised. Unfortunately, the holidays are prime time for many scammers. Using a service, such as ExtraCredit’s Track It feature to keep tabs on 28 of your FICO scores, helps you know when you need to act to protect your credit.

2. Ask for a credit limit increase

If you have existing credit cards and you’re a cardholder in good standing, the months prior to the holidays can be a good time to ask for a credit limit increase. You’re not asking so you can spend more-it’s typically advisable to keep spending in line with your budget no matter how much credit you have.

You’re asking for a higher limit so you can spend what you already planned to without hurting your credit utilization. Credit utilization is the second-most important factor in determining your credit score-second only to payment history. It’s the ratio between your credit limit and how much of that credit you have used.

If you have a card with a limit of $1,000 and you spend $300, that’s a utilization rate of 30%. But if you get approved for a credit limit of $2,000 and you spend $300, that’s a utilization rate of only 15%, which is better for your score.

3. Apply for a credit cardwith a 0% APR introductory offer

Those with good or excellent credit might want to consider applying for a card with a 0% APR introductory offer. If you qualify for such a card, you typically have one or two years to pay off purchases made during the introductory period without accruing any interest.

This can be a way to finance your entire holiday without paying anything more for the privilege of doing so. However, it’s still important to maintain your budget and not overspend just because you won’t be paying the balance off until later. Otherwise, you make this season’s holiday festivities next season’s problem.

4. Pay down debt before-and after-the holidays

Speaking of last season’s debt: If you can pay it down before you start spending this season, that’s a great accomplishment. It also frees up your credit and your budget so you can better enjoy the current holiday season. If you’re paying $100 a month on your debt, that’s $100 a month that might go toward gifts or celebrations that you don’t have to put on a card this year.

If you do use credit to pay for the 2020 holidays, have a plan for paying it down as soon as possible. That’s especially true with 0% interest cards. The longer you wait, the greater the chance you’ll miss the introductory period and potentially be on the hook for a lot of interest expense.

5. Create a holiday spending budget

Whether you’re using cash or credit-or a mix of both-enter the 2020 holiday shopping season with a plan. Take an honest look at your personal budget. If you don’t have a budget, create one before you move forward. Then decide how much you can realistically spend during the holidays.

Consider which gifts you want to buy and which events you want to host or attend. You might not be able to do everything, and that’s OK. Be honest with yourself, your family and your friends about what you can afford to do with your time and money this year.

Then make a list and assign each item a monetary budget. That can include:

  • Gifts as a total
  • Gift extras, such as wrapping and tags
  • Shipping, both for receiving items you buy and for shipping gifts to others
  • Food and drinks
  • Travel
  • Decor
  • General festivities, such as tickets to holiday events

Once you assign a dollar amount to a category, stick to it. That’s a good idea even if you’re spending with credit.

6. Align budgeted spendingwith credit cardrewards

Once you know how much you want to spend, decide how best to spend it. If you’re using credit cards for the holidays, check your accounts to see if any offer cash back or rewards points. If they do, double-check which categories or stores you can shop in to earn the most points with each card.

For example, some travel rewards cards offer 6x points when you shop at supermarkets. You could use such a card to cover the food-and-drink portion of your holiday budget and reap the biggest rewards possible from that spending. You might also be able to maximize rewards when purchasing gift cards.

7. Guard your financial information and identity

As you enjoy holiday shopping, be on guard. Don’t use debit card PIN numbers unless you have to, and shield the keypad when you enter your information. Keep a close eye on your wallet or purse, and check your credit card statements regularly to ensure all charges are yours. You can also use ExtraCredit’s Guard It feature to help keep your identity and account information safe during and beyond the season.

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