Credit card companies are hurting your credit score with the new rules that are coming out.  Across the board credit card companies are cutting credit lines, lowering credit spending limits and closing credit card accounts.  Well this may seem benign to some it is actually hurting your credit score.  When your credit card is closed, all of your credit history goes with it.  Continue Reading »

What happens to my fico score if I am reported late? If you are late paying on your credit card bill by thirty days or more, it will get reported to the credit bureau as a late. I have seen credit scores drop as much as 100 points just by having one late payment. If you are trying to buy a home and the credit late is within a 12 month period it may keep you from being able to buy or refinance your home.

Does having to pay the late fee automatically mean that I will be reported as late to the credit bureau? Continue Reading »

Debt Consolidation vs. CCCS what you need to know

You have probably seen the TV commercials promising hope for those who are overwhelmed by their debts. CCCS or Consumer Credit Counseling services offer what seems to be the golden pathway to getting yourself out of financial trouble. It used to be that one of the debt consolidation companies in the industry was Ameridebt. This is the company that most people think of. They are not longer in existence any longer. Continue Reading »

Can I negotiate my bills myself? Debt Negotiation, Debt Mediation or Debt Settlement is something that you can probably do on your own if you have a little education behind you. The first thing I would get familiar with is the Fair Debt Collections Practices Act of 1977. If you have thick skin for dealing with nasty and abusive creditors calling you all the time I would say do it. If you do not want the hassle you may want to hire a third party debt settlement company to handle your old collections. Continue Reading »