http://www.colbykluthe.com/ on behalf of http://www.justinepetersen.org/
Credit Builder Workshop @ Urban Cafe Studio
Host:
Justine Petersen
Thursday, November 5, 2009
7:00pm - 10:00pm
Location: 2815 North 14th Street
St. Louis, MO 63107
Description
Join the Justine Petersen Credit Club on NOV 5th @ Urban Cafe Studio (FREE WORKSHOP)No reservation required BUT encouraged
RSVP via Facebook or email @ kschell@justinepetersen.org
http://www.facebook.com/JustinePetersenORG
Monday, October 26, 2009
Tuesday, August 4, 2009
Credit Builder Workshop AUGUST 29th (FREE)
www.justinePETERSEN.org
August 29th 10AM to 11AM
(Daycare provided free of charge)
Join the Staff of justine Petersen on August 29th, for a credit builder workshop.
Topics include, building a positive credit profile, and strategies for debt managment,
budgeting, and financial health.
CLASSES ARE FREE OF CHARGE
Reserve your place by calling the JP offices 314-533-2411 or email: kschell@justinepetersen.org
August 29th 10AM to 11AM
(Daycare provided free of charge)
Join the Staff of justine Petersen on August 29th, for a credit builder workshop.
Topics include, building a positive credit profile, and strategies for debt managment,
budgeting, and financial health.
CLASSES ARE FREE OF CHARGE
Reserve your place by calling the JP offices 314-533-2411 or email: kschell@justinepetersen.org
Monday, August 3, 2009
Impact of inquiries is minimal when shopping for a mortgage
Impact of inquiries is minimal when shopping for a mortgage
Dear Experian,
We have looked at a foreclosure property and have submitted an offer. Our mortgage credit score was 820. The problem is that the bank is handling the foreclosure sale as an auction, so I have no idea where we stand since there are several bidders. If we don't get this property then we will need to have our credit checked later by another bank. How will these two checks affect my credit score?
- WKI
Dear WKI,
You don't need to worry about your credit score if it is already very strong. Although much is said and written about the impact of inquiries, they really are of minor significance for most consumers.
Also, both of your inquiries were for a mortgage, which means they have even less significance. Because consumers typically shop for the best deal for a mortgage or an auto loan, most scoring models have special rules to account for the fact that the activity relates to only one financial transaction. For example, multiple inquiries for a mortgage loan within a short period, typically 14 days, are counted as one inquiry. That minimizes any impact on your credit scores.
Even if you have another inquiry outside of that time frame, the point difference caused by an inquiry will always been relatively small.
An inquiry is a record that someone has accessed your credit report. Inquiries can represent credit risk because they indicate you may have a new debt that doesn't yet appear on your credit report as an account. So, lenders have no way of knowing if it is a large debt or small debt, or even if there is a new debt at all.
If your scores were already low, reflecting missed payments or high debt, then dropping even a few more points could cause you to be declined for new credit or affect your terms. But, if you are having problems managing your credit and now you have applied for another debt, there is a strong risk that you won't be able to repay it. Furthermore, taking on another debt could make it even harder for you to repay the debts you already have.
On the other hand, if you have a strong credit history, the impact of an inquiry on your credit scores won't be significant enough to cause you to have problems qualifying for the credit you want. Since you have always managed your credit well, you will likely manage this new credit well, too.
Continue your good credit management and you will be able to get the new home you are looking for. I hope this one turns out to be the perfect one.
Thanks for asking.
- The ”Ask Experian“ team
Dear Experian,
We have looked at a foreclosure property and have submitted an offer. Our mortgage credit score was 820. The problem is that the bank is handling the foreclosure sale as an auction, so I have no idea where we stand since there are several bidders. If we don't get this property then we will need to have our credit checked later by another bank. How will these two checks affect my credit score?
- WKI
Dear WKI,
You don't need to worry about your credit score if it is already very strong. Although much is said and written about the impact of inquiries, they really are of minor significance for most consumers.
Also, both of your inquiries were for a mortgage, which means they have even less significance. Because consumers typically shop for the best deal for a mortgage or an auto loan, most scoring models have special rules to account for the fact that the activity relates to only one financial transaction. For example, multiple inquiries for a mortgage loan within a short period, typically 14 days, are counted as one inquiry. That minimizes any impact on your credit scores.
Even if you have another inquiry outside of that time frame, the point difference caused by an inquiry will always been relatively small.
An inquiry is a record that someone has accessed your credit report. Inquiries can represent credit risk because they indicate you may have a new debt that doesn't yet appear on your credit report as an account. So, lenders have no way of knowing if it is a large debt or small debt, or even if there is a new debt at all.
If your scores were already low, reflecting missed payments or high debt, then dropping even a few more points could cause you to be declined for new credit or affect your terms. But, if you are having problems managing your credit and now you have applied for another debt, there is a strong risk that you won't be able to repay it. Furthermore, taking on another debt could make it even harder for you to repay the debts you already have.
On the other hand, if you have a strong credit history, the impact of an inquiry on your credit scores won't be significant enough to cause you to have problems qualifying for the credit you want. Since you have always managed your credit well, you will likely manage this new credit well, too.
Continue your good credit management and you will be able to get the new home you are looking for. I hope this one turns out to be the perfect one.
Thanks for asking.
- The ”Ask Experian“ team
Wednesday, July 15, 2009
justBIZ now offers CITI/BANAMEX Credit Cards!
www.justinePETERSEN.org
Justine Petersen, now offers the CITI/BANAMEX credit card at its justBIZ location!
justBIZ is located at the Emerson Park Metrolink station, and offers services relating to credit building, small business loans, and home ownership.
justBIZ serves as the Illinois office of justinePETERSEN, a St. Louis based non-profit organization.
Call our Illinois office for more information or visit in person!
justBIZ/ justinePETERSEN
929 N. 15th Street
(EMERSON PARK METRO STATION)
East St. Louis, IL 62205
www.justinePETERSEN.org
618-482-4557
Location Hours: Monday - Friday 11AM to 7PM
WALK INS WELCOME
Credit Without Debt~ Ask us HOW!
Justine Petersen, now offers the CITI/BANAMEX credit card at its justBIZ location!
justBIZ is located at the Emerson Park Metrolink station, and offers services relating to credit building, small business loans, and home ownership.
justBIZ serves as the Illinois office of justinePETERSEN, a St. Louis based non-profit organization.
Call our Illinois office for more information or visit in person!
justBIZ/ justinePETERSEN
929 N. 15th Street
(EMERSON PARK METRO STATION)
East St. Louis, IL 62205
www.justinePETERSEN.org
618-482-4557
Location Hours: Monday - Friday 11AM to 7PM
WALK INS WELCOME
Credit Without Debt~ Ask us HOW!
Tuesday, May 26, 2009
Free Credit Workshop - May 28th
Join justinePETERSEN for a FREE WORKSHOP, dealing with credit and financial health.
This event is hosted by justBIZ at the Emerson Park Metrolink Station.
RSVP via email-- ckluthe@justinepetersen.org Or Call 618-482-4557
WHEN - May 28th 5-7PM
WHERE - justBIZ @ Emerson Park (MAP LINK)
THIS EVENT IS FREE, space is limited, so reserve your place today!
Wednesday, April 22, 2009
Credit Builder Workshop 4-27-09 (FREE)
YOU ARE INVITED TO JOIN US!
justinePETERSEN & justBIZ are offering aFREE “Credit Builder Tune Up” WorkshopThe workshop includes a 45 minute workshop on how to build credit, a credit report, and a one-on-one session with our credit educators.
rsvp- ckluthe@justinepetersen.org
When: Monday, APRIL 27th from 3pm-5pmWhere: justBIZ @Emerson Park Metrolink
15th Street & Bowman AveEast St. Louis, IL 62205
Justine Petersen
Friday, April 17, 2009
Metro passes $189.2M transport budget
www.justinePETERSEN.org
Metro passes $189.2M transport budget
By Ken Leiser
ST. LOUIS POST-DISPATCH
04/17/2009
ST. LOUIS - Metro commissioners today passed a $189.2 million public transportation budget for the upcoming year, reflecting significant service cutbacks that were rolled out in March.
But Metro officials warned that bus, MetroLink and Call-A-Ride service could suffer further erosion in the future without a permanent, new source of funding.
"The problem has essentially been the lack of stable funding," said Metro Controller Kathy Klevorn. "For more than 20 years, Metro has struggled with a lack of stable, committed resources to meet the operating needs of the system."
The ongoing recession has eaten into sales taxes dedicated to Metro's transit services, Metro officials said.
St. Louis County voters defeated a half-cent increase to the transit sales tax in November, which would have generated about $40 million a year for transit operations. Following its defeat, Metro slashed transit service to hold off major budget shortfalls.
The cuts took effect March 30.
Earlier this week, Missouri lawmakers said they would consider a one-time, $20 million emergency appropriation for the upcoming budget year beginning July 1. If it is approved, Metro staff will return to the board of commissioners with an amended budget.
Metro passes $189.2M transport budget
By Ken Leiser
ST. LOUIS POST-DISPATCH
04/17/2009
ST. LOUIS - Metro commissioners today passed a $189.2 million public transportation budget for the upcoming year, reflecting significant service cutbacks that were rolled out in March.
But Metro officials warned that bus, MetroLink and Call-A-Ride service could suffer further erosion in the future without a permanent, new source of funding.
"The problem has essentially been the lack of stable funding," said Metro Controller Kathy Klevorn. "For more than 20 years, Metro has struggled with a lack of stable, committed resources to meet the operating needs of the system."
The ongoing recession has eaten into sales taxes dedicated to Metro's transit services, Metro officials said.
St. Louis County voters defeated a half-cent increase to the transit sales tax in November, which would have generated about $40 million a year for transit operations. Following its defeat, Metro slashed transit service to hold off major budget shortfalls.
The cuts took effect March 30.
Earlier this week, Missouri lawmakers said they would consider a one-time, $20 million emergency appropriation for the upcoming budget year beginning July 1. If it is approved, Metro staff will return to the board of commissioners with an amended budget.
Wednesday, April 8, 2009
Law does not require lenders to report payment history
www.justinePETERSEN.org
Law does not require lenders to report payment history
Dear Max,
I was told by a bank that the law requires merchants and lenders to report data related to my credit. Can you point me to where I can find this legal information?
- LUK
Dear LUK,
The person you talked to at the bank was incorrect. Merchants and lenders are not required to report information about the accounts you have with them. Reporting information is strictly voluntary.
Companies choose to report because they are reliant on information from other companies to help them make sound decisions. They recognize that it is only fair for them to share the information if they are going to receive it. Voluntary sharing of information has been the basis for credit reporting since its earliest days, when local merchants shared their lending experiences verbally with neighboring stores.
However, the law does mandate what a business must do if it chooses to report information.
The Fair Credit Reporting Act (FCRA) defines what a business’s responsibilities are if it decides to report information to a credit reporting company, like Experian. Those responsibilities include not knowingly reporting inaccurate information, updating payment information regularly and responding to disputes about the accuracy of any information within a specified period of time, among others.
The Federal Trade Commission provides a thorough description of the FCRA requirement for reporting information on its web site.
Thanks for asking.
Maxine Sweet , VP consumer affairs
http://www.experian.com/
Law does not require lenders to report payment history
Dear Max,
I was told by a bank that the law requires merchants and lenders to report data related to my credit. Can you point me to where I can find this legal information?
- LUK
Dear LUK,
The person you talked to at the bank was incorrect. Merchants and lenders are not required to report information about the accounts you have with them. Reporting information is strictly voluntary.
Companies choose to report because they are reliant on information from other companies to help them make sound decisions. They recognize that it is only fair for them to share the information if they are going to receive it. Voluntary sharing of information has been the basis for credit reporting since its earliest days, when local merchants shared their lending experiences verbally with neighboring stores.
However, the law does mandate what a business must do if it chooses to report information.
The Fair Credit Reporting Act (FCRA) defines what a business’s responsibilities are if it decides to report information to a credit reporting company, like Experian. Those responsibilities include not knowingly reporting inaccurate information, updating payment information regularly and responding to disputes about the accuracy of any information within a specified period of time, among others.
The Federal Trade Commission provides a thorough description of the FCRA requirement for reporting information on its web site.
Thanks for asking.
Maxine Sweet , VP consumer affairs
http://www.experian.com/
Saturday, March 7, 2009
Credit cards with low limits still can build strong credit
Credit cards with low limits still can build strong credit (www.Experian.com/askmax)
Dear Max,
Do small available balance credit cards, such as retail cards or gas cards with say $300 available balance, help or hurt credit scores, even if no balance is owed?
- IND
Dear IND,
Even accounts with small balances can help. The issue isn’t how much credit you have available, but rather how you manage the credit you have at your disposal.
You do need to be aware that some gas cards are charge cards, meaning you are required to pay the balance in full each month. Such accounts won’t hurt your credit history if they are paid on time, but they likely won’t be as positive as credit cards that are paid on time with low balances.
Credit cards allow you to revolve a balance, or carry a balance from one month to the next. Because you control how much you pay and whether or not you charge to the limit d, credit cards demonstrate even more clearly that you can responsibly manage credit. By charging a small amount on at least one card and paying the balance on time, you will show that you can handle larger amounts of available credit. Eventually you very likely will be offered accounts with larger balances.
In fact, one of the best ways to build a strong credit history is to start small and build up. That doesn’t mean you should go out and apply for a bunch of retail credit cards or gas cards. You only need a few accounts reported to the credit reporting companies.
As the positive history on those accounts grows, your creditworthiness will grow with it.
Thanks for asking.
~Maxine Sweet, VP Consumer Affairs, EXPERIAN
Dear Max,
Do small available balance credit cards, such as retail cards or gas cards with say $300 available balance, help or hurt credit scores, even if no balance is owed?
- IND
Dear IND,
Even accounts with small balances can help. The issue isn’t how much credit you have available, but rather how you manage the credit you have at your disposal.
You do need to be aware that some gas cards are charge cards, meaning you are required to pay the balance in full each month. Such accounts won’t hurt your credit history if they are paid on time, but they likely won’t be as positive as credit cards that are paid on time with low balances.
Credit cards allow you to revolve a balance, or carry a balance from one month to the next. Because you control how much you pay and whether or not you charge to the limit d, credit cards demonstrate even more clearly that you can responsibly manage credit. By charging a small amount on at least one card and paying the balance on time, you will show that you can handle larger amounts of available credit. Eventually you very likely will be offered accounts with larger balances.
In fact, one of the best ways to build a strong credit history is to start small and build up. That doesn’t mean you should go out and apply for a bunch of retail credit cards or gas cards. You only need a few accounts reported to the credit reporting companies.
As the positive history on those accounts grows, your creditworthiness will grow with it.
Thanks for asking.
~Maxine Sweet, VP Consumer Affairs, EXPERIAN
Thursday, March 5, 2009
Justine Petersen Responds to Economic Downturn
http://www.justinepetersen.org/
Justine Petersen Responds to Economic Downturn
Justine Petersen is experiencing a significant increase in the demand for its services as a result of the sharp economic downturn and housing crisis. At Justine Petersen, we have a proven track record of helping individuals who are unable to secure conventional financing to buy homes and start small businesses; a position of more and more Americans.
With the increase in unemployment, many are turning toward entrepreneurship to take matters into their own hands and create jobs for themselves and others affected by the economic downturn. Read this story about Justine Petersen client Chris Surgener that ran on the front page of the St. Louis Post Dispatch on Sunday March 1.
Justine Petersen in 2008 distributed $1.8 million in microloans to help 295 entrepreneurs start small businesses in the St. Louis Metropolitan area. This is a powerful counter to the headlines about the economic crisis - and its happening right here in our neighborhoods.
Justine Petersen is actively helping area families purchase homes with safe and affordable financing, and educating them on how to use credit wisely. Even in the midst of the economic downturn, Justine Petersen is at the forefront of innovative solutions to continue to get families into homes. When families have nowhere else to turn for financing, Justine Petersen is there with real solutions. Read about Laurie Griffith's experience with Justine Petersen's homebuyer seminar.
Justine Petersen last year helped 224 families purchase homes in the St. Louis Metropolitan area.
How can you get involved? NOW, more than ever, Justine Petersen needs you to be a part of the solution for St. Louis communities to today's economic crisis. Volunteer to assist with credit and financial education classes. Donate to Justine Petersen's entrepreneurial training or loan fund. Thinking of refinancing? Justine Petersen offers a Home-to-Home Mortgage product where the revenue generated from Home-to-Home Mortgages supports homebuyer education. We need you to be part of the solution.
To Learn More About Justine Petersen, visit our webpage.
http://www.justinepetersen.org/
justinePETERSEN (central offices)
1023 N. Grand Ave
St. Louis, MO 63106
314-664-5051
justBIZ (Illinois Location)
@ Emerson Park Metro Station
908 N 11th Street
East St. Louis, IL 62201
618-482-4557 or 314-565-2000
Justine Petersen Responds to Economic Downturn
Justine Petersen is experiencing a significant increase in the demand for its services as a result of the sharp economic downturn and housing crisis. At Justine Petersen, we have a proven track record of helping individuals who are unable to secure conventional financing to buy homes and start small businesses; a position of more and more Americans.
With the increase in unemployment, many are turning toward entrepreneurship to take matters into their own hands and create jobs for themselves and others affected by the economic downturn. Read this story about Justine Petersen client Chris Surgener that ran on the front page of the St. Louis Post Dispatch on Sunday March 1.
Justine Petersen in 2008 distributed $1.8 million in microloans to help 295 entrepreneurs start small businesses in the St. Louis Metropolitan area. This is a powerful counter to the headlines about the economic crisis - and its happening right here in our neighborhoods.
Justine Petersen is actively helping area families purchase homes with safe and affordable financing, and educating them on how to use credit wisely. Even in the midst of the economic downturn, Justine Petersen is at the forefront of innovative solutions to continue to get families into homes. When families have nowhere else to turn for financing, Justine Petersen is there with real solutions. Read about Laurie Griffith's experience with Justine Petersen's homebuyer seminar.
Justine Petersen last year helped 224 families purchase homes in the St. Louis Metropolitan area.
How can you get involved? NOW, more than ever, Justine Petersen needs you to be a part of the solution for St. Louis communities to today's economic crisis. Volunteer to assist with credit and financial education classes. Donate to Justine Petersen's entrepreneurial training or loan fund. Thinking of refinancing? Justine Petersen offers a Home-to-Home Mortgage product where the revenue generated from Home-to-Home Mortgages supports homebuyer education. We need you to be part of the solution.
To Learn More About Justine Petersen, visit our webpage.
http://www.justinepetersen.org/
justinePETERSEN (central offices)
1023 N. Grand Ave
St. Louis, MO 63106
314-664-5051
justBIZ (Illinois Location)
@ Emerson Park Metro Station
908 N 11th Street
East St. Louis, IL 62201
618-482-4557 or 314-565-2000
Monday, February 23, 2009
PayDay loans turn customers red
http://www.justinepetersen.org/Center for Responsible Lending NewsBrief
CRL refutes absurd claim that 400 percent interest payday loans prevent overdraft bank fees
A loan that is designed to trap borrowers in debt for weeks, months, even years on end cannot possibly keep families afloat as they work to pay their bills and keep their finances in order.
But the payday industry continues to insist that it does just that, as justification for the 400 percent annual interest rates they have managed to keep legal in a shrinking—but still large— number of states.
A new brief released by the Center for Responsible Lending explores this issue, revealing the argument for what it is, the industry's latest attempt to protect a predatory product that traps working people in 400 percent interest debt at a cost of over $4 billion per year.
Banks and credit unions charge working families billions of dollars every year in unfair overdraft fees. Payday lenders claim that their loans help prevent those fees, but the opposite is actually true.
Payday loans are more likely to cause additional overdraft fees, making it even more difficult for families who take out payday loans to recover from a financial shortfall.
Research from industry analyst Bretton Woods finds that contrary to industry claims, a recent report finds no evidence of increased overdraft and insufficient funds fees where payday loans are not available.
In fact, a Harvard Business School study found that payday lending actually increases the odds that households will repeatedly overdraft—and ultimately lose their checking accounts.
Learn more about payday lending.
A loan that is designed to trap borrowers in debt for weeks, months, even years on end cannot possibly keep families afloat as they work to pay their bills and keep their finances in order.
But the payday industry continues to insist that it does just that, as justification for the 400 percent annual interest rates they have managed to keep legal in a shrinking—but still large— number of states.
A new brief released by the Center for Responsible Lending explores this issue, revealing the argument for what it is, the industry's latest attempt to protect a predatory product that traps working people in 400 percent interest debt at a cost of over $4 billion per year.
Banks and credit unions charge working families billions of dollars every year in unfair overdraft fees. Payday lenders claim that their loans help prevent those fees, but the opposite is actually true.
Payday loans are more likely to cause additional overdraft fees, making it even more difficult for families who take out payday loans to recover from a financial shortfall.
Research from industry analyst Bretton Woods finds that contrary to industry claims, a recent report finds no evidence of increased overdraft and insufficient funds fees where payday loans are not available.
In fact, a Harvard Business School study found that payday lending actually increases the odds that households will repeatedly overdraft—and ultimately lose their checking accounts.
Learn more about payday lending.
justBIZ is located at the EMERSON PARK METRO STATION
618-482-4557
Friday, February 20, 2009
justBIZ is now accepting memberships!
IT’S COLD OUTSIDE… NEED A HOT SPOT??....
OPENING THIS WEEK!!
EMERSON PARK METROLINK STATION
*Wireless Internet *Computer Rentals....
*Copy & Fax Services....
*Conference Room Rental....
*Credit Building Services....
*Small Business Resources....
Walk-Ins Welcome
OPENING THIS WEEK!!
EMERSON PARK METROLINK STATION
*Wireless Internet *Computer Rentals....
*Copy & Fax Services....
*Conference Room Rental....
*Credit Building Services....
*Small Business Resources....
Walk-Ins Welcome
—Memberships $25/Month....
Students & Seniors ONLY $10/Month....
Become a justBIZ member Today!....
618-482-4557
Students & Seniors ONLY $10/Month....
Become a justBIZ member Today!....
618-482-4557
ckluthe@justinepetersen.org for more information.
http://www.justinepetersen.org/
justBIZ is owned by justinePETERSEN, a local non-profit organization, offering services for Home Ownership and Small Business Owners. justBIZ operates as a non-profit social enterprise, supported by our members.....
Tuesday, February 10, 2009
American Recovery and Reinvestment Act Passes Senate
www.justBIZ.net
American Recovery and Reinvestment Act Passes Senate
Includes $250 Million for CDFI Fund!
Just a few minutes ago in a vote of 61-37, the United States Senate passed the American Recovery and Reinvestment Act of 2009, which will provide $250 million for the CDFI Fund. The House version of the legislation does NOT include the CDFI Fund. To see a side-by-side of the two bills, go to:
http://www.opportunityfinance.net/public/files/House%20Senate%20Side%20by%20Side.pdf
The Senate’s compromise bill was authored by Senators Susan Collins (R-ME) and Ben Nelson (D-NE). Senators Collins, Snowe (R-ME), and Specter (R-PA) were the only Republicans who voted last night (61-36) to move the bill forward to allow for today’s vote. These same Senators provided the only Republican votes on final passage today.
The bill now goes to conference with Members of both the House and Senate negotiating differences between the two versions of the bill. Negotiations over a final conference report are expected to be very delicate as the final bill will need bi-partisan support in the Senate to obtain the 60 votes needed for passage. While it is possible that passage could be delayed, Senate Minority Leader Mitch McConnell (R-KY) has stated that he thought the bill could be passed by the end of the week.
We expect the House to vote on the conference report as soon as this Thursday and the Senate to take up the bill on Friday. Because of the speed in the process, negotiations have already begun to reconcile the differences between the House and Senate. The House is expected to appoint conferees today at 4:30 and the Senate has appointed the following conferees:
• Senator Inouye (D-HI)
• Senator Baucus (D-MT)
• Senator Reid (D-NV)
• Senator Grassley (R-IA)
• Senator Cochran (R-MS)
IMMEDIATE ACTION NEEDED!
Sign-On Letter Request
If we are to be successful in keeping funding for the programs that are important to us, we must move quickly! Here is a sign-on letter that OFN would like to send to conferees tomorrow. I know time is short, but we need ALL OF YOU to support this effort.
http://www.opportunityfinance.net/public/files/Sign-On%20Letter%20Conferees%202-11-09.doc
The letter encourages Congress to include:
• CDFI Fund: $250 million for the financial assistance and technical assistance programs.
• SBA Microloan Program: $24 million for technical assistance and $6 million in direct lending authority.
• NMTC: $3 billion plus additional credit authority, AMT relief, and to ensure the NMTC is not disadvantaged in the investor marketplace.
To add your organization to the list of supporters, just hit reply to this email and type YES. I need your commitment by 10:00 AM (Eastern Time) on Wednesday, February 11, 2009 (TOMORROW!) so we can present the letter to Congressional leadership by mid afternoon.
I know that many of you have contacts with Members of Congress and their staff. Now is the time to call them. For contact information for your federally elected officials, please go to OFN’s policy action center at:
http://capwiz.com/oppfin/home/
American Recovery and Reinvestment Act Passes Senate
Includes $250 Million for CDFI Fund!
Just a few minutes ago in a vote of 61-37, the United States Senate passed the American Recovery and Reinvestment Act of 2009, which will provide $250 million for the CDFI Fund. The House version of the legislation does NOT include the CDFI Fund. To see a side-by-side of the two bills, go to:
http://www.opportunityfinance.net/public/files/House%20Senate%20Side%20by%20Side.pdf
The Senate’s compromise bill was authored by Senators Susan Collins (R-ME) and Ben Nelson (D-NE). Senators Collins, Snowe (R-ME), and Specter (R-PA) were the only Republicans who voted last night (61-36) to move the bill forward to allow for today’s vote. These same Senators provided the only Republican votes on final passage today.
The bill now goes to conference with Members of both the House and Senate negotiating differences between the two versions of the bill. Negotiations over a final conference report are expected to be very delicate as the final bill will need bi-partisan support in the Senate to obtain the 60 votes needed for passage. While it is possible that passage could be delayed, Senate Minority Leader Mitch McConnell (R-KY) has stated that he thought the bill could be passed by the end of the week.
We expect the House to vote on the conference report as soon as this Thursday and the Senate to take up the bill on Friday. Because of the speed in the process, negotiations have already begun to reconcile the differences between the House and Senate. The House is expected to appoint conferees today at 4:30 and the Senate has appointed the following conferees:
• Senator Inouye (D-HI)
• Senator Baucus (D-MT)
• Senator Reid (D-NV)
• Senator Grassley (R-IA)
• Senator Cochran (R-MS)
IMMEDIATE ACTION NEEDED!
Sign-On Letter Request
If we are to be successful in keeping funding for the programs that are important to us, we must move quickly! Here is a sign-on letter that OFN would like to send to conferees tomorrow. I know time is short, but we need ALL OF YOU to support this effort.
http://www.opportunityfinance.net/public/files/Sign-On%20Letter%20Conferees%202-11-09.doc
The letter encourages Congress to include:
• CDFI Fund: $250 million for the financial assistance and technical assistance programs.
• SBA Microloan Program: $24 million for technical assistance and $6 million in direct lending authority.
• NMTC: $3 billion plus additional credit authority, AMT relief, and to ensure the NMTC is not disadvantaged in the investor marketplace.
To add your organization to the list of supporters, just hit reply to this email and type YES. I need your commitment by 10:00 AM (Eastern Time) on Wednesday, February 11, 2009 (TOMORROW!) so we can present the letter to Congressional leadership by mid afternoon.
I know that many of you have contacts with Members of Congress and their staff. Now is the time to call them. For contact information for your federally elected officials, please go to OFN’s policy action center at:
http://capwiz.com/oppfin/home/
Thursday, February 5, 2009
VantageScore grade of "B" is very good
http://www.justbiz.net/
VantageScore grade of "B" is very good
"ASK MAX"
Maxine Sweet, VP Consumer Affairs Experian
Dear Max,
I have a “B” rating with an 838 score. Is this regarded as a good score?
- EFF
Dear EFF,
Yes, 838 is a very good score. The score you refer to is a VantageScore. It is the only scoring system I am aware of that associates the numbers with a grading scale similar to report card grades in school.
The idea is to help give some context to the numbers by comparing them to something we are all familiar with. It is a good idea and does give you a better idea of what the numbers represent, but it isn’t a perfect comparison.
The VantageScore numbers and grades the ranges compare to are:
901-990 A Super Prime
801-900 B Prime Plus
701-800 C Prime (this is the median credit grade)
601-700 D Non-Prime
501-600 F High Risk
The third column lists the more common lending terms you may hear and their relative relationship to the VantageScore number and letter scales. As with most other scores, the higher your score, the less risk you represent in terms of lending and the greater likelihood you will get the best rates and terms available.
For more about the VantageScore and what the numbers and letters mean, visit http://www.vantagescore.experian.com/ .
The key to having good credit scores, no matter what score is used, is to focus on managing your credit wisely rather than getting too hung up on the number, or in this case letter. If you pay your bills on time and keep your balances low, your scores will take care of themselves. Over time your scores will get better.
VantageScore grade of "B" is very good
"ASK MAX"
Maxine Sweet, VP Consumer Affairs Experian
Dear Max,
I have a “B” rating with an 838 score. Is this regarded as a good score?
- EFF
Dear EFF,
Yes, 838 is a very good score. The score you refer to is a VantageScore. It is the only scoring system I am aware of that associates the numbers with a grading scale similar to report card grades in school.
The idea is to help give some context to the numbers by comparing them to something we are all familiar with. It is a good idea and does give you a better idea of what the numbers represent, but it isn’t a perfect comparison.
The VantageScore numbers and grades the ranges compare to are:
901-990 A Super Prime
801-900 B Prime Plus
701-800 C Prime (this is the median credit grade)
601-700 D Non-Prime
501-600 F High Risk
The third column lists the more common lending terms you may hear and their relative relationship to the VantageScore number and letter scales. As with most other scores, the higher your score, the less risk you represent in terms of lending and the greater likelihood you will get the best rates and terms available.
For more about the VantageScore and what the numbers and letters mean, visit http://www.vantagescore.experian.com/ .
The key to having good credit scores, no matter what score is used, is to focus on managing your credit wisely rather than getting too hung up on the number, or in this case letter. If you pay your bills on time and keep your balances low, your scores will take care of themselves. Over time your scores will get better.
Tuesday, February 3, 2009
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We are almost Ready!!
We are excited to be the newest residents of the Emerson Park Neighborhood! Be sure to stop in and say hello on your daily journey...
Sincerely
Colby
justBIZ operations
Learn how to become a CHARTER MEMBER today!
EMAIL US
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