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My Credit Plan Blog

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Latest News and Updates

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When you purchase a home, agents will usually sell their clients on a Home Warranty. Unfortunately, I often hear horror stories of consumers trying to file a claim with a home warranty company. It can be a roof, an appliance, or a pipe, home warranty companies find every way to NOT cover the costs of repairs. There are more claims that are never covered. Why?

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Over the last three months, first time homebuyers have canceled new construction contracts, have canceled existing home contracts and basically no longer engaged in purchasing a home. They are MIA. It has gone from bad to worse with rates jumping so high. When are the first time homebuyers going to come back?

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There have been plenty young adults, those just turning 18, with several credit profiles in their credit report. How does that happen if any 18 year old cannot take out a loan before 18 in most states?

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Inflation is really starting to show its ugly face in the latest housing numbers from ATTOM Data Solutions and CNBC. Home foreclosure activity surged in the last few months and is 153% higher than last year at this time. MyEListing reports that almost 15% of all renters are behind on their rent payments. There appears to be considerable trouble brewing in the housing market.

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President Biden has simply blown it with cancelling student loan debt. This is just flat out wrong and its repercussions will last for generations. I see the problems with this every day and the financial devastation it has caused. This is a real mess and it all starts with the change in the law with the Affordable Care Act. How does the law with insurance coverage impact student loans and now Biden's proposal to cancel its debt? Let me explain.

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Equifax® admitted to providing inaccurate FICO® Scores from March 17, to April 6, 2022 from a coding error. How did this impact you as a consumer? If you bought a home or a new car, the impact could cost you a lot of money.

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As the Federal Reserve raises its interest rates, the impact to the rest of the economy is yet to be determined. However, one area that will have a profound impact is the national debt at $30.5 trillion. The cost of borrowing money will become much more expensive. It is not just the increasing cost of personal borrowing that is impacted, but also the future impact on other programs such as Social Security and Medicare.

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Nicolas Vega, a business reporter at CNBC, misled thousands of consumers by his recent article that credit utilization ratio makes up 30% of your FICO® credit scores. His statements are incorrect, inaccurate, and misleading. There are several other debt-related factors that have an impact on FICO credit scores.

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The last few weeks have seen some of the highest interest rates for mortgages seen in almost 15 years. Rates jumped from the low 5.00% on a 30 year fixed rate mortgage to about 6.50% before settling back closer to 6.00%. With rates jumping so much, where does the housing market go from here? There are already some signs.

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Consumers are under pressure like never seen in almost 40 years. I am seeing it more and more, and it is very concerning for millions. To combat high levels of inflations, many consumers have resorted to credit card and other consumer debt trying to navigate through these record inflation rates. Every person has an opinion. What can you do more? Here are some ideas that I have helped out many others over the last 30 years.