Consumer credit is tougher than ever to come by.
The story is the same for credit cards, auto loans,
boat loans, and other forms of consumer credit.
Some 66.6% of lenders said they were tightening standards
on credit card borrowers. That was up from 32.4% just
a quarter earlier and the highest since the Fed began
collecting data in 1996.
67.4% are […]

Question:
I have four Visa credit cards. Three of them have a
balance of about $200 bucks each and one Visa card has
a balance of $3,500. All the interest rates are about the same.
I came into a little windfall and have $1,500. to apply to
my cards. Which would make more sense. Apply the total
$1,500 to the […]

Question:
I’m engaged to be married in the next six months.
My credit rating is good, but my fiancé’s credit is really bad.
How will that affect my credit?
When we do get married, how will her poor credit affect our ability
to purchase a home and get a mortgage?
Can creditors come after me for her debts?
Answer:
Fortunately for you, your […]

Question:
I am thinking of going to a credit counseling program to consolidate my debt.
I have been making my minimum payments on time so far. My credit is still good,
but the bills have gotten out of control and I won’t be able to keep it up much longer.

How will a credit counseling program affect my credit?
Answer:
You’ve […]

Question:
I owe my CapitalOne credit card $2,500 with an interest rate of 21%.
How long will it take me to pay it off with payments of $100 each month?
How much interest will I pay?
Answer:
21% interest rate is a rather high rate. The good news however is that
you have decided to commit to a fixed monthly payment […]

Question:
What is the quickest way to improve my FICO credit score?
Answer:
Most people know that paying their bills on time is important if you want
a good credit score. But paying your bills on time is not always enough
to ensure a strong credit score.
The median FICO credit score is 723.
But FICO scores above 760 are ideal […]

Question:I have a credit card with a balance of Ten Thousand Dollars
at 5.99 percent APR. I used it to pay tuition, books, and
expenses to help my daughter through college.
I have applied for a Sallie Mae loan to help pay for my
her education. Should I use the Parent Plus Loan to consolidate
my credit card debt?How will […]

Question:
I have a pretty good credit history. I am thinking about adding my daughter
as a joint account holder with me since she doesn’t have any credit history.
How will her credit affect my credit report?
Would it be better if I cosigned a credit card for her?
If she screws up and misses a payment, how long would […]

Today is the 1 year anniversary of when I started this blog.
Congratulations to me!
I originally started this blog telling about my inappropriate use
of credit years ago when I was a young college student.
I have covered many different topics since that first day.
I’m now coming full-circle and will start talking about credit once again.

Question:

I fell behind […]

This is the story of what happened to an Architecture student (me)
who defaulted on his student loans and credit cards.
It is an eye opening exposure of what the banks can do to you.
Let this serve as a good example of what a bad example looks like.
…………………………………………………………………………………..
Student life, I know for a fact is one of […]