Credit

Debt Diet Part 5: Making men, women and money get along at the holidays

Gina Roberts-Grey Dec 10th 2009 @ 4:00PM EST Filed Under: Credit, Debt, Economizer

Experts tout talking about money as one of the best ways to avoid financial miscommunication in a relationship. But what if you and your honey aren't really hearing what the other has to say? Or even worse, what if you two speak a completely different money language?

Having the "money talk" is essential to keeping your Debt Diet on track. It's also (believe it or not) one of the cornerstones of a good relationship. That's why, with just two weeks left in the holiday shopping season, it's important to make sure you and your mate aren't just talking, but that you're truly listening to what each of you has to say about money. Otherwise, you're likely to blow your budget -- and your partner's likely to blow their top -- while you're scooping up gifts this weekend.

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Could the age of 'instant credit' be over?

Martha C. White Dec 9th 2009 @ 4:30PM EST Filed Under: Credit, Credit cards

New credit card regulations being considered by the Federal Reserve could put an end to that all-too-common pitch customers hear when they check out: "Would you like to open a Such-and-Such Store Name credit card today?"

What the Fed has in mind is to require credit card issuers to get information about your income before they determine whether you're credit-worthy. It's a reasonable thought in light of the fact that we wouldn't be in our current financial predicament if we'd kept closer tabs on how much people could afford to pay back.

Right now, retailers can pull your credit score from a nationally accessible database and use that to determine whether to issue you a store credit card and what your rate will be.

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Debt Diet Part 4: Respect your money

Gina Roberts-Grey Dec 4th 2009 @ 3:00PM EST Filed Under: Credit, Debt, Economizer

The way you treat your money and your budget, experts say, can play a big role in being fiscally sound. Especially when you're on a "Debt Diet" and trying to not exceed your financial calories this weekend.

Where you balance your checkbook and keep your cash can help you stick to your Debt Diet and help ensure you don't ring in the new year with a financial hangover.

Here are a few ways to make sure you're making the most of your money. And able to stick to your "Diet" this weekend.

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Government-backed loans will soon require you to have good credit and a decent down payment

Charles Feldman Dec 4th 2009 @ 11:00AM EST Filed Under: Credit, Home, Mortgages

Ever get the feeling that sometimes, just sometimes, the universe is just not going your way? That after the Big Bang, the rest of the cosmos is speeding off in one direction, while you are stuck at a bus stop in Secaucus?

Well, if you are a potential home buyer, you may soon feel that way as the government announces it will cost you more -- lots more maybe -- to secure a mortgage backed by the Federal Housing Administration, which may put you and that home you want light years apart.

What's happening is the government will soon require not only that you have a higher credit score (really, do you know anyone who actually has a higher credit score nowadays?) but that you put down more than the current 3.5% minimum down payment. Speculation is you may soon have to folk over at least 5% down to get an FHA-backed loan.

More than one real estate agent is expressing concern that higher credit scores and bigger down payments may keep many first time home owners on the sidelines. Should that happen, it could nip in the bud any hope of a meaningful recovery in the housing market in the U.S.

But the government apparently feels it has little choice: The FHA may itself soon require a government bailout.

The political and/or economic wisdom of the coming increases can be argued from here to eternity (or to that bus stop you're still at in Secaucus); but the fact of the matter is, the bottom line is YOU are likely to soon have to pony up more money (not to mention get your fiscal house in order to help improve that credit score) for the government to lend you a helping hand and to hand over to you that 30-year, fixed rate mortgage.

Charles Feldman is a journalist , media consultant and co-author of the book, "No Time To Think-The Menace of Media Speed and the 24-hour News Cycle."

Tips for applying for a new credit card

Lita Epstein Dec 3rd 2009 @ 2:30PM EST Filed Under: Credit, Debt, Credit cards

While many shoppers are planning to use cash or a debit card this holiday season, some will still find they need to apply for new credit. I know many at Wallet Pop will tell you that you should just spend less, but just in case you do decide to apply for credit, do it wisely. You also may find it harder to get.

"Shopping and applying for cards isn't as easy as it used to be," Bill Hardekopf, CEO of Lowcards.com and author of The Credit Card Guidebook, told me by e-mail interview. "Consumers should now expect higher rates and lower credit limits. Approval is no longer a sure thing."

If you still want to apply for a new credit card, here are a few tips to think about first:

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12-step help for shopaholics

Gina Roberts-Grey Dec 3rd 2009 @ 1:30PM EST Filed Under: Budgets, Credit, Debt

It's pretty common knowledge that alcoholics, gamblers and drug addicts have support groups and 12-step programs to keep them on the wagon. But did you know there are similar groups for compulsive spenders, debt addicts and shopaholics?

Debtors Anonymous, a support organization patterned after Alcoholics Anonymous, uses a 12-step program to help people -- first name only -- stop abusing their credit cards and kick their free-spending ways.

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Top 10 tips for shopping for online loans

Janean Chun Dec 1st 2009 @ 3:00PM EST Filed Under: Credit, Debt, Personal loans, Mortgages, 101 mortgages

This isn't your father's banker. Your father's banker was probably human. Today, you can get online loans without ever stepping into a bank -- actually, without even leaving your home. But that facelessness can be either convenient or dangerous. You need to be cautious when shopping for online loans, so you find a legitimate online loan provider and not a scam artist trying to take rather than give you money.

Here are the top 10 tips for getting online loans.

Online Loans Tip #1: Make the most of online advantages. One of the biggest benefits of shopping for online loans is you can easily compare rates and offerings and get qualified and approved quicker than from traditional banks.

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Five words to never to say to your lender

Lita Epstein Nov 27th 2009 @ 6:00AM EST Filed Under: Banks, Credit, Debt, Fraud, Recession, Credit cards

Getting a loan can be a difficult task in this economic environment. Many lenders won't even consider an application for a mortgage unless your credit score is above 740. Others will consider an application, but zap you with an outrageous interest rate.

Even if you have excellent credit, there are still some phrases you should never say when trying to get a loan. For example:

1. DESPERATE

One of the worst things you can say to a loan officer is that you desperately need the money, then ask how can you speed up the loan process. That's putting a big red flag in front of the loan officer. He'll wonder what the emergency is and is more likely to decline your application.

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Best platinum cards for status spenders and rewards seekers

Janean Chun Nov 26th 2009 @ 10:00AM EST Filed Under: Credit, Wealth, 101 credit&debt

Remember the days when gold credit cards were the gold standard? Then platinum credit cards became the new mark of exclusivity. Since then, the platinum of platinum credit cards have morphed into black, clear, blue, plum, titanium and every other color imaginable in the status rainbow. How do you choose?

The good news is platinum credit cards are more available to average consumers. You don't need the highest income or credit scores to qualify for members only benefits, but generally just need a solid credit history and a FICO above 650. If you pass the criteria, you can earn platinum credit card points redeemable for prizes and merchandise, tap customer service benefits, accrue frequent flyer miles, get discounts and reap cashback bonuses. Most platinum credit cards also guarantee over-the-limit services, so you'll never again have to deal with the embarrassment of getting your card declined.

Let's take a look at some of the best platinum credit cards on the market.

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