Credit

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

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

What do I need to consider before applying for a new credit card?

Q: I was thinking about applying for a credit card that would give me more points and rewards for all the money I charge. What should I consider before doing this in regard to my credit scores? Read More.

I just moved to NYC from outside of the United States, so I don’t have American credit. How can I build my credit so that I can buy a co-op or condo in NYC within the next two years?

Q: I just moved to NYC/the U.S. and it seems I have pretty much no American credit.  I am planning on buying a co-op or condo in NYC within the next two years. How can I build credit with a purchase in mind? Read More.

Is there a minimum credit score that landlords look for in potential renters?

Q: Is there a cutoff that landlords look for in scores in renting in the Manhattan market? Read More.

What type of loan should I take out to do home improvements?

Q: What type of loan (equity line of credit or loan) would be better to take out to pay off credit cards and do minor home improvements on an investment property? Total debt is $87,000 and have 2 credit scores over 710. Read More.

What will going into foreclosure to do my Fico score?

Q: I have a credit score in the high 700s and will be going into foreclosure on a home. Can you tell me what that will do to my Fico score? Read More.

I want to use my current home as an income-producing property, but am having trouble getting a loan. Can you help?

Q: I own a three-family home in Holyoke, Massachusetts, and would like to use it as a rental/income property and purchase a home in a more rural area. Can you help me find a lender who doesn’t see in only black and white? I spoke with a lender who said that they would not consider the rents from all three apartments because it wasn’t on my taxes as such. I tried to explain that I am living in one apartment and my mother in another, so the two apartments weren’t rented out. I have all three apartments rented out–$700, $700, and $850 per month covers ALL the mortgage, taxes and insurance, and leaves me with $950 income at the end of the month. I am so frusterated and any help on such a lender or your professional suggestions would be … Read More.

Is it best to pay a collection account on my credit right away?

Q: I found a collection account on my credit report and wasn’t sure what to do. I was going to pay it immediately but after listening to the radio show, I wasn’t sure if it was the right thing to do.  Please let me know. Read More.

When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?

Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.