Posts Tagged 'Credit'

Why Making Minimum Payments On Credit Card Debt Is Insane

If you can’t write a check, you don’t have the resources like a 401k or equity in a home to pay off your debt, what can you do? Most people out there are just making minimum monthly payments, exactly what the banks want them to do. The average client I deal with these days has around [...]

21 December 2009 at 07:13 - Comments

Credit “Rating” vs. Credit “Worthiness”

What’s the difference between “credit rating” (credit score) and “credit worthiness?” How do these two different aspects of your credit affect you? How much money is your debt  costing you right now? Many people are overly concerned with their credit score.  Many don’t really know how credit works.  Even fewer really understand “credit worthiness.” To most it’s a [...]

9 February 2009 at 07:12 - Comments
Ilona Vanderwoude
Wow - this is great information. Jesse, you should be on Oprah! This is better than Suze Orman. Luckily, I'm ...
2 February 10 at 02:27

Credit Tips – Third Leg: “Debt-To-Credit-Limit” Ratio

Welcome to the third and final piece of the credit puzzle… You’re just about to completely understand “How Credit Works” and gain an exact understanding of where your credit is right now.  This will help you make your best choice to be debt free ASAP by understanding how each option to get out of debt will [...]

27 January 2009 at 07:27 - Comments

Credit Tips – Second Leg: “Debt-To-Income” Ratio

The second leg of my World-Famous “Three-Legged Stool” Analogy of “How Credit Works” is your “debt-to-income ratio”. “DTI” as they call in the mortgage industry. If you’ve ever gotten a mortgage or refinanced your home, then you know the mortgage folks are very interested in your debt-to-income ratio. Remember, debt-to-income ratio is the amount of money that [...]

20 January 2009 at 07:22 - Comments

Credit Tips – First Leg: Payment History

If credit is like a three-legged stool, then the first leg of your credit is your “payment history.” Payment history is simply a record of how well you’ve made your payments; if you’ve been on time or if you’ve ever been late. Payment history is the most common factor people think of in regards to [...]

13 January 2009 at 07:31 - Comments

Credit Tips – World Famous “Three-Legged Stool” Analogy

I’d like to give you my world famous “three-legged stool” analogy to help you forever understand credit easily. There’s a lot of information out there about credit. You can get into a lot of complexities, but this little analogy is going to make it very simple to see where you’re at now, and how each different [...]

6 January 2009 at 07:30 - Comments

Debt Relief Options: Bankruptcy

Traditionally, if you’re not able to make minimum payments,  you’re in a hardship, or you just find yourself in too much debt, what you do is  file bankruptcy. You file bankruptcy and you pay zero. The creditors get nothing and it’s the ultimate move, the ultimate trump card that you’ve got as a citizen. Unfortunately, about [...]

3 January 2009 at 20:01 - Comments
smalinski1
Jesse:I agree that the new laws passed for Bankruptcy have only hurt those of us who realy need help. I ...
26 September 09 at 17:48

How & Why to Get Out Of Debt

The first option you have is to whip out a check and pay it off, but if you’re reading this now that’s probably not an option you can pursue. There are possibilities you may not have thought of. You may be able to borrow against a 401k. You may be able to pull money out [...]

2 January 2009 at 23:37 - Comments