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Bank of America Jacking Up Credit Card Rates
2008-02-08 15:50:00
Bank of America abruptly notified cardholders in good standing their rates would skyrocket if they didn't opt out fast. Is BofA greedy or needy? This is an arbitrary rate for no apparent reason. If they raise a regular paying consumer's rate because of a decline in the person's FICO score, it is understandable but appraently, they are using "internal criteria" that aren't available to consumers.The only way to respond is throw away the card immediately.
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Credit Cards Can Help Entrepreneurs
2008-02-05 16:01:00
People thinking about starting up their own companies are nearly always on the receiving end of some stern advice: Don’t use credit cards to fund your business.The worst thing in the world is to have your business fail and be stuck personally with $50,000 in debt at 21% interest.But there are some advantages to using credit cards to fund a business, provided you use it with prudence.
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Why Your Credit Card Application Is Rejected - Part 2
2008-02-03 02:28:00
An underwriter at Capital One and she reassured me that there was "absolutely nothing wrong" with my credit file. She would not go into details about why I was turned down, but emphasised that a professional, such as a lawyer, earning £100,000 a year, would have no problems getting the card. But not everyboduyOut of curiosity, I did a bit of digging to find out what else might cause credit card companies to turn down an applicant with a spotless credit history. One source (who did not want to be named) at a credit card lender said that sometimes, companies will turn down an applicant with an excellent credit rating if the applicant does not want to transfer a balance.The press office confirmed that, as well as expecting applicants to have an "excellent" credit record, evidence of a good payment history and few outstanding debts (as far as I know, no problems so far), "the applicant's personal circumstances (i.e. employment status, income etc)" would be taken into account.But surel...
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Terrible 0% Credit Card Traps - Part 2
2008-01-29 02:24:00
Here are some of the traps for you:1. Lenders won't offer 0% on their own lending It's important to note that a lender won't allow balance transfers between its own cards. So, if you have a debt on, say, a NatWest credit card, then you won't be able to transfer this balance to any card issued by NatWest's parent company, Royal Bank of Scotland Group.Thus, in this example, out go 0% offers by NatWest's sister companies MINT, RBS, Tesco Personal Finance and Ulster Bank (NI). 2. Check to see how long each 0% offer lasts It goes without saying that the longer a 0% deal lasts, the better. The very best run for fifteen months; the shortest deal I've found lasts a mere three months.There does seem to be some clustering around the one-year mark, with scores of cards offering interest-free credit for twelve months. Thus, if you don't want to be switching cards two or three times a year, then opt for a 0% deal which lasts at least a year.3. You need to maintain a perfect payment his...
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Terrible 0% Credit Card Traps - Part 1
2008-01-26 02:22:00
Thanks to the worldwide credit crunch, financial markets have suffered a nasty kick in the teeth. As mega-losses on dodgy US home loans continue to soar, banks have become much warier when it comes to lending, particularly on credit cards and mortgages.This is making life hard for both businesses and consumers, as credit lines are withdrawn and interest rates are jacked up. However, there's one area of lending which is still going great guns: the 0% balance transfer market.Searching the entire credit-card market to find out how many 0% transfer deals are on offer. Believe it or not, there are 97 different 0% credit cards begging to welcome your existing debts today. In case you haven't come across balance transfers before, they are the perfect way to slash the interest bill on your existing credit- and store-card balances. You simply open a new 0% interest card and ask this card issuer to pay off your existing interest-bearing debts.You then make monthly repayments to reduce yo...
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Why Your Credit Card Application Is Rejected - Part 1
2008-01-24 01:55:00
In the last half of 2007, more than three million applications for credit cards were rejected. That's an increase of nearly 20% in just six months. But still, I must admit, the letter I received last month came as a shock. "Thank you for your application," it read. "Unfortunately on this occasion it has been unsuccessful..."The Credit Control Patrol I had been warned by a fellow writer at The Fool that, to get the card I wanted (the then market-leading Capital One cashback credit card), my credit history would have to be whiter-than-white.So the best thing is to sign up for a free credit report from Experian to check whether you had (inadvertently) acquired a chequered past. If the report merely confirmed that you have never in my entire life missed a bill, credit card or mortgage payment., then there are other reasons that credit card lenders will reject an application.Failing to register to be on the electoral roll, for example, will mean many will turn you down. Lenders a...
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Money Makeover Tips
2008-01-24 01:40:00
Back to Dave's case. He should be able to clear his debt within two to three years. Here's what he plans to do:1. Cut up his credit card and never use this account again, even in emergencies.2. Cancel his rubbish PPI cover and put the extra £40 a month towards repaying his debt faster.3. Instead of paying his card's minimum monthly repayments, set up a direct debit or standing order for a flat £200 a month.Even if Dave did nothing else, these three steps would increase his monthly repayment to £200 and reduce his charges to £100 a month. Therefore, his net repayment would increase to £100 a month, instead of the £10 repaid on his latest statement. Then again, Dave's biggest problem is the swindling rate of interest that he's paying on this card.Happily, we can slash this to zero if we can arrange a balance transfer of the whole £5,000 to a 0% credit card. Even if Dave can't transfer the entire balance, he should shift as much of it as he can to a new 0% card.I...
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A Never-Ending Debt
2008-01-21 01:34:00
Consider this case. At first glance, Dave's credit-card looks ok. But when you dig deeper, it is an absolute horror story. Unless things change, his plastic debt would easily outlive him!Here's why: Dave owes, say, £5,000 on his credit card (the actual figure is slightly higher, but five grand is a nice -- or not-so-nice in Dave's case -- round number).He pays only the minimum monthly repayment (MMR) demanded by his card, which is 3% a month. Thus, this month's repayment is £150. He is paying a very high interest rate on his credit card, partly because he has used it to withdraw cash.Indeed, his interest bill is running at £100 a month, or almost 2% of his balance. This equates to an annual percentage rate of 26.8% APR, which is almost five times the Bank of England's base rate of 5.5% a year.What an enormous rip-off!Dave also has overpriced, nearly worthless payment protection insurance (PPI) on his card, which costs him a further 0.8% of his balance every month. I warned h...
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Police stop credit card theft ring
2008-01-18 01:20:00
Police from the 16th District have broken up a credit card theft ring.Their investigation began in early January when a man flagged down Officer Mike Keefe's patrol car to complain about people stealing letters from residential mailboxes, Keefe said at a recent Beat 1622 community policing meeting.Based on a description given by the man, Keefe said, officers stopped a car belonging to a suspect.No mail was found, but after questioning by officers and a federal postal inspector, police learned that a clerk at a local auto parts store had been pocketing customers' credit cards. She would then contact the issuing bank and request a new card in her name, which would then be stolen from the customer's mailbox.Elsewhere in the district, police are concerned about two burglaries in which offenders claimed to be landscapers in order to gain access to the homes of elderly couples. While one offender distracted the occupants, the other stole items from the home, according to CAPS Officer...
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Debt makes the world go round
2008-01-12 02:08:00
The pile of credit card offerings awaiting shredding in my hallway is at least 6 inches deep, and that's only about three weeks' worth. Although I dislike debt as much as the next person, a healthy credit line has saved my rear more than once. I've got plenty of company. "When was the last time you heard someone say, 'I am saving up for something?' " said David Oser, laughing, the chief economist for ShoreBank, Chicago. "In our culture, if you have a job you have the right to unlimited amounts of credit. That has the unexpected benefit in that it smooths out the economy." It means we can keep buying even when times are tight and -- ahhhh -- what a blessing! Until the bills are due, that is. We can, if we like, regard this credit card debt and our debt at large as part of a giant social science experiment that we are currently living through. "Right now the way the world works economically, people in other countries make things, and we buy them," Oser says. "We provide each ...
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Record High Defaults on U.S. Insured Mortgages
2008-01-01 12:46:00
Defaults on privately insured U.S. mortgages rose 34.7 percent in November to the highest level on record, reflecting the inability of a growing number of homeowners to keep current on their loan payments. Data released Monday by the Mortgage Insurance Cos. of America showed that 61,300 insured borrowers were at least 60 days late on payments in November. That is up from 45,325 a year earlier, and up 2.9 percent from 59,308 in October. The number had not topped 60,000 in a month since data was first tabulated in 2001. Late payments are often a precursor to foreclosure. Mortgage insurers such as MGIC Investment Corp, PMI Group Inc and Radian Group Inc lost money in the third quarter as more homeowners fell behind on payments.Shares of each lost well over half their value this year. Private mortgage insurance enables people to buy homes with down payments of less than 20 percent. The insurance guarantees that lenders will be repaid even if borrowers default. ...
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GPS Technology At Your Fingertips
2007-12-20 01:11:00
Ever been lost when you step into an unfamiliar terrain? Not to worry as Global Positioning System (GPS) come to the rescue. This is a satellite navigation system that is used to determine a precise location almost anywhere on Earth. The technology is constantly evolving and today, one of the the premier leaders in GPS tracking products is LandAirSea, which has been in service since 1994.The site offers GPS equipment at reasonable prices and has enabled the average man in hte street to possess GPS facilities in their wrist watches, vehicles, cell phones, etc. Any time you wish to know your exact location, look no further than GPS Tracking Key. This technology is also being used in race control, animal control, Espionage and surveillance, stolen vehicle searching, fleet control etc.The device is a portable, pocket-size fit that receives signals from the twenty-four Department of Defense GPS satellites orbiting the earth. The internal computer precisely determines the GPS location of ...
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Don’t succumb to the temptation of store cards
2007-12-16 16:09:00
The credit crunch that has swept across the UK over recent months has causes chaos and turmoil in most areas of the financial markets, and amongst the victims of the credit crunch are the credit card companies.With the effects of the credit crunch to consider, coupled with already sky high bad debt levels, credit card companies have really had to toughen up in order to safeguard themselves.As a result of this credit card companies have been forced to tighten up on their lending criteria, which means that fewer applicants will be successful in getting a credit card. Over recent weeks figures have confirmed that the level of application acceptances from credit card companies has fallen quite significantly. In addition to this credit card companies have hiked up a variety of fees and charges on their cards, and have slashed credit limits for many lenders.These changes, and the lack of availability when it comes to new applicants, has forced many consumers to look at alternative funding...
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How The Credit Crunch Affects You - Part II
2007-12-11 01:19:00
Is my pension safe?The impact of the credit crunch on Canada's pension plans has been minor so far, says actuary and pension consultant Malcolm Hamilton, worldwide partner with Mercer. "Most pension plans are patient, long-term investors.They are not terribly concerned about liquidity and not too worried if they have to wait a little while to get their money back."In fact, if ABCP assets become available at fire-sale prices, "I suspect some of the better-run pension plans will be lining up to buy," Mr. Hamilton adds.That being said, some fallout from the ABCP crisis has already been felt with the $1.2-billion University of Western Ontario pension plan for 6,300 faculty and staff restricting redemptions on some of its funds in early November.The real risk to pension plans may be their indirect exposure through the stock market. If credit concerns cause markets to collapse or a recession, "then pension plans will suffer as the stock market retreats," Mr. Hamilton says."The recession ...
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How The Credit Crunch Affects You - Part I
2007-12-08 09:25:00
Forget tomorrow, Canadians are already getting hit in the pocketbook by the debt-market crisis, and it could get a lot worse.David Dodge, governor of the Bank of Canada, said this week "Mr. and Mrs. Jones on Main Street" could ultimately be "pulled down" as banks scramble to come up with a deal to save the debt market and prevent the unwinding of $300-billion worth of leverage, in a worst-case scenario.But the reality is, the cost of debt has already risen for consumers. "It could get a lot more difficult for consumers to get any type of mortgage loan or any type of personal loan," as debt markets tighten up," says Fred Lazar, a professor at the Schulich School of Business at York University in Toronto, sounding a wakeup call for consumers dulled by the big numbers and ugly acronyms of the steadily escalating credit-crunch story.And that's just the tip of the iceberg. If the worldwide credit crisis deepens, we could be looking at a global recession, which would have dire consequenc...
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Credit Card Hangover
2007-12-03 01:06:00
Many NatWest and Royal Bank of Scotland customers are set for a New Year shock when they open their credit card bills in January. Many will find that they now have days - as opposed to weeks - to pay off their Christmas debts if they want to avoid interest payments and hefty late payment charges.From January 1, the banking group - NatWest is a subsidiary of RBS - is slashing the interest-free period available to many of its customers. Controversially, these changes will affect only those who pay off their credit card bill in full each month.The bank denies that it is penalising prudent customers who use their credit card to manage their cash flow rather than run up expensive debts.There have been concerns about the timing of these changes and the clarity of information given to those affected.RBS has written to all cardholders informing them that the terms and conditions are changing, but details of the changes are buried in the small print.The changes affect all RBS, NatWest and Mi...
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Hotels Warned About Fake Credit Cards
2007-11-27 19:01:00
Hoteliers have been warned about fake credit cards after Bristol Crown Court heard that a con man was able to run up bills at hotels throughout Bristol using specially adapted fake cards.Alexander Hobbs, 32, from Bradley Stoke, Bristol, admitted obtaining goods and services by deception totalling in excess of £6,000. The court heard that he had stayed at the Hilton, Ibis, Ramada Plaza, Premier and the City Inn in Bristol and at the five-star Celtic Manor Hotel in Newport.He had stayed at some of the hotels for up to a week at a time. When he was finally arrested by police Hobbs said in interview he had been able to bypass security by replacing numbers to make fraudulent credit cards.He then damaged the card's electronic strip so that the numbers had to be keyed in manually. After the case a police spokesman said that hotel cashiers should take extra precautions if they suspected that there might be something wrong with a card.Hobbs was spared jail when evidence was given that he h...
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Saving You Money on your Telecom Needs
2007-11-22 15:30:00
I know that now, more than ever, finding quality network hardware can be pricey and difficult at best.Thankfully, First Point has a great selection of the best Tellabs Telecom parts, used MetaSwitch telecommunication equipment and ADC telecommunication equipment available. Whether you're looking to start upgrade your telecommunications equipment or you're starting from scratch, First Point is the best way to get started without going bankrupt.Check them out today and you'll see why I can't stop recommending them to everybody I meet in the telecom field.
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The Quality Outsourcing Provider
2007-11-22 15:27:00
There are plenty of companies that can provide application development and offshore software development, but only Hundsun can provide both the service and the quality that you deserve. I know that when you think of outsourcing China comes to mind, but not only can outsourcing be provided by Hundsun, but product and application development as well.When you're company is looking to outsource work, let Hundsun help you get the best service and results, because you and your company deserve the best.
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Get the Honda You Want Without Any Hassle
2007-11-22 15:25:00
Finding a Hutchinson, Kansas Car Dealer that has the selection of Honda s as Conklin Hutchinson would be tricky at best, but finding a dealer that has the same number of Kansas Used Cars and is a leading Hutchinson Honda Dealership is near impossible.That is, of course, unless you visit Conklin Cars Hutchinson. Conklin Hutchinson has all of the Hondas that you're in love with, while still maintaining a great selection of new and used cars for those that aren't looking for a Honda. Check them out today and I'm sure you'll be happy you did.

Review of Check into Cash
2007-11-21 14:55:00
My friend just told me he is very tight on cash this month. Too many commitments but he declined to reveal.Well, I don't blame him. Not everybody is lucky enough to have enough money to see through their monthly financial obligations all the time. There is little choice but to settle for a payday loan services to help them see each paycheck through.The site can provide a quick approving loan for the applicant. Their main principles are quick, easy, and confidential. It is a short term unsecured loan or like a cash advance before your payday. I believe my friend can use it to tide him over.Applicants can receive their payday advance in one of the 1,250 Check IntoCash centers nationwide. Just have to write a personal post-dated check for the amount that I want to borrow, plus the payday loan fee. No credit check is required.Check Into Cash will hold that check until your next payday. When you get your pay, you can just pay off the payday advance. Unlike other payday lenders, CheckInto...
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Benefits of Bill Consolidation
2007-11-14 02:22:00
Managing a plethora of debts is no laughing matter, if any bills default because you are unable to pay or forgot about payment, your credit score can take a dip and increase the interest rates of your loans. It cost a lot of money, time, and effort to improve your credit worthiness later.Why face the trauma of collection calls ringing several times a day in your home or office asking you to pay your debts immediately? The high interest rates charged on your bills make it extremely difficult for you to get out of debt but debt collectors are not known for their charitable acts.Now, if what you want is to give yourself a break from all such bothering bills, getting a bill consolidation is definitely the right move to take. Basically, you use a bigger loan to consolidate all the small loans and the interest rates will be lesser. To introduce prospective borrowers to the basics of such financial aid, Bill Consolidation.net is established.BillConsolidation.net is a non-profit credit couns...
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Beware of Credit Card Traps - Part 2
2007-11-10 03:48:00
CHEAPEST VS MOST EXPENSIVE DEBT Of the 300 credit cards on offer, 296 apply a "negative payment hierarchy" according to financial website Fool.co.uk. They use your payments to clear the cheapest debts first, rather than the ones racking up the most expensive interest rates.You might transfer a £2,000 balance to an interest-free offer for 15 months, on a card which charges an annual percentage rate (APR) of 16.9 per cent when making new purchases. If you bought goods for £500, interest would build up until after the original £2,000 balance was cleared.Over the 15-month deal, the cardholder would be stung for £107 in interest on the £500 debt.David Kuo, head of personal finance at Fool.co.uk, praised Nationwide and Saga as the only two credit card providers operating a system which reduces the most expensive debt first. MOVE YOUR MONEY If you take advantage of an interest-free offer, pay off your balance, or switch the money to ...
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PayDay Loans for Emergency Needs
2007-11-10 02:51:00
Sometimes stuff crops up which means we don't have enough money till payday. It's usually a hassle getting a short-term loan with application needing to be faxed to lenders and so on, but it is now possible to get Payday Loans .Payday loans quotes is a website that gives out short terms cash loans, they call a payday loan or a cash advance. If you do not know what is a payday loan, it is actually a cash advance which is quick and easy to bridge your cash needs between your pay check.The company offers a small short-term loan that can range from $100 up to $1,500. The money can be electronically deposited and repaid from your checking account on mutually agreed upon dates.You simply fill out an online application form and the lender will contact you with the loan terms. They may also ask for additional information. Once approved, you send your agreement to them electronically, and they deposit the money into your bank account within 24 hours.Because of the fees involved always try t...
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Beware of Credit Card Traps - Part 1
2007-11-06 01:01:00
Credit card companies have made 125 increases in fees and rates in the past two months as the credit crunch starts to bite, but canny customers can still beat the card sharps.According to research this week by Moneyfacts.co.uk, 69 cards have increased fees for withdrawing cash on a credit card, while 25 charge higher interest on cash withdrawn.Eighteen cards impose more expensive fees when used abroad, while 10 have pushed up the charges when transferring a balance.Esther James, credit card analyst at Moneyfacts.co.uk, said: "One hundred and twenty five fee and rate increases inside two months is quite staggering."These fee and rate increases are less in the public view and often tucked away in the lengthy terms and conditions."Follow our top tips below for ways to cut credit costs. AVOID PAYING INTEREST Anyone who leaves a balance on their credit card is using an expensive form of debt.So consider switching. Many cards tempt new customers by...
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Secret Service Investigates Credit Card Scam
2007-11-02 00:51:00
The Secret Service is investigating a network of people, which includes a Germantown waitress, accused of stealing credit card numbers. Investigators say the waitress used a magnetic card reader to capture hundreds of credit card numbers.Secret Service agents say Jessica Holden stole some 150 customers' credit card numbers. But she wasn't using them; she was supplying them to a man who used them. She was a waitress at Mister B's and her boss is the one who turned her into authorities."It's very difficult to talk about this because my customers, I hope they don't feel as violated as I felt," said Theresa Baker, who's owned Mister B's in Germantown for about 30 years.She said she couldn't believe it when five customers called and said they their credit card numbers were stolen. Baker said she was shocked to find out Holden might be responsible for the crime."I started investigating it," said Baker. "Obviously, everybody has a server number. The same server came up every time. ...
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Finding Your Brand Identity
2007-11-01 00:36:00
For those of you who has a small business but haven't seriously thought about branding, I think you should, if your business is to expand further. Ask yourself: When was the last time you did any real effective branding research within your customer/prospect base?The kind of research that reveals how your customers/prospects feel. What turns them on and off? Where are they going to find products and services like yours? How does your brand stack up against your competition? What’s your brand image? Is that in line with your brand identity? Your positioning and value proposition? If you are not sure, then your brand marketing is in trouble. Do not assume that a solid product or service will sell itself and you do not need to market. Word of mouth needs help too. A reminder to your customers of their good experience with you and an enticing offer to potential new customers to give you a try. Providing this kick is what a well-conceived branding and marketing strategy should do.T...
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IT Services and Support
2007-10-31 00:42:00
Technology is now part and parcel of our life. We cannot do without it. So finding the right IT solution and making it work for us is important. We have master of the technology and not slave to it right?For small and midsize businesses—the good news is you don't have to be an IT expert or an in-house IT department to be online. There is a leading IT consulting firm to help you - Boston IT Consulting. They offer comprehensive IT outsourcing solutions to widen your IT capabilities and give you the flexibility to handle any aspect of your technology needs, for example, network integration, business application development, network monitoring, IT support, preventive care, etc. Don't worry if none of the terms ring a bell. They will handle it for you. What is more important is knowing that you have the right technology to drives your business to be more profitable and competitive.Their consulting experts analyze and optimize your network's performance. You get to choo...
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Online Dating Sites
2007-10-28 02:22:00
It's fun to make new friends, not only in real life but also online. Understanding another person and knowing that you have something in common is a wonderful surprise. Sometimes the relationship may grow into something more, and then you want to meet the other person in real life.If the relationship blossoms, you might decide on marriage. Not impossible, as love knows no boundaries. However, that doesn't happen everyday. You have to be very lucky to find each other amid the thousands of personals online.If you are interested, there are interesting Online Dati ng Sites that you can find in the internet, find another person and cultivate the relationship into something more.OnlineDatingTips.org is one such site to visit if you want to learn more about dating online. They have great tips on how you might go about dating another person through the internet, which of course includes the DOs and DON'Ts to a successful relationship. They also have their list of top dating sites, as well...
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Shops Love Your Credit Cards
2007-10-27 16:13:00
The festival season is on and every time you visit the neighbourhood shopping mall, you just cannot resist buying things. It is extremely easy these days. No need to carry loads of cash with you. Just get out that credit card, get it swiped, sign the receipt and you are done.But, have you realised that every time you shop using a credit card, the shopkeeper's margins go down? Well, why should you? If someone else loses money, it is not your problem. But, it is your problem, too. Here's how.Every time you use a credit card to shop, the shopkeeper has to pay a commission to the bank whose credit card you use. He also has to pay a commission to the bank whose machine is used to swipe the card. Now, if you had made the same payment through cash, the shopkeeper would not have to pay that commission.This necessitates the question, why don't shopkeepers offer discounts to those who make payments through cash? That let's leave for some other day. For now, the bigger question is what com...
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