Q: I would like to trade in m car because I am upside down on the car loan and it has 123,000 miles on It. I have a previous voluntary repossession and a bankruptcy on my credit report. An attorney recommended that I let this car go and get another one before it shows up […]
Should I Give Up My Car? Read More »
Q: I’m purchasing a new home that’s being built and I close in March. Is there a way to get free money for closing costs or other expenses? A: There are many opportunities for home-buyers, especially first-time purchasers, to get free money and other resources to buy a house. First, there’s the federal tax credit
Where to Get Free Money For Closing Costs Read More »
Q: Does it make sense to use my retirement savings to fund my Master’s Degree? I have no debt, some savings, twin toddlers and a husband who is currently out of work? The Masters Degree program will cost around $50,000. A: For many reasons, I think it would be a very bad idea to use
Would it Make Sense to use My Retirement Savings to Fund My Master’s Degree? Read More »
Q: I was wondering if it is a smart idea to borrow from my life insurance (whole life policy) in order to pay off debt? A: If it was just a matter of evaluating the wisdom of using your life insurance to pay off your charge card debt, I would be inclined to tell you
Should I Borrow From Life Insurance Policy to Pay Off Debt? Read More »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
