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Establishing good money habits early in life (trust me, at 53, if you're in your twenties, you ARE early in life,) is paramount for building a solid financial foundation for the rest of your life. Since we aren't taught these things, no matter what level we educate ourselves, or to what degree, people ask me how to start their financial life.

PostedOctober 8, 2011

AuthorMax

CategoriesCredit & Debt

TagsBudget, Credit Cards, Loans, Spending

While new credit only accounts for 10% of your FICO score, it really can't be ignored. If you're young and don't have a lengthy history, opening up a new account can hurt your score as too much credit is generally considered risky. If you have what might be construed as too many accounts, then the thought is that it's too much to keep up with, especially all those different payment dates.

PostedSeptember 21, 2011

AuthorMax

CategoriesCredit & Debt

TagsBanking, Credit Cards, Credit Score, Loans, Mortgages

Although the length of your credit history only weighs in at 15% of your score, it is still vitally important. Don't confuse this with your payment history; your payment history is the quality part, while your payment length is the quantity part.

PostedSeptember 14, 2011

AuthorMax

CategoriesCredit & Debt

TagsBanking, Credit Cards, Credit Score, Interest Rates, Loans, Mortgages

Identity theft is life-changing; you are no longer yourself when it comes to your credit because someone has taken over your "credit life." That doesn't mean they start paying your bills; oh no, they start charging food, clothes and gasoline to a credit card in YOUR NAME. The good credit you've built up over the years is destroyed and it could be years before you totally eradicate the ramifications.

PostedAugust 3, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Cards, Credit Score, Fraud, Identity Theft, Loans, Renting

People who live in glass houses, shouldn't throw stones. Not only do most Americans criticize the government for escalating the federal deficit, but according to the most recent polls, they are in favor of increasing the ceiling. Most people understand how catastrophic it would be if the government didn't raise the ceiling.

PostedJuly 29, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Cards, Frugality, Government, Loans

Although there's still a lot of uncertainty in the housing market, the drop in home prices has made home ownership very alluring. However, you may think you don't qualify for a mortgage. It might not be as bad as you think.

PostedJuly 20, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Cards, Credit Score, Employment, Interest Rates, Jobs, Loans, Mortgages, Real Estate, Recession

There are several provisions of the 2009 Credit Card Act that are intended to help consumers. Whether these provisions are changing consumers behavior is another matter.

PostedJuly 8, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Cards, Credit Score, Interest Rates, Loans, Mortgages

Last week we discussed how your credit history accounts for 35% of your FICO score. The next biggest component comprising your score is the amount of debt you have which comprises 30% of your score. That means nearly two-thirds of your credit score is made up of your history and your amount of debt.

PostedJuly 7, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Cards, Credit Score, Loans, Mortgages

Your FICO score ranges between 300 and 850; the higher your score the more likely you'll get charged lower interest rates on loans, you'll have lower insurance premiums and you'll get a job. The best way to improve your FICO score is to focus on your history.

PostedJune 29, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Score, Employment, Insurance, Job, Loans, Mortgages

Much to your horror, you may be surprised to find that your doctor bill can continue to cost you long after you've paid it.

PostedJune 26, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit Score, Health, Insurance, Interest Rates, Loans, Mortgages, Real Estate

While some may find it easy to ask for money, it's not so easy to get the lender to say yes. It's really all about who you ask and how you present yourself.

PostedJune 12, 2011

AuthorMax

CategoriesCredit & Debt

TagsBanking, Interest Rates, Loans

If you've declared bankrupcty, you now have a second chance to have a clean life... credit-wise, that is; don't blow it! You have to strategize so you can make the most of this "second chance." Here are five important steps to take:

PostedJune 11, 2011

AuthorMax

CategoriesCredit & Debt

TagsBankruptcy, Credit Cards, Credit Score, Health, Loans, Recession

My father graduated from Harvard Law School in two years; he was a smart man. However, he always said, "I don't need brains, just 'Lady Luck.'"

PostedMay 28, 2011

AuthorMax

CategoriesSaving Money

TagsFinancial Planning, Loans, Mortgages

It's sometimes hard to find the cash we need, especially these days. Many people have been borrowing against their home. Only on rare occasions is this the wise thing to do.

PostedMay 12, 2011

AuthorMax

CategoriesCredit & Debt

TagsBanking, Credit Cards, Loans, Mortgages, Real Estate

Often times people are confused about the interest rate when shopping for car loans and mortgages. Then they wonder if that rate can be compared to the interest they earn on an investment.

PostedMarch 16, 2011

AuthorMax

CategoriesCredit & Debt

TagsInterest Rates, Loans, Saving

Today, students are graduating from college (if they studied hard) literally with a mortgage on their hands. Some students have upwards of $100,000 or more in student loans.

PostedFebruary 8, 2011

AuthorMax

CategoriesCareer & Economy

TagsCollege, Grants, Loans, Scholarships

Too many people simply look at the minimum amount due on their credit cards and think, "Wow, that's so cool, all I have to do is pay the minimum on this $12,346.52 balance; that's not much at all!"

PostedJanuary 14, 2011

AuthorMax

CategoriesCredit & Debt

TagsInterest Rates, Loans, Spending

Starting January 1st, 2011 if you apply for a loan or a credit card, and credit is extended but on less favorable terms than to other consumers, the issuer must now notify you of this fact. It used to be you would only have been notified under these conditions if you were financing your home.

PostedJanuary 10, 2011

AuthorMax

CategoriesCredit & Debt

TagsCredit, Interest Rates, Loans

Many seniors graduating from school already have a mortgage on their hands. I've spoken to several people who have student loans totaling over $150,000. Your best first step would be to start paying down on that student loan and start saving for a down payment.

PostedJanuary 5, 2011

AuthorMax

TagsCredit, Loans, Mortgages, Real Estate, Spending

Some cycles are just hard to figure out when and where they start and when and where they end. So let’s look at the housing cycle. I’ve always said, if you follow housing, you follow the economy.

PostedDecember 27, 2010

AuthorMax

TagsBanking, Credit, Loans, Mortgages, Real Estate, Recession