Finance Globe

Waiting for a response to a credit card or loan application can be nerve wrecking. You might half-expect to be turned down if you know you don’t have a good credit history. On the bright side, if your fears are realized and you are turned down, lenders have to tell you why, even if your credit isn’t the blame. ECOA Adverse Action Notice Under the Equal Credit Opportunity Act, the lender must tell you the specific...

An important financial measure that lenders use – and that you can use too – is the debt-to-income ratio. Lenders use the debt-to-income ratio to qualify you for a loan because it tells the percentage of your income is spent on debt payments. If the ratio is too high, you may not get approved because the lender will assume you can’t afford another debt payment. You, too, can use the debt-to-income ratio to gauge your financial...

Hackers target companies that store sensitive consumer data – like passwords, social security, numbers, and credit card numbers – all the time. Unfortunately, some hackers are successful at dodging company firewalls and stealing customer information. Some of the biggest data breaches of all time have happened in the past few years. Every customer whose data is stolen is at a greater risk of becoming an identity theft victim. According to the National Conference of State Legislation,...

Gas prices are expected to reach record highs this summer which means filling up the tank could get pretty painful. You may consider offsetting the high cost of gas by getting a credit card that rewards your for gas purchases. Good idea. There are many gas rewards cards out there, but not all of them are great deals. And a few even cost you more than they reward you, so choose carefully. More back on gas...

A credit card charge-off is the worst credit card status you can have. That’s why you should avoid letting your credit card get that delinquent, if you can help it. How Charge-Off Happens You’ll have plenty of warning before your account gets charged-off. Each month that you’re delinquent the credit card issuer will contact you via phone, mail, or even email to let you know that your account is seriously delinquent and in danger of default....

Wage garnishment is certainly something to fear. If collectors garnish your wages, they take pay directly from your employer, before you ever receive your paycheck. Collectors or other creditors can garnish up to 60% of your income depending on the type of debt. The good news is that garnishment isn’t something a business can do without getting permission from the court. And, you should have ample time to take care of your debt before garnishment happens....

Not to confuse you, but there’s another credit score you should know about. The VantageScore was created by the three major credit bureaus to clear up some of the discrepancies in other credit score models. The Fundamentals of the VantageScore The VantageScore is different from the FICO score in the most recognizable ways. For one, the VantageScore is on a 501 to 990 scale, while the FICO score ranges from 300 to 850. In addition, the...

Unemployment rates in most cities across the U.S. generally improved over the year and the national jobless rate fell by one percentage point, according to a government report released on Friday.From January 2011 through January 2012, the jobless rate fell in 345 out of the 372 metropolitan areas surveyed, while it increased in 16 areas and stayed the same in 11 areas, the Bureau of Labor Statistic said in its monthly report.The national unemployment unemployment rate...

For years, landlords have used consumer credit reports as a way to screen tenants. But, those same tenants haven’t benefitted from the timely payment of their rent, at least not where their credit is concerned. On the contrary, an unpaid balance would wind up on your credit report, affecting your ability to rent again or even get approved for new credit cards and loans. For millions of renters, that’s changed. In 2010, Experian, one of the...

Another so-called mortgage debt relief company preying on unsuspecting homeowners in two related scams has been halted by the federal government. Putting a new twist on an old trick, the alleged scam operation lured homeowners into filing so-called “mass joinder” lawsuits against their lenders with false promises of debt forgiveness, halting and reversing foreclosure, credit restoration, and even compensatory and punitive damage awards, the Federal Trade Commission reported on Thursday.Mortgage relief scams have been quite prevalent...