Lynnette Khalfani-Cox, The Money Coach

A wooden stamp labeled "Approved" lies on top of a document titled "Settlement Offer for Debt.

Will Accepting a Settlement Offer From a Credit Card Company Affect Your Credit Score?

Accepting a settlement offer from a credit card company will negatively impact your credit rating and lower your credit scores. The reason for this is that when a settlement occurs, a creditor has agreed to accept less than the full amount of money owed to it – even though the creditor, internally, will consider the […]

Will Accepting a Settlement Offer From a Credit Card Company Affect Your Credit Score? Read More »

A man and woman sit on the floor leaning against a wall with hand-drawn furniture and decorations surrounding them, looking up and smiling, dreaming about their future home after securing their mortgage.

Can You Get a Mortgage These Days With a Low Score?

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

Q: What Credit Score Do You Need to Qualify for a Home Loan, and Can You Get a Mortgage These Days With a Low Score? A: FICO credit scores range from 300 to 850 points. Banks and other lenders now want to see 700 credit scores and higher, which is all the more reason to

Can You Get a Mortgage These Days With a Low Score? Read More »

Loan Refinancing Options for Veterans

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

Q: I am a U.S. Army veteran having trouble refinancing a home I purchased over 3 years ago. I want to lower my rate and monthly payment. I have a fixed 30-year loan at 6%. I bought it for $132,000 and now owe $125,000. The property has fallen in value. I don’t wish to move

Loan Refinancing Options for Veterans Read More »

Should You Cancel a Loan Modification?

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

Q: We started a home loan modification in june. We didn’t have to make payments for 3 months, then we paid our required 3 trial payments. Now after many calls, faxes and paperwork requests, we have been told for 2 months that our loan is “in review.” I’ve heard that others in our situation have

Should You Cancel a Loan Modification? Read More »

My Husband Is Planning to Work Overseas Soon. How Will This Impact Our Taxes?

Taxes / Lynnette Khalfani-Cox, The Money Coach / working overseas

Q: My husband is planning to work overseas soon, maybe for a total of 2 years. How will this impact our income taxes? A: Without knowing the details about your situation, it’s very hard to say the impact that working overseas will have on your income taxes. It depends on several factors, not the least

My Husband Is Planning to Work Overseas Soon. How Will This Impact Our Taxes? Read More »

Tax Tips for College Students Who Are Independent Contractors

Taxes / Lynnette Khalfani-Cox, The Money Coach / independent contractor

Q: I’m a college student who worked as an independent contractor for 9 months and didn’t have taxes taken out of my pay. Is there any way to lower the tax bill I will owe? A: You are correct in expecting to pay taxes to Uncle Sam, since income taxes were not taken out of

Tax Tips for College Students Who Are Independent Contractors Read More »

Should I Pay Off 10 Year Old Credit Card Debt?

Debt / Lynnette Khalfani-Cox, The Money Coach / debt collectors, statute of limitations

Q: Should I pay off old debt from department store credit cards that are at least 10 years old? It seems like my creditors re-sell my old credit accounts to a new collection agency every few years. A: If a delinquent debt is more than 10 years old, it should have already fallen off your

Should I Pay Off 10 Year Old Credit Card Debt? Read More »

Which Credit Report is More Important: Equifax, Experian or TransUnion?

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / credit bureaus, Equifax, Experian, FICO score, TransUnion

Q: Hi Lynnette, I have noticed a difference between my credit reports from Experian, TransUnion, and Equifax. Can you tell me which credit report is the best or more critical to a lender? A: Generally, no credit bureau report is “more important” than the others. In today’s economic environment, they are all vitally critical to

Which Credit Report is More Important: Equifax, Experian or TransUnion? Read More »

husband filed bankruptcy - AskTheMoneyCoach

My Ex Husband Filed Bankruptcy. Can I Get This Off My Credit Report?

Bankruptcy / Lynnette Khalfani-Cox, The Money Coach / divorce

Q: My ex-husband filed for bankruptcy without my knowledge before we divorced in 2008. The bankruptcy included a loan on which I was a co-signer. Now my credit score has dropped to 525. Is there any way I can get this off my credit or prove that he filed bankruptcy without my knowledge? A: This

My Ex Husband Filed Bankruptcy. Can I Get This Off My Credit Report? Read More »

My Husband is Active Duty in the Military. How Can We Save Money on a Tight Budget?

Budgeting / Lynnette Khalfani-Cox, The Money Coach / military families

Q: My husband is active duty in the military and I stay home with two young boys. How can we save on a tight budget? We need to save $700 by July 1st for a family wedding. My husband is the best man. A: Saving money can be particularly tough on one salary – not

My Husband is Active Duty in the Military. How Can We Save Money on a Tight Budget? Read More »

The Truth About No Cost Mortgages

Real Estate / Lynnette Khalfani-Cox, The Money Coach / Good Faith Estimate, HUD-1 Statement, junk fees

Even if a bank says you’re getting a “no cost” mortgage – perhaps because they are not charging points on the loan – that doesn’t mean the loan itself is truly “free” or really being offered at zero cost to you. Banks aren’t in the business of loaning money, and doing all the work required

The Truth About No Cost Mortgages Read More »

Benefit of Having Both Spouses Names on a Mortgage

Real Estate / Lynnette Khalfani-Cox, The Money Coach / promissory document, tri-merged credit report

Q: My Husband and I have a home in his name. If we refinance in both our names next year, When my credit improves, what are the benefits of doing so? A: If your credit does improve and interest rates remain low, one benefit of refinancing is that you and your husband may qualify for

Benefit of Having Both Spouses Names on a Mortgage Read More »

Will Lenders Approve a Home Equity Loan on a Rental Property?

Real Estate / Lynnette Khalfani-Cox, The Money Coach / home equity loan, loan-to-value ratio, rental property

Before the market downturn, banks would readily extend loans and lines of credit on rental real estate. Lenders typically stipulated that those properties could have no more than an 80% loan-to-value ratio. In the current market and amid the credit crunch, however, it’s very difficult (if not impossible) to find such a lender for three

Will Lenders Approve a Home Equity Loan on a Rental Property? Read More »

Image shows a credit card application form with an "APPROVED" stamp across it, illustrating the successful step to obtain credit. A pen and coffee cup are placed beside the form on a dark surface.

How Do I Obtain Credit So I Can Use It Wisely To Increase My Credit Scores?

Loans / Lynnette Khalfani-Cox, The Money Coach

Q: How Do I Obtain Credit So I Can Use It Wisely To Increase My Credit Scores? My Scores Now Range From 580 to 620. A: Improving your credit scores takes time; but not as much time as most people think. Your message indicated that you are starting to negotiate with creditors, get rid of

How Do I Obtain Credit So I Can Use It Wisely To Increase My Credit Scores? Read More »

Some Old Debts Are Best Left in the Past

Credit Cards / Lynnette Khalfani-Cox, The Money Coach / statute of limitations

Q: I opened A credit card account back in college in the year 2000. I have never paid it off the amount I owed. Should I pay it or not? A: If the credit card is still open, then by all means pay if off if you can. But I think your question is referring to

Some Old Debts Are Best Left in the Past Read More »

Author name: Lynnette Khalfani-Cox, The Money Coach