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Home > > New Millenium Bank Secured Black Diamond Visa

New Millenium Bank Secured Black Diamond Visa

Approved regardless of credit history
Credit limits up to $10,000*
Reports to all 3 bureaus
Get cash at over 740,000 ATMs
No credit check
* Terms and conditions apply.

New Millennium Bank has guaranteed your credit approval for up to $10,000* in secured credit!

Build or rebuild your credit the SMART way with a

NMB Secured Black Diamond Visa®

credit card!

  • Approved regardless of credit history
  • Credit limits up to $10,000*
  • Reports to all 3 bureaus
  • Get cash at over 740,000 ATMs
  • No credit check
  • * Terms and conditions apply.

New Millennium Bank has helped thousands of people get their Visa® and/or MasterCard® through our unique, national secured credit card program. New Millennium Bank is known for excellence such as:

  • An established track record of trust and safety.
  • Rated 4 stars (Excellent) by Bauer Financial Services.
  • Passes stringent annual reviews by federal and state regulatory groups responsible for the safety and soundness of the national banking system.
  • Deposited funds are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).

2

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DID YOU KNOW?

When applying for a mortgage loan, you'll likely encounter the term "FICO" at some point. And even if you don't hear the phrase mentioned, FICO is there in the background, affecting your chances of loan approval and influencing your interest rate.

So what is FICO, and how does it affect your chances of qualifying for a mortgage loan?

FICO is a computerized credit-scoring model named after the Fair Isaac Corporation, the company that developed it decades ago.

How FICO Affects You
The big three credit-reporting bureaus – Experian, Equifax and Trans Union – use the FICO scoring model to convert your credit history into a credit score. Mortgage lenders in turn use that score to decide whether or not you qualify for a mortgage loan, and to determine what interest rate you'll pay.

Of course, there are other factors that influence these decisions, but FICO plays a leading role. In other words, your FICO score helps mortgage lenders determine your credit worthiness, how likely you are to pay off your debt, and what risk category you fall into.

The higher your FICO score the better, as evidenced by the scoring brackets below:

650 – 850: The "go ahead" category. Low risk to lender. Applicant has good chance of qualifying for a mortgage loan.

620 – 650: The "possible" category. Moderate risk to lender. The lender will likely request more information from the applicant to base their qualifying decision on.

620 or below: The "risky" category. Highest risk to lender. Applicant will probably have trouble obtaining a mortgage loan.

FICO Factors
Your FICO score is based on your credit report (which is your credit history on paper). Your credit report includes such things as:

  • Your debt-to-income ratio

  • Number of credit cards held

  • Credit card balances

  • Other outstanding debt

  • Payment history

  • Payment delinquencies

How to Keep a High FICO Score
There aren't any "quick fixes" when it comes to raising your FICO score. Improving your credit is a gradual, cumulative process. Paying off credit cards will help, but it's best to take a more preventative approach:

Pay your bills on time. Don't apply for credit too often. Minimize your debt (to improve your debt-to-earnings ratio). In other words, keep a clean financial record.

Conclusion
Think of FICO as a little man watching how you handle your finances … peering over his librarian-style glasses and scribbling notes onto a clipboard. Give him good things to write about, and you'll have less to worry about when you apply for a mortgage loan.

* Copyright 2006, Brandon Cornett. You may republish this article in its entirety, provided you leave the byline, author's note and website hyperlink intact.

Give your own business a jumpstart

Before undertaking a personal business endeavor, you must be financially strong so that your upstart project doesn’t collapse. The growth of the new business depends heavily upon a steady cash inflow.

A business loan is a great way to obtain the finances you need to get your business properly off and running.

Business loans are designed to aid the process of starting new and/or enhancing established businesses. They provide the funds necessary for making purchases, payments, and rent fee.

Like other types of loans, business loans can be secured by collateral or unsecured. Before being approved for the business loan, the lender usually requires you to make a business proposal so they can assess whether or not granting you the loan is worth the risk. If you are knowledgeable in the business market, your proposal will appear more trustworthy, making the chances of receiving the necessary funds more probable.

When applying for a business loan, whether you are dealing with a bad credit loan or an A-paper home equity line, remember that the Truth in Lending Act gives borrowers a three day rescission period, essentially a small window of time to change their mind about the bad credit loan. If a borrower decides that the bad credit loan or traditional home equity loan is not right for them, they can inform the creditor in writing during this recession period of their change of heart. The bad credit lender must then cancel the security interest in the home and return to the borrower all fees involved.






Copyright 2007, Credit Devil. All rights reserved!