Suze or not, look closely at celebrities’ prepaid cards
News from USA TODAY:

NEW YORK – Don’t choose a prepaid card just because it’s from Suze Orman.

  • By Matt Sayles, AP

    Kourtney, left, Khloe and Kim Kardashian pulled their endorsement of a prepaid debit card that drew criticism for its high fees.

By Matt Sayles, AP

Kourtney, left, Khloe and Kim Kardashian pulled their endorsement of a prepaid debit card that drew criticism for its high fees.

The personal finance guru this week introduced a prepaid card that she’s touting as a “smarter way to stay debt free.” Orman says her Approved card costs just $ 3 a month “if you use it how I tell you to.”

But as with most prepaid cards, the amount cardholders ultimately fork over will vary significantly depending on their spending habits. Other features of the card are worth…………… continues on USA TODAY

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Credit score focus of new celeb-backed debit card
News from CBS News:

(AP)  NEW YORK — Personal finance media personality Suze Orman is thinking big. She’s the first out of the gate in the fast-growing prepaid debit card market with a card that aims to help its users build a credit score. It’s a gamble that could pay off, if it can help create a way measure the creditworthiness of millions who function outside the traditional financial system.

The latest in a string of celebrities to put their stamp on a prepaid card, Orman will likely avoid the criticism about high fees lobbed at earlier offerings, such as those of hip-hop mogul Russell Simmons and reality show stars the Kardashians. Orman’s card costs $ 3 to obtain, and then just $ 3 a month, rivaling the hugely popular Walmart MoneyCard.

Although some will question how Orman will recoup the more than $ 1 million she has invested in the card when charging that little, the real twist isn’t the low fee structure. Orman is working with credit reporting agency TransUnion to create a new kind of credit score for users of “The Approved” prepaid MasterCard, one that’s based on their spending habits.

Right now, using debit cards &#8212 both the prepaid kind and those tied to bank accounts &#8212 does not influence an individual’s credit score, which is calculated with data related to borrowing. If Orman’s experiment is successful, this new type of score could be a game-changer f…………… continues on CBS News

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About Those Credit Cards That Don’t Need A Credit Check
News from Business Insider:

Image: reallyboring via flickr

If you’ve got a history of bad credit – or no credit history at all – finding a loan or qualifying for a credit card can seem like an impossible task.

Luckily, several credit card providers offer cards that don’t require a credit check.

While these credit cards typically come with higher interest rates and penalties, signing up for one is a good way for anyone who wants a second chance to start rebuilding their finances.

But before putting the pen to the paper, you should make sure that you know what you’re getting into:

  • Most of Them…………… continues on Business Insider

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Myths, Misperceptions About Credit Scores Rampant
News from WLTX.com:

NEW YORK (USA Today) – A poor credit score can make it hard to get a mortgage, a new car or a decent interest rate on a credit card.

Yet 42% of those polled in a recent Visa survey never bother to check their score.

By ignoring this vital measure of credit worthiness, consumers may be missing an opportunity to improve their score. And for many, failure to take any action could cost them thousands in higher interest payments.

One reason for neglecting this issue is that scores usually come with a price tag.

Anyone who wants to check their scores before applying for a loan will have to pay.

FICO, the company that created credit scoring, sells its scores for $ 19.95 on its website, www.myfico.com. The company also offers periodic score monitoring services starting at $ 4.95 per month.

The three main reporting companies, Equifax, TransUnion, and Experian, most commonly provide FICO scores to len…………… continues on WLTX.com
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Too Many Credit Cards: Time to Close Them?
News from Credit Card Guide News:

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Dear Credit Guide,
I used to have excellent credit. But in 2005, my credit score got down to 500 after my divorce. In 2006, I applied for two credit cards with $ 300 limits to rebuild credit. Then in 2008, I applied for another with a $ 500 limit. I’ve never been late, and my score went up! In 2010, I was approved for six more department store credit cards with higher credit lines. I spent under $ 200 each time I used the department store cards, and I always paid them off in a few months. Right now, all cards are paid off, and my total credit line available is $ 8,000.

My score is now 695. I would like to cancel and close the high-interest cards, including the original three from 2005/2006, which have annual fees. The department store cards don’t have annual fees, but do have high interest rates. I’m getting an actual credit card through my own bank now and an “airline mileage one” at 15 percent interest (compared…………… continues on Credit Card Guide News
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How to revive your credit score after-foreclosure
News from CreditCards.com:

By Kim McGrigg

Dear Credit Care,
I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645. What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit card debt or car loan and no other debts. — Silvia

Dear Silvia,
From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information is what you need to improve your credit score. Begin using old credit card accounts again for purchases that you have a plan in place to pay off each month. The new positive…………… continues on CreditCards.com
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