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Questions on Credit Related Items:

• Q: I am wondering what is the average interest rate for a home loan with someone with average credit. Assume that the principal amount is $700,000? (from Daniel in Arizona)
  A: Daniel, thanks for your question and it's one I know many people ask. Unfortunately there is no direct to answer the question. As you suggest in your question the exact interest rate a mortgage company will quote you depends on your credit history, the property value, the duration of the loan you select and the type of home loan (i.e. whether you get an interest-only loan, 30-year fixed, a pay-option adjustable rate mortgage, etc.). For a 30-year fixed, $700,000 property in AZ for someone with good credit you'd likely see an interest rate of 6-7% (roughly). Hope this helps!
  
• Q: What is a good credit (or FICO) score? (from Tom in New Jersey)
  A: Tom, thank you also for your question. The FICO scores range from about 300 to 850. Although there is no concrete law on what equals good or bad credit, there is a range. The rule of thumb is a score above 720 is considered to be "good credit," and a score below 600 is considered to be "poor."
  
• Q: Can a Collections Agency review my Credit Report? (from Peter in Georgia)
  A: Very good question Peter and thank you for bringing that up. I'll have to add more content around Collection Agencies. Yes, most Collection Agencies can review your Credit Report. This is because most Lenders have something in the contracts we sign that state delegated third parties can pull our credit report as necessary to ensure we make our payments.
  
• Q: With a credit card how do I get a Cash Advance? (from Jessica in California)
  A: In general if a credit card allows you to take Cash Advances (not all do), you will be sent a unique PIN (Personal Identification Number). If you go to an ATM, insert your credit card and enter this PIN it should allow you to take a cash advance. Keep in mind some ATMs have limits it will allow of any withdrawl (likely between $200 - $300). You can also take your credit card to your bank and complete a withdrawl form. The bank will process the advance for you. You can use another bank as well, but some banks will not do this for individuals that are not their customers. Also credit cards will often give you a limit on how much you can take out on a Cash Advance (see your lender), plus they will likely charge fees and in some cases higher interest rates. So read up before you use this option!

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