According to Bob Lawless at The Credit Slips Blog, if no one in America spent any of this year’s personal income on “trivial” things like food, shelter, taxes, and medical care,” it would still not be enough to pay off all of our mortgages, credit cards, and other “other personal indebtedness.” In 2003, this wasn’t true.
credit
Upgraded FICO Score To Debut In September
By 5.19.07
Fair Isaac says that, in addition to better predicting the behavior of subprime borrowers, the new FICO score will do a better job in assessing new accounts and borrowers who have little or no credit histories, such as young people and immigrants.
Most people can expect their score to rise or fall slightly. — CAREY GREENBERG-BERGER
Student Loan Advice For New Graduates
By 5.17.07
Graduation is coming and soon you will need to pay back your Student Loans. Thankfully for you, Make Your Nut has compiled a lengthly post full of advice for you new grads.
Victoria's Secret, Limited, Express Threaten To Fire Employees Who Don't Get Enough New Credit Card Accounts
By 5.16.07
Yikes! We hate being bullied by clerks to open store credit accounts! Hate it! Read Jesica’s entire email inside.
Microsoft Won't Take Your Credit Card Off Your Ex-Boyfriend's XBOX Live Account
By 5.16.07
However much you like your man now, don’t let him sign up for XBOX Live using your credit card. Why not? Because after you’ve broken up, Microsoft won’t take your credit card number off of his account. Instead, they’ll tell you to change your credit card number or submit it to you credit card company as fraud. Also, they will be sarcastic to you on the phone. Weird, huh?
BusinessWeek: The Poverty Business
By 5.11.07
Business Week’s top story concerns the “subprime” lending industry in the United States. It’s a good read, one of those articles that makes you feel smarter for having read it. It’s shocking too, reading about a Navajo woman who makes $15,000 a year being lent $7,922 at 24.9% (to buy a 1999 Saturn with 103,000 miles on it) makes us slap our foreheads in frustration. But that’s how it goes when you’re poor. Your bank is a car dealer, your tax accountant is Jackson Hewitt and you’re screwed. —MEGHANN MARCO
Banana Republic: "You Need To Create A New User Name Every 3-4 Months"
By 5.11.07
There’s some weirdness going on with Banana Republic’s store credit card website. Reader Bernard wrote us to say that a Banana Republic CSR told him that every 3-4 months Banana Republic’s credit card site would be “updated” and that everyone would have to re-register—including signing up for a new user name. Is this the case of an incompetent CSR, or is there something strange going on with Banana Republic’s credit card site? Has anyone else had trouble with it? Read Bernard’s email inside.
Target Tightens Return Policy: No Returns Over $20 Without A Receipt
By 5.7.07
Target is tightening up their return policy according to the Minneapolis Star-Tribune. Currently Target doesn’t allow any cash/check returns without a receipt for items over $40, but in August that limit will drop to $20. Customers who bought their items with credit or debit cards will still be able to return items without a receipt.
Improved Your Credit Score? Tell Your Car Insurance Company
By 5.7.07
Since them I received an updated bill and it was $67.50 cheaper (for 6 months)–just based on a new credit check! Obviously if readers credit history worsens, wouldn’t recommend an updated credit check, but for most people, if you don’t ask for the current credit check, you could be losing dollars.
Good tip, Jeff. Insurers compare your credit score to the scores of their other clients and use it as a way to predict how likely you are to have an accident. Apparently, people with similar credit scores have similar driving habits. For more info on how Progressive uses this information, click here. —MEGHANN MARCO
Ask The Consumerists: Get A Lower Rate Without Hurting My Credit?
By 5.4.07
Hi Meghann, nice work on Consumerist. You all do a great job, and I enjoy the blog, read it a lot, and learn a lot from it. I thought I would run a situation/question by you and see if you all have any answers or know where to find them.
Subprime Mortgage Debacle Makes General Motors Cry
By 5.3.07
Hey, you may be asking yourself, why are GM’s profits down 90% from this quarter last year?
Watch Out For Hidden Fees With Secure Credit Cards
By 4.26.07
Earlier we talked about how secured credit cards can be useful tool, but it’s important to be aware of their risks. Disreputable secured credit card lenders are infamous for preying on the unsuspecting with hidden fees and charges. Bankrate writes:
Cingular's Blackberry Users Can Request Credit For Service Outage
By 4.21.07
If your beloved Blackberry runs on Cingular’s network, you may be entitled to a one day service credit. For power users, the refund might be worth up to $2.50. That is not as good as a new girlfriend, but it is something.
Credit Report And Score Savvy Roundup
By 4.5.07
“…stratagems for seeing your FICO score without subscribing to costly services.”
How To Improve Your Credit Score With Department Store Credit Cards
By 4.4.07
A worker in the credit industry, Derek, gave us some tips to help young Paul boost his access to credit so he can live his American Dream.
20 And No One Will Give Me Credit, What's Up?
By 4.4.07
Paul is chasing the American Dream, looking to buy land and build a house on it in the next few years. He works hard, pays his bills on time, and has a good credit rating, but no one will actually give him any credit.
NPR: Elizabeth Warren On The Credit Card Industry
By 3.28.07
Reader Jaime alerts us to an interesting interview from Fresh Air on NPR. In the interview Harvard Law Professor and credit card industry expert Elizabeth Warren dishes on abusive lending practices, the ever-malleable interest rate, universal default and all that fun stuff.
3 Steps To Take Before Buying A Home
By 3.24.07
Look at you! You’re going to buy a house! Yay! Wait, what should you do to get ready? Bankrate has 3 Steps to Take Before Buying A Home. They are:
