We have 4 experts here at Geezeo that are more than willing to answer any questions you may have about your finances. One of them is John Amorison, our expert who focuses on credit scores, credit repair, and bankruptcy issues. Find out what kinds of questions he’s been asked in his Geezeo Expert Group.
How can you come up with some cash to cover unexpected bills? What can you do to increase your chances at getting a loan? John suggests raising your credit score. How so? One way is to lower your debt to income ratio.
One user has found herself in a bit of a mess. She had a loan through one bank, but unfortunately, she will not be able to get that loan again for her second year of college. She only has about 3 months worth of savings to pay for tuition while she continues to look for another loan. What can she do, if anything, to help get something secured as soon as possible? John says “First, contact your financial aid department and find out if there are any loans, grants, scholarships etc. Second, see if they have any lenders that will lend. There are less, but there still are some.”
Would you withdraw money from your 401K in order to pay off some credit card debt that is holding you back? One user is debating on just that. They have about 15,000 in both the 401K and in credit card debt. Does it make sense? John advises them that “if you withdraw from a 401k, then there will be tax consequences so either your administrator will remove the tax liability or report the whole amount as income for 2009. Then you will have to pay tax on your salary plus the 15K. Talk to your accountant about that. At that point your 15k may only be 12k–after taxes.” See what other questions John asks them to consider.
Do you have a question for John regarding your credit score or other credit concerns? Please jump right into his Geezeo Group!
Also, if you have a question for any of our experts, please feel free to start up a conversation in one of our other expert groups:
