Financial Magazine » Social Security http://financialmagz.com All about business and financial news. Mon, 19 Dec 2011 08:33:58 +0000 en hourly 1 http://wordpress.org/?v=3.3 How to Get Approved For Auto Loans With Bad Credit If You Are on Social Security Disability http://financialmagz.com/car-loans/how-to-get-approved-for-auto-loans-with-bad-credit-if-you-are-on-social-security-disability.html/ http://financialmagz.com/car-loans/how-to-get-approved-for-auto-loans-with-bad-credit-if-you-are-on-social-security-disability.html/#comments Sat, 05 Mar 2011 13:51:45 +0000 admin http://financialmagz.com/car-loans/how-to-get-approved-for-auto-loans-with-bad-credit-if-you-are-on-social-security-disability.html/

Many people think they cannot get approved for auto loans with bad credit if they are on social security disability. This is not necessarily the case. Social security benefits are guaranteed income every month and sub prime lenders love guaranteed income. Here are some things you will need to provide ahead of time for the lender to consider your application.

1) Produce copy of award letter- Recipients of social security income receive what is called an award letter at the end of every year outlining what there benefits will be for the following calendar year. This letter states what the monthly income you will be receiving is. Sub prime lenders will require a copy of this award letter to prove your income. Be prepared to produce a copy of this when applying for the loan. If you cannot find the letter you received you can request a duplicate copy from the social security administrations web site.

2) Produce bank statements-Most everybody who receives monthly social security benefits income has them directly deposited into their bank account. Providing copies of your last 6 to 12 months worth of bank statements showing the automatic deposits into the account only reinforces verification for the bank. More is always better when providing proof of income to a sub prime lender.

3) Award letter for dependents- If you are receiving social security benefits on behalf of someone else provide a copy of this award letter to the lender. Example of this would be: having a disabled child who is under 18 years old and is receiving social security disability benefits. These benefits would be received by the parent on their behalf. Most sub prime lenders will accept this as an income source on your application in addition to any benefits you may be receiving yourself. As discussed before provide 6 to 12 months worth of bank statements along with the award letter.

Remember more is always better when applying for auto loans with bad credit. Take the time and gather all the items outlined here. Have copies neatly packaged and present them to the dealer or loan officer you are dealing with. By doing this you will greatly improve your chances for approval and favorable terms.

This author has over 20 years of automotive finance experience, specializing in auto loans with bad credit. You can visit http://www.autoloanswithbadcreditnow.com Our lending partners have a 99% acceptance rate, simply click one of our banners to get approved now.

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    ]]>     http://financialmagz.com/investing/is-investing-in-tips-wise-for-a-retired-person-at-this-time.html/feed/ 0     Credit Card App Getting Online Credit Card Applications http://financialmagz.com/credit-cards/credit-card-app-getting-online-credit-card-applications.html/ http://financialmagz.com/credit-cards/credit-card-app-getting-online-credit-card-applications.html/#comments Fri, 28 Aug 2009 01:34:03 +0000 admin http://localhost/wp/?p=249 We get credit card applications via mail, and we all know how they work. While many credit card offers in the mail are already approved in advance, you still have to wait weeks and weeks to get a response. These days are long past. The Internet makes everything easier and a response to an online credit card application takes minutes, not weeks and weeks.

    If you have good credit, you will be approved with no difficulties. Cards with better terms and prices will be available to you. Before you register online, you need to know how good your credit is. You can always get a free online report and check this yourself. If you do this at least twice a year, you will always know where you stand with your credit.

    There is no better time then now to check your credit, particularly if you don’t know it or it has been a long time since you last checked it. Resolve any aspects of the report that are not beneficial. Remember that being rejected for a credit card can affect your Credit Score as well, and plays an important role in future offers.

    After reviewing your credit report and making any necessary improvements, you can apply online for an immediate answer. Regardless of the credit card company you will be asked questions like your name, phone number, Social Security number, age, employer and income.

    When filling out an application for a new card always check the terms and conditions. Look at the APR and make sure there are no surprises. After submitting the application, with your social security number, they will pull your credit report and use it to decide if you are eligible for a card.

    Before filling out an application online make sure the site is encrypted. The standard SSL encryption these days is 128-bit, which will ensure that the information is protected. If the site is less than 128 bits, it is possible for others to steal your data – which could lead to identity theft.

    An online credit card application can provide a response within minutes. If you are approved, it can be as little as a few days before you receive your card. If you are not approved you will be mailed the reason why. With so many online choices it is easy to find an instant credit card application that is best for you.

    Instant credit card applications makes an online credit card app the best way to go.

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    The next thing you’re going to want to do, is the easiest thing, and that is to fill out the credit card application. On the credit card application chances are they will ask you a few personal questions such as how much you make per year, Social Security number, and even your mothers maiden name. Don’t stress out when they ask you for this information, they ask it for two reasons. The first reason is to make sure that you are who you say you are. And the second reason is because they need to know your credit card history.

    There are also certain credit cards for people that have bad, no, or low credit. It’s harder for people that are in debt or that have bad credit to apply for a credit card and actually get accepted. But it is possible nonetheless. If you’re searching for some sites that have credit card guides also known as credit card comparison sites, these are a few sites you might want to check out:

    My Credit Card – Select by card type, select by card issuer, credit card articles, personal finance articles, statistics

    Credit Cards – Search by type of card, search by credit quality, search by bank or issuer, news and advice, tools, merchants

    Credit Card Guide – Cards by category, cards by credit rating, cards by bank or issuer, tools, comparison guide, monitoring

    Credit Me – Search by issuer, search by type of card, credit articles, credit card facts, applying online, glossary

    As said above, you can check out some of the sites I listed, but many more can be found online by looking for things such as compare credit cards, compare cards, compare credit cards online or credit card comparison guides. As soon as you get to these sites they are pretty easy to navigate, they will either ask you what manufacture of card you’re looking for or are they will ask you what type of card you’re interested in, then just follow the steps from there.

    This author is a huge fan of Comparing Credit Cards Online

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