And the identity theft adventures don’t end with the Hardy Boys. The Teen Titans have also started fighting identity theft on the comic book pages! It probably won’t be long before Batman, Spider-Man and The Hulk start taking on these criminals, too!
Following in the great tradition of comic book villains such as the Joker, Magneto and Lex Luthor, what should we call this up and coming identity thief character? Phineas Phisher? Mister Skimmer? Share your ideas for identity theft villains in the comments section below!
by Emily Peters on 03/31/2006
We received so many great entries for our “You might be a credit geek if…” contest last Friday. It was impossible to choose just one winner!
CreditBloggers.com has decided to award two participants for their creativity and credit geekiness! We’re going to send a free copy of Identity Theft: Protect your Name, Credit and Information to:
* Liz S from MoneyStuffed.com – “You discover that some credit card companies won’t let you pay your credit card more than once in a 24 hour period.”
* SingleMom from Single Ma’s Fabulous Financials – “You find yourself explaining how credit works to your mortgage broker.”
by Emily Peters on 03/30/2006
Credit cards are so prevalent in America that we probably take them for granted. If you are like me, only a few actual bills ever pass through your wallet; most of your purchases are made with plastic. Even with its faults, the US credit system is remarkably convenient and fair. Which is why it is interesting to tune into international credit news once in a while. For example, this news report from China today:
According to media reports, the Beijing-based China Minsheng Bank released earlier this month a new kind of credit card, the “diamond card,” with an exorbitant slogan of “once acquired, life-long dignity and honour guaranteed.” The bank does not accept applications for the card, but only invites privileged clients.
by Emily Peters on 03/30/2006
Ben Bernanke, the new Chairman of the Federal Reserve, followed in Greenspan’s footsteps yesterday by raising the federal funds rate by .25% to 4.75%. This increase led to the prime rate being increased from 7.5% to 7.75%. What does all this financial mumbo-jumbo mean to you?
by Emily Peters on 03/29/2006
Your mortgage broker is on your side, right? Maybe not. According to an article in today’s Los Angeles Times, mortgage brokers receive big bonuses when they sign customers up for higher interest loans than what they actually qualify for:
Say a consumer qualifies for a $400,000 loan at a 6.75% annual interest rate and an upfront fee of 1 percentage point, or $4,000. If that same borrower agrees to take the loan at 7%, a lender might reward the broker with a bonus of half a percentage point, or $2,000.
by Emily Peters on 03/28/2006
All scoring models have what’s called a “performance definition.” A performance definition is basically a complicated way of asking the question…”what are you designed to do?” So, for the FICO credit scores that we’ve all become accustomed to…they are designed to predict whether or not you will go 90 days past due or worse in the 24 months after your credit file was scored. That’s the FICO credit score’s Performance Definition…90DPD+ over 24 months. Don’t make this complicated because it really isn’t. Car keys were built to start cars. A toaster was built to toast bread. And a sock was meant to be worn between your foot and a shoe. Those are all performance definitions.
by John Ulzheimer on 03/27/2006
First, don’t avoid filing. The penalties and interest for not filing will make your situation worse.
* Don’t charge it. As tempting as that might be, it will cost you dearly. First, there are add-on processing fees and set-up fees. The government has special firms that handle credit card payments for taxes. These firms charge a standard 2.49% convenience fee. When you add in standard credit card interest rates, you could be adding to the cost of your taxes significantly.
by Valary Miller on 03/27/2006
Consumer Reports specifically recommends that you be cautious about the different assumptions planners can make. For example, if planners assume too low an inflation rate or too high a return rate on your nest egg – to say nothing of too short a lifespan — a retirement plan can easily fall short of its mark.
The free services Consumer Reports tried were from Charles Schwab, Wachovia Bank, and Fidelity Investments. In the $100 to $250 range, the testers went to MyFinancialAdvice, T. Rowe Price, and FinancialEngines. T. Rowe Price, Alliance of Cambridge Advisors, and Garrett Planning Network plans cost between $500 and $650. The Vanguard Group and an independent, fee-only planner were the priciest services, at $1,500 and $3,000, respectively.
by Nancy Castleman on 03/27/2006
CreditBloggers.com received some terrific entries in our “You might be a credit geek if…” contest for Funny Money Friday last week. Here are some of the best entries so far.
You might be a credit geek if…
* You ask to see his credit reports (yes, all three bureaus) before you agree to a first date.
* Your idea of a relaxing weekend is to curl up on the sofa and review your credit report for errors.
* You give all your friends the same wedding gift–a copy of Evan Hendricks’ book, “Credit Scores and Credit Reports.”
by Emily Peters on 03/27/2006
The average tax refund this year is expected to be the largest ever, a record $2,100, according to the IRS. While you may start out with good intentions for using your refund, the money can easily start to burn a hole in your pocket. Before you consider using your refund to buy a big screen TV or a new pair of shoes, consider how smart it would be to save the money instead.
by Emily Peters on 03/27/2006
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