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Credit Cards and the Law – Senate OKs Consumer Friendly Bill

By on May 22, 2009 in Credit, credit card, credit repair, interest rate, loan, new credit, Payment, Payment Plan, secured credit, secured credit card, Sub-prime

Like any change to an existing business practice, this will have big implications for both the credit industry and the consumers of credit. I will be analyzing the impact of this bill over the next several days.

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Banks Starting To Walk Away From Foreclosures!

By on April 3, 2009 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, foreclosure, loan, Mortgage, Payment, Short Sale

Susan Saulny, a writer for the New York Times, has written a story about a new problem with Foreclosure: The bank may not want your prorerty back!

In some cases, the cost of the foreclosure exceeds the value of the property. In that case, the lender may not go through with the foreclosure, which means the holder of the title (the current homeowner) is liable for the property.

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What Is A “Cram Down” When You Re-Affirm A Debt?

By on February 4, 2009 in Chapter 13, Chapter 7, Charge-off, Chargeoff, Collection Agencies, cram-down, Credit, credit score, Establish Credit, finance, foreclosure, Improve Credit, loan, Minimum Payment, new credit, Payment, Payment Plan, re-affirmation, reaffirm, Reaffirmation, secured credit, Settlement

Well, it is over. You filed bankruptcy, and met with the trustee, and your bankruptcy case is over. You now either have a schedule of payments with a Chapter 13, or you wiped most of your debt clean with a Chapter 7.
But there may be a few assets that you decided to keep that you have to re-affirm.

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What Is Junk Debt And Why Do I Care About It?

By on February 3, 2009 in Chargeoff, Collection Agencies, Collections, Credit, credit card, credit score, Establish Credit, Forgiveness of Debt, Improve Credit, interest rate, junk debt, Payment, Payment Plan

You may have heard of ‘junk’ categories before.
You can find junk bonds, junk dealers, and junker cars. The term means the same thing: an item of low or poor value.
Well, now we have junk debt. Junk debt is debt that is either uncollectible through ‘normal’ means, or debt of very low value.

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Can I Ask a Credit Card Company to Reconsider When They Deny Me Credit?

By on February 2, 2009 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Crisis, credit score, denied credit, denied credit letter, Establish Credit, foreclosure, new credit, Payment, Payment Plan, reconsider for credit, secured credit, secured credit card, Settlement

I hate those letters. I used to get them a lot. They tell me that I have been denied, yet again, for the credit card that I wanted.
It was my fault. My credit scores were terrible. I couldn’t really blame the companies that I applied with. I had a bankruptcy, and late payments, and car repossession, and a foreclosure, and over limits, and things like that. But I am a really nice guy, and I have a job!
They don’t care.

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Why Did My Credit Card Company Reduce My Credit Limit?

By on January 21, 2009 in Charge-off, Chargeoff, Collections, Credit, credit card, Credit Crisis, credit limit, Credit Report, credit score, Default, Equifax, Establish Credit, Experian, finance, Improve Credit, Payment, Payment Plan, Transunion

Becky has a JC Penney card, issued by GE Money Bank. She has never been late (she showed me her payment history online), and is well below her credit limit of $400.00. A few days ago, right after she made a large payment and paid the card off, she got a letter telling her that her credit limit would be reduced to $100.00 or her current credit limit, whichever was greater…

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What Does It Mean To Reaffirm A Debt After Bankruptcy?

By on September 7, 2008 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Credit, credit card, Credit Report, credit score, Default, Establish Credit, foreclosure, Forgiveness of Debt, loan, Payment, re-affirmation, reaffirm, Reaffirmation, secured credit, secured credit card

When you file for bankruptcy, you may choose to keep some of your debts. For most debts, like credit cards, you just keep making payments and they will probably never say a thing unless you have included that creditor in you list of creditors that you provide to the court. In other words, if you don’t mention that creditor to the courts, the creditor may never know you filed for bankruptcy.

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A Collection Company Is Suing Me! What Should I Do?

By on September 1, 2008 in Charge-off, Chargeoff, Collection Agencies, Collections, Credit, Credit Crisis, Credit Report, credit score, Default, Equifax, Experian, Judgement, Payment, Payment Plan, Settlement, Statute of Limitations, sued by collection agency, Transunion

Getting sued is a terrible thing. The prospect of having to go to court, the possibility of a judgment on your credit report, and having to meet a debt collector face to face fills most people with dread. Unfortunately, once that suit is filed, there is very little you can do to get out of going to court.

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How Do I Get Secured Credit?

By on August 30, 2008 in Bankruptcy, Chapter 13, Chapter 7, Charge-off, Chargeoff, Collection Agencies, Collections, Credit, credit card, Credit Report, Default, Divorce, Equifax, Establish Credit, Experian, Federal Reserve, finance, foreclosure, Forgiveness of Debt, Free Credit Report, Improve Credit, Insurance rate, Insurance score, Judgement, loan, Mortgage, new credit, Payment, Payment Plan, Reaffirmation, secured credit, secured credit card, Settlement, Statute of Limitations, Sub-prime, Taxable Income, Transunion

Often, when you are starting out to build or rebuild credit, you will have a very difficult time getting a credit card. The creditors look at you and see that you are too large a risk to work with. When that happens, you can either keep trying different creditors, or you can try to get a secured credit card or secured loan through your credit union or bank…

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My book, Credit Cleanup, has been released!

By on August 27, 2008 in Bankruptcy, Chapter 13, Chapter 7, Chargeoff, Collection Agencies, Collections, Credit, credit card, credit clean up, Credit Crisis, Credit Report, credit score, Equifax, Experian, foreclosure, Free Credit Report, Judgement, Payment, Reaffirmation, Settlement, Statute of Limitations, Transunion

I’m so excited, I can’t hardly stand it! My book, Credit Cleanup, is available for sale!

This e-Book will show you how to read a credit report, how to find errors and items harming your credit scores, and how to fix those items that can be fixed efficiently and effectively. You don’t have to pay someone else to do this work! Credit Cleanup will teach you how to manage your credit report and keep it clean, and it will do this for hundreds or thousands less than you would pay a credit repair company, and with better results!

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