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Debt Settlement, Credit Reports and Debtor Reputation; American Financial …

Posted on May 11, 2012 by admin| Leave a comment

Debt Settlement, Credit Reports and Debtor Reputation; American Financial …
News from Seattle Post Intelligencer:

Paying less to get out of debt seems like a great solution. But there are real ramifications to your credit and credit score when using debt settlements to manage debt. Credit counseling agency American Financial Solutions provides the information needed to make the right decision about settling debt.

Seattle, WA (PRWEB) May 10, 2012

Many people dealing with unpaid debt have received letters or phone calls from collection agencies offering deals to settle accounts for less than the full balance owed. When someone settles a debt, it means they pay off a portion of what they owe to the creditor. This sounds very enticing, but that discount on debt comes at a very high cost to an individual’s credit report and reputation. Below, American Financial Solutions outlines the dangers of settling debt.

The damage done to a credit report from a debt settlement is significant. During the settlement process, many collection agencies make it sound as though, once paid, the account will show in good standing on the credit report. The reality is that the account will be marked on the credit report as settled for less than full balance. This is a derogatory mark and may cause future lenders to be leery of approving a loan applicatio…………… continues on Seattle Post Intelligencer

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The 5 best credit cards for newly minted entrepreneurs

Posted on May 11, 2012 by admin| Leave a comment

The 5 best credit cards for newly minted entrepreneurs
News from Chicago Tribune:

You just opened your new business. Your profit margins look good, your growth model is sound and now the only thing left to do is to get a brand new business credit card to show everyone that you’re legitimate.

Well, hold your horses there, boss, because picking out a credit card for your business is a little trickier than ordering a new case of ink for the office printer. While there are plenty of credit cards on the market designed to help startups grow and prosper, there are just as many cards dedicated to squeezing unwitting entrepreneurs for every dime they’ve got.

As a finance journalist, I’ve spent years pointing out how the hidden fees and misleading contract stipulations attached to these insidious pieces of plastic can turn a profitable company into a poisonous one in a matter of months. But as a professional freelancer, I also know how important it is to find financing to cover your overhead when you’re trying to get your business off the ground.

So if you’re about to apply for your first business line of credit, you should make sure to get one that will nurture your fledgling business rather than kill, cook and devour it.

To help speed up your search, here are five business credit cards that are just perfect for newly minted entrepreneurs:

1. The Chase Ink Cash

With no annual fee and up to a…………… continues on Chicago Tribune

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RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release

Posted on May 10, 2012 by admin| Leave a comment

RATEGRAM’S BEST CREDIT CARD DEALS, For immediate release
News from Chicago Tribune:

The Credit Card Chart

May 9, 2012

 These are nationally available credit cards offering the lowest interest rates on purchases as of May. 9. If you typically pay off the entire balance monthly, look for a zero-annual fee card that allows the most interest-free or grace days. Some cards listed below feature special introductory or "teaser" rates for a specified time before regular rates apply. Additional fees and residency restrictions may apply.  Rates are subject to change. Rebates and other benefits may be available.
 National avg.  APRs as of May. 9     Standard   Gold    Platinum
                       8.20        8.88    12.76

Low APR Standard Cards 

                               Reg.  Ann.  Grace Intro
 Card Name                 Phone         APR(%) Fee($  )Days APR/mos
 1  First Federal Card                  (843)529-5800  07.15    0  25   na
 2  IberiaBank Visa(R) Classic Card     (800)968-0801  07.25    0  25   na
 3  First Federal CashBack ScoreCard    (843)529-5963  08.15    0  25   na
 4  Simmons First Visa(R) Classic       (800)272-2102  10.25    0  25   na

Low APR Premium Cards

Note: Minimum income requirements apply to Gold, Platinum and Signature cards, which offer hig…………… continues on Chicago Tribune

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Frisky Business Game
Discover An Exciting New Erotic Game Design That Will Spice Up Your Adult Play Time. Get Frisky With Your Lover Or A Group Of Intimate Friends. Can Be Played As A Foreplay Game For Couples Or For Erotic Fun With Friends.
Frisky Business Game

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4 Habits That Damage Your Credit Score

Posted on May 10, 2012 by admin| Leave a comment

4 Habits That Damage Your Credit Score
News from San Francisco Chronicle:

If you are like most consumers, you don’t spend a lot of time thinking about your credit history. You may think that, as long as you’re paying your bills on time, your credit history and related credit score should be shiny and clean. However, many common money habits can have a detrimental effect on your credit score without you even knowing it. Keeping these money mistakes to a minimum will help keep your score high.

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Credit Consolidation
A popular financial planning tool used by banks and personal advisors is to take some or all of your old debt and roll it into a new consolidation loan. The main goals of this strategy are to refinance debt to a lower interest rate, and to lower the total monthly minimum payment. While both of these results can help your overall financial picture, getting rid of older debt can hurt your credit score. A portion of the score is determined by the length of your credit history, and open debt accounts that have a long track record of on-time payments will boost…………… continues on San Francisco Chronicle

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Higher Credit Card Fees Are Bad For Bank Business, Report Finds

Posted on May 9, 2012 by admin| Leave a comment

Higher Credit Card Fees Are Bad For Bank Business, Report Finds
News from Huffington Post:

Outrageous credit card fees are not only bad for consumers; they’re actually bad for business.

That’s the somewhat surprising conclusion of a new report from the Center for Responsible Lending.

Although the nonpartisan nonprofit’s report looks back at predatory practices that have largely ended, it offers more argument for stronger consumer protections and serves to counter claims by the financial industry that regulations hurt its ability to stay competitive.

“That same theme comes up [within the financial industry] that when you protect consumers, you…………… continues on Huffington Post

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TEXT-Fitch: US credit card losses nearing the bottom

Posted on May 8, 2012 by admin| Leave a comment

TEXT-Fitch: US credit card losses nearing the bottom
News from Reuters:

Tue May 8, 2012 10:34am EDT

May 8 - Link to Fitch Ratings' Report: Credit Cards: Asset...............      continues on Reuters

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Barclays US card unit bids for online deposits

Posted on May 7, 2012 by admin| Leave a comment

Barclays US card unit bids for online deposits
News from Reuters:

By David Henry

Mon May 7, 2012 12:00am EDT

May 7 (Reuters) – The U.S. credit card unit of Barclays is joining the competition for online savings from individuals.

Barclays introduced a website on Monday to take deposits in a push to diversify its funding for its roughly $ 12 billion of card assets, said Steve Carp, managing director of deposits for Barclays US in Wilmington, Delaware.

The card business currently gets roughly half of its funding from so-called brokered-deposits, which are generally considered less stable than deposits made by individuals. The other half of the funding comes from the subsidiary’s London-based parent.

The Barclays site will compete on rates for high-yield savings accounts and for certificates of deposit, Carp said.

Carp acknowledged in an interview that online competition for deposits has increased recently with bidding for funds by Ally Financial Inc, CIT Group and ING Direct, a unit of Capital One Financial Corp.

But Carp said consumer interest in online savings…………… continues on Reuters

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City Releases Statements Regrading Duran and Credit Cards

Posted on May 6, 2012 by admin| Leave a comment

City Releases Statements Regrading Duran and Credit Cards
News from Patch.com:

West Hollywood Patch reported on Wednesday news of City Councilman John Duran setting up a legal defense fund in the event the Los Angeles County district attorney’s office decides to file criminal charges against him for improper use of his city-issued credit card.

Duran told Weho Patch the DA was questioning his using the card to pay for 128 meals over three years, totaling about $ 7,000. He said he was discussing city business over those meals.

The possible charges against Duran stemmed from an inquiry which the district attorney’s office began in March 2011 regarding alleged misuse of the city credit cards by City Hall employees.

The Los Angeles Times also covered the story on Saturday. Information in that story said that, “one credit card in the city manager’s office, used by various employees, accumulated $ 121,000 over three years.”

The city has released two statements regarding the Times story.

The first statement rea…………… continues on Patch.com

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The Ultimate Loan Modification Guidebook
The Most Comprehensive Loan Mod/stop Foreclosure Guide Online. Complete With Detailed Examples, Forms And Worksheets, And Our Own Proven Expert Pre-qual Method. Now Featuring A Complete Analysis Of The New Obama Guides And A Free 70pg Credit Repair Ebook!
The Ultimate Loan Modification Guidebook

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Germithe Geffrard Arrested For Storing Chili’s Customers’ Credit Card …

Posted on May 5, 2012 by admin| Leave a comment

Germithe Geffrard Arrested For Storing Chili’s Customers’ Credit Card …
News from Huffington Post:

A Chili’s server has been arrested for stealing credit card information from patrons dining on baby back ribs.

After complaints from customers about false charges on their credit cards in the last three months, loss prevention at a Coral Springs Chili’s traced the activity to one of their waitresses, Germithe Geffrard, 23, of Pompano Beach.

When Coral Springs police arrived to investigate, officers found an illegal credit card scanner in Geffrard’s work apron.

After charging customers’ cards for their bill, Geffrard would scan the card through her scanner to store the information, according to a police release. Geffrard scanned at least three or more credits every day.

Police arrested Geffrard and charged her with possession of a scanning device.

Chili’s released the following official statement:

Unfortunately, a food server at Chili’s Coral Springs location was taken into custody for purportedly using a han…………… continues on Huffington Post

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620, 680 or 720? What credit score do you need for a mortgage?

Posted on May 5, 2012 by admin| Leave a comment

620, 680 or 720? What credit score do you need for a mortgage?
News from KLJB:


By Kirk Haverkamp
Provided by

What kind of credit score do you need to qualify for a mortgage? A new survey of bank executives by the Federal Reserve provides some answers. 

It’s well-known that it’s harder to get a mortgage these days than it was back in the boom days of the housing bubble, when it seemed almost anyone could get a loan as long as they had a pulse. But just how much harder is often unclear, especially for those with less-than-perfect credit scores.

Mortgage lending now vs. 2006

In April, the Federal Reserve surveyed senior loan officers from more than 80 banks operating in the United States to assess bank lending practices. It found that, although lending practices are more restrictive than they were six years ago, some banks are just as likely to approve a loan today as they were in 2006, even for borrowers with weaker credit.

In a few cases, for borrowers with better scores, banks even said they were more likely to approve a mortgage loan than they were six years ago. Not surprisingly, for all credit scores, a larger down payment significantly improved the odds of getting approved.

The survey asked senior loan officers about hypothetical borrowers with three different levels of FICO cred…………… continues on KLJB

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