As I’ve mentioned before, I’ve been on a refinancing binge. My wife and I have refinanced our home twice in the last 12 months, and my business partner and I are doing the same with three rental properties. With mortgage rates at an all time low, these deals were just too good to pass up. [...]
FICO vs. FAKO–Does it Matter?
Recently a number of readers have dismissed free credit score services like Quizzle and Credit Sesame, noting that these services don’t provide you with your “official” FICO score. The argument goes like this. These FAKO scores, as they’re called, don’t show you the actual credit score that lenders will use. Therefore, the scores are worthless. [...]
Minimum Credit Score to Qualify for an FHA Loan
My sister recently signed a contract to buy a home. Given the market and interest rates, she got a great deal. And she’s financing the purchase with an FHA loan. So it seemed timely to talk about the minimum credit score you need to qualify for an FHA mortgage. As a quick review, an FHA [...]
Cash or Credit – How Should You Pay?
Photo: Rareclass Trying to figure out the best way to manage your money takes some careful thought. One money management question we face everyday is deceptively simple–should you pay with cash or credit. On the surface the choice between paying with cash or using a credit card seems straightforward. Many of us make this decision [...]
Comparison of Layway Plans from 5 Major Retailers
Photo: Irargerch Is layaway smart? According to Senator Charles Schumer (NY) layaway programs are deceptive and misleading. Senator Schumer is prepared to take on layaway programs with the same force that he used to take on the credit card companies. Schumer is the one who put the legislation in place that now requires credit card [...]
Get A Totally Free Credit Score from Credit Sesame
It wasn’t until a few years ago that a consumer could obtain their credit score without entering their credit card information. Most credit monitoring services would offer a “free trial”, ready to charge the day after the trial expires. Now, anyone can obtain their Experian credit score for free, without entering payment information by signing [...]
Credit Reports vs. Credit Scores: Know the Difference
Last week I helped a family member get a copy of their credit report and credit score. One thing they found confusing was just what the difference was between the two. Contrary to what many believe, a credit report and a credit score are not one and the same. While they are variations on your [...]
How an Unpaid Traffic Ticket Can Wreck Your Credit Score
So you have an unpaid traffic ticket. That’s not the crime of the century. But based on an article I read this week in the Washington Post, it could have significant ramifications for your credit score. And yes, it could cost you $65,738 or more in extra interest payments. Here’s the deal. Ashley Halsey III [...]
Triple Credit Report and Score from Privacy Guard for $1
Free credit reports are nothing new. But as we’ve have written before, while you can get your free report at AnnualCreditReport.com, it won’t come with your credit score. A company called Privacy Guard, however, just launched a 30-day trial for $1 that allows users to check their triple credit report and score. So I decided [...]