Right now, Experian and FICO are offering what they call “credit score boosting” programs, Experian Boost and UltraFICO. Both are free and supposedly could help an individual increase their credit score by about 10 to 40 points. There are reports all over the internet that might lead you to believe that the credit score boosts […]
It’s called phone spoofing. It’s rampant. It’s all too easy to fall for. And basically it means that to protect yourself, you cannot believe what you see on your Caller ID. Ever. A customer came into the bank to speak with me. His mother-in-law had recently passed away and he was the executor of her […]
While it is generally not a good idea to co-sign a loan for an adult friend or family member who may have well-known problems managing their finances, co-signing an auto loan (or apartment lease) for a son or daughter is a different situation. Should you do it? The answer is … it depends. It depends […]
“Should I co-sign a loan for a family member or friend?” is a question bankers hear all the time. It’s a common request and you may choose to co-sign. But before agreeing, you need to be absolutely clear about the risks you’re taking when you co-sign. Here’s the reality: Let’s say that the person asking […]
A gentleman in his early 80s came to speak with me. There are valuable lessons in his story for everyone who has a pension, who expects to have a pension, or who will never have a pension. After working for many years with a mid-sized company, he retired about 15 years ago with a “guaranteed” […]
Earlier this year, there was a report in the Washington Post about a teacher in Southern California who called U.S. service members “the lowest of our low.” Apparently the school district was “deluged by thousands of emails, many from veterans, active-duty troops and military family members.” How appropriate that people who know how wrong that […]
Maybe you’ve heard about the new twist on the Microsoft scam. It used to be that an individual would get a call from someone pretending to be from Microsoft trying to get access to that person’s computer. Lately, from what we’re hearing, the scammer calls and actually tries to build their credibility by saying, “I […]
The first thing to realize when it comes to making complicated decisions perfectly is that there is no “perfectly.” Complicated decisions usually have at least one significant obstacle and often it’s more like “one thing after another.” Complicated decisions frequently involve time, money, deadline pressure, and emotion — that’s what makes them complicated. Even something […]
A few weeks ago, a customer emailed to ask if I would consider writing a column about the pitfalls of credit cards for young people, especially college students. He said he had a feeling his kids weren’t hearing him and he thought they might get the message if they saw it in the paper. “This […]
This is not about delayed gratification, although delayed gratification can be a very useful way to build your wealth — especially when the “delay” causes you to re-think an expenditure and ultimately forgo the “gratification.” No, this is about something else — specifically the idea of being willing to delay and experiment before making a […]
