Flipping Real Estate In Down Market
What should you do when you were into flipping real estate and it's no longer profitable? Flipping real estate is less profitable when home market values go down. When the real estate market declines you should do your best to continue making mortgage payments so your credit doesn't get damaged.
Mortgage After Foreclosure: Raise Your Credit Score And Apply Successfully
Can you apply for a mortgage after going through bankruptcy and having your home foreclosed upon? There are things you can do that will help you qualify for a mortgage again despite the bankruptcy and foreclosure. Ilyce explains how mortgage companies approve borrowers and how you can raise your…
Summary: A reader has a low credit score. She is wondering when it would be a good time to confess her financial past to her boyfriend. Ilyce explains why it is essential to be honest with a potential spouse up front and how this reader can improve her credit score.
I recently received this letter…
Medical Bill Sold To Collection Agency
Like other unpaid bills, medical bills sent to collections can destroy your credit. By the time a bill goes to a collection agency, it has already begun to affect your credit. Avoid lowering your credit score by setting up a payment plan as soon as possible.
Credit Report Hurt By Inaccurate Charge-Off
Inaccurate reporting of information on your credit report can seriously damage your credit score. However, sometimes the circumstances are reported wrong on your credit report. If a dispute goes on for a year or more, and the leasing company sells your debt to a collections agency and charges off…
Missing A Mortgage Payment Will Kill Credit Rating
It never hurts to ask your lender's loan mitigation department for help but the most important thing is to make your mortgage payments on time to avoid destroying your credit rating. The lender may be able to work with you to restructure your payments until your financial situation is back on track…
Do Credit Card Companies Protect Your Privacy?
I've written about the new "blink" technology that allows you to simply hold up a credit card with radio frequency (RFID) identity tags to pay for something. McDonald's and other retail establishments have put these RFID card readers in front of their cash registers to speed up the payment process.
…
ThinkGlink Radio Show for Oct 15, 2006
On the show today, Ilyce talked about Nobel Peace Prize winner Muhammad Yunus, a Bangladeshi economist who creating the concept of microlending -- and figured out that even tiny loans would help the poorest of poor develop their economies. Credit and borrowing were on the mind of Ilyce's callers…
Should Senior Citizen Cancel Credit Cards?
Does a senior citizen need to worry as much about having a high credit score? Unless a senior plans to buy a home or a car on credit, having a credit score might not be as important.
Mortgage Interest Rates Reflect Loan Risk
Studies have shown that consumers pay too much for their mortgages. Learn how mortgages are priced and why some borrowers get mortgage loans with higher interest rates than others. Mortgage loan interest rates take the riskiness of the loan into account.
Shopping For A New Mortgage Company
A home buyer is unhappy that the good faith estimate from his lender did not disclose prepayment penalties. Ilyce explains that he should shop around for a different mortgage company. Having a lender pull his credit report will not lower his credit score.
Credit Scores Matter More And More
Like it of no, your credit score matters. A few bad financial mistakes made in your early 20s can haunt you for the next decade or more. Credit score has become the key driver in the financial world. Creditors will decide whether to grant you credit and how much you'll be charged based on your…
Ever wonder why, after you've applied for a loan, you start getting calls from creditors offering you a competing loan? That's because credit reporting bureaus sell your information just after you've applied for credit.
Nice. (Not really).
Well, if you want to opt out from credit reporting bureaus…
ThinkGlink Radio Show for Sep 10, 2006
Ever wonder why, directly after you've applied for a loan, lenders start calling your house offering you competing loans? On this show today, Ilyce talked about how credit reporting bureaus tag your information when a lender pulls your credit history and then resell it to competitors. There is a way…
ThinkGlink Radio Show for Aug 27, 2006
On today's show, Ilyce discussed some of the qualms she and her fellow travelers have with airplanes, in light of the news of the Comair crash early Sunday morning. Later in the show, Ilyce talked to several callers about how to repair their credit without getting scammed.
Credit Counseling Before Bankruptcy
If you are considering bankruptcy, before you file you should talk to the credit card company to see if they are willing to settle your debt for some amount that is less than you owe. If they know your only other option is to file for bankruptcy, they may be more willing to settle the debt. After…
ThinkGlink Radio Show for Aug 13, 2006
In a special version of the Ilyce Glink Show, Ilyce talks with David Rubinger, vice president of communications for Equifax, about the latest trends in credit histories and credit scoring. Then, she and syndicated home improvement writer Al Heavens discuss things you can do to your house to make it…
Real Estate Minute: Quit Claim Won't Affect Mortgage
Real Estate Minute with Ilyce Glink Getting Him Off of the Mortgage Original Air Date: August 1, 2006
When you're trying to raise your credit score you should not close credit card accounts. Having credit card accounts open for a long time (even with no balance) looks good on your credit report. On the other hand, having too many lines of credit open can also be a negative on your credit score. If…
Following Up on Cleaning Up Your Credit
Today on the Clark Howard Show, one of our callers is having a problem. He shares the name with an unsavory character who has bad credit, and even has bagged out on paying child care. Some of this negative information has erronerously made its way onto his credit report. He wanted to know how to get…
Managing Credit: Homeowners vs. Renters
Who is better at managing credit, homeowners or renters? Results of a survey reveal the homeowners think they are better at managing their credit than renters, but both homeowners and renters could use some help. Both homeowners and renters appear interested in improving their credit histories and…
How To Raise Your Credit Score
Repairing your credit history and score takes time and patience, but will be worth it at the end. If you're paying your bills on time and paying down debt, your credit score should start to rise within a year and even more in two years. Part of your credit score hinges on not having any late pays as…
If You're Getting A Non-Traditional Mortgage, Your Credit Probably Isn't Up To Snuff
The Consumer Federation of America released the results of a new study this morning called "Exotic of Toxic? An Examination of the Non-Traditional Mortgage Market for Consumers and Lenders." The CFA analyzed borrower and loan characteristics of more than 100,000 mortgages originated between January…
Debt Increases With Payday Loans
When you're paycheck isn't enough to live on or you find you need money you don't have you may decide to get a payday loan. But are payday loans a good idea? When you take out a payday loan you're usually getting an advance on your paycheck and you'll increase your debt. Payday loans often end in…
Inappropriate Questions On Mortgage Application
Does pregnancy factor into a mortgage lender's considerations when making loan decisions? Such a question would be inappropriate for a mortgage lender to ask when applying for a loan. Your mortgage loan application should only require questions that affect your credit.
