Archive for July, 2011

What you need to know about the debt-ceiling crisis
News from Ninemsn:

Debt talks are down to the wire. Do this with your money now, says The Motley Fool.

Apple now has more cash than the U.S. Treasury. As of Wednesday last week, the U.S. government had an operating balance of $ 73.7 billion. Apple has $ 76 billion in the bank.

Laugh at that, feel free to shed a tear, and now here’s the latest on the debt-ceiling debacle.

U.S. on the financial brink, says Bloomberg.

Gold falls 1 percent as U.S. close to debt deal, says Reuters.

Senate chaplain’s prayers convey crisis, says The Washington Post.

U.S. debt talks have come down to the wire. As of writing, the debt-ceiling deadline clock has ticked down to 1 day, 15 hours, 18 minutes and 54 seconds.

Self-inflicted

What is the debt ceiling? It’s a self-imposed limit on the U.S. Treasury’s ability to borrow. Reaching the debt ceiling does not mean the U.S. is bankrupt. This is a purely self-inflicted cri…………… continues on Ninemsn
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Your Money: ‘Free’ credit score could be wrong

Your Money: ‘Free’ credit score could be wrong
News from Indianapolis Star:
Your Money: ‘Free’ credit score could be wrong | The Indianapolis Star | indystar.com continues on Indianapolis Star
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7 ways to raise your FICO credit score
News from NASDAQ:

If you want to save big money on a big loan, do your homework, say the experts. Raising your credit score by as little as 40 points could qualify you for a lower interest on a home mortgage or an auto, student or personal loan.

Think of it this way–if you take out a $ 50,000 loan for 15 years with a 7 percent interest rate you will pay nearly $ 5,000 more in interest than if you borrow the same amount at 6 percent.

Check these seven action steps to help ensure that you have the best credit report before applying for a loan.

Pull your report

Amber Stubbs, managing editor of CardRatings.com, says that future borrowers should get a copy of their credit report from the three major credit bureaus and take a glimpse at what their lender will see.

“You want to pull those three reports and make sur…………… continues on NASDAQ

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How To Score Baseball Advanced Edition
Learn How to Score a Baseball Game. This guide is both a tutorial and reference guide on how to keep score in baseball. It covers both professional and youth league rules.
How To Score Baseball Advanced Edition

How to Boost Your Business Credit Score
News from Entrepreneur:

Do you know your credit score? When was the last time you checked your credit report? Your credit history plays a key role in your financial future, yet most people are blissfully ignorant of how credit scores work–and how to improve them.

Companies like Fair Isaac use secret formulas to crunch data from your credit report, comparing it to millions of other people. Such formulas spit out a single number that helps banks and credit card companies decide how much to lend you and at what terms. This number is your credit score (the most common, from Fair Isaac, is called a FICO score).

“A good credit score can make a big difference in a small-business owner’s life,” says Liz Weston, author of Your Credit Score, Your Money & What’s at Stak…………… continues on Entrepreneur
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Credit Scores and Credit Reports 3rd ed: How The System Really Works, What You Can Do (Credit Scores & Credit Reports: How the System Really Works,)

Credit Scores & Credit Reports provides the first thorough examination of the all-important, but little understood, credit scoring and credit reporting systems. The Third Edition of this highly-acclaimed book enables consumers to understand how both of these systems actually work, and what they can do to improve their FICO scores, and to ensure their credit reports are accurate. Importantly, the book also describes how the system sometimes doesn t work, and how hundreds of thousands if not mil

List Price: $ 19.95

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How to Keep a Credit Score High
News from Morningstar.com:

Answer: Your credit score serves as a key determinant of the costs of some of the most important and substantial purchases you’ll make–like buying a home or car–as well as the interest rates that accompany your credit cards. Damaged credit can affect how much you pay for services such as insurance, and some employers even look to credit histories before extending job offers.

FICO scores (named after Fair Isaac Corporation–the company that developed the methods for calculating the scores) are the most commonly used scores by lenders as they attempt to gauge a borrower’s risk and reliability.

Your FICO score actually comprises three scores–one from each of the credit bureaus–TransUnion, Equifax, and Experian. Each score from the individual agencies runs from 300 to 850 points–the higher your score, the lower the risk.

What exactly goes into FICO scores isn’t exactly transparent: The bureaus take into account your payment history, of course, …………… continues on Morningstar.com
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Every credit score is not created the same
News from USA Today:

If you spend any time on the Internet, you’ve probably seen ads for “free” credit scores. They usually appear alongside ads promising to make your belly fat disappear.

  • By Dan MacMedan, USA TODAY

    New consumer protection rules will require lenders to provide the credit score used to make a decision about a loan.

By Dan MacMedan, USA TODAY

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Can’t Get a Loan? Check Your Address: The Best and Worst States for Credit
News from CNNMoney:
Credit is ever so personal, and ultimately it’s your responsibility — but maybe this time, it’s not solely about you. Where you live matters: Your state’s creditworthiness can impact you too.

For that reason, CardRatings.com’s recently released rankings of the 10 Best and Worst States for Consumer Credit is worth a look-see.

How does your state measure up?

Breaking Down the Details

To figure out which states deserved kudos and which got thumbs down, CardRatings.com analyzed indicators directly related to individual credit usage and repayment behavior, such as average credit score, credit card delinquency rates and home foreclosure rates. It also charted big picture factors like unemployment and personal bankruptcy issues. The five criteria included: average credit score (Experian, June 2011);…………… continues on CNNMoney
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The Diy Credit Repair Ebook for Canada
Bad Credit? This 42 page Credit Repair EBook for Canadians will help repair your credit & Save you time and money – Order today!
The Diy Credit Repair Ebook for Canada

DEBRA JONES-PRICE: Your credit score and you
News from Muncie Star Press:

What is my credit score and why should I care? That is a question you see more and more on television and hear more and more from people around you. It used to be common for people not to know their credit score or even care what it was. That has changed dramatically. To even rent an apartment or get car insurance you may need to know what your credit score is and you need to care.

Though I can’t give you the exact formula, because the credit bureaus do not release it, the bulk of a credit score is calculated by looking at five main factors: payment history, outstanding debt, credit account history, recent inquiries and types of credit.

Let’s look at each of these individually.

• Payment history. A good record of on-time payments will boost your score. Conversely, late payments will hurt your score.

• Outstanding debt. High balances in relation to your credit limits will harm your credit. Aim for balances under 35 percent of the cre…………… continues on Muncie Star Press

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Credit score is free if you’re rejected for loan
News from USA Today:

Your credit score determines the interest rate you pay for a credit card, car loan, private student loan or a home mortgage. A low score could prevent you from getting a loan at all. But for years, this important number has been a mystery to most consumers.

  • By Dan MacMedan, USA TODAY

    New consumer protection rules will require lenders to provide the credit score used to make a decision about a loan.

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Perfect Credit: 7 Steps to a Great Credit Rating
Perfect Credit is the definitive guide to getting and keeping outstanding credit. Think of this book as a roadmap for anyone hopin…
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve…

Consumer-debt tips for women
News from Orlando Sentinel:

Consumer-debt tips for women

•Apply for a credit card in your name, not just your husband’s or partner’s, to establish a separate credit history and credit score.

•Check online card-comparison sites such as Bankrate.com, LowCards.com, CardHub.com, CardRatings.com or CompareCards.com.

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Turned Down For a Loan? Now You Can Find Out Why
News from LoanSafe:

(Source: By Sandra Block, USA TODAY) – Your credit score determines the interest rate you pay for a credit card, car loan, private student loan or a home mortgage. A low score could prevent you from getting a loan at all. But for years, this important number has been a mystery to most consumers.Starting today, that will change.

A provision of the Dodd-Frank financial reform law that takes effect today requires lenders to provide consumers with a free credit score whenever:

They reject an application for a loan. In that case, lenders will be required to provide consumers with an “adverse action” notice that includes their credit score and explains why they were turned down.

They approve a loan but at a higher rate than the rate provided to their best customers. As in the first instance, lenders will be required to provide borrowers with a credit score and explain why they’re charging a higher rate.</…………… continues on LoanSafe

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Credit Scores and Credit Reports 3rd ed: How The System Really Works, What You Can Do (Credit Scores & Credit Reports: How the System Really Works,)
Credit Scores & Credit Reports provides the first thorough examination of the all-important, but little understood, credit scoring…
How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today
Your credit score affects every aspect of your financial life including qualifying for loans and mortgages, low interest rates, ho…

Financial Tips for Twentysomethings
News from Patch.com:

For most people, your twenties represent a decade of unprecedented change and increased responsibility.

Graduating from college, beginning a career and ending dependence upon parents for financial support are all major milestones. The list may even grow to purchasing a first home, getting married, and starting a family.

With no formal training on how to successfully navigate the financial implications of these events, many young adults flounder during this crucial phase of their lives. 

Start a Career Path

Most college graduates remain uncertain about exactly what type of career they will ultimately pursue. This does not mean that it is OK to float around wherever the employment current may push you, however.

The earlier in your career that you can commit to a certain track, the easier it is to build the job skills necessary for the future. Large employers usually have internal training programs to help young new hires learn about …………… continues on Patch.com
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