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
Saturday, March 7, 2009
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
Become a CHARTER MEMBER~
http://www.justbiz.net/
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
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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