Stephen Snyder
Stephen Snyder is the founder and president of the After Bankruptcy Foundation a non-profit organization that assists bankrupt people recover from bankruptcy by improving their credit scores so they can qualify for a mortgage after bankruptcy or get an auto loan after bankruptcy. Stephen is also a bestselling author and popular speaker.
In addition, Stephen is one of only three personal finance commentators in the nation trained by Fair Isaac Corporation, the firm that created the credit scores that credit reporting agencies use to calculate a consumer's credit worthiness.
Stephen is also a popular resource that the media often turns to for accurate credit score information and interpreting personal credit reports. He´s been featured in The Wall Street Journal, Newsweek, Smart Money, The Washington Post, Bloomberg Television, CBS MarketWatch, CNNfn, CNBC, Family Circle, Better Homes and Gardens and other media outlets.
Articles by Stephen Snyder
February 19, 2008
What is the best way to request a higher credit limit? There's a smart way to do it and a not-so-smart way.
January 17, 2008
After bankruptcy your number one mission is to prove to lenders you're now a low credit risk. So what do they want to see from you? The right answers to the following six questions.
December 17, 2007
There we were, driving down the highway in my friend John's new $100,000 shiny, black Mercedes convertible.
It was the first time I'd ever been in such an expensive (and fast) car.
I was thinking to myself, "This is the life. I want this, too!"
It was the summer of 1993 and John called me t...
November 28, 2007
I want to explore the one of the most important action you can take to increase your credit scores: removing inaccurate negative information from your three credit reports.
Be warned: should you decide to tackle this process yourself, it can be time consuming and frustrating.
What the Credit R...
November 16, 2007
Just like a thermometer shows your temperature and helps you know when you're healthy or sick—your FICO credit scores tell you if your credit is healthy or in need of attention.
The fact that you're reading this article shows you understand how important your credit scores are when it comes to yo...
November 05, 2007
My lease is up soon and I want to be sure I get what I want...which usually means ordering the vehicle four months ahead of time. So a little advance planning is in order.
Of course, if you've just been discharged from your bankruptcy, or your FICO scores are low, you should have different priori...
October 29, 2007
There is one thing most bankrupt people have in common—collection accounts.
However, it's been my experience that most bankrupt people want to do the right thing and pay off the account(s).
Sometimes it just takes a little time. And when you do the right thing, you expect the collection agenc...
September 13, 2007
She was beautiful.
One look and that's all she wrote.
I wanted her and nothing was going to stop me.
I was determined.
Her body glistened in the sun. Her looks could kill.
She was every young man's dream...
Of course I'm referring to the used, red, Mazda Miata I tried so desperatel...
August 19, 2007
The first order of business...eliminate the problem that led you to file in the first place. Unlike the government—who can print more money when they get in a bind—we don't have that luxury to get out of our dilemma.This first step to bankruptcy recovery can be tough for most people. It was tough fo...
August 07, 2007
I was in a rare fit of anger.Last summer I got so mad at American Express, I closed a personal credit card account that I had just opened with them.The lady I spoke with at Amex was a complete idiot...and clearly working in the wrong department. I thought I was talking to a person in customer servic...
July 12, 2007
Credit held jointly can haunt you...especially after a divorce. With the divorce rate as high as it is (about 43% of all first marriages end within 15 years according to a study by the National Center for Health Statistics) be sure of your long-term relationship before you eagerly enter into a loan ...
July 06, 2007
OK, you've filed bankruptcy. Your credit isn't great, but you need to buy a car.So you go to the local car dealership and believe the salesman when he says..."Buy this car today at this high interest rate and we'll refinance you in 12 months at the lowest interest rate possible."Recovering from bank...
July 05, 2007
"Do you take this man to be your lawfully wedded husband...for better and for worse...regardless of his credit scores?"
OK, so maybe that's not exactly how most marriage vows go. But, how important are your potential spouse's credit scores in the grand scheme of things?
The first thing you nee...
June 15, 2007
One of the most important ways to achieve and maintain excellent FICO credit scores is to carefully manage your revolving credit.When I say, "revolving credit," I'm referring to any credit account you have where the monthly payment can vary. Credit cards are the most common form of revolving credit....
June 05, 2007
I couldn't believe what I was seeing.I recently reviewed my wife's FICO scores and I nearly fell out of my chair...they suggested she was carrying balances on her credit cards that were too high.What?!It couldn't be...she never carries a balance on her credit cards. I knew something was wrong, so I ...
May 18, 2007
Imagine this...You walk into a department store to purchase something you need. Then the friendly young person at the cash register says, "You can save 20% off your purchases today if you apply for our store credit card right now."Save 20%? Wow! Sounds like a great deal, doesn't it? But let's take a...
April 26, 2007
You know that one of the fastest ways to increase your credit scores is to simply increase the credit limits on your credit cards. But how and when do you ask for credit limit increases? There's a right way to do it and a wrong way.Increasing Your Credit Limits Can Decrease Your Credit ScoresWhat yo...
April 14, 2007
"...My wife and I purchased our FICO credit scores the other day. I was shocked to discover her credit scores were a lot higher than mine! Why? I make more money than she does, and almost all the credit is in my name..."I hear this all the time. It's almost as if husbands are competing against their...
April 03, 2007
You're ready to buy a new car.You've done all your homework.You know your three FICO credit scores.You determine that your highest FICO credit score is from Equifax (also known as your BEACON score).So, you find a car dealer who uses your highest score (which increases your opportunity to get approv...
March 03, 2007
I have yet to find credit reports offered online that are easy to order and provide all the information you need.And, this is probably going to ruffle a few feathers, but it's true...even the free reports offered on the new federally mandated website (sponsored by the three national credit reporting...
February 20, 2007
"One of the quickest ways to increase your credit scores is to increase your credit card limits."Pretty simple, huh?Now let me explain why something so easy can have such a great impact.Let's imagine you have 10 credit cards each with a $1,000 limit. So you have a total (or aggregate) credit card li...
January 31, 2007
"Hello, this is the fraud department of American Express, is Stephen Snyder available?"That's what my assistant Brenda heard when she answered the phone recently.I quickly called back.The gentleman asked if I recently purchased anything from Sony Electronics and shipped it to New Jersey.New Jersey? ...
December 27, 2006
It seems simple enough.So simple that you've probably overlooked it.I know I did.This little trick I'm about to reveal to you never even occurred to me until I switched to using my American Express (AMEX) card as my primary spending card.I started using AMEX as my primary card because I wanted to be...
December 19, 2006
You're getting ready to make a major purchase on credit and want to get the lowest interest rate possible. You know that paying down your credit cards will increase your credit scores.So that's what you do.You collect all your recent credit card statements. Verify each balance owed. And grab your ch...
December 08, 2006
OK, so if you're bankrupt and you absolutely need to rent an apartment here's what I would do:• Purchase your FICO credit scores. You'll see why in a minute.• Make a list of all the apartments you're interested in renting.• Call each apartment complex and interview the apartment manager.Here are som...
December 06, 2006
"I was just informed the interest rate on my credit card is jumping from 10% to 29%. I've never made a late payment. I called my bank and they told me it's because some of my other credit accounts were highly utilized."That's exactly what happened to my friend Kyle recently.Because he was close to h...
December 01, 2006
Staying married is tough. That's one of the reasons so many people give up.But staying together after a bankruptcy is really tough. Not only do you have your personal issues to work through, but you're constantly getting conflicting financial advice that can put you deeper in the hole.My wife and I ...
November 16, 2006
If you want to get approved at the best possible terms when buying a car, it's important you know a car lender's credit guidelines before you apply for credit...especially if you're bankrupt.It will save you time and frustration—but more importantly, it will help you avoid credit inquiries that may ...
November 14, 2006
Those of you who recently filed bankruptcy (and those bad credit scores) may be tempted, like I was, to ask a friend, parent or relative to co-sign on a loan with you.
Don't do it.
It weakens your position with lenders. Once a lender sees a co-signer on one of your loans—the lender will questi...
November 10, 2006
Personal bankruptcy? Kiss your dream job good bye...For quite some time, it's been standard for financial, gaming and government employees to have their credit reports checked by their employers. After all, we don't want criminals working in the government (insert your favorite joke here). But now, ...
November 03, 2006
You've probably heard that insurance companies use credit scores to determine whether to even accept you, and if they do accept you, to determine what you'll pay for your premium.Well, that's almost right.Insurance companies don't use FICO credit scores. Insurance companies often use credit-based, "...
October 27, 2006
You're bankrupt. You're doing all the right things to improve your credit and recover from your bankruptcy (i.e., managing your money and credit well, increasing your credit scores, paying your bills early or on time, and re-establishing credit).So when does the dark cloud that's been over you since...
October 22, 2006
I want to address a question I've been asked a lot lately..."Why have my credit scores gone down since I last checked them even though I've made all my payments on time?"First let me tell you that the only way your credit scores can go down is if information appearing on your credit reports changes....
October 22, 2006
Less than 6% of the population in the United States can brag about having FICO credit scores above 800.It's an elite club.The benefit of having a score above 800 is that you're guaranteed credit approval with the best terms from the best lenders. No hassles. Only the red carpet treatment.But do you ...