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Moneynet Warns Graduates Face Credit History Nightmare
By David Andrews Ltd, Sat Dec 10th
/p> * Escalating student debt spells big trouble for credit filesin the future * Graduates likely to be servicing £15,000 debts until theirmid-30s
Students face a potentially ‘calamitous’ problem with theircredit histories on graduation thanks to the now inevitableprospect of leaving college or university with high debt levels.
Moneynet.co.uk, the online financial data comparison site, haswarned students to keep a close eye on their credit files and toensure that they keep up to date on all credit card repaymentsand loan debt – otherwise they could be in for a nasty shockwhen it comes to arranging mortgages and credit in the future.
“The major credit reference agencies such as Equifax andExperian hold detailed files on our financial histories, whichstart as soon as we open a bank or credit related account,” saidMoneynet chief executive Richard Brown.
“The majority of graduates are looking at servicing a minimumdebt of £15,000 (see note 1) until their mid-thirties, which isclearly not the best way to start out when it comes to wantingto arrange a or anything else requiring a sound credithistory.
“So we would advise students to keep an eye on their creditfiles to make sure all the information held on them is accurate.In addition, it is crucial that students understand theimportance of not over-committing themselves as missed paymentscould mean they have accumulated an adverse credit history evenbefore they embark on a professional career. This could takeyears to repair.” added Brown. Brown also advised new – and existing – students to make surethey are getting the best from their student bank accounts. Andto avoid being seduced by gimmicky special offers designed tosecure their lucrative business.
“Banks love students as they want to keep their business whenthey graduate: but most young people can afford to be choosywhen it comes to picking
Qualifying for mortgage AFTER unemployment ends
My wife andamp; myself, victims of Michigan economy, moved to Georgia and returned to the workforce in June 2010 after periods of unemployment. Myself-16 months straight, my wife-6 months out of the previous 24. We we told by several lenders that we had to work at new positions for six months to qualify for a mortgage. Quite a shock as we have no debts/loans and our credit scores range 795-820.
Does anyone know specifically when and where these regulations came into effect and where is the doc...
VOE
My husband recently quit his previous job (assumedly on good terms) to go work for the competition for better pay, perks, etc. We have to move because the new job is too far to drive daily. The loan officer is insisting on a VOE. Unfortunately the previous employer is quite ridiculous and vengeful and will now not sign the VOE form. Is there any way around this as we have provided paystubs and W2's showing he worked there for the past 2 years??
refi or pay more each month
We currently owe 233,000 on our home at a rate of 5.5% and are 6 years into a 30 year mortgage. (Original loan was for 260,000) I've been paying an extra $200 each month towards principal to pay it off a bit sooner. Am I better off refinancing to a slightly lower rate (~4.5%) or should I simply continue to pay more each month on what we have?
Who is entitled to the earnest money?
My husband and I decided to buy our first home a couple months ago. After looking for a while we found one. Since we were pre-approved for a mortgage it was fairly easy getting the ball rolling. The sellers accepted our offer, (which included them paying for a termite inspection) and we set a closing date. In that time frame my husband lost his job and had to seek new employment. This changed our loan approval and the deal fell through. Now the seller is wanting the earnest money, money for the ...
any investor friendly broker licensed in Geogrgia
looking for cash out refi for 2 houses which are paid no mortgage...looking for cash out refi....
thank you
[Email deleted as per forum rules. Thanks.]
PMI - Conventional vs FHA
We bought our house last September and as we were planning to put down 10% we learned we have to pay PMI. We told the Bank of America mortgage agent that we were planning to pay it off as soon as possible. We have been making double payments in hopes to get rid of our PMI. He told us that the best thing for us is the 30 year Fixed with PMI.
However, our mortgage is listed as 30 Years Conv w/PMI on our online account page and our HUD statement states that we have an FHA loan and we were charg...
PMI with 20% down??
I have a credit score of 802 but last years income was lower than normal. I don't qualify for a traditional mortgage for the house that I want I'm about 40k short but my father is willing to cosign. I was told I can only get an FHA loan because he is a 'non occupant' and we are still required to pay pmi even though we are putting down 20%...Any way around this??
refinance
We have 124,000 left on a 30 year mortgage. Currently 22 years left to pay. We pay biweekly (and pay 200 extra a month) the rate is 5.75. So it has dropped the amount dramatically through the years. Should we refinance at a 15 year, 3.8 interest rate or just keep paying the extra on the original loan. We would pay the same extra 200 on the new loan amount also. The closing costs might be around 3,000. Not sure yet. Am I just fooling myself into thinking lower rate will get it paid off qui...
Should we refinance?
Current: 27 yrs left on 30 yr fixed at 6.625% andamp; we pay $200/mo extra on a $773.18 Pandamp;I note. Home value $162K, owe $109,800. Ficos are 736/781. Offer: 30 yrs 5%, so not 2 points difference. We would be depleting large part of savings for closing. I say recoup that by lessening our non matched 401K deposits for 6 mo. We are disciplined and would go back to that for sure. Husband thinks not worth it. Plan on being in this home for life.
Thanks!
owner or not
Hi my ex wants me to sign the quitdeed under my legal name but I did on 2005 that this means im legally owner
?
a bank. We would always encourage newaccount openers not to be blinded by the marketing razzamatazz,and to focus on core banking services, free overdrafts anddecent rates of interest,” said Brown. * * * * * * * * * * * * * *
Note (1)
Last month the Government confirmed that after the introductionof top-up fees in 2006, while 400,000 students may be able toclaim non-repayable grants and bursaries, most will service aminimum debt of £15,000 until at least their mid-thirties. Highstreet banks maintain that in reality the average graduate debt,including fees, for those entering university next year islikely to be nearer double that by 2009.
And a recent survey by NatWest Bank this month suggested thatfreshers starting university in the autumn expect to spend£28,600 over the three years of their degree courses and tograduate owing nearly £14,000.
Moneynet has a free guide to Student Finance – Moneynet Student Finance Guide Press enquiries
Moneynet: Richard Brown, Chief Executive, 020 8313 9030
David Andrews Media Ltd Cathy Tully, 01273 774109cathy@davidandrewsmedia.co.uk
Consumer enquiries: online@moneynet.co.uk http://www.moneynet.co.uk Editor's notes Moneynet.co.uk is the UK’s most established personal financeresearch and data website. The company offers consumers a widerange of low cost financial products: from mortgages andpersonal loans; to car, home and medical insurance; creditcards; savings accounts and best-buy fixed rate products.Moneynet.co.uk is an ethical, impartial and comprehensive sourceof consumer finance information, covering the whole of thepersonal finance sector. About the author:Moneynet was founded in 1997 by Chief Executive Richard Brown tosimplify the personal finance market and provide consumers withimpartial and interactive information on financial products andservices.
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