credit card: “Joint Credit Cards”
- 07/27/15 05:38 AM
“Joint Credit Cards”
Avoid setting up joint credit cards whenever possible as this can create future financing problems.
This couple had half a dozen credit cards and all of them were joint cards. They decided they wanted to purchase a home, but the husband had defaulted on a mortgage a few months earlier and his credit scores were so much lower than hers, so we couldn’t put him on a mortgage.
The wife made enough of an income to qualify for a mortgage, however because the credit cards were joint all of the obligations had to be counted into the debt ratio. … (35 comments)
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credit card: “Bankruptcy over Settling Her Debts”
- 08/16/13 02:17 AM
“Bankruptcy over Settling Her Debts” I have been working with Deb for the last six months to improve her scores, which started out in the mid 500’s. She had a total of $8,000 that were collection accounts. I had her start with the smallest account first and keep moving up. In each case she has been able to settle the account at about fifty cents on the dollar. I also had her set up two secure credit cards and had her use them and pay off the balances each month. In a recent credit pull she was a 606 … (17 comments)
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credit card: “I Have Been Turned Down for a Mortgage, can You Help Me?”
- 07/21/13 11:06 PM
“I Have Been Turned Down for a Mortgage, can You Help Me?” I wanted to take off early on Friday, but it didn’t quite happen. At 4:45 I got a call from someone who had read one of my blogs having to do with credit. He was told that he got turned down for a mortgage. I asked why he was turned down. He told me that his credit wasn’t very good. I asked what his credit scores were. He told me, when he started the application 3 months ago, he had a 581 mid score, but the credit was … (6 comments)
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credit card: “$200,000 Income, but Can’t Save Any Money”
- 06/17/13 11:29 PM
“$200,000 Income, but Can’t Save Any Money”
I spoke to clients this morning about a possible refinance. They estimate the value of their home at $650,000 and have two mortgages, the first at $415,000 @ 6.75% and second of $167,000 @ 7.875%. Credit card and installment debts total $166,000. Literally every dollar these folks make goes to paying their debt. In spite of their income all the money goes to paying their debts.
Fortunately, the area of Massachusetts where their home is, has increased in value over the last two years, otherwise … (14 comments)
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credit card: “Mildred Promised Her Husband, She Wouldn’t Refinance”
- 05/20/13 10:50 PM
“Mildred Promised Her Husband, She Wouldn’t Refinance”
What would you have done, if you had $5,000 remaining on your mortgage and $139,500 in credit cards? Her accountant called me and shared this scenario and asked me to call her. Then she went on to tell me that she promised her husband on his deathbed that she wouldn’t refinance. What a burden and guilt Mildred has, but she is drowning in monthly obligations.
Pretty tough conversation with her once we connected. She and her husband built their home in Long Island and lived there … (11 comments)
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credit card: Paying Credit Cards Down to Zero to Improve Your Score Not a Good Idea
- 02/03/13 09:03 PM
“Paying Credit Cards Down to Zero, Not a Good Idea, If You Want to Improve Your Scores”
A little information can be damaging. I have seen many folks who are attempting to improve their credit scores, pay credit cards down to zero and not see improvement to low scores.
If you don’t care about your credit scores and want to pay your cards down to zero, go for it, as it doesn’t matter to you. However, if you want to improve your scores, leave a SMALL balance, the credit bureaus love that and it will have a positive effect on your … (5 comments)
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credit card: Mortgages and Bankruptcy
- 11/12/12 10:04 PM
“Mortgages and Bankruptcy”
A dozen different bankruptcy attorneys send their clients to me, that own an existing home or will want to own a home in the future. The sooner that I can begin working with these folks, the sooner they can begin the process of education and healing their credit profile. Not easy for many, there is shame, fear and uncertainty.
At one time, it was a rare occurrence, but certainly not the case over the last few years. There is so much bad information out there, much of it shared by friends, family and … (11 comments)
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credit card: Much of the Advice About Credit is Misleading
- 10/16/12 04:15 AM
“Much of the Advice About Credit is Misleading”
The article below has some good advice, but some things just don’t make sense.
If a mortgage is in someone’s future and there are questions and concerns, they need to talk to someone that understands about mortgages. That doesn’t mean a financial planner or an accountant. Very seldom, do they understand about credit.
Unfortunately, there are companies around that charge a fee. Many don’t do a good job and in some cases are totally misleading. They indicate they can get a derogatory item off the credit report, even when you … (6 comments)
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credit card: ANOTHER CREDIT CARD COMPANY, NOW DOING MORTGAGES
- 07/01/12 11:04 PM
“Another Credit Card Company, Now Doing Mortgages”
When I was growing up, I continually came up with different ideas to make money. From time to time I would pitch these ideas past my parents. What they must have thought, when I came up with what I thought were brilliant ideas.
One thing that my dad would always say to me, was “You have to succeed at what you know how to do best.” Yes, there are examples that just the opposite worked out, but that is the exception to the rule.
Many, before Discover Card, have waded into mortgages and … (4 comments)
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