Can You Get a Mortgage These Days With a Low Score?
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 […]
Loan Refinancing Options for Veterans
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 […]
Should You Cancel a Loan Modification?
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 […]
My Husband Is Planning to Work Overseas Soon. How Will This Impact Our Taxes?
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 […]
Tax Tips for College Students Who Are Independent Contractors
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 […]
Should I Pay Off 10 Year Old Credit Card Debt?
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 […]
Which Credit Report is More Important: Equifax, Experian or TransUnion?
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 […]
My Ex Husband Filed Bankruptcy. Can I Get This Off My Credit Report?
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 Husband is Active Duty in the Military. How Can We Save Money on a Tight Budget?
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 […]
The Truth About No Cost Mortgages
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 […]
Benefit of Having Both Spouses Names on a Mortgage
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 […]
Will Lenders Approve a Home Equity Loan on a Rental Property?
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 […]
How Do I Obtain Credit So I Can Use It Wisely To Increase My Credit Scores?
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 […]
Some Old Debts Are Best Left in the Past
Q: I opened A credit card account back in college in the year 2000. I have never paid it off the amount I owed. Should I pay it or not? A: If the credit card is still open, then by all means pay if off if you can. But I think your question is referring to […]
How Can I Get Rid of $15,000 in Debt and Improve My Credit?
Q: I am a 25-year old single mom who will earn a B.A. in Education in May. How can I get rid of $15,000 in debt (not including student loans) and improve my credit after graduation? A: To quickly knock out your credit card bills and boost your credit, try using these five strategies: Step […]