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Question by Nimz: How long does it take a credit card company to process a credit card application?
I just submitted an application for a secured credit card about a week ago and the credit card company debited the $ 200 from my checking account that I would need for a security deposit and I still haven’t received my credit card yet. When do you expect that I should receive my credit card?

Best answer:

Answer by anon
7 to14 days it does depend on a number of things

Add your own answer in the comments!

Question by lightning_strikes: How long does it take for credit card latenesses to fall off one’s credit report?
I’ve heard that “baddies” stay on a credit report for 7yrs from the date of first delinquency.

In 2002, I had a Visa lateness recorded on my credit report. Next to the lateness, it said “due to stay on credit report until 3/2005″ which is only 2.5yrs not 7. Then in spring 2005, the lateness vanished from my credit report! (hooray!)

But in early 2005, I fell into financial problems again(job loss) and a few more 30day credit card latenesses got recorded on my credit report. In the past month, one of these 30day latenesses has vanished from my TransUnion report, along with any mention of the account(which is a good thing, since it’s been closed and was only open a short time anyway; the account was not beneficial to my Fico score)

I was wondering if the remaining 30day lates will disappear from my report once they hit the 2.5yr mark? Or, have the credit reporting regulations changed since 2002, and I will be stuck with them for the next 4.5yrs? Any experience w/ cc lates?

Best answer:

Answer by spifiman1
According to the 2007 Edition of the Consumer Action Handbook, these accounts should stay on your report for 7-years from the date of first delinquency.

If you have had some drop off earlier that that, consider yourself lucky.

Know better? Leave your own answer in the comments!

Question by Nella: How long will it take to regain good credit report?
My boyfriend knew he had bad credit but didn’t know what was in his credit report. He got his report off of one of those free websites. He has a couple of collection items on it. When he pays them back, how long will it take to come off his credit report? Also, when will credit card companies trust him enough to give a credit card after he pays back his debts?

Best answer:

Answer by Ryan M
It takes 7 years for a reported item to come off of a credit report. This is done on purpose. Depending on just how bad his credit is, it might be several years before he can get another credit card. Banks are really cracking down on giving cards to people with a history of being financially irresponsible.

What do you think? Answer below!

Valley taking long view on economy
Coachella Valley business leaders mostly agreed with the sobering assessment by an economist that the region’s recovery may take another five years because of the depth of the housing crisis.
Read more on The Desert Sun

Valley taking long view on economy
Coachella Valley business leaders mostly agreed with the sobering assessment by an economist that the region’s recovery may take another five years because of the depth of the housing crisis.
Read more on The Desert Sun

Fitch: U.S. MH RMBS Remains Stable Amid Housing Downturn; Actions on 147 Deals
U.S. manufactured housing residential mortgage-backed securities rated by Fitch Ratings continue to maintain stable performance despite continued negative pressure on the housing market.
Read more on Business Wire via Yahoo! Finance

The house that Ambani built and Mumbai property woes
It’s hard to miss the place that the world’s fourth richest man and his family will soon call home. The boxy apartment block dominates the skyline above the traffic-choked roads that lead to south Mumbai.
Read more on AFP via Yahoo! News

Question by Casey: My credit card balance is over 50%. How long will it take my credit score to go back up?
Hi. I recently just got my first credit card ever and used it to make a $ 1600 purchase. The credit limit is $ 3000, so obviously I’m over 50% of the balance, and I just learned that’s bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks.

Best answer:

Answer by Hawaiisweetie
It will take awhile, it isn’t as much about how much you have on your card, but the fact that you make your monthly payment on time, and the time you have the card. Your credit probably took 1 point ding, I wouldn’t worry about it, just continue to make minimums or much higher each month and then when you get it to 0 let it sit there, you need to build up history on the credit card. Good Luck

Add your own answer in the comments!

How Long Until Financial Reform Kills Small Firms And Drives Big Firms To Hong Kong?
This week, financial advisors have been informed of some new disclosure and reporting rules. As expected, the impact of the Dodd/Frank Bill is already foreshadowing a ridiculous amount of additional paperwork – mostly silly work as one of my colleagues would call it.
Read more on Business Insider

Some resources for teaching financial responsibility
1) The Mint, http://www.themint.org : Features financial tips for kids, teens, parents and teachers. Education – Business – Educators – Financial services – K through 12
Read more on Washington Post

Financial shield?
In a world of uncertainty, no investment is getting more attention than gold.
Read more on The Columbus Dispatch

Charleston, SC (PRWEB) June 17, 2009

If you are considering buying or selling real estate in Charleston, SC, mark your calendars for a special free event sponsored by Charleston Your Home. With home prices declining, and more homeowners falling behind on their payments, “short sales” are hitting the Charleston, SC market more than ever before.

The Long and Short of It – The Anatomy of a Short Sale will be held on Tuesday, June 23, 2009 from 6:00-8:00 PM at The Carter Real Estate Center in the Wachovia Auditorium at 5 Liberty Street, Charleston, SC.

During this informative and topical seminar they’ll explore the in’s and out’s of the process including: What, really, is a short sale? How do they work? And is a short sale right for me?

The seminar features a distinguished panel of specialists that include:

    Harry B. Smith – Bank of America
    Mark Weeks – Weeks, Foti & Irvine LLC
    Derrick Potts – Welch, Roberts, Amburn
    Tammie Hoy – Executive Director of the Lowcountry Housing Trust
    Debbie Kidd – Housing Director of Home Ownership Resource Center a division of Family Services.

“Now more than ever there is a need for affordably priced housing with increasing job loss and many families losing their homes to foreclosure, housing affordability for the first time in almost ten years is top of mind. Elected officials, policy makers, business leaders and concerned citizens should seriously take a look at how this “New housing economy” is impacting and will impact our economic and social future in the Lowcountry,” said Hoy.

“REALTORS® are in a position to help people avoid foreclosure, and can be a great catalyst for the recovery of this housing crisis. This is a market for the real estate agent that can think creatively and utilize all resources available to get the deals closed” stated Diane Szoke & Carolyn Dubrofsky co-owners of Charleston Your Home and lead sponsor of the event.

Short Sales, often known in lending circles as a ‘discounted payoff’, occur when a lender approves the sale of a property for less than market value because of a financial hardship. However, lenders do not want to own real estate. They would rather take a loss on a sale than actually own the property. Lenders also don’t like to foreclose. It is a process that costs them time and money and then they are stuck owning property. So the bank will lose a little now to avoid losing a lot via foreclosure.

“Any transaction that could possibly result in the recognition of income or capital gain needs to be examined closely by either your CPA or financial advisor, a short sale is a perfect example,” asserts Potts

Whether you are buying, selling, or need help understanding a short-sale, loan modification, special forbearance situation, partial claim, pre-foreclosure sale or deed-in-lieu of foreclosure situation this seminar can help answer many your questions.

Seating is limited so please be sure to R.S.V.P. by June 19, reply to Tracie Mitchum of the Carter Real Estate Center at 843-953-8103.

About Charleston Your Home:

Founded in 2007, Charleston Your Home (CYH) is a cutting-edge boutique real estate agency specializing in the Charleston, SC real estate market. Singled out by industry experts for their exceptional Internet marketing capabilities, CYH was awarded the grand prize for “Best Agent Website”. For more information, please visit CYH online at (http;//www.CharlestonYourHome.com).

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