Will the Foreclosure Wave Change Credit Scores?
Posted on June 20th, 2010
Consumer X pays his bills on time, never revolves a balance from one month to the next, enjoys FICO scores close to 800 and, unfortunately, will lose his house to foreclosure in six months because when his loan terms reset next month, he will no longer be able to afford his payment. Consumer Y uses credit cards to live a lifestyle he can’t afford, lied about his income on a mortgage application and now lives in a house more fitting for a rock star than an average Joe. He, too, will lose his house to foreclosure in six months because his lavish lifestyle has caught up to him. <
What can Bad Credit Credit Cards Really Offer You?
Posted on June 20th, 2010
Guaranteed approval credit cards are more known by many as credit cards for bad credits. The reason behind this name is that these credit cards are issued by companies easily regardless of the credit history of that person. You can acquire this card even if you have bad credit or you do not have any credit.
Most of the credit card companies issuing these bad credit credit cards would require security. One form of security would be an advance deposit in an account when you would sign up. This deposit will allow the issuers to gain access to a source of payment if you would fail in paying your debt as scheduled.
Obviously, the security deposit will define the credit limit of your card.
Ticketless Events Use Credit Cards to Foil Scalpers
Posted on June 18th, 2010
Credit cards aren’t just good for nabbing hot concert tickets anymore. In some cases, credit cards have become the tickets. This summer, TicketMaster will expand its “ticketless events” pilot program for popular tours, including those by Justin Bieber and Miley Cyrus. Instead of printing out tickets, concertgoers will scan their credit cards and drivers’ licenses at the venue gates.
TicketMaster and concert promoters hope that the new program will increase security while reducing ticket scalping for major events. With no physical tickets to sell, scalpers will have little to no ability to charge inflated prices for hard-to-find tickets. Read full post…
Federal Reserve Limits Credit Card Fees
Posted on June 18th, 2010
The Federal Research Board approved a final rule today regarding fees for late payment, penalties, inactivity fees, and other similar charges. The rule amends Regulation Z, Truth in Lending, and governs the following:
- Late payment fees are limited to $25, unless the consumer has a history of violations or the issuer can show the higher cost is justified by the expense associated with late payment.
- Penalty fees cannot exceed the dollar amount associated with the violation.
Bank of America MyAccess Checking $75 Promotion CH75OL1
Posted on June 17th, 2010
If you have a Bank of America credit card and are thinking about opening a checking account with Bank of America, then this $75 promotion on their MyAccess Checking account may be help you overcome inertia. The offer is pretty straightforward, open a bank account online through this link, fund it with at least $125 in 30 days and you’ll receive $75 in 90 days.
There is no direct deposit or check card purchase requirements. The account has no monthly maintenance fee, no minimum balance, and offers no interest. You must be a new checking account customer and the limit is one $75 incentive bonus per 6 months. N
Long Term Capital Gains Tax Rates Increase in 2011
Posted on June 17th, 2010
When people talk about the Bush-era tax cuts, they’re usually referring to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) signed by President Bush in June of 2001. Many of the provisions were set to phase in over 9 years but those were accelerated when the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) was signed just two years later. M