Page 110 – The Money Coach

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 »

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

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