Credit scores

Credit Scores Likely to Rise

Credit Scores Likely to Rise

Credit scores recently reached a record high and given changes to the industry, they could continue to rise. According to Fair Isaac Corporation (creator of the widely used FICO score), the average score hit 700 during the spring, the highest since at least 2005. As a reminder, FICO scores range from 300 to 850 and borrowers with scores above 750 are generally considered excellent, while scores below 650 are considered poor. The three most important factors that determine your FICO score are: payment history, total debt outstanding, which takes into account how many accounts you have and how close you are to your credit limit and the number of hard credit inquiries made on your behalf from mortgage, auto or student loan companies. 

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#277 Summer Travel with Peter Greenberg

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Here's the perfect antidote to Brexit Blues: Talking travel with Peter Greenberg. Peter, a multiple Emmy-winning investigative reporter and producer, is the travel editor for CBS News, appearing on CBS This Morning, CBS Evening News with Scott Pelley, and Sunday Morning, among other broadcast platforms. He is also the host of  the public television show, “The Travel Detective with Peter Greenberg”.

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We started with the basics that every traveler needs to know about Zika virus. Although fear is dominating, Peter says travelers need to practice common sense and be sensitive to germs. Because of the Zika fears, there are still deals for the Olympics in Rio! Peter advises that if you are interested in heading down to Rio, call hotel and ask which organization is controlling the block and leave your name. He also said that economic problems in Puerto Rico are presenting travelers with good options.

Last year, Peter told us to get to Cuba before it becomes Miami Beach South. He reiterates that advice and says that there is even more access to Cuba now, because six airlines are flying there. "Go now." says Greenberg, because before long, there will be price gauging when all of the tourists get there. Spend a week, but remember that the island-nation is still primarily a cash-only country. Peter's big tip: Change US dollars into euros, because there is a 30 percent premium on USD exchanges!

Peter's current favorite European destination is Malta, which is 1.5-hour flight from Rome. He said that you will find history, art and architecture, as well as a classic hotel in the Corinthian. For exotic or faraway destinations, Peter likes the Faroe Islands (between Greenland and Europe) and Indi, which he says is too big to do as one trip. Peter's two favorite hotels in NYC are The Mandarin Oriental and The Lowell, which has the last working fireplaces in New York!

You may want to check out Peter's book, “Don’t Go There,” which helps travelers avoid some common pitfalls. He advises avoiding places with high pollution, crime and alcohol consumption. His hot list of places to avoid includes: Syria, Chechnya and the Congo.

As a reminder, Peter warns not to confine your search for airfare to the web–only 52% of inventory is available there! Amazingly, calling still works, as does using alternate airports, which can also help limit airport security craziness/lines.

FOLLOW UP: I mentioned that previous guest Mark Cortazzo has an Annuity Review service…the website is www.annuityreview.com.

Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
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Radio Show #154: 529s, Social Security

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In between the Olympics and your binging on "House of Cards," check out this week's show! We move from college saving to retirement review what the new "MyRA" is all about.

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On this week's show, we help Gil and Evan manage their 529 plans and Jennifer to address the dreaded FAFSA form.

We also tackle Social Security questions with Dale and Joan and help Sheryl determine whether or not she needs a commission-based financial advisor.

And of course, 'tis the season...for taxes...we field  an interesting question from Ronnie about claiming her mother as a dependent.

Thanks to everyone who participated and to Mark, the BEST producer in the world. Let me know if you think we should provide Mark with a little space to vent his various grievances with you...we're considering calling it "Mark's Musings". If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
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Radio Show #153: Pension Envy, Retirement, Credit Scores,

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Take a break from the Olympics and check out this week's show, where we tackle a bunch of retirement questions and discuss how to boost credit scores.

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I want to admit something: I have deep, pension envy. You will hear it when I talk to Michelle and Mike, both of whom have terrific pensions that make retirement planning pretty darned sweet.

Kim and Kathy have similar concerns about how to boost their credit scores, now that they are in better financial shape. Meanwhile Frank and Mary need strategies to pay down debt.

On the investing front, Tom is ready to enter the world of riskier plays, while Andy is on the other end of the spectrum: he is considering his bond position with CDs.

Thanks to everyone who participated and to Mark, the BEST producer in the world. Let me know if you think we should provide Mark with a little space to vent his various grievances with you...we're considering calling it "Mark's Musings". If you have a financial question, there are lots of ways to contact us:
  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
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Radio Show #151: Financial Priorities

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No matter where you are in your life, it's important to prioritize your financial goals and objectives. In this episode, we help listeners at different stages, understand how to make those important decisions.

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Mark from MN is trying to figure out the best way to finance his daughters' college educations, without draining too much from his retirement nest egg. David from TX is almost finished paying for his daughter's college and is wondering whether he and his wife can retire early.

After leading a debt-free life and shunning all loans, Brian is having a hard time purchasing a car, while Brad is wondering how to manage a lump sum insurance settlement.

We helped both Kristen and Angel think about how to prioritize debt pay down, establish emergency reserves and contribute to a retirement plan; Bob needed a strategy to redeem his E and EE savings bonds; and David wanted to know how to maximize his various retirement plan options.

Thanks to everyone who participated and to Mark, the BEST producer in the world. Let me know if you think we should provide Mark with a little space to vent his various grievances with you...we're considering calling it "Mark's Musings". If you have a financial question, there are lots of ways to contact us:
  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 

Radio Show #123: When can you retire?

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The question "When can I retire?" pops up frequently. Unfortunately, there's more to the answer than a few calculations. The decision is a big one and varies based on your life circumstances.

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Richard from MN is considering retirement after being laid off. He and his wife are both working part-time, but with a nest egg of $850K, can he continue as is, or should he seek full-time employment?

Dan from CT is in his late 50’s and has a similar question, though his wife will be entitled to a pension, which makes the decision a bit easier.

Mike from IL and his wife have accumulated a $2.3 million nest egg and are looking to downsize for the next three years. Should they buy or rent?

Susan from Texas is a 55 year-old widow, who wants to make a change in her life. With savings and investments of $1.3 million, can she afford to quit her job as a teacher and do something else?

Michael is already retired, but his wife is weighing a lump sum pay out versus a stream of income – which is better for them?

Mark is 66 years old and is thinking about partial or full retirement based on the following facts that I will offer. He will have a pension, Social Security and $500K saved. He has the option of reducing his hours, which may be a perfect way to slide into retirement.

A few insurance questions popped up this week. Joe from OH needed help figuring out which kind and how much life insurance to purchase, while Jacob and Rita are concerned about long-term care. Lynn wrote in asking about purchasing whole life insurance for her 8 month-old daughter – JUST SAY NO!

The youth listenership of the show weighed in with questions about credit scores. Marvin and his wife want to buy a house, but he has a very low credit score and Jeromy is trying to keep a broken lease off his credit record.

Wes is 28 years old and trying to bounce back from some earlier financial mistakes. He is diligently paying down his car loan. His next step should be to establish an emergency reserve fund and then to begin contributing to his employers retirement plan.

Thanks to everyone who participated and to Mark, the BEST producer in the world and Christina, who is vying for "Intern of the Year". If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE