Credit Education
ChexSystems, it’s like a credit report for your checking history
I write a lot in this blog about credit reports and credit cards, but I haven’t written about something that’s just as important as a clean credit report before—a clean ChexSystems report. ChexSystems is a consumer reporting agency, just like the credit bureaus, that tracks your deposit accounts, like checking and savings, with banks. A...
FHA’s New Lending Criteria
Everyone already knows that the mortgage crisis obliterated the mortgage market, but many aren’t aware of how this changed the face of a tiny government agency, the Federal Housing Administration. Prior to the crash the FHA only guaranteed 3% of new home mortgages against default. Today they guarantee about 30% of new home mortgages. Why...
National Association of Credit Managers’ Credit Index Shows Credit Is Becoming More Available
The National Association of Credit Managers published the November results of their benchmark credit index today. For the second straight month the credit index surpassed the breakeven index number of 50. The index was at 34 a year ago, but increased to 51 in October and 55 in November. What does this mean for...
5 ways to kill your credit scores
The curtain has parted, albeit slightly, on the mystery of how your credit rating is calculated. Find out what these common credit problems can do to your standing. By Liz Pulliam Weston One of the questions I’m asked most often about credit scores is exactly how much certain actions affect people’s scores. Until now, the best I could do...
Didn’t buy a home to qualify for the Homebuyer’s Tax Credit? Maybe some of these lesser known tax credits will apply to you instead.
The first time homebuyer’s tax credit has been helpful to a lot of people, saving them thousands of dollars toward the purchase of a new home, but they’re not the only tax credits that got a boost this year. Here’s a few other that might apply to you. “Residential Energy Property Credit” Have you made any improvements...
Timothy Geithner tells the banks to start lending again
Treasury Secretary Timothy F. Geithner, speaking at a small-business financing forum at the Treasury Department, called on banks to “get back to the business of lending.” The Treasury Department released a report earlier this week showing that many of the banks that received government aid in the form of stimulus money earlier this year continue to...
15.4 million taxpayers in for a shock. Are you one?
If you’re counting on your tax return in 2010 for a vacation or to pay off some bills, you might be one of the 15.4 million taxpayers in for a shock when you discover that your refund will be lower than expected, or even worse, you might end up owing money to the IRS. The Making...
Debt consolidation warnings and tips
“Debt consolidation.” It has such an alluring ring to it. It creates this fantasy that you can wrap up all your debts into one attractive, low interest package, and everything will be hunky dory with your debt. Sadly, the easy quick fixes are often rather bad for you, financially and credit worthiness-wise. This...
Breaking News: President signs homebuyers tax credit bill
President Obama today signed into law the bill extending the homebuyers tax credit through May 1st, 2010– a 6 month extension of the tax credit. The law provides an $8,000 tax credit for first-time homebuyers, and $6,500 for homebuyers who have owned their current home for at least 5 years. Contracts must be in place...
The credit card companies find new ways to make lemonade, part 2
Part 2 of 2 How to protect yourself. Keep in mind the interest rate increases won’t affect you if you’re not carrying large balances. Going from 9.99% to 14.99% isn’t going to really impact your wallet if you’re already living within your means rather than living on credit. Be aware of the fine print on your credit cards. ...
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