First-Time Home Buyer Tax Credit $8000

8,000 Home Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For FAQ go to The Federal Housing Tax Credit Web site

Tips for choosing a realtor when buying a home

Many home buyers choose a real estate agent on the basis of a personal recommendation from a friend, relative or associate or because they met an agent at a weekend open house. Either of those approaches, among others, may be a good starting point in your selection of an agent to help you buy a home, but neither a recommendation nor a chance meeting should be the ending point in your selection process.

To conduct a thorough search, make a list of agents who’ve been recommended to you or who you’ve encountered at open houses or through Web sites, then interview each of them, preferably in person, if possible, to find out more about their qualifications.

How to assess an agent’s qualifications Here are some other questions you might want to ask:

• Do you work in real estate full time?
• Do you hold any professional designations?
• Do you belong to the multiple-listing service in the area where I want to buy a home?
• How many buyers have you helped to buy a home in the past year?
• Can you give me the names and telephone numbers of those buyers, so I can ask them about your services?
• How familiar are you with homes for sale in my preferred area and price range?
• Will you be on vacation or otherwise unavailable during the time frame when I want to buy a home?
• Do you have a partner, associate or assistant who works with you?
• What exactly would you do to help me find and buy a home that will meet my criteria?
  
  Understand that you are essentially paying these people 3% of the purchase price of your home. For example if you buy a $100,000 home, you are paying the real estate agent $3,000 just for finding you a home. Make him/her earn that money.

Make absolutely sure your realtor KNOWS what you are looking for in a home, outside of the obvious home many bedrooms & bathrooms and the approximate square footage.

At Cosmos Credit Solutions we have working relationships with hundreds of Real Estate Agents in many states. If you would like some referals Contact Us

Remember: Continue to interview agents untill you are confident that you have found a Real Estate someone you can work with.

The Pros and Cons of Department Store Credit Cards

We've all been taunted at the cash register after racking up an unexpectedly large bill, and then a cheery store clerk chirps, "If you apply for a (store XX) credit card, you'll receive a 15% discount on all your purchases today!". The temptation to lessen the blow of the spending spree is extremely tantalizing - should you succumb?
The answer is (drum-roll please) maybe yes, maybe no? There are pros and cons, and if you are the type of person that will be subject to temptation to "shop till you drop" simply because you now proudly hold a Macy's card, it's probably not a wise move. On the other hand, if you have the cash to pay off the charge in full and have not overextended yourself with numerous card applications already this year, a one-time savings of 15% on a planned and necessary purchase can be dollars in your pocket.
Some additional potential pros associated with retail store cards are:

• Easier qualification for individuals with poor or minimal credit. This is beneficial for consumers who need to establish or improve their credit history.
• Special store perks may be included such as free shipping, delivery, layaway, etc.
• Store-specific rewards programs which may be exchanged for gift cards or direct store credit.
• "Members only" specials or promotions or additional discounts on particular items.
  
  Sounds good so far, but naturally there has to be at least one "con", right? There's actually more than one. Here they are:
  
• Spending Too Much. We already mentioned the psychological issue that a department store card such as Macy's might tempt you to make unnecessary (or unaffordable) impulse buys.
• High Interest Rates. These cards rarely have reasonable interest rates (they are frequently over 20%). All your "perks" will dissolve quickly if you aren't planning to pay them off in full each month.
• Could Hurt Your Credit Score. Another con is that the FICO scoring model can actually ding you for having these cards. If you are just starting out trying to build your credit though, I still recommend these cards. Some credit lines on your report are better than none.

So the next time a store clerk hurls the temptation of instant savings gratification via a department store credit card, take a timeout and think through the pros and cons before making your decision. Or better yet, ask for the application and read it through before signing on; you'll be glad you did.
For a free credit consultation call 888-767-5794

Congratulations, Your Account is in Collections!

Many people are really worried when an account goes in to collections, meaning a credit card company has decided to charge off your debt due to non-payment.
Sure, now you have two big negative marks on your credit report, but I’m going to make a statement now that may seem counter-intuitive: once something gets to collections, you are pretty much home free!
Much of my reason for making this crazy statement comes from the fact that your protections under the law are dramatically increased when an account goes into collections. Let’s see how.
It’s pretty hard for the collection agency to build up a good case against you in court if they decide to sue.
If they are reporting on your credit report, it’s generally easy to get this off using the debt validation or so-called “623″ method of requesting an investigation from the information
furnish er. These two methods are effective because collection agencies do not have documentation adequate enough to support them if you challenged them in court.
When a credit card company sells off bad debts, they place them in million dollar packages of debt to be sold on the market to junk debt buyers.
No documentation regarding the original debt goes along with this debt when a junk debt buyer purchases the paper.
It’s very easy to get them to settle for 10-25% on the dollar and also remove the item from your credit report. Our readers do this all the time, it’s called pay for delete in the credit world.
It’s easy to tell them to just “go away” via your rights in the Fair Debt Collection Practices Act (FDCPA). Under the FDCPA, you can send them a written note telling them you wish no further contact with them and they MUST comply or they are violating the law.
This way you call essentially call off the dogs forever.

So while being in collections is not necessarily a good thing, there really is no need to panic.
If you would like some help removing collections from your credit report,
Call Cosmos Credit Solutions at 888-767-5794
Yes I want a Free Consultation

Your Rights when Dealing with a Collection Agency

Collection agencies are not allowed to:

• Call your office;
• Call your home before 8 a.m. or after 9 p.m.;
• Address you in an abusive manner;
• Call family or friends in an attempt to collect your debt;
• Harass you;
• Make false or misleading statements; or
• Add unauthorized charges.
  
  If any of the above is happening to you, tell the collection agency to stop harassing you. If it continues, ask for its name and address and report it to the Better Business Bureau, the Federal Trade Commission (see below), or your state's attorney general's office. The federal Fair Debt Collection Practices Act also states that you can demand that the collection agency stop contacting you, except to tell you that collection efforts have ended or that the creditor or collection agency will sue you. However, you must put your request in writing.

Please note: The FDCPA applies only to bill collectors who work for collection agencies, not the original creditors. You will not be able to get the collection department in your credit card company to stop calling you with a letter. Only New York City has a local consumer protection law that requires the original creditor to stop calling you after a written request to do so.

The need for credit reapir now

Credit repair information is in high demand these days and for a good reason.
Deleting negative items on your credit report can save you hundreds of thousands of dollars in mortgage interest alone. With your credit rating affecting other things such as insurance premiums, credit cards and auto APR's, getting an apartment or even getting a job; it could be financial suicide not to optimize one's credit report. The rewards of raising your Credit Score speak directly to your wallet.
You will qualify for more loans and be offered better interest rates and be
able to take advantage of better deals such as:

Get as low as 0% interest rates on new cars. Only good
credit consumers get these deals

Large rebates on new cars. You still need pretty clean
credit just to buy a car.

$8000 Tax Credit for new home buyers.
This ends December 1 2009

Countless deals on new, pre owned and foreclosed homes.
It's not to late to find homes at a 15%-40% discount of their market value.

Historically low interest rates.in the mortgage market.
Interest rates are slowly creeping their way higher and lending restrictions
are getting tighter.

If you plan to take advantage of these deals you need FIRST to
view your credit reports and scores to see where you stand.
You may Get an Equifax 3-in-1 Credit Report Now!

If you find that you have the need to remove negitive items on your credit
report and you don't have the time to do it yourself

Visit our site at COSMOSCREDITSOLUTIONS