Five Credit Score Secrets of the Young and FICO-Savvy

Posted by administrator | 10/08/11 | Tagged Credit Card

Five Credit Score Secrets of the Young and FICO-Savvy
News from Fox Business:

If you’re under 30 and want to buy a new car,qualify for a mortgage or apply for a low APR credit card, you’re going to need a high credit score, which can be a challenge for young adults.

Today’s 20-somethings face a tough economy and a stiff lending environment that looks down on applicants with extra-short credit histories — and even shorter resumes. It’s more important than ever, experts say, to break through those age-related obstacles and build a solid financial foundation early.

“The fact is that the young people are going to face a completely different world than we faced,” says Anamaria Lusardi, director of the Financial Literacy Center at Rand Corp. “We are moving into a world of individual responsibility where people are going to be in charge of financial decisions that unfortunately have become very complex. Their financial security depends on them.”

That’s why financial experts say you should start planning now rather than later.

If you’re …………… continues on Fox Business
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Visa Reverses Course on Chip-and-PIN Credit Cards
News from Credit Card Guide News:

After years of saying it wasn’t the right time for chip-and-PIN technology for credit cards in the United States, Visa announced Monday that it is all in.

Chip and PIN is the technology widely used in Europe and around the world that embeds a microchip into a credit or debit card so a customer need only hold the card near a reader and use a PIN on a keypad to make purchases instead of swiping a magnetic stripe. It is also known as EMV, which stands for Europay, MasterCard and Visa, the developers of the technology’s standards.

Visa also is endorsing near-field-communication (NFC) technology, which embeds payment information inside mobile phones.

EMV has reduced fraud in Europe at point-of-sale terminals, but hasn’t been widely accepted in the United States. Retailers haven’t wanted to spend the considerable cash on new payment systems until card companies adopt the new technology, and card companies haven’t wanted to use the chip cards until mer…………… continues on Credit Card Guide News
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First Data: Credit card use slowing

Posted by administrator | 10/08/11 | Tagged Credit Card

First Data: Credit card use slowing
News from Bizjournals.com:

Credit card use slowed in July, according to First Data Corp.’s latest SpendTrend report.

Credit card use slowed in July, according to First Data Corp.’s SpendTrend latest report.

The privately held Sandy Springs, Ga.-based electronic payments company reported dollar volume growth on credit cards slowed from 10.7 percent in June to 7.4 percent in July. Several discretionary retail categories, such as travel, saw lower credit dollar volume growth. Higher-end consumers likely limited their credit spending due to the uncertain economic climate, First Data noted.

Overall year-over-year dollar volume growth was 7.3 percent in July, a sharp slowdown from June’s 8.8 percent growth rate.

July Transaction Growth:

  • Credit — up 5.3 percent
  • …………… continues on Bizjournals.com

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Economy Continues To Leave A Mark On Credit Card Use
News from Collections & Credit Risk:

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