According to a Federal Reserve survey of senior loan officers at major banks, the majority of banks have been tightening their consumer lending terms. In fact, over 60% of banks report that they’ve been actively lowering credit limits, with just under 40% saying that credit limits have remained unchanged.
While this accords well with the widespread [...]
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As a followup to me previous article about the Charles Schwab 2% Cash Back Reward Card, I wanted to let you guys know about a new offering from Fidelity and American Express. The Fidelity® Retirement Rewards American Express® Card offers 2% cash back in the form of a contribution to your Fidelity IRA. There’s no [...]
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As of early 2009, two of the three major credit bureaus (Equifax and TransUnion) will be employing a new scoring model. Fair Isaac, creator of the FICO credit score, has tweaked their system in an attempt to reduce the risk of defaults. It’s estimated that 40-50% of borrowers’ scores could move by +/- 20 points.
As [...]
With all of the talk about credit card issuers reducing credit limits, I was a bit worried this week when we received a letter from American Express. We have an Amex Blue Cash Rewards card with them and, even though we have sterling credit, I assumed that they were writing to say that they had [...]
Over the past few weeks, we’ve had some very active discussion over decisions by credit card issuers to reduce credit limits, increase interest rates, increase minimum payments, close unused accounts, and add new fees. To provide some context for these discussions, I thought that it would be worth taking a closer look at an example [...]
Charles Schwab has come out with a new, Visa-branded reward credit card that pays 2% rewards with no limit on the amount you can earn and no annual fee. This sounds like a pretty good deal, but… You have to have a Schwab One brokerage account in order to get the rewards. This isn’t a [...]
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