Page 166 – The Money Coach

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 My Husband Took Out in My Name?

Loans / Lynnette Khalfani-Cox, The Money Coach / credit dispute, identity theft, motorcycle loan, motorcycle loan in my name, protect credit after divorce, spouse loan fraud

If your spouse has taken out a motorcycle loan in your name—especially without your consent—you’re likely feeling shocked, frustrated, and worried about your credit. While every case depends on the specific details, here’s a breakdown of what you need to know about your legal responsibility, credit implications, and the steps you can take to protect

Am I Responsible for a Motorcycle Loan 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 »

How to help Generation Y Survive the Great Recession

Family Finances / Lynnette Khalfani-Cox, The Money Coach / Generation Y, Millennials, Western Union

Young adults suffering through the Great Recession are having serious problems getting a handle on their spending, credit and debt woes, according to a new survey out from Western Union.

How to help Generation Y Survive the Great Recession Read More »

A man in a suit signs a document at a desk, surrounded by other people in formal attire, marking a pivotal moment in financial reform.

Financial Reform Bill Will Give Free Credit Scores to Some

Credit Scores / Lynnette Khalfani-Cox, The Money Coach / Credit History

You’re already entitled to one free copy of your credit report each year, via annualcreditreport.com. But thanks to the Financial Reform bill Congress just passed, you may be able to get a free credit score in the future too. Who is entitled to the free credit score? You’ll qualify anytime a company takes “adverse” action against you based, at least in part, on information it got from your credit file.

Financial Reform Bill Will Give Free Credit Scores to Some Read More »

A person in formal attire stands against a white wall in a sparsely furnished room with a carpeted floor and fluorescent lighting, perhaps contemplating solutions for bad credit.

Bad Credit Can Cost You a Job or a Promotion

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

If you’re out of work, nobody has to tell you how tough it can be to find a job. Now there is another obstacle to overcome before you land your next gig: cleaning up your credit. Employers are increasingly checking people’s credit reports before deciding whether to hire someone or who to promote. In fact,

Bad Credit Can Cost You a Job or a Promotion Read More »

Never Say That To A Debt Collector

Debt / Lynnette Khalfani-Cox, The Money Coach / collections, debt collectors, Fair Debt Collection Practices Act

If harassing calls from debt collectors are keeping you from answering the phone — or stressing you out — you’re not alone.

Amid the tough economy, debt collection activity has intensified, with some debt collectors engaging in unfair, abusive or illegal practices. The Federal Trade Commission says it gets more complaints about debt collectors than any other industry. In 2009, the agency received 88,190 consumer complaints about debt collectors, up 12% from the year before.

Never Say That To A Debt Collector Read More »