Lynnette Khalfani-Cox, The Money Coach

Are there any legitimate companies that I could work with to sell my timeshare?

Real Estate / Lynnette Khalfani-Cox, The Money Coach / Timeshare, Timeshares, Travel and Tourism

I got a question from MH on Facebook. He wants to know if there are any legitimate companies that can help him sell his timeshare.

There is an organization called the Timeshare Users Group. They are known to be the first and largest timeshare owner network. When you visit their web site you find numerous articles, tips and advice on everything related to timeshare ownership including buying, renting and selling your timeshare. They will even let you advertise your timeshare on their free classifieds section.

Are there any legitimate companies that I could work with to sell my timeshare? Read More »

Should You Transfer Your Sallie Mae Student Loans?

Student Loans / Lynnette Khalfani-Cox, The Money Coach / Sallie Mae, Stafford loans

When you say “Direct Loan,” I believe you are referring to the U.S. Department of Education’s Direct Loan Program (http://www.dl.ed.gov), where you can transfer and consolidate your federal education loans into a single, new loan which offers lower monthly payments. Whether or not it makes economic sense to transfer the loans depends on a host of factors, including: how manageable (or unmanageable) your monthly payments are; how many payments are left on your existing loan; the amount of time and interest you are willing to pay over time; and the interest rates on your current loans.

Should You Transfer Your Sallie Mae Student Loans? Read More »

Close-up of a typewriter with a sheet of paper showing the typed words "To Whom it May Concern:"—a classic opening for any consumer statement.

Should I Put a Consumer Statement in My Credit Report?

Credit Reports / Lynnette Khalfani-Cox, The Money Coach

Despite what some people may suggest to you, it’s best to refrain from adding a “Consumer Statement” to your credit files.

Consumer Statements in Your Credit Files

Under the Fair Credit Reporting Act, you are allowed to add a 100-word “Consumer Statement” to any of your credit reports if you have disputed an item in your credit files, but the item was not removed because it was verified by a creditor. Frequently, consumers think that taking advantage of this “right” to add a consumer statement is a good opportunity. After all, you would get a chance to divulge what happened, elaborate on the dispute, or perhaps explain why going through a divorce resulted in you not paying a bill or how being laid off for six months is what led you to default on a loan. In your mind, perhaps you think that your explanation will prove that something wasn’t your fault, or at the very least t show a lender that you had a “good” reason for failing to pay.

Should I Put a Consumer Statement in My Credit Report? Read More »

How to Teach Your Children Financial Literacy

Family Finances / Lynnette Khalfani-Cox, The Money Coach / children

If you’re like most adults, you probably want your children, or any youngsters around you, to develop good financial habits. But if you’re like the typical American, you may also struggle when it comes to being a good financial role model for our youth. A study by Northwestern Mutual revealed that 71% of parents feel that children should begin learning about money no later than the 1st grade.

How to Teach Your Children Financial Literacy Read More »

Don’t Go Broke With Minimum Payments

Debt / Lynnette Khalfani-Cox, The Money Coach

Paying so-called minimum payments now actually ends up costing you more – a lot more – over the long haul. The math behind some of the calculations that determine your interest rate can be tricky. And I won’t get into all the complex, and sometimes mind-boggling formulas that are used to calculate your Annual Percentage Rate (APR). But suffice to say that for every $1,000 you owe, if you paid a minimum of say 4%, you’d only be paying $40 a month. With just $2,500 in debt on a card with an 18% interest rate, you’d spend 10 years paying it off and you’d pay more than $1,400 in finance charges on top of what you originally spent.

Don’t Go Broke With Minimum Payments Read More »

I Can’t Refinance My House Without My Husband’s Signature. What Should I Do?

Real Estate / Lynnette Khalfani-Cox, The Money Coach / loan modification, refinance

A bank won’t let a woman refinance her house without her husbands signature. The problem is that the woman and her husband separated after being married for just one year, and the current mortgage is in her name only. What should she do? Click to hear Lynnette’s advice.

I Can’t Refinance My House Without My Husband’s Signature. What Should I Do? Read More »

When You Owe More Than A Home Is Worth And Have Bad Credit

Real Estate / Lynnette Khalfani-Cox, The Money Coach / Foreclosure

Q: I am a Single Woman Sharing a Mortgage with my Mother. I Purchased the House From her in 2004 to Prevent Her from Filing Bankruptcy and Losing her Home. We’ve Refinanced Twice and Now the Loan is Twice the Amount of What the House is Worth. My Credit is Not Great. I’m in Debt Minus the Loan on the House of About $15,000. The Bulk of That is a $10,000 Loan I Applied for an got (Surprisingly) While I was Unemployed. Isn’t That Called Predatory Lending. I Would Love to Leave Here and Find My Own Place But I Need to Get My Credit in Order. Some of My Debts are 5 Years Old. I Don’t Want to Pay These If I Really Shouldn’t. What’s the Best Thing to do? Also, Re: the $10,000 Loan, I Know I Should Not Have Applied for the Money But I was Desperate As Our Mortgage Was 3 Months In Arrears and In Danger of Being Foreclosed On. Is There a Way That I Could Get This Debt Removed as it was a Predatory Situation?

When You Owe More Than A Home Is Worth And Have Bad Credit Read More »

A hand holding a pen is marking "Excellent" on a credit score form, celebrating that coveted first FICO score. Nearby are a calculator, glasses, and a document with financial information.

How Do I Establish My First FICO Score?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / FICO score

Your FICO credit scores – like all credit scores – are based on the underlying data and information that is contained in your credit files with the “Big 3” credit bureaus: Equifax, Experian and TransUnion. According to Fair Isaac, the company that created the three-digit FICO scores (which range from 300 to 850 points), in order to have a FICO score generated for you, your credit history must contain at least three things:

How Do I Establish My First FICO Score? Read More »

How Can I Make Some Extra Cash, I am Living Paycheck to Paycheck

Saving Money / Lynnette Khalfani-Cox, The Money Coach / money management, paycheck to paycheck

If you’re already working, but need some extra cash, there are lots of ways to raise money. Here are a few of them.

How Can I Make Some Extra Cash, I am Living Paycheck to Paycheck Read More »

A man and woman stand back to back, looking away from each other with arms folded, suggesting disagreement or conflict; it's clear their credit has been wrecked.

What to Do if Your Credit Has Been Wrecked by a Family Member

Identity Theft / Lynnette Khalfani-Cox, The Money Coach

Question: I am 24 years old and my credit is not too spectacular. Most of the accounts on my credit reports are things I have done to myself, but the other half (and the most expensive portion of my debt) was done by an immediate family member who knows my social security number and has put cable, electric and telephones in my name and did not pay the bill. I don’t want to get my family member in trouble but I am not sure what to do?

What to Do if Your Credit Has Been Wrecked by a Family Member Read More »

What’s the Fastest Way to Fix Errors in My Credit Report When I Apply for a Mortgage?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / credit rescoring, rapid rescoring

Whenever you notice a mistake in your credit report, you should always dispute it – with the credit bureaus or the creditor that reported inaccurate information. Getting an error removed from your credit file usually takes about 30 days to be completed.

What’s the Fastest Way to Fix Errors in My Credit Report When I Apply for a Mortgage? Read More »

Zero Debt The Ultimate Guide to Financial Freedom 2nd Edition Lynnette Khalfani Cox 2

How to Pay Off Your Credit Card Debt

1 Comment / Credit Cards / Lynnette Khalfani-Cox, The Money Coach / credit card debt

If you missed my interview on LX New York, I talked about how I paid off over $100,000 in credit card debt:

Zero Debt outlines 30 strategies I used to get out of debt, but here are a few highlights:

1) Put your debts in writing
Many people struggling with credit card debt have absolutely no idea exactly how much they owe. Instead they “guesstimate” about their total bills — and often they’re way off with their numbers. I made this mistake when I was in debt, and it allowed me to stay in denial (and in debt!) for far too long. It wasn’t until I took an honest about my predicament — by list all my bills in black and white, and putting everything in writing — that I got serious about knocking out the debt.

How to Pay Off Your Credit Card Debt Read More »

How Can I Get Rid of My Payday Loans

Loans / Lynnette Khalfani-Cox, The Money Coach / Payday Loans

Q: What advice do you give to tackle payday loans? I have two at the moment and I can not afford to pay them both at the same time. A: Unfortunately, millions of people get caught up in the cycle of payday loans each year — not realizing that many of these loans, when rolled over,

How Can I Get Rid of My Payday Loans Read More »

A round button with a metallic silver border and a green center featuring a white upward arrow that inspires you to maximize your credit score.

6 Ways to Help You Maximize Your Credit Score

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / money management

Anyone living in today’s society knows that it can be a drag to be turned down for credit. It’s no fun when your application for a car loan, a student loan, a mortgage, or even just a credit card is denied.

Learn how to boost your credit standing by knowing the ins and outs of how your score is determined by Fair Isaac Corp., the company that calculates your FICO credit score.

6 Ways to Help You Maximize Your Credit Score Read More »

Graduation caps with yellow tassels are thrown in the air against a clear blue sky, reflecting the culmination of years of effort and wise credit utilization.

How to Lower Your Credit Utilization

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / credit utilization rate, The Dreaded D's

To raise your credit scores, it’s always best to pay down debt, as opposed to shifting it around. However, for most people trying to boost their credit rating, it’s not always possible to instantly pay off all their credit card debt. So what can you do in that case? You can shift debt around in order to strategically lower your credit card utilization rate.

How to Lower Your Credit Utilization Read More »

Author name: Lynnette Khalfani-Cox, The Money Coach