The foreclosure crisis is wreaking havoc on millions of Americans. Between 2007 and 2009, there were more than 9 million foreclosure filings in the United States, according to Irvine-Calif.-based RealtyTrac, an online marketer of foreclosed homes. RealtyTrac’s foreclosure statistics count all types of foreclosure letters, including default notices, auction notices and bank repossessions. Unfortunately the […]
The Foreclosure Process Explained Read More »
If you’ve tried negotiating with your mortgage lender, have adjusted your budget, and done everything in your power to pay your house note, but have still come up short – it may be time to seek government assistance. Part of President Barack Obama’s $75 billion mortgage rescue plan is aimed at helping people avoid foreclosure
Making Home Affordable Explained Read More »
If you’re in over your head with an expensive car note, it’s time to think about getting from underneath that burden. Here are some options for dealing with overdue car payments or other issues when you’re struggling to pay for your vehicle: Get a Payment Extension If your financial difficulties are temporary, or if you
What Should I Do If I Can’t Afford My Car? Read More »
If we’re honest with ourselves, many of us will admit that so much of what we spend money on – and why we spend money – is tied to our emotional state. Sometimes we spend money completely on a whim because something struck us a being a “must have” item in that moment. Later, that
I’m a Shopaholic. How Can I Stop Over-Spending? Read More »
If you’ve requested your credit reports recently – or only peeked at them after a bank or another lender pulled your credit files – you may be wondering about some cryptic-looking codes and abbreviations you saw. The three main credit bureaus — Equifax, Experian and TransUnion — each have their own way of describing your
What Do All Those Strange Codes In My Credit Report Mean? Read More »
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 strive for perfect credit. You can certainly still obtain credit and loans even if your credit scores fall below 700. But you should know that it’s
What Is Considered a Good Credit Score? Read More »
If you get a FICO credit score, or any other credit score, be sure to read the analysis or summary that comes with your report, explaining why your credit score is a certain number. Watch out for these types of negative statements: Amounts owed on revolving accounts is too high Amount past due on accounts
What Are Some Reasons That My Credit Score is So Low? Read More »
For a single loan, payday lenders routinely charge interest rates of about 400% on an annualized basis. That’s a ridiculously high price to pay for “credit.” So why would someone willingly go to a payday lender when they’re short on cash, when they could just use a credit card to pay for something, or even
The Dangers of Getting Payday Loans Read More »
There are roughly 50 million adults in the United States who operate outside the credit mainstream*. They have no checking account and no credit file whatsoever. Many never had a credit card; never took out a mortgage; never had a student loan; never paid a car note. Nothing. Granted, a lot of these individuals are
How Many Americans Have No Credit or No Checking Account? Read More »
From a credit standpoint, the type of debt you’re carrying matters tremendously when it comes to your credit score and your overall credit rating. What precisely counts as “bad” debt? Nearly 100% of the time, it’s credit card debt. Yes, if the balances on your Visa, MasterCard, American Express or Discover cards have gotten out
Does the Type of Debt I Have Impact My Credit Rating? Read More »
Debt is such a huge problem in America. We’re up to our eyeballs in debt of all types: mortgage loans, credit cards, student loans, automobile loans. You name it – we’ve got it. The average size mortgage in the U.S. is about $200,000 – and this number is smaller than it was due to the
How Much Consumer Debt Do Americans Have? Read More »
Many consumers believe a host of myths and misconceptions about their credit scores. Some of the biggest fallacies surrounding this topic involve race, income and other factors that do not impact your credit rating at all. Here are some other common myths. Fact Vs. Fiction About Credit Scores FICTION: If I check my credit report
What are Some of the Biggest Myths About Credit Scores? Read More »
There is a lot of misinformation about what goes into your credit score. However, officials from Fair Isaac Corporation (the company that created FICO scores) have said many times that this is the heart of what happens: Your credit files – currently those from Equifax and TransUnion – are reviewed. Certain information (roughly 22 items)
How is My Credit Score Calculated and What Are Some Tips to Improve It? Read More »
In order for a bank to declare that it is FDIC insured, it must meet certain financial requirements imposed by the FDIC. Specifically, banks must maintain healthy, federally-mandated “capital ratios.” This refers to the amount of capital (or dollars) a bank must have set aside in reserves in order to guard against future, potential losses.
Why Banks Lend and Why The Don’t Read More »
Q: How did the mortgage meltdown and wall street’s woes lead to the credit crunch? A: The economic crisis that initially began when sub-prime mortgages started unraveling in 2006 and 2007, became a full-scale financial meltdown in 2008, and continues today to have a huge impact on the overall economy, as well as on you
The Mortgage Meltdown and Credit Crunch Explained Read More »
