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!
Quick Answer: CCCS (Consumer Credit Counseling Service) can negotiate lower interest rates through Debt Management Plans because creditors recognize them as legitimate intermediaries for financially distressed consumers — though repaying the debt over years on a DMP instead of discharging it in bankruptcy costs real retirement savings you never get back. However, entering credit counseling …
Quick Answer: Bankruptcy does not clean credit reports or immediately improve credit scores; it actually adds another negative item that temporarily lowers scores. The bankruptcy filing remains on credit reports while previous negative items from creditors also stay, since credit reports function like transcripts that preserve all payment history rather than report cards that get …
Quick Answer: Debt consolidation itself doesn’t hurt credit scores, but closing existing cards with good payment history can reduce credit age and available credit limits. The main benefit comes from lower interest rates, not from consolidation alone, and credit unions may access checking accounts if payments fall behind.“Dear Steve,I opened up too many credit card …
Quick Answer: Credit scores can fluctuate month-to-month even with on-time payments, as Mary Lou experienced with scores ranging from 715-726. Having too few credit accounts after bankruptcy can limit score growth, so experts recommend adding another credit card and keeping balances below 30% of credit limits.“Dear Steve,My FICO score does not keep going up: 3/99 …
Quick Answer: When an ex-spouse trashes credit through joint accounts, divorce doesn’t eliminate shared debt obligations to creditors. The abandoned spouse remains legally responsible for joint mortgages and debts even after divorce, and foreclosure will damage both parties’ credit for seven years regardless of divorce agreements.“Dear Steve,I have been divorced for one year. Our house …
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