tag:blogger.com,1999:blog-67826525782985554272010-02-23T09:52:01.753-08:00Brandonnoreply@blogger.comBlogger250125tag:blogger.com,1999:blog-6782652578298555427.post-52255084546929195912010-02-23T09:12:00.000-08:002010-02-23T09:49:53.750-08:00

Sadly, we've been receiving a lot of questions about wage garnishment lately. A sign of the times. Most people want to know how the garnishment process works, and what options they have along the way. In truth, wage garnishment procedures vary from one state to the next. But there is a sequence of steps that occurs in most cases. Those steps are outlined below.Step 1 - The Financial

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-37742130693049478232010-02-18T11:22:00.000-08:002010-02-18T12:06:02.628-08:00

What is college loan consolidation, and how does it work? What are the benefits of pursuing a consolidation loan? These are the questions we will answer in today's lesson.More than 60% of college students use some form of financial aid to pay for tuition costs. Of those, most will graduate will some level of debt. It's common to use multiple financing methods to pay for college, and that's why a

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-23012088256653245782010-02-17T08:24:00.000-08:002010-02-17T08:37:51.873-08:00

If you've been watching the news lately, you've probably heard about the forthcoming changes in the credit card industry. These new regulations are actually the second of three phases be implemented (the last set of changes took effect in August 2009, and the next will be in August 2010).On February 22, 2010, the largest "batch" of credit card changes will go into effect. Here's a summary of the

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-60451029865724970012010-02-16T07:47:00.000-08:002010-02-17T08:40:47.200-08:00

Question: "Is there a minimum age required to get a credit card these days? How old do I have to be to open up a credit card account in the United States?"Here's the short answer. If you want to open an account in your name (meaning you are the one entering into the contract), you must be a legal adult 18 or older. If you're 18 or up, but not yet 21 years old, then some additional rules apply.

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-55037070842520326882010-02-10T11:32:00.000-08:002010-02-23T09:52:01.763-08:00

We receive a lot of questions about wage garnishment laws and procedures. In particular, many people want to know about debt collectors and creditors, and whether or not they can garnish a person's wages. So we thought it was high time to publish a comprehensive article about wage garnishment laws in the United States, and the rights they give to you as a consumer.In this article, we will talk

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-54936418113995147352010-02-10T07:47:00.000-08:002010-02-10T08:10:51.346-08:00

Question: "My credit score is in the 550 range. Is this good enough to get approved for a mortgage loan, or am I out of luck?"You'll probably have trouble getting approved for a loan with a credit score of 550, but that certainly doesn't mean you're powerless. With a persistent effort over the next few months, you could probably push your score into the 620-and-up range, and that will make it a

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-34290246252369416832010-02-09T14:18:00.000-08:002010-02-09T14:59:52.518-08:00

If you have questions about filing income taxes after bankruptcy, you should find this article helpful. We have done our best to address the items that cause the most confusion, and to clarify them for you in this article.Disclosure: Tax laws and filing procedures change all the time. This guide to filing income tax after bankruptcy was written in February of 2010, but it may not be as accurate

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-5757637462856141952010-02-09T09:22:00.000-08:002010-02-09T09:45:24.978-08:00

Question: "I think my credit is pretty good, but I don't really know how to put it into perspective. Is a FICO credit score of 725 good enough to buy a house these days?"I think what you're asking is whether or not you can get approved for a mortgage loan with a 725 credit score. Unfortunately, that's not a question I can answer with certainty, because I'm not a lender. Nor do I know the full

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-23255090698008758582010-02-08T23:31:00.000-08:002010-02-09T00:07:54.772-08:00

Article Summary - This article offers a sample letter you can send to a collection agency, to prevent them from contacting you in the future. Please note that this technique does not make your debt(s) go away. It merely prevents the agencies from calling you.Phone calls from collection agencies can be a real nuisance, especially when they're not warranted. I once had an agency call me repeatedly

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-34681090337647167092010-02-08T22:56:00.000-08:002010-02-08T23:16:11.888-08:00

Question: "I have had a debt collector call me at work recently. Can they do this? I didn't think collection agencies were allowed to contact me at work. What are the laws that prohibit this?"If you tell them (orally or in writing) that you are not allowed to receive calls at work, they can no longer try to reach you there. This rule is clearly stated in the Fair Debt Collection Practices Act, or

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-39857030587162831482010-02-08T15:20:00.000-08:002010-02-08T22:52:16.114-08:00

On this blog, we frequently warn our readers against using debt settlement companies to handle their debt problems. This is one of the most scam-ridden industries in America. In terms of ethics and business practices, this industry "ranks" right up there with the so-called credit repair companies. You're better off avoiding them both.Many experts say you should only consider debt settlement

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-79575648880895435922010-02-04T15:53:00.000-08:002010-02-04T16:14:21.164-08:00

Question: "Is a credit score of 720 still good enough to get a mortgage loan? I plan to buy a home in 2010, and I just checked all three of my FICO scores. The middle number was 720, which I was told would be the one used by lender. Does this make sense? Is this good enough to get approved for a loan, do you think?"I cannot tell you whether or not you'll be approved. Only the lender can tell you

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-29042632566101617532010-02-04T15:04:00.000-08:002010-02-04T15:33:34.102-08:00

Question: "You probably get this question a lot, but I was wondering if bankruptcy can stop foreclosure from happening?"Unfortunately, you're right. We do get this question a lot. That's just the current state of the economy, I'm afraid. It probably doesn't make you feel any better, but you're certainly not alone in wondering about this. So let's answer this question for the benefit of all

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-48215622328147269932010-02-02T07:40:00.000-08:002010-02-02T08:37:48.422-08:00

Question: "Do any lenders offer bad credit personal loans anymore, after the economic mess we've been through?"It really depends on how bad your credit score is, and the amount you want to borrow. The one thing I can tell you is that someone in your situation will have an easier time finding a personal loan than a mortgage loan. Lenders just aren't offering bad credit mortgages these days,

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-65141113709721672572010-01-31T09:20:00.000-08:002010-01-31T10:00:41.722-08:00

Question: "I just checked my FICO score and found that it was 635 (the middle number at least). Where does this put me, in terms of buying a home? Do you think I can get a mortgage with a 635 credit score these days?"First, I need to point out that only a lender can tell you whether or not you meet their guidelines. I can offer my own views, based on my industry research. But you shouldn't take

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-81521924061641670692010-01-28T07:02:00.000-08:002010-01-28T08:16:50.229-08:00

We are continuing our section-by-section breakdown of the Truth in Lending Act, or TILA. This article explains section 226.2 of the act, and it explains many of the credit definitions found within.226.2 - Definitions and rules of constructionsThis section of the Truth in Lending Act defines all of the common terminology used throughout the act. In an effort to make this legislation more

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-54384345893855203822010-01-27T14:14:00.000-08:002010-01-27T15:40:50.966-08:00

We are in the process of blogging the Truth in Lending Act, or TILA, from start to finish. This article explains section 226.1 of the act.226.1 - Authority, purpose, coverage, organization, enforcement, and liabilityThis section of the Truth in Lending Act explains the purpose of the act, the types of organizations it applies to, and how the act is enforced. In a sense, this is the most important

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-40829557735637769342010-01-27T14:08:00.001-08:002010-01-28T08:20:01.496-08:00

The Truth in Lending Act (TILA) contains some excellent information that every consumer should understand. This act has created many of the laws and guidelines that lenders must follow. It pertains to nearly every organization that lends money to consumer (mortgage lenders, banks, credit card companies, etc.).The trouble is that many consumers don't know about the Truth in Lending Act, or else

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-39522431517210524892010-01-27T11:52:00.000-08:002010-01-27T12:19:09.700-08:00

Question: "I see a lot of offers for free FICO credit scores that require me to sign up for something else. I have spent hours trying to find a website where I can get just the FICO score without buying anything else. Okay, maybe not hours ... but a long time! Where can I get just the credit score for free, or is it possible?"As far as I know, there aren't any websites that offer what you're

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-21289813833499204612010-01-25T14:32:00.000-08:002010-01-25T15:13:15.470-08:00

Question: "I just got a letter from American Express that said they are lowering the credit limit on my Amex card. Why would they lower my limit if I've never missed a single payment?"The first thing I can tell you is ... welcome to the club. I myself am a member of this particular club. Like you, I make all of my payments on time and have for years. I do not overuse my card, and I always keep my

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-31738441185897047862010-01-24T09:59:00.000-08:002010-01-26T09:35:46.709-08:00

If I asked you why it's a good idea to reduce credit card debt, you probably wouldn't have any trouble coming up with an answer. Among other things, it gives you more financial freedom and lifts a burden from your shoulders. This much is obvious. But if you're planning to buy a home in the near future, you have another good reason to reduce your credit card debt -- it will help you get approved

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-88069563279398402822010-01-23T13:25:00.000-08:002010-01-23T14:18:56.964-08:00

Question: "All of the websites I have visited to check my credit eventually try to charge me for something. How can I get my credit report for no charge of any kind?"I know what you mean. It can be hard to cut through all of the marketing confusion to get the one thing you're after -- a free credit report. So let me start with the good news. You can get copies of all three reports for no charge

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-39429253519666086852010-01-23T12:31:00.001-08:002010-01-23T12:52:07.382-08:00

Question: "I currently have a FICO score in the 650 range. Will this help me get approved for a home mortgage loan in 2010?"Depending on your other qualifications (employment, income and debt), a 650 FICO score is probably enough to qualify for a home loan. Just bear in mind that I'm a researcher and publisher, not a lender. One of the current "magic numbers" in the lending industry is 620.

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-12824742785398491862010-01-21T15:16:00.000-08:002010-01-22T16:25:05.431-08:00

Question: "Is it possible to refinance my mortgage with a 620 credit score and plenty of equity?"I would say it depends on your definition of "plenty." If you have more than 20% equity, then you should be able to find a lender willing to refinance the loan. Keep in mind that your credit score partly determines the interest rate you receive on the new loan. And the interest rate partly determines

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-71614290022529104642010-01-21T14:39:00.000-08:002010-01-21T15:05:49.971-08:00

Question: "What is the highest possible credit score and how can I reach it? Is this what it takes to get the best rates on a mortgage loan?"If you're referring to the FICO credit score (which is supposedly the one used by most lenders), then the highest possible score is an 850. The range goes from 300 at the low end to 850 at the high end. The higher you can climb up this scale, the easier it

Brandonnoreply@blogger.com