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Credit.com in the Media: Feb. 4, 2012

February 4, 2012 By

We had an eventful week with the opening celebration for our new Times Square offices and would like to thank everyone who helped us fete the big event. We enjoyed bumping elbows with a cross-section of industry leaders and dedicated journalists. Our credit and debt experts were on hand to share all of their insight on the industry. Please enjoy this week’s highlights from our credit experts in the media:

Bad Credit Can Cost You A Job

The headline for this story is sad, but true. Many of us could be subject to judgment from out credit history when it comes to potential—and current—employment status. When living in such a credit score-centric society, many of us become determined to build our scores, but not everyone goes about it correctly. Credit.com’s debt expert Gerri Detweiler explains some of the dos and don’ts of credit score building. @karryhannon @forbes

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Best Cards You Can Get With a Mediocre Credit Score

Sprung from fierce competition amid the credit card companies, a spot has opened up on the credit field for those who don’t have the most attractive credit history. With new options come new questions, and who better to answer them than Credit.com’s credit expert Beverly Harzog! Her advice can help credit newcomers navigate the world of APRs, rewards and cash back incentives.  @JeanineSko @maisstr

FTC Continues its Fight Against Abusive Debt Collectors

The Huffington Post ran an article about the crackdown on unlawful debt collecting practices. The story includes a clip from Fight Back Against Debt Collectors where the hosts recommend Gerri Detweiler’s book Stop Debt Collectors as an in-depth tool for learning the best practices to avoid debt-related problems. @HuffingtonPost

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We would like to give a special thanks to our open house guests from the media: Ismat Mangla, Alex Alper, Dan Arnall, Charlie Herman, Kali Gadis, Jeanine Skowronski, Colin Campbell, Kathryn Tuggle, Seth Fiegerman, Mathew Brownell, Farnoosh Torabi, Greg Gilderman, Timothy Barello, Philip Cioppa, Beth Pinsker Gladstone, Charles Chesler and Scott Bilker.

Image: NS Newsflash, via Flickr.com

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Geithner: Financial Reform is Helping Consumers

February 3, 2012 By

In recent years, as lawmakers worked to drastically overhaul the financial protections afforded to consumers when they deal with banks, some have been vocal in their opposition to these reforms, saying they are damaging to business and therefore bad for the economy.

However, U.S. Secretary of the Treasury Timothy Geithner recently issued a statement in which he said that those who oppose financial reform would likely do more damage to the economy than good. In recent weeks, this has become one of the focuses in the hotly-contested race to become the Republican nominee for president, with several candidates saying they would repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act.

[Article: Some Lesser-Known Parts of Dodd-Frank Reform Could Affect You]

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But Geithner notes that because many lawmakers are now writing rules and regulations for the financial industry within the framework of the existing bill, repealing it entirely, or even reversing some aspects of it, might cause significant economic problems for both consumers and businesses alike because of the amount of uncertainty it would create across the board.

“The direction of reform is clear, and as we finalize the remaining elements, we will be able to provide businesses, investors, and consumers with more clarity and certainty,” Geithner said. “Those who are still working to delay and weaken reforms will only increase uncertainty and damage our efforts to get the rest of the world to adopt a level playing field.”

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Geithner also praised the work of the new federal Consumer Financial Protection Bureau, which itself has come under significant fire from Republicans, but which he says is making strides in improving disclosures between lenders and consumers. In addition, many consumers are already working with the agency to settle disputes with financial institutions as they relate to mortgages or credit cards. Geithner believes the new authorities granted to the government as a result of the CFPB’s existence will benefit consumers going forward.

He also pointed to signs that at least some aspects of the reform are actually helping to promote business. For example, he noted that banks participating in the Small Business Lending Fund have increased lending to smaller, private companies by $3.5 billion in the last several months, up 10 percent from baseline levels.

The CFPB has been operating with full regulatory power since July, and has worked to develop disclosure forms for mortgage and credit card lending agreements that are easier for consumers to understand.

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A Credit Card for the Hard-Core Super Bowl Fan

February 3, 2012 By

You’re at the big game and you whip out your official Giants or Patriots credit card to pay for a hotdog. Pretty cool, huh? Okay, more likely you’re in your family room watching the game. But if you love your football team, you’ll even enjoy using the NFL ExtraPoints Rewards credit card from Barclays Bank long after the Super Bowl is over.

With the NFL Extra Points credit card, you can get the logo of your favorite team on your credit card.  This is a good option for the fan who wants to earn 1 percent cash back on all purchases and save 20% when shopping at NFL.com.

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After you use your card for the first time, you get 10,000 NFL Extra Points. Cardholders even get access to season ticket financing. Note that your points expire 48 months from the day you earned them.

The Patriot’s card is Visa Signature and offers a variable APR of 13.74, 17.74, or 22.74 percent. There’s a 15-month 0 percent APR balance transfer offer. The balance transfer fee is 4 percent. The Giants card is a World Mastercard with the same APRs and balance transfer offer.

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Turn January Money Challenges Into February Fortunes

February 3, 2012 By

January challenged my patience. Several days were bitter and bone chilling cold, though things unrelated to the cold weather were breaking. I broke a tooth in half while eating rice. Yes, it was cooked rice. Thank goodness for flexible spending—a crown will probably eat my balance for the year, but it will be covered.

[Related Articles: Read all Debt Diva posts]

The handle to my kitchen sink fell off in my hand one evening. Then the bathroom sink decided to spring a leak. A couple of days later, water decided not to come out of the shower head. Fortunately, I had purchased extra fixtures last year with gift cards and close-outs at a home improvement store. I have faucets for the bathroom and kitchen; I have the whole shower kit. Hoping a simple plumber visit will cure it all. Meanwhile, I am enjoying relaxing baths. A candle, a glass of wine, my e-reader and I am in heaven.

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I am still waiting for my auto insurance company to finish its investigation on the December accident my daughter was in and refund my $500 deductible. It has been about a month and a half, and no communications unless I initiate them. They keep telling me these things take time. The highway patrol had no issue finding the other driver responsible—but my insurance company is not so sure. They had not even pulled the accident report, interviewed the other driver, or filed a claim with the other driver’s insurance company. My premiums, however, were due this month. I wish I could have told the company that these things take time and I will pay my premiums with the same speed they have used to address the claim!

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I am doing well on my resolution to eat in at least 4 days a week. I ate lunch in my office 18 out of 20 work days. I saved at least $90 on lunches this month. I am so proud and I paid myself the savings.

I received my W-2 a week and a half ago. I e-filed my state and federal returns that same day and I have received my state return. It was tiny, but it was a return. I am waiting for my federal return. If my plumbing bill is reasonable, I can pay off my remaining credit card debt three or four months early. If my plumbing bill is a bit higher than I hope, I can still eliminate my credit card debt in May. Here’s hoping for a conservative plumbing bill and a reasonable dental bill. I need to turn January challenges into February fortunes!

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Image: eikosi, via Flickr.com

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Negotiate Your Credit Card’s Interest Rate

February 3, 2012 By

You may have heard that you might be able to call your credit card lender and ask them to renegotiate your account’s interest rates. But should you believe it?

The short answer to that question is, “Yes.” But it’s not just anyone who can call up a credit card company and ask for this type of an accommodation. Lenders won’t necessarily lower a borrower’s interest rate just because they ask.

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To maximize your chances of being granted a lower interest rate on your credit card account, you’re going to have to do your homework. The first step is to order a copy of your credit report and your credit score. If it’s anything less than top-notch, you’ll have a challenge getting the lender to budge. But that’s where your credit report comes in; oftentimes, these documents will contain at least one entry placed on your account erroneously that may be lowering your rating. Successfully disputing these mistakes can boost your score.

You’ll also need to know what other interest rates your lender is offering to consumers with credit standings similar to yours. Do some research online and see what you would be able to qualify for if you were opening a new account, and perhaps even check with some major competitors. Having a general idea of the average interest rate given to people in your situation might help you get yours cut.

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Another thing you might want to do is be mindful that, even if the customer service representative is willing to give you a lower rate, it might not be as low as the one you’re looking for. And in these cases, you might want to consider asking to speak with their supervisor, who will have greater authority to make changes to your account in an effort to keep you as a customer.

Of course, when you’re calling, you also need to be able to threaten to pull your account from your current lender and go to a competitor, and mean it. Knowing competitors’ introductory offers and ongoing account details is key here as well. If they really think they’re about to lose your business, they may be more willing to make changes.

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