Reverse Mortgages
by Gary Foreman
I am almost 80 years old, a widow, excellent health, no debts, my house is paid off, worth close to $200,000. I live on my social security with a small savings backup, and I manage to make my taxes and maintain a car and live well. My children think I should take out a reverse mortgage and spend the money doing some traveling. Are there any pitfalls in this?
Credit Card Balance Transfers
by Scott Bilker
I would like to use a credit card introductory rate to pay off a bank loan. I will need to borrow $13,000.00 credit to pay off the loan. I have heard that if my credit report shows too many credit card company requests within one year that I will be turned down for new credit cards...
What is Better? Fewer Cards with Higher Balances, or Many Cards with Smaller Balances?
by Scott Bilker
My husband and I are preparing to buy a new home. We want to clean up our credit card accounts to better our chances for a mortgage. We were considering paying off our credit cards with smaller balances using other credit cards. What is better when your credit is being considered for a home loan--fewer credit cards with higher balances or more credit cards with smaller balances?
How Much House?
by Gary Foreman
Considering the cost of homes these days, what is a reasonable percentage of a person's salary that should be used for a mortgage payment? And does this percentage include everything needed to run that home (utilities, water, phone, etc.)?
Providian Raised My APR to 29.99%
by Scott Bilker
I was shocked to learn my Providian credit card raised my APR from 23.99 to 29.99. I've never missed a payment or been late. I called to find out why and the rep told me they mailed out a notice of change in terms. I said I never received the notice. I calmly explained the situation, reminding them I've never missed a payment or been late, not even once. They said there was nothing they could do...
Mortgages, Taxes and Bigger Homes
by Gary Foreman
We have very nearly paid off our mortgage! But for some personal reasons we would like to have a different house. My husband says that since interest is tax-deductible, getting a new house makes financial sense especially with today's fairly low interest rates. To me, as much as I'd like to have a new house, it feels as if we have finally "caught up with our tails" only to begin chasing them again. Can you give us some perspective?
Answers to Your Questions About FICO® Scores
by Fair, Isaac and Company, Inc.
Answers to many common questions concerning credit scoring written by the credit scoring experts at MyFico.com®
Mom's Finances
by Gary Foreman
My 70-year-old mother lives alone a few miles away from two of her five daughters. She's fiercely protective of her privacy and independence. However, she cannot handle her money. We think she may have early Alzheimer's. She's always been bad with bouncing checks and having the utilities cut off for non-payment. But now she's much worse...
Getting Your Overpayment Refund
by Scott Bilker
I took out a debt consolidation loan to pay off five creditors. The loan company wrote checks directly to the creditors. The process took three months and by the time the checks arrived at the creditors my balances were less than the checks. Now a few creditors owe me because my payment was more than the balance! All but one has paid. They owe me $179.00, too much money to walk away from. How do I get the money back?
Why Not Lease?
by Gary Foreman
Is it better financially to buy or lease an automobile since it's a depreciating asset?Once you lease an auto you're much more likely to drive a new car every few years. And the first miles are the most expensive that you can put on a car.
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