Smart consumers know to shop for credit cards based on the cost of using that credit. The card's annual percentage rate, or APR, is often one of the first factors many consider when choosing a card.All credit cards either have a fixed or variable rate, and understanding the difference between the two can prepare consumers for the possibility of a change in their credit card's current APR.Some credit cards may be a combination of both; it...
We are all aware that lenders routinely consider our credit report when we apply for credit. We would only expect them to. But do you realize that your credit report can be seen by others without you even being aware of it? According to the Fair Credit Reporting Act (FCRA), anyone with a "legitimate business need" can see your credit report. Who looks at credit reportsLenders need to know the financial risk in granting credit; that...
Your credit score is the three-digit number that lenders obtain from a credit bureau in an attempt to sum up your credit risk. Your credit score gives lenders a snapshot of your credit and debt situation and plays a big part in whether or not credit will be granted, as well as the terms and conditions of your loan or credit card. Your credit score is determined solely by the information found in your credit report...
Chase Bank History Chase Bank is the consumer and commercial division of JP Morgan Chase, and has a history in the banking business of over two hundred years. The first predecessor in Chase’s history was The Bank of The Manhattan Company, formed in 1799. Chase National Bank, formed in 1877, merged with The Bank of The Manhattan Company in 1955, and became known as The Chase Manhattan Bank. Many other companies over the many years played...
It’s funny that many of us moved out of our parent’s home and proceeded to live our grown-up lives without ever learning much about financial responsibility and money management.I remember taking a semester in high school about budgeting, opening a bank account, and balancing a checkbook. We learned about it from a book, without the experience to go with it.With that very little bit of money education, we were expected to have all the information we...
There are thousands of mutual funds to choose from, with different investment styles, risk factors, and expenses. How do you choose the one that's right for you? There's no one size fits all with investing, that's why we have so many choices. Choosing a mutual fund is similar to buying a vehicle; you need to know what your vehicle should be able to do for you and what you're using it for, and you research until...
The ancient credit and debt systemMerchants have been extending credit to buyers since ancient times. Credit was commonly used in Assyria, Babylon, and Egypt thousands of years ago. Since the days when people traded in grains and cattle, merchants have been able to increase sales by allowing consumers to buy now and pay later. Even before the written word, about 9000 years ago, people kept track of debts with tokens. Written language was encouraged along, as...
Many happy couples want to share everything…share a meal, share a home, share a credit card. Wait! Share a credit card? Consider the risks and rewards of opening a joint account with someone, before you sign your name on the dotted line. A joint account can be convenient if both people agree on how to handle credit and finances. Unfortunately, the decision to open a joint account may lead to trouble for some, when differences in...
What is a bond?We’re all familiar with debt; many of us have taken out a loan to buy something that we want to pay for later. We borrow the money, and promise to pay back the amount of the loan, plus interest. We agree to a specific interest rate and agree to pay on a set schedule. Corporations and government entities also need to borrow money for improvements or day-to-day operations. When a company or the...
Stockholders Share in the Profits and the LossesStocks are the smallest unit of ownership in a company. The more shares of stock you have, the more ownership you have in the company. Companies issue stock as a way to raise money for improvements or expansion. If they took out a loan, it would have to be paid back. To raise capital without incurring debt, they offer shares of their company’s stock to the public. If the...
