I just received a notice from a local department store that they are INCREASING my interest rate from 24% to 31%! I’m a bit befuddled since the Fed recently lowered the funds rate by 0.50 and I pay off my account monthly. My credit is excellent. I decided to call the 1-800 number on the notice and was told this is an increase “across the board” and they do not have a lower rate to offer me. I enjoy receiving my benefits from using the card and even though I rarely pay interest as the bill is typically paid off every month, I can’t support this rate. I asked if there was anything I could do and she informed me that I have no options…except to no longer use this card. [Read more…]
PSA: Check Your Credit Card Interest Rates
October 18, 2024 by Leave a Comment
5 Steps to Creating Financial Security
April 26, 2023 by Leave a Comment
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]
Before Applying for a Mortgage, Opt Out First
October 12, 2022 by Leave a Comment
UPDATE December 11, 2025: Since writing this post, this practice is supposed to end sometime in Spring of 2026 – HOWEVER, I still highly recommend taking these steps to protect your credit.
WARNING: Rant ahead!
When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault! [Read more…]
What to do if your bank closes your line of credit
July 9, 2021 by Leave a Comment
CNBC reports that Wells Fargo is closing personal lines of credit and no longer offering the product to consumers. In a letter sent to their clients, they state that the closure may impact their credit scores. In my opinion, this really stinks! [Read more…]
‘Tis the Season to not sabotage your credit
December 9, 2019 by Leave a Comment
Several weeks before the holiday season sets in, we begin to see those commercials I absolute dread. You know, the luxury cars with giant red bows on them…the recipient gushes, “you shouldn’t have!”… and they’re right, the gift giver probably should not have – especially if they’re considering buying or refinancing a home. [Read more…]
Boost Your Credit Score or Boost Your Spam?
October 17, 2019 by Leave a Comment
Experian, one of the big 3 credit bureaus, has been actively promoting that consumers can “boost” their credit score using their services. Since I help people with their credit and mortgage needs for my profession, this naturally got my attention.
NEW! WSHFC now allowing Non-Traditional Credit
December 14, 2017 by Leave a Comment
The Washington State Housing Finance Commission (WSHFC) is now allowing borrowers without established credit (aka “non-traditional”) to qualify for a mortgage.
Here are some of the requirements: [Read more…]
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