How Much More Expensive Is It To Have A Bad Credit Score?

Most people know that having a less-than-perfect credit score makes it more difficult to get a loan. And for those who can manage to be approved for a loan or new credit card, it also means they will end up with higher payments.

The folks at SmartMoney broke down the negative impact of low credit scores by the three main lines of consumer credit — car loans, credit cards, and mortgages.

For car loans, someone with a credit score of between 680 and 739 will likely pay 4.5% APR on their loans, compared to only 3.2% for people with scores above the 740 threshold. Meanwhile, people with sub-680 scores can pay anywhere from 6.5% to 12.9% APR for the same loan.

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Discover Financial Q2 Profit Slips, But Lending Rises

Discover Financial Services (DFS) said before the market opened that second-quarter profit was down a bit from the same quarter last year as it set aside more money to cover bad debts, but roughly in line with analyst projections.

Investors ignored the profit miss and bid shares up as much as 3% early amid a broad market rally, partly in reaction to rising hopes the Federal Reserve will agree to extend stimulus measures to bolster the U.S. economy as Europe remains mired in debt crisis. The Fed's regular meeting is scheduled for Tuesday and Wednesday.

Discover shares rose 2.7% to 33.74 in afternoon trading.

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Why You Need to BORROW Money to Improve Your Credit Score

When most people think about improving their credit score, they think of paying down their debt and even going so far as eliminating their loans and credit cards so they cannot accumulate more debt. In fact, I just recently read some debt management advice that suggested credit card holders pay off their cards then cut them up and close the accounts. That's bad advice.

The first step (paying down debt) is a good practice to improve credit scores. No disputing that. Creditors like to see lots of "lending room" in your debt-to-income ratio -- they don't like to see maxed-out credit cards.

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Romney Says That Without Him, US Will Become ‘Like Europe’

Mitt Romney worries that if he doesn’t make it to the White House, the United States will become “like Europe with higher deficits,” the Republican candidate said in an interview on CSPAN, set to air this evening.

“If I were not to … get elected, we would instead in my view become more like Europe with higher deficits, with a debt that could put us in a Greece or Spain or Italy-like circumstance, with chronic high unemployment, with low wage growth and with a military that gets slowly but surely hollowed out so it could pay for the various programs that government would try to keep in place,” Romney told Steve Scully. “I mean, I see America in a declining position under this president.”

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30-year mortgage rate rises to 3.71%

WASHINGTON – Average rates on fixed mortgages rose this week, the first increase in seven weeks. But mortgage rates remain near historic lows, boosting prospects for home sales this year.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 3.71%. That's up from 3.67% last week, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year mortgage, a popular refinancing option, rose to 2.98%. That's up from 2.94% last week, also a record low.

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How to Start Building Your Credit

Acquiring a secured credit card is a solid option for those people who are attempting to rebuild their credit or begin from scratch. You don’t need very good credit at all to obtain one of these cards, which explains why so many people decide to use them to acquire their credit standing back on track. These cards can be valuable tools when it comes to building credit, and you should consider you get one knowing that you're going to need to borrow money in time. Most people do not think that they will have to have an optimistic credit score in the near future, however, you will need to have solid credit to acquire an auto or house anytime in the future. Even if you are just looking to rent an apartment, you are going to have to have a fairly decent credit score. Here are three reasons as to why a secured card might be a perfect choice for you:

Read more about Secured Credit Card - How to Start Building Your Credit

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Starbucks expanding effort to help businesses create jobs

Starbucks is expanding an unusual effort to create jobs through small business loans, which the company launched last fall after chief executive Howard Schultz lambasted politicians for not doing more to fix the economy.

So far the Create Jobs for USA program has raised about $11.5 million, including about $2.8 million from customers who bought brightly colored wristbands along with their lattes or donated to the program online.

Starbucks says its analysis shows the money raised so far could create or retain about 4,000 jobs.

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10 Ways to Increase the Value of Your Home

In a dour housing market, wouldn't it be nice to know that your remodeling project would pay off when you went to sell the property? Remodeling Magazine evaluated the top remodeling projects, how the cost-to-value has changed since the housing market implosion, and which projects are still worth the investment. Using the magazine's "Cost Vs. Value Report for 2008-2009," let's look at some of the best projects you can undertake and recoup the majority of your cost.

Upscale Projects

• Siding Replacement (fiber-cement or foam-backed vinyl). With the economic slump, home buyers aren't being dazzled by bells and whistles as much as they are improvements that will ensure lower repair and utility bills. Although replacing current siding with fiber-cement has lost value from 2007, it still nets an astonishing 87% ROI. If you prefer a foam-backed vinyl product replacement instead, you can still look to recoup 80% of your cost.
• Window Replacement (vinyl or wood).  Windows are not only an aesthetic feature. For most homeowners, they represent one of the easiest ways to lower home heating and cooling bills. By replacing your current windows with more efficient vinyl or wood ones, you can save on your utility bills, attract future home buyers and net a nearly 80% (vinyl) or 77% (wood) return on your investment.

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Senator Reid makes new offer on US student loans

WASHINGTON/LAS VEGAS, June 7 (Reuters) - U.S. Senate Democratic leader Harry Reid on Thursday offered a new way to avert by the end of this month a doubling of the 3.4 percent interest rate on federal student loans.

A Senate Republican leadership aide said the proposal would be reviewed and that it may represent progress toward ending an election-year standoff that has seen each side accuse the other of bargaining in bad faith.

President Barack Obama, speaking to about 2,500 people at the University of Nevada Las Vegas, encouraged lawmakers to come to an agreement, saying, "So I just said to Congress, get this done ... This is not complicated."

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Student loans: Will more transparency help?

Ten U.S. colleges and universities have committed to provide more information to students about tuition and other costs, including estimated monthly loan payments after graduation, as part of a federal push to improve disclosure to help prevent financial-aid recipients from overextending themselves, the White House said.

Leaders from those institutions, which include the state university systems in Maryland, Massachusetts, New York and Texas, were scheduled to meet Tuesday in Washington with Vice President Joe Biden, Education Secretary Arne Duncan and Richard Cordray, director of the Consumer Financial Protection Bureau to discuss financial aid transparency.

The White House said more disclosure is key to making college more affordable.

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USA Funds presents Excellence in Debt Management awards to three schools

INDIANAPOLIS, June 5, 2012 -- /PRNewswire/ -- USA Funds® has announced the recipients of its 2012 Excellence in Debt Management Awards. USA Funds recognized the following three postsecondary institutions for their efforts to promote financial literacy and help their students minimize and manage their student loan debt:

Shaw University, Raleigh, N.C. This private, four-year university pursues a variety of activities to enhance student retention and curb student loan defaults. It conducted a survey during freshman orientation to identify students who were at risk of dropping out of school and in need of academic or social intervention. Based on the survey results, the university launched a pilot mentoring program. In conjunction with that program, the university also presented 27 financial literacy and financial aid workshops during the past academic school year to 625 students. The university also conducts face-to-face exit counseling sessions for graduating seniors to provide information about their lenders, various repayment options and information about the amount of debt that they have incurred while in school. Following graduation, Shaw University conducts aggressive communication campaigns to former students who have fallen behind in the repayment of their student loans. These efforts include contacting student loan borrowers, beginning when a former student is more than 30 days past due on a student loan payment, and conducting a monthly telephone blitz to reach borrowers whose loan payments are more than 180 days past due. As a result of these activities, Shaw University reports that its 2010 draft cohort default rate fell to 13.2 percent, down from its official 2009 rate of 22.6 percent. The award includes a $15,000 USA Funds grant to support student scholarships at Shaw University.

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4 indicted in Chicago, Country Club Hills mortgage fraud scheme

Four people were indicted Monday for allegedly obtaining $16.2 million in fraudulent mortgage loans on properties in Chicago and Country Club Hills.

Charged with mail fraud and bank fraud by the U.S. Attorney's office in the indictment are loan originator Hakeem Rashid, 39, of Miami and formerly a Chicago-area resident; mortgage broker Kareem Broughton, 39, of Chicago; attorney Marguerite Elise Dixon-Roper, 46 and also known as Elise Dixon, of Darien; and Jada Elaine Lukas, 52 and also known as Sophia Youssef, of Chicago, a loan processor.

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As prepaid cards' popularity rises, better be wary of fees

New types of prepaid cards are rolling out at a brisk clip, and plenty of people will sign up despite the fees.

In general, prepaid cards are gaining popularity. And some, like American Express, are going after young professionals, said Beverly Harzog, credit card expert for Credit.com.

The marketing push is to offer a piece of plastic that's an alternative to a traditional checking account — and plastic that generally can't be overdrawn.

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Ex-Senator Edwards acquitted on campaign finance charge

(Reuters) - Former U.S. Senator John Edwards was acquitted on Thursday on one count of accepting illegal campaign contributions, and the judge declared a mistrial on five other counts because the jury was deadlocked.

The jury's decision came on the ninth day of deliberations and marked yet another dramatic turn of events for the one-time politician who rose to become the Democratic Party's vice presidential nominee in 2004, only to see his career ruined by scandal four years later.

As the jury's verdict was read, Edwards, who did not testify in the nearly six-week-long trial, slumped back in his seat in relief.

Later, standing in front of the federal courthouse in Greensboro, North Carolina, the state he represented in the U.S. Senate from 1999 to 2005, Edwards said he never broke the law.

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Lenders finally loosen up on car loans

It's finally getting easier to get a car loan. Experian Automotive just announced that the average credit scores required for consumers to buy a vehicle have dropped to near prerecession levels.

The average credit score for financing a new vehicle dropped six points to 760, and dropped four points to 659 for used vehicles. By contrast, credit scores required in the first quarter of 2008 were at an average of 753 for new vehicles and 653 for used.

Experian's analysis also showed the average amount financed on new vehicles rose by $589 in the first quarter, to $25,995. For used vehicles, the average amount financed increased by $411, bringing the average total to $17,050.

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In the latest symptom of Europe's financial turmoil, the region's riskier companies are bypassing banks and investors at home and turning to the U.S. for loans.

European companies borrowed some €14.4 billion (about $18 billion at current rates) in the U.S. leveraged-loan market this year through Friday, more than double the €6.7 billion for all of 2011, according to data from S&P Capital IQ LCD. That is the highest amount since at least 2007, the height of the last boom in leveraged lending, when full-year loan volume was €12.2 billion, according to S&P.

The leveraged-loan market is used by companies with high-yield or noninvestment-grade credit ratings, making it particularly sensitive to Europe's debt crisis, now in its third year.

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An insurer’s view on the proposed students’ loan scheme

Education anywhere, and particularly at the tertiary level comes at a price. For far too many, the cost is simply too dear. The joy of qualifying for and being granted a study course can be cut short when one is barred from sitting for semester examinations due to failure to honour fee payments.

The recently proposed Students’ Loan Scheme Bill, therefore, provides some relief to the anguish faced by many parents and students alike, but with it come certain concerns as well. Naturally, this Bill places further pressure on an already stressed tax base and, as potential contributors, you should have a say into its drafting.

In such cases, it doesn’t hurt to examine the statistics. With an annual growth rate of 3.2%, the number of Ugandan youth passing through the education system has been steadily on the rise. Unemployment figures do not make for happy reading with the national average at 3.5% and the alarming one affecting the youth at a staggering 32.2%!

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US debt, spending loom large as issues for independent voters

WASHINGTON - Government spending and debt are emerging as a campaign tug-of-war, with Republican Mitt Romney blaming President Obama for a "prairie fire of debt" and Obama calling the charge a "cowpie of distortion." Both candidates are reaching for independent voters anxious about who's going to get stuck with the bill.

Spending and debt now rank as high on the worry scale as lack of jobs. And it has direct appeal to independents who could decide the election in about a half-dozen states being heavily contested by both campaigns.

In turning attention to debt, Republicans are tapping a winning issue they used in congressional races two years ago. Republican pollster Wes Anderson said that just before the 2010 elections, congressional campaigns shifted "from jobs and economy to government taking us over the cliff." The emphasis proved to be successful at the ballot box as Republicans grabbed control of the House, captured Senate seats and won in state races.

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Consumer protections considered for prepaid debit cards

Prepaid debit cards may soon be subject to federal regulations requiring more transparent fee disclosures and increased financial protection.

The Consumer Financial Protection Bureau said Wednesday it is considering new consumer protections for the cards. Director Richard Cordray said he plans to bring more "safety and transparency" to the industry. The agency will seek comment from experts and the public on how fees are disclosed and on protection from unauthorized transactions.

Prepaid cards often come with fees associated with everything from calling customer service to using an ATM — users reported paying an average of about $2 every time they wanted to reload money on their cards, according to a study by Javelin Strategy and Research. That is significant for a product that is most popular among Millennials and consumers who make less than $15,000 a year, says Javelin President Jim Van Dyke.

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Your credit card could lower vacation costs

There are lots of ways to save money on your summer vacation. Go for one week instead of two. Drive instead of fly. Stay in a hotel with free breakfast and eat enough to last you until dinner.

But there’s another way to cut costs that won’t require you to stuff muffins in your purse. Pour yourself a cup of strong coffee and read your credit card agreement. While most cardholders are aware of their card’s airline miles and cash-back rewards, many are unaware that their credit card offers lots of other money-saving perks.

•Rental car insurance. Optional collision coverage could add $15 a day or more to the cost of your rental car. There’s a good chance, though, that your credit card will cover costs that aren’t covered by your personal auto insurance policy.

To qualify for this coverage, you must decline the insurance offered by the rental car agency. You must also pay 100% of the rental car costs with your credit card, says Bill Hardekopf, CEO of LowCards.com.

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Five proposals to solve $1 trillion college loan crisis

A college degree is supposed to pave the way to a better life. It didn't work out that way for Judith Tuck.

Tuck graduated from the University of Arizona in 1996 with a master's degree in rehabilitation counseling and $44,000 in student loans. She had every intention of keeping up with her loan payments, but after a series of low-wage jobs in her field, her debt began to snowball. Tuck, a 73-year-old widow, now owes more than $136,000. Her wages have been garnished and she faces losing everything, including her home.

"The only good thing about student loans is that the day I die my children will not have to pay for them," she says.

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Chrysler's U.S. sales gains driven by better vehicles, management

Chrysler Chairman and CEO Sergio Marchionne deliberately kept expectations low at the beginning of this year.

Aside from the low-volume SRT Viper, there would be only one all-new major vehicle introduction: the Dodge Dart.

Even so, Chrysler's U.S. sales through April have increased by a third -- nearly triple the industry average.

Left for dead just three years ago, Chrysler has gained market share -- 11.6% for the first four months, compared with 9.6% a year ago. Ford and General Motors, on the other hand, have lost ground as Asian automakers recover from last year's tsunami.

"Now we've got the (new) products, we've got the highest quarterly earnings in 13 years," said Reid Bigland, Chrysler's head of U.S. sales.

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U.S. Fed's balance sheet shrinks in latest week

May 17 (Reuters) - The U.S. Federal Reserve's balance sheet shrank in the latest week with reduced holdings of Treasuries and agency debt, Fed data released on Thursday showed.

The Fed's balance sheet - a broad gauge of its lending to the financial system - stood at $2.834 trillion on May 16, down from $2.847 trillion the previous week.

The Fed's holdings of Treasuries totaled $1.657 trillion as of Wednesday, versus $1.666 trillion the previous week.

The Fed's overnight direct loans to credit-worthy banks via its discount window averaged $10 million a day during the week from an average of $14 million a day in the prior week.

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Millennials use alternative financial services

Payday loans, check cashing and prepaid debit cards have found a new customer in the cash-strapped twentysomething.

Under-banked Millennials are using alternative financial services such as these at similar rates regardless of income level, according to a survey out today by Think Finance, which develops financial products for the under-banked.

Half of those in the lowest income group surveyed, earning less than $25,000 a year, said they used a prepaid debit card in the past year. That was the same percentage as the highest income bracket — $50,000 to $74,999 a year — says the survey of 640 under-banked Millennials.

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Senate sends Obama bill to renew Ex-Im Bank

(Reuters) - The Senate voted on Tuesday to renew the U.S. Export-Import Bank's charter through September 2014 and raise its lending cap to $140 billion, overcoming objections from conservative Republicans who wanted to shut the bank down.

The bill now goes to President Barack Obama, who said he would sign it and praised lawmakers from both parties for coming together to pass the bill.

"This important step will help American businesses create jobs here at home and sell their products around the world - all at no cost to taxpayers," Obama said in a statement.

The Senate voted 78-20 to approve the bill, just a few weeks before the bank's charter expires on May 31. Bank officials also warned they were close to reaching their current $100 billion lending cap because of record demand in recent years.

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Ally to Sell Non-U.S. Units as ResCap Goes Bankrupt

Ally Financial Inc. (ALLY) (ALLY), the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.

Ally is seeking to divest more than $30 billion of assets in Canada and Mexico as well as in Europe and South America, Carpenter said in an interview. The sales may allow Ally to repay two-thirds of the government rescue that left the U.S. Treasury Department with a 74 percent stake (ALLY), he said.

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Students lament debts as loan battle gains steam in Congress

DETROIT – Sean Doerr, like thousands of college graduates this spring, is trapped between a rock and a hard place.

To get a good job, he knew he needed a college degree. But getting it cost the 22-year-old Detroiter dearly. He graduated Thursday from the College for Creative Studies in Detroit with more than $85,000 in debt.

He's far from alone: Millions of Americans now owe more for student loans than credit cards. The loans can top $100,000 — even $200,000 — and often translate into payments of more than $1,000 a month.

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Deutsche Bank to pay $202 million U.S. mortgage settlement

(Reuters) - A Deutsche Bank AG (DBKGn.DE) mortgage unit has agreed to pay $202.3 million to settle one of the biggest U.S. government civil fraud lawsuits over reckless mortgage lending practices.

The bank's MortgageIT unit admitted it had lied to the U.S. Department of Housing and Urban Development (HUD) that loans it issued were eligible for federal mortgage insurance when they were not, the U.S. attorney's office in Manhattan said on Thursday. It said MortgageIT "repeatedly submitted certifications that were knowingly or recklessly false."

Deutsche Bank and MortgageIT did not conform to federal regulations and as a consequence, HUD incurred losses when about a third of the loans defaulted, Manhattan U.S. Attorney Preet Bharara said. He said the damages to be paid by the bank would help compensate HUD.

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Fannie Mae posts profit, abstains from new U.S. aid

(Reuters) - Fannie Mae (FNMA.OB), the largest backer of loans in the U.S. housing market, posted a profit on Wednesday and said it would not need more taxpayer aid for the first time since the height of the financial crisis in late 2008, when it was rescued by the government.

In a new sign that the U.S. housing market is on the mend, the mortgage giant posted a first-quarter profit of $2.7 billion. That was its best performance since being pushed to the verge of collapse by the U.S. housing crash and the surge in bad debts on its books.

Fannie Mae said it paid the Treasury $2.8 billion in dividends to the government, which owns nearly 80 percent of the firm.

The company has drawn a total of $117.1 billion in federal aid, fueling criticism from Republicans who want to end the taxpayer bailout and scale back the government's footprint in the mortgage market. So far, Fannie Mae has paid back $22.6 billion in the form of dividend payments to the Treasury.

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U.S. Ex-Im Bank, nearing House vote, OKs $2.95 billion loan

(Reuters) - The U.S. Export-Import Bank said on Tuesday it has approved a $2.95 billion loan to support U.S. exports for a major natural gas project in Australia, as lawmakers neared a vote on renewing the bank's charter through September 2014.

Bank officials said the direct loan for the Australian natural gas project will help support an estimated 11,000 U.S. jobs and is the second-largest single-project financing in the institution's nearly 80-year history.

Leaders in the House of Representatives reached a deal on Friday to keep the bank operating past May 31, when its current charter expires.

The bill is headed to the House floor on Wednesday under an expedited procedure that requires a two-third vote for approval. Leaders rarely place a bill on the so-called suspension calendar unless they are confident it has enough support.

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Priority Payday Loans Rebrands Site to Focus on US Market

In an effort to better reach American consumers, Priority Payday Loans recently introduced a rebranded version of the popular short-term lending resource.

LOS ANGELES, May 7, 2012 /PRNewswire via COMTEX/ -- Short-term financial resource Priority Payday Loans recently began focusing exclusively on American consumers. The site, reintroduced as USA.PriorityPaydayLoans.com, announced the rebranding initiative after reports indicated a rapidly changing overseas demand for short-term financial products. Since the launch, Priority Payday Loans is reporting a significant change in site interaction.

"We are excited to see such a positive reaction to our domestic rebranding initiative," Priority Payday Loans spokeswoman Michele Holbrook said. "The consumer interaction we are experiencing is much more targeted and our user base is expressing a higher level of satisfaction after the launch."

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House reaches agreement on Export-Import Bank

WASHINGTON (Reuters) - Leaders of the U.S. House of Representatives said on Friday they reached a bipartisan deal to reauthorize the U.S. Export-Import Bank through September 30, 2014, and gradually increase its lending cap to $140 billion from the current $100 billion.

The deal, negotiated by Republican House Majority Leader Eric Cantor and Democratic House Minority Whip Steny Hoyer came just weeks before the bank's temporary charter was set to expire.

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Freddie Mac posts profit, but needs $19 million in aid

WASHINGTON (Reuters) - Freddie Mac , the No. 2 provider of U.S. mortgage money, said on Thursday it will seek another $19 million in taxpayer aid after its quarterly profit failed to make up for a dividend payment to the government for its controlling stake.

The company has now drawn $72.3 billion from the U.S. Treasury since being seized by the government in 2008, and has returned $18.3 billion as the price for the taxpayer support.

It warned it was unlikely to generate enough profit to cover the dividend payments any time soon. The company's latest aid request compared to $146 million needed to stay afloat in the prior quarter.

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Citigroup Said to Raise $355 Million CLO for Aegon USA

Citigroup Inc. (C) (C) raised a $355.4 million collateralized loan obligation for Aegon USA Investment Management LLC, according to two people with knowledge of the deal.

The CLO, Cedar Funding Ltd., includes a $227.5 million slice rated AAA that pays a rate of 135 basis points more than the London interbank offered rate, said the people, who declined to be identified because the terms are private. The fund was increased in size from a target of $300 million, the people said.

There have been $9.9 billion of CLOs backed by widely syndicated loans raised this year, according to data compiled by Bloomberg. For the same time period last year, $1.6 billion of such funds were raised, according to the data.

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U.S. housing regulator fires back in mortgage flap

(Reuters) - The regulator for Fannie Mae and Freddie Mac fired back on Tuesday against claims from Democrats in Congress that he is standing in the way of letting the two U.S. housing finance giants forgive mortgage principal because of ideology.

In a sharply worded response to Elijah Cummings, the top Democrat on the House of Representatives Oversight Committee, Federal Housing Finance Agency Director Edward DeMarco defended his agency's position on loan write downs.

DeMarco has long maintained that allowing the two government-controlled mortgage firms to write down loan principal would needlessly drive up the costs of their taxpayer bailout, which has already reached more than $150 billion.

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GOP starts taking tactical cues from Romney

WASHINGTON (AP) – Now that Mitt Romney has emerged as the likely GOP presidential nominee, congressional Republicans increasingly are taking their cues from him even if it causes heartburn and grumbling among conservatives unhappy about having to beat a tactical retreat.

That dynamic was on full display last week as House Speaker John Boehner coped with the dust-up generated by President Obama over student loans and Senate GOP leader Mitch McConnell sidestepped Democratic attempts to brand Republicans as soft on the issue of violence against women.

It's a defensive game for Republicans, determined to avoid their stumbles last year when they lost the political battle over renewing Obama's payroll tax cut.

"Some folks in an election year would say you need to take tough issues off the table," said Rep. Rob Woodall, R-Ga. "Other folks in an election year say you need to bring your best solutions to the toughest issues, and I'm in that latter camp."

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If both parties want low rates on student loans, why the fight?

Who's playing politics on student loans? Answer: everybody.

On July 1, interest rates on federally subsidized Stafford student loans, held by 7.4 million Americans, will double from 3.4 percent to 6.8 percent.

A little background: Last week, Democrats figured the pending rise in student loan rates would be an excellent way to needle Republicans and rouse a key constituency: young voters (and perhaps their tuition-paying parents, too). Democrats figured that Republicans would blanch at spending the $6 billion it would take to extend the lower loan rate for another year. Moreover, they could again score points off one of their big bogeymen – the House budget authored by Rep. Paul Ryan (R) of Wisconsin, which did not extend past July 1 the lower rate on student loans.

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Want a job? Better get your credit score up

Having a good credit score can do more than help people get loans, it can also help them get a job. But a bad credit score can be a huge hurdle for people looking for work, according to Fox Business.

Checking credit scores of potential employees is pretty common in the U.S. Approximately 60 percent of employers look at the credit scores of at least some of their potential employees, according to the Society for Human Resource Management.

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Obama talks low loan rates in pitch to college students

CHAPEL HILL, N.C. – President Obama kicked off a two-day, three-stop tour of college campuses Tuesday with soaring speeches on student loan interest rates that quickly veered into an all-out appeal for students' support.

His likely Republican opponent in November, Mitt Romney, didn't wait for the president's visit here to make his own appeal to young people and to charge that Obama had failed them.

The give-and-take was typical of a fledgling general election campaign in which neither side allows an issue or a charge to go without an instant response. And it highlighted what will certainly be a crucial battleground in the fall for the hearts and minds of young people.

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U.S. March business loans up -ELFA

April 23 (Reuters) - U.S. companies stepped up borrowing to buy equipment in March, mainly to replace aging goods rather than for expansion, as a sluggish economic recovery puts a lid on new capital spending, the Equipment Leasing and Finance Association said on Monday.

Companies signed up for $6.8 billion in loans, leases and lines of credit in March, 10 percent more than $6.2 billion a year earlier, and 36 percent more than February's $5.0 billion, ELFA said.

Business borrowing has been growing at "recovery-like" rates for more than two years and the pace will likely be tempered without more significant economic growth, the group's Chief Executive William Sutton said in an interview.

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Half of new graduates are jobless or underemployed

WASHINGTON (AP) – The U.S. college class of 2012 is in for a rude welcome to the world of work.

A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.

Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans.

An analysis of government data conducted for the Associated Press lays bare the highly uneven prospects for holders of bachelor's degrees.

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Bank of America earns $653M in first quarter

NEW YORK – Bank of America said Thursday that it set aside less money to cover bad loans in the first three months of the year than it has since before the 2008 financial crisis.

The bank said it earned $653 million in the first quarter, or 3 cents per share. That included an accounting charge of 28 cents per share because the value of debt held by Bank of America (BAC) rose.

Without the accounting charge, Bank of America beat the estimate of 9 cents by Wall Street analysts polled by FactSet, a provider of financial data. The stock climbed in premarket trading.

Banks have to record an accounting charge when the value of their debt rises on the open market because it would cost the banks more in theory to buy back that debt.

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UPDATE 2-Geithner says U.S. plays key role helping Europe

WASHINGTON, April 18 (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday that the United States was playing a "central" role in helping Europe cope with its debt crisis and any suggestion that it was holding back from doing so was wrong.

Speaking at the Brookings Institution ahead of a series of meetings that will focus on Europe, Geithner said the IMF can raise money quickly if needed and pointed out that the Federal Reserve has opened currency swap lines to ensure European dollar liquidity.

The key issue for sessions that open Thursday with an informal gathering of Group of Seven rich countries is whether to further bolster the International Monetary Fund's resources so that it protect other nations against potential adverse spillover from Europe's woes.

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UPDATE 2-U.S. says EU must do what it takes to solve debt crisis

WASHINGTON, April 17 (Reuters) - Europe must commit to long-term reforms that strengthen its currency union, a senior U.S. Treasury Department official said on Tuesday, but she repeated the U.S. will not contribute more to the International Monetary Fund to contain the eurozone debt crisis.

Speaking ahead of a Group of 20 finance ministers' meeting on Friday, U.S. Treasury Under Secretary Lael Brainard said Europe will have to be flexible and ready to move toward greater fiscal integration in future.

"The path ahead obviously required them to address the longer-term contours of their union and ultimately address questions of fiscal integration," she said.

"The euro area will need to strike a careful balance to avoid a downward spiral of austerity and recession," Brainard said and it will take time to do so.

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More American workers sue employers for overtime pay

Americans were pushed to their limit in the recession and its aftermath as they worked longer hours, often for the same or less pay, after businesses laid off almost 9 million employees.

Now, many are striking back in court. Since the height of the recession in 2008, more workers across the nation have been suing employers under federal and state wage-and-hour laws. The number of lawsuits filed last year was up 32% vs. 2008, an increase that some experts partly attribute to a post-downturn austerity that pervaded the American workplace and artificially inflated U.S. productivity.

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Despite challenge, US pick favoured to lead World Bank

WASHINGTON, USA: Despite an unprecedented challenge from two developing-world candidates, Washington's 66-year lock on the World Bank presidency will almost certainly remain intact when directors meet Monday to fill the post.

Even after one of the challengers dropped out Friday to push his support to the other -- Nigerian Finance Minister Ngozi Okonjo-Iweala -- they won't be able to overcome US and European backing for the US nominee, health expert Jim Yong Kim, analysts say.

But the first-ever challenge to traditional American control of the job has signaled that, as with the International Monetary Fund, emerging economies are flexing their muscles for a bigger say in how the near seven-decade old institutions are run.

Bank directors say they aim for a consensus decision when they meet formally on Monday to replace current President Robert Zoellick, the former US diplomat incumbent who is leaving in June at the end of his five-year term.

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Rate on 30-year fixed mortgage falls to 3.88%

WASHINGTON – The average rate on the 30-year fixed mortgage dropped near its all-time low this week, making home-buying and refinancing a bargain for those who can qualify.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.88% from 3.98%. That's just above the rate of 3.87% reached in February, the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11% from 3.21% last week. The previous record of 3.13% was hit last month.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Last week's disappointing report on March job growth led more investors to sell stocks and buy Treasurys, which are considered safer investments. As demand for Treasurys increases, the yield falls.

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5 Method To Fix Your Credit Score

Today, now more than ever, you have to have a good credit history. Poor credit will help keep from obtaining a phone, utilities with your name, obtaining a condo and even obtaining insurance. You could find ways to fix your credit. This can be done easily and for free most of the time. A Bad Credit Score Loan services are pricey and might be prevented if you take these few steps to fix your low score.

5 Actions That Hurt Your Credit Report

Inquiries; In case you open a new account or obtain a loan or line of credit it puts an inquiry in your credit. Too many of this may lower your credit.


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Federal regulator may allow loan principal reductions

WASHINGTON – The federal regulator who oversees Fannie Mae and Freddie Mac is softening his position against allowing the mortgage giants to reduce the principal owed for U.S. homeowers at risk of foreclosure.

Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a speech Tuesday that the agency is considering whether to allow Fannie and Freddie to offer principal reductions. That's a subtle shift from his firm opposition to the concept.

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Small bank lending program shows progress-US Treasury

(Reuters) - The Treasury Department on Monday released a report to Congress on a $30 billion small business lending fund aimed at providing credit to community banks, which showed an increase in lending during the last three months of 2011.

The Small Business Lending Fund, which has provided federal capital to community banks with less than $10 billion in assets, gives incentives to participants to extend more loans to small companies as a way to spur growth.

Community banks and other participants increased lending by $1.3 billion in the final quarter of 2011 over the prior quarter, according to Treasury.

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