Oh No! Santa Needs Some Help With His Low FICO Score!! Learn how Credit Strategies helped him by getting him his true FICO score.

The economic downturn will not stop people from spreading holiday cheer for there friends and family this year.

According to the latest Gallup poll, Americans estimate that they will spend on Christmas gifts somewhere around $600 which has been a consistent benchmark throughout the holiday season. On the nightly news, there was one answer that kept getting repeated, “I will worry about it later”. That thought stuck in my head for days as I was looking over economic data that showed double digit unemployment growth and the data of new job creation being a little misleading. After reviewing the information I came to the answer that the data is not the driving force.

At some point people have to stop being practical and just say, “we will figure out away to get through this.” At some point that strategy is all you have, especially when so many things are out of a individuals control. When something is so far out of your control it seems like the only thing that one can do is throw their hands in the air. Instead of taking this approach we have to figure out personal strategies that help us get closer to our goals. Because if will listen to the talking heads on TV one minute they will tell you “We will see growth in the first quarter of next year” and then the next day they say, “we do not see growth for the next 18 months”. I think the only thing is we can conclude is that at some point American innovation will see us through this crisis. But during this crisis we need to be proactive! I think for most Americans the goal is to acquire the least amount of debt, so when the turn around happens, we can prosper.

But as a Credit Professional I fell obligated to give you a few tips for the holidays (I got in this business to see people prosper) :

Avoid the store cards

• Stay away from store cards even though they start at zero percent rate, if you miss on payment it will shoot up exponentially.
• Credit card companies will offer a return protection, which means that carrier will guarantee your purchase, usually up to 90 days after you make the purchase. Return protection policies change from company to company. The 3 month protection is the industry standard and is better than the retailers.
• When shopping online remember to look for the security seals, which gives you comfort that the there is the right measures being taken to protect your data.

At some point we will see the end of this crisis. Hopefully soon than later! In the meantime lets do all we can to end our own personal financial crisis and the nation will follow.
I hope everybody has a happy holiday!

Who’s been Naughty and Who’s Been Nice? Santa Clause weighs in on finance companies.

With personal debt growing, lack of GDP growth and unemployment in double digits understanding the world of credit  is that much more important.  If you are one of the lucky Americans that have not been impacted by growing personal debt,  you know someone that has. Most people do not have time to read the fine print, but they should not have to feel victimized by Credit Card Companies. The following are six methods to protect your credit:

The importance of your Balance
It is important to not hold a revolving balance for a lengthy period of time depending on your credit history the result might be a reduction your is credit limit. Even if you are holding 20-30 percent of the overall debt of the card, which does not make you high risk, card holders with new or poor histories have  a better chance of getting the rug pulled from under them.

Spreading around your debt
Let’s say your debt is over 30 percent of the limit of the card, industry professionals will recommend you to split your debt between to cards. The reason for this being so you can spread the debt and your credit, so you can be able to track your spending and credit card companies view an accumulation of credit on one card a dangerous trend. This will effect you credit history.  Remember before making any actions with credit always review your credit history and talk to a professional.

Raise your score
When talking about credit always be proactive and take the necessary step to raise your credit score, so issuers cannot raise rates and lower limits. This can not be emphasised enough review your credit score and practice responsible spending habits.

Making Payments
No one wants there interest rate to change. Remember to stay at your current rate not just your current credit is important but your past creditors play a role as well. Remember to always create a payment plain so you can keep track of your payments.

keeping card  active
It is important to check with the credit companies because they are able to close accounts if they are not being used.  Even with a good credit history, to ensure that your account stays activity, charge a small amount and make sure you pay the balance.  This is really important for people that  that have emergency cards.

Never feel to proud to ask for help!  This is a very complicated business and sometimes we need help from third party credit repair process experts.

By Charis Palmer on Monday, 18 May 2009

Micro-blogging tool social networking site Twitter has been hailed as a great marketing tool for businesses to communicate with their customers and extend the reach of their brand. But there are many other benefits to business to be had from Twitter. If utilized correctly, Twitter can be a great money saving tool. Charis Palmer outlines 7 ways that you can improve your financial knowledge and save money by using Twitter.

While Twitter was originally designed a communication tool, it is actually a great tool for keeping on top of the latest economic news and finding ways to save money.

There is a lot of fun to be had by using Twitter, but when utilized in a strategic manner, there can be a lot of financial benefits to be gained from using the popular social networking site.

Below are 7 ways businesses can improve their financial knowledge and find ways to save money or time by using Twitter.

1.    Have your bank solve a problem

An increasing number of banks, including the Commonwealth Bank, are monitoring Twitter for comments about their brand and in cases where they can identify problems, are reaching out to customers to try and assist them.

NAB direct banking arm UBank (@UBank) uses Twitter to post information but also spends time answering questions from customers and potential customers.

As Twitter is relatively new, banks are still working out how to serve customers using it, but those that are using it seem to be responding very quickly to customer issues and proactively reaching out to disgruntled customers.

2.    Get the latest deals

More and more companies are joining Twitter to provide alerts to consumers on the latest deals they offer. Examples include Amazon and eBay in the US @amazondeals and @eBayBargains.

Looking locally, we have OzBargain (@ozbargain) and Wotif (@wotif) using Twitter to boost business. One car park company in Brisbane is using Twitter to give away parking time (@MCCPBris).

The list of companies using Twitter to offer special deals is only expected to grow as more Australians join Twitter.

3.    Get up to the minute financial news

Whether it’s local or global news, or just the latest from the grape vine, Twitter is a super efficient way of receiving the latest headlines.

Mobile phone Twitter applications like Twitterrific are also now in abundance, making it an easy way to keep up to date whilst on the move.

Globally, major news outlets including The Economist (@theeconomist) and CNN (@CNN) are using Twitter to deliver headlines and in some cases break news.

Locally, you can view business and banking news from Banking Review Media (@bankingreview), ninemsn (@ninemsnmoney) and real estate news from Domain (@domaincomau).

All of the major daily newspapers and ABC news outlets are also using Twitter to deliver headlines.

At a city level, accounts are popping up in various locations to deliver up-to-the-minute traffic information (eg. @sydneytraffic, @bristraffic).

4.    Get information on current interest rates

In the current climate, savvy investors are keen to keep a close eye on the best deposit rates available. Providers including RaboPlus (@RaboPlus) and UBank (@UBank) keep their audience ahead of planned rates/offers using Twitter.

Infomediaries including Mozo (@Mozo_au) and Help Me Choose are also embracing Twitter to deliver financial information. Canstar Cannex has taken this a step further, posting all interest rate movements @canstar_rates.

5.    Follow your favourite financial commentators

There are a growing group of banks, writers and journalists tweeting about financial issues.

The challenge remains sifting the quality content providers from the spammers – ‘get rich’ schemes are unfortunately just as prevalent on Twitter as elsewhere and @TomPetrovski is sadly not the real Tom.

However, genuine commentators are using Twitter to link to interesting information, keep their audience up to date on recent blog posts or news articles they have written, some of which can provide money-saving tips. Examples include @PeterSwitzer, @anzmoneymanager, @thebankchannel, @RateCity and @savingsguide.

6.    Find out what other people think of current financial issues

In some ways, Twitter can actually be a much better search engine than Google.

With usage growing all the time, you can start to use Twitter search (http://search.twitter.com) to gather insight on a whole range of issues – from what people think about a particular bank, to how people are reacting to the latest RBA interest rate adjustment. The difference between Twitter search and Google is that Twitter will tell you what people are thinking or doing right now.

7.    Use it to keep track of your spending

Most people know that having a budget is essential to saving money, but it can be tough just keeping track of what you spend on a daily basis.

Tweet what you spend (www.tweetwhatyouspend.com) is a Twitter application that allows you to send yourself a tweet every time you spend money so you can get a handle on what you’re actually spending in any given month.

The updates can be downloaded into a spreadsheet so that you can import it into another personal finance application.

It seems that there are a variety of ways businesses and consumers can benefit from Twitter. Not only can businesses promote their activities and gain a following for their brand, but can utilize the site to manage their finances and find out ways to save money.

Charis Palmer is the editor of Online Banking Review. For more information on Charis, please visit http://bankingreview.blogspot.com/

Why not follow Dynamic Business on Twitter? http://twitter.com/DynamicBusiness

Learn the Secrets to a Perfect Credit Score
In a Down Economy You CAN Build Up Your Credit Score

Thursday, December 10th – 12 Noon MST
No-Cost Tele-Seminar

Join Credit Expert Mick Bernard of Credit Strategies &
Author and International Speaker Tom Haupt

* Take Control of Your Credit Score – Tom will share how to shift your mindset to effectively build a positive score
* Learn How to be in Control of Your Money, Your Credit Score, Your Life
* No more sleepless nights Worrying about Money and Credit
* Learn Ways to Create a Successful and Fulfilling Financial Future
* Simple Techniques to Rebuild Your Credit Quickly … You’ll Be Surprised!

CALL: 218-339-4699 ACCESS CODE: 352829#

Our monthly tele-seminars have evolved into one of the country’s most popular virtual groups with hundred’s of listeners receiving answers and ideas on how to apply them for success.

These popular tele-seminars are held monthly and filled with thought-provoking questions submitted by listeners just like you. I encourage you to send me your questions at least 24 hours prior to the tele-seminars.

If you have never participated before, I highly recommend you give us a try.

I promise you won’t be disappointed.
Send your questions to: JB@911CreditPRO.com.
Even if you don’t have a question, you will benefit and learn!

Dedicated to Your Success,

Mick Bernard
President, Credit Strategies

What is Santa to do?! He’s got credit card debt higher than his sleigh on Christmas Eve! Will Credit Strategies help him with his Credit Repair Process? We Hope So!

HO! HO! HO! HO!
OH! OH! OH! OH!
NO! NO! NO! NO!

This is Santa Claus here up to my eyes in debt, just got another letter in the mail from the credit card company telling me they want to increase my monthly rates. How am I going to pay of my credit cards and suppliers! I guess there will be no remodeling in the kitchen again this years. It is going to be another long winter of Ms. Claus complaining about our finances. Not sure if I can take it anymore!!!!! I have strong feeling that i will be sleeping with the Reindeer, well it wont be the first time this has happened…

Well if the credit card company increases my rates than that equals a increase in minimum payments. I was thinking about closing my credit cards, but one of elves in my factory told me when he tried to close one of his cards the company increased the revolving data ratio and the age of his credit file dropped. This two variables make 45% of credit scores, he told me.

I wasn’t sure what the importance of either the revolving data ratio or age of my credit file so I did a little research. The revolving data ratio is when credit is repeatedly available up to a specified amount as periodic repayments are made. The age of your credit file contains personal financial statements, credit applications, and comments by credit analysts, as well as the current status of the account, payment history, current balance, credit limit, and so on.

With both of these in free fall my credit score will drop faster than me going down a chimney on Christmas Eve!!!!!!

The I suddenly remembered hearing on the nightly news that President Obama signed a Credit Card Act in law. I got on the computer to see how this new legislation will effect me. The Credit Card Act will be issued in three phases, the first phase is in place now, but will not be fully implemented until the middle of next year. This Act addresses the issue of credit card fine print, fees, and staggering interest rate hikes etc.

This act will provide a strong and reliable protections for consumers. It will also provide forms and statements that credit card companies send out have to have plain language that is in plain sight. The goal is to make sure that people can shop for a credit card that meets their needs without fear of being taken advantage of. This is act gives more accountability in the system, so that we can hold those responsible who do engage in deceptive practices that hurt families and consumers.

But until the three phases are implemented, we all need be proactive about our current situation. My goal is to spread the knowledge that I learned with everybody around the world.

We are off to Save Christmas!!!!!!!

The holiday season is fast approaching. Our goal is to help provide information that will help consumers accumulate less debt then they usually would.  Understanding peoples dependency with credit cards and  responsible usage is important. Due to this financial downturn we should all beware and practice responsible spending and credit card charges.  I probably do not need to state the obvious, but Americans are addicted to there credit cards. It is a fact! It seems our society feels that credit is free cash, due to the fact that bills only come once a month.

• Having debit card and a credit card, it is better to use the credit card to make a purchase
• Owning more than one store credit card
• Paying only the minimum balance
• spending more than you earn in a pay period

The approach should be detaching yourself from irresponsible credit card practices. Reviewing your credit card statement is a good indicator of spending habitats. Being conscious of buying trends will help change these practices. This will help with awareness to credit card addiction by allowing for greater success saving money and will create financial security. Smart purchases that are attached to payment plans will build your credit and will be financially beneficial for growth in the future.

Real life Example:

By: Robin H

“When I graduated from business school I was lucky enough to get a job that paid well, and more than I had ever made in the past.  I was living in Chicago, and working right downtime — in the midst of some of the best shopping I’d ever seen.  It wasn’t long before I had set up credit cards in several of my favorite stores.  Although I tried to be smart about what I purchased, it was exciting to finally, after several years, be able to buy things for myself.  The problem was, with too many cards to keep track of, I slowly but surely ended up with mounting debt.

My Dad came to visit and I asked for help.  He made me give him all my cards, went and got some scissors,  and then he cut them in half, one by one.  I was lucky — I was able to pay things off before it got completely out of hand, with the encouragement of my father.  If there’s one lesson I’ve learned, it’s be smart about credit, and even smarter about debt. Today I find that I can get by with one card, purely for the convenience of not having to carry a lot of cash.”

(source: http://www.lifetuner.org/topics/19-credit-cards/stories/38-too_many_credit_cards)

Credit cards should be used by creating two kinds of strategies which are,  for emergencies that you have a long term payment plan (ie. car problems, house bills, etc), and small personal and every day necessity shopping that should also be adjust to budget a short term plan when making purchases. As we all now credit card debt piles up and before you know it is unmanageable.

Always Watch out for Red Flags!!!!!!!

Mick Bernard discusses the new social media trends. Good thing he’s got a good web guy to help him through this mess.