Reader Question
Can I get title insurance from my auto insurance agent?
Alice, Trenton NJ
Hi Alice, no you can not…not usually that is. Title insurance is totally different from home, auto or life insurance policies. You need title insurance when you are in a real estate transaction. Your real estate agent or mortgage bank will usually recommend a title company to you.
I see a few title companies listed on this site as well…..
Reader’s Question:
How will my credit standing affect my application for transportation loan?
Larry
Fort Lauderdale, FL
Credit standing does not only ensure that you’d qualify for a car loan, but also affects the loan amount and interest rate. If you have a good credit, loan companies will grant you larger loan amounts with lower interest rates. That’s why it is very important that you maintain good credit whether with credit card companies, your landlord, employer, business partners, banks, or other loan institutions.
Reader’s Question:
Is paying more than the minimum for credit card balance more beneficial than bad?
Ben
Minneapolis, MN
Paying more than the minimum of you credit card balance can help you save. When you pay the minimum, you tend to pay more for credit card charges. The lower you pay, the longer it will take to pay off a credit card balance which will cost you in paying more interest. By paying minimum, you also decrease your balance a little lower at a time losing you some credit score points. This risks you of not being able to make emergency purchases in the future due to lack or insufficient credits.
Reader’s Question:
I have sent a dispute regarding a debt that was not mine. Is there anything else I need to do to help get the account removed from my credit?
Judy
St. Louis, MO
Once your dispute is received by the collection agency, a corresponding proof from the collecting party must be sent to you signifying that such debt has been assigned by the original creditor or is really owned by them. Documentation from the original creditor should be sent to you. A printout of the amount owed is not enough to verify such debt. Failure of the debt collector to verify the debt within 30 days will hinder the collector from attempts to collect and from listing the debt on you credit report. In the event that the collector lists the debt on your credit report, you may dispute with the credit bureau by sending the bureau a copy of your debt validation letter with certified return receipts. This will help you get the debt removed from your credit report.
Reader’s Question:
I think I am holding too many credit cards and it affects my credit. How do I know if my credit utilization is too high?
Renton
Kansas City, MO
Credit utilization is computed by dividing your total debt by your total credit. Your credit utilization should be lower than 30% to be ideal. Say, if your credit card limits sum up to a total of $5000 and your total credit card balances sum up to $2000, you generate a credit utilization of 40%. By holding too many cards, you are more tempted to charge your purchases. To keep credit card utilization down, it is best to keep your number of credit cards to a minimum.