Advanta Bank, once the 11th largest issuer of credit cards in the U.S. exited as a lender early in the summer of 2009, taking down with it many of its cardholders’ businesses. Advanta specialized in offering credit cards to small businesses, secured by the individual cardholders’ personal guarantees. The cards were usually offered with teaser rates of 7.9% which were later increased to as much as 39%. Advanta came under increasing regulatory scrutiny and pressure toward the end of 2008 as the recession worsened, and its borrowers defaulted in record numbers.
Advanta Bank operated the way it did because it was an industrial bank chartered in Utah. Banks of its type fall through many regulatory cracks, allowing them to operate in ways that other banks cannot.
17 Nov
Posted by admin as Repair Credit Score
It Is Possible To Fix Your Own Credit
“I must fix my credit quickly”! If you have ever been told “NO” when you applied for a much needed loan then you probably have said these same words to yourself. Even though you want to do credit repair and fix your credit report you probably have no idea how to get it done!
How You Can Easily Do Credit Repair Yourself
What you need to do first when trying to fix your own credit is to get a copy of your credit report and figure out the reasons why your FICO scores are so low. To do this you need to look for negative and false information that is listed on your report.
What Should I Look For On My Report
When you are looking at your credit report start out by scanning for mistakes that are listed, basically information that is wrong! Read more…
It’s difficult sometimes to take a step back and look at your finances from an objective point of view. There are things you want to buy, places you want to travel and taking an honest look at the reality of your money situation may put a damper on all of the fun stuff that you think you can afford if you’re not really looking closely at things. For those who want to get serious about their money, however, and really make headway on their financial objectives, there has to be a reality check and it starts with a credit report.
There are far too few of us who are disciplined enough to really have a handle on our credit report. In fact, we may be surprised to learn what is on our credit report and how it subsequently impacts our financial health. We
Your credit score plays a very important role when you apply for a loan. This is where lenders and creditors determine your financial capability. If you are planning to buy a house, you normally seek for financial assistance. To make you fully understand on how to go through the process of improving your credit rating, consider some of these tips.
When you receive your bills, do you normally settle them immediately? Or you still have to wait for the due date or later than the due date before paying them? For your information, your payment record is included on what constitutes your credit score. A portion of such rating will be your payment history. Thus, you need to learn how to pay your dues responsibly if you want to make a positive impression to the lenders. Read more…
10 Nov
Posted by admin as Repair Credit Score
In the last post I talked about my ignorance regarding my credit report. In fact I had never given my credit report a bit of thought until I was forced to face it after being denied for a mortgage loan. That was when I knew that I had to deal with my finances once and for all. I ordered free credit reports from each of the three credit bureaus – something that I have continued to do every twelve months as is allowable by law. Each of the free credit reports from each bureau gives me insight into what my financial standing looks like to potential lenders and keeps me abreast of changes to my credit score and information that could potentially be linked to identity theft should it occur.
In addition to ordering free credit reports I also began checking out secured credit cards as a way to manage my financial comeback. S
07 Nov
Posted by admin as Repair Credit Score
“My bank recently reduce the limit on my credit card, and I have no idea why. Why would they do this if I’ve never missed any payments before, and how does it affect my credit score?”
This is one of the most common questions we’ve been getting from readers lately, and there are two reasons for it. Recent statistics have shown that roughly 1/4 of all credit card holders have had their credit limits reduced within the last six months. The recession has a lot to do with this. In particular, the mortgage and housing crisis that fueled our recession has caused a lot of lenders to minimize their risks.
Credit cards are a classic form of risk for banks, because they are not secured by any form of collateral (with the obvious exception of a secured credit card). Read more…
Information is the foundation for success in every respect. This is the philosophy by which I run my own business and it has allowed me to achieve success in what I do. I wouldn’t say that I micromanage things per se but I do like to know everything that is going on from day to day – just so that I can stay informed and nothing will catch me off guard.
This is the same philosophy that I apply to my finances although it wasn’t always. As top of things as I am in business it certainly doesn’t make much sense that I haven’t been as educated about my finances over the years; but I guess that this part of my life just took backstage to everything else that I was doing in terms of building my business. I have re