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 »
If you’re wondering should you cancel a loan modification, the short answer is: probably not—especially if you’ve already completed the trial payment period. Homeowners facing financial stress often seek loan modifications as a way to avoid foreclosure and get back on stable financial ground. But when the process drags on with little communication, it’s understandable
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 »
If you’ve ever wondered which credit report is most important, you’re not alone. Managing your finances or applying for a loan means knowing how lenders view your credit profile—and that can make all the difference. As a financial educator who’s helped countless consumers understand their credit standing, I’ve seen firsthand how the three major credit
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 »
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 »
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 »
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 »
