Does Debt Consolidation Work?

Josh: Does consolidating my credit work? Samira: No. I’m sorry to tell you but when you consolidate your credit through one of these non-profit organizations it’s not reported in a positive way. It’s reported as a consolidation and basically from what I’ve seen, it’s scored as if you had filed a bankruptcy. It lowers your…

Is bankruptcy ever good?

Josh: We’re going to get onto the bankruptcy questions. Samira:Yes. Josh: I think we’re going to be gearing this towards … We’re going to be using a lot of this footage to promote some of that part of your practice, okay? Samira: Mm-hmm (affirmative). Josh: Let’s talk about bankruptcy. Is bankruptcy ever a good thing?…

Pulling Credit

Josh: Does them pulling your credit actually affect your score? Samira: Yes. When someone pulls your credit, a third party, for purposes of a loan or extension of credit for a credit card, it does affect your score. The question becomes if they pull your credit more than once because you’re buy a car it’s…

Impact of Public Records

Josh: Okay. Explain the impact of public records. Samira: Public records are judgments and information that is available to anyone in the public about you. If you were evicted, for example, as a tenant and they have a judgment against you, then that may show up on the credit. If you had a foreclosure, it’s…

Payment History

Josh: Okay, the main parts of credit score, explain a little bit about payment history. Samira: There’s really three to four parts of a credit score. One of them is the payment history. It makes a lot of sense. If you’re paying late, it’s going to hurt your score. Some people don’t understand that. They…