Cutting Up Credit Cards
by Scott Bilker
Hello, My wife and I have a lot of credit cards. WE would like to cut them up so we don't use them. Should we notify the company's first to cancel them? We are having trouble paying them. Thanks for your help. Richie
Equity Issues
by Scott Bilker
Scott, Problem is, our 2nd mortgage is a LOC and the APR is drowning us! We want to pay off the LOC and our credit card debt and have some cash to invest in renovations. We are a single income family and as far as debt to income ratio is concerned, we're not looking so good. What to do? Alison
Applying for credit cards
by Scott Bilker
Scott, How often can you apply for credit cards? Does it look bad on your credit report if you apply for many credit cards? My husband and I have 5 credit cards. Our credit rating is good, so most of our interest on our cards are between 5 and 7%. We owe $19,000 and I am currently emptying one of our cards so that we can transfer the entire $19,000 using their 2.99% life-of-the balance rate. Thanks to your many tips in your newsletter! Maria
Running argument regarding credit card debt
by Scott Bilker
Scott, My husband and I have a running argument regarding credit card debt. He gets very upset when I look at the offers we receive in the mail to see if the APR is lower then any of the cards we currently have and even think about transferring the balance. I am always interested in the 0% offers, but he says that creditors don't like to see you transfer balances over and over to 0% because it shows that you can't handle the balance "load". Tracy
I am horrified--they want to know what I am going to do with the money!
by Scott Bilker
Dear Scott, I play the zero percent game every year and never ran into this one. Yesterday I did a balance transfer at zero percent to pay down my house. They gave me $20,000, which I will pay back in a year. I was horrified that they asked me what I was going to do with the money. Why all of a sudden do they want to know what I am doing with the money? Greg
Pickup Payments
by Scott Bilker
Mr. Bilker, I really enjoy reading your newsletter and have gotten several good tips from it. My problem is that I have a 2000 dodge pickup on which I owe about $13,000 on and it is only worth around $9,000. I am about halfway through a five-year loan and am paying $524.00 a month. I married recently and am having a baby soon so I need to find a way to either get rid of this pickup or lower the payments. What would you recommend? Any advice would be appreciated. Thank you. Tracy
Thanks! And A Question About FICO Scores
by Scott Bilker
Hi, Scott, FICO scores seem like the king of the credit world, and the scoring system is so secret and counterintuitive that it's frightening to me to make ANY changes with my credit card "portfolio". I'm eager to pursue more of your advice, but am terrified of damaging my credit score (which is in the low-mid 700's)....Thanks again! Love your stuff. Judd
Household Math™: Semiannual Mortgage Payoff
by Scott Bilker
I purchased property for $27,515.00 at 7.5% for 8 years on a semiannual payment of $2318.00, the first year three payments were made of $2,318.00; we have paid three years so far. This year, on our due date, we would like to payoff the mortgage. What will the amount due be?
Choosing a debt counselor
by Scott Bilker
Scott, I am interested in finding out about credit counseling...an overview of what it entails and how to choose a person or organization. Questions to ask and what to look for. I need outside, ongoing help with changing my habits in regard to money. Your help is much appreciated. Heather
Can an unpaid cellular phone bill be reported on my credit report?
by Scott Bilker
Scott, Can an unpaid cellular phone bill be reported on my credit report? I am in a dispute with a cell company over a bill that was paid by check and not credited to my account. Thank you for your help. Theresa
Subscribe FREE and start
finding new ways to save
money and pay off your debt.
"The DebtSmart Email
Newsletter is packed with
cutting-edge strategies for
solving credit problems. I
highly recommend it."--Gerri
Detweiler, radio host and
author of The
Ultimate Credit Handbook
