Q.  I have a lot of credit card debt.  What are my options?

A.  You have 3 basic options:  1)  Pay off the cards yourself - This is a great option if you can pay off the cards in a normal amount of time (4-5 years).  If you go longer than than the interest charges start adding up.  2)  Use Debt Consolidation - Debt consolidation can lower your interest charges and lump all of your credit cards into one simple payment.  3) Debt Negotiation - This is a great option for those on borderline bankruptcy.

Q.  I have bad credit and have just been turned down for a loan.  How can I improve my credit?

A.  There are several credit repair services out there that can help individuals improve their credit reports by challenging and removing the negative items.

Q.  I have no credit and have just been turned down for a loan.  How can I establish credit?

A.  There are several things you can do to establish credit.  1) The easiest is to apply for a credit card with a cosigner who has credit already.  This balances out the risk to the creditor.  Once you have some items on your credit report, you'll be more likely to get approved for future offers. 2) There are some low limit credit cards you can get that effectively build your credit.  You probably won't find these cards of much use, but it will be invaluable to the credit you'll be building.

Q.  How can I see my credit report?

A.  There are several services that allow you to order your credit report immediately online.  The fees range anywhere from $10-$30 depending upon which reports you get (you can get up to 3 reports; one from each major credit bureau.

Q.  My house is in foreclosure.  Is there anything I can do to keep my home?

A.  You have several options in this area.  1)  you can negotiaion a repayment plan with your mortgage company  2)  You can hire a mediation service to negotiate for you 3) you can pay all fees and payments owed.  Probably the easiest and most assured way to keep your home would be to use a foreclosure mediation service with a money back guarantee.

Q.  Is it wise to get a ARM mortgage?  (for those that don't know what an ARM mortgage is, it basically has a very low teaser rate in which saves money initially but then after 1, 3 or 5 years the rate goes up.)

A.  It depends upon your situation.  If you plan on staying in your house less than 3-5 years, and ARM mortgage will save you significant amounts of interest charges.  If you stay longer, the higher interest rate can come back and you'll end up paying more for your mortgage than a higher fixed rate.

If you have any other questions that weren't answered here, contact us.