Keep your credit score from falling
News from Providence Eyewitness News:

Updated: Friday, 06 Jul 2012, 9:52 AM EDT
Published : Friday, 06 Jul 2012, 9:51 AM EDT

Breaking up is hard to do. Closing out a credit card can put a big dent in your credit score if you’re not careful about it. Problem Solver Susan Hogan joined The Rhode Show to share information on closing out credit cards.

Many may think that getting rid of debt and credit cards is actually beneficial, but that’s not always true.

“It’s a great thing to get rid of debt. It’s not such a great thing to get rid of every single one of your credit cards and that’s a big difference because it’s all about your credit score,” Hogan said.

Having some credit is good because if you would like to purchase a car or apartment you need something to show for yourself.

Closing out a credit card can be helpful at times. Be careful when closing out cards and keep in mind the credit utilization ratio which is the amount of credit you’ve used, compared to the amount you have available. It’s a factor of about 30 percent of your score. If you don’t have a good credit utilization ratio, your credit score can drop significantly low.

When looking to close a card, be sure to check the balance. The card that is being closed should have a zero balance and any other cards should be as close to zero as possible.

One of the biggest reasons why people close their c…………… continues on Providence Eyewitness News

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Prepaid Credit Card Receives Top 5-Star Rating from
News from Virtual-Strategy Magazine:

The best Prepaid Credit Cards available today, as revealed by

Overland Park, KS (PRWEB) July 06, 2012 has released their ratings for the best Prepaid Credit Cards available today.

Prepaid credit cards provide the convenience of shopping with plastic, but without the hassle of credit checks and the application process. Many prepaid credit cards exist today that look and feel just like a credit or debit card. Consumers can withdraw cash at ATM’s, upload a payment via the phone, establish direct deposit payments, speak to a customer service representative when needed, and more. Some prepaid cards even pay interest and offer nice cash back rewards the more that the card is used. Prepaid credit card activity is completely separate from a credit history or credit score – especially good for those individuals with little credit, or for students who are still in school.

How to choose the right prepaid credit card? Consumers are often unaware that prepaid card selection is not limited to what is available at the grocery store. Many companies exist online that provide prepaid credit cards with more perks and incentives than the generic offerings at local retail shops. When looking for a prepaid credit card, consumers should consider a variety of factors su…………… continues on Virtual-Strategy Magazine

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Who’s Profiting From The Consumer Credit Score Craze?
News from

In some form or fashion, credit scores have been around since the 1950’s. But until the past decade or two, they were largely ignored by the public.

It wasn’t until 1989 when Fair Isaac Corporation (FICO) introduced the first general purposes credit score, which we now know as a FICO score. Prior to that, creditors typically used custom scoring models for their specific needs. This new universal model quickly gained popularity among lenders, but it wasn’t until 1995 when it became a household term with consumers. That was the year Fannie Mae and Freddie Mac recommended the use of FICOs for the mortgage industry. Of course since then, the public’s awareness and appetite for credit scores has skyrocketed.

Who’s making the money?

Credit scoring used to solely be a B2B industry. Of course nowadays, that has all changed. Aside from the obvious (Fair Isaac Corp) let’s take a look at which other companies are profiting the most by selling credit scores to consumers:

Experian (EXPN.L): Yes, we all know they’re one of the big 3 credit bureaus, but that’s only part of their business……………. continues on

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Tips on managing your credit report
News from asap News:

A credit report in basic terms is something that rates your creditworthiness. Credit reports are generally used by people who want to take out a loan, such as a mortgage, car loan or personal loan, or get a credit card. The lending institutions, whether it’s a bank, building society or credit card company, will look at your credit report to see what your credit history is like before they decide whether or not to lend you any money or issue a credit card to you.

What does a credit report cover?

There are many types of credit reports; some more detailed than others. In fact, it always makes sense to know what your credit report looks like before deciding whether or not to make a large purchase, such as a home. This is because your creditworthiness will determine not only whether you can obtain a loan, it will also influence the cost of your loan. If you have a good credit rating, the bank will be willing to lend you money and offer you more competitive rates because you are considered to be less of a risk.

In the UK, credit reference agencies provide credit reports to banks and financial institutions. Under UK law, these agencies must provide consumers with a credit report under the Data Protection Act. For a small fee, anyone can get hold of a copy of their basic credit report. The will cover details such as date of birth, earnings and residentia…………… continues on asap News

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Credit Score Blueprint: Tips, Tricks and Secrets to Building a Perfect Credit Score
Surveys show that 52% of Americans do not understand how credit scores work. And of those who have a general knowledge of credit s…
Hidden Credit Repair Secrets (Second Edition)
“This book had a lot of good things that helped me repair my credit.” – Direck Chatman”The best credit repair book I have ever rea…

Tips to protect your credit score from hackers
News from KSDK:

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March Madness: 5 Tips to Keep Your Credit Score From Looking Like Your Busted …

March Madness: 5 Tips to Keep Your Credit Score From Looking Like Your Busted …
News from Huffington Post:

Spring has arrived and true to form, college basketball fans everywhere have caught the fever of March Madness, the annual NCAA basketball tournament where 64 teams get a shot at the national title. Every year college basketball fans fill out their brackets, strategizing on which teams will make it to the Final Four, and hoping to see their team take the championship. And every year there’s an upset where a team comes out of nowhere to make a deep run into the tournament, cutting a favored team out of the championship and busting many a fan’s brackets. This year Duke and Missouri were the culprits for obliterating my brackets. It’s the way life goes, and can happen with anything you do, so in the spirit of March Madness, I thought I would share a few lesser known tips for keeping your credit score from looking like this year’s busted brackets.

1. When paying your credit card balance in full, anticipate a delay of 30-60 days before your credit reports and credit score reflect a zero balance. A common assumption many consumers make is expecting an immediate increase in their credit score when they pay their credit card balance in full, which is not the case, unfortunately. If the credit reporting industry were as technologically advanced as our credit card and banking industries, this wouldn’t be a problem. However, when it comes t…………… continues on Huffington Post

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How to Maximize Your Credit Score
News from LoanSafe:

(Source: Scott Jones WXIN-TV, Indianapolis (MCT) — If you plan on buying anything major, or getting a loan, a good credit score is vital. That’s because a low score can mean a high interest rate on your loan, or no loan at all! 

“Banks use your credit score when you’re looking for home mortgages, insurance companies are using them for your rates, and they’re used by employers sometimes, so it’s really important to have a good credit score,” said Tim Massey, Regional President M and I Bank.

The easiest way to make sure your score stays in the good range, the mid-to-upper 700s, is to budget and pay bills on time. Over time, your credit will go up.

There are also certain products that banks have like the “credit builder loan.”  That’s where you borrow money against a CD and then you pay it off over a year or two, then you have a CD after that. It then gets on your credit score, which is good.

What’s not good though is that credit problems shows up on your report in just 30 days and those pr…………… continues on LoanSafe

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Is there a legitimate company you buy checks from?: Money Matters
News from Plain Dealer:

Q: Do you know a legitimate source to order personal checks through the mail?

— K.H., Stow

A: By legitimate, I’m assuming you mean a company that will safeguard your personal information (how much more personal does it get than your name, address and bank account number?)

There are two levels of what makes a reputable check-printing company: Does it protect your information. And does it sell or share your name and address with other companies?

For any company you’re considering, you must read its privacy policy.For reputable printers, check with the Check Payment Systems Association at You don’t want companies that are having your checks printed in goodness-knows-what-part-of-the-world.Further, look for companies that use the little padlock on their checks. In order to use this symbol, a company’s checks must contain at least three features that defend against counterfeiting or alteration of checks.

On the second issue, about whether it shares your information, I had long recommended a company called Checks in the Mail. It however, has changed its privacy policy a bit so that it will share your information with third-parties that will try to…………… continues on Plain Dealer

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Bill before New Jersey legislature aims to protect job applicants from unfair …

Bill before New Jersey legislature aims to protect job applicants from unfair …
News from The Jersey Journal –

Hundreds of unemployed people braved rain to stand on line at a 2010 job fair at the Red Bull Arena in Harrison.

The longer you are out of work, the more likely your credit score will sink. The lower your credit score sinks, the more likely you’ll remain out of work.

At least that’s the thinking of Senators Shirley Turner and Nia Gill who introduced a bill prohibiting employers from considering an applicant’s credit score when making hiring decisions. Current federal law already says an employer can’t inquire about credit without permission, but usually permission is demanded by a tiny check-off box that applicants dare not ignore when filling out multi-page forms.

The new bill would forbid employers to run credit checks on current or potential employees unless financial competency is a bona fide requirement of the job.

How much a credit score factors into an overall evaluation is anybody’s guess. The New Jersey Business & Industry Association says employers need to be able to assess a candidate’s financial management abilities to get a full picture of the…………… continues on The Jersey Journal –

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Freedom Financial Network Offers 8 Tips on Planning for the Unexpected, Before …
News from Virtual-Strategy Magazine:

Natural disasters or other problems can strike anytime; be prepared, says debt-relief firm

San Mateo, CA (PRWEB) March 20, 2012

The recent spate of tornadoes in the Midwest highlights an urgent need for Americans to be financially prepared for a disaster or emergency, according to Kevin Gallegos, vice president of Phoenix operations for Freedom Financial Network (FFN).

The statistics on debt are especially worrisome when it comes to being prepared, said Gallegos. In 2011, 98 natural disasters in the United States caused $ 27 billion in losses – and left thousands of people without homes, and in some cases without livelihoods. In 2010, there were nearly 500,000 structure fires around the country. Bills from medical procedures are estimated to cause more than 60 percent of bankruptcy filings. Any of these situations could result in the loss of a job, marital stress, and a significant increase in debt, Gallegos noted.

“Pre-planning is an important part of that preparation for a financial emergency,” said Gallegos. “It’s also smart to have a sense of what to do should a disaster strike home or community.”

Before a disaster

A disaster can happen to anyone, a…………… continues on Virtual-Strategy Magazine

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Tips and Support to Get Out from Under Your Debt Burden
News from DoD Live:

Brenda S. McDaniel, Program Analyst, Personal Financial Readiness Program
(Military Community and Family Policy)

A better credit score, less stress, and the financial freedom to keep more of your money for yourself–these are just a few of the benefits of paying down your debt. Reducing or eliminating debt also contributes to financial readiness, helping service members focus on the mission at hand instead of worrying about the finances at home. The sooner you address any debt issues, the better, so take control, make a plan, and get started on getting rid of your debt.

The first step on your path to debt reduction is facing your debt problem and resolving to fix it. Discuss your debt with your family or a financial counselor as a way of acknowledging the reality of your situation and taking action to improve it.  Second, stop using credit for at least one day, and use checks, cash, or debit or ATM cards to cover all of your expenses using money you already have. Day by day, try to continue using only cash or its equivalent—not credit—to pay bills and make purchases.

Next, create a spending plan you ca…………… continues on DoD Live

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Credit Management Kit for Dummies (Paperback)

The painless way to manage credit in today`s financial landscape

People with great credit scores are getting turned down for credit cards and loans for homes and cars. What do they need besides a good score? What are lenders looking for now that they are extremely risk-averse? Repairing broken or damaged credit is one thing, but having to meet today`s much stiffer credit standards requiring that consumers consistently manage their credit is another thing all together. Credit Management Kit For Dummies gives you answers to these questions and insight into these concerns, and also walks you down the correct path to credit application approval.

You`ll discover major changes with the Credit CARD (Credit Accountability, Responsibility, and Disclosure) Act provisions and the new Consumer Financial Protection Legislation Agency; the effect of tightened credit markets on those with good, marginal, or bad credit; new rules and programs including Hope and Government options via the Obama Administration; the best ways to recover from mortgage related credit score hits; tips for minimizing damage after walking away from a home; credit score examples with new ranges; and much more.

  • The pros and cons of credit counselors
  • The quickest and most effective way to undo damage from identity theft
  • Advice and tips about adding information to a credit report, and beefing-up thin credit
  • Guidance for evaluating your Credit Score in today`s economy
  • Fannie Mae`s revised guidelines for purchasing mortgages
  • Information on significant others (boyfriend/girlfriend/spouse) and credit and debt sharing
  • IRS exceptions to the Mortgage Forgiveness Debt Relief Act in a mortgage meltdown situation

Not just for those who have bad credit and need to repair it, Credit Management Kit For Dummies also serves as an invaluable resource for those with average credit who want, or need, to manage it to get a job, reduce in
List Price:
Price: 56.92

Credit card debt: Don’t forget the lessons from financial crash
News from Tulsa World:

Credit card debt dropped in 32 of the 36 months of 2009 through 2011 as cardholders spent less and issuers lowered credit limits, tightened approval guidelines and canceled risky accounts, says Bill Hardekopf, CEO of

However, the Federal Reserve’s monthly G19 report shows consumer borrowing is again increasing – by $ 7.65 billion to $ 2.46 trillion in October, the biggest increase in two years. Credit card debt rose $ 366.2 million in October, while auto, mobile home and education loans increased $ 7.28 billion.

Credit card issuers are again filling the mail with offers – mostly to those with good to excellent credit. Everyone is receiving more card solicitations with attractive rewards and balance transfer offers.

We must not forget the past three years and the hardship large credit card balances caused us, Hardekopf says. Paying off debt wasn’t easy, and some of us still have debt problems and wonder what can really be done about it.

Total: Assess exactly what you owe for all credit card debts. It was easier to pay the minimums without looking at the totals, but misleading yourself only made things worse. Write down a debt summary including creditors, monthly paymen…………… continues on Tulsa World

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Reality Check: What happened to Obama’s 2011 State of the Union promises
News from

By: Caroline Fairchild and Dane Huffman |

Roughly one year ago, President Barack Obama addressed Congress in the 2011 State of the Union Address. Obama faced the difficult challenge of outlining his plan to “win the future” to a nation still reeling from the tragic shooting in Tucson, Ariz., that claimed six lives and seriously wounded Congresswoman Gabrielle Giffords.

Speaking to a divided Congress now led by Republican John Boehner as Speaker of the House, Obama stressed the importance of putting aside partisan differences as the country worked toward staying competitive on a global scale.

The president vowed to rebuild America’s infrastructure with a combination of spending initiatives in clean-energy technology, education, high-speed rail and high-speed Internet and deficit reduction through spending freezes and tax cuts. Calling upon Americans to continue to “out-innovate, out-educate and out-build the rest of the world,” Obama remarked that the country should be searching for its next “Sputn…………… continues on

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What I Learned From Shorting RIM
News from

Do you dislike history classes and find lessons gleaned from the past useless? If so, please move on as I know your time is valuable. You won’t get stock tips here. You may, however, find tidbits that may help you protect your equity in the near future.

After releasing disappointing earnings, a dreary outlook and further delays in the release of their next generation phones, RIMM closed at $ 12.52 EOD. It then gapped to $ 14.14 due to news that AMZN, NOK, and MSFT were interested in buying…………… continues on

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Minimum wage going up in 8 states
News from MSN Money:

This post comes from Susan Adams at partner site

While economists and policy makers on the left and the right continue to disagree about the impact of a higher minimum wage on jobs and the economy, eight states will be putting into effect minimum wage hikes as of Jan. 1, boosting the incomes of some 1.4 million low-wage workers in Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont and Washington.

The minimum wage in those states will rise between 28 and 37 cents an hour, adding between $ 582 and $ 770 a year to a full-time worker’s compensation, according to the National Employment Law Project, a group that supports a higher m…………… continues on MSN Money

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Manufacturing suffering from poor credit checks
News from

New research has revealed that 65% of UK manufacturers do not check their customer’s credit status, risking late payment or no payment at all.

The global information services company, Experian, found a worrying lack of credit awareness amongst the UK’s SMEs, with 40% oblivious of what a credit score was and nearly 70% never checking their own.

Many manufacturers failed to realise that these issues could result in loss of contracts with potential customers, refusal of materials from a new supplier or having finance applications turned down.

Simon Streat, managing director of Experian’s UK SME business, said: “Manufacturing is one of the industries in the UK that suffers most from cash flow issues, because they have to purchase r…………… continues on
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Study: Bad credit no predictor of stealing
News from

Published: Nov. 2, 2011 at 9:03 PM

BATON ROUGE, La., Nov. 2 (UPI) — Some companies say they check prospective employees’ credit scores because those with a low score may steal, but U.S. researchers say there is no link.

Jeremy Bernerth of Louisiana State University’s E.J. Ourso College of Business said a survey of employers by the Society for Human Resource Management found 60 percent conducted credit checks for some or all candidates as part of the hiring process.

Bernerth and colleagues at Texas Tech University and Northern Illinois University found no correlation between poor credit scores and bad behavior on the job.

“Most companies attempt to justify the use of credit scores because they think such employees will end up stealing, but our research suggests that might not be the case,” Bernerth said in a statement. “It was telling that poor credit scores were not correlated to theft and other deviant types of work behaviors…………… continues on

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American Credit Repair: Everything U Need to Know About Raising Your Credit Score (Everything You Need to Know (McGraw-Hill))
The Definitive Guide to Raising Your Credit Score Whether you’re recovering from financial problems or need to pump up your…
Living Well with Bad Credit: Buy a House, Start a Business, and Even Take a Vacation – No Matter How Low Your Credit Score
If bad credit has happened to you, there is something you can do about it Feeling broke and battered? We know the feeling—heck,…