Filed under: Recession , Financial Crisis The political climate in Washington is hardly conducive to a joint resolution by the Democrats and Republicans honoring Moms on Mother’s Day, let alone high-stakes banking issues, but one reality is clear: if banks don’t starting providing more credit to small and medium-sized businesses, Congress will have to create agents — or new institutions — that do. The issue is too important for the long-term health of the economy: small and medium-sized businesses account for the bulk of America’s jobs and new hiring. Presently, demand is growing incrementally, but as it increases, if business credit lines don’t as well, the recovery could stall, necessitating Congressional action

See more here: 
Banks Still Not Providing Enough Credit to Small Businesses

Filed under: Recession By year-end 2009, we will see a more than $4 trillion pullback in credit lines. And we are a country that runs on credit.

Here is the original post: 
Reason #5: The credit crunch will continue

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Aug. 24-28:

See original here:
Personal Finance Daily: The week’s 10 best Personal Finance stories

Filed under: International markets , Good news , Financial Crisis It’s been a week of mostly positive data points for U.S. investors.

See original here:
Ray of light: More evidence that credit markets are normalizing

 Powered by Max Banner Ads 

Filed under: Personal finance , Headline news , Recession For the fifth month in a row, consumers paid down their credit cards and other debt , as the worldwide recession continues to drive conservative financial behavior. According to the Federal Reserve, outstanding consumer debt fell $10.3 billion (4.9%) to $2.5 trillion in June

View original here:
Consumer debt headed in the right direction, spending hampered

What are the best ways to prevent or reduce the risk of identity theft? This is a somewhat complex subject so for now we’ll just touch on 4 things you can do to right now to limit your risk.

As a career banker I cannot begin to recall how many times I’ve seen credit negatively impacted by identity theft. It is just a fact of life these days - it can and does occur with increasing frequency.

Here’s an actual account of the nightmare one former client of mine endured:

http://www.renterrecords.com/reports/rbranham

What Can YOU Do About It?

First of all, protect yourself by never carrying more sensitive information on you than you positively need. For example, if you have multiple visa cards, do you actually need to have all of them with you when you go to the grocery store? Of course not! You shouldn’t carry more than two credit cards on your person at any given time.

This recommendation is even more critical for your social security card. Unless you are having to show your social security card for a specific purpose such as a job application, it should always remain in a secure place in your home.

Secondly, do not give your ATM or credit card information out over the telephone or web unless you are positively secure the site is secure. This is one of the most important ways to stop ID theft. Some services such as PayPal have developed specifically so little merchants can offer card options without breaching security. If a merchant that you don’t know doesn’t offer such an option, pass on the purchase.

Third, shred all documents that contain identifying info. It isn’t enough to tear them up - bin divers are more than willing to piece individual torn up papers back together. A shredder is an inexpensive investment that will look after your life! Another alternative would be to burn these items (just do so carefully please).

The final component is to stay on top of your identity/credit picture regularly! You can do this by subscribing to a reputable service that provides this information to you for a small monthly fee. The thinking here is the same as with anti-virus protection for your computer - you take proactive steps to monitor and guard against attacks on your pc, so why would you not do the same thing with your identity? Do not put off this last step; should any problems arise you want to know about them as soon as possible.

Click on THIS LINK to get started right now!

I write this article because having been involved in the banking industry for many years I have seen increasing amounts of unfortunate people - those who have has their credit card info hijacked by hackers.

I have learned through the experience of others to take proactive steps to make sure that it didn’t happen to me, and want to do my small part to help get the word out to you so that they can protect yourself and your family.

So what should you be thinking about in this regard?

With growing numbers of online credit card purchases increasing daily, it is no surprise that hackers and online thieves have found this an attractive market to direct their attention to. A simple search on Google will result in a list of unfortunate individuals complaining about how they were taken in one way or another by some sort of online scam that cost them their credit card balance, their credit rating, and often even their identity. With regards to credit cards, there is one method by which you can protect yourself when using them online, and that method is simplicity in itself - DON’T USE A CREDIT CARD FOR ONLINE PURCHASES.

But that’s not realistic, is it? How then how does one go about purchasing something online? Paypal offers a fairly attractive option, and there are other services like it out there that are equally as effective. The problem is that many vendors do not, or can not accept Paypal, and will only work with credit cards as a payment method. And Paypal is often used in conjunction with a credit card of your choice.

There is one alternative to credit cards that works much the same way, but without risking your credit or identity. This option is the Pre-Paid Credit Card. The concept is simple - a pre-paid credit card requires the owner of said card to deposit whatever cash they want to spend through it onto the card directly. The very same owner can not spend beyond the amount he or she has applied to the card. The card is not linked to your bank account, but the idea is very similar to a debit card in practice. It can be used almost any place that a regular credit card can be used as well. in fact, the cards are offered by the very same trusted names in the credit card industry, such as Visa and Mastercard.

How does this help you to protect your credit? Since the card does not use credit, there is no way for a potential thief to steal more from the card than is currently available. They can take whatever is on the card, but nothing more. If you only keep whatever you intend to spend within a day or two on the card, you can be relatively certain that you will not fall prey to an internet thief, because they can not take what isn’t there.

An added bonus is that if your card is compromised, you can simply cancel it and buy a new one for a reasonable fee, putting you right back in business. Using the pre-paid card instead of your credit cards means you won’t be exposing your regular credit card to online mischief. Not exposing your credit card in this fashion protects you directly from any issues that would have arisen in this regard, further protecting your credit rating and you identity. Any fees you might pay to use the pre-paid card are well worth it if this is important to you, and it should be.

I personally have used both the PayPal browser plug-in and prepaid cards bought at local retailers. Both are easy to use.

Pre-paid alternatives offer a nice balance between convenience and security. They take you as far out of a potential thieves path as you can hope for when it comes to ordering online. It is a highly recommended logical alternative to using a regular credit card for online purchases. Most credit card companies have programs in place to prevent or reimburse you for fraudulent online use of your credit card, but wouldn’t you rather simply not be in harm’s way?

The Next Step to Protection

Taking the above mentioned proactive measures is a good first step, but there is more you need to do. If you are not doing it already you should sign up with a service that offers you the ability to regularly check your credit activity and history online. You cannot control everything and you need the means to stay abreast of your credit profile and identity. There are a few trusted services out there that provide good value for low cost so you have no reason to wait.

You can access a Free Trial from the service I personally use and most recommend by clicking on THIS LINK.

Ignorance of a problem is no excuse, so complete your protection cycle and sleep easy.

If you’re unfamiliar with the money world, or are just now embarking on a trip to learn more, it can be a small overpowering at first. Even if the word “scary” isn’t in your vocabulary, some terms and concepts can seem to be a bit confusing. But understanding your credit score isn’t as daunting as it may seem.

For starters, your score is the number arrived at employing a complex mathematical equation. The actual equation is a well guarded secret, like the recipes to Coca Cola or Kentucky Fried Chicken. Even bankers have no real clue how it is calculated - I know this because I am one. There are estimates or speculation available online but we’re not going to get into that today.

You can relax though, you don’t need to understand the precise equation, or the way to work it. The reason is because many corporations use different equations, or have developed ones in particular for their field: insurance is one area that comes to mind. Employment is another. What you need to grasp is that each equation takes many factors into account: your past credit history, the amount of available credit you have at this time, your payment history, and so on.

The higher your score, the better off you’ll be when applying for new credit cards or loans. If, however, your score is on the low end, you’ll need to do some work in order to raise it. It will take a little time, and perhaps a little additional organizing on your side, but it is not impossible. I’ve written on this subject in other articles posted here on my site so check them out as well.

The best thing to do is to get hold of a copy of your credit score and report for yourself, and pay attention to it over time. Be proactive; take charge of this important aspect of your personal and professional lives.

These can be purchased for a minimal fee from several reputable companies online, including the one advertised on this page.

Look over the report carefully to locate what factors led to your low score. These negative points are your best friends at this time, even if they do not seem as if it. The reason being because they’re a rapid road map for you, showing you what areas you must shore up to shore up in order to improve your score.

Carefully checking over your credit history is mandatory these days, regardless of what your score is. It’s a way to make certain you are not an unknowing victim of identity theft. By watching your own score and how it changes over time you’ll get your own understanding of what factors influence matters - as they say, experience is the best teacher. Also, if something has been accidentally let slip that isn’t true, you can get it fixed straight away before it does any damage.

Get started right now by clicking THIS LINK to access one of the most trusted information providers in the industry. Do it TODAY!

First off, I am not a bankruptcy lawyer. I am a career banker. I have extensive experience in the field of risk management, which has at its root the foundation of “credit”. I have seen and heard a lot over the years and feel compelled to provide information on this specific topic. So I am sharing today what I know about this subject, and do so for your benefit.

OK, your bankruptcy is finalized, and now you’re ready to start rebuilding your credit. The best way to try that is by making an application for small quantities of credit first - and that report to the three large credit reporting bureaus. The first step generally is to get a Visa card; however, you don’t know what Credit card to choose. Here is some helpful information you can use in your decision making:

Secured Credit Cards

The easiest way to elude bad debt is to gain credit from your own money. A secured Visa card lets you to deposit cash into an account and then withdraw it just like you would with a regular Credit card. The difference between an unsecured Visa card and a secured Visa card is that you deposit the amount of money that makes your maximum balance into an account before you start using it. This implies that, if you become unable to settle up, you can simply close the account and withdraw the rest of your balance.

Gas Station/Grocery Store Credit Cards

Gas station and retailer mastercards are not hard to get approved for; in truth, they’re probably the simplest to get of all unsecured mastercards. The best thing about signing up for a grocery store or gas station card is the lowered temptation to make an unnecessary purchase. Most likely, you buy at these places every week and pay with either cash, check, or a cash card. Instead, you can pay with your store credit card, and then, at the end of the month, you can take the money you would have spent at the store and use it to pay off the balance on the card.

Credit Cards Specifically for Reconstructing Credit

Most reputable lenders offer visa cards to borrowers who want to rebuild their credit that are designed in particular for that purpose. You should expect to get charged high rates, and you’ll most likely have a low credit limit; however, in turn, the company will report your payments to all three credit monitoring companies monthly. Additionally, once you’ve established a good payment history with the company, they’ll likely lower your interest rate and raise your credit limit. It’s important to use a reputable lender online to make sure your personal information is secure.

Before applying for any credit card, do your research. Utilize the internet and compare interest rates and terms. Don’t apply for a card with web and compare rates and annual fees if you can get approved for a card with high rates and no annual fee. Pay your bills on time every month. If anything looks worse than a bankruptcy, its a bankruptcy followed by bad credit.

The other thing to do immediately following your first new credit card is to start keeping track of your reported credit information. This is vital and everyone needs to be doing it.

The last thing you want at this point is some problem to appear on your record for which you were not or are not responsible. You’re trying to return your credit standing to acceptable levels, and you absolutely MUST avoid surprises along the way. There are a number of services you can use to stay on top of your information.

You can get started right now with the service I’ve personally reviewed and highly recommend by clicking THIS LINK.

Despite the fact that I make my living as a banker I’m just going to come out and say it:  your creditors don’t always seem to be your friend.

They give you money but they charge you for using it. The interest rate and charges are based often on your credit ratings and credit report. How does a potential creditor know your credit scores and history? They get these things from a credit reporting agency. Makes sense doesn’t it? But, is this all there is to know when it comes to your credit and improving your scores? What I present in this article could impact your pocket book forever.

As reported in the documentary film “Maxed Out” the credit reporting agencies are paid by creditors to report your credit score. They do have a need to you to mend something that is inaccurate on your credit score, but you’ve got to question it first.

They make it easy to get credit, and then “make” you keep it. If you look at what has occurred in the last fifteen years, more and more people got visa cards. At the same time, private bankruptcies skyrocketed. Credit card companies were making profits hand over fist, but as private bankruptcies started going up things started to switch. Credit card companies started getting squeezed and they didn’t like it. They didn’t like it such a lot that according to the documentary film “Maxed Out” it was MBNA, a credit card company, who pushed the new bankruptcy law through Congress in 2005. This law made it harder than ever to file a private bankruptcy.

Second, with this history under consideration, let’s look at some things that you can do to impact your credit ratings and credit report the card firms and reporting agencies won’t tell you.

There are effects to having certain kinds of visa cards. You must consider what sort of credit card to get. Do not get department store credit cards. Often they are looked at unfavorably in your credit report by lenders because these cards are given to just about anyone with a social security number. Get two Visas or Mastercards from Bank of America, Citibank, Wells Fargo, and/or Discover. These cards will go a long way to helping you establish credit, improve your credit worthiness scores and ratings. Ensure you use these cards thoroughly and pay them off every month. Do not have more than 3-4 of these cards.

Opt out of Credit card offers. Not only will you be saving a tree but your credit report might go up simply by opting out of receiving the credit offerings. Go to OptOutPreScreen.com and fill out the info. You should be dropped from a majority of contact lists inside 2-3 months.

Get a prepaid cash card. What’s great about this credit solution is that you have to have the money in the bank to use with your card so you can only buy what you are able to afford. Also, most prepaid ATM cards do report to the credit reporting agencies. You may also use this account to set up payments for your utilities, cable, telephone, and web access etc.

Do not cancel your old credit cards. When you cancel a card, your credit report goes with it. It should not cost anything to keep it anyway. If you hate the idea of having it, just tear up the old card. If the card company tries to charge you a yearly fee, just tell them you want to cancel it. Most likely they will just waive it.

Keep your Visa card balances low. Just because you have a credit card doesn’t mean that you’ve got to use it or have it maxed out. As a rule of thumb you do not need to go over thirty percent of the available credit arrangement and at the absolute max, fifty percent. So if you’ve got a card that has a $10,000 limit, at the most you would not need to have more than $5000 charged on the card.

Limit your credit investigations. Don’t run around town and let every department stores or car dealer run your credit.

Finally, there is one more piece of the puzzle most people continue to overlook. Everyone needs to stay on top of their credit history. How can you do this? By signing up with a reputable company that makes your information available to you. There are a few to choose from but you should choose wisely.

Here is a LINK to the firm I use and highly recommend.

Checking your history, changes, etc., and making sure no strange activity makes its way into your report is a mandatory proactive action you need to take these days.

You wouldn’t operate your computer without proper anti-virus protection in place that actively monitors your computer and keeps it safe - so why would you not do the same with your critically-important credit history?