Fed Places a Cap on Credit Card Penalty Fees

Jul 7, 2010 Posted Under: Credit Cards Info

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 Info

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. ‘We are launching it in a big way’, he said.

One could deposit both cash and cheques through this facility to any accounts they wish’, he said.

For the first time in Kerala, the bank would be launching POS machines, cash terminals as a pilot project in four branches in Kochi.

SBI has shown strict defial against use of recovery agents for loan recovery from customers.

 

The Fico Score Simulator

Jul 5, 2010 Posted Under: Credit Cards Info

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 Info

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. Nonetheless, just because it becomes difficult to get accepted for loans and credit cards does not mean that one has to settle for less in life.

Shop Around

Sub prime credit cards are usually about all that is left for someone with a poor credit history, however some sub prime credit cards are better than others. Try not to apply for credit cards that do not have fair terms and conditions. Wit

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Bad Credit Card Comparision

Jul 1, 2010 Posted Under: Credit Cards Info

You all know what a bad credit card is i presume, and that will be why you’re hear reading this post.  But for those of you who don’t, a bad credit card is a credit card that you can get with a bad credit score.  Yes, you can get credit cards with a bad credit score, it just depends on how bad your score is…

If you have outstanding debts and are not managing to make the payments on them then you are still unlikely to get a bad credit card to help you out.  You really need to be at a point where your debts are paid and you are ready to rebuild your standing with the financial world.  No-one will offer you more credit if you have yet to pay off any old debts.

The idea of getting the bad credit card is to rebuild, and when you get it you’ll realise that it isn’t like any other credit card you’ve had before; you know the ones that got you into this position in the first place!  The bad credit card will not allow you to spend over your means and will insist upon you paying each month by simply putting an interest rate on your balance that would scare anyone into paying on time, every time.  Should you mess it up, you’ll mess it up early and something can be done to stop the problem getting any worse since your credit limit will be very low.  As you pay off more and more of your credit card the higher up your credit rating will go, and perhaps even your available credit limit.

You must however remember to be very careful with this credit card, just as you would if it were any other.

Denied A Credit Card Because Your Credit Score is Too High

Jun 28, 2010 Posted Under: Credit Cards Info

Yep, you read correctly.

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The Overlooked Disadvantages of a Larger Credit Limit

Jun 28, 2010 Posted Under: Credit Cards Info

Receiving an increased credit limit does not mean that the lender in question is suggesting you spend more.  It merely indicates that the lender has developed trust for you based on your payment history.  Larger credit limits can drive you further into debt, affecting other aspects of your financial well being. Your credit limit is gauged by how much you charge on your card and also how well you make your payments each month.

If a credit card company has the impression you are a big spender and a good payer, they will increase your limit with the hopes that you will max your card out. Credit limit increases vary by financial institution, because some have an automatic credit increase periodically, while some increase your limit a couple of times a year. Ultimately the more credit you have the more debt you may have as well.

Use Caution When accepting Offers

Why would anyone want to have a credit limit increase when they are still struggling to pay off the debt they have already incurred? T

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Credit Card Regulations Bite from Today–But It’s Not All Good News

Feb 22, 2010 Posted Under: Credit Cards Info

Elizabeth Warren, the Harvard law professor who chairs the Congressional Oversight Panel, was a guest on HBO’s Real Time with Bill Maher show on Friday. And she drew an analogy that graphically explains the limitations of new credit card regulations that come into force today.

She said that relying on laws to control credit card companies was like building a fence on open prairie. The new act erected 10 fence posts (one for each of its key provisions, depending how you define “key”), but any half-decent lawyer–and card issuers employ armies of them–could get around them.

Ms Warren advocated the creation of a super regulator. To extend her simile, the regulator would be like cowboys, permanently stationed at each end of the fence, who would turn back stampeding steers.

Credit Card Terms Already Changed

Issuers have already taken advantage of the nine months between the signing of the act and its implementation to change many credit card terms in ways that disadvantage their customers.

For example, the law prevents companies from hiking credit card rates except in certain very specific circumstances. So the is

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