Craig Asks...

Craig Asks…

Q: Hi Steve,

Thank you for your wise counsel. My family is turning around our finances and life in general. However we've run in to an issue that I'm sure many have faced. So I thought I would share it would the entire list.

My wife and I have unexpectedly been forced to seek a new place to live. We have temporary accommodations right now, but need to find our own apartment ASAP. I have $2,000 available for move-in and deposit. I however am deathly afraid of failing the credit check. While my finances have improved the credit report still is in the toilet. I have a clean rental history, good job history, more than enough income for the places we have or may apply for. While I haven't been turned down yet it's a concern. And I don't want to spend a bunch of money applying to multiple places to only be turned down. What advice can you give us?

Thanks,
Craig

A: Craig, I actually answered your question also on the radio show yesterday. You might want to give it a listen.

Here is the summary. I think if you approach the situation with the following plan it should really help.

1. Get a copy of your consolidated credit report and be sure to order your credit score with it.
2. I'll write a credit repair page soon for the site with more detailed advice but for now look over your report for any items which are not correct and contact the credit bureaus about that. Dispute instructions should come with the credit report you will download online.
3. Armed with your credit report and credit score you can then go to the different apartment complexes and fall on the sword. Tell the rental agent exactly what your credit situation is up front. They generally know their boundaries and can give you some feedback to see if it is even worth applying there.
4. On the radio show we gave more options, listen to the show. If you follow our advice I think things will work out fine, you'll get a place and it won't be as bad as you think it will be.

   Thanks for being kind enough to send in your question to share with the list.

Fred Asks…

Q: I actually picked-up on your site from an article in the Monroe, LA News-Star World, in the financial section of the paper.

Question: And I have not searched your site at all yet, but just glancing I did not see "Budget Tools". Do you have a favorite budget tool, or Excel Budget Program you could provide on your website?

A: How the heck is old Monroe doing these days? I spent some of my college years in Northern Louisiana and traveled to Monroe quite a bit.

Budget advice is right here.

Yang Asks…

Q: Dear Mr. Rhode,

I have a $ 28,000 home equity loan against $ 127,500 my home value on September, 2004 from XXXX Federal Credit Union at XXXX, Tx. I want to get another home equity loan of $ 40,000 to pay off my two existing credit card debts from XXXX Credit Union. I have heard I need to wait one year to get a home equity loan from other financial institution. Is this true? I am wondering if I can get a loan now from XXXX Credit Union to consolidate all the debts including the existing home equity loan & two credit card debts. If it is possible, what penalty do I have to pay? Is there any solution to resolve my financial problem?

Thank you for your attention.

A: Rather than get another home equity loan you should consider refinancing the entire mortgage and take cash out. You'll probably get a better overall deal, its worth checking into. A couple of places to contact to refinance are below

I don't have enough information to speak about your general financial issues but if the first home equity loan was used to pay off debt and now you are doing it again you might be living beyond your means. Follow my Guaranteed Money Saving Process. To start reducing expenses right now.

Any penalty you will have to pay should be stated in your past loan document. If you are unsure, call the last home equity loan lender and ask.

Talley Asks...

Q: Actually I heard about your site in the newspaper here in Lafayette, LA The Advertiser.

I read with interest your recent column regarding mortgage payments made every two weeks cutting interest charges.

My question is this: Would I obtain the same results by sending an additional 1/12 payment and directing it to be applied to the principal?

Thanks!

A: Yes. A very smart thing to do as long as you are still able to save money at the same time. I've seen too many people that use all available cash to pay down debt and that leaves them living so close to the edge that when something happens, and it always does, they have to resort to credit again to get by.

If you are not currently saving, consider my savings plan approach. Step 1. Step 2. It works for me.

Your Money Coach For Comfortable Success,^sm

The Only Way I Can Offer This Free Service

I have always wanted to be able to help as many people as possible without money getting in the way of getting help.

My free Q&A assistance is subsidized by the small amount of revenue I generate from advertisers. While I have always resisted advertisements on my site, there is no doubt that it does allow me to offer more services for free.

I encourage you to visit the advertisers below. My site receives a few pennies when you do. If you do not see any advertiser links below and you would like to help me continue this free service, please visit my site and visit the advertisers.

My site receives no compensation from the banner advertisers unless you take advantage of their program. I have selected top quality programs with good benefits. I always keep my eye out for good money saving and beneficial links for you. The text links you may see below or on the left side of my site are displayed without my selection.