I’m filming tomorrow and need additional “credit and finance questions” for the show. Ask me anything you have ever wanted to know! The more background you can provide, the better.
To submit your question(s), feel free to leave a comment below.
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Clients want to buy a bank-owned house that is incomplete. Their credit union says they can get a loan if the house “will be complete within 6 months”. What does that mean?
If the house isn’t finished, (no appliances, no flooring, no steps to the front door which is 3 feet above the yard, no fixtures in the bathrooms, etc.) is a lender really going to give first-time buyers a loan?
Mr. Tirone, I just completed a short sale. My lender agreed that as long as I continued to make payments during the process the loan would be reported as “Paid” with no negative implications. I signed an agreement to that effect at closing, however, it was still reported to my credit as “Paid, settlement”. Do I have any rights in this matter? I do have a papertrail, and they did not honor the terms of a written agreement.
If a person has kept everything current (first and second mortgages on primary and secondary residences, credit cards, car loans, etc) and had a 750+ credit score, but then got behind (60 – 90 days–or even suffered a foreclosure) on an investment/development property that was secured personally that caused his credit score to drop significantly, how is the best way to clear up that negative item on his credit report?
I have a credit card with a large balance and a low fixed interst rate. I opted out and closed the card when notified that the company was going raise my interest rate.
I’ve had the card for over 9 years and I’ve never been late with a payment. Now all of a sudden the credit card company is telling me they are raising the minimum payment from 2% to 5% of the outstanding balance – I cannot afford the payments now – what options do I have.
On October 14, 2009, I received a letter from Wells Fargo Bank that my personal credit card account interest rate when up from 11.5% to 14.15%. What is so bad is that this increase applies not only to new purchases but also to existing purchase balances, mine being over $5000 on this account. If I opt-out and close my account, how will my credit score be affected? I have 5 other credit cards.
I’m going thru divorce, have been trying to keep up w/mortgage, rent, credit cards, etc. Was laid off a cpl of months ago and have not been able to pay mortgage for two months now. Hv only been paying $20/mo for credit, but less than min so credit is going down tubes fast. Credit counseling does not apply as I cannot pay the consolidated min amount for credit cards. What are my options to get out of this mess? Foreclosure? Short sale? the B-word?
If someone wants to renegotiate their current home loan and they are unemployed, will the banks let them renegotiate the rate? Can one renegotiate the rate if they are only behind on one mortgage payment by less than 30 days? Will banks let someone roll a home line of credit into their current mortgage?
How does signing up for a “pre-paid” credit card affect one’s credit? Are there pre-paid credit cards that should be avoided? What information would one look for? If one signs up with a pre-paid credit card and pays the balance off every month does it help improve one’s credit score?
We fell victim to an “Investment” fraud and were forced to declare bankruptcy.We kept Citibank, the HELOC originator on our home, out of the bankruptcy and continued to make our payments to them without ever missing even one. We recently found out that, even after 1 year since the bankruptcy, Citibank still has not reported any of our payments. As a matter of fact they are still servicing the loan through their bankruptcy division.What can we do?
I am getting all these huge fine print tomes from my credit cards companies regarding “changes” over the last few months. What are the credit card companies all doing? Changing rules before the government cracks down on them? How does it affect me? Should I still be paying minimums in this economy? Or just try to pay down to the magical 30 per cent?
Is it somehow not a smart idea to buy a place in cash? I have saved up money and i think i can buy a relatively inexpensive place in cash> If I decide to get a mortgage I could get a place worth (probably) 3x the place I would buy with cash. It would be nice to have the “nicer” place but I think I can be perfectly happy in smaller “cash” place. Am I missing something here?
Regarding a debt that has been purchased such as an unpaid visa account. It is my understanding that from a legal standpoint, once a debt is sold to a collection agency, you the debtor are no longer legally bound to the visa debt since it has been satisfied through the purchase of a third party (the collection agency) even though not the full amount owed. With this in mind, what power has the collection agency over the debtor?
If you discover that your credit limit is not being reported on your credit report, should you ask the creditor to please report the limit to the the CRA, or should one take it upon themselves to contact the CRA and tell them to please update my zero credit limit to what it actually is (and tell them what it is)? If the CRA want’s to verify, they know where the creditor is.
If a home is in foreclosure, will the occupant of the house get a notice from the lender before the house is sold?
My FICO is 600.Filed Ch 7 after foreclosure in 06. Want to be in a house again, but have little saved. Have opportunity to rent to buy a 259K home for 1.9K per month for 36mo with 3%down. 3% comes off purchase price, but not 1.9K monthly. I make 50K in salary, 50K in commission yearly. single income household-2 teens. zero debt-will I be able to obtain financing in 36mo assuming nothing changes?
Is it true that you can negotiate your credit card balances yourself, to reduce the debt you owe? and if so how does it effect your credit score?