Yearly Archive:: 2009

On Dave Ramsey and Why You Shouldn’t Cut Up All Your Credit Cards

First of all, this isn’t a “bash Dave Ramsey” post. Rather, I greatly admire Dave Ramsey and his overall philosophy on personal finance. I’m sure most of you have heard of Dave Ramsey (he seems to be everywhere these days), but for those of

A Bank Account Closure Does Not Affect Your FICO Score

Question We are a military family and move often. We had one open bank account in our old home town that we never used, but since we both had to be present to close, just have never closed. My husband paid a bill online

Calculate When A Negative Entry Will Be Removed From Your Credit Report

Question I have two negative accounts on my credit report that have been sitting there for a few years. Other than those, my credit report has only accounts that are on time. I have recently started to try and really jump my credit score

5 Ways To Get the Upper Hand When Dealing With A Debt Collector

If you’re like most people, being on the opposite end of a collection call can be quite a defeating interaction. Collectors generally seem unforgiving and absolutely unwilling to hold a civil conversation. This all makes it very difficult to make any progress (let alone

How to Remove My Kohls Late Charge From Your Credit Report

Unfortunately, it’s easy to forget to pay a store credit card such as your Kohl’s Credit Card. Many times we simply don’t use them very often and it slips our mind. The problem is that forgetting to pay your Kohl’s card can result in

How Reopening a Credit Card Can Improve Your Credit

Generally, open credit card accounts look better on your credit report than closed accounts because open accounts add to your credit history. It’s good for your credit score to have a long credit history. If you made the mistake of closing credit cards like

Creditor Reported Late Payment Less Than 30 Days

Question I had a bill due around May 2nd, but was not able to pay the bill until May 29th. However, the creditor reported it on my credit report as a late payment. I heard that the creditor only shows deliquencies after 30 days.

Allowing A Collection Agency Access to Your Bank Account

Question I did not give a debt collector my bank account number, but I saw they tried collecting from my account. Is there any other way for them to get my account information, legally? Or should I pursue legal actions against them? Response There

How Paying Off Debt Affects Your Credit Score

Question How soon will my credit score improve after I pay off my debt? I am trying to figure out what is important. I was hoping you might be able to give me some insight. My Response I wouldn’t expect a huge jump in

Short Sale Vs. Foreclosure

Reader’s Question Hi Ashley, If you sell a property using a short sale, how does this affect your credit score? How many pionts will it reduce your score? Would I be better off credit-wise by just letting the house go into foreclosure? Thanks! My