tag:blogger.com,1999:blog-67826525782985554272010-04-27T16:54:52.300-07:00Brandonnoreply@blogger.comBlogger259125tag:blogger.com,1999:blog-6782652578298555427.post-24721796495405882522010-04-27T06:38:00.000-07:002010-04-27T07:11:51.411-07:00

Question: "I have heard that FHA home loans are easier to get than regular mortgages. It this true? I'm asking because I have a bad FICO score. Do FHA loans depend on your credit score, and if so how much?"Yes, your credit score will be a factor in the approval / rejection process. But there are several things you should know about it, right off the bat:Credit is only one piece of the

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-84482039696242589032010-04-21T08:06:00.000-07:002010-04-26T18:54:01.446-07:00

Question: "I am thinking about using a credit counseling service to help with my debts, FICO scores and such. Does this kind of counseling hurt my credit score in any way? I've heard good and bad things about it, which leaves me a bit confused."It depends on what you mean by "credit counseling." The so-called credit repair companies can get you deeper into debt, and do serious damage to your

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-7994226902154084202010-04-20T08:20:00.000-07:002010-04-20T08:38:54.363-07:00

Question: "When I use my bank card, the clerk usually asks me if I want to use credit or debit. Since it all comes from the same account, what is the difference between credit and debit when I use my card?"Clarification: This question pertains to debit cards that can be used in either a debit or credit fashion (i.e., the one that's linked to your bank account). These are also referred to as check

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-86351565985324556442010-04-20T06:13:00.000-07:002010-04-20T06:37:12.870-07:00

Question: "I am one of those people you hear about in the news. I have fallen behind on my mortgage payments, and I will soon default on the loan entirely. My question is in two parts. How long does a mortgage default stay on my credit report, and how much damage will it do to my score?"When a lender forecloses on a home, they have to go through the courts first. A judge must "sign off" on the

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-36672042329662330902010-03-17T08:43:00.000-07:002010-03-17T10:29:36.277-07:00

Credit card companies can no longer make changes to payment due dates, as they have often done in the past. As of February 22, 2010, the due date for credit card payments must occur on the same day each month. This is part of the second phase of regulations established under the Credit CARD Act of 2009.Background and HistorySo what caused these changes to take place? Why did the credit card

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-42845000301800596022010-03-16T06:14:00.000-07:002010-03-16T06:59:04.184-07:00

Question: "I am currently paying back a federal student loan (Stafford). I recently lost my job, and I'm seeking new employment. There's a chance I will miss some of my loan payments during this transition. What happens if I can't pay my student loan on time? What kinds of consequences are there? Thanks for your help."They will come for you at night, under cover of darkness. They will take you to

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-27075731950651256562010-03-16T05:29:00.000-07:002010-03-16T05:56:42.645-07:00

Question: "I will have reduced income for a few months, and I have mortgage payments to keep up with during that time. Can I pay my mortgage with a credit card during this period? If so, how would I go about it?"For many years, it just wasn't possible to make mortgage payments by credit card. The card companies simply did not allow it. But in the mid 2000s, this started to change. New programs

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-87415676984054385222010-03-14T21:29:00.000-07:002010-03-14T21:40:49.931-07:00

Question: "I recently found out that I have a FICO credit score of 630 (the average of all three numbers). Do you think I'll be able to get a mortgage loan with a score in this range? Is this considered a good FICO number?"A credit score of 630 is slightly below the national average, but you still fall into the "good score" range. Of course, that doesn't mean you'll automatically qualify for a

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-20773020730285387702010-03-13T21:53:00.000-08:002010-03-13T21:58:51.013-08:00

Question: "Is it possible to get a bad credit auto loan in the current economy? Or have lenders stopped working with people in this situation?"It depends on your definition of bad credit. People define this term in different ways. If your FICO score is really low (like below the 500 range), you might not be able to get an auto loan in the current economy. And even if you do qualify, the lender

Brandonnoreply@blogger.comtag: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.com