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Auto Loan Approvals Increased to Those with Lower Scores

Experian, one of the three credit reporting agencies, conducts an automotive credit analysis on a quarterly basis. The latest analysis was for third quarter 2011. Lenders are loosening their credit criteria and are lending to those with lower credit scores in the sub-prime and deep sub-prime categories.  Experian’s analysis is based upon their Plus Score, which score ranges from 330 to 830.  This score is developed by Experian and is not the FICO score.

Sub-prime scores range from 550 to 610 and deep sub-prime includes scores below 550. These two score categories are considered higher risk and consumers with these scores are charged much higher interest rates. Typically consumers in these categories have difficulty qualifying for loans. The

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Tags: Bad Credit, Credit

A research firm specializing in foreclosures has reported that foreclosures in the state of Alabama declined during the first quarter of 2012.

The foreclosures declined by 18.6 percent in Alabama, as compared to the first quarter in 2011, and totaled 4,534 applications for the first quarter of 2012. The results of the research regarding national filings for foreclosure revealed that the overall foreclosure rate fell by 16 percent, when compared to the same quarter from the previous year.

According to several experts, this number may be increasing in the very near future. Alabama banks are expecting foreclosure filings to increase dramatically due to the $25 billion mortgage settlement that was announced in February.

If you have questions regarding foreclosures, please contact the Birmingham foreclosure defense lawyers of Greenway Law, LLC by calling 205-324-4000 today.

Tags: Alabama Decline, Decline

When you really take a close look at the CARD Act, the eligibility requirements are not nearly as strict as one would have thought they would be, University of South Carolina law professor Eboni Nelson told the newspaper. You dont have to show your ability to pay the full $1,000 or $2,000 credit limit . You may just have to pay the $25 or $50 monthly minimum payment, which is a very, very low threshold as far as being able to qualify on your own for a credit card.

In addition, students can even claim projected future earnings like from a summer job or work-study program as income when they sign up, the report said.

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Tags: Card, Card Offers

What are Refund anticipation loans?

These loans are right up there (or down there) on my list with prepaid debit cardstheyre poor choices.  These loans are secured by the taxpayer’s expected tax refund. These loans are offered by one bank now through a few tax preparers.  The loan is usually for a short period of 7 to 14 days, until the Internal Revenue Service pays the refund. The tax payer is charged very high Interest rates and additional fees.  Since this loan is offered through a tax preparer, there is a tax preparation fee, interest on the loan and fee to open a temporary bank account. There may be additional fees such as application, administrative, e-filing, transmission, or “processing.”

For example, a $1,500 loan for 12 days is charged $61.2 interest, which is 124 percent APR (annual percentage rate). In addit

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Tags: Loan

Jefferson County officials say the county is moving closer and closer towards filing for bankruptcy.  Commissioner Jimmy Stevens stated, “Bankruptcy has been on the stove, possibly moved to the front burner.”

This week, a bill that would allow the county to raise taxes to make up for their removal of occupational taxes.  Currently, county officials believe that if they do not declare bankruptcy, they will have to lay off hundreds of county workers.  Officials estimate the layoffs would account for about 40 percent of people employed by the county.

So far, the county has already made $30 million in budget cuts and expects to have to cut around $73 million more from their annual budget.

Contact the Birmingham personal bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 today, if you or someone you know is considering filing for bankruptcy in Birmingham.

Tags: Bankruptcy, Jefferson County