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New ways to calculate your FICO score
Banks are tiptoeing back to issuing credit reports a recent issue of the Bloomberg Businessweek magazine. During last few years when the U.S. and the world was and still going through a financial crisis, banks and credit card issuers not only took a back seat but also stopped new credit issues as well as reduced credit limits. There are some signs of issuing new credit cards but may be with new... [Read more]
A lesson from Lehman bankruptcy
Emerging from a bankruptcy is hard for individuals as well as companies. A lesson can be learned from the now famous Lehman Brothers bankruptcy. In 2008, Lehman Brothers Holdings was the nation’s fourth largest bank with over $300 billion assets including deposits from investors. It had its headquarters in its own 32-story building on Seventh Avenue in New York’s Manhattan. Lehman was into... [Read more]
Your credit score
Your three digit credit score will determine how much a lender is willing to loan you and at what rate. The higher the score, the lower the rate a lender will charge you for your car loan, insurance premium, revolving credit such as credit cards and your mortgage. There are three major credit bureaus that keep tab on your credit: Equifax, Experian and TransUnion. Under the current law, you are entitled... [Read more]
Impact of a loan default on your FICO score
If you are considering defaulting on your mortgage, consider the impact of such an action on your FICO score. We looked into the impact of this action on FICO score and here’s what we learned. FICO (Fair Isaac Corporation) score is the well-known and widely used credit score in the U.S. FICO score is based on payment history (35%), amount owed (30%), length of credit history (15%), new credit or... [Read more]
What to do if your credit or debit card security has been breached
The Atlanta based Global Payments, a credit and debit card processor recently revealed that up to 1.5 million accounts in North America have been hacked. Master Card issued a statement asking card holders to contact their financial institution if they have any concerns and Visa said their cards are not impacted by the hacking. Here’s what to do if you discover any unauthorized transactions on your... [Read more]
Be aware of credit card fees
Here are what to watch out for credit card fees. Annual fees: Most cards charge an annual fee. Look for other things like airline miles that you earn before deciding on card that has an annual fee. Cash advance fees: Consider interest rate, when you will be charged (some start immediately without a grace period), and any other one time fees that will be tagged on to your cash withdrawal. Convenience... [Read more]
A lesson you can learn from the Federal budget
President Barack Obama forwarded his 2013 budget to the Congress on Monday, February13, 2012. It predicts a whopping $1.3 trillion deficit for Fiscal 2013. If the Congress is unable to reach a compromise, mandatory across the board cuts that was agreed previously will go into effect. The budget proposal includes “Mandatory” and “discretionary” spending programs. Federal government’s mandatory... [Read more]
Which credit card balance to pay off first
Holidays are gone and credit card bills start to file up. If you have several cards with balances, you wonder what card to pay off first. One may argue that you should pay off the smallest balance first. This may be true if you can pay off the entire balance and you enjoy having a one less card to worry. On the other hand one may argue you start to pay down the balance with the highest interest first.... [Read more]