Credit

High Balances and Credit Scores

Posted May 14 by Tracy Becker (Credit Expert), Leave a comment

Q: If I want to help my credit score should I pay off all my credit card balances & my car loan?  I heard high balances on credit hurt scores? Read More.

Will charge offs on my credit affect my ability to take out a personal loan?

Posted March 8 by Tracy Becker (Credit Expert), Leave a comment

Q: In the past couple years, I have had 3 charge offs on my credit (one is a cable bill and the others are credit cards). If I pay them off, how much will they affect my credit and my ability to get a personal loan? Read More.

If I close an old credit card that I never use, will it hurt my credit?

Posted January 11 by Tracy Becker (Credit Expert), Leave a comment

Q: I am thinking of closing an old credit card that I never use will this hurt my credit? I am planning on buying a property and don’t want my score to drop.  Read More.

Is it necessary to disclose my financial information at the time I submit my offer on a co-op?

Posted January 4 by Dottie Herman, Leave a comment

Q: When an offer is made to a seller in a co-op building, is it necessary at that time to provide the seller’s broker with financial information? Twice after I provided a rather detailed financial statement upon my broker’s request, the seller then came back and raised the price 10%. My broker assured me that my financials met the criteria for the building and, in both cases, I met what the seller asked for or what the broker told me the seller would take. I believe the disclosure has been a disadvantage to me, and that after the sellers have seen my financials, they have been led to believe I would offer more. Read More.

How can I tell if a credit repair company is legitimate?

Posted November 30 by Tracy Becker (Credit Expert), Leave a comment

Q: I am thinking of purchasing a property within the next year and I need to fix my credit. How can I tell if a credit repair company is legitimate? Read More.

How many years does it take to clear your credit when you owe money?

Posted September 11 by Tracy Becker (Credit Expert), Leave a comment

Q: How does owing money on a credit card affect credit scores and how long does it take for the bad credit to clear from your history? Read More.

Can you pay a broker fee in installments?

Posted September 11 by Tracy Becker (Credit Expert), Leave a comment

Q: Would you ever consider a payment installment plan for your broker fee? For example, if I found a place through you and was able to pay the 12-15% fee, could we set up a structure to pay that fee over the course of a couple weeks? Many thanks. Read More.

How does a co-op board interoperate debt-to-income ratio?

Posted September 4 by Dottie Herman, Leave a comment

Q: When buying a co-op in Manhattan on Park or 5th Avenue, how does the board interoperate debt-to-income ratio? Is debt considered just the maintenance? Read More.

How much of an impact will a default on an education loan have on a credit report?

Posted August 13 by Tracy Becker (Credit Expert), Leave a comment

Q: How much of an impact will a default on an education loan have on a credit report? Read More.