Merry Christmas Gabber's & Friends,
It's about 12:27am on Christmas morning and I can't go to sleep. No, I'm not awaiting Santa!! LOL.. Atleast not this year... As I finish wrapping all of my gifts, suddenly I have mixed feelings about the red and green candy cane stripped boxes and bags underneath my tree. On one hand I'm "totally siked" about all the happy faces I'll see opening Ipods, digital camera's, and indiviual toe-socks. Yet, on the other hand...I think I should say "In" the other hand there is nothing. Zip, Zero! Every Christmas I "go broke" buying gifts and tokens for family and friends. Some years I even create debt by using department store credit cards.(Of course now that I am implementing my credit card restoration plan, Department store credit card over load is out of the question)
I watch CNN as they report that America is officially in a recession, in need of unemployment benefit extensions, and another economic stimulus package and yet there seems to be no drop in holiday sales. The malls where I shop were still just as crowded as usual on Christmas eve. How much do you spend each year on presents?
So, I sit awake... wishing that Santa Clause really had purchased all these presents. I just realized that the price of Christmas is giving me a Holiday Headache
12/25/08
T'was the night before College Scene 1
INT. Steve’s Bedroom - DAY
Narrator
Steve is alone in his bedroom packing up belongings to leave for college. He stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He begins to daydream about all the things he’ll buy once away from his penny-pinching parents that won’t allow him to wear the latest clothing or have an expensive car and doses off to sleep. Then, he awakes in a day-dream where he will meet three different characters that will educate him on the dangers of over spending and save his financial life.
He hears his favorite song on the radio and jumps off his bed to turn up the volume, sing along, and imitate a guitar player.
“Good Charlotte: Girls Don’t like Boys Girls like cars and money”
The door opens abruptly startling Steve, and the Ghost of Lil Wayna quickly enters the room. She walks directly to his radio and pushes power. Her face is stern as she looks into Steve’s eyes.
Steve
You scared me to death! Who are you, how did you get into my [Pausing] wait a minute, are you Lil Wayna?
Lil Wayna
Cha Ching Cha Ching Bling Bling
Who did you think I was
I’m the #1 stunner
Steve and Lil Wayna
Wah what wah What
Steve
Oh my Gosh! I love your music. I’ve always wanted to be the #1 stunner and bling bling like you and your crew. [Excited] Man you had Platinum Teeth, Gold rings, then gold fingers, and legs and then there was this thing on the news about you dying because you tried to make your heart gold and then… WAIT your dead your dead your dead your dead.. How did a dead person get in my room.. Oh my God.. Am I dead too
Lil Wayna
Chill-lax lil woody. Do I look dead to you. I’m here because I’m about to save my biggest fan from making a some big mistakes. Ya Heard me! Come on lil Whoody you got some stuff you need to see.
Steve
Where are we.. This isn’t my bedroom. How did I get here. Wait that’s me when I was younger. I’m getting beat up by that little rich kid bully that lived on our block. We’ve gotta go help me!
Lil Wayna
Slow ya role lil Whoody, They can’t see you. Your in the past.
Steve
But But, I need to help me [Pause] I don’t even know why that lil rich kid didn’t like me anyway. He had everything, all the latest games, gear, anything he wanted. I just don’t get it
Lil Wayna
Dah.. He was jealous of you fool.. He had all that money, but he didn’t have parents like yours that cared for a lil Whoody. He thought that you were rich… cha ching Material things can’t buy you happiness lil Whoody. Your parents tell you to budget cause they love ya
Steve
Your wrong lil Wayna, I’m not gonna be like you and have a golden heart transplant. My parents are just cheap and ordinary. When I get to college I’m gonna have all the girls and all the credit cards I need to keep them. All I’ve ever wanted to be was cool and rich like him, Cool and rich like him.. Cool and rich like him.. [Fades out]
INT. Steve’s Bedroom - DAY
Narrator
Steve seemingly wakes up from his day-dream in his bedroom and resumes packing up belongings to leave for college. He again stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He ignores Lil Wayna’s advice about treasuring his parents budgeting habits etc and Sweet-N-Sour climb into his window.
Steve
Tell me I’m not still dreaming.. Who are you. First lil Wayna and now this.. I don’t even know who you are. Get out of my room
Sweet
I’m sweet
Sour
And I’m Sour
Steve
It was rhetorical.. I don’t care about your names.. I just want to know how you go in my room. No better yet, just leave
Narrator
Steve is alone in his bedroom packing up belongings to leave for college. He stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He begins to daydream about all the things he’ll buy once away from his penny-pinching parents that won’t allow him to wear the latest clothing or have an expensive car and doses off to sleep. Then, he awakes in a day-dream where he will meet three different characters that will educate him on the dangers of over spending and save his financial life.
He hears his favorite song on the radio and jumps off his bed to turn up the volume, sing along, and imitate a guitar player.
“Good Charlotte: Girls Don’t like Boys Girls like cars and money”
The door opens abruptly startling Steve, and the Ghost of Lil Wayna quickly enters the room. She walks directly to his radio and pushes power. Her face is stern as she looks into Steve’s eyes.
Steve
You scared me to death! Who are you, how did you get into my [Pausing] wait a minute, are you Lil Wayna?
Lil Wayna
Cha Ching Cha Ching Bling Bling
Who did you think I was
I’m the #1 stunner
Steve and Lil Wayna
Wah what wah What
Steve
Oh my Gosh! I love your music. I’ve always wanted to be the #1 stunner and bling bling like you and your crew. [Excited] Man you had Platinum Teeth, Gold rings, then gold fingers, and legs and then there was this thing on the news about you dying because you tried to make your heart gold and then… WAIT your dead your dead your dead your dead.. How did a dead person get in my room.. Oh my God.. Am I dead too
Lil Wayna
Chill-lax lil woody. Do I look dead to you. I’m here because I’m about to save my biggest fan from making a some big mistakes. Ya Heard me! Come on lil Whoody you got some stuff you need to see.
Steve
Where are we.. This isn’t my bedroom. How did I get here. Wait that’s me when I was younger. I’m getting beat up by that little rich kid bully that lived on our block. We’ve gotta go help me!
Lil Wayna
Slow ya role lil Whoody, They can’t see you. Your in the past.
Steve
But But, I need to help me [Pause] I don’t even know why that lil rich kid didn’t like me anyway. He had everything, all the latest games, gear, anything he wanted. I just don’t get it
Lil Wayna
Dah.. He was jealous of you fool.. He had all that money, but he didn’t have parents like yours that cared for a lil Whoody. He thought that you were rich… cha ching Material things can’t buy you happiness lil Whoody. Your parents tell you to budget cause they love ya
Steve
Your wrong lil Wayna, I’m not gonna be like you and have a golden heart transplant. My parents are just cheap and ordinary. When I get to college I’m gonna have all the girls and all the credit cards I need to keep them. All I’ve ever wanted to be was cool and rich like him, Cool and rich like him.. Cool and rich like him.. [Fades out]
INT. Steve’s Bedroom - DAY
Narrator
Steve seemingly wakes up from his day-dream in his bedroom and resumes packing up belongings to leave for college. He again stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He ignores Lil Wayna’s advice about treasuring his parents budgeting habits etc and Sweet-N-Sour climb into his window.
Steve
Tell me I’m not still dreaming.. Who are you. First lil Wayna and now this.. I don’t even know who you are. Get out of my room
Sweet
I’m sweet
Sour
And I’m Sour
Steve
It was rhetorical.. I don’t care about your names.. I just want to know how you go in my room. No better yet, just leave
12/12/08
Come be a Star!
Tomorrow, Saturday December 13, is your chance to show us your stuff! Come equipped with ideas on how to best communicate your financial education topic to your peers in 3-5 minutes.
We will see you from 11AM-1PM, check your email for more details!
We will see you from 11AM-1PM, check your email for more details!
11/30/08
BONDS
Hey GABbers, Once again I have another Idea about savings
So recently due to the economy people have been afraid to put their money in stocks, banks, even CDs. But there is one lender who will almost never go broke, The United States Government. While lead me to the topic of Federally Insured Bonds.
There are currently two types of bonds you can buy today, I bonds and EE bonds. Of course there were many other types of bonds available a few years ago, like the H bond or E bonds. But for right now let’s talk about the types of bonds that we can actually buy today.
First is the EE bond, now although these types of bonds are great for long term investments, many are give these as gifts. EE bonds are bought half of face value, so a $100 EE bonds is bought for only $50. Which is why these are perfect for gifts, they look like $100 when actually the buyer only paid $50. Now EE bonds will reach face value in about 17 years, and the APY is 1.3%. Again a good gift for a new born baby, because in 17 years those bonds will be worth their face value and its perfect timing for college.
Next am I bonds, which I personally think are a much better investment. I bonds are purchased at their face value. So a $100 I bond will be bought at $100. Yet these bonds tend to have much higher interest then EE bonds. The interest rates for I bonds do change twice a year and are determined by two things; a fixed rate set by the U.S. Treasury and the rate of inflation. Today an I bonds has an APY of 5.64%, much higher then the I bond and most CDs offered.
Now both I bonds and EE bonds must be head on to for one year before they are cashed in. And if they are cashed in before the bond reacts the age of five, you lose 3 months of interest. Yet after 5 years you are free and clear to cash the bonds at any time, and they will continue to earn interest for 30 years.
But effective January 1, 2008, each social security number is only able to buy $5,000 worth in bonds per year.
At most financial institutions you can purchase bonds, but another place to go is TreasuryDirect.gov
So recently due to the economy people have been afraid to put their money in stocks, banks, even CDs. But there is one lender who will almost never go broke, The United States Government. While lead me to the topic of Federally Insured Bonds.
There are currently two types of bonds you can buy today, I bonds and EE bonds. Of course there were many other types of bonds available a few years ago, like the H bond or E bonds. But for right now let’s talk about the types of bonds that we can actually buy today.
First is the EE bond, now although these types of bonds are great for long term investments, many are give these as gifts. EE bonds are bought half of face value, so a $100 EE bonds is bought for only $50. Which is why these are perfect for gifts, they look like $100 when actually the buyer only paid $50. Now EE bonds will reach face value in about 17 years, and the APY is 1.3%. Again a good gift for a new born baby, because in 17 years those bonds will be worth their face value and its perfect timing for college.
Next am I bonds, which I personally think are a much better investment. I bonds are purchased at their face value. So a $100 I bond will be bought at $100. Yet these bonds tend to have much higher interest then EE bonds. The interest rates for I bonds do change twice a year and are determined by two things; a fixed rate set by the U.S. Treasury and the rate of inflation. Today an I bonds has an APY of 5.64%, much higher then the I bond and most CDs offered.
Now both I bonds and EE bonds must be head on to for one year before they are cashed in. And if they are cashed in before the bond reacts the age of five, you lose 3 months of interest. Yet after 5 years you are free and clear to cash the bonds at any time, and they will continue to earn interest for 30 years.
But effective January 1, 2008, each social security number is only able to buy $5,000 worth in bonds per year.
At most financial institutions you can purchase bonds, but another place to go is TreasuryDirect.gov
11/19/08
Make Reasonable Credit Goals
How many of us have goals that we have set to accomplish? Well, if so have you thought of making credit goals? If not, I have some fun steps that you can follow on your way to achievement.
Let’s be kind with ourselves if we made credit mistakes in the past. We can learn and move forward, right? Approach this as a learning process. Proceed by first taking a look at what we know we can fix in a small time frame such as two weeks or less. We will call this our personal short-term goals. Improving your credit can take months and so you also will want to set long-term credit goals.
First, “sit up straight” and think of what you like to achieve (credit wise) over the years. Then, write down all of your goals in a journal or on a sheet of paper. You can use the list to keep track of your progress. Put the goals in order from short-term effort to long-term effort. Begin with a goal that you are doing daily in the present.
Some examples might be:
Apply for a credit card with a low interest rate
Apply for a gas card
Apply for a share secured loan
Pay bills on time.
Pay at least the minimum balance due on credit cards.
Having both revolving and installment credit is a good way to build credit. Revolving credit is credit cards. Installment credit is things like car loans and student loans.
Then take your list little by little and start to check off or scratch out what you have finished. Next, write your accomplishments on a separate list and display it where it can be seen by others. That will give you confidence to start on another goal.
Be careful not to overwhelm yourself with goals that are too high. When you have trouble, look at some of the resources out there pertaining to meeting goals. It’s also good to have someone to encourage you to stick with your goals.
Keep in mind that you are doing this for your future. Gain as much knowledge as you can if you’re not sure about one of your goals because you don’t want to have wasted time on a goal that is not achievable.
Remember this is a learning process. Take it slowly. It’s not a race. Meet your goals in a time frame that works for you. Using visual reminders can help, and when you’ve met a goal, reward yourself! Maybe go out to eat. With persistence, your hard work and determination will pay off!
Let’s be kind with ourselves if we made credit mistakes in the past. We can learn and move forward, right? Approach this as a learning process. Proceed by first taking a look at what we know we can fix in a small time frame such as two weeks or less. We will call this our personal short-term goals. Improving your credit can take months and so you also will want to set long-term credit goals.
First, “sit up straight” and think of what you like to achieve (credit wise) over the years. Then, write down all of your goals in a journal or on a sheet of paper. You can use the list to keep track of your progress. Put the goals in order from short-term effort to long-term effort. Begin with a goal that you are doing daily in the present.
Some examples might be:
Apply for a credit card with a low interest rate
Apply for a gas card
Apply for a share secured loan
Pay bills on time.
Pay at least the minimum balance due on credit cards.
Having both revolving and installment credit is a good way to build credit. Revolving credit is credit cards. Installment credit is things like car loans and student loans.
Then take your list little by little and start to check off or scratch out what you have finished. Next, write your accomplishments on a separate list and display it where it can be seen by others. That will give you confidence to start on another goal.
Be careful not to overwhelm yourself with goals that are too high. When you have trouble, look at some of the resources out there pertaining to meeting goals. It’s also good to have someone to encourage you to stick with your goals.
Keep in mind that you are doing this for your future. Gain as much knowledge as you can if you’re not sure about one of your goals because you don’t want to have wasted time on a goal that is not achievable.
Remember this is a learning process. Take it slowly. It’s not a race. Meet your goals in a time frame that works for you. Using visual reminders can help, and when you’ve met a goal, reward yourself! Maybe go out to eat. With persistence, your hard work and determination will pay off!
11/13/08
New Loan research...
Hi everyone,
It was great seeing you this past week and hopefully we can see each other again soon! Now onto the fun stuff.
Well most would think that a loan is a sum of money you borrow from a bank or some kind of lender. Well this is true but there are several loans out there that require a down payment. For instance some companies make you put 20% down on a loan you are taking out. I kind of think this defeats the purpose because you are taking out a loan most likely because you don't have the money. If you have to have down payment, most people would not have enough money to take out the loan.
Now I can also see the good parts to this because most banks offer a lower interest rate if you put up a down payment. Also I can see that if a lender requires a down payment they can see you are going to be able to repay, at least in most cases.
What do you think? Is a down payment a good or bad idea?
11/10/08
Solution to America’s Financial Crisis
Saturday November 20, 2008, the Bush administration formally proposed to Congress the largest financial bailout in U.S. history. They requested the authority for the Treasury Department to buy up $700 billion in mortgage-related assets from financial institutions in the United States.
Less than three pages, the proposal was stunning for its demands. It would raise the national debt to $11.3 trillion dollars. Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill to negotiate these matters at hand.
If you ask me, this whole plan seemed like a clever way to transfer the bad debts of Wall Street into the obligations of American taxpayers.Key Democratic lawmakers made it clear that they were interested in including assurance for a program that would help troubled borrowers at risk of foreclosure.
In research, it is said that the government needs a bail out plan to clear the financial crisis.
If there continues to be no plan at all, American consumers, homeowners, taxpayers and more will all feel the impact. The risk of steep declines in the worldwide market poses a grave risk to all Americans, especially their retirement plans, college savings for children and their access to consumer credit including auto loans.
What are your opinions about the bailout plan?
Less than three pages, the proposal was stunning for its demands. It would raise the national debt to $11.3 trillion dollars. Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill to negotiate these matters at hand.
If you ask me, this whole plan seemed like a clever way to transfer the bad debts of Wall Street into the obligations of American taxpayers.Key Democratic lawmakers made it clear that they were interested in including assurance for a program that would help troubled borrowers at risk of foreclosure.
In research, it is said that the government needs a bail out plan to clear the financial crisis.
If there continues to be no plan at all, American consumers, homeowners, taxpayers and more will all feel the impact. The risk of steep declines in the worldwide market poses a grave risk to all Americans, especially their retirement plans, college savings for children and their access to consumer credit including auto loans.
What are your opinions about the bailout plan?
November Meet and Eat
Hello!
It was great to see you all on Saturday! You had some excellent ideas on how to make the program even better. I am working on finding a date when we can start "filming our movie", or at least start working on scripts etc.
As promised, here are some pics!
It was great to see you all on Saturday! You had some excellent ideas on how to make the program even better. I am working on finding a date when we can start "filming our movie", or at least start working on scripts etc.
As promised, here are some pics!
11/3/08
THIS Saturday!!!
Hey GABbers,
Whoever responds first will get first dibs on what part of the Baltimore metro area we will have our next face-to-face meeting.
1. Baltimore City--fells point area
2. Glen Burnie
3. Towson
4. other ideas??
Remember its THIS Saturday, November 8
Whoever responds first will get first dibs on what part of the Baltimore metro area we will have our next face-to-face meeting.
1. Baltimore City--fells point area
2. Glen Burnie
3. Towson
4. other ideas??
Remember its THIS Saturday, November 8
11/1/08
If marriage was a bussiness...
Wow Danni,
Your picture could have been the front cover of "My Big Fat Wedding" magazine!! (i.e. Carrie's wedding from 'Sex in the City') The black and white camera setting is absolutely magnificent:) In my opinion, marriage is similar to a business. Before I sign off on the (For better or for worst...) contract, I DO need to know your credit score(Do not put yourself in a situation where everything is in your name), I DO need to know your debt to income ratio(Once married, his/her debt becomes your debt), and I DO need a prenuptial agreement(just kidding...) Avoid a prenuptial agreement at all cost. As the investment cliche goes, "high risk, high return" and this agreement states loudly from one marriage-business partner to the other "I won't take a risk on your love." Pre-marital deficit....Not good
Any who, marriage is literally a business because once married your net worth and earning potential increases. (My source did not mention why, but if I had to guess I'd say a joint business venture is probably more successful than a sole proprietorship)
So, if marriage is a business than you need a detailed business plan and more importantly, a budget! To answer Danni's question... My wedding would have to be apart of the start up cost for our marriage-business. Sure, I'd prefer an extra house over a princess diamond cut platinum ring and a month long country hopping honeymoon over a $10,000 gown and pretty table decorations, but my ideal wedding definitely has a hefty price tag! You know that item on the menu at expensive restaurants that just says(market value) well that's how my wedding will be priced! But if I had to start the budget off it would look like this..
Month long honeymoon around the world = 50,000
3 bedroom summer house in Costa Rica = 200,000
Me for a life time = Priceless
"Oh yeah... love wouldn't be a bad marriage-business investment either...LOL"
Your picture could have been the front cover of "My Big Fat Wedding" magazine!! (i.e. Carrie's wedding from 'Sex in the City') The black and white camera setting is absolutely magnificent:) In my opinion, marriage is similar to a business. Before I sign off on the (For better or for worst...) contract, I DO need to know your credit score(Do not put yourself in a situation where everything is in your name), I DO need to know your debt to income ratio(Once married, his/her debt becomes your debt), and I DO need a prenuptial agreement(just kidding...) Avoid a prenuptial agreement at all cost. As the investment cliche goes, "high risk, high return" and this agreement states loudly from one marriage-business partner to the other "I won't take a risk on your love." Pre-marital deficit....Not good
Any who, marriage is literally a business because once married your net worth and earning potential increases. (My source did not mention why, but if I had to guess I'd say a joint business venture is probably more successful than a sole proprietorship)
So, if marriage is a business than you need a detailed business plan and more importantly, a budget! To answer Danni's question... My wedding would have to be apart of the start up cost for our marriage-business. Sure, I'd prefer an extra house over a princess diamond cut platinum ring and a month long country hopping honeymoon over a $10,000 gown and pretty table decorations, but my ideal wedding definitely has a hefty price tag! You know that item on the menu at expensive restaurants that just says(market value) well that's how my wedding will be priced! But if I had to start the budget off it would look like this..
Month long honeymoon around the world = 50,000
3 bedroom summer house in Costa Rica = 200,000
Me for a life time = Priceless
"Oh yeah... love wouldn't be a bad marriage-business investment either...LOL"
10/31/08
Excuse to post wedding pics
Hey GABbers!!
Did you miss me??? Or maybe you forgot I was even gone! Anyway, I am back from my wedding and my honeymoon (and an extremely long road trip back from Minnesota)... and back to work!
Did you miss me??? Or maybe you forgot I was even gone! Anyway, I am back from my wedding and my honeymoon (and an extremely long road trip back from Minnesota)... and back to work!
I came back with a lot of fun gifts and memories, but there is also another thing that me and my new hubby came back with.. anyone? anyone?
NEW DEBT!!!!!!! AH!!!!!
It took us a while to reduce our credit card debt from past lives and lo and behold we are in uncomfortable territory. The good thing is, we have a plan and we'll be fine. We made the choice to splurge a little bit because it was our wedding. We probably didn't have to pay $800 for an Excursion Limo, $500 for a fairly small cake, $800 for a photo booth, $700 on cigars, $500 on hair for all the bridesmaids, 2nd dress for late night bar hopping.. and the list can go on.
So my question for you all.. if and when you choose to get married, how will you go about the potential massive cash that goes along with it?
1. Hope your family will pay for it
2. Start saving now--even if you don't know who you want to marry
3. Have a frugal wedding (think back yard BBQ)
4. Have a small wedding
5. Go all out---afterall this is your big day!!!
6. Splurge on a few things that you feel are important (examples please)
6. Splurge on a few things that you feel are important (examples please)
Thanks and its good to be back!!!
10/28/08
Retirement
Hey Gabbers,
Okay so recently I looked at my 401K and wanted to cry. Pretty much 90 percent of my money was put into stocks. And for those of you that have been following how the stock make is going. Well lets just say it wasn't pretty. So I decide to look into other forms of saving for the old me.
Now i didn't know much about them before, but I started looking into IRAs. Individual Retirement Accounts. Now there are several different types of IRAs but the two main types i found were Traditional and Roth. Now they both are good, but depending on your income depends on which one is best for you.
Traditional IRAs is an account in which money is taken for your paycheck before taxes and place directly into a savings account. Now the funds are not takes when they are taken from your paycheck but are taxed when you withdraw them when you decide to retire (starting at 59.5 years old). Now the funds and interest will both be taxed but at that time you will be in a low tax bracket.Now Roth IRAs is money that as already been taxed. Yet the interest you earn through out the years is completely tax free.
Now you can put $5000 a year into an IRA account, and can not with draw it until you react retirement. Now starting to put money into IRA account early in life can save you several thousands of dollars, and save you for paying those horrible taxes.
It may seem early but saving for your future now will help in the long run.
Okay so recently I looked at my 401K and wanted to cry. Pretty much 90 percent of my money was put into stocks. And for those of you that have been following how the stock make is going. Well lets just say it wasn't pretty. So I decide to look into other forms of saving for the old me.
Now i didn't know much about them before, but I started looking into IRAs. Individual Retirement Accounts. Now there are several different types of IRAs but the two main types i found were Traditional and Roth. Now they both are good, but depending on your income depends on which one is best for you.
Traditional IRAs is an account in which money is taken for your paycheck before taxes and place directly into a savings account. Now the funds are not takes when they are taken from your paycheck but are taxed when you withdraw them when you decide to retire (starting at 59.5 years old). Now the funds and interest will both be taxed but at that time you will be in a low tax bracket.Now Roth IRAs is money that as already been taxed. Yet the interest you earn through out the years is completely tax free.
Now you can put $5000 a year into an IRA account, and can not with draw it until you react retirement. Now starting to put money into IRA account early in life can save you several thousands of dollars, and save you for paying those horrible taxes.
It may seem early but saving for your future now will help in the long run.
10/24/08
Start Small
Hey GABbers,
How is everybody doing? I'm o.k.
My topic for my research was Establishing Credit. There are two ways I will discuss for building credit history.
The first way is by owning a cell phone and paying the charges on it each month. Many young adults may not realize they will be building their credit when they get a cell phone. So we may gain credit history in the working without even knowing. Your credit report will show details on how you've been paying your bills back and on time (and hopefully you have been).
The next way is also a great way to build your credit history. Apply for a credit card. Often you can get one with cheaper interest rates at a credit union. But you may need a co-signer. You and your co-signer will have to show proof of your income. As long as your co-signer can trust you to stay within an agreed-upon limit, you should have no problem.
A lot of young adults like to have a credit card to use instead of cash. Besides, having one helps to create some independence that we deserve and enjoy.
These are two simple things that will help us to establish a pattern of good credit history.
How is everybody doing? I'm o.k.
My topic for my research was Establishing Credit. There are two ways I will discuss for building credit history.
The first way is by owning a cell phone and paying the charges on it each month. Many young adults may not realize they will be building their credit when they get a cell phone. So we may gain credit history in the working without even knowing. Your credit report will show details on how you've been paying your bills back and on time (and hopefully you have been).
The next way is also a great way to build your credit history. Apply for a credit card. Often you can get one with cheaper interest rates at a credit union. But you may need a co-signer. You and your co-signer will have to show proof of your income. As long as your co-signer can trust you to stay within an agreed-upon limit, you should have no problem.
A lot of young adults like to have a credit card to use instead of cash. Besides, having one helps to create some independence that we deserve and enjoy.
These are two simple things that will help us to establish a pattern of good credit history.
10/15/08
Focus group project
I am working on the focus group project and surpisingly the credit union I have, has a whole page dedicated to young adults, now it is not as good as SECU's page it is decent and it has a good bit of information. The bank I had has a very difficult website to navigate and nothing seems to be avalible to young adults. I was very surprised actually, I thought the bank would cater to young adults more, I guess I figured banks are where most people start but I guess I was wrong.
I did a little more researching on a few other websites and I found the same results the credit unions had much more information than the banks did for young adults. I guess as long as you can get into a credit union that is a great start for young people they offer a lot of information and lots of good opportunities.
Overall both types of institutions probably offer great programs for young adults but the best way to attract young people is by having information online. Most people that I talk to say they do not like calling or going into businesses without researching online first. This being said most people probably pass right by a bank or credit union that does not offer information for young people online.
I did a little more researching on a few other websites and I found the same results the credit unions had much more information than the banks did for young adults. I guess as long as you can get into a credit union that is a great start for young people they offer a lot of information and lots of good opportunities.
Overall both types of institutions probably offer great programs for young adults but the best way to attract young people is by having information online. Most people that I talk to say they do not like calling or going into businesses without researching online first. This being said most people probably pass right by a bank or credit union that does not offer information for young people online.
10/6/08
Credit 101: Journey to Financial Literacy Day 5
Good evening class,
Welcome to the fifth day on our journey to financial literacy. Today we will be transitioning into a new chapter of Credit. Today's class will demand copious note taking, as it will review our entire first chapter of credit reports. If you are serious about surviving this Great depression our economy has entered, than save this post in your documents as a record. No Farts and Giggles today class, we have a lot of review material to cover. Is your thinking cap on? Well here it goes
"Your credit report is an official record of money you have borrowed and repaid in the past, including information about late payments, criminal records and bankruptcy. You can see information about credit cards you have opened, loans you have taken out, and who has asked for your credit report.
Companies that loan money look at your credit report to determine your ability to pay back your debts on time. This is known as your credit rating.
It is important to know your history because:
Banks use that information to decide who gets loans
Landlords use it to decide who they will rent to
Employers can use it to decide whether or not to hire you
Key Terms:
Credit Bureau : a company that keeps track of people’s personal credit information. They build your credit report
Credit History: another word for your credit report
Credit Score : an actual number that banks and lending associations use to decide whether or not they want to lend you money. The score reflects your spending and repayment habits
Credit Report: your official record of borrowing and repaying, including information about late payments and bankruptcy
Identity Theft : pretending to be someone else by stealing their personal information. This is usually done to use someone else’s credit, or to blame them for a crime
you have the right to order a free copy of your own credit report every year from each of the three major credit bureaus below.
Experian
1-888-EXPERIAN (1-888-397-3742)
www.experian.com
Equifax
1-800-685-1111
www.equifax.com
Trans Union
1-800-888-4213
www.transunion.com
Order your copy online or call the Annual Credit Report Request Service (877) 322-8228.
LOOK OUT FOR SCAMS
Quick fixes: Beware of companies or services that promise to fix your credit quickly. They can be dishonest and expensive. No one can speed up the process. The only solution for credit problems is to get out of them by paying off your debt on time.
Debt restructuring: Never sign a contract or other "credit payment plan agreement" except with a reliable counseling service, such as a nonprofit. Be careful about agreeing to "debt restructuring plans." Their plans may lower your monthly payments but they will extend the length of time it will take to pay off all of your debts. Your total debt amount can grow from additional finance charges. Many people get deeper into debt after restructuring because they didn't understand the terms of the debt consolidation agreement.
Credit Fraud: Do not work with any agency that offers to change your Social Security number to get a new credit identity. Changing your Social Security number to avoid debt is fraud and a federal crime. A company that suggests for you to do that is performing an illegal activity. You could be arrested for following the company's advice. If a company offers to change your Social Security number, report it to the
What are the benefits of having a good credit rating?
A good credit rating:
Makes it easier to get loans with good terms
Makes it easier to get credit cards
Is important if you want to buy a home
A poor credit rating:
Makes it hard for you to get credit
Means you will probably pay higher interest rates on loans
Means you may be turned down for a job
Means you may not be able to rent an apartment
Getting your credit report is a good way to check for identity theft or errors. Check for the following:
Your personal information -- name, social security number, birthday, etc. -- is correct
Make sure all listed credit card reports are actually yours. This is where you can scan for identity theft if someone else has illegally opened an account with your name
Are there court orders against you?
Be sure you recognize past requests for your credit report. Make sure the requests come from companies with whom you usually do business.
If you find any mistakes, contact the credit bureau immediately. You could be saving yourself thousands of dollars or more just by requesting and reading your free report.
Fixing Credit Report Mistakes
If you see a mistake in your credit report, you should fix it right away. Here’s what you need to do.
1. Contact the credit bureau.
All 3 credit bureaus let you file a statement of dispute online or on the phone. The credit bureau will investigate the mistake.
Equifax: Call (800) 685-1111 or file online.
Experian: Call (888) 397-3742 or file online.
TransUnion: Call (800) 916-8800 or file online.
2. Contact the creditor that made the mistake.
If you think the credit company made a mistake in their reporting, you can contact them directly. They should have records for your entire account history. They can help you fix the problem.
3. Get your credit report from other credit bureaus to double check.
If one of the credit bureaus has mistakes, the other 2 probably have mistakes too. You can get free copies of your credit report to double check.
4. Make sure the mistake is fixed.
The credit bureau should respond within 1 month. If you haven’t heard from them, call. Make sure you get a free copy of the report with corrections. Double check the report when you get it!
5. Follow up with companies who saw the incorrect report.
Ask the credit bureau to send the updated version to creditors who saw your report during the last 6 months. If you tried to get insurance, call the company back and ask for another estimate. If the problem you fixed is important enough, you could get a better insurance score and lower insurance rates.
6. What to do when a mistake isn’t fixed:
If a credit bureau disagrees with your dispute and doesn’t make the correction, you can add a personal statement to your credit report. A personal statement is a short, written explanation of your side of the story. This statement is your chance to explain any credit problems on your report. It’s usually less than 100 words.
In some states, insurance companies are not allowed to use credit problems against you if you have a dispute and a personal statement on your credit report.
Helpful Hints
Have the credit report in front of you when you call. This will help you answer questions.
Get your records and statements together. If you know you’ve paid on time or in full, make copies of statements or canceled checks.
Make copies of everything you send to creditors or credit bureaus. Get proof from the post office through certified mail or priority mail. Keep copies of fax receipts.
DID YOU GET ALL THAT???????????
What a mouthful... Now be sure to copy and paste this infor into word for your future reference; you will need it for future homework assignments. Last class we discussed our Credit Report Restoration plan and the importance of step one and changing your thinking. Next post we will revisit this topic briefly before going into a broader look at Credit.
Class dismissed
Welcome to the fifth day on our journey to financial literacy. Today we will be transitioning into a new chapter of Credit. Today's class will demand copious note taking, as it will review our entire first chapter of credit reports. If you are serious about surviving this Great depression our economy has entered, than save this post in your documents as a record. No Farts and Giggles today class, we have a lot of review material to cover. Is your thinking cap on? Well here it goes
"Your credit report is an official record of money you have borrowed and repaid in the past, including information about late payments, criminal records and bankruptcy. You can see information about credit cards you have opened, loans you have taken out, and who has asked for your credit report.
Companies that loan money look at your credit report to determine your ability to pay back your debts on time. This is known as your credit rating.
It is important to know your history because:
Banks use that information to decide who gets loans
Landlords use it to decide who they will rent to
Employers can use it to decide whether or not to hire you
Key Terms:
Credit Bureau : a company that keeps track of people’s personal credit information. They build your credit report
Credit History: another word for your credit report
Credit Score : an actual number that banks and lending associations use to decide whether or not they want to lend you money. The score reflects your spending and repayment habits
Credit Report: your official record of borrowing and repaying, including information about late payments and bankruptcy
Identity Theft : pretending to be someone else by stealing their personal information. This is usually done to use someone else’s credit, or to blame them for a crime
you have the right to order a free copy of your own credit report every year from each of the three major credit bureaus below.
Experian
1-888-EXPERIAN (1-888-397-3742)
www.experian.com
Equifax
1-800-685-1111
www.equifax.com
Trans Union
1-800-888-4213
www.transunion.com
Order your copy online or call the Annual Credit Report Request Service (877) 322-8228.
LOOK OUT FOR SCAMS
Quick fixes: Beware of companies or services that promise to fix your credit quickly. They can be dishonest and expensive. No one can speed up the process. The only solution for credit problems is to get out of them by paying off your debt on time.
Debt restructuring: Never sign a contract or other "credit payment plan agreement" except with a reliable counseling service, such as a nonprofit. Be careful about agreeing to "debt restructuring plans." Their plans may lower your monthly payments but they will extend the length of time it will take to pay off all of your debts. Your total debt amount can grow from additional finance charges. Many people get deeper into debt after restructuring because they didn't understand the terms of the debt consolidation agreement.
Credit Fraud: Do not work with any agency that offers to change your Social Security number to get a new credit identity. Changing your Social Security number to avoid debt is fraud and a federal crime. A company that suggests for you to do that is performing an illegal activity. You could be arrested for following the company's advice. If a company offers to change your Social Security number, report it to the
What are the benefits of having a good credit rating?
A good credit rating:
Makes it easier to get loans with good terms
Makes it easier to get credit cards
Is important if you want to buy a home
A poor credit rating:
Makes it hard for you to get credit
Means you will probably pay higher interest rates on loans
Means you may be turned down for a job
Means you may not be able to rent an apartment
Getting your credit report is a good way to check for identity theft or errors. Check for the following:
Your personal information -- name, social security number, birthday, etc. -- is correct
Make sure all listed credit card reports are actually yours. This is where you can scan for identity theft if someone else has illegally opened an account with your name
Are there court orders against you?
Be sure you recognize past requests for your credit report. Make sure the requests come from companies with whom you usually do business.
If you find any mistakes, contact the credit bureau immediately. You could be saving yourself thousands of dollars or more just by requesting and reading your free report.
Fixing Credit Report Mistakes
If you see a mistake in your credit report, you should fix it right away. Here’s what you need to do.
1. Contact the credit bureau.
All 3 credit bureaus let you file a statement of dispute online or on the phone. The credit bureau will investigate the mistake.
Equifax: Call (800) 685-1111 or file online.
Experian: Call (888) 397-3742 or file online.
TransUnion: Call (800) 916-8800 or file online.
2. Contact the creditor that made the mistake.
If you think the credit company made a mistake in their reporting, you can contact them directly. They should have records for your entire account history. They can help you fix the problem.
3. Get your credit report from other credit bureaus to double check.
If one of the credit bureaus has mistakes, the other 2 probably have mistakes too. You can get free copies of your credit report to double check.
4. Make sure the mistake is fixed.
The credit bureau should respond within 1 month. If you haven’t heard from them, call. Make sure you get a free copy of the report with corrections. Double check the report when you get it!
5. Follow up with companies who saw the incorrect report.
Ask the credit bureau to send the updated version to creditors who saw your report during the last 6 months. If you tried to get insurance, call the company back and ask for another estimate. If the problem you fixed is important enough, you could get a better insurance score and lower insurance rates.
6. What to do when a mistake isn’t fixed:
If a credit bureau disagrees with your dispute and doesn’t make the correction, you can add a personal statement to your credit report. A personal statement is a short, written explanation of your side of the story. This statement is your chance to explain any credit problems on your report. It’s usually less than 100 words.
In some states, insurance companies are not allowed to use credit problems against you if you have a dispute and a personal statement on your credit report.
Helpful Hints
Have the credit report in front of you when you call. This will help you answer questions.
Get your records and statements together. If you know you’ve paid on time or in full, make copies of statements or canceled checks.
Make copies of everything you send to creditors or credit bureaus. Get proof from the post office through certified mail or priority mail. Keep copies of fax receipts.
DID YOU GET ALL THAT???????????
What a mouthful... Now be sure to copy and paste this infor into word for your future reference; you will need it for future homework assignments. Last class we discussed our Credit Report Restoration plan and the importance of step one and changing your thinking. Next post we will revisit this topic briefly before going into a broader look at Credit.
Class dismissed
Coupon Clipping Club
Press Release -
This Just In: On Monday October 6, 2008 the society of penny pinching college students have announced the induction of ABBY the GABBY into the Coupon Clipping Club. On behalf of us all, Welcome with a capital WE. Now that you are officially a member of the team, below we have given you the Sacred Saving Secrets Scroll for our Baltimore division. Prepare to find many free and discounted items all through our area. Be sure to share these saving tips with all of your blogging friends...
1. Baltimore Area entertainment Coupon Book -
Just a $25 purchase every year will save you hundreds of hard earned dollars. The Baltimore Entertainment Coupon Book can be purchased from a local school or community group all throughout the year. Savings for dining, shopping, travel, and entertainment can be found for most any business in the Baltimore metropolitan area.
2. www.Retail me not.com -
If you love shopping online, than www.retailmenot.com is for you. This Sacred Savings Secret has coupons and discounts for any store that allows online purchasing. Before you begin shopping on the internet, visit this site and watch the savings roll in.
3. Baltimore Free Store
Baltimore free store promotes recycling and reuse to help alleviate the traumas of poverty and to involve communities in work together to fill their own needs. For a store nearest and monthly calendar visit www.freestorebaltimore.org (who knew you could shop vintage for free!!)
4. Maryland Produce Giveaway Program -
A consistent supply of fresh foods – available from local community food providers or from direct distribution sites are located in different locations across the city. The best news... IT'S FREE ! To find a site new you email Harrison@ mdfoodbank.org, shaia@mdfoodbank.org or call 410-737-8282 ext 249
5. Free Legal Services -
The Legal Aid Bureau, Inc. is a private, non-profit, multi-funded law firm providing free legal services to low-income people statewide. Legal Aid serves Baltimore City and Maryland's 23 counties from 13 office locations. Legal Aid is an independent, 501(c)3 charitable organization that receives funding from federal, state and local governments, the United Way and other private sources.
6. Free Credit Counseling -
This post just wouldn't be a Kim Poole post if it had no information about credit! So course here is a resource for free credit counseling and restoration. www.beehive.org
7. Baltimore Free University -
The formerly known Baltimore Free University is now offering classes. Now known as the Baltimore Lyceum, classes are held at John Hopkins university campus all year long. If your a Renaissance man/women and you love to learn on a budget, this is the school for you. To register, visit the Village Learning place at 2521 ST Paul st. Baltimore MD
8. Free Fall Baltimore -
Right now Baltimore's vibrant cultural community is busy making plans to offer another full month of unique and free arts experiences for all to enjoy during October 2008. Get ready to be inspired by musical performances, theater, film, workshops, dance, lectures, and museums - a showcase of all the best of Baltimore's creative community and all for free. Visit www.freefallbaltimore.com for a calendar of events
9. Local Dry Cleaners -
Hey, did you know that every dry cleaner gives away clothing that people never come back to get...
10. IDA Accounts -
Ok, so you knew about all these sacred savings secrets already... I bet you didn't know that the government gave out free money. Thats right FREE money. There are many IDA accounts across the country that offer a monetary match for young adults looking to jump start thier finances. If this is you... Google it!
So... Now you think you night want to join the Coupon Clipping Club!!! Well let us know what sacred saving secrets you have and we might consider it! LOL
This Just In: On Monday October 6, 2008 the society of penny pinching college students have announced the induction of ABBY the GABBY into the Coupon Clipping Club. On behalf of us all, Welcome with a capital WE. Now that you are officially a member of the team, below we have given you the Sacred Saving Secrets Scroll for our Baltimore division. Prepare to find many free and discounted items all through our area. Be sure to share these saving tips with all of your blogging friends...
1. Baltimore Area entertainment Coupon Book -
Just a $25 purchase every year will save you hundreds of hard earned dollars. The Baltimore Entertainment Coupon Book can be purchased from a local school or community group all throughout the year. Savings for dining, shopping, travel, and entertainment can be found for most any business in the Baltimore metropolitan area.
2. www.Retail me not.com -
If you love shopping online, than www.retailmenot.com is for you. This Sacred Savings Secret has coupons and discounts for any store that allows online purchasing. Before you begin shopping on the internet, visit this site and watch the savings roll in.
3. Baltimore Free Store
Baltimore free store promotes recycling and reuse to help alleviate the traumas of poverty and to involve communities in work together to fill their own needs. For a store nearest and monthly calendar visit www.freestorebaltimore.org (who knew you could shop vintage for free!!)
4. Maryland Produce Giveaway Program -
A consistent supply of fresh foods – available from local community food providers or from direct distribution sites are located in different locations across the city. The best news... IT'S FREE ! To find a site new you email Harrison@ mdfoodbank.org, shaia@mdfoodbank.org or call 410-737-8282 ext 249
5. Free Legal Services -
The Legal Aid Bureau, Inc. is a private, non-profit, multi-funded law firm providing free legal services to low-income people statewide. Legal Aid serves Baltimore City and Maryland's 23 counties from 13 office locations. Legal Aid is an independent, 501(c)3 charitable organization that receives funding from federal, state and local governments, the United Way and other private sources.
6. Free Credit Counseling -
This post just wouldn't be a Kim Poole post if it had no information about credit! So course here is a resource for free credit counseling and restoration. www.beehive.org
7. Baltimore Free University -
The formerly known Baltimore Free University is now offering classes. Now known as the Baltimore Lyceum, classes are held at John Hopkins university campus all year long. If your a Renaissance man/women and you love to learn on a budget, this is the school for you. To register, visit the Village Learning place at 2521 ST Paul st. Baltimore MD
8. Free Fall Baltimore -
Right now Baltimore's vibrant cultural community is busy making plans to offer another full month of unique and free arts experiences for all to enjoy during October 2008. Get ready to be inspired by musical performances, theater, film, workshops, dance, lectures, and museums - a showcase of all the best of Baltimore's creative community and all for free. Visit www.freefallbaltimore.com for a calendar of events
9. Local Dry Cleaners -
Hey, did you know that every dry cleaner gives away clothing that people never come back to get...
10. IDA Accounts -
Ok, so you knew about all these sacred savings secrets already... I bet you didn't know that the government gave out free money. Thats right FREE money. There are many IDA accounts across the country that offer a monetary match for young adults looking to jump start thier finances. If this is you... Google it!
So... Now you think you night want to join the Coupon Clipping Club!!! Well let us know what sacred saving secrets you have and we might consider it! LOL
9/28/08
Doing the Right Thing
Okay so this week, I was hit by another car on my motorcycle, they just didn't seem me. Now I'm okay ( with a few bumps and bruises) but the motorcycle was pretty bad. So I called 911 and since the driver who hit me drove off (hit and run) I had to call my own insurance. But after my deductible and the rise in my yearly insurance, it seems that it would have been better to just take it to a someone to fix and pay out of my own pocket. So Ive got to ask everyone what would you have done? I now recommend if you ever get into an accident and either it was your fault or one one got the tag number,think about paying for it out of your own pocket before calling your insurance. It may cost more in the beginning but in the long run you may be saving money. Anyone else got any insurance stories?
9/17/08
Back to school
This past summer I was away almost every other week on conferences for school or on vacation which led me to not having enough time to hold a job, which meant this school year I did not have nearly as much money saved up as I had hoped. So this year when I came back to school I found a job on campus which I was extremely happy about, but since I am a student and very involved on campus I am only able to work around 15 hours a week. Now I am very lucky to have my parents paying for most of my tuition but I still have to pay for the utilities and food for my apartment which adds up very fast when I don't bring in a large amount of money every week.
So since I am trying to my best to still be able to save some of the money I earn each week I am trying the the whole coupon thing for the grocery store. Now my mom clips coupons but still buys things with out one if she can but I am trying to only buy items on sale or with a coupon and I shop the sale ads each week. I have found that a local grocery store seems to have the best sale items and what I don't buy there I will get at Target, Target has a lot of non-perishable foods for a good price. So last week when I went to the grocery store I had my wallet full of coupons and I wrote out a list of things that I needed and a few things that I wanted that were in the sale ad. When I finally had everything and checked out I was excited to see that I saved $17.55, So my total bill came to $23.13 I saved almost half by just shopping the sales and using coupons, and everything I bought was pretty much brand name good items I didn't just by the cheap stuff at the store.
It is possible to save money and still by good quality items if you shop around and make a list. I find when I go to the store with out a list I tend to buy stuff I didn't need and will probably go bad, so I always make a good list with things I need and I tend to put just one or two items that I really want, i.e. snacks so I don't go out in the middle of the week for a craving that I am having.
So since I am trying to my best to still be able to save some of the money I earn each week I am trying the the whole coupon thing for the grocery store. Now my mom clips coupons but still buys things with out one if she can but I am trying to only buy items on sale or with a coupon and I shop the sale ads each week. I have found that a local grocery store seems to have the best sale items and what I don't buy there I will get at Target, Target has a lot of non-perishable foods for a good price. So last week when I went to the grocery store I had my wallet full of coupons and I wrote out a list of things that I needed and a few things that I wanted that were in the sale ad. When I finally had everything and checked out I was excited to see that I saved $17.55, So my total bill came to $23.13 I saved almost half by just shopping the sales and using coupons, and everything I bought was pretty much brand name good items I didn't just by the cheap stuff at the store.
It is possible to save money and still by good quality items if you shop around and make a list. I find when I go to the store with out a list I tend to buy stuff I didn't need and will probably go bad, so I always make a good list with things I need and I tend to put just one or two items that I really want, i.e. snacks so I don't go out in the middle of the week for a craving that I am having.
9/15/08
Focus Group Part 2
Please check your emails for which institutions you are researching and what questions you must answer for Focus Group Project #2!
Meet Abby (photo-right), who has been fabulous at keeping up with all these projects and submitting everything on time--Kudos!!
Meet Abby (photo-right), who has been fabulous at keeping up with all these projects and submitting everything on time--Kudos!!
This will be an important exercise as we research the financial institutions in our area to see how well they are doing meeting your needs as an individual of Gen Y.
What are institutions doing right? What are they doing wrong? And do you even notice?
Do you spend the time to research your options when looking for a checking or savings account? What about loans? Or is it just what's most convenient regardless of fees or interest rates?
What are institutions doing right? What are they doing wrong? And do you even notice?
Do you spend the time to research your options when looking for a checking or savings account? What about loans? Or is it just what's most convenient regardless of fees or interest rates?
9/14/08
Possible Debt or School Loan?
Not only are gas prices rising but school tuition is rising also.
Lately, I have been faced with the question that many working college kids seem to ask. How should I pay for school? In our society where gas prices are changing every week, how does a college kid budget accordingly. Knowing that a new semester of college has rolled around, I started receiving endless amounts of my account balance, what option should I choose? I have to make it fast. Should I take out a loan for school and pay it back once I graduate.Or should I pay the bill off and live pay check to pay check keeping myself wide open to possible debt?If you were me, what would you do?
9/3/08
Credit 101: Journey to financial literacy Day 4
Good evening class,
Welcome to the fourth day on our journey to financial literacy. Though it has taking us longer than expected to arrive at our destination, do not be alarmed. Emanicipating yourself from the American financial value system is a life long journey. We all have tickets for this flight, but I often find myself flying this plane and building it too. So...Does anyone want to change flights? LOL! Well it's too late
Last class we discussed our Credit Report Restoration plan and the importance of step one and changing your thinking. Today well discuss what to change your mind set into.
Welcome to the fourth day on our journey to financial literacy. Though it has taking us longer than expected to arrive at our destination, do not be alarmed. Emanicipating yourself from the American financial value system is a life long journey. We all have tickets for this flight, but I often find myself flying this plane and building it too. So...Does anyone want to change flights? LOL! Well it's too late
Last class we discussed our Credit Report Restoration plan and the importance of step one and changing your thinking. Today well discuss what to change your mind set into.
Don't forget to CALL ME!!!!
Hey GABbers!
I thought I would remind you via your wonderous blog that we are having our September phone conversation tomorrow Thursday September 4th at 7PM.
Check your email for the call-in information!
I thought I would remind you via your wonderous blog that we are having our September phone conversation tomorrow Thursday September 4th at 7PM.
Check your email for the call-in information!
8/31/08
Savings
Hey everyone,
I always have kept a good amount of my money in the basic saving and checking accounts. But a large portion of my money I like to put else where to see if I can get a high return rate. For a few years I would take one of my paychecks and put it into different stocks. I made alot of money on a few different stocks, but I also lost alot of money in other ones. In the end I pretty much just broke even. All now of days noones stocks are doing good so I think I may stay away from them. I also decide to put some of my money into CDs, basically bank accounts with high interest but your not allowed to touch the money for a certain amount of time. Which worked out really well, the only problem is deciding how long to buy a CD for. One year doesn't seem like alot but when you want to buy something big, you miss having that money around. Lately I tried bonds, I bought I bonds which change with the US economy and EE bonds which double in value over several years. In the end EE bonds took to long to mature and I bonds where to unpredictable. So right now I have all my money in a savings account. What do you guys think is the best decision for me to get the most bang for my buck. But after college ( about two and a half years from now) I plan to buy my first house, so the money should be available then. Any ideas.
I always have kept a good amount of my money in the basic saving and checking accounts. But a large portion of my money I like to put else where to see if I can get a high return rate. For a few years I would take one of my paychecks and put it into different stocks. I made alot of money on a few different stocks, but I also lost alot of money in other ones. In the end I pretty much just broke even. All now of days noones stocks are doing good so I think I may stay away from them. I also decide to put some of my money into CDs, basically bank accounts with high interest but your not allowed to touch the money for a certain amount of time. Which worked out really well, the only problem is deciding how long to buy a CD for. One year doesn't seem like alot but when you want to buy something big, you miss having that money around. Lately I tried bonds, I bought I bonds which change with the US economy and EE bonds which double in value over several years. In the end EE bonds took to long to mature and I bonds where to unpredictable. So right now I have all my money in a savings account. What do you guys think is the best decision for me to get the most bang for my buck. But after college ( about two and a half years from now) I plan to buy my first house, so the money should be available then. Any ideas.
8/26/08
Shop on your own personal budget!
Hey GABbers,
How is everybody doing?
When I was younger, my mom had a monthly spending allowance for me in her budget. I really used to love when she gave me that certain amount of money per month to spend on what I needed. It taught me about budgeting my money. Whether I was spending it on clothing or personal items, or just saving it. The good thing about learning how to spend only as much as she gave me was that it taught me how to be cheap! Ha! Ha! No, I'm just joking; it was more than a little money. But really it made me be wise on how I purchased items, staying within my reach.
I seemed to get more because I would look for good deals. Though I did try to save, sometimes I ended up spending more with the money on my hands. Having an allowance at such a young age gave me a sense of control and responsibility. Here and there though I liked to go to the dollar store and spend it on silly things that might have fascinated me or candy. But, all in all, it forced me to make better judgements on spending.
So, maybe if we all incorporated a good spending budget and stuck with it we'd see results that show some control. When you have control over your spending habits you will not go over your credit card limits or wonder why your statement was so high. I think when you have a good amount of money coming in per month, setting limits for yourself will help you to be a smart shopper and keep within your price range. You will be able to tell yourself, "No," even if it's something you would really like to have. Let's get in the habit of listening to that voice within. It will tell you when you're making a not-so-wise choice. Becoming more realistic with ourselves, knowing what money is available and what's not, we become more practical spenders.
I know it may take some time for me to accomplish better spending habits. We should be patient with ourselves in developing good budgets.
That's all for now, GABbers. Shop tell you drop! Just kidding. Ha! Ha!
How is everybody doing?
When I was younger, my mom had a monthly spending allowance for me in her budget. I really used to love when she gave me that certain amount of money per month to spend on what I needed. It taught me about budgeting my money. Whether I was spending it on clothing or personal items, or just saving it. The good thing about learning how to spend only as much as she gave me was that it taught me how to be cheap! Ha! Ha! No, I'm just joking; it was more than a little money. But really it made me be wise on how I purchased items, staying within my reach.
I seemed to get more because I would look for good deals. Though I did try to save, sometimes I ended up spending more with the money on my hands. Having an allowance at such a young age gave me a sense of control and responsibility. Here and there though I liked to go to the dollar store and spend it on silly things that might have fascinated me or candy. But, all in all, it forced me to make better judgements on spending.
So, maybe if we all incorporated a good spending budget and stuck with it we'd see results that show some control. When you have control over your spending habits you will not go over your credit card limits or wonder why your statement was so high. I think when you have a good amount of money coming in per month, setting limits for yourself will help you to be a smart shopper and keep within your price range. You will be able to tell yourself, "No," even if it's something you would really like to have. Let's get in the habit of listening to that voice within. It will tell you when you're making a not-so-wise choice. Becoming more realistic with ourselves, knowing what money is available and what's not, we become more practical spenders.
I know it may take some time for me to accomplish better spending habits. We should be patient with ourselves in developing good budgets.
That's all for now, GABbers. Shop tell you drop! Just kidding. Ha! Ha!
8/24/08
Opposites Do Attract
Opposites Do Attract
Hey everyone sorry I’ve been slacking on my comments lately, with 4 summer classes and a new job as an MSR I’ve been so busy I forgot all about posting to the website. But while being so busy I found a little time for hang out with friends. Yet I began to notice something with two of my friends whom just some happen to be dating. The difference in how each of them spend there money. Now both of them have part time jobs with about the same pay and same amount of hours weekly. Even though you would think there savings account would be about equal they are totally different. The women of the relationship never would buy anything for herself only for her boyfriend. And just things that he wants, but things that she thinks he may want, no matter what the price. She has no problem spending her money for entertainment like going to six flags or to the movie. Yet now she can’t due to her spending habits, her bank statement had 2 cents in her checking and 20 dollars in her savings. Now you would think the man would be exactly the same way, but it’s totally opposite. He too did not want to spend his money, not because of lack of funds just lack of wanting to spend his own money. Also he had every little knowledge of how to spend his money wisely. He had applied for over 15 credit cards and had been turned down for every single one. Also he feel paying at a discount was stupid, and would wait for a sale to be over with before he bought the product. So in the relationship we had one person who knew a lot about the concept of money, but could not hold back when she thought someone she loved wanted something. And other who had no concept of how to budget his money, but didn’t want anything unless someone else paid.
Does anyone know someone like either one of these people, or have any ideas how to get their savings account some what equal?
Hey everyone sorry I’ve been slacking on my comments lately, with 4 summer classes and a new job as an MSR I’ve been so busy I forgot all about posting to the website. But while being so busy I found a little time for hang out with friends. Yet I began to notice something with two of my friends whom just some happen to be dating. The difference in how each of them spend there money. Now both of them have part time jobs with about the same pay and same amount of hours weekly. Even though you would think there savings account would be about equal they are totally different. The women of the relationship never would buy anything for herself only for her boyfriend. And just things that he wants, but things that she thinks he may want, no matter what the price. She has no problem spending her money for entertainment like going to six flags or to the movie. Yet now she can’t due to her spending habits, her bank statement had 2 cents in her checking and 20 dollars in her savings. Now you would think the man would be exactly the same way, but it’s totally opposite. He too did not want to spend his money, not because of lack of funds just lack of wanting to spend his own money. Also he had every little knowledge of how to spend his money wisely. He had applied for over 15 credit cards and had been turned down for every single one. Also he feel paying at a discount was stupid, and would wait for a sale to be over with before he bought the product. So in the relationship we had one person who knew a lot about the concept of money, but could not hold back when she thought someone she loved wanted something. And other who had no concept of how to budget his money, but didn’t want anything unless someone else paid.
Does anyone know someone like either one of these people, or have any ideas how to get their savings account some what equal?
8/20/08
Hi Everyone!
Well I just recently finished my research on loan traps and quite frankly it can be a little scary for us young people out there. There are some companies that think that all college students really don't pay attention and in turn they try to take advantage of us. So because of this we have to educate as many people as we can so the big companies can not get away with trapping students in debt that is not necessary.
One of the biggest ways that college students get trapped is by taking out too much money. Lenders will offer a bigger amount than is usually needed knowing that the younger generation loves to spend and not save. So in turn the lenders believe that by giving them extra money they won't be able to make all the payments on time and allows the lender to charge late fees.
Not all companies do this and there are a lot of trusted banks and lenders that are responsible and do not try to take advantage of students but there are still a lot out there that do. Being of the younger generation we really need to take a stand against those lenders that do and teach students from a young age how to be responsible and know what types of student loans are the best.
8/18/08
Buying a New set of Wheels!
Hey everyone,
So I have been planning on buying a new set (at least for me) of wheels for a couple years now. My ol' Toyota Corolla just keeps on chuggin' along- so I have been pushing out the threat of a car payment for a lot longer than I anticipated!
There are a few things that I know I want, and then a few things that I am not so sure about, so maybe you all can help me!
So I have been planning on buying a new set (at least for me) of wheels for a couple years now. My ol' Toyota Corolla just keeps on chuggin' along- so I have been pushing out the threat of a car payment for a lot longer than I anticipated!
There are a few things that I know I want, and then a few things that I am not so sure about, so maybe you all can help me!
I know I want:
- A used car between 2005 and 2008 (I will consider lower if its a jag :))
- Good gas mileage (but of course)
- sun roof (I appreciate the sunburnt scalp)
- leather seats (dog hair will not stick!)
- trunk space
- automatic transmission (I like manual, but I tend to roll backwards too often)
- 4 doors (trapping my back seat passengers is not my thing)
- Colors: Black or dark red
- Toyota, Honda, Mazda, or Nissan
I am not sure about:
- V6 Engine-does this mess with your gas mileage abilities?? I don't really know what this means anyway
- Buying from a dealer or private seller
- If I want to spend $10000 o r$15000
- If I am currently getting ripped off on my car insurance
- If I want black lights under my car (OK, just kidding)
What do you all think?
Has anyone bought a car recently? How did you decide what to choose? Did you take out a loan? What kind of marketing as it relates to cars and loans draws you in?
7/30/08
Just keep your change!
Hi GABbers,
I hope everybody's doing well. Is it just me or are the blogs getting more interesting?
Well, I want to write this blog about saving change. Any change I get after making a purchase during the day I put in a jar. You know, if you save your change it really adds up over time! In just two months I have saved almost $20.00. To me, that's a lot.
I am going to keep adding to my change and see how much I can save in one year. I am just curius. I did the math and figured that if I save only $15.00 every two months it would add up to $90.00 in a year. Let's be honest; that's not much. But at least the money wasn't spent on little things like gum or candy or something I really don't need. I could even give it away to a good cause.
What do you all think? Imagine if we all saved our change for a year and put our money together to give to a good cause. We'd have a lot. But what am I thinking? We'll probably be spending it on school!
Anyway, looking forward to reading everyone's new post. By the way, does anyone know when we are having anothor teleconference?
I hope everybody's doing well. Is it just me or are the blogs getting more interesting?
Well, I want to write this blog about saving change. Any change I get after making a purchase during the day I put in a jar. You know, if you save your change it really adds up over time! In just two months I have saved almost $20.00. To me, that's a lot.
I am going to keep adding to my change and see how much I can save in one year. I am just curius. I did the math and figured that if I save only $15.00 every two months it would add up to $90.00 in a year. Let's be honest; that's not much. But at least the money wasn't spent on little things like gum or candy or something I really don't need. I could even give it away to a good cause.
What do you all think? Imagine if we all saved our change for a year and put our money together to give to a good cause. We'd have a lot. But what am I thinking? We'll probably be spending it on school!
Anyway, looking forward to reading everyone's new post. By the way, does anyone know when we are having anothor teleconference?
Learning To Live According To My Means
Hello my fellow Gabbers,
Lately I have been under alot of stress. I was forced to move out of my mother's house and live with my father due to the fact that me and my mom were not getting along. At the age of 19, day to day I have been learning the true value of a dollar and how to mange it wisely. I have applied the techniques that everyone has mentioned in their blogs. I have opened up a saving account to earn interest on my money and I have applied for a credit card so that I may start establishing credit. I had to start somewhere, by reading every one's post I thought that the best time to start managing my finances was now. I no longer have my mother in my ear telling me what to do step by step.
Growing up in a household where learning how to write a check was a tell me/ guide me sort of thing. I was never taught the simple financial aspects of life. If I had received birthday money from family or friends, my mother would put it in an account and I would never see it again. Now, I am in charge of everything. Taxes, savings, bills, school etc.
Hopefully by reading and interacting with my fellow Gabbers, I can learn more techniques and teach other youth in my same situation the smart ways to manage their money.
Lately I have been under alot of stress. I was forced to move out of my mother's house and live with my father due to the fact that me and my mom were not getting along. At the age of 19, day to day I have been learning the true value of a dollar and how to mange it wisely. I have applied the techniques that everyone has mentioned in their blogs. I have opened up a saving account to earn interest on my money and I have applied for a credit card so that I may start establishing credit. I had to start somewhere, by reading every one's post I thought that the best time to start managing my finances was now. I no longer have my mother in my ear telling me what to do step by step.
Growing up in a household where learning how to write a check was a tell me/ guide me sort of thing. I was never taught the simple financial aspects of life. If I had received birthday money from family or friends, my mother would put it in an account and I would never see it again. Now, I am in charge of everything. Taxes, savings, bills, school etc.
Hopefully by reading and interacting with my fellow Gabbers, I can learn more techniques and teach other youth in my same situation the smart ways to manage their money.
7/23/08
Outreach
So this past week when I finished my brochure I handed them out to some friends my age and relatives that I have that are in middle and high school. My cousins actually asked me for more information on saving and budgeting. I am surprised at all the people out there who have no money saved up and have no idea on how to save. I told her what I am doing with the SECU and she was really surprised there were these types of programs out there. So I gave her information on my loan brochure and also on how to save and what the best ways are. I showed her the SECU website and told her the new young adult website that was coming out soon and she can't wait to use it. My friend and I the other day were sitting outside talking and she was stressing about college and how she was going to pay her tuition this year. She has a subsidized loan through the government but she really did not know anything about it because her mom was mostly taking care of that. She had no idea she didn't have to pay interest back until 6 months after graduation. Needless to say I taught her somethings that day. Its such a great feeling knowing that we as gabbers are learning new information to empower friends and family members.
7/17/08
Credit 101: Journey to financial literacy Day 3
Hey guys,
I'M BACK! letting you in on the most important chapter in the book of my life as a reformed humanistic capitalist. What will they say.. the ones that know me, when my life is over? I'll tell you what they won't say, they won't say, "that girl left us nothing but a bill" What about the ones that don't know me! Well after I finish my (Credit Report Restoration Plan) they'll say "Hey, I didn't know her but her credit was great" Lol... Class is back in session and I hope everyone did their homework from our last post. If you did do your homework than you found a copy of your personal credit report as well. Well... What did you find? If your credit report looks anything like my own, than you need a CRP(Credit Report Restoration Plan). If you haven't realized it yet, let me be the first to tell you that I have no idea what my Credit Report Restoration Plan will consist of; at least not completely.... Together we will figure this thing out! Tell me what you think of step one: Change your thinking
Step One-Change you thinking:
Its the American way to buy all you can, card charge what you can't and lay-a-way what's left behind. Living "beyond your means" is a value seen in every aspect of American life. The media, civil societies, and even our government perpetuates irresponsible spending habits. For example, if I was already a trillion dollars in debt, I probably wouldn't borrow money from my friend in China to "stimulate my economy." If America had a FICO score what do you think it would be... Get the picture? However, poor spending habits don't materialize over night, they begin with being out-of-touch with your financial reality. For me, growing up in a household that taught me to spend only what I had in my pocket gave me the impression that credit was like forbidden fruit. And what did Eve do... Who knows the end of that story? Saving every dime, keeping your money under the mattress, and not establishing credit at all is what I consider the rightist approach to finance. Spending everything you have and charging everything you don't is what we refer to as the leftist approach to finance. Stability is achieved through balance. The first step to undergoing credit report restoration is changing the way you think about your finances. Before you change how you think, you must ask yourself " how do I think about finance?" What values have shaped your financial culture? Was it your mother, teacher, or friend that influenced you to act for or against the ideology that drives your financial thought process. WOW.. I think we just had a break though; an epiphany. Before we change the way we think about how to manage our financial lifestyles, we must first realize what it is we already think.. and why!
Well that's step one! Do a little soul searching and find out what values drive your thought process about the financial lifestyle you lead. Next post we'll discuss what to change your mind set into. Till then, tell me about it.. What did your family or experiences growing up teach you about credit(ie money, finances, nothing)
Class dismissed!!
I'M BACK! letting you in on the most important chapter in the book of my life as a reformed humanistic capitalist. What will they say.. the ones that know me, when my life is over? I'll tell you what they won't say, they won't say, "that girl left us nothing but a bill" What about the ones that don't know me! Well after I finish my (Credit Report Restoration Plan) they'll say "Hey, I didn't know her but her credit was great" Lol... Class is back in session and I hope everyone did their homework from our last post. If you did do your homework than you found a copy of your personal credit report as well. Well... What did you find? If your credit report looks anything like my own, than you need a CRP(Credit Report Restoration Plan). If you haven't realized it yet, let me be the first to tell you that I have no idea what my Credit Report Restoration Plan will consist of; at least not completely.... Together we will figure this thing out! Tell me what you think of step one: Change your thinking
Step One-Change you thinking:
Its the American way to buy all you can, card charge what you can't and lay-a-way what's left behind. Living "beyond your means" is a value seen in every aspect of American life. The media, civil societies, and even our government perpetuates irresponsible spending habits. For example, if I was already a trillion dollars in debt, I probably wouldn't borrow money from my friend in China to "stimulate my economy." If America had a FICO score what do you think it would be... Get the picture? However, poor spending habits don't materialize over night, they begin with being out-of-touch with your financial reality. For me, growing up in a household that taught me to spend only what I had in my pocket gave me the impression that credit was like forbidden fruit. And what did Eve do... Who knows the end of that story? Saving every dime, keeping your money under the mattress, and not establishing credit at all is what I consider the rightist approach to finance. Spending everything you have and charging everything you don't is what we refer to as the leftist approach to finance. Stability is achieved through balance. The first step to undergoing credit report restoration is changing the way you think about your finances. Before you change how you think, you must ask yourself " how do I think about finance?" What values have shaped your financial culture? Was it your mother, teacher, or friend that influenced you to act for or against the ideology that drives your financial thought process. WOW.. I think we just had a break though; an epiphany. Before we change the way we think about how to manage our financial lifestyles, we must first realize what it is we already think.. and why!
Well that's step one! Do a little soul searching and find out what values drive your thought process about the financial lifestyle you lead. Next post we'll discuss what to change your mind set into. Till then, tell me about it.. What did your family or experiences growing up teach you about credit(ie money, finances, nothing)
Class dismissed!!
7/5/08
The Bureau
So how’s everybody doing lately, I’ve been doing good I actually just came back from Texas. But the reason I’m telling you this is because in Fort Worth, Texas is the Bureau of Engraving and Printing (BEP); and for those of you who don’t know, the BEP is the sole producer of all US paper currency since 1877. The BEP also produces several other security documents such as U.S. passports, materials for Homeland Security, military identification cards and Immigration and Naturalization Certificates, but is still well know for printing currency. There is only two BEPs one in Fort Worth, Texas and another in Washington, D.C. Although most believe the dollar bill comes fro the US Mint, only coins are created at the US Mint. Though new printing , production and examing technologies have brought the BEP into the 21st century, to help stop counterfeiters, the Bureau’s engravers continue to use the same traditional tools used over 125 years ago – the graver, the burnisher, and the hand-held glass. And they gave us a sneak peak that there will be new hundred dollar bill coming out, but the official date is unknown but either this year or 2009. If anyone gets the chance I would highly recommend taking the free tour, not only will you see large, blank sheets of paper turn into wallet-ready bills but you will see millions of dollars in less then an hour.
7/2/08
Small Steps to Savings!
I am furnishing my new apartment and it's coming together. The better it looks, the less stressed I feel. Know what I mean?
I've been trying my best to get good deals so I went to Walmart for some things. First, I made a list to shop from, which was smart. I thought I did pretty well with my purchases, staying under $300.
I've been reading about a way to save on home phone bills, too. Families with low incomes can apply for a service that offers a $12 discount. Small savings like that can add up when money is kind of tight.
I still need some furniture for the living room. I am going to watch what I spend so I can stretch out my money. I am feeling blessed and greatful for this new place.
Hope everybody's doing good. I'm looking forward to reading more of your posts.
I've been trying my best to get good deals so I went to Walmart for some things. First, I made a list to shop from, which was smart. I thought I did pretty well with my purchases, staying under $300.
I've been reading about a way to save on home phone bills, too. Families with low incomes can apply for a service that offers a $12 discount. Small savings like that can add up when money is kind of tight.
I still need some furniture for the living room. I am going to watch what I spend so I can stretch out my money. I am feeling blessed and greatful for this new place.
Hope everybody's doing good. I'm looking forward to reading more of your posts.
6/28/08
Credit 101: Journey to Financial Literacy Day 2
Hey GaBbers & friends,
My summer break has ended and finally, Credit 101 is back in session. Yesterday, while preparing my data and research for this course; credit 101, my mind seemed to revisit the many expenses I have accumulated over my past four years of credit history. From the Gap and Express department store cards of my 18yrs birthday; $200 credit limits I thought I would"never have to repay." To the library books I checked out, never returned, never read, but cost me about $500 and a falling credit score...At 20yrs old, I lucidly remember the Capital One card that I never applied for that made its way into my mailbox without permission. Then, of course, I had a season finale episode entitled "shoulda, woulda, coulda's: what I wish I'd known about credit before exploited by ignorance. Abruptly interrupting the pity party, my friend called and asked if I had registered for summer session two at my fair Morgan State.
Suddenly, I realized just how pricey my undergraduate education has become. And, after all the money I have invested into my matriculation at Morgan, one would assume that I would have experienced at least one course in financial literacy before graduation. Is financial literacy only for business majors? Graduation requirements at institutions of higher learning would suggest so, but I beg to differ. In a capitalistic society, an individuals credit is one of their single most important strains of financial DNA and credit reports are likened to the physical structures that DNA forms. For example, lenders and employers never meet the people that apply for loans and even employment in some cases, and yet they can picture the person they've denied based on the vivid Credit report description.(I don't believe that you can see the charcter or moral of a person through a score of any type but it happens everyday) However, there are no orientation, or real life exit exams etc to teach what should be common knowledge to an educated person. After all the general education a bachelors of science degree supposedly provides, not once have I ever had a class on reading credit report templates. So... blindly I sit, wanting my tuition money back, as I look down at my Equifax credit report summary from www.annualcreditreport.com. This central site allows you to request a free credit file disclosure; credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and Trans union. Now I could repeat all the preliminary information that my Tag-team partner Gwen has already mentioned, but instead I'll just provide the link for my personal credit so we can all share the same looking glass. Meanwhile, lets look at a few vocabulary words for homework, we will discuss each sub-topic with a twist!!!
FICO: Fair Isaac Corporation ( Who knows what the O stands for)
Credit Summary
Accounts
Inquiries
Negative Information
Personal Information
Dispute File Information
Summary of Your Rights Under the FCRA
Remedying the Effects of Identity Theft
Your Rights Under State Law
Credit Score
P.S. If you decide to access your own credit report Do Not Use www.Freecreditreport.com!!! It is a scam for surveys etc.. Also, the www.annualcreditreport.com will only allow you to review your equifax report without credit card information. If you decide to review Trans Union or Experian reports be ready.
My summer break has ended and finally, Credit 101 is back in session. Yesterday, while preparing my data and research for this course; credit 101, my mind seemed to revisit the many expenses I have accumulated over my past four years of credit history. From the Gap and Express department store cards of my 18yrs birthday; $200 credit limits I thought I would"never have to repay." To the library books I checked out, never returned, never read, but cost me about $500 and a falling credit score...At 20yrs old, I lucidly remember the Capital One card that I never applied for that made its way into my mailbox without permission. Then, of course, I had a season finale episode entitled "shoulda, woulda, coulda's: what I wish I'd known about credit before exploited by ignorance. Abruptly interrupting the pity party, my friend called and asked if I had registered for summer session two at my fair Morgan State.
Suddenly, I realized just how pricey my undergraduate education has become. And, after all the money I have invested into my matriculation at Morgan, one would assume that I would have experienced at least one course in financial literacy before graduation. Is financial literacy only for business majors? Graduation requirements at institutions of higher learning would suggest so, but I beg to differ. In a capitalistic society, an individuals credit is one of their single most important strains of financial DNA and credit reports are likened to the physical structures that DNA forms. For example, lenders and employers never meet the people that apply for loans and even employment in some cases, and yet they can picture the person they've denied based on the vivid Credit report description.(I don't believe that you can see the charcter or moral of a person through a score of any type but it happens everyday) However, there are no orientation, or real life exit exams etc to teach what should be common knowledge to an educated person. After all the general education a bachelors of science degree supposedly provides, not once have I ever had a class on reading credit report templates. So... blindly I sit, wanting my tuition money back, as I look down at my Equifax credit report summary from www.annualcreditreport.com. This central site allows you to request a free credit file disclosure; credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and Trans union. Now I could repeat all the preliminary information that my Tag-team partner Gwen has already mentioned, but instead I'll just provide the link for my personal credit so we can all share the same looking glass. Meanwhile, lets look at a few vocabulary words for homework, we will discuss each sub-topic with a twist!!!
FICO: Fair Isaac Corporation ( Who knows what the O stands for)
Credit Summary
Accounts
Inquiries
Negative Information
Personal Information
Dispute File Information
Summary of Your Rights Under the FCRA
Remedying the Effects of Identity Theft
Your Rights Under State Law
Credit Score
P.S. If you decide to access your own credit report Do Not Use www.Freecreditreport.com!!! It is a scam for surveys etc.. Also, the www.annualcreditreport.com will only allow you to review your equifax report without credit card information. If you decide to review Trans Union or Experian reports be ready.
6/25/08
Outreach on loans
So lately I have been thinking of the best way to get my information on loans out to young people. I have looked at all the options and I have decided the best way to get my information out there is by doing a brochure. On each panel I will explain a different type of loan and the pro's and con's of each. I figure after I make the brochures I will hand them out in the downtown Frederick area. It is a very popular place for young people to hang out.
Also I just finished a book by Suze Orman called Women and Money and it was very good. I would encourage everyone interested in learning about different aspects of the financial world to read one of her many books. Her books are very easy to understand and also very interesting. She also has a show that airs on CNBC, which is very informative. Her books can probably help everyone out with their research topics because she covers everything from loans to budgeting.
6/21/08
Credit Card Power
Are young people doomed to credit card debt? Are we naive in failing to resist credit card vendors? I think being more educated about the threat of credit cards is the solution.
The power of credit cards is in our hands and it is a screaming temptation. We spend more when we have a credit card than cash (and that's a fact). All you have to do is swipe your card and sign to purchase. Voila, you have a loan! It's "all good" when you're using it, but when the bill comes you think, "How did I spend that much in so little time?" Right?
Can we really afford our credit cards? Well, I am in that circle, and trust me, being a young adult with that much freedom costs! So I am trying my new slogan called, "If you ain't got it at the end, don't dare spend." What that means is, if my bill comes and it surpises me with a big total, I will slow down and take another approach.
I think young adults don't have to be doomed by credit card debt. There are solutions, such as sticking to a budget or having a low credit limit on your card.
If you find you still can't handle a credit card, then go back to using a debit card. (A debit card withdraws money directly from your checking account, like a check.)
Remember, though the threat and power of credit cards are there, they don't have to get the best of you!
If anyone feels strongly about this like I do or has any advice or experience to share, please post your views.
The power of credit cards is in our hands and it is a screaming temptation. We spend more when we have a credit card than cash (and that's a fact). All you have to do is swipe your card and sign to purchase. Voila, you have a loan! It's "all good" when you're using it, but when the bill comes you think, "How did I spend that much in so little time?" Right?
Can we really afford our credit cards? Well, I am in that circle, and trust me, being a young adult with that much freedom costs! So I am trying my new slogan called, "If you ain't got it at the end, don't dare spend." What that means is, if my bill comes and it surpises me with a big total, I will slow down and take another approach.
I think young adults don't have to be doomed by credit card debt. There are solutions, such as sticking to a budget or having a low credit limit on your card.
If you find you still can't handle a credit card, then go back to using a debit card. (A debit card withdraws money directly from your checking account, like a check.)
Remember, though the threat and power of credit cards are there, they don't have to get the best of you!
If anyone feels strongly about this like I do or has any advice or experience to share, please post your views.
6/17/08
Credit Reports
I have little credit history so I used my mother’s credit report as an example for me to learn from and share information.
The first thing I noticed was her FICO score. She told me she purchased it and it was not really part of her credit report. It is a good idea to get it so you can see where you stand. The score ranges from 300 to 850 credit points. When you have a high score you can select from a wide range of credit cards and loans. For the most part, it would be hard to get denied when you have an excellent score. With a good score you also will receive better interest rates. When you have a low score there are some negative marks on your credit report.
There are three different credit bureaus: Equifax, Experian, and Trans Union. Each of these companies allow us to receive one free annual credit report. You are entitled to your free report under federal law. When you order your report expect to provide your name, address, social, and birth date. You can order over the Internet, by phone or even mail. The bureau should give true and accurate information on your credit report.
It will show past and present information from your providers, such as bill-paying history, accounts used, employment history, and loans. You may see both positive aspects to your report and what you need a little help on, to improve your credit score.
If you come upon something inaccurate in your credit report then you need to contact the bureau to correct it or delete it. You can send the bureau a dispute letter. Some negative information can stay on your credit report for as long as seven years. Employers would be able to see and possibly hold that information against you. It’s very important for you to keep your credit report accurate. Because there may be a small or even a large mistake, get a free credit report from each of the bureaus during the year.
Most likely if you have a good credit report then you are able to receive low interest loans. It’s better to apply for a low interest loan because then you are able to pay back the loan faster.
Having bad credit makes it harder for you to apply for various things. Car dealers, employers, and credit card dealers may want to see a copy of your credit report before they take the next step with you, trusting you and maybe investing in you. If they find that your credit report shows late payments in the past, or even no payments, they may not work with you and tell you to resolve the problem. Credit history keeps dates on credit card bills. It includes things like “Are you paying on time? Do you have any outstanding balances?”
You will also notice a credit summary on the report. Included is a graph with percents as the factor of your range of accounts. The report details which accounts are newest and oldest. It may show some negative accounts or it may not. Also, any public records or collections will show under your summary of credit.
Installment accounts show what you have agreed to pay. For example, a car loan will show the total amount of purchase, how long you have to pay it back, and the monthly payments including the year. If you are currently paying back a loan, you have an Open Account. Closed accounts are also very similar but are no longer active.
The bureau puts information in the same form, Open and Closed Accounts, for loans in revolving accounts. You may have open accounts such as Discover Card and Master Card. The graph makes it easier for you to understand the information. It also shows scheduled monthly payments.
Making detailed notes on how to improve your credit will better serve you in the long run. It is likely that you may have one mistake on your credit report so it’s worth checking out.
Inquires on your credit report may or may not impact your credit rating. Some things don’t have an impact on your credit rating and are only seen by you.
Negative accounts may show up on your credit report for as long as seven years for late payments or missed payments. As for collection accounts, it may turn ugly and the accounts may be turned over to a collection agency to collect the amount owed. That’s not all that may be on the bad side of a credit report. There are the public records where any employer or automotive dealer or bank can see. It lists information on bankruptcies, and a category of In Debt. Many people fall under that category but there are solutions and ways to get back on track to a better credit rating.
Avoid getting yourself into a trap of any negative status. Make sure you can make all of your payments on time and make sure you can afford your monthly payments.
You may also expect to see on your credit report much of your personal information. Creditors can fully identify you. They will view your full name, address and where you are currently employed. Lastly, the credit report insures us of our rights to a copy of our credit report and shows some rules. As for identity theft, if you are a victim of someone using your identity then you may file for “fraud alert” so that creditors will see you may be a potential victim.
Taking the time to read and learn more about credit reports has helped me to be better informed. Credit reports should not be taken lightly but should help us stay organized.
Stay out of debt!
The first thing I noticed was her FICO score. She told me she purchased it and it was not really part of her credit report. It is a good idea to get it so you can see where you stand. The score ranges from 300 to 850 credit points. When you have a high score you can select from a wide range of credit cards and loans. For the most part, it would be hard to get denied when you have an excellent score. With a good score you also will receive better interest rates. When you have a low score there are some negative marks on your credit report.
There are three different credit bureaus: Equifax, Experian, and Trans Union. Each of these companies allow us to receive one free annual credit report. You are entitled to your free report under federal law. When you order your report expect to provide your name, address, social, and birth date. You can order over the Internet, by phone or even mail. The bureau should give true and accurate information on your credit report.
It will show past and present information from your providers, such as bill-paying history, accounts used, employment history, and loans. You may see both positive aspects to your report and what you need a little help on, to improve your credit score.
If you come upon something inaccurate in your credit report then you need to contact the bureau to correct it or delete it. You can send the bureau a dispute letter. Some negative information can stay on your credit report for as long as seven years. Employers would be able to see and possibly hold that information against you. It’s very important for you to keep your credit report accurate. Because there may be a small or even a large mistake, get a free credit report from each of the bureaus during the year.
Most likely if you have a good credit report then you are able to receive low interest loans. It’s better to apply for a low interest loan because then you are able to pay back the loan faster.
Having bad credit makes it harder for you to apply for various things. Car dealers, employers, and credit card dealers may want to see a copy of your credit report before they take the next step with you, trusting you and maybe investing in you. If they find that your credit report shows late payments in the past, or even no payments, they may not work with you and tell you to resolve the problem. Credit history keeps dates on credit card bills. It includes things like “Are you paying on time? Do you have any outstanding balances?”
You will also notice a credit summary on the report. Included is a graph with percents as the factor of your range of accounts. The report details which accounts are newest and oldest. It may show some negative accounts or it may not. Also, any public records or collections will show under your summary of credit.
Installment accounts show what you have agreed to pay. For example, a car loan will show the total amount of purchase, how long you have to pay it back, and the monthly payments including the year. If you are currently paying back a loan, you have an Open Account. Closed accounts are also very similar but are no longer active.
The bureau puts information in the same form, Open and Closed Accounts, for loans in revolving accounts. You may have open accounts such as Discover Card and Master Card. The graph makes it easier for you to understand the information. It also shows scheduled monthly payments.
Making detailed notes on how to improve your credit will better serve you in the long run. It is likely that you may have one mistake on your credit report so it’s worth checking out.
Inquires on your credit report may or may not impact your credit rating. Some things don’t have an impact on your credit rating and are only seen by you.
Negative accounts may show up on your credit report for as long as seven years for late payments or missed payments. As for collection accounts, it may turn ugly and the accounts may be turned over to a collection agency to collect the amount owed. That’s not all that may be on the bad side of a credit report. There are the public records where any employer or automotive dealer or bank can see. It lists information on bankruptcies, and a category of In Debt. Many people fall under that category but there are solutions and ways to get back on track to a better credit rating.
Avoid getting yourself into a trap of any negative status. Make sure you can make all of your payments on time and make sure you can afford your monthly payments.
You may also expect to see on your credit report much of your personal information. Creditors can fully identify you. They will view your full name, address and where you are currently employed. Lastly, the credit report insures us of our rights to a copy of our credit report and shows some rules. As for identity theft, if you are a victim of someone using your identity then you may file for “fraud alert” so that creditors will see you may be a potential victim.
Taking the time to read and learn more about credit reports has helped me to be better informed. Credit reports should not be taken lightly but should help us stay organized.
Stay out of debt!
Budgeting
How many people make spending plans for their money?
And actually stick to their budget?
Well for me, working three jobs and attending school can be a handful at times but somehow I manage. I love the the fact that I don't have to ask my parents for anything. so budgeting my paychecks responsibly is essential to my everyday life.
For this assignment, I tracked my own spending. I took a blank sheet of paper, a calculator and a calendar to remind me when payments are due. It turned out great! It was easy, I wrote down my incomes from all three jobs, and then I scribbled out my monthly expenses honestly. When I did that I actually realized how much frivolous spending I was actually doing.
My monthly expenses were: my phone bill, car insurance, gas, food, cosmetics, personal hygiene, fun expenses like going out with friends, shopping, personal payment plans, and savings. All of these in total came to about 1,220 dollars a month.
I also pay for school out of pocket every semester, so I calculated the amount that I need to save in order to attend Coppin State University which is 3,337 including books and supplies. This is my goal I strive to save for every six months.
I quickly noticed somethings that I could cut back on like shopping, I have way too many clothes, I need to wear them instead of buying more. Spending money on fast food instead of dinning out, I should cook more. Activities like going out, I can cut back and do more personal activities in the house. As for cosmetics, I can style my own hair instead of going to the hairdressers every two weeks. Rather than spending money on shopping, food, fun activities and cosmetics I can save it and deposit it into a savings account for school.
Through this assignment, the difficult part was analysing myself and my own spending. No matter whether it was outrageous. I forced myself to write down the real amount for certain categories. So once I forced myself Irealized somethings that I was doing wrong and I need to fix it. That is how I came to make my budget, which will improve the areas that my pockets fall short on.
The most important thing to have in your budget is your savings....no matter if its 25 dollars or 50 dollars a week, put it aside to save for the future. You never know what might happen today or tomorrow so save. The money that you set aside and save can prevent you from hitting rock bottom. It actually works!
And actually stick to their budget?
Well for me, working three jobs and attending school can be a handful at times but somehow I manage. I love the the fact that I don't have to ask my parents for anything. so budgeting my paychecks responsibly is essential to my everyday life.
For this assignment, I tracked my own spending. I took a blank sheet of paper, a calculator and a calendar to remind me when payments are due. It turned out great! It was easy, I wrote down my incomes from all three jobs, and then I scribbled out my monthly expenses honestly. When I did that I actually realized how much frivolous spending I was actually doing.
My monthly expenses were: my phone bill, car insurance, gas, food, cosmetics, personal hygiene, fun expenses like going out with friends, shopping, personal payment plans, and savings. All of these in total came to about 1,220 dollars a month.
I also pay for school out of pocket every semester, so I calculated the amount that I need to save in order to attend Coppin State University which is 3,337 including books and supplies. This is my goal I strive to save for every six months.
I quickly noticed somethings that I could cut back on like shopping, I have way too many clothes, I need to wear them instead of buying more. Spending money on fast food instead of dinning out, I should cook more. Activities like going out, I can cut back and do more personal activities in the house. As for cosmetics, I can style my own hair instead of going to the hairdressers every two weeks. Rather than spending money on shopping, food, fun activities and cosmetics I can save it and deposit it into a savings account for school.
Through this assignment, the difficult part was analysing myself and my own spending. No matter whether it was outrageous. I forced myself to write down the real amount for certain categories. So once I forced myself Irealized somethings that I was doing wrong and I need to fix it. That is how I came to make my budget, which will improve the areas that my pockets fall short on.
The most important thing to have in your budget is your savings....no matter if its 25 dollars or 50 dollars a week, put it aside to save for the future. You never know what might happen today or tomorrow so save. The money that you set aside and save can prevent you from hitting rock bottom. It actually works!
6/16/08
Budgeting Money
Hi everyone, I am still researching the budgeting topic. My budget usually consist of alot of saving because I pay for school out of pocket but since school is out I have included alot of extra activities to keep me busy and allow me to have fun. I will post more on the 17th because today we celebrated father's day.
6/12/08
What is the biggest financial challenge facing young adults?
Heyyyyyyyyy!
I'm reading scholarship entries that we received for this year's SECU State Scholarship contest. One of the topics that people could write about was, "what is the one biggest financial challenge facing young adults? Explain and provide a solution."
Here are the top two challenges that many young adults named:
I'm reading scholarship entries that we received for this year's SECU State Scholarship contest. One of the topics that people could write about was, "what is the one biggest financial challenge facing young adults? Explain and provide a solution."
Here are the top two challenges that many young adults named:
- The cost of a college education/how to pay for college
- Credit (i.e. how to understand it, build it, and refrain from going under because of it)
Regarding the first challenge, Nicky Gazy, one of our winners wrote the following:
"Many families simply cannot afford to pay college costs without going
into debt because they either do not make enough to support the cost of college
or simply do not know how to save and plan properly. An intervention by the
federal government could help to mitigate this problem.To solve the issue at hand, the Federal Government could help families to
save by placing a percentage of each family's income tax aside into a college
savings fund."So, my question for you is what do you think is the one biggest
financial challenge facing young adults today?Also, what do you think about Nicky's solution?
6/10/08
Time to Budget
Hey GABbers, Long time no see just wanted to see how everyone is doing seen our last meeting, it was great meeting you all then.
So I've been researching budgeting, now I've been just doing research on what people have to say about budgeting and different options banks offer to help people save money. The concept sounds so easy so i figured I would put myself to the test. Can I do as I say?
So for the last few weeks I have taken all my credit and debt cards out of my wallet and have limited myself a certain amount of cash I can use per week. Turns out that is harder then it sounds. Im used to going to the store or hanging out at the mall with my friends and when the bill came I just swiped my card. Now I'm counting pennies by the end of the week.
So does anyone have any good budgeting methods? Thanks
Steven
So I've been researching budgeting, now I've been just doing research on what people have to say about budgeting and different options banks offer to help people save money. The concept sounds so easy so i figured I would put myself to the test. Can I do as I say?
So for the last few weeks I have taken all my credit and debt cards out of my wallet and have limited myself a certain amount of cash I can use per week. Turns out that is harder then it sounds. Im used to going to the store or hanging out at the mall with my friends and when the bill came I just swiped my card. Now I'm counting pennies by the end of the week.
So does anyone have any good budgeting methods? Thanks
Steven
6/9/08
"Credit 101" class in session
Hey Gabbers & Friends,
As you may already know, I will also be discussing the baffling world credit and credit reports along side Gwen. Hopefully our tag-team approach to credit 101 will spur each reader on a quest to develop the literacy needed to lead a healthy financial life style. With a running start, Gwen has laid a strong foundation for our shared topic. Next week I will take the baton and continue this momentum, as I attempt to prove that members of Generation Y can lead a culture of change, free of the enslavement of debt. Being the product of a capitalistic, consumer driven environment, I am a testament of "what and what not to do." From my personal credit history, mistakes, scams etc., like an open book, together we will explore my journey to financial literacy.
P.S. Check out http://www.freecreditreport.com/ I hear its a good source! I'll check it out too and tell you if it works!!!
As you may already know, I will also be discussing the baffling world credit and credit reports along side Gwen. Hopefully our tag-team approach to credit 101 will spur each reader on a quest to develop the literacy needed to lead a healthy financial life style. With a running start, Gwen has laid a strong foundation for our shared topic. Next week I will take the baton and continue this momentum, as I attempt to prove that members of Generation Y can lead a culture of change, free of the enslavement of debt. Being the product of a capitalistic, consumer driven environment, I am a testament of "what and what not to do." From my personal credit history, mistakes, scams etc., like an open book, together we will explore my journey to financial literacy.
P.S. Check out http://www.freecreditreport.com/ I hear its a good source! I'll check it out too and tell you if it works!!!
6/8/08
Gwen on Credit Reports
Sorry I didn't post my blog sooner. I accidentally posted the wrong information.
Credit reports are the subject of my first financial project.
I tried to get my credit report, but I have wasn't successful because I have not yet established credit. Since I don't have any credit history, I'm using my mother's to learn from.
I have already done some research about credit reports. The information you receive on your report is about loans, credit cards, and how you manage your bills. For instance, it will say whether you are paying back things on time. The report will show the dates on which the payments must be made. If you don't pay on time, it will show up on the report.
Credit reports are helpful when trying to buy a car, a house, or to get another kind of loan. The better the credit report, the easier it will be to invest or borrow a lot of money. You will most likely be approved, if your report is good.
Any one with more information on credit reports, perhaps from your own, let me know!
Gwen
Credit reports are the subject of my first financial project.
I tried to get my credit report, but I have wasn't successful because I have not yet established credit. Since I don't have any credit history, I'm using my mother's to learn from.
I have already done some research about credit reports. The information you receive on your report is about loans, credit cards, and how you manage your bills. For instance, it will say whether you are paying back things on time. The report will show the dates on which the payments must be made. If you don't pay on time, it will show up on the report.
Credit reports are helpful when trying to buy a car, a house, or to get another kind of loan. The better the credit report, the easier it will be to invest or borrow a lot of money. You will most likely be approved, if your report is good.
Any one with more information on credit reports, perhaps from your own, let me know!
Gwen
6/4/08
Cool site for College Cash or Lack thereof
I read an article this morning about College Debt and I thought I should pass some of it along to you all!
Here are some key points to remember about funding school:
Financial Aid information
Here are some key points to remember about funding school:
- Do whatever you can to avoid taking out student loans (scholarships, grants, work-study etc)-- but since we all know this can be unrealistic...
- Borrow the least you can get away with, NOT everything which you might qualify
- Your total debt for your total college career should not be more than your first year's salary (this includes interest)
- If possible, keep your monthly payments to 15% of your income. Example: If you borrow $35,000 at 8.25% interest on a 10-year repayment plan, your monthly payments after college will be approximately $414.00.
This website has a lot of cool stuff about funding your education.. check it out!
Financial Aid information
Hey Again
I'm back again to comment on Abby's post about Loans. I too have a loan for school only I never knew I did. As a senior at Morgan State University, I have learned many things abour financial aide since freshman year. When debt was high and funds were low, I found myself at the mercy of the Montebello Monster.(Ie: The financial aide office at Morgan State University) Instructed by a financial aide officer that knew just as much about aide as I did, I was doomed. Then, after filling my late FASFA(federal financial Aide) she informed me that my schedule, drop due to non payment had been reinstated. Great!!! Right!! Well The next semester I realized I had signed for financial aide in the form of a loan. A loan that I did not have to pay interest on til 6 months after graduation. Who Knew!
Fastforward one year and a bad transcript later, I "took a break" and left school for a semester. To say the least, my loan quickly came out of deferrement and I had four bill invoices before I could say.. "hey, I'm still enrolled" Any who, it took forever to prove that I was still in school even after I registered for my fall classes. In a nutshell, I wish I just found a good scholarship instead of that quick fix federal loan, even though its interest free til after graduation. Read the fine print before you sign and if it sounds too good to be true, it probably is.. Even at the hands of your financial aide officer!
Fastforward one year and a bad transcript later, I "took a break" and left school for a semester. To say the least, my loan quickly came out of deferrement and I had four bill invoices before I could say.. "hey, I'm still enrolled" Any who, it took forever to prove that I was still in school even after I registered for my fall classes. In a nutshell, I wish I just found a good scholarship instead of that quick fix federal loan, even though its interest free til after graduation. Read the fine print before you sign and if it sounds too good to be true, it probably is.. Even at the hands of your financial aide officer!
Finally Think I have the hang of this
Hey Gabbers & Friends,
I'm so glad to finally join the conversation! Were all going to learn so very much from each other. At our first meeting, after everyone introduced themselves, I realized the diverse backgrounds we all came from. My topic of expertise will be Credit 101.... I'm sure my score will be an example for you all to learn from... Til next time..
I'm so glad to finally join the conversation! Were all going to learn so very much from each other. At our first meeting, after everyone introduced themselves, I realized the diverse backgrounds we all came from. My topic of expertise will be Credit 101.... I'm sure my score will be an example for you all to learn from... Til next time..
5/28/08
Abby on Loans
My topic for the first financial project is loans. I do not have much knowledge about loans but i do know some basics. I have a federal subsidized loan right now for my college tuition. This type of loan is interest free until 6 months after I graduate. I am going to make sure to have enough money in savings to pay the balance of the loan within the 6 months after I graduate so I will have no outstanding student loans to pay off. I have all my money in interest earning savings accounts and CD's right now so i can avoid having student loans to pay off in the future. This is only one type of loan and there are several types that can severely hurt your financial status while others can help you. For example I could pay off my school now with out using the subsidized loan but I am keeping my money in interest earning accounts while I can. So I am actually making money in the long run. If my loan was charging interest I would rather pay it off now so I wouldn't be losing out in money. If any of you have other types of loans, or know information or other loans let me know!
5/26/08
Better Late Then Never
So yeah it's late, thats what happens when your computer is from the stone age. BUT since we are talking about financial decisions i am working 2 jobs and going to college so i can save up for a labtop that actually works! It was wonderful meeting everyone the other day and i must say dave and busters is a fun place. I think i ended up with over 2,000 tickets!! Woo Hoo for me :) well hope to hear from everyone soon!
PS. my project is on identity theft so if anyone knows anything or has any personal experiences let me know! :)
<3, Candi
PS. my project is on identity theft so if anyone knows anything or has any personal experiences let me know! :)
<3, Candi
5/25/08
Response to Priscilla's blog
Hi Priscilla,
I enjoyed meeting you at Dave and Buster's. I have a little information I can give you on credit card rates. Credit unions often offer credit cards with much lower rates; for example, a Visa card with a rate of 9.9% as opposed to a Discover card with a rate in the upper teens or so.
My first assignment has to do with credit reports. If you have any information about that, please share with me.
Good job on your first blog!
Gwen
I enjoyed meeting you at Dave and Buster's. I have a little information I can give you on credit card rates. Credit unions often offer credit cards with much lower rates; for example, a Visa card with a rate of 9.9% as opposed to a Discover card with a rate in the upper teens or so.
My first assignment has to do with credit reports. If you have any information about that, please share with me.
Good job on your first blog!
Gwen
5/21/08
MY FIRST POST!!!
I am soooo syked to be a part of the Generation Y advisory board. My research topic is credit card rates. I am really looking forward to advanceing in my research. If anyone has any information that can help me please feel free to post it. The end!!!
Basketball and Race-Car Champion
Good morning!
I enjoyed meeting everyone at Dave and Buster's on Saturday! I had a great time- and I must say that winning a couple rounds of basketball and car racing didn't hurt!
Who took all my tickets by the way??
Anyway, I look forward to reading your posts and comments in the future. We look forward to an empowering pilot group of GABbers!
I enjoyed meeting everyone at Dave and Buster's on Saturday! I had a great time- and I must say that winning a couple rounds of basketball and car racing didn't hurt!
Who took all my tickets by the way??
Anyway, I look forward to reading your posts and comments in the future. We look forward to an empowering pilot group of GABbers!
5/16/08
Welcome GABbers!!!
Hey GABbers!
Welcome to the charter group of the Generation Y Advisory Board . We are excited to roll out this group for the first time ever at SECU Credit Union. Just think... you will all go down in history as the pilots of this program!
This forum will provide a great way for us to chat and update each other on what we are up to. We want you all to post about your GAB journey. And fellow GABbers would love to hear your feedback on their posts as well (so don't forget to comment!). Remember to check your calendars for details about our work this year!
We'll be doing a lot of fun things in this group; make sure you save all your blogs and other projects to use for your portfolios!
I look forward to working with everyone!
-Dani Thron
Financial Educator, SECU
Welcome to the charter group of the Generation Y Advisory Board . We are excited to roll out this group for the first time ever at SECU Credit Union. Just think... you will all go down in history as the pilots of this program!
This forum will provide a great way for us to chat and update each other on what we are up to. We want you all to post about your GAB journey. And fellow GABbers would love to hear your feedback on their posts as well (so don't forget to comment!). Remember to check your calendars for details about our work this year!
We'll be doing a lot of fun things in this group; make sure you save all your blogs and other projects to use for your portfolios!
I look forward to working with everyone!
-Dani Thron
Financial Educator, SECU
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