Lynnette Khalfani-Cox, The Money Coach

Do I Need My Plus Score or Just My FICO Score?

In addition to your FICO credit scores, you should also get your Experian PLUS score. In recent years, consumers got all three FICO scores – based on their TransUnion, Equifax, and Experian reports. But as of 2009, you can now only get two FICO scores (based on what’s in your Equifax and TransUnion files). You can no longer get an Experian-based FICO score. So what should you do to get a score based on all three credit files? My recommendation is to get your third credit score directly from Experian via its www.creditexpert.com consumer website. This score is known as your Experian PLUS Score.

Do I Need My Plus Score or Just My FICO Score? Read More »

A person in a suit and tie is clasping their hands together, looking forward with a neutral expression against a plain white background, perhaps contemplating the complexities of student loans.

Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff

Student Loans / Lynnette Khalfani-Cox, The Money Coach / PLUS Loan, Student loans in the United States

Under federal law, you can get your federal student loans canceled or discharged for many different circumstances.

Reasons for loan discharge:

Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff Read More »

A mortgage application form with the name "John Smith" and address "123 Main Street" is stamped with "REJECTED" in red ink. A silver pen is placed on the mortgage form.

The Real Reasons You Can’t Get a Mortgage

Real Estate / Lynnette Khalfani-Cox, The Money Coach / Mortgage Loans

If you missed my segment on ABC News NOW, I discussed the real reasons that you are unable to qualify for a mortgage.

1. You Can’t Properly Document Income

Explanation: You can have an 800 FICO score and $1 million in the bank, but if your tax records don’t show enough income, most banks will deny your loan.

The Real Reasons You Can’t Get a Mortgage Read More »

Two keys on a keyring with a blue tag labeled "Ex-husband" against a gradient blue background, perhaps once tied to the mortgage of a shared home.

How Can I Protect Myself and My Credit if My Ex Husband Does Not Pay the Mortgage?

Real Estate / Lynnette Khalfani-Cox, The Money Coach / divorce, Property Settlement Agreement, women and money

Maintaining a good credit rating while going through divorce can be very tricky. On the one hand, even if the two parties who are separating can agree on how assets and liabilities (like that mortgage) are supposed to be split, that does not mean that your creditors are bound to those terms. In fact, whatever deal you work out with your soon-to-be ex-spouse has no bearing whatsoever on your legal responsibility to repay debts for which you and he were both co-signers. In a nutshell, this means that if the two of you co-signed for credit cards, your house, a car note, or anything else, then your creditors can still legally come after either one of you for repayment.

How Can I Protect Myself and My Credit if My Ex Husband Does Not Pay the Mortgage? Read More »

Book cover titled "Perfect Credit: 7 Steps to a Great Credit Rating" by Lynnette Khalfani-Cox, featuring a smiling photo of the author in a purple dress, embodying the confidence that comes with achieving perfect credit.

What Exactly Is Perfect Credit?

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

If your FICO credit score falls between 760 and 850 points, you rate among the top tier of all consumers and have the cornerstone for what I call Perfect Credit. Getting a great FICO score, however, is just part of the achievement. Fair Isaac reports that, among consumers with credit scores of 760 or higher, only 1% risk defaulting on a debt. So having Perfect Credit also means being able to access a whole host of products and services—mortgages, automobiles, credit cards, business lines of credit, and personal loans—at the most favorable terms available in the marketplace. Once you snag that impressive credit score, and all the benefits it entails, does having Perfect Credit today mean you’ll have Perfect Credit tomorrow? Unfortunately the answer is “no.”

What Exactly Is Perfect Credit? Read More »

How to Remove an Old Debt From Your Credit Report

Credit Reports / Lynnette Khalfani-Cox, The Money Coach / Old debt, statute of limitations

A man has an old credit card debt that is over 12 years old. The problem is that the debt still appears in his credit report. What should he do? Click now to hear Lynnette’s answer.

How to Remove an Old Debt From Your Credit Report Read More »

Book cover titled "Perfect Credit: 7 Steps to a Great Credit Rating" featuring author Lynnette Khalfani-Cox, a New York Times best-selling author, smiling in a purple dress, offering insights on managing debt and achieving financial wellness.

All Debt Is Not Created Equally

Debt / Lynnette Khalfani-Cox, The Money Coach / Perfect Credit

Debt is a massive problem in America. We’re up to our eyeballs in debt of all types: mortgage loans, credit cards, student loans, automobile loans. Moreover, the average mortgage balance in the U.S. is about $200,000; the typical family carries a monthly credit-card balance of $10,000; the average college graduate owes more than $20,000 in student loans; and the median car note now exceeds $27,000. Is it any wonder that Americans owe $2.5 trillion in consumer debt, excluding their mortgages? Throw in another $14 trillion in home loans, and it’s clear why our collective debt won’t go away any time soon.

All Debt Is Not Created Equally Read More »

A close-up of financial documents showing pie charts and tables categorizing investment types such as high growth, moderate growth, balanced growth, conservative growth, and capital preservation within a 401(k) plan.

Should I Pay off a Few Credit Cards Using My 401(k)?

Retirement / Lynnette Khalfani-Cox, The Money Coach / 401(K), early withdrawals

I’m 61 and Plan to Retire at Age 62, Though I Would Work Until 65 If needed. I would Like to Pay off a Few Credit Cards Using My 401(k). Is This a Wise Choice? I Have About $10,000 in Credit Card Debt.

Should I Pay off a Few Credit Cards Using My 401(k)? Read More »

Can a Creditor Seize My Husband’s Bank Account If I am Sued?

Debt / Lynnette Khalfani-Cox, The Money Coach / debt collectors, garnishment

Q: I Live in Michigan and Lost My Job in May 2009. I have Quite a Bit of Credit Card Debt that is in My Name Only. My Only Income is Unemployment. I Do Not Have a Bank Account in My Name. My Unemployment is Deposited to My Husband’s Bank Account. If I am Sued, Can a Creditor Seize My Husband’s Account Even Though It Isn’t His Debt, since the Unemployment is Going Into His Account?

Can a Creditor Seize My Husband’s Bank Account If I am Sued? Read More »

A black graduation cap with a red price tag displaying dollar signs attached to it, symbolizing the burden of student loans.

Student Loan Horror Stories

Student Loans / Lynnette Khalfani-Cox, The Money Coach

With $830 billion in student loans outstanding in America, mounting student loan debt is increasingly wreaking havoc on the lives of U.S. college graduates and dropouts alike.

As unemployment remains stubbornly high, delinquencies and default rates are rising as indebted borrowers struggle to repay hefty student loans that often reach six-figures.

Unfortunately, college debt isn’t just taking a financial toll on millions of borrowers. It’s also inflicting staggering costs on the health, careers, emotional well-being and personal relationships of those burdened with big college loans.

Student Loan Horror Stories Read More »

Where Can I Find the Government Agencies That Pay Your Student Loans?

Student Loans / Lynnette Khalfani-Cox, The Money Coach / Federal Student Loan Repayment Program

Editor’s note: Be sure to check out our list of 85 Government Agencies that will pay off your student loans at the end of this post. As you probably read in one of my previous articles on this topic, the program in which the government will pay off your federal student loans is called The

Where Can I Find the Government Agencies That Pay Your Student Loans? Read More »

Best Place to Find Grants, Loans and Financing for Entrepreneurs

Entrepreneurship / Lynnette Khalfani-Cox, The Money Coach / Small Business

The best resource to find grants, loans and financing for entrepreneurs is the federal government’s website https://www.sba.gov/. There, you will discover a wealth of resources for all kinds of small business owners, including: those just starting a business current entrepreneurs trying to grow their operations women minorities people with disabilities those in rural communities home-based

Best Place to Find Grants, Loans and Financing for Entrepreneurs Read More »

Close-up of motorcycle front wheels and disc brakes aligned in a row, captured in black and white. Perfect for those considering a motorcycle loan to bring their dream bike home.

Am I responsible for a motorcycle loan that my husband took out in my name?

Loans / Lynnette Khalfani-Cox, The Money Coach / motorcycle loan

Question: My Husband Has a Motorcycle Loan in My Name That I Did Not Sign For. I Have Knowledge of the Loan But Did Not Sign For It. We are Having Marital Problems Now. I Have Disputed This Loan With Equifax and They Will Not Remove It. He is Not Making Payments On Time. What

Am I responsible for a motorcycle loan that my husband took out in my name? Read More »

Close-up of a parking meter showing the word "EXPIRED" in red text, reminiscent of an old statute of limitations run out.

The Statute of Limitations in a Nutshell

Debt / Lynnette Khalfani-Cox, The Money Coach / collection agency, statute of limitations

Question: I am a 23-year-old college student with a bad debt of about $12,000 with American Express. I believe the Statute of Limitations in Maryland is 3 years. I do not remember the last time I made a payment to them. I found a receipt showing a payment in December 2006. But when I called

The Statute of Limitations in a Nutshell Read More »

Should I Get Married Even Though My Girlfriend Has a Lot of Debt?

Couples and Money / Lynnette Khalfani-Cox, The Money Coach

A subscriber wants to know if he should get married even though his girlfriend has a lot of debt.

Should I Get Married Even Though My Girlfriend Has a Lot of Debt? Read More »

Author name: Lynnette Khalfani-Cox, The Money Coach