Oprah Winfrey’s audience $1,000 gift

Oprah Winfrey has famously given audience members cars, paid off their debts and fulfilled their wildest dreams.

Now she’s giving her audience what she calls the ”gift of giving back.”

On a show that aired Monday, Winfrey gave more than 300 audience members $1,000 debit cards sponsored by Bank of America, with the stipulation that they donate the money to a charitable cause.

”I can honestly say that every gift I’ve ever given has brought at least as much happiness to me as it has to the person I’ve given it to,” Winfrey said. ”That’s the feeling I want to pass on to you.”

People can give the entire sum to one person — relatives aren’t eligible — or split it between causes. Everyone also got a DVD recorder to tape their stories for a future show.

Winfrey called the show her ”favorite giveaway ever.”

”You’re going to open your hearts, you’re going to be really creative, and you’re going to spend it all at once on one stranger or spend a dollar on every person,” Winfrey said. ”Imagine the love and kindness you can spread with $1,000.”

source: http://www.suntimes.com/news/ticker/116965,103006oprahuser.article

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How Credit Scores Affect Mortgage Applications

With a good credit score an applicant will receive prompt response from many lenders, all of them offering low interest rates and low down payment options. The loan amount offered also may be high. On the contrary a low credit score would result in a lot of rejection from various mortgage financers. Because creditors wouldn’t come forward easily to give credit to individuals that have a history of difficulty in repaying existing loans. After all, creditors take risk when they finance mortgages against the credit history of a debtor. Naturally, they will wish to remain on the safe side and pick up less risky ones that have good credit histories. A good credit score means less chance of missing on payments and therefore less risky.

But there are some real risk takers that will come forward to finance mortgages for individuals with bad credit scores. They would charge high down payments and always high interest rates though. They may also fix additional charges for every little paper work and may charge high closing rates. The loan amount offered will also be considerably less. The individual with poor credit scores will not have much choice but to accept the terms and conditions as there are no other alternatives. This is a tight situation and to avoid this you must have a good credit score.

People with bad credit may fall in to the trap of ’secured loans’. Secured loans are the ones where the loan applicant offers an asset as collateral security. The lender becomes secure about the repayment of the loan and not the borrower. Securing a loan with bad credit score becomes easy only when the applicant is willing to offer some asset as collateral security. This again is a very dangerous situation where an individual runs the risk of losing his entire collateral asset in case of failing to pay the loan installments in time. An individual should always avoid such type of a loan.

Resort properties normally require large amounts of finance which a person with bad credit may find it difficult to obtain. So it is always advisable to keep your credit score high. Incase the credit score becomes low due to unavoidable financial reasons it can be improved upon. There is no need to lose hope simply because a person has a low credit score. If the property that he intends to buy has good equity he should go out and try to obtain finances for it. There are many sub prime lenders willing to offer their services.

For a review of your credit report as it relates to a mortgage loan and a consultation on the best loans available to you, give us a confidential, no obligation and no cost call.