By Philip Tirone of 720creditscore.com. Every other week, I hold a question-and-answer session for the students in my credit-education program. Usually, I help people with their specific credit situations, give advice, and answer questions about the program. The other week, though, I was fortunate to have Anthony join the call. When Anthony started my program three months ago, his credit report was peppered with collection accounts and a judgment, so his score was about 580. To give you an idea of how that fares, anything below 620 is considered bad credit. So Anthony was considered the highest-risk borrower. But today, just three months later, his score has jumped 60 points. I tell my students that they should usually expect to wait about six months before…

By Philip Tirone of 720creditscore.com. Most people believe that taxes cannot be discharged through a bankruptcy. And while this is true in most cases, there are some exceptions … Did you file your taxes more than two years ago? And was the due date at least three years ago? As long as you aren’t evading taxes, in certain cases, you can have federal tax debt discharged during bankruptcy. I bring up bankruptcy a lot in my emails because I want to demystify it. A lot of people who feel tremendous financial pressure are scared of bankruptcy, But bankruptcy can be a great solution to financial problems. It allows you to wipe the slate clean and regain control of your life. And listen … living with…

This is a very insightful post written by Philip Tirone of 720creditscore.com. If you are getting married, you might be a little worried about how the marriage will affect your credit score, especially if your spouse’s score is lousy. But right off the bat, let me dispel this rumor: Your credit score and your spouse’s credit score will never be merged together. What your spouse does in his or her own name (past, present, or future) will not hurt your credit score… As long as you do not join accounts. When you get married, your behavior still counts toward your credit score, and your spouse’s behavior still counts toward your spouse’s credit score. If you pay your Visa bill late, the late payment will not…

The Wall Street Journal reported that Homeownership among young Americans under the age of 35 hit its lowest level ever – while student loan debt hit a new high.  College students who took out loans will graduate this year with an average of $33,000 in student debt, up 32 percent from 2007 – after an inflation-adjusted. Debt among those who went to grad school is also up sharply with overall student debt at $1.1 trillion – double the load in 2007 – with much of it at relatively high interest rates. Homeownership rates among those under 35 has fallen to 36.2 percent – down from a high in 2004 of 43.6 percent. “Overly indebted households are not in a position to spend and move forward,” said former White…

(Reuters) – Michigan Governor Rick Snyder on Friday signed into law bills that complete funding for a key component of Detroit’s plan to adjust $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history. The legislation allocates nearly $195 million in state funds for the so-called grand bargain, which includes $366 million pledged over 20 years by philanthropic foundations and $100 million from the Detroit Institute of Arts. The money would be used to ease pension cuts for Detroit’s retired city workers and protect art work from being sold to pay city creditors. The Republican governor hailed the legislature’s bipartisan passage of the bills, but cautioned that the bankruptcy case filed by Michigan’s biggest city in July 2013 is far from done. “This is a story…

Ever heard of Great Plains Lending? If you do receive anything from them, throw it in your circular file or use it as a fire starter. Here is there offer: “First time Great Plains Lending customers typically qualify for an installment loan of $100 to $1,000 with an APR of 349.05% to 448.76% which is less than the average 706.03% APR for a typical payday loan.” Worst yet, the company is operating within an Indian reservation here in America. As they state, “Great Plains Lending, LLC is a tribal lending entity wholly owned by the Otoe-Missouria Tribe of Indians, a sovereign nation located  within the USA, and is operating within the boundaries of the Otoe-Missouria Tribe, not the law of your resident state.” And then they conclude…

Dear Mike, We lost the vote.   This morning, the Senate held its first vote on the Bank on Students Act to let people refinance their student loans. We got a majority — 58 senators were ready to go our way — but the Republicans filibustered the bill and we didn’t even get to debate it. I guess this is when some people would give up. Not us. Not a chance. Here’s how I see it: When we first started talking about student loans last summer, we stood strong for a better deal on new student loans. Today, we got every Democrat, every Independent, and even three Republicans to support a bill that would permit refinancing for 40 million people who are shouldering $1.2 trillion in student loan…