Credit Card Processing

Local credit card debt falls 2.5%, survey shows

Jan 31st, 2012
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Although total credit card debt surged at the end of last year, a survey of individual debt suggests that cardholders continued to pare down their bills in 2011 — including in San Diego.

The Federal Reserve reported last week that in November, “revolving credit” rose by $5.6 billion, or an annualized rate of 8.5 percent — the largest single monthly gain in revolving credit since March 2008.

But a survey of individual cardholders by CreditKarma.com shows that despite a seasonal rise at the end of the year, cardholders cut their debt in December by 11 percent across the country and 2.5 percent locally, compared to the year-earlier period.

The survey, based on a sampling of 320,000 cardholders nationwide and more than 3,000 in San Diego, indicates that on average, the debt load of the cardholders it reviewed in San Diego at the end of 2011 was $6,394, or 2.7 percent lower than the national average of $6,576.

Ken Lin, head of CreditKarma.com, said San Diego’s jobless rate — which topped 10 percent for much of the year — hampered its ability to cut its debt even further.

“There comes a point where your desire to pay down debt is eclipsed by your ability to pay down debt,” he said. “The good news is that unemployment rates are improving and San Diego numbers should fall back in line with national averages as that happens.”

Nevertheless, San Diego’s average credit score was 3.6 percent higher than the national average: 684 locally compared to 660 nationwide. On a statewide basis, California tied with Massachusetts and New Jersey with the highest average credit score in the nation: 679. Mississippi was at the bottom of the list at 622.

Why do the Fed figures show credit card use growing instead of declining? part of the reason might have to do with the relatively small size of CreditKarma’s sample, which concentrates mostly on 70 top urban areas nationwide.

And Lin notes that unlike the Fed data, CreditKarma monitors only end-of-the-month balances, so if cardholders pay down their bills, their purchases won’t show up in his data.

Also, the Fed data may reflect an influx of new consumers in the market, which could mean that the total amount being spent is rising even if individual bills are holding steady or declining. after a long freeze, credit card companies are trying to gain more customers, partly by offering introductory zero-interest rates or other incentives.

An end-of-the-year report by CardHub.com, another firm that monitors credit card usage, reported that between the fourth quarters of 2010 and 2011, points and miles bonuses for credit card use rose an average of 10 percent, zero-interest terms jumped 27 percent and initial cash-back offers doubled.

“The credit card market is obviously improving, mirroring the nation’s overall economic recovery,” said Odysseas Papadimitriou, chief executive of CardHub.com. “We can only expect the U.S. credit industry to become even healthier in 2012, with access to credit increasing and interest rates and rewards either standing pat or improving slightly.”

Local credit card debt falls 2.5%, survey shows

Essex County Executive Joe DiVincenzo’s ‘magic credit card’ merits investigation

Jan 27th, 2012
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Sarah Rice/For the Star-LedgerEssex County Executive Joseph N. DiVincenzo, Jr., speaks during an assembly in this 2009 photo.

He earns a base salary of $153,000. on top of that, he collects a pension of $69,000. yes, it is odd that a man could take retirement benefits before retiring, but this is new Jersey and that is the law. that pushes DiVincenzo’s annual take to $222,000.

Now for the really sweet part: he also has a magic credit card that allows him to buy airline tickets, meals at fancy restaurants and golf outings — all paid for with political donations. In the past decade, DiVincenzo has run up a bill of about $250,000 on the magic card, according to a review of public documents by the Star-Ledger’s Matt Friedman.

What’s included? at this point, the public can get only a peek at a four-month period, from may to September of last year.

During that time, he charged 110 meals to the card, a pace that makes him a one-man economic stimulus plan for the region’s restaurants and pubs.

The flight to Puerto Rico was for the annual Super Bowl weekend, where DiVincenzo presides over a meeting of his political allies. And there was golf, 28 times.

Even DiVincenzo couldn’t justify his use of the magic card for his health club membership, so he reimbursed that money after the Election Law Enforcement Commission started asking for records. same goes for use of the card to buy a tuxedo.

One thing is for sure: this limited peek at DiVincenzo’s use of the magic card is alarming enough to warrant an investigation by the commission, or the state attorney general, or both.

Because even for this four-month period, we don’t know enough. for example, who were those fancy meals with? DiVincenzo won’t say, but it obviously matters a great deal. If he’s meeting with a campaign adviser, that’s legit. If he’s dining with his wife, it’s not.

This is a common foible for politicians. U.S. Rep. Rob Andrews (D-1st Dist.) recently reimbursed campaign funds he used to pay for a family trip to Scotland for the wedding of a donor’s daughter. In 2005, former Assemblyman Anthony Impreveduto (D-Hudson) was imprisoned for using campaign funds to cover taxes and other personal expenses.

Give DiVincenzo this much: the legal line on these matters can be opaque and it’s not clear yet whether he broke the rules, which allow the use of campaign donations for “ordinary and necessary expenses of holding public office.”

But this clearly fails the smell test. so bring on the investigators.

Essex County Executive Joe DiVincenzo’s ‘magic credit card’ merits investigation

Bad Credit – Credit Cards

Dec 10th, 2011
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Bad credit-credit cards come in two forms: secured and unsecured. Secured credit cards for bad credit require the consumer to put some amount of cash into an account that is held by the lender. They are designed to provide you with an unsecured line of credit which will help you to establish or re-establish your credit through the used of a credit card. Have you fallen into bad credit like many people in today’s society have? They are for People with Poor Credit Scores – If you’ve had credit problems, then you’ve probably received offers for credit cards aimed at people with a poor / a low credit score / bad credit. These offers range from legitimate, to be questionable, to outright scams.

They often charge annual fees of up to $50 or more. this is a protective act for the credit card company.
Rate changes raise or lower the finance charge on the account. If you’re considering a variable rate pre-approved card, the issuer needs to provide various information that discloses, the rate may change and how the rate is determined – which index is used and what additional amount, the margin, is added to determine the new rate. Rates may be reduced after some time and the credit limit may be raised after you have established some credibility.

Financial decisions are personal, based on an individual’s situation. Consult with a financial professional before making any financial decisions. Financial needs are great, especially when you want to find the best deal out there for you.

Compare offers and apply online. Compare up to 3 at a time. Compare credit card designs to find the credit card that best reflects your personality. These cards come with a range of benefits including how to improve your credit rating to fixed amount payment plans.

Prepaid debit cards can be used like credit cards if they have the MC or Visa logo, but you cannot ‘borrow’ money you don’t have. There are a few prepaid debit cards with these logos and each has different fees and features. Prepaid cards work exactly like a credit card; however, money must be deposited into the prepaid credit card account before they can be used.

Unsecured loans offer no such alternative in the event of default. the lender, therefore, needs incentive to make an unsecured loan; this comes in the form of a high interest rate. Unsecured credit cards do not require a cash deposit, but they do generally require a decent credit history. the card’s limit is based on your credit history and can go up or down based on your credit rating and history of paying off the card. Unsecured credit cards are the classic credit cards that you seem most people using. the credit card lender lends you the money for your purchases; if you don’t repay within a month, you must pay interest.

Secured credit cards are usually given to those with bad or no credit history. a deposit is made; say $500, which gives the customer a $500 limit. Secured cards work somewhat like a debit card. When you open a secured credit card account, you deposit a certain amount of money into the account, which then determines your credit limit. Secured cards are exactly the same as regular credit cards except for this feature, which is a prerequisite for the extension of credit. the amount of money that you must deposit into the savings account varies with each program, but generally it determines your credit limit.

Secured bad credit-credit cards are the step down from the unsecured cards. They are easier to get approved for, but they also require you to secure them. Secure cards have been around for a while and are not likely to go extinct anytime soon. perhaps, you’re confused as to whether getting one is actually a right take.

Cash back Credit Cards will give you back a small percentage of your overall spend, each time you use them, which means, over the course of a year, you will receive a percentage of your yearly spend back. this form of Credit Card could be a good source of gaining additional finance. Cash’s back rebates are easier than reward points to understand and despite the slightly lower percentage back offered by the former, many people still favor the convenience and simplicity that cash back reward credit cards provide.

Check to see if past financial ties (such as bills with ex-partners) have been removed. If a record does have to be amended, make sure it has been changed by ordering another report six week later. Check with the card provider as to what method they use. Check with the company to find out the specific reason that you were declined.

Student’s credit cards are one of these. Students and new migrants are also eligible. this card will help you rebuild your credit.

They are offered by credit card companies with some strings attached. You are usually provided with a lower credit limit and a higher-than-standard interest rate. They are not a bad thing. They are for the people who’re struggling to rebuild their finances. They are designed to help you elevate your credit score by demonstrating that you can be responsible with the plastic and do not need to be cut off from credit completely. many providers actually offer them now because there is such a need for them, and so you have a choice if you do plan on getting one soon.

They are not the ordinary credit cards. These bad credit-credit cards give people who unintentionally damaged their credit scores and want to rebuild or improve their credit score. They are intended for people hoping to rebuild their credit history. They are designed for people who are unable to qualify for a regular credit card. There are many reasons why a person is denied for a credit card. They are no different. They exist to help a certain group of individuals.

Another option is trying and rebuild your credit or fix your fico score and will a little learning this is something that you can do yourself with do it yourself credit a repair program .Typically, the requirement is to make a deposit between $200.00 to $300.00 dollars with the credit card company to get matters underway. I have seen individuals with a 500 credit score get approved. Typically, this consolidated payment is lower than the original payments combined.

Companies offering these deceitful bad credit-credit cards make you open up a bank account in order to receive their credit card. after they deduct an enormous amount of your money you may wind up with just over a hundred dollars of available credit. Companies and lenders are getting tighter about their lines of credit. this change in the market affects many consumers, including credit cardholders.

Instant approval bad credit-credit cards occasionally require more info than what can be gained instantly to choose if they may approve your request. Instant approval cards are my favorite since you don’t have to wait for approval in the mail. Most of the time you’ll even know your credit limit and often have a temporary card number you can begin using right away.

Start with making a note of all the debts you have right now. Whatever bills you haven’t paid and creditor notes you may have been piling up, you need to sort through. Peoples who have the worse credits can even qualify for such a loan and fulfill all their personal short term or long term needs, that too at a very competitive rate than other loans. it is a significant help to the people who going through financial hardships and cannot find a way to come out. People are managing their own finances for the first time and credit is made available to them, often in larger amounts than it probably should be.

Remember, this is the only way you can boost your credit score and rebuild your credit. Your credit card company should also offer you an upgrade to a regular card if you have consistently proven to be a good payer. Remember though that not paying will further bring your score down. Remember, all- that sometimes count you – a reading was typed previously, then you were made payment so not to panic if you were recently made payment and this does not appear.

Thank you for taking your time to read this article. Information shared here does not constitute financial, legal, or other professional advice. this article is intended to provide general information only and does not give advice, which relates to your individual circumstances.

Gurmit is an insurance and mortgage expert.to make contact with Gurmit, please visit his website gurmitsingh.ca.

Bad Credit – Credit Cards

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