When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly.
Ask Ken
Since 2001, I have counseled many hundreds of clients directly on how they can inprove their financial situations. One thing that I have found in common is that we all tend to make certain mistakes along the way.
Some of these mistakes are our fault, and we learn from these mistakes. Some mistakes are made by listening to people that do not have our best interests in mind. Instead, some rogue players will try to profit from personal misfortune.
Debt settlement companies omit facts and charge thousands of dollars in fees. Credit repair companies claim they can clean up correct information on a credit report. Even some for profit debt management companies try to shoehorn everyone into a one-size fits all plan.
The bottom line is that only you know the details of your situation. I cannot tell you what to do, rather I can interpret the facts that you provide to me and give you the bottom line on what your possible options and outcomes can be.
If you have a question about credit, housing, taxes or even employment, I am happy to answer your question and provide relevant information to help you in your journey. Since this is a public education website, your story will be shared with our other readers. Of course, I will try to maintain your privacy and protect any confidential information that you would prefer not be released.
To begin, you may ask a question.
Tags: Ask a Question, ask financial question
I am in the process of buying a house and we are closing in 3 weeks. My lender asked me to explain two negatives on my credit, one being an $88 medical bill from 2009 that I was unaware of. I did not realize this was for underwriting purposes only, so yesterday I called the collector to find out about the account, and paid it in full thinking it would help. My lender then told me this would “dramatically” impact my credit in a negative way. After reading about the “Fair Isaac” decision on no penalty for paying off a debt collection in full, I am doubting what my lender told me. With three weeks until closing, how quickly might this be reported to my credit, and what impact might it have on my closing? We have been approved for FHA and losing this house over paying an $88 debt will be crushing for us. Thank you.
Christina, your question has been answered: Will paying an $88 medical bill hurt my credit?