Chinese Government Sovereign Credit Rating

The Sovereign credit rating of the Chinese government was recently upgraded by Standard and Poor’s as improving which is good news for the country of China.  Let’s start by explaining what a sovereign credit rating is as it applies to the Chinese government.  Essentially, countries issues bonds that are designed to raise money for the government to use.  For example, the United States could issue a sovereign bond to the Chinese government that they can use as money that needs to be paid back.

In the past, many governments who have received sovereign bonds have not paid them back thus causing debt problems for the issuing country.  Much like with consumers, a credit rating is then assigned to the borrowing country that shows their credit worthiness and whether or not they will be issued any more bonds.  Classically, the Chinese government has defaulted on their sovereign bonds thus making their credit rating lower.

Recent improvements have been made in the repayment of the bonds issued to the Chinese government; their sovereign credit rating has been raised making them a slightly lower credit risk.  Standard and Poor’s (S & P) is the company that monitors the sovereign credit ratings of various countries and they are the ones who have upgraded the Chinese government’s standing in the international market.

While some people disagree with the issuance of sovereign bonds to foreign countries, it’s all part of a way to generate income that can help impoverished countries produce goods that other countries – such as the United States – need and/or want.  It’s sort of an investment in their country in an attempt to be sure that we can still receive things like food and mass produced goods from these countries.

All countries who borrow money through sovereign bonds have a sovereign credit rating.  Often, it is disregarded by other countries, however, depending on what those countries are in need of.  It’s like taking a roll of the dice on the off-chance that you’ll roll a 7 or 11 in craps and be a winner.  Say we’re in need of a certain brand of tennis shoe that is produced cheaply in China, but the sovereign credit rating for the Chinese government is less than perfect.  We still need those tennis shoes, so we might be inclined to go ahead and issue them a small bond so that they can produce the shoes that we need.  They may or not pay back the bond, but it’s a chance we’re willing to take to fulfill our personal needs.

However, now that the Chinese government’s sovereign credit rating has been upgraded, things look good on the horizon when it comes to trade and supply.

Check Your Credit Rating For Free in the UK

If you are located in the UK and want to check your credit rating for free, we think we can help you.  In America, the Federal Government passed the FACT Act back in 2003 that allows every American access to one free credit report per year.  After some research, as of 2007, we could not find any record of a similar law in the United Kingdom although that could be erroneous information.  However, all is not lost.  If you live in the UK, you can check your credit rating for free – you will just have to take a different route.

Here’s a bit of information we found about checking your credit rating for free in the UK.  First of all, one of the major credit reporting bureaus in the world is Experian.  They will offer UK residents a free credit report when you sign up for a 30 day trial of their services.  You can cancel any time within the 30 days and you will still have a copy of your credit report.  You can find them online at www.experian.co.uk.

We also found a website called www.checkmyfile.com that offers UK residents many options for checking their credit ratings.  Unlike in the US, at this website, you can see your credit score for free whereas Americans have to pay for this “secret” number.  You can also obtain your credit report, but for a small fee.  Check out the options on this website as they seem to have a lot to offer UK residents.

We did find a place where you can check your credit rating for free in the UK at a website called www.annualcreditreport.co.uk which says that as of January 2, 2007, you can get one free annual credit report.  From what the website says, you enter in some personal information and they will e-mail you a special code.  You can then go back to the website, enter your code and see your free credit report.  They do ask that you subscribe to their newsletter and receive it regularly throughout the year, however, you can cancel at any time, so there’s really no strings attached here.

One thing you can also do to check your credit rating for free in the UK is to apply for a loan.  The lender will pull your credit report to see if you are credit worthy and you can ask to look at the report.  We’re not sure if they’re required to show it to you, but chances are very good that they will be happy to show it to you – especially if they have to turn you down for a bad credit rating.

CCCS Consumer Credit Counseling Service

One of the most prominent companies that exists today in the field of consumer credit counseling is CCCS – Consumer Credit Counseling Services.  CCCS has been providing consumer credit counseling services to clients for years and they have a proven track record for getting people out of debt and on the road towards financial freedom.

CCCS starts out by analyzing your current financial situation and then developing a personal financial assessment.  This includes looking at your income, expenses, assets, and liabilities.  After they have the big picture, they can start making suggestions on how you can get out of debt and start living your life financially stable and with a good credit record.  Consumer credit counseling services like those offered by CCCS have become big business and they are a good option for people who have gotten themselves into financial trouble and don’t know how to get out of it.

This company offers a plethora of advice and tools on their website that can help educate you about the bad habits that got you into financial trouble in the first place and then help you take steps to change your spending habits so that the trouble doesn’t continue.  CCCS is one of the first companies to offer these services and they have a great reputation in the financial industry.

Besides offering credit counseling, CCCS will also offer up educational workshops, community partnerships, and financial incentives that can not only teach you about the proper way to use credit, but also how to clean up any messes you’ve made when it comes to your own credit and credit score.

Probably one of the handiest tools on their website – which can be found at www.cccsintl.org – is the financial worksheets that can help determine your debt to income ratio which can make a difference when you apply for a loan or a line of credit.  See, what the financial institutions look at when they are deciding whether or not to give you a loan is whether or not you will have enough income to make the payments required to repay the loan.  If your debt exceeds your income, you won’t get the loan.  This can be a very valuable tool as you will be able to look at your debts and try to find ways to cut down and conserve so that your income exceeds your debt instead of the other way around.

CCCS – Consumer Credit Counseling Services – is a great company that can help people of all walks of life – both those with credit problems as well as those who want to prevent credit problems.  Check them out and take advantage of all they have to offer to make your financial statement look as good as it can.

Car Loan for People with Very Bad Credit

So you need a car, but you have very bad credit.  Do people with very bad credit have any options when it comes to getting a car loan?  You bet they do!  There are many different ways you can go about obtaining a car loan even if you do have very bad credit.

One of the best options you can have is with a car dealer who specialized in making car loans to people with very bad credit.  They usually advertise with slogans like “Everyone approved” or “No one turned away”.  These companies are reputable and serious about getting you into a new car.  Well, it won’t really be new.

Most dealerships like these carry older model cars with higher mileage, but they are often good cars and can at least get you on the road even with very bad credit.  The way they work is that you apply for a car loan and they usually finance the loan themselves.  Your interest rate will be high and you will make your payments directly to them.  Your car is your collateral so if you don’t make the payments, the car will be repossessed.

People with very bad credit should probably look to these companies first for a car loan rather than try to go with a bank or a finance company.  These dealerships specialize in situations such as these and there’s no story they haven’t heard.  That means that no matter how you got into the situation with your credit, you can still get a car.

Of course, another option for people with very bad credit is to have a co-signer guarantee the car loan.  You and the co-signer will both own the vehicle.  The loan is made based on their credit history so you’ll want to find someone who has good credit to offset your bad credit.  Then make the payments on a timely basis.  Otherwise, they are liable for the loan and will have to make the payments for you.

People with very bad credit can also look online for car loan companies that specialize in loans just like this.  Often, you can apply right online and get approval within a few minutes.  Be prepared, though.  Your interest rate is probably going to be very high and thus your payments will be very high as well.  Make sure that you will be able to make those payments and look for a vehicle that won’t overextend you and make your credit even worse.

Bad Credit Unsecured Credit Cards

If you find that you have made some mistakes and now have bad credit, you may have given up on ever getting an unsecured credit card.  The truth is that bad credit and bankruptcy do not necessarily deprive a person from obtaining a credit card.  There are unsecured credit cards out there that are designed especially for people with bad credit who have also had difficulties being approved for a major credit card.

What is an unsecured credit card?  The easiest way to explain it is to first define a secured credit card.  A secured credit card is one where you deposit money into an account that is tied to the card.  You can use the card to buy items up to the amount of money that is deposited in that account before your credit card cannot be used anymore.

An unsecured credit card is the exact opposite.  They offer a credit line to people based on their credit history and then allow charging up to that credit limit.  They are generally given to people with good credit histories and a past demonstration of being able to pay their bills in a timely manner without over-extending their credit.

So how can people with bad credit get an unsecured credit card?  Because there are companies out there that specialize in giving unsecured credit cards to people with bad credit.  Their thought is that even people with bad credit deserve the chance to rebuild their credit somehow.  For example, the Imagine card from Master Card guarantees that all applications are accepted.

How can they do this?  The answer is actually quite obvious if you really think about it.  Getting an unsecured credit card with bad credit is expensive and your credit limits are quite low.  With the Imagine Card that we mentioned above, you will either receive a card with a $70 or a $300 credit limit and you’ll have to pay an annual fee as high as $155!

However, let’s think about what having an unsecured credit card really means to you if you have bad credit.  First, you are getting a credit line with a “real” credit card that can help build your credit.  As you pay off your balance every month, you are building a solid credit history and your credit line could be increased incrementally.  The annual fees might actually be dropped as well eventually.

You have to remember, though, that you are trying to rebuild your credit and having an unsecured credit card requires a certain amount of self-control, so you’ll need to have a plan on what to do if you are tempted to over-spend.  Just make timely payments and your unsecured credit card could erase your bad credit eventually and set you on the road toward good credit!

Bad Credit Private Student Loan

What do you do when you have bad credit and you need to get a student loan through a private company?  It might seem like there’s just no way you’ll be able to get a loan to attend school, but really, there is hope on the horizon.  Just because you have bad credit doesn’t mean there’s no way you can get a private student loan.

You can start by looking into government subsidized loans such as the Stafford Loan.  These are loans that you can obtain through your school and you don’t have to repay them until six months after you graduate.  The interest rate on these loans is usually quite low making it affordable for you to repay after graduation.

Another option for you to look at when trying to find a private student loan when you have bad credit is to have your parents get a PLUS loan.  This will be in their name and will also be at a lower interest rate.  Your bad credit won’t be an issue since the loan approval will be made solely on their credit rating – not yours.  Of course, it will have to be paid back – probably by you, but your parents will be responsible for the payments, so you’ll want to make those payments and not risk the wrath of your parents!

There are also many private student loan companies you can explore when you have bad credit.  Start by contacting your local bank where you have your checking or savings account.  Explain to them your situation and why you have bad credit.  Since you have a relationship with them already, the likelihood of them approving a loan for you is better than if you work with another financial institution that doesn’t know you at all.

You can get a private student loan also by having a co-signer with good credit that will offset your bad credit.  Most often, this is a parent or grandparent.  It works just like any other loan with a co-signer.  They are saying that you will make the payments or they will have to if you fail to follow through on your loan agreement.  Again, it’s important to make timely payments if you have a co-signer on your student loan as missed payments can affect not only your credit, but theirs as well.

Getting an education these days is certainly expensive, but even if you have bad credit, you can get a student loan with a private company.  All you have to do is research your options and then go for it!

Bad Credit Mortgage Loans

You want to own your own home, but you have bad credit and are having trouble obtaining a mortgage loan.  Is there anything you can do?  Initially, you would think not, but actually, there are ways you can get a mortgage loan when you have bad credit.  

There’s no use wondering what happened to get you into a bad credit situation.  Life happens.  And when it does, sometimes your credit can suffer.  Just because your credit isn’t perfect doesn’t mean that you should miss out on the opportunities available to everyone else.  See, there are companies that actually understand this and they specialize in bad credit mortgage loans that can get you the money you need to buy a home and stop paying rent!

These companies offer many different types of mortgage loans for people with bad credit, but like other companies like these, the loans are probably going to be at a high interest rate, so you’ll want to thoroughly check out all programs available to you.  If your payment is going to be too high, you’ll want to steer away from those loans or else you’ll get into more problems.

The Federal Government even knows that people with bad credit can still pay a mortgage and they are willing to help out with government subsidized loans like FmHA that is a mortgage loan based on income.  Actually, these types of mortgage loans are perfect for people with bad credit because it gives them not only a home, but a payment they can afford and the chance to rebuild their credit.

FmHA mortgage loans are perfect for people with bad credit.  They have strict guidelines that they have to adhere to as far as what types of homes will qualify and the paperwork is heavy, but in the long run, it’s certainly worth it.  So many people dream of owning their own home but think that they can’t get a mortgage loan because they have bad credit.  

The key here is to do your homework and look around for a mortgage company that specializes in mortgage loans for people with bad credit.  There are companies out there that will offer up credit to you albeit at larger interest rates than a regular mortgage, but the important thing to remember is that it is possible.

Having bad credit doesn’t mean you can’t get a mortgage loan.  It just means that you’ll have to do a little more work finding a company that will work with you.  Owning your own home isn’t out of reach just because you have bad credit.  It can happen, so dream big and start today!

Bad Credit

The words “bad credit” conjure up such negative images, don’t they?  That’s because those two little words aren’t exactly what people want associated with them.  When you have BAD CREDIT, you are almost marked when it comes to obtaining things like cars and homes.  It’s like you’re wearing a sign around your neck proclaiming that you got into trouble with credit and now you have BAD CREDIT!

Well, don’t worry; there is help for people with BAD CREDIT.  The first thing we need to do is get past the stigma associated with these words.  Bad credit simply means that you have overextended yourself when it comes to using credit and you want to work your way out of that state and get GOOD CREDIT!

How do we define bad credit?  Well, most financial lending companies will classify you according to your credit score, also known as your FICO score.  This score is calculated using a highly secretive formula developed by the Fair Isaac Company and kept under lock and key with the Federal Trade Commission’s blessing.

FICO will evaluate your credit history and then assign you a three-digit number that determines your credit worthiness and your ability to repay any loan you are applying for.  It doesn’t reflect who you are as a person, it reflects your past payment history when it comes to your debts.

You are considered to have bad credit if your FICO score is less than 620.  The median credit score for most Americans is 723, so anything less than 620 virtually guarantees that you will not be approved for a loan you might be seeking.  That’s because you are considered to have a bad credit history and seem to be unreliable in paying back your debts.

If you do have bad credit, don’t worry yourself too much.  Sure, it’s something to be concerned about, but repairing your credit can be done and you can get away from that bad credit stigma with a little hard work on your part.  It’s never too late to repair your credit and heal your bad credit history.

One place to start is to pay down your debt and stop using credit immediately.  You’ll need to work with your creditors to make a repayment plan that will work for you.  Of course, there are a lot of other things you can do to get away from bad credit and into good credit.

Look for books, software, and information that can help you with your bad credit problem.  They can help guide you toward repairing your credit and making that bad credit history a stigma that doesn’t define you but reflects your past and how far you’ve come since then!

Annual Credit Report

As a consumer in the United States, the Federal Government decided back in 2003 that you are entitled to receive a free annual credit report so you can monitor your credit and your credit rating.  The FACT Act was passed unanimously so that all Americans could get a free annual credit report and be able to keep track of what the credit reporting agencies were compiling on them.

This is groundbreaking in that people are now able to see what lenders see, correct any errors that are on the report, and keep track of their credit to prevent any blemishes that might damage their worthiness as a credit risk.  Before the FACT Act was passed, the only people privy to this information was the lenders and the credit reporting agencies.

There are two ways you can go about receiving a copy of your free annual credit report.  First, you can go directly to any of the websites of the credit reporting agencies.  These agencies are Experian, Equifax, and TransUnion. 

You will have to answer a few personal questions and provide proof of your identity based on some of the information on the credit report.  Then the report appears directly on your computer screen so you can view it, download it to your computer, and/or print it out.

The second option you have is to go to either www.freecreditreport.com or www.annualcreditreport.com.  They will eventually be directing you to the credit reporting agency of your choice, but they will be able to easily guide you through the process of getting your annual credit report.

It is very important that you take advantage of getting your annual credit report each year and checking it for accuracy.  Mistakes can be made, and they can affect the decisions of lenders when you apply for a line of credit or a loan.  Just one mistake can make the difference between a yes and a no from the lender.

You will also want to monitor your annual credit report for any information that does not apply to you.  It can alert you to identity theft if you see that there is information on there that isn’t yours such as a credit card you never applied for or a loan that you never sought out.

The annual credit report is a great tool for consumers to have when it comes to their credit.  Not using it is a huge mistake, so go out and get your annual credit report today if you haven’t already.  It’s the best thing you can do for yourself.

So now what, Sexy Credit vs. Sexy Debt?

Well you can begin to choose the side you’re on and then decide what you want to do about it for this New Year of a New You 2012. I gather if you strolled in to read this post, either you are fed up and want out of your sexy debt crisis or you’re just curious to see if I can really be of service to you.

First things first........

First things first, my name is Eric Perry, I have many years as a Credit Consultant Professional and I pride myself on having clients that really trust me and my team to help them regarding their credit issues. Yes for me this is a statement of fact, however I am a firm believer that trust should never come instantly and it should be earned. When I was a mortgage broker, I've seen the worst of the worst credit situations and I never proceeded to submit a loan for someone that I knew lenders would gladly finance at the highest possible interest rate. However, on the opposite end, I have seen brokers do impossible and life damaging deals without a second thought. Not to mention watching clients anxiously sign a high interest rate contract but only cared about how big their celebrity style house would be only to find them foreclosing a year later. All of it left a very bad taste in my mouth and in my gut and I left and decided that I never want to see anyone in those types of situations. Instead, I felt we all needed a financial reality check first and I decided to re-approach this process to empower clients by educating my clients so that it will be used as a foundation to build a long-lasting commitment to financial freedom. If you are reading this post for the first time or new to my site, please know I don’t expect you to trust me ‘immediately’. Instead I would like for you to take some time and explore the content that I post, take advantage of our free Credit Webinars I promote, dig deeper and utilize the Credit resources I spotlight so that you can begin the process of trusting Simple Credit Online Services. I believe any type of debt you are in you must empower yourself with the TRUTH. I will offer the truth with various credit educational tools which will enable you to come up with the best credit lifestyle game plan for you and your family. All I ask of you, is for you to explore, discover and learn about credit and get a clear understanding how you wound up in the Sexy Credit vs. Sexy Debt debate. I believe once you are able to pinpoint how you got here, I am certain you will begin the swift process to fix it, remove it and finally resolve it so that your lifestyle begins to shine lights of financial joy!

Sexy Debt Is A New Trend That Appears To Be Here To Stay..... Or Is It?

On one side of the spectrum you might be a consumer looking to clean up your sexy debt or on the flip-side of the spectrum you might be a business looking to help people get out of debt or you might be on the side of Hollywood’s entertainment spectrum in need of a new debt buster reality TV show looking to spotlight one’s relationship with sexy debt or you might be one of those bad, bad, bad, bad people that just want to exploit the sexy debt crisis and milk people out of their money with false claims and fake promises to ‘repair’ your sexy debt.

Bottom line is this, it really doesn’t matter where you fit in within this revolving credit crunch. 

The point is this, you’re in it and you’re 1 out of a million people that represent this new face of the sexy debt spectrum mix. And for what it’s worth, since the US Govt is still in debt for a gazillion dollars, it appears this discussion is and will continue to be the fabric of our lives.

Remember When ‘CREDIT’ Was Sexy When You First Got It?

Oh the memories of being able to charge-it on demand with the ease of pulling out that colorful pretty plastic card of $10,000, $20,000 $50,000 or $100,000 line of credit to buy anything. Like buying on demand the new 50” plasma, or that must have diamond bracelet surprise for your significant other, or the never leave home without it designer handbag and oh the ultimate splurge that stunning two door Coupe that will be the envy of your friends. Yes you, your family and even your friends thought you were sexy with all that credit line buying power at your fingertips.

Well times have certainly changed since Debt has now become way sexier than Credit!

Yes sexy debt is everywhere. Either you’re showing off your sexy debt by default due to not being able to pay for anything...anymore or you’ve managed to raise your hand to get yourself out of debt on-demand via those get-out-of-debt-scams or you felt the need to write to Oprah or Larry King, begging and pleading to have you featured on their show ASAP due to your new sexy debt lifestyle crisis.