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Credit Repair To Credit Millionaire

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Caroline Said:

my car is getting repo'd, Willl I still owe any money on it? Or do they just take the car and my?

We Answered:

They will sell it and you will still owe the difference between what they can sell it for and what part of the loan was still outstanding.

Don't worry about your credit score for now. Don't go to one of those credit repair places. Go to the library and borrow a copy of Total Money Makeover by Dave Ramsey. Go to daveramsey.com and listen to his radio show - also for free- and get some sound advice to get back on track with your finances. We had 2 car loans and about 30G in credit card debt that we were able to pay off in less than 2 years because we finally got scared enough to do something about it. Now we can sleep at night. Dave Ramsey's stuff is great and you can follow the steps without having to buy A THING from him. He was a millionaire in his twenties and went bankrupt...lost everything. So he knows about money stupidity. Give it a try. Hunt around the site a little bit and really, READ THE BOOK! It's a quick, fun read....and actually very encouraging.

Ida Said:

Need to dispute items on credit report, but do not know how to word it or go about doing it?

We Answered:

The above posters letter is ALMOST perfect for what you should do except that you should not tell them "Why" its wrong. You should just let them know there is an error with a certain account and let them do the investigating. If there is even one thing wrong with what is being reported they have to delete the whole item. If you say why its wrong, then they might just adjust the error and keep it on there. Also...write one seperate letter for EACH item. Dont put a whole list of disputes with one letter or they wont really do much. It also lets you write them a second time to dispute if they validate the account and you can write them to make they prove its a valid debt. There is a book called something like "Credit repair to credit millionaire" thats pretty helpful and can tell you exactly what to write each time to these credit buerus. I used that book and took my score from 450 (yeah you read that right) to 717. I had a ton of collections (maybe 20) and i believe i only had to pay on 4 of them (which i also was able to get those taken off later.) Only thing bad on my credit report that i couldnt get off is a judgement. (one of the things i had to pay)

Ross Said:

Consumer credit and investing questions please help?

We Answered:

Sorry but I'm stepping outside your preconceived answers to give what I feel is the most correct answer.

1) The knowledge of how to make money. Great investors can make money in good times or hard times. More millionaires were made in the great depression than any other time in human history. It's all in how one has the right knowledge and applies it.

2) It depends how much you paid for it. If you're like most people and you paid full market value (like a sucker), anywhere from 2-3 years depending on what the transfer costs are in your state or province.

3) Buying a home. Few people treat investments like a business. Just think if people bought stocks the way they bought real estate. Could you imagine buying a stock because you the the CEO was a nice guy and his business was in a nice area?

4) Depends on how you buy it. If you buy your equity and know how to invest, it can be the most liquid investment on the planet. If you pay full price on your dream home, not so much.

5) Credit score plus down payment. My friend shows on his website to people how to repair their credit even if they can't settle their debts. Almost 77% or more of credit reports contain errors. That means even if you pay your bills on time, you could still have better credit just by fixing the mistakes. The website is included in the sources and the material is free to learn.

6) Private Mortgage Insurance

7) Not sure. Loaded question as banks and insurance companies are generally in kahoots.

8) Over 90% interest. Sad but true.

9) Because fractional reserve banking makes inflation part of all money. All money regardless of currency goes down in value constantly. When a money is said to be rising, it is only rising relative to another falling currency which actually means that it is falling at a slower rate. Gold just stays the same. Unless we change the banking system, metals which are in limited supply will continue to increase in value.

10) Depends where you live.

If you're serious about learning investment principles and how to repair your credit for free, check out the source.

Terri Said:

I have a car that needs to be fixed but cant afford it. Still owe on it can i refinance it to get another one?

We Answered:

The last thing you need to do when you are too broke to fix your car is to go finance another one. Ouch! Consider temporarily getting a 2nd job or cutting back on some expenses (cable, lattes, etc.) to save up money for the repairs. I once bought a brand new car with zero down b/c I didn't have $300 cash to fix the brakes on the otherwise perfectly good car I had. I regretted it all the way into bankruptcy court. I now buy inexpensive cars exclusively with cash. I am much happier & much wealthier. Consider the article below to realize just how much it costs you to have a car note. You will be amazed! Also, check out a copy of Stanley & Danko's "Millionaire Next Door" & Dave Ramsey's "Total Money Makeover". Very enlightening.

Gilbert Said:

I really need to get car finance to get out of my dreadful car but i have bad credit. HELP?

We Answered:

Unless you have a co-signer, you're screwed with your current rig on the loan front. The options you have are as follows:

1. Get a co-signer and refinance
2. Do a voluntary repossession and pay the remaining loan
3. Keep paying them nothing and have your car repossessed
4. Get another job that will give you enough income to do the major repair that keeps costing you for the little repairs

Frankly, option one is great for you but likely to hose your co-signer (make sure it's not someone whose friendship you'd like to lose). Option 2 sucks because you're without a car unless you go to a "guaranteed credit"...errr...ripoff car lot. Option 3 will be a major scar on your already terrible credit but will last longer. Option 4 is your best bet. Suck it up, get another job, donate plasma or other biological goodies, whatever it takes.

If you successfully pull off option 4, swear to yourself that you'll never take out such a big loan again.

By the way, of the millionaires in the country, the ones who bought inexpensive used cars were three times richer than those with similar incomes.

Chad Said:

Should I buy a new car or fix the old one?

We Answered:

Almost always cheaper to fix the old one.

See the book..."drive it forever".

I have a $1600 car that Ive had for 3 years. Ive spent about $355 on repairs, tires & brakes in 3 years. (Excluding oil changes which you do to all cars)

I figure my car has depreciated about $550 in 3 years.

So, it cost me $25.14 per month for transportation.
($905 divided by 36 months) (That includes tires)

(Excluding the time value of money and oil changes)

You will find millions of people who insist they have to have a new or near new car.

In reality, they WANT a new or near new car.

Me ? I can handle $355 over 3 years of being nickle and dimed.

But then, watching every penny is what made me a millionaire.

Millions of people pay car notes of $300-600 per month and have no assets.

I know, I know, what if you need an expensive repair ?

Its STILL cheaper. Your Ad Here

Discuss It!

fendi outlet said:

You will find millions of people who insist they have to have a new or near new car.