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Category Archives: Credit Repair

LowerMortgage

Reaping the Benefits of Lower Cost Mortgages While Avoiding the Risks

By Nowack & Olson, PLLC |

Yes, it is possible to get a mortgage when your credit score is lower than 670.  Some lenders will even consider your application if your credit score is as low as 620.  Your options will be limited as far as the amount you can borrow, though.  With less-than-optimal credit scores, the interest rates on… Read More »

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Bank18

Should You Pay Someone to Repair Your Credit or Settle Your Debt?

By Nowack & Olson, PLLC |

Advertisements for credit repair services and debt settlement companies know that you are in financial distress, and they know where to find you.  You wouldn’t be watching television or listening to the radio unless you were so broke that you had no authority to choose your own background noise at work, or unless you… Read More »

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BankruptcyQuestions

What Are Credit Builder Loans?

By Nowack & Olson, PLLC |

People say that, if you owe zero debts and you have ten dollars in your pocket, you are rich.  This is a motivating thought if you are trying to pay off your debts.  Perhaps you are rich if you have ten dollars in your pocket and you own a house unencumbered by a mortgage… Read More »

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CreditR

Posh Strategies for Rebuilding Your Credit After a Bankruptcy Filing

By Nowack & Olson, PLLC |

In the early years of the previous decade, the 99 percent raised their voices in frustration about the financial struggles they faced because of policy decisions made by the wealthiest one percent of the world’s population.  This led to some relief for consumers, but the Great Recession now seems like ancient history, and most… Read More »

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CouplePlanning

Personal Loans: A Guide for the Credit Invisible

By Nowack & Olson, PLLC |

Getting your first loan is a challenge, but once you have been making payments on one loan, creditors will line up around the block to lend to you.  If you are young, it is a good idea to start building your credit history, even by borrowing just a small amount, even as you try… Read More »

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CreditCards

Credit Limit Increases: A Credit Score Quick Fix or Just More Debt

By Nowack & Olson, PLLC |

If you have a credit card, even if the credit limit is low, you are on your way to major creditworthiness.  It is often possible to increase the credit limit on your credit card without opening a whole new account and getting a new card.  Making at least the minimum payment toward your credit… Read More »

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Bankr30

Chasing The Elusive Dream Of Creditworthiness

By Nowack & Olson, PLLC |

The credit reporting system currently is supposed to be fair.  The Fair Credit Reporting Act of 1970 went into effect in order to prevent subjective decisions by lenders about which borrowers to approve for loans and how much to charge them to borrow money.  Before the days of the Fair Credit Reporting Act, creditors… Read More »

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Credit

How Are FICO Credit Scores Different From VantageScore?

By Nowack & Olson, PLLC |

Sometimes it seems like the credit reporting system is designed to make it difficult for people who do not have generational wealth to build their creditworthiness.  Only certain types of financial obligations factor into consumers’ FICO credit scores, and these tend to be types of financial obligations only accessible to middle class and upper-class… Read More »

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CreditRepair2

How To Buy A Car When You’re Broke And Your Credit Score Is Terrible

By Nowack & Olson, PLLC |

These days, everyone is living paycheck to paycheck, and in South Florida, the only way to get to your job and your gigs is with a car.  The financially prudent thing to do is to drive your old car until it will no longer budge.  Of course, you are probably already doing that, which… Read More »

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CreditRepair

Credit Reports Show Fewer Debts In Collections, Helping Consumers Improve Their Creditworthiness

By Nowack & Olson, PLLC |

The three years since the COVID-19 pandemic have brought an onslaught of fear, not only existential dread about our own mortality and about the fragility of the natural ecosystem and of political institutions, but also more mundane worries about whether we can pay our bills this month while keeping up with the minimum payments… Read More »

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