Beware the Web, where you’ll see plenty of claims that short sales will save your credit, simple as that. But there’s nothing simple about deciding whether to sell your house in a foreclosure or in a short sale, which means you sell the property for less than you owe the bank. And in most cases, [...]
Q. I am 67 and retired. I have an American Express gold card and an American Express Hilton branded card. I would like to cancel the gold card and retain the Hilton card because the gold card costs $110 per year and we rarely use it anymore. I’ve had the gold card since 1971 and [...]
The credit score is often the determining factor when it comes to getting approved for a loan or mortgage. For those who do get approved, the score can determine the interest rate that is charged. Having a score just two small points below the threshold for the best rates can cost an individual thousands of [...]
Q: What’s the fastest way to boost my credit score? For most people, the fastest way to improve your credit score is to pay down your credit card balances. About one-third of your FICO score (the score most lenders use) is based on your credit-utilization ratio, which is the total of your credit card balances [...]
With so much information at a consumer’s fingertips it can be tough to know what’s fact and what’s fiction, so it comes as no surprise that I recently came across three myths about credit scores that are misleading and inaccurate. Myth 1: You have to be in significant debt in order to have a good [...]
Q: I had credit scores around 740, that before I was 30 days late twice in 4 months on three credit cards with different issuers. I am currently settling credit card debt with Bank of America. I had to take a much lower paying position, hence must settle. The deal is quite good, settling $12,000 [...]
Q: I have 8 credit cards and have decided to pay them in full to keep them all with zero balances. Want to boost my credit score. I am currently at 652 with TransUnion. I am going with cash only. Do you think, some credit cards can be closed due to inactivity? A: Depends on [...]
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