/page/2
This is strange. Yesterday, Bank of New York Mellon confirmed it will start charging customers 13 basis points for cash deposits in excess of 110% of their normal balance.
Apparently, as investors flee the stock market and turn to banks for safety and security, the demand for liquidity is creating a flood of deposits  that is affecting the bank’s capital ratio and insurance fees as the  unpredictability of the duration of new deposits meant it was unable to  redistribute the cash into loans and investments in the way it normally would.
The new fee will affect clients with current month deposits of $50 million or more from Aug. 8.

This is strange. Yesterday, Bank of New York Mellon confirmed it will start charging customers 13 basis points for cash deposits in excess of 110% of their normal balance.

Apparently, as investors flee the stock market and turn to banks for safety and security, the demand for liquidity is creating a flood of deposits that is affecting the bank’s capital ratio and insurance fees as the unpredictability of the duration of new deposits meant it was unable to redistribute the cash into loans and investments in the way it normally would.

The new fee will affect clients with current month deposits of $50 million or more from Aug. 8.

17 Countries in the Triple-A debt club

These 17 countries have the world’s highest credit rating, AAA from both Moody’s and Standard & Poor’s, but the U.S. risks losing that high standing if lawmakers don’t raise the debt ceiling.

The triple-A rating enables nations to borrow funds at a low cost, because their governments are considered stable and their bonds safe. The U.S. for example, has seen its dollar become the world’s No. 1 reserve currency because its bonds are held in such high regard by investors. They’re backed by the “full faith and credit of the U.S. government” — which until now, has never seriously been called into question.

funancials: Top 10 Songs About Money

Music nowadays is primarily full of techno voices touching on drunk-texting, club-rocking and everyone’s favorite day of the week, Friday. Remember when music used to be about more important things….like money? As a little reminder, here is a list of the top melodies of mullah - refrains of riches - and tunes of treasury notes: 

10. All About the Benjamins  Puff Daddy

9. Gold Digger  Kanye West

8. She Works Hard for the Money  Donna Summer

7. If I Had a Million Dollars  Barenaked Ladies

6. Got Money  Lil Wayne

5. Mo Money Mo Problems  Puff Daddy/Mase

4. Bills, Bills, Bills  Destiny’s Child

3. Sweetest Girl (Dollar Bill)  Wyclef Jean

2. Why Don’t You Get a Job  Offspring

1. I Wanna be a Billionaire  Bruno Mars

(Source: funancials)

Withdraw cash in Beijing with NO FEE!

Reblogged from ishiyou:

This post was originally from Michelle Chu’s blog at mybeijingsurvivaldiary.wordpress.com

I realized that as it is summer, there are probably people looking for tips on traveling in Beijing, not just living in Beijing. When I first came to Beijing, I was looking for a way to avoid credit card and debit card fees, because I know that those can pile up as you travel or live abroad. Here are some money tips for travel in China:

1) If you are American, and you have a Bank of America (BofA) bank account, welcome to the world of no ATM fees!

In 2005, Bank of America acquired a 9% stake in China Construction Bank. As a result of that deal, BofA debit card holders can withdraw money from China Construction Bank ATMs with no overseas fee, which can normally be between 1-3% of your withdrawal. Keep in mind that it only works when you use BofA cards at China Construction Bank. It won’t work if you try using other bank cards at China Construction Bank, or your BofA card at other Chinese banks.

A lot of people have asked me if the cash comes out in yuan or dollars. Just to clear it up, if you withdraw cash from an ATM in China, it will come out in Chinese currency. Even more convenient, because you don’t have to bring dollars and have them exchanged for RMB (yuan). It’s like skipping the middle step! Unfortunately, as excited as I am about no ATM fees, this does only apply to people who have a BofA account. If you plan on living in China long-term, I’d highly advise opening an account with Bank of America. I promise I don’t get any commissions from them if you do. Oh! One more warning: There is usually a limit to how much you can withdraw using your BofA card per day. So do bring some cash (you can leave it in your hotel safe) and don’t rely solely on withdrawing from China Construction Bank ATMs.

As a general rule, you shouldn’t carry too much cash on you while traveling, especially in China. Though I have never been pickpocketed, I’ve heard ridiculous stories lately about people getting their iPhones stolen from their pockets…..while they were listening to music on it. I’ve heard three cases so far, no joke.

2) The magic credit card with no international fees

If you haven’t heard by now, Capital One is the card to get if you are traveling or living overseas. As with all credit cards you plan on using abroad, make sure to call your credit card company and let them know where you will be and for how long. Credit cards normally charge anywhere between 1-3% of your purchases when you use them internationally. However, with Capital One credit cards, there is a 0% charge!

Another money tip, which I was uncomfortable with at first but have gotten used to (especially because it means I don’t ever have to do math after a meal) is that there is no tipping in China! That means anywhere. Restaurants, taxis, Starbucks, bars (which, fortunately, does away with the drunken $100 tip). The one exception would be nicer hotels. It’s really up to you how much you want to tip the bellboy, or housekeeper, but anywhere between 5-10RMB is appreciated.

I feel like there’s a lot I’m missing. Please leave a comment if you have any further questions, since I’m drawing a blank right now. Hope this helps!

(Source: )

Qualifying for a Mortgage When You Already Own a Home

Like any mortgage loan, debt-to-income and financial assets are important. Borrowers may qualify for another mortgage if your regular income is high enough.

If your property is used for rental income, then FHA requires at least 25% equity in your previous home to be able to count rental income. But even if you met the equity requirements, to account for possible vacancies you are generally allowed to count only 75% of monthly rental income.

The underwriting guidelines are strict for this type of scenario. Generally, your total debt-to-income ratio generally must be lower than 45% and sometimes even less, which means that your mortgage payments (on both homes), credit card payments, car loan payments and other debt payments must be lower than 45% of your gross monthly income.


The interactive graphic below illustrates some of the problems that the European economy faces.

The interactive graphic below illustrates some of the problems that the European economy faces.

When I hear the acronym “CDARS”, I think of delicious cinnamon spices. For cash-heavy millionaires and businesses, CDARS are…a little delicious.
 
CDARS – the Certificate of Deposit Account Registry Service – is a convenient way for safety-conscious investors to access up $50 million in FDIC insurance. CDARS was founded by the Who’s Who of the financial industry in 2003. After the failure of IndyMac, CDARS became more important and appreciated. Today there are more than 3000 bank members.
CDARS is a solution for many cash-heavy investors – businesses, non-profits, and credit unions, public funds, advisors (including trustees, CPAs, financial planners, and lawyers), individuals, and socially responsible investors.
How CDARS work
Everything is handled through a CDARS Network member of your choice. Financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network. This occurs in increments below the standard FDIC insurance maximum so that both principal and interest are eligible for full FDIC insurance. By working directly with just one institution, you can receive insurance coverage from many. And, you receive just one regular consolidated account statement.
When you sign up for CDARS, here’s what happens: 
You sign a CDARS Deposit Placement Agreement and invest money with a member of the CDARS Network (a relationship institution).
Your funds are placed using the CDARS service.
Your CDs are issued by other members in the CDARS Network.
You receive confirmation of your CDs from your relationship institution.
You receive consolidated interest payments and statements through your relationship institution. 
CDARS Benefits 
CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working with just one financial institution.
Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.
One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.
One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.
One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.
No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.
A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.
Community Investment. Your funds can support lending initiatives, including special development projects that strengthen your local community. Bank of America, Chase, Citibank, and Wells Fargo don’t participate in CDARS (they still think they’re too big to fail).
CDARS received very positive reviews in a March 8 Standard and Poor’s Credit FAQ piece entitled, “What Effect Will The Certificate Of Deposit Accounts Registry Service Program Have On Fund Ratings?” In the report, Standard and Poor’s stated that, from a credit perspective, it deems CDs issued through CDARS to be “AAA/A-1+” equivalent. 
Related:
CDARS website 

When I hear the acronym “CDARS”, I think of delicious cinnamon spices. For cash-heavy millionaires and businesses, CDARS are…a little delicious.

CDARS – the Certificate of Deposit Account Registry Service – is a convenient way for safety-conscious investors to access up $50 million in FDIC insurance. CDARS was founded by the Who’s Who of the financial industry in 2003. After the failure of IndyMac, CDARS became more important and appreciated. Today there are more than 3000 bank members.

CDARS is a solution for many cash-heavy investors – businesses, non-profits, and credit unions, public funds, advisors (including trustees, CPAs, financial planners, and lawyers), individuals, and socially responsible investors.

How CDARS work

Everything is handled through a CDARS Network member of your choice. Financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network. This occurs in increments below the standard FDIC insurance maximum so that both principal and interest are eligible for full FDIC insurance. By working directly with just one institution, you can receive insurance coverage from many. And, you receive just one regular consolidated account statement.

When you sign up for CDARS, here’s what happens: 

  1. You sign a CDARS Deposit Placement Agreement and invest money with a member of the CDARS Network (a relationship institution).
  2. Your funds are placed using the CDARS service.
  3. Your CDs are issued by other members in the CDARS Network.
  4. You receive confirmation of your CDs from your relationship institution.
  5. You receive consolidated interest payments and statements through your relationship institution. 

CDARS Benefits 

CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working with just one financial institution.

Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.

One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.

One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.

One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.

No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.

No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.

A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.

Community Investment. Your funds can support lending initiatives, including special development projects that strengthen your local community. Bank of America, Chase, Citibank, and Wells Fargo don’t participate in CDARS (they still think they’re too big to fail).

CDARS received very positive reviews in a March 8 Standard and Poor’s Credit FAQ piece entitled, “What Effect Will The Certificate Of Deposit Accounts Registry Service Program Have On Fund Ratings?” In the report, Standard and Poor’s stated that, from a credit perspective, it deems CDs issued through CDARS to be “AAA/A-1+” equivalent. 

Related:

CDARS website 


There’s only one authorized source to get your free credit report under federal law.
Anyone can write a catchy jingle, but only AnnualCreditReport.com provides you with a truly free credit report. It’s the only authorized source to get your free credit report under federal law.
AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn’t get it without paying fees or buying other services. TV ads, email offers, or online search results may tout “free” credit reports, but there is only one authorized source for a truly free credit report. 
How do I request my free credit report?
You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.  No matter how you request your report, you have the option to request all three reports at once or to order one report at a time.  By requesting the reports separately, you can monitor your credit more frequently throughout the year.
Why should I request my credit report?
Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date.  In addition, monitoring your credit is one of the best ways to spot identity theft.  Check your credit report at least once a year to correct errors and detect unauthorized activity.
What should I look for when I review my credit report?
If you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider.  For more information, read the FTC’s tips onhow to dispute credit errors. 
If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report.  Start by visiting the FTC’s identity theft website.
What about my FICO score?
Only your credit report is free, not your FICO score. FICO scores are not required to be free by federal law.

There’s only one authorized source to get your free credit report under federal law.

Anyone can write a catchy jingle, but only AnnualCreditReport.com provides you with a truly free credit report. It’s the only authorized source to get your free credit report under federal law.

AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn’t get it without paying fees or buying other services. TV ads, email offers, or online search results may tout “free” credit reports, but there is only one authorized source for a truly free credit report. 

How do I request my free credit report?

You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.  No matter how you request your report, you have the option to request all three reports at once or to order one report at a time.  By requesting the reports separately, you can monitor your credit more frequently throughout the year.

Why should I request my credit report?

Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date.  In addition, monitoring your credit is one of the best ways to spot identity theft.  Check your credit report at least once a year to correct errors and detect unauthorized activity.

What should I look for when I review my credit report?

If you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider.  For more information, read the FTC’s tips onhow to dispute credit errors

If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report.  Start by visiting the FTC’s identity theft website.

What about my FICO score?

Only your credit report is free, not your FICO score. FICO scores are not required to be free by federal law.

Piggy bank that inspires savings…

Piggy bank that inspires savings…

(Source: beautyslut)

When it all Slips Through Your Hands

lunariamedia:

I know a minister who does a money sermon. He starts by burning a $20 bill. The reaction is bigger than flag burning. People come up out of their seats to stop him from burning $20. Yet, don’t we waste the stuff all the time? A similar story told in a teleclass: a group was out in the woods…

The tough, unappreciated life of a bank teller. Note to bank customers: be nicer!

The tough, unappreciated life of a bank teller. Note to bank customers: be nicer!

(via sierraelizabeth-deactivated2011)

Unemployment in 50 U.S. States over 20 Years - explore the data with city, county, state, time, etc.

Unemployment in 50 U.S. States over 20 Years - explore the data with city, county, state, time, etc.

 
 
36 Risk Factors Creditors Use To Deny You Credit
Lenders can use the data from your credit report to deny you credit for any one of several reasons. If you are denied, you receive a letter identifying the credit reporting agency that provided the report, along with a reason or reasons.
On the letter, they’ll list the bureau they pulled your credit report from (Equifax, TransUnion or Experian) as well as the risk you pose. The risk(s) will be listed in the order of importance, so the higher up on the list in your letter, the more significant it is. For all three reporting agencies, the cardinal sins are owing too much and failing to pay your bills.
Risk Reasons: 
Amount owed on accounts is too high
Level of delinquency on accounts
Too few bank revolving accounts
Too many bank or national revolving accounts
Too many accounts with balances
Too many consumer finance company accounts
Account payment history is too new to rate
Too many recent inquiries last 12 months
Too many accounts recently opened
Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
Amount owed on revolving accounts is too high
Length of time revolving accounts have been established
Time since delinquency is too recent or unknown
Length of time accounts have been established
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts with delinquency
Date of last inquiry too recent
Too few accounts currently paid as agreed
Length of time since derogatory public record or collection is too short
Amount past due on accounts
Serious delinquency, derogatory public record or collection filed
Number of bank or national revolving accounts with balances
No recent revolving balances
Number of revolving accounts
Number of established accounts
No recent bankcard balances
Time since most recent account opening too short
Too few accounts with recent payment information
Lack of recent installment loan information
Proportion of loan balances to loan amounts is too high
Amount owed on delinquent accounts
Serious delinquency and public record or collection filed
Serious delinquency
Derogatory public record or collection filed

36 Risk Factors Creditors Use To Deny You Credit

Lenders can use the data from your credit report to deny you credit for any one of several reasons. If you are denied, you receive a letter identifying the credit reporting agency that provided the report, along with a reason or reasons.

On the letter, they’ll list the bureau they pulled your credit report from (Equifax, TransUnion or Experian) as well as the risk you pose. The risk(s) will be listed in the order of importance, so the higher up on the list in your letter, the more significant it is. For all three reporting agencies, the cardinal sins are owing too much and failing to pay your bills.

Risk Reasons: 

  1. Amount owed on accounts is too high
  2. Level of delinquency on accounts
  3. Too few bank revolving accounts
  4. Too many bank or national revolving accounts
  5. Too many accounts with balances
  6. Too many consumer finance company accounts
  7. Account payment history is too new to rate
  8. Too many recent inquiries last 12 months
  9. Too many accounts recently opened
  10. Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
  11. Amount owed on revolving accounts is too high
  12. Length of time revolving accounts have been established
  13. Time since delinquency is too recent or unknown
  14. Length of time accounts have been established
  15. Lack of recent bank revolving information
  16. Lack of recent revolving account information
  17. No recent non-mortgage balance information
  18. Number of accounts with delinquency
  19. Date of last inquiry too recent
  20. Too few accounts currently paid as agreed
  21. Length of time since derogatory public record or collection is too short
  22. Amount past due on accounts
  23. Serious delinquency, derogatory public record or collection filed
  24. Number of bank or national revolving accounts with balances
  25. No recent revolving balances
  26. Number of revolving accounts
  27. Number of established accounts
  28. No recent bankcard balances
  29. Time since most recent account opening too short
  30. Too few accounts with recent payment information
  31. Lack of recent installment loan information
  32. Proportion of loan balances to loan amounts is too high
  33. Amount owed on delinquent accounts
  34. Serious delinquency and public record or collection filed
  35. Serious delinquency
  36. Derogatory public record or collection filed
This is strange. Yesterday, Bank of New York Mellon confirmed it will start charging customers 13 basis points for cash deposits in excess of 110% of their normal balance.
Apparently, as investors flee the stock market and turn to banks for safety and security, the demand for liquidity is creating a flood of deposits  that is affecting the bank’s capital ratio and insurance fees as the  unpredictability of the duration of new deposits meant it was unable to  redistribute the cash into loans and investments in the way it normally would.
The new fee will affect clients with current month deposits of $50 million or more from Aug. 8.

This is strange. Yesterday, Bank of New York Mellon confirmed it will start charging customers 13 basis points for cash deposits in excess of 110% of their normal balance.

Apparently, as investors flee the stock market and turn to banks for safety and security, the demand for liquidity is creating a flood of deposits that is affecting the bank’s capital ratio and insurance fees as the unpredictability of the duration of new deposits meant it was unable to redistribute the cash into loans and investments in the way it normally would.

The new fee will affect clients with current month deposits of $50 million or more from Aug. 8.

17 Countries in the Triple-A debt club

These 17 countries have the world’s highest credit rating, AAA from both Moody’s and Standard & Poor’s, but the U.S. risks losing that high standing if lawmakers don’t raise the debt ceiling.

The triple-A rating enables nations to borrow funds at a low cost, because their governments are considered stable and their bonds safe. The U.S. for example, has seen its dollar become the world’s No. 1 reserve currency because its bonds are held in such high regard by investors. They’re backed by the “full faith and credit of the U.S. government” — which until now, has never seriously been called into question.

funancials: Top 10 Songs About Money

Music nowadays is primarily full of techno voices touching on drunk-texting, club-rocking and everyone’s favorite day of the week, Friday. Remember when music used to be about more important things….like money? As a little reminder, here is a list of the top melodies of mullah - refrains of riches - and tunes of treasury notes: 

10. All About the Benjamins  Puff Daddy

9. Gold Digger  Kanye West

8. She Works Hard for the Money  Donna Summer

7. If I Had a Million Dollars  Barenaked Ladies

6. Got Money  Lil Wayne

5. Mo Money Mo Problems  Puff Daddy/Mase

4. Bills, Bills, Bills  Destiny’s Child

3. Sweetest Girl (Dollar Bill)  Wyclef Jean

2. Why Don’t You Get a Job  Offspring

1. I Wanna be a Billionaire  Bruno Mars

(Source: funancials)

Withdraw cash in Beijing with NO FEE!

Reblogged from ishiyou:

This post was originally from Michelle Chu’s blog at mybeijingsurvivaldiary.wordpress.com

I realized that as it is summer, there are probably people looking for tips on traveling in Beijing, not just living in Beijing. When I first came to Beijing, I was looking for a way to avoid credit card and debit card fees, because I know that those can pile up as you travel or live abroad. Here are some money tips for travel in China:

1) If you are American, and you have a Bank of America (BofA) bank account, welcome to the world of no ATM fees!

In 2005, Bank of America acquired a 9% stake in China Construction Bank. As a result of that deal, BofA debit card holders can withdraw money from China Construction Bank ATMs with no overseas fee, which can normally be between 1-3% of your withdrawal. Keep in mind that it only works when you use BofA cards at China Construction Bank. It won’t work if you try using other bank cards at China Construction Bank, or your BofA card at other Chinese banks.

A lot of people have asked me if the cash comes out in yuan or dollars. Just to clear it up, if you withdraw cash from an ATM in China, it will come out in Chinese currency. Even more convenient, because you don’t have to bring dollars and have them exchanged for RMB (yuan). It’s like skipping the middle step! Unfortunately, as excited as I am about no ATM fees, this does only apply to people who have a BofA account. If you plan on living in China long-term, I’d highly advise opening an account with Bank of America. I promise I don’t get any commissions from them if you do. Oh! One more warning: There is usually a limit to how much you can withdraw using your BofA card per day. So do bring some cash (you can leave it in your hotel safe) and don’t rely solely on withdrawing from China Construction Bank ATMs.

As a general rule, you shouldn’t carry too much cash on you while traveling, especially in China. Though I have never been pickpocketed, I’ve heard ridiculous stories lately about people getting their iPhones stolen from their pockets…..while they were listening to music on it. I’ve heard three cases so far, no joke.

2) The magic credit card with no international fees

If you haven’t heard by now, Capital One is the card to get if you are traveling or living overseas. As with all credit cards you plan on using abroad, make sure to call your credit card company and let them know where you will be and for how long. Credit cards normally charge anywhere between 1-3% of your purchases when you use them internationally. However, with Capital One credit cards, there is a 0% charge!

Another money tip, which I was uncomfortable with at first but have gotten used to (especially because it means I don’t ever have to do math after a meal) is that there is no tipping in China! That means anywhere. Restaurants, taxis, Starbucks, bars (which, fortunately, does away with the drunken $100 tip). The one exception would be nicer hotels. It’s really up to you how much you want to tip the bellboy, or housekeeper, but anywhere between 5-10RMB is appreciated.

I feel like there’s a lot I’m missing. Please leave a comment if you have any further questions, since I’m drawing a blank right now. Hope this helps!

(Source: )

Qualifying for a Mortgage When You Already Own a Home

Like any mortgage loan, debt-to-income and financial assets are important. Borrowers may qualify for another mortgage if your regular income is high enough.

If your property is used for rental income, then FHA requires at least 25% equity in your previous home to be able to count rental income. But even if you met the equity requirements, to account for possible vacancies you are generally allowed to count only 75% of monthly rental income.

The underwriting guidelines are strict for this type of scenario. Generally, your total debt-to-income ratio generally must be lower than 45% and sometimes even less, which means that your mortgage payments (on both homes), credit card payments, car loan payments and other debt payments must be lower than 45% of your gross monthly income.


The interactive graphic below illustrates some of the problems that the European economy faces.

The interactive graphic below illustrates some of the problems that the European economy faces.

When I hear the acronym “CDARS”, I think of delicious cinnamon spices. For cash-heavy millionaires and businesses, CDARS are…a little delicious.
 
CDARS – the Certificate of Deposit Account Registry Service – is a convenient way for safety-conscious investors to access up $50 million in FDIC insurance. CDARS was founded by the Who’s Who of the financial industry in 2003. After the failure of IndyMac, CDARS became more important and appreciated. Today there are more than 3000 bank members.
CDARS is a solution for many cash-heavy investors – businesses, non-profits, and credit unions, public funds, advisors (including trustees, CPAs, financial planners, and lawyers), individuals, and socially responsible investors.
How CDARS work
Everything is handled through a CDARS Network member of your choice. Financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network. This occurs in increments below the standard FDIC insurance maximum so that both principal and interest are eligible for full FDIC insurance. By working directly with just one institution, you can receive insurance coverage from many. And, you receive just one regular consolidated account statement.
When you sign up for CDARS, here’s what happens: 
You sign a CDARS Deposit Placement Agreement and invest money with a member of the CDARS Network (a relationship institution).
Your funds are placed using the CDARS service.
Your CDs are issued by other members in the CDARS Network.
You receive confirmation of your CDs from your relationship institution.
You receive consolidated interest payments and statements through your relationship institution. 
CDARS Benefits 
CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working with just one financial institution.
Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.
One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.
One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.
One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.
No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.
No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.
A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.
Community Investment. Your funds can support lending initiatives, including special development projects that strengthen your local community. Bank of America, Chase, Citibank, and Wells Fargo don’t participate in CDARS (they still think they’re too big to fail).
CDARS received very positive reviews in a March 8 Standard and Poor’s Credit FAQ piece entitled, “What Effect Will The Certificate Of Deposit Accounts Registry Service Program Have On Fund Ratings?” In the report, Standard and Poor’s stated that, from a credit perspective, it deems CDs issued through CDARS to be “AAA/A-1+” equivalent. 
Related:
CDARS website 

When I hear the acronym “CDARS”, I think of delicious cinnamon spices. For cash-heavy millionaires and businesses, CDARS are…a little delicious.

CDARS – the Certificate of Deposit Account Registry Service – is a convenient way for safety-conscious investors to access up $50 million in FDIC insurance. CDARS was founded by the Who’s Who of the financial industry in 2003. After the failure of IndyMac, CDARS became more important and appreciated. Today there are more than 3000 bank members.

CDARS is a solution for many cash-heavy investors – businesses, non-profits, and credit unions, public funds, advisors (including trustees, CPAs, financial planners, and lawyers), individuals, and socially responsible investors.

How CDARS work

Everything is handled through a CDARS Network member of your choice. Financial institutions that can offer CDARS are members of a unique network. When you place a large deposit with a CDARS Network member, that institution uses the CDARS service to place your funds into CDs issued by other members of the CDARS Network. This occurs in increments below the standard FDIC insurance maximum so that both principal and interest are eligible for full FDIC insurance. By working directly with just one institution, you can receive insurance coverage from many. And, you receive just one regular consolidated account statement.

When you sign up for CDARS, here’s what happens: 

  1. You sign a CDARS Deposit Placement Agreement and invest money with a member of the CDARS Network (a relationship institution).
  2. Your funds are placed using the CDARS service.
  3. Your CDs are issued by other members in the CDARS Network.
  4. You receive confirmation of your CDs from your relationship institution.
  5. You receive consolidated interest payments and statements through your relationship institution. 

CDARS Benefits 

CDARS offers multiple benefits to investors who want to combine the security of access to FDIC insurance with the convenience of working with just one financial institution.

Peace of Mind. Using the CDARS service, you can access multi-million-dollar FDIC insurance on CD investments.

One Relationship. You work directly with a local CDARS Network member – a financial institution you know and trust.

One Rate. You negotiate one interest rate per maturity on CD investments placed through CDARS. With CDARS, there is no need to negotiate multiple rates or manually tally disbursements for each CD.

One Statement. You receive one regular statement detailing your CD investments. You no longer need to manually consolidate statements at the end of each month, quarter, or year.

No Hidden Fees. You will not be charged annual fees, subscription fees, or transaction fees for using CDARS. The rate you see is the rate you get.

No Ongoing Collateralization. Because CDARS deposits are eligible for FDIC protection, you may not need to continually collateralize your deposits. This can eliminate the time-consuming task of tracking changing collateral values on a recurring basis.

A Wide Variety of Maturities. You can select from various maturities – ranging from 4 weeks to 260 weeks (5 years) – and choose the terms that best suit your investment needs.

Community Investment. Your funds can support lending initiatives, including special development projects that strengthen your local community. Bank of America, Chase, Citibank, and Wells Fargo don’t participate in CDARS (they still think they’re too big to fail).

CDARS received very positive reviews in a March 8 Standard and Poor’s Credit FAQ piece entitled, “What Effect Will The Certificate Of Deposit Accounts Registry Service Program Have On Fund Ratings?” In the report, Standard and Poor’s stated that, from a credit perspective, it deems CDs issued through CDARS to be “AAA/A-1+” equivalent. 

Related:

CDARS website 


There’s only one authorized source to get your free credit report under federal law.
Anyone can write a catchy jingle, but only AnnualCreditReport.com provides you with a truly free credit report. It’s the only authorized source to get your free credit report under federal law.
AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn’t get it without paying fees or buying other services. TV ads, email offers, or online search results may tout “free” credit reports, but there is only one authorized source for a truly free credit report. 
How do I request my free credit report?
You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.  No matter how you request your report, you have the option to request all three reports at once or to order one report at a time.  By requesting the reports separately, you can monitor your credit more frequently throughout the year.
Why should I request my credit report?
Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date.  In addition, monitoring your credit is one of the best ways to spot identity theft.  Check your credit report at least once a year to correct errors and detect unauthorized activity.
What should I look for when I review my credit report?
If you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider.  For more information, read the FTC’s tips onhow to dispute credit errors. 
If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report.  Start by visiting the FTC’s identity theft website.
What about my FICO score?
Only your credit report is free, not your FICO score. FICO scores are not required to be free by federal law.

There’s only one authorized source to get your free credit report under federal law.

Anyone can write a catchy jingle, but only AnnualCreditReport.com provides you with a truly free credit report. It’s the only authorized source to get your free credit report under federal law.

AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that’s yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn’t get it without paying fees or buying other services. TV ads, email offers, or online search results may tout “free” credit reports, but there is only one authorized source for a truly free credit report. 

How do I request my free credit report?

You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.  No matter how you request your report, you have the option to request all three reports at once or to order one report at a time.  By requesting the reports separately, you can monitor your credit more frequently throughout the year.

Why should I request my credit report?

Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date.  In addition, monitoring your credit is one of the best ways to spot identity theft.  Check your credit report at least once a year to correct errors and detect unauthorized activity.

What should I look for when I review my credit report?

If you see accounts you don’t recognize or information that is inaccurate, contact the credit reporting agency and the information provider.  For more information, read the FTC’s tips onhow to dispute credit errors

If you suspect identity theft, you may need to place a fraud alert on your credit report, close compromised accounts, file a complaint with the FTC, or file a police report.  Start by visiting the FTC’s identity theft website.

What about my FICO score?

Only your credit report is free, not your FICO score. FICO scores are not required to be free by federal law.

Piggy bank that inspires savings…

Piggy bank that inspires savings…

(Source: beautyslut)

When it all Slips Through Your Hands

lunariamedia:

I know a minister who does a money sermon. He starts by burning a $20 bill. The reaction is bigger than flag burning. People come up out of their seats to stop him from burning $20. Yet, don’t we waste the stuff all the time? A similar story told in a teleclass: a group was out in the woods…

The tough, unappreciated life of a bank teller. Note to bank customers: be nicer!

The tough, unappreciated life of a bank teller. Note to bank customers: be nicer!

(via sierraelizabeth-deactivated2011)

Unemployment in 50 U.S. States over 20 Years - explore the data with city, county, state, time, etc.

Unemployment in 50 U.S. States over 20 Years - explore the data with city, county, state, time, etc.

 
 
36 Risk Factors Creditors Use To Deny You Credit
Lenders can use the data from your credit report to deny you credit for any one of several reasons. If you are denied, you receive a letter identifying the credit reporting agency that provided the report, along with a reason or reasons.
On the letter, they’ll list the bureau they pulled your credit report from (Equifax, TransUnion or Experian) as well as the risk you pose. The risk(s) will be listed in the order of importance, so the higher up on the list in your letter, the more significant it is. For all three reporting agencies, the cardinal sins are owing too much and failing to pay your bills.
Risk Reasons: 
Amount owed on accounts is too high
Level of delinquency on accounts
Too few bank revolving accounts
Too many bank or national revolving accounts
Too many accounts with balances
Too many consumer finance company accounts
Account payment history is too new to rate
Too many recent inquiries last 12 months
Too many accounts recently opened
Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
Amount owed on revolving accounts is too high
Length of time revolving accounts have been established
Time since delinquency is too recent or unknown
Length of time accounts have been established
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts with delinquency
Date of last inquiry too recent
Too few accounts currently paid as agreed
Length of time since derogatory public record or collection is too short
Amount past due on accounts
Serious delinquency, derogatory public record or collection filed
Number of bank or national revolving accounts with balances
No recent revolving balances
Number of revolving accounts
Number of established accounts
No recent bankcard balances
Time since most recent account opening too short
Too few accounts with recent payment information
Lack of recent installment loan information
Proportion of loan balances to loan amounts is too high
Amount owed on delinquent accounts
Serious delinquency and public record or collection filed
Serious delinquency
Derogatory public record or collection filed

36 Risk Factors Creditors Use To Deny You Credit

Lenders can use the data from your credit report to deny you credit for any one of several reasons. If you are denied, you receive a letter identifying the credit reporting agency that provided the report, along with a reason or reasons.

On the letter, they’ll list the bureau they pulled your credit report from (Equifax, TransUnion or Experian) as well as the risk you pose. The risk(s) will be listed in the order of importance, so the higher up on the list in your letter, the more significant it is. For all three reporting agencies, the cardinal sins are owing too much and failing to pay your bills.

Risk Reasons: 

  1. Amount owed on accounts is too high
  2. Level of delinquency on accounts
  3. Too few bank revolving accounts
  4. Too many bank or national revolving accounts
  5. Too many accounts with balances
  6. Too many consumer finance company accounts
  7. Account payment history is too new to rate
  8. Too many recent inquiries last 12 months
  9. Too many accounts recently opened
  10. Proportion of balances to credit limits is too high on bank revolving or other revolving accounts
  11. Amount owed on revolving accounts is too high
  12. Length of time revolving accounts have been established
  13. Time since delinquency is too recent or unknown
  14. Length of time accounts have been established
  15. Lack of recent bank revolving information
  16. Lack of recent revolving account information
  17. No recent non-mortgage balance information
  18. Number of accounts with delinquency
  19. Date of last inquiry too recent
  20. Too few accounts currently paid as agreed
  21. Length of time since derogatory public record or collection is too short
  22. Amount past due on accounts
  23. Serious delinquency, derogatory public record or collection filed
  24. Number of bank or national revolving accounts with balances
  25. No recent revolving balances
  26. Number of revolving accounts
  27. Number of established accounts
  28. No recent bankcard balances
  29. Time since most recent account opening too short
  30. Too few accounts with recent payment information
  31. Lack of recent installment loan information
  32. Proportion of loan balances to loan amounts is too high
  33. Amount owed on delinquent accounts
  34. Serious delinquency and public record or collection filed
  35. Serious delinquency
  36. Derogatory public record or collection filed
17 Countries in the Triple-A debt club
Qualifying for a Mortgage When You Already Own a Home

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