Steps to building good credit

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Many experts say that having no credit can be just as bad as having bad credit, because there is no history to say if you are a good or bad risk when requesting loans.

Building a good credit record is no easy task. It may be frustrating and tedious at first, but following are some tips to make the journey to credit freedom a little easier.

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* Try a secured card with a banking institution for 6 to 9 months.
A secured card is very much like a savings account where you may put $500 down as a deposit, which serves as collateral. Some institutions will issue a credit card with a credit limit usually no greater than the amount on deposit. Make sure the issuer reports your timely payments to one of the three major credit bureaus. By using your card responsibly and paying what you've spent every month, you will see your credit score improve.

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* Establish credit by applying for one or two credit cards.
Setting up revolving debt credit cards like Visa, MasterCard, American Express, Discover or any department store credit cards is important to your credit history because it's a self-managed account and you know you have to pay an installment at least once a month. Financial advisors warn you to use them carefully and pay them off on time each month, or at the very least, pay the minimum amount required.

* Keep credit card balances low.
Don't "max out" your credit cards. Credit scores are based upon what percentage of the credit line is being used.

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* Pay your bills on time.
How you've paid your bills in the past can indicate how you'll pay in the future. Credit scores emphasize your recent payment record, so if you've been late, start paying on time.

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* Don't apply for too many loans or new accounts.
Requesting a lot of credit in a short time span may prompt lenders to be concerned that you won't manage your debt well.

Beware Pitfalls Of Consolidating loans

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With interest rates near rock bottom, many consumers are consolidating their higher interest loans, especially credit cards. Consolidation can be a good strategy, but could cost far more in interest charges and even bad credit if you're not careful, cautions the Financial Planning Association, Denver, Colo.

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Consumers typically consolidate loans for several reasons--to bundle multiple loans under a single lender, lower their overall interest rates, or dig their way out of debt, Before rushing out to consolidate, though, weigh whether it is your best option and, if it is, be careful how you consolidate.

First, don't confuse loan consolidation with debt consolidation programs, whose offers frequently appear in the mail or through e-mail and are designed for people with severe debt problems. The debt consolidation service renegotiates loan terms with your creditors and consolidates the loans into a single payment through the debt service. The use of a debt consolidation program can hurt your credit rating.

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Loan consolidations, on the other hand, are generally available only to those people with good credit ratings. They take many forms, the most common being home equity loans, home equity lines of credit, "cash out" home refinancing, student loan consolidation programs, and personal loans through financier institutions,
Assume you want to consolidate multiple higher-rate loans into a single lower-rate Joan. To do this cost effectively, keep the following points in mind:

Are you disciplined enough to take advantage of consolidation? This may sound like a silly question, but it's not uncommon for people to consolidate multiple loans, lower their overall interest rates and payments, and then go out and rack up new debt. This defeats the entire purpose of consolidation.

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Don't confuse lower payments with lower rates. Just because the monthly payments for a consolidated loan are lower doesn't mean you actually are paying lower interest rates. This is especially true with plans offered by some debt consolidation programs. The lower monthly payments occur because the consolidation stretches out the life of the loan. A similar mistake is transferring lower-interest-rate loans into a higher-interest-rate consolidation loan. For ease of bill paying, and because most of their loans can benefit from consolidation, people may consolidate all of their loans. Yet, one or more of the original loans may actually have lower rates.

Undoubtedly the biggest mistake occurs when consumers confuse lower monthly consolidation payments with saving overall finance charges. The college loan consolidation program, offering its lowest interest rates in its history, illustrates this point. Graduating students typically end up with multiple loans from multiple lenders, so consolidation makes paying easier, and the consolidation rates typically are lower than the rates for the original loans.

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However, here's the catch. Say an individual has $20,000 in student loans. In one example from a commercial lender, a consolidation loan would cost the student $222 a month for 10 years. Total interest payments would be $6,640. The student could lower that monthly payment to $143 a month by paying off the loan over 20 years--tempting considering the tight budgets of students just out of school. Yet, the total interest payments over the life of the loan would run $14,320!

Another example occurs when consolidating a five-year car loan into a 15-year refinanced mortgage or 10-year home equity loan. Even at lower rates, you probably will end up paying more in interest for the car than if you had stuck with the original loan or refinanced the car loan itself for a live-year period. A loan should be consolidated for no longer than the periled of the original loan.

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Another drawback in the above example is that you are transferring more loan risk to your home, and home bankruptcies right now ale among the highest in history. Do you want to risk the loss of your home for a car? A worse situation occurs when people consolidate their credit cards into a home equity loan, thus transferring unsecured debt to secured debt.

How to buy the car you want without getting taken for a ride!

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Here's how to buy the new car you want without getting taken for a rideBefore you invest in the car of your dreams, you need to know the car-buying facts. This guide will help you choose the car that is best for you and give you the showroom strategies you need to wheel and deal successfully.

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GETTING STARTED: TEN TO-DO's
1. Choose the best dealership. Look for a dealership that's close to your home or office, with convenient service and sales hours. Get references from family and friends regarding the quality of its service, and find out if it offers rental cars or a loaner vehicle if service takes longer than a day. Remember that megadealers who sell many different brands of cars tend to have higher overhead costs--costs that are passed to you. Single-brand dealers may make you a better deal and tend to have better relationships with their suppliers too. This can mean speedier delivery, more flexibility and greater dependability.

2. Know when to buy. "The last five to six days of the month is the best time to buy a car," says a Ford Motor Company spokesman. "Salespeople are anxious to make their quotas at this time of the month and are likely to make a deal more quickly." Another suggestion: Car-shop on rainy days, usually slow periods at most auto showrooms.

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3. Know how much cash you need up front. Ten percent of the purchase price is the minimum for most down payments. However, this amount will vary according to the type of payment plan you choose.

4. Determine what you can afford. Find out how much a car really costs by asking for an Interest Payment Table, available from most banks or credit unions. It will show you how much you'll need to finance the car of your choice, once you make the down payment. You can then divide that figure by 36 or 48 payments to determine your monthly costs at various interest rates.

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5. Find out the invoice price of the car you want. The invoice price--the price the dealer pays the factory for the car--is usually considerably lower than the retail price the dealer charges you. If you have a push-button phone, you can find out the invoice price on more than 730 new domestic and foreign cars by calling (900) INVOICE. The call costs $5 for the first minute and $1 for each subsequent minute. Make sure you have the make and model of the car you are interested in readily at hand.

6. Know how much to negotiate over the invoice price. According to Chris Hayden, president of Automotive Consumer Services, you should be able to find a dealer who will sell you a low-priced domestic car for $150 to $200 more than the invoice price. For imported and luxury cars, expect to pay $500 to $1,000 more than the invoice price.

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7. Consider "hidden" car costs. Add these expenses to the initial cost of the car: The monthly financing cost, which is determined by your lending institution; fuel, maintenance and repair fees, which you can learn about by reading automotive magazines; insurance costs, available through your insurance agent; and the licensing fee and taxes, which are determined by the state in which you live.

8. Narrow your list of dream cars down to three. This will make it easier to combat the dealer's attempts to entice you into buying a more expensive car.

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9. Read, read, read as much about cars as you can. Consumer Reports magazine issues an annual car-buying guide each April. Other helpful magazines include Auto Week, Road & Track, Motor Trend, Car & Driver and Home Mechanix. Also check your local newspaper for special automotive sections.

10. Ask, ask, ask! "Women tend to be better car buyers than men because they ask more questions," says Donald Petersen, chairman and CEO of Ford. Show the dealer that you mean business by asking the right questions and not being intimidated.

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