Frequently Asked Questions

Understanding the product, service, or plan consumers are purchasing is too often something companies don't help their customer do. We believe that an informed customer is a better consumer. That's why we have put together information, articles, and even answers about the products offered on SPENDonLIFE.com. Our F.A.Q. covers the topics that most frequently appear in our "Ask The Expert" section and in customer emails. Let this section serve as a resource for you, your family, and your friends. You can find information about the following categories: Long Distance, Credit Reports, Debt Consolidation, Credit Cards, Credit Repair, Cell Phones, Insurance, and Loans.

 

Credit Reports

Common Credit Terms
These terms will help you understand your credit report and the credit report industry. Definitions for words ranging from credit report to public record and much more.

What Is A Credit Bureau
A credit bureau is merely a clearinghouse for credit history information. When a consumer applies for credit the potential lender requests a copy of that consumer's credit report from a credit bureau.

Credit Score
Credit scores are a numerical representation that's obtained by using a formula to rate your credit report. Computer programs take your credit report, analyze certain factors, and then assign a number to you that's suppose to tell creditors of the likelihood that a you will repay a loan or credit card on time.

Bankruptcy
Bankruptcy is a legal process that gives people who can't pay their bills a chance to start over. In general, bankruptcy should only be considered as a last result as it is a major step that will impact many aspects of your life.

Credit Score Types & Differences
Lenders use a number of different credit score programs to determine what kind of risk you are. The best known credit score program is FICO credit score. Keep reading to learn more about your credit score.

How To Build A Credit History
It is very important to have a good credit history. Make sure you know what it takes to attain a good credit history. You probably want to take a look at your credit report to find out your credit history.

Your Legal Rights
Federal law states that only certain people can obtain a copy of your credit report and that your credit report can only be used in a certain manner. You may request a copy of your credit report at any time but only those associated with one of the following may legally review your report

Fair Credit Reporting Act
The Fair Credit Reporting Act was enacted in 1971. The Fair Credit Reporting Act states that if you have been denied credit, the merchant that denied you credit must tell you the reason why.

Debt Consolidation

Debt Consolidation Is Not A Loan
Long distance carriers are relentless when advertising their long distance calling plans. All long distance companies claim to have the best deals, but how do you really find out which long distance plan you show go with. Read this long distance calling carrier article to find out.

Fair Debt Collection Act Explained
The Fair Debt Collection Practices Act sets down the terms of how a creditor may go about collecting the monies owed to him by a debtor. Any consumer who owes money on loans, credit cards or mortgages becomes a debtor.

Credit Counseling: Is Credit Counseling For You?
Credit counseling agencies are staffed by experienced professionals familiar with the stresses and financial straits of having more debts than income. Find out if credit counseling is good for you.

The Right Credit Counseling Services
Credit counseling service can help you make ends meet and work out a plan for you to become debt free. Find out more about what a credit counseling service can do for you.

Debt Reduction: Negotiating Your Own Debt Settlement
While many people think they have the ability to negotiate a debt reduction or debt settlement, they are often unaware of the consequences if something goes wrong. Read more to find out about a debt reduction and debt settlement.

Your Credit Counselor
Consumers often panic when they find themselves in a state where their income is not sufficient to meet living expenses and their debt obligations. Learn how to develop a relationship with your credit counselor.

Bankruptcy vs. Credit Counseling: What’s The Difference?
There are significant differences between bankruptcy and credit counseling. Also find out more about Chapter 7 bankruptcy.

Debt Help: You Still Have Rights
The minute you sign a charge slip for a credit card, or take out a loan, you become a debtor. But you have many rights. Find out what they are.

Credit Cards

Once You Have The Credit Card
Make sure you know what to do once you have the credit card. Here are a couple of easy ways to make sure you are handling your credit card the way it should be.

The Right Credit Card For You
Know what the most important factors for you are when looking for a credit card. Consider a low apr credit card or one that offers incentives.

Credit Card Debt: What Creditors Can't Do To You
You have rights even if you do have credit card debt. Read the following list to find out how you are protected by the Fair Debt Collection Practices Act.

Credit Card Basics
Consider the costs and terms of your credit card agreement. Don't sign for something you are not sure about. Read this credit card basics article for more information.

Rewards And Other Bonus Credit Cards
One way companies compete for your credit card business is by giving you points or rewards for using your credit card. Depending on how much use you make of that credit card, the rewards can be pretty nice. Read More.

Take Charge Of Your Credit Cards
Credit card theft continues to grow. Make sure you know exactly where you credit card is at all times and who is handling your credit card information.

Getting A Credit Card Online
You not only can find a credit card online, you can also sign up for your credit card online and have it in the mail to you the same day. You can also take care of your credit card business online.

Your Credit Card Interest
Learn how to calculate your credit card interest and why you should a card with a low credit card interest rate.

If Your Credit Card Or ATM Card Is Stolen
Report the ATM or credit card theft to the credit card issuers as quickly as possible. Many companies have toll-free numbers and 24-hour service to deal with such emergencies. Read More.

Credit Card Terms
A credit card is a form of borrowing that often involves charges. Credit card terms and conditions affect your overall cost. So it's wise to compare terms and fees before you agree to open a credit or charge card account.

Credit Repair

Credit Repair Organizations
Ever tempted to contact one of those places who say they can fix your credit report? Read here to find out what credit repair organizations can and cannot do.

How To Resolve Credit Problems: Credit Repair
The basics of what to do when fixing a credit report problem. You want to look at all of your credit report. Read on to get more specific information about credit repair and credit monitoring.

Credit Repair: Budgeting Your Credit Card Debt
You might be asking what identity theft and credit repair have to do with each other. Well, basically you can't begin any type of credit repair program if you are the victim of identity theft. Read More.

Negative Information On Credit Report
Negative information can be removed if it can no longer be verified by the parties involved. Most negative items are automatically removed after seven years from the original delinquency date.

Billing Errors & Disputes
What can you do if you have been billed for merchandise you returned or never received? What if your credit card company charged you twice for the same item or failed to credit a payment to your account?

Credit Repair: Credit Issues In Divorce
A divorce is tricky in many ways. Make sure you know how to handle your divorce in terms of your credit report and credit history.

Loans

Home Equity Loan

Home Equity Loans
You can use a credit line to borrow against the equity in your home. And lenders are offering these home equity credit lines in a variety of ways. Find out how you can benefit.

Home Equity Line Of Credit
If you qualify, you can borrow a maximum amount equal to 50, 60, or even 80 percent of your home's equity value, minus the amount of your outstanding mortgage.

Borrowing Money On Equity
One of the biggest advantages of a home equity loan is the money you can borrow. There are a few factors that determine how much money you can borrow and you'll want to know how flexible your plan is.

What Do Lenders Look For?
When you apply for a loan there are certain aspects of your financial worthiness that lenders take into account to decide your approval. Learn what these factors are to strengthen your chances to score the quality loan you're looking for.

Home Equity Line Of Credit Costs
It seemed almost too easy didn't it? Well, it is rather easy, but it isn't free. Different lenders charge for different things so brush up on your negotiating skills and see if they'll cover some of your expenses.

Auto Loan

Lease Vs. Buy
Deciding whether to lease or buy a car should be a decision you put a good deal of consideration into making. Take a careful look at your car lease agreement to identity the small details.

10 Steps To Buying A New Car
An overview of things you should know before buying a new car. Be prepared for one of the biggest decisions you will ever make.

Tips For Buying A Used Car
Following these tips when buying a used car can help you make a better decision. Also read about the used car rule and find out what your rights are.

Worksheet For Buying A New Car
Before you negotiate the price of your next new car, use this worksheet to establish the bargaining room. You may be amazed at what you find out.

Buying A New Or Used Car With Financing
So you found the car of your dreams but don't know how you are going to pay for it? Well, there are a few steps involved in financing.

Debt Consolidation Loan

Using A Home Equity Loan As A Debt Consolidation Loan
You can use a home equity loan as a debt consolidation loan to pay off accumulated debts. Find out if this is right for you.

Debt Consolidation Loans: Things To Consider
There are many things to look at when considering a debt consolidation loan. Find out if you know what you have to make sure you are on the right track.

Home Loan/ Mortgage

Home Loan And Mortgage Lock-Ins
When you're looking for a mortgage, you're likely to shop among lenders for the most favorable interest rate, and the lowest points and other up-front charges. When you find the most favorable terms and the lender that you want, you'll apply to that lender.

Helpful Mortgage Lock-In Questions
Use these questions to help you get the best mortgage rate possible. You can make sure you are well informed to make the right decisions.

Adjustable Rate Mortgage
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an Adjustable Rate Mortgage, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.

How Much Home Can You Afford?
Lenders use qualifying ratios to determine how much of a mortgage you can reasonably afford. It is important to remember that these ratios may vary from lender to lender and each application is handled on an individual basis.

For The First Time Home Buyer
Purchasing a home as a first time home buyer is one of the biggest decisions you will make in your life. One of the first steps you may want to consider is to calculate the affordability of renting versus buying.

Refinance Home

Refinancing Your Adjustable Rate Mortgage
What you should consider when making a decision of whether or not to refinance your adjustable rate mortgage.

Costs Associated With Mortgage Refinancing
Good run-down of the costs that come into play when refinancing a mortgage. There are some things you might have overlooked.

Is Refinancing Even Worth It?
Find out if refinancing would be a good thing for you. It always isn't for everyone. Be sure to know the facts.

Refinance Auto

Refinancing Auto: Answers To Know
Find out exactly why refinancing an auto works and why you should strongly considering refinancing if the interest rates are low.

Student Loan

What Is A Student Loan Consolidation?
Student loan consolidation was introduced by the United States Government to ease the burden of paying back student loans. The program is easy and does not require a credit check.

Understanding Student Loan Terms
Before accepting any student loan you should make sure you are familiar with all of the terms of the loan. Remember that you could be paying for this student loan for many years, so it is important to make an informed decision.

Different Types Of Student Aid
There are several different types of financial aid and it is important to understand the differences between each of them. We have provided a summary of the main types of aid here to assist you in the process.

Personal Loan

Before Getting A Loan: Credit Report
It is very important that you understand and know what is on your credit report. The information on your credit report can affect what interest rate you get on your loan.

Why Is Credit Scoring Used
Credit scoring is a system creditors use to help determine whether to give you credit. Before you request your loan get your credit score and a personal score analysis.