Tess is joined by senior producer Paddy Hirsch and credit expert Liz Weston to talk about credit utilization, bankruptcy amongst seniors, and the down side of buying real estate for your kids.
My 11-year-old son won some money in a math contest at school. He doesn't have anything that he is interested in spending his money on immediately, and I suggested that instead of spending it just for the sake of spending it, he might consider buying stocks and building a little portfolio. He seemed interested in this idea, but I wasn't sure where he should start. He has around $150. Can you help us decide where to start? Thanks! Michelle, South Jordan, UT
My husband and I gave our daughter $40,000 for a down payment on a condo. She defaulted on the loan and went into foreclosure. Consequently, our credit score has tanked. How can we get our old great credit back? Nobody cares that we were not the ones who defaulted. Please help. Cathy, Redmond, OR