See my research, posts, and articles on credit scores, including how they work, ways to improve them, and common pitfalls to avoid. Click the link to learn more!
TL;DR:Fixing your credit isn’t hard. But the booming billion-dollar “credit repair” industry wants you to think it is—so they can sell you lies, fake identities, and fraud that might land you in prison. 🎭 The Scam That Looks Like a Solution It always starts the same way:“Erase bad credit fast.”“Start over with a new number.”“Get …
In this episode of the Get Out of Debt Guy Podcast, Steve and Damon dive into the mind-boggling world of financing your fries. That’s right—DoorDash is now letting you pay for takeout in installments with Klarna. Sounds convenient… but is it a clever trick or a financial trap? From missed payments tanking your credit score …
Debt plays a crucial role in determining your credit score, influencing various aspects of your financial life. How Debt Affects Your Credit Score is a crucial topic that many overlook, yet it can significantly impact your financial future. This guide provides a thorough look at how debt impacts credit scores, covering both direct financial effects …
Did you know that 35% of mortgage applications are denied due to a high debt-to-income ratio—even for people with great credit? Ever wonder why that happens? Even for applicants with great credit scores? Understanding the balance between your debt-to-income (DTI) ratio and your credit score can make or break major financial decisions, like buying a …
Question: Dear Steve, I need help with my credit history and payments. I contacted the credit collection companies and started paying on some outstanding accounts. How can I get my credit fixed and remove these accounts to be able to raise my credit score? Sonia Answer: Dear Sonia, This recent podcast talks specifically about how …
Question: Dear Steve, I have three credit card accounts, all with Citibank. Two of them are closed. The one open account has a credit limit of $1700. I am just $140 below the limit on it. The other two are at about 40% or less. I am getting dinged on my FICO score as they …
It’s no fun to be fined for parking in the wrong place at the wrong time or getting a speeding ticket. Driving safely is important, which means that these infractions can even affect other things like your car insurance or life insurance rates. Will parking fines or speeding tickets affect my credit score as well? …
Q: Is it legal for a mortgage company to all of a sudden demand a deferment balance from 10 years ago now, or will they foreclose on the home I am one month behind on the monthly payment? A: That sounds a lot like a balloon mortgage (a mortgage in which a large portion of …
When you start to use credit cards and take out loans, you build a credit score that demonstrates your creditworthiness. Does that number stay static a day, a week, a month? In truth, it’s changing all the time. Most of your accounts probably report information to the credit bureaus every 30 to 45 days. One …
Your credit score is the gateway to almost all your financial goals — from applying for a mortgage to purchasing a car. Having a good credit score can help you get the credit you need, as well as receive better interest rates and terms on loans, cellphone service plans and more. So, what do you …