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PrimeSource Funding - 1751 N Victory Drive Suite 500, Mankato MN 56001

 

© 2018 PrimeSource Funding, Inc.

PRODUCTS & SERVICES

Debt Consolidation

Too Much Debt?

Do you have credit card and other debt?

 

Are you making payments of hundreds of dollars a month and still not really seeing your balances reduced?  • Need some breathing room?  • Need a tax write off?

 

These are just some of the many benefits that the equity in your home could yield. Depending on what you owe, PrimeSource Funding could reduce your monthly payments by over $1000.00! Regardless of your credit situation PrimeSource Funding  is here to help!

This is a typical savings example:

 With this debt consolidation loan, you would save $540.24 every month!

Warning signs of credit trouble?

You're already in serious trouble if you experience six or more of the following behaviors:

 

  • Paying only the minimum amount due on your credit cards.

  • Charging more each month than you make in payments.

  • Using credit and cash advances for items such as groceries, gas, and insurance that you used to buy with cash.

  • Having a total credit balance that rarely decreases.

  • Being at or near your credit limit and applying for new cards.

  • Needing a consolidation loan to pay existing debt.

  • Not knowing the total amount you owe.

  • Experiencing feelings of anxiety and stress whenever you use your charge cards.

  • Draining your savings to pay debts.

  • Making bill payments late.

 

Getting into debt over you head usually doesn't happen overnight. It's an insidious process. Answer the following questions to see if you're headed for a serious problem:

  • Are your debts making your home life unhappy?

  • Does the pressure of you debts distract you from work and sleep?

  • Are your debts affecting your reputation?

  • Do your debts cause you to think less of yourself?

  • Have you ever given false information in order to obtain credit?

  • Have you ever made unrealistic promises to your creditors?

  • Do you ever fear that your employer, family, or friends will learn the extent of your indebtedness?

  • When faced with a difficult financial situation, does the prospect of borrowing give you an inordinate feeling of relief?

  • Has the pressure of your debts ever caused you to consider getting drunk?

  • Have you ever borrowed money without considering the rate of interest?

  • Do you expect a negative response when subject to a credit investigation?

  • Have you ever developed a strict regimen for paying your debts, only to break it?

  • Do you justify your debts by telling yourself that you are superior to "other" people, and when you get your "break," you'll be out of debt?

Credit History

Good credit is important in securing a home loan. Bad credit is one of the major reasons mortgages are denied. Lenders are placing much greater emphasis on how well loan applicants manage their credit before granting them more. Because most lenders pull a merged credit report from at least two of the three major credit-reporting repositories to compare and evaluate credit, errors and adverse information are more likely to be uncovered.

 

A poor credit rating can be the result of a buyer's irresponsibility. More often, however, it arises from unchecked and uncorrected errors on an individual's report.

Maintaining Good Credit

 

All three reporting agencies report information in five categories:

  1. Identification - This includes the name, address, social security number, employer, date of birth, and spouse's name, if applicable.

  2. Credit History - All open and paid accounts, the current payment history of each creditor reporting to the bureau, and prior payment history.

  3. Collection - Any creditors who have turned over an account to a collection agency.

  4. Public Records - All items of a public record affecting financial obligations. (bankruptcies, liens, judgments, divorce decrees, child support adjudications, etc.)

  5. Inquiries - Notes who has checked the consumer's credit as far back as 18 to 24 months. 

Fair, Isaac & Company (FICO) score ranges from 300 to 850 - the lower the score the higher the risk.

  • Scores of 700 and above: excellent; eligible for enhanced criteria

  • Scores of 680-700: very good

  • Scores of 640-680: generally acceptable

  • Scores of 620-640: marginal

  • Scores below 620: cautious review required.

 

What are some ways you can raise your credit score?

  • Repairing errors on your credit report.

  • Closing accounts you no longer use. Ask to have the words "closed at consumer's request" posted on your report.

  • Paying all bills on time.

  • Always paying at least the minimum amount required on each bill.

  • Reducing debt levels. Potential lenders compare your total debt to your income.

  • Never "maxing out" any credit cards.

  • Keeping creditors aware of your current address. Addresses that don't match your report slow loan applications.

  • Never bouncing checks.

 

For names, addresses and URLs of these national companies see below:

Equifax

Box 740241

Atlanta, GA 30374

800-685-1111

www.equifax.com

Experian

Box 949

Allen, TX 75013

888-397-3742

www.experian.com

TransUnion

Box 390

Springfield, PA 19064

800-888-4213

www.truecredit.com