tag:blogger.com,1999:blog-67826525782985554272009-11-07T08:18:10.364-08:00Brandonnoreply@blogger.comBlogger204125tag:blogger.com,1999:blog-6782652578298555427.post-27444882749631749692009-11-05T08:04:00.000-08:002009-11-05T08:53:45.580-08:00

"My bank recently reduce the limit on my credit card, and I have no idea why. Why would they do this if I've never missed any payments before, and how does it affect my credit score?"This is one of the most common questions we've been getting from readers lately, and there are two reasons for it. Recent statistics have shown that roughly 1/4 of all credit card holders have had their credit limits

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-25970856653618639152009-10-28T06:33:00.000-07:002009-10-28T07:29:14.651-07:00

If you are planning to buy a home next year, in 2010, should review your credit score right now. If your score is high, you're in a good position to apply for a mortgage loan. But if it's low, you need to work on fixing your credit score before you start applying for loans. Here's why.Mortgage underwriting guidelines will be stricter in 2010 than they were in the past. Lenders are simply

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-17625577730447092712009-10-16T04:53:00.000-07:002009-10-22T13:36:04.619-07:00

Reader Question: "I have heard people say it's possible to remove negative items from a credit report, but then I've seen other websites say that it's not possible. I'm confused, to say the least. Is it really possible to remove negative information from a credit report, and if so how do I get started?"The reason you've seen so much conflicting information is because many people don't know what

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-73432491003625431912009-10-12T13:11:00.000-07:002009-10-12T13:41:51.496-07:00

Reader Question: "At what point during the home buying process does the mortgage lender check my credit score? Is there any way I can find out if my score is good enough, before I even apply for a loan?"Different lenders have different application procedures, so it will vary slightly from one mortgage lender to the next. With that being said, most lenders will check your credit score as early on

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-6824002320645146372009-10-09T07:30:00.000-07:002009-10-09T08:22:56.422-07:00

Reader Question: "I have been receiving phone calls from debt collectors all throughout the day. They are rude and loud, and they call over and over about the same thing. I intend to pay what I owe as soon as I'm able, but in the meantime I want to be left alone. What do you recommend for dealing with debt collectors like this?"The best thing you can do is pay off the debts that you owe, as soon

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-31365873730745505022009-09-24T07:37:00.000-07:002009-09-24T08:19:05.682-07:00

Reader Question: "I want to buy a house next year, and was wondering what FICO score is needed to get a loan. Is there a certain number I need to have, or does it just depend on the situation and the lender?"These are all good questions, and I promise to answer them as best I can. But first, I want to provide some basic definitions for people who are unfamiliar with this subject. Let's talk about

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-7065989719389541962009-09-20T09:27:00.000-07:002009-10-14T13:08:37.280-07:00

Reader Question: "I plan to get a copy of my credit report soon, so I can find out if I'm qualified for a mortgage loan. I was wondering what kinds of credit report information I can find in my file. Does it show my score, or just a bunch of historical data."There are a couple of things we need to talk about, based on your question. I want to make sure you understand how all of this stuff ties

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-48241152602326340832009-09-17T08:46:00.000-07:002009-09-17T15:59:44.937-07:00

Reader question: "I am trying to improve my credit score rating so that I can buy a house early next year. I don't currently have any cards because of my past history, but somebody told me I could use a secured credit card to improve my score. Is this true? And if so, how should I use the secured card in order to improve my rating?"I don't advocate using credit cards just for scoring purposes.

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-32126252206338601012009-09-11T11:18:00.000-07:002009-09-12T08:10:09.528-07:00

Reader Question: "I have recently paid off a couple of credit cards and I plan to close two of them. When closing a credit card account affect my credit score in a negative way? I don't mind leaving the accounts open if it's necessary to keep my score up."It has always been my opinion that people should close their credit card accounts if and when they feel necessary -- regardless of how it

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-67580540869075685612009-09-11T10:51:00.000-07:002009-09-12T08:11:27.664-07:00

Reader Question: "I am an immigrant to the United States, originally from England. I have had good credit in my previous country, and I'm wondering if this transfers to the United States in some way."Your actual credit history will not transfer from your England to the United States. But if you bring your good financial habits with you, you should be able to establish a good credit score in the

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-51053742845877538702009-09-11T07:04:00.000-07:002009-09-11T07:39:14.779-07:00

Reader Question: "I used to see a lot of websites offering poor credit home loans for folks like me. But when I do a search for this online today, all I can find are articles and advice. Are there any home loans for people with poor credit anymore? Is this one of the things that changed when the economy went bad?"When a lender gives a mortgage to somebody with bad credit, it's referred to as a

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-45643950218338453792009-09-05T08:07:00.000-07:002009-09-05T08:39:20.516-07:00

Reader Question: "I want to buy a home buy I have a 545 credit score right now. I was told by a friend who knows a lot about this stuff that my score is too low to get a mortgage loan. Is he right. If so, what can I do to improve my score of 545 to the range needed to buy a home?"I make a point not to answer questions related to mortgage approval, because only a lender can answer those questions

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-30435363337734179432009-08-24T16:00:00.001-07:002009-08-24T16:22:35.960-07:00

We are frequently asked about the average amount of credit card debt carried by American consumers. I'm not sure why somebody would want or need to know this, aside from basic trivia. But the question is asked frequently enough to warrant a brief discussion. Emphasis on the word "brief."The average amount of American credit card debt will vary based on whom you ask. When researching this article,

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-80955322340664238962009-08-24T08:12:00.000-07:002009-08-24T08:42:48.900-07:00

Reader question: "I have heard about credit card debt reduction in the past, but I was wondering if these types of programs are still available in the current economy? I have about $15,000 in debt that I want to pay down, so that I can be in a better position to buy a home next year. Is there any way to negotiate a reduction with my card issuer?"There aren't very many formal programs (if any)

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-40485633897247908252009-08-19T07:17:00.000-07:002009-08-19T07:43:08.969-07:00

If you've been watching the news over the last 48 hours, you've probably heard that some new credit card rules and regulations are going into effect soon. It's actually the first in a series of new rules that will come over the next few months, and this one goes into effect on August 20, 2009.Essentially, these new rules will give cardholders additional time for paying their bills and for

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-59331295724989503592009-08-18T09:51:00.000-07:002009-08-18T10:02:03.940-07:00

How can I correct my credit report, and why is it important to do so? That is the subject of today's lesson. So let's jump right in and talk about why it's important to correct errors you might find on your credit reports.When you apply for a mortgage loan, a car loan, or any other type of financing, the lender is going to review your credit score. In truth, this is only one of many things they

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-90760821301411261372009-08-13T15:07:00.000-07:002009-08-13T15:39:31.245-07:00

Reader Question: "I am seriously considering purchasing my first home in 2010. Unfortunately, my credit score is a bit below 600 and my credit report is full of late payment history. I have successfully paid off all balances just recently. At this point, what steps should I take to begin raising my credit score? Thanks."It sounds like you're off to a good start, simply by paying down your

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-6303413970938485232009-08-12T09:45:00.000-07:002009-08-12T17:40:52.796-07:00

Reader question: "Every time I visit a mortgage or real estate website, I see ads for free credit scores and reports. Is this a gimmick, or can I actually check my credit score online for free someplace?"This question is too complex for a yes or no answer, so let's take a step back and look at the bigger picture of credit reporting. And I promise to answer your question before all is said and

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-53370461886002404642009-08-11T16:00:00.000-07:002009-08-11T16:47:38.081-07:00

What is chapter 7 bankruptcy anyway? What kind of protection does it give you against creditors? How does one file for chapter 7 in the United States? Unfortunately, these are common questions right now. We are having hard financial times right now, and whenever that happens the number of bankruptcy filings will increase dramatically.In this article, I'll talk about some of the steps involved

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-63532510932759077262009-08-11T13:23:00.000-07:002009-10-09T08:26:06.385-07:00

Reader question: "I have been receiving a lot of abusive and harassing phone calls from debt collectors regarding an unpaid debt I owe for a store credit card. I know these people are not known for being friendly, but I truly feel they have gone over the line. What can I do about debt collector harassment from a legal standpoint?"Unfortunately, your question is a common one. We receive a lot of

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-91962650069439742912009-08-10T08:27:00.000-07:002009-08-10T09:16:25.373-07:00

These days, you can find plenty of consumer credit counseling services that can help you manage your credit and debt. But they're not all created equally. Some are nonprofit agencies that offer counseling for little or no cost, while others are entirely profit driven.In today's blog entry, I'm going to steer you in the right direction by providing a list of nonprofit credit counseling services.

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-43464756537173071842009-08-07T08:45:00.000-07:002009-08-07T09:18:19.563-07:00

Reader Question: I have some unpaid debts on a couple of credit cards. Can these creditors garnish my wages for what I owe them?The short answer to your question is yes, a creditor can use wage garnishing if it's approved in a court of law. But there's more to this issue, so let's take a closer look. First, I'd like to offer some definitions for other readers who may not be familiar with this

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-81555852005078163382009-08-07T07:01:00.000-07:002009-08-07T07:42:43.848-07:00

Until recently, you could obtain your FICO credit score from all three of the reporting companies (TransUnion, Experian and Equifax). But Experian has stopped releasing their FICO scores through the MyFICO.com website. But you can still get a credit score from that company -- it just won't be produced using the FICO scoring model.Are you totally confused? Okay, here's what you need to know:Fair

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-78103361135385540492009-08-04T06:57:00.000-07:002009-08-04T19:28:56.333-07:00

In this article, I'll offer some statistics on ID theft, and I'll also give you some tips on protecting your own identity. Whether you take the do-it-yourself approach, or you pay a protection service to monitor your credit, the important thing is to be proactive and vigilant.Identity theft statistics are pretty disturbing. When researching and writing this article, I didn't even realize how

Brandonnoreply@blogger.comtag:blogger.com,1999:blog-6782652578298555427.post-50829516363148958592009-07-23T07:27:00.001-07:002009-09-17T16:07:30.191-07:00

Is it possible to use a secured credit card to fix a bad credit score? And what, exactly, does "secured" mean in the first place? These are common questions from people with bad credit, so I thought it was time to address the subject here on the blog.Let's start with the basics:What is a secured credit card, anyway?A secured credit card is one that requires a deposit payment from the customer.

Brandonnoreply@blogger.com