BofA-ML plans double growth in India revenue

Jul 8, 2010 Posted Under: Credit Cards

Bank of America-Meryll Lynch is harboring ambitions of increasing its revenue from Indian operations by twice in the upcoming 3-4 years, said its head of Indian operations.

“Global environment continues to be worrisome, but India has a good chance compared with many other emerging markets,” she said.

“There is an appetite for equity issues. On inflows, India will continue to be overweight.” The Indian operations would be developing international business, along with mergers and acquisitions and fund raising, said Kaku Nakhate, the head of Indian operations of BofA-ML.

 

Fed Places a Cap on Credit Card Penalty Fees

Jul 7, 2010 Posted Under: Credit Cards

If you have had a history of making late payments on your credit cards, you may be relieved to learn that the Federal Reserve placed a cap on penalty fees recently. Now, credit card issuers are only allowed to impose up to $25 dollars in fees.

In addition, the Fed has eliminated their ability to impose inactivity fees, or fees that result from a cardholder not using the card over a certain period of time. And issuers will not be allowed to charge more in penalty fees than the actual payment amount (i.e. $25 fee on $20 minimum payment). These changes are a part of the third stage of implementing the Credit CARD Act. (Market Watch)

SBI Kerala circle plans net and mobile banking expansion

Jul 6, 2010 Posted Under: Credit Cards

State Bank of India, Kerala circle has ambitions to expanding internet and mobile banking services in the region along with additional facilities being added to ATMs, chief general manager B S Bhasin said.

Bhasin and SBI Kerala circle general manager V Ramamoorthy said that this fiscal would see developments coming in the net banking facilities for salary disbursements to employees.

Bhasin added that mobile banking facility would be enabled in even those phones which do not have an internet connection.

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The Fico Score Simulator

Jul 5, 2010 Posted Under: Credit Cards

I recently took a closer look at the so-called “Fico Score Simulator” offered up by Fico, founder of the all-knowing and all-powerful Fico score.

The tool essentially allows consumers to determine which actions will improve their credit score the most, instead of simply guessing.

You can gain access to the Fico Score Simulator if you purchase your credit report from the company, but they offer a sample to give us some insight.

Their sample went with a base 707 Fico score, which I consider “good credit” in my credit score range.

But suppose you needed that score to be higher to qualify for a mortgage or obtain auto loan financing.

Well, the Fico Score Simulator says your best course of action would be to pay down 90-100% of your credit card balances over the next 24 months to raise your credit score to between 757-777.

This action would help you in two ways – you’d have lower credit utilization and deeper credit history on the associated account(s).

But two years is a long time to wait for such an improvement. The simulat

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Finding a Good Credit Card with Bad Credit

Jul 5, 2010 Posted Under: Credit Cards

Maintaining a good credit score is absolutely paramount to living as a successful individual in modern society. Anyone who’s ever been denied for a credit card knows the feeling of being removed from the social financial hierarchy, no longer being able to purchase luxury items without having a high yearly salary.

Having bad credit also makes it nearly impossible to accepted for a loan, as lenders use credit history to judge a person’s financial trustworthiness. Lenders will also view the credit history to see how much of a credit line they should extend unto the borrower. Non

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