GAB with GEN Y

How to Save Your Pocketbook!

noreply@blogger.com (Gwen Oloto) — Thu, 19 Feb 2009 23:30:00 +0000

Did you know that if you maintain a credit score of 723 you are at an average level? But if your score falls lower you will pay higher interest rates (higher monthly payments).
That's why I would like to encourage those of you with lower scores to take the time to repair (build) your credit history. Make the effort to keep up with all your current monthly payments, and monitor the other factors that may have an influence on your history. You'll be glad you did.
Don't let your score get the better of you. With an average score or above, your score will work for you. So, what does your pocketbook say about you? With a better score you'll have more in it. Keep your credit score high and you'll pay less in interest over time. That way you can have more money to spend on whatever you choose.

What a budget means to me...

noreply@blogger.com (Sierra) — Tue, 17 Feb 2009 06:03:00 +0000

A budget is a way of saving money. It is sort of a lifestyle. One can spend frivolously or one can spend wisely by budgeting. I choose to live by a budget: every paycheck I put money aside for saving, I take care of my bills and I place my spurge money to the side for my hair, entertainment activities to have fun with and food. So far it has worked!

Without a budget, I would live paycheck to paycheck struggling to pay a bill. I would not have set savings amount, it would be awful! I would probably spend all my money on clothes and going out eating at restaurants. My life would be a wreck. The thought of not knowing how much money I have left in the bank at the end of the week….is financial ignorance.

I have adapted to the life of budgeting and I encourage others to practice a life of money management.

How Debt Effect Your Future

noreply@blogger.com (Sierra) — Tue, 17 Feb 2009 05:41:00 +0000

Debt is your identity. In the real word, you are not looked at as an individual, you are looked at as a number. Your credit score determines who you are in society. Debt affects your ability to purchase a house, a car or any other type of valuable property. When you go to finance anything, business people give you rates based upon your credit score. As young college students, we Gabbers need to watch what we spend our money on and start planning for the future by budgeting. Good credit equals a bright future….do you agree?

America's Money Crisis

noreply@blogger.com (Sierra) — Tue, 17 Feb 2009 03:26:00 +0000

In the year of 2009, we started out on the wrong foot going into a recession. “Time is money” says my friend Jasmine Huddleston, while she is in search of employment. Job lost statistics reach a record high since December 1974. The unemployment rate climbs 7.6% this month alone, in plain numbers that is 598,000 jobs slashed. Without people working, how will bills get paid? It is a chain effect, first people loose their jobs then, they loose their house and worldly processions after that they loose there self. Things are turning deadly with rising suicide and homicides rates due to job lost and depression.
Times are hard! We need to come up with a better way of budgeting our money, separating our needs from our wants. As a solution, millionaires that we support like rappers and actors should give back to their community. By these well known wealthy people, hosting free events to help raise awareness for the money crisis that we are in, people can save money, have fun and educate themselves. These events will help raise the spirits of many working and non-working American citizens.

The Benefits Of A Well Written Budget

noreply@blogger.com (Sierra) — Sun, 25 Jan 2009 18:53:00 +0000

Over the past week my car was broken into. Very unfortunate, right?

The criminal event caught me totally off guard. I have never been robbed before and for my first time; the robber whipped me out good. He stole all big ticket items that a college student need and cherish. I was robbed of my book bag, it is not just the fact that he went in my truck and stole my book bag but it was the things in it and the way a robber thinks. When he took it, he took all the books out and left them; including my Gabber book and my Gabber planner that I won at one of the SECU workshops. I made it very convenient for him because my backpack was on wheels. Thank god I took my lap top out that night because that would be gone too...if he would have stolen that, I don't know what I would do. In fact the robber stole all my cds, my GPS, my camcorder which was inside the back pack with my curling iron and other items that I am noticing slowly but surely. He busted out my whole passenger side window and ram sacked my car inside out, on one of the coldest nights in January. In the mist of writing up my police report, I did not cry at all. I am usually emotional but I was strong that night. I was shaken by the events but I was not worried at all about money and how I was going to get my window fixed.

This situation tapped into my savings money which came in handy. Ever paycheck when I am screaming to myself to have control seemed to pay off. For this situation, I used the money that I put aside and refused to spend over the course of many pay periods. I am glad I made a budget! With the money that I saved, I had well over enough to purchase a whole new window for my car and club the weekend away with my friends to dance my pain away. In light of the terrible event that took place with my car, the police caught my robber and retrieved some of my belongings. This situation taught me to clean my car out of valuable thing that I need but am not using and also encouraged me to keep saving money through a well written budget, because you never know when something major will happen and you will need recovery money to get yourself back on track.

Paying back loans

noreply@blogger.com (Abby Campbell) — Mon, 19 Jan 2009 02:06:00 +0000

This post is late but I guess better late than never right. I Thought I did a December post but as I was looking I realized I must have forgotten it, finals time was not a good time. Now that were into January and most of us starting off fresh with new classes for the new year why don't we talk about paying back those student loans.... don't run, it has to be done.

All loans have to be repaid its a sure thing that can't be changed unless you decide to teach and only in some cases will your loans be waived. Some student loans through the government such as Federal or Direct Stafford Loans have a six-month grace period. The grace period is a period of time after you graduate before you have to begin repayment. If you do not have one of these loans or do not have a grace period repayment of the loan usually begins within 60 days after the loan amount is fully disbursed. The good thing about the grace period with a subsidized Stafford loan is it is interest free. So if you pay back the loan within the grace period you will just be paying back the principal. If you wait until after the grace period your payments will be both interest and principal.

Most people face student loans today and many people have a lot of trouble paying back there loans which can cause a lot of financial trouble in the future. Defaulting on a loan can cause your credit score to drop and you could possibly be sued. It is very important to pay back the loans because we all know what happens when the credit score goes down.

My main point is that education is important yet very expensive but if you are wise with your money and try to keep up with the payments the loans will be gone before you know it.

Money Money Money

noreply@blogger.com (Danielle) — Wed, 14 Jan 2009 03:47:00 +0000

Hello GABbers!

Thanks to those of you who have been keeping up with your posts and comments.. I get them ALL via email by the way!! And of course we are watching!

Our next face to face meeting is Saturday January 24th starting at 11AM... read your email for location info.

You will all be stars as we tape your fabulous financial education skits.

ALSO, speaking of money, SECU has a special deal for those of you who currently do not have checking acocunts with us for $150 bucks, also there are a few other scholarship opportunities in March and April for $1000 or more.

Of course I am not going to talk about them here, but will on the 24th!

2 Places

noreply@blogger.com (Steven) — Mon, 05 Jan 2009 01:56:00 +0000

Hey Gabbers, how is the New Year treating everyone?

With today’s economy people are very cautious about where they put their money. Turning times like these people tend to take their money out of banks and actually put them into credit unions. Yet you should always have your money in at least two places. The reason is first having your money in two places makes it more difficult to get to your funds, which means easier for you to save.

Also as some of you may know I currently work for Tower Federal Credit Union, but just recently TFCU was doing an end of the year system check and the system, ATMs, and pretty much everything linked to TFCU was shut down for about 36 hours. Now for me not being able to use my debit card for a day was no problem. Yet I had no idea how many people were dependant on their bi-weekly paycheck for funds.

With having at least a small amount of funds in a separate financial institution you can always get to at least a little amount of cash no matter what.

Happy New Year Gen Y

noreply@blogger.com (Gwen Oloto) — Mon, 05 Jan 2009 00:56:00 +0000

You Can Improve Your Credit this Year

The New Year has started off great, and I’m glad to be moving forward into 2009. It’s a new beginning for us. Change has happened in America when voters took their stand with pride and elected our new president, whom many admire. Change can be hard and challenging. However, it’s all in how we approach it that is key. Some of us may jump right in and others take our time; some don’t face it at all. But I caution you not to take the latter approach in regards to improving your credit.

I did some research and came across some valuable information. Did you know that 60% of people smell their feet? No, just kidding! What I found is that 60% percent of us have a credit score of less than 750. Not having an excellent score is no big deal, but it shows that for most of us there’s room for improvement.

And who doesn’t want to improve? It’s so much fun! (I’m kidding again!) I realize this will not be true for some of us who just want to dig a hole in the ground and hide from our shortcomings. Just remember, think about improving your credit score as a work in progress. You can get to 750, with time.

First, take a look at the positive things in your credit history. Write them down. Next, write down those shoulda, coulda, wouldas, such as if only I had paid my bills on time … yatta, yatta. Now, take it all in (breathe), then let it all out (exhale). - No screaming allowed! - It’s a New Year. Let the New Year bring some welcome change.

This is an intensive process but with change as your goal, start with some small, less stressful, steps. And try to visualize your success. What will it take to get to where you want to be?

Take it a step further. Smell success. It isn’t a sour smell like your big toe, but as fresh as a breeze at the seashore!

Am I the only one with a "Holiday Headache"

noreply@blogger.com (Kim Poole) — Thu, 25 Dec 2008 05:25:00 +0000

Merry Christmas Gabber's & Friends,

It's about 12:27am on Christmas morning and I can't go to sleep. No, I'm not awaiting Santa!! LOL.. Atleast not this year... As I finish wrapping all of my gifts, suddenly I have mixed feelings about the red and green candy cane stripped boxes and bags underneath my tree. On one hand I'm "totally siked" about all the happy faces I'll see opening Ipods, digital camera's, and indiviual toe-socks. Yet, on the other hand...I think I should say "In" the other hand there is nothing. Zip, Zero! Every Christmas I "go broke" buying gifts and tokens for family and friends. Some years I even create debt by using department store credit cards.(Of course now that I am implementing my credit card restoration plan, Department store credit card over load is out of the question)

I watch CNN as they report that America is officially in a recession, in need of unemployment benefit extensions, and another economic stimulus package and yet there seems to be no drop in holiday sales. The malls where I shop were still just as crowded as usual on Christmas eve. How much do you spend each year on presents?

So, I sit awake... wishing that Santa Clause really had purchased all these presents. I just realized that the price of Christmas is giving me a Holiday Headache

T'was the night before College Scene 1

noreply@blogger.com (Kim Poole) — Thu, 25 Dec 2008 05:19:00 +0000

INT. Steve’s Bedroom - DAY

Narrator

Steve is alone in his bedroom packing up belongings to leave for college. He stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He begins to daydream about all the things he’ll buy once away from his penny-pinching parents that won’t allow him to wear the latest clothing or have an expensive car and doses off to sleep. Then, he awakes in a day-dream where he will meet three different characters that will educate him on the dangers of over spending and save his financial life.

He hears his favorite song on the radio and jumps off his bed to turn up the volume, sing along, and imitate a guitar player.

“Good Charlotte: Girls Don’t like Boys Girls like cars and money”

The door opens abruptly startling Steve, and the Ghost of Lil Wayna quickly enters the room. She walks directly to his radio and pushes power. Her face is stern as she looks into Steve’s eyes.

Steve
You scared me to death! Who are you, how did you get into my [Pausing] wait a minute, are you Lil Wayna?

Lil Wayna

Cha Ching Cha Ching Bling Bling

Who did you think I was

I’m the #1 stunner

Steve and Lil Wayna

Wah what wah What

Steve

Oh my Gosh! I love your music. I’ve always wanted to be the #1 stunner and bling bling like you and your crew. [Excited] Man you had Platinum Teeth, Gold rings, then gold fingers, and legs and then there was this thing on the news about you dying because you tried to make your heart gold and then… WAIT your dead your dead your dead your dead.. How did a dead person get in my room.. Oh my God.. Am I dead too

Lil Wayna
Chill-lax lil woody. Do I look dead to you. I’m here because I’m about to save my biggest fan from making a some big mistakes. Ya Heard me! Come on lil Whoody you got some stuff you need to see.

Steve
Where are we.. This isn’t my bedroom. How did I get here. Wait that’s me when I was younger. I’m getting beat up by that little rich kid bully that lived on our block. We’ve gotta go help me!

Lil Wayna
Slow ya role lil Whoody, They can’t see you. Your in the past.

Steve
But But, I need to help me [Pause] I don’t even know why that lil rich kid didn’t like me anyway. He had everything, all the latest games, gear, anything he wanted. I just don’t get it

Lil Wayna
Dah.. He was jealous of you fool.. He had all that money, but he didn’t have parents like yours that cared for a lil Whoody. He thought that you were rich… cha ching Material things can’t buy you happiness lil Whoody. Your parents tell you to budget cause they love ya

Steve
Your wrong lil Wayna, I’m not gonna be like you and have a golden heart transplant. My parents are just cheap and ordinary. When I get to college I’m gonna have all the girls and all the credit cards I need to keep them. All I’ve ever wanted to be was cool and rich like him, Cool and rich like him.. Cool and rich like him.. [Fades out]

INT. Steve’s Bedroom - DAY

Narrator

Steve seemingly wakes up from his day-dream in his bedroom and resumes packing up belongings to leave for college. He again stops packing for a moment and looks down at his visa envelop enclosing his new Pre-approved credit card. He ignores Lil Wayna’s advice about treasuring his parents budgeting habits etc and Sweet-N-Sour climb into his window.

Steve

Tell me I’m not still dreaming.. Who are you. First lil Wayna and now this.. I don’t even know who you are. Get out of my room

Sweet

I’m sweet

Sour

And I’m Sour

Steve

It was rhetorical.. I don’t care about your names.. I just want to know how you go in my room. No better yet, just leave

Come be a Star!

noreply@blogger.com (Danielle) — Fri, 12 Dec 2008 22:02:00 +0000

Tomorrow, Saturday December 13, is your chance to show us your stuff! Come equipped with ideas on how to best communicate your financial education topic to your peers in 3-5 minutes.

We will see you from 11AM-1PM, check your email for more details!

BONDS

noreply@blogger.com (Steven) — Sun, 30 Nov 2008 17:04:00 +0000

Hey GABbers, Once again I have another Idea about savings

So recently due to the economy people have been afraid to put their money in stocks, banks, even CDs. But there is one lender who will almost never go broke, The United States Government. While lead me to the topic of Federally Insured Bonds.

There are currently two types of bonds you can buy today, I bonds and EE bonds. Of course there were many other types of bonds available a few years ago, like the H bond or E bonds. But for right now let’s talk about the types of bonds that we can actually buy today.

First is the EE bond, now although these types of bonds are great for long term investments, many are give these as gifts. EE bonds are bought half of face value, so a $100 EE bonds is bought for only $50. Which is why these are perfect for gifts, they look like $100 when actually the buyer only paid $50. Now EE bonds will reach face value in about 17 years, and the APY is 1.3%. Again a good gift for a new born baby, because in 17 years those bonds will be worth their face value and its perfect timing for college.

Next am I bonds, which I personally think are a much better investment. I bonds are purchased at their face value. So a $100 I bond will be bought at $100. Yet these bonds tend to have much higher interest then EE bonds. The interest rates for I bonds do change twice a year and are determined by two things; a fixed rate set by the U.S. Treasury and the rate of inflation. Today an I bonds has an APY of 5.64%, much higher then the I bond and most CDs offered.

Now both I bonds and EE bonds must be head on to for one year before they are cashed in. And if they are cashed in before the bond reacts the age of five, you lose 3 months of interest. Yet after 5 years you are free and clear to cash the bonds at any time, and they will continue to earn interest for 30 years.

But effective January 1, 2008, each social security number is only able to buy $5,000 worth in bonds per year.

At most financial institutions you can purchase bonds, but another place to go is TreasuryDirect.gov

Make Reasonable Credit Goals

noreply@blogger.com (Gwen Oloto) — Thu, 20 Nov 2008 01:12:00 +0000

How many of us have goals that we have set to accomplish? Well, if so have you thought of making credit goals? If not, I have some fun steps that you can follow on your way to achievement.

Let’s be kind with ourselves if we made credit mistakes in the past. We can learn and move forward, right? Approach this as a learning process. Proceed by first taking a look at what we know we can fix in a small time frame such as two weeks or less. We will call this our personal short-term goals. Improving your credit can take months and so you also will want to set long-term credit goals.

First, “sit up straight” and think of what you like to achieve (credit wise) over the years. Then, write down all of your goals in a journal or on a sheet of paper. You can use the list to keep track of your progress. Put the goals in order from short-term effort to long-term effort. Begin with a goal that you are doing daily in the present.

Some examples might be:
Apply for a credit card with a low interest rate
Apply for a gas card
Apply for a share secured loan
Pay bills on time.
Pay at least the minimum balance due on credit cards.

Having both revolving and installment credit is a good way to build credit. Revolving credit is credit cards. Installment credit is things like car loans and student loans.

Then take your list little by little and start to check off or scratch out what you have finished. Next, write your accomplishments on a separate list and display it where it can be seen by others. That will give you confidence to start on another goal.

Be careful not to overwhelm yourself with goals that are too high. When you have trouble, look at some of the resources out there pertaining to meeting goals. It’s also good to have someone to encourage you to stick with your goals.

Keep in mind that you are doing this for your future. Gain as much knowledge as you can if you’re not sure about one of your goals because you don’t want to have wasted time on a goal that is not achievable.

Remember this is a learning process. Take it slowly. It’s not a race. Meet your goals in a time frame that works for you. Using visual reminders can help, and when you’ve met a goal, reward yourself! Maybe go out to eat. With persistence, your hard work and determination will pay off!

New Loan research...

noreply@blogger.com (Abby Campbell) — Fri, 14 Nov 2008 01:05:00 +0000

Hi everyone,

It was great seeing you this past week and hopefully we can see each other again soon! Now onto the fun stuff.

Well most would think that a loan is a sum of money you borrow from a bank or some kind of lender. Well this is true but there are several loans out there that require a down payment. For instance some companies make you put 20% down on a loan you are taking out. I kind of think this defeats the purpose because you are taking out a loan most likely because you don't have the money. If you have to have down payment, most people would not have enough money to take out the loan.

Now I can also see the good parts to this because most banks offer a lower interest rate if you put up a down payment. Also I can see that if a lender requires a down payment they can see you are going to be able to repay, at least in most cases.

What do you think? Is a down payment a good or bad idea?

Solution to America’s Financial Crisis

noreply@blogger.com (Sierra) — Mon, 10 Nov 2008 23:23:00 +0000

Saturday November 20, 2008, the Bush administration formally proposed to Congress the largest financial bailout in U.S. history. They requested the authority for the Treasury Department to buy up $700 billion in mortgage-related assets from financial institutions in the United States.

Less than three pages, the proposal was stunning for its demands. It would raise the national debt to $11.3 trillion dollars. Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill to negotiate these matters at hand.

If you ask me, this whole plan seemed like a clever way to transfer the bad debts of Wall Street into the obligations of American taxpayers.Key Democratic lawmakers made it clear that they were interested in including assurance for a program that would help troubled borrowers at risk of foreclosure.

In research, it is said that the government needs a bail out plan to clear the financial crisis.
If there continues to be no plan at all, American consumers, homeowners, taxpayers and more will all feel the impact. The risk of steep declines in the worldwide market poses a grave risk to all Americans, especially their retirement plans, college savings for children and their access to consumer credit including auto loans.

What are your opinions about the bailout plan?

November Meet and Eat

noreply@blogger.com (Danielle) — Mon, 10 Nov 2008 17:52:00 +0000

Hello!
It was great to see you all on Saturday! You had some excellent ideas on how to make the program even better. I am working on finding a date when we can start "filming our movie", or at least start working on scripts etc.

As promised, here are some pics!

THIS Saturday!!!

noreply@blogger.com (Danielle) — Mon, 03 Nov 2008 19:22:00 +0000

Hey GABbers,

Whoever responds first will get first dibs on what part of the Baltimore metro area we will have our next face-to-face meeting.

1. Baltimore City--fells point area
2. Glen Burnie
3. Towson
4. other ideas??

Remember its THIS Saturday, November 8

If marriage was a bussiness...

noreply@blogger.com (Kim Poole) — Sat, 01 Nov 2008 20:12:00 +0000

Wow Danni,
Your picture could have been the front cover of "My Big Fat Wedding" magazine!! (i.e. Carrie's wedding from 'Sex in the City') The black and white camera setting is absolutely magnificent:) In my opinion, marriage is similar to a business. Before I sign off on the (For better or for worst...) contract, I DO need to know your credit score(Do not put yourself in a situation where everything is in your name), I DO need to know your debt to income ratio(Once married, his/her debt becomes your debt), and I DO need a prenuptial agreement(just kidding...) Avoid a prenuptial agreement at all cost. As the investment cliche goes, "high risk, high return" and this agreement states loudly from one marriage-business partner to the other "I won't take a risk on your love." Pre-marital deficit....Not good

Any who, marriage is literally a business because once married your net worth and earning potential increases. (My source did not mention why, but if I had to guess I'd say a joint business venture is probably more successful than a sole proprietorship)

So, if marriage is a business than you need a detailed business plan and more importantly, a budget! To answer Danni's question... My wedding would have to be apart of the start up cost for our marriage-business. Sure, I'd prefer an extra house over a princess diamond cut platinum ring and a month long country hopping honeymoon over a $10,000 gown and pretty table decorations, but my ideal wedding definitely has a hefty price tag! You know that item on the menu at expensive restaurants that just says(market value) well that's how my wedding will be priced! But if I had to start the budget off it would look like this..

Month long honeymoon around the world = 50,000
3 bedroom summer house in Costa Rica = 200,000
Me for a life time = Priceless

"Oh yeah... love wouldn't be a bad marriage-business investment either...LOL"

Excuse to post wedding pics

noreply@blogger.com (Danielle) — Fri, 31 Oct 2008 20:51:00 +0000

Hey GABbers!!
Did you miss me??? Or maybe you forgot I was even gone! Anyway, I am back from my wedding and my honeymoon (and an extremely long road trip back from Minnesota)... and back to work!

I came back with a lot of fun gifts and memories, but there is also another thing that me and my new hubby came back with.. anyone? anyone?

NEW DEBT!!!!!!! AH!!!!!

It took us a while to reduce our credit card debt from past lives and lo and behold we are in uncomfortable territory. The good thing is, we have a plan and we'll be fine. We made the choice to splurge a little bit because it was our wedding. We probably didn't have to pay $800 for an Excursion Limo, $500 for a fairly small cake, $800 for a photo booth, $700 on cigars, $500 on hair for all the bridesmaids, 2nd dress for late night bar hopping.. and the list can go on.

So my question for you all.. if and when you choose to get married, how will you go about the potential massive cash that goes along with it?

1. Hope your family will pay for it

2. Start saving now--even if you don't know who you want to marry

3. Have a frugal wedding (think back yard BBQ)

4. Have a small wedding

5. Go all out---afterall this is your big day!!!
6. Splurge on a few things that you feel are important (examples please)

Thanks and its good to be back!!!

Retirement

noreply@blogger.com (Steven) — Tue, 28 Oct 2008 22:08:00 +0000

Hey Gabbers,

Okay so recently I looked at my 401K and wanted to cry. Pretty much 90 percent of my money was put into stocks. And for those of you that have been following how the stock make is going. Well lets just say it wasn't pretty. So I decide to look into other forms of saving for the old me.

Now i didn't know much about them before, but I started looking into IRAs. Individual Retirement Accounts. Now there are several different types of IRAs but the two main types i found were Traditional and Roth. Now they both are good, but depending on your income depends on which one is best for you.

Traditional IRAs is an account in which money is taken for your paycheck before taxes and place directly into a savings account. Now the funds are not takes when they are taken from your paycheck but are taxed when you withdraw them when you decide to retire (starting at 59.5 years old). Now the funds and interest will both be taxed but at that time you will be in a low tax bracket.Now Roth IRAs is money that as already been taxed. Yet the interest you earn through out the years is completely tax free.

Now you can put $5000 a year into an IRA account, and can not with draw it until you react retirement. Now starting to put money into IRA account early in life can save you several thousands of dollars, and save you for paying those horrible taxes.

It may seem early but saving for your future now will help in the long run.

Start Small

noreply@blogger.com (Gwen Oloto) — Fri, 24 Oct 2008 22:24:00 +0000

Hey GABbers,

How is everybody doing? I'm o.k.

My topic for my research was Establishing Credit. There are two ways I will discuss for building credit history.

The first way is by owning a cell phone and paying the charges on it each month. Many young adults may not realize they will be building their credit when they get a cell phone. So we may gain credit history in the working without even knowing. Your credit report will show details on how you've been paying your bills back and on time (and hopefully you have been).

The next way is also a great way to build your credit history. Apply for a credit card. Often you can get one with cheaper interest rates at a credit union. But you may need a co-signer. You and your co-signer will have to show proof of your income. As long as your co-signer can trust you to stay within an agreed-upon limit, you should have no problem.

A lot of young adults like to have a credit card to use instead of cash. Besides, having one helps to create some independence that we deserve and enjoy.

These are two simple things that will help us to establish a pattern of good credit history.

Focus group project

noreply@blogger.com (Abby Campbell) — Wed, 15 Oct 2008 15:15:00 +0000

I am working on the focus group project and surpisingly the credit union I have, has a whole page dedicated to young adults, now it is not as good as SECU's page it is decent and it has a good bit of information. The bank I had has a very difficult website to navigate and nothing seems to be avalible to young adults. I was very surprised actually, I thought the bank would cater to young adults more, I guess I figured banks are where most people start but I guess I was wrong.
I did a little more researching on a few other websites and I found the same results the credit unions had much more information than the banks did for young adults. I guess as long as you can get into a credit union that is a great start for young people they offer a lot of information and lots of good opportunities.
Overall both types of institutions probably offer great programs for young adults but the best way to attract young people is by having information online. Most people that I talk to say they do not like calling or going into businesses without researching online first. This being said most people probably pass right by a bank or credit union that does not offer information for young people online.

Credit 101: Journey to Financial Literacy Day 5

noreply@blogger.com (Kim Poole) — Mon, 06 Oct 2008 20:13:00 +0000

Good evening class,
Welcome to the fifth day on our journey to financial literacy. Today we will be transitioning into a new chapter of Credit. Today's class will demand copious note taking, as it will review our entire first chapter of credit reports. If you are serious about surviving this Great depression our economy has entered, than save this post in your documents as a record. No Farts and Giggles today class, we have a lot of review material to cover. Is your thinking cap on? Well here it goes

"Your credit report is an official record of money you have borrowed and repaid in the past, including information about late payments, criminal records and bankruptcy. You can see information about credit cards you have opened, loans you have taken out, and who has asked for your credit report.

Companies that loan money look at your credit report to determine your ability to pay back your debts on time. This is known as your credit rating.

It is important to know your history because:

Banks use that information to decide who gets loans
Landlords use it to decide who they will rent to
Employers can use it to decide whether or not to hire you

Key Terms:

Credit Bureau : a company that keeps track of people’s personal credit information. They build your credit report

Credit History: another word for your credit report

Credit Score : an actual number that banks and lending associations use to decide whether or not they want to lend you money. The score reflects your spending and repayment habits

Credit Report: your official record of borrowing and repaying, including information about late payments and bankruptcy
Identity Theft : pretending to be someone else by stealing their personal information. This is usually done to use someone else’s credit, or to blame them for a crime

you have the right to order a free copy of your own credit report every year from each of the three major credit bureaus below.

Experian
1-888-EXPERIAN (1-888-397-3742)
www.experian.com

Equifax
1-800-685-1111
www.equifax.com

Trans Union
1-800-888-4213
www.transunion.com

Order your copy online or call the Annual Credit Report Request Service (877) 322-8228.

LOOK OUT FOR SCAMS

Quick fixes: Beware of companies or services that promise to fix your credit quickly. They can be dishonest and expensive. No one can speed up the process. The only solution for credit problems is to get out of them by paying off your debt on time.
Debt restructuring: Never sign a contract or other "credit payment plan agreement" except with a reliable counseling service, such as a nonprofit. Be careful about agreeing to "debt restructuring plans." Their plans may lower your monthly payments but they will extend the length of time it will take to pay off all of your debts. Your total debt amount can grow from additional finance charges. Many people get deeper into debt after restructuring because they didn't understand the terms of the debt consolidation agreement.

Credit Fraud: Do not work with any agency that offers to change your Social Security number to get a new credit identity. Changing your Social Security number to avoid debt is fraud and a federal crime. A company that suggests for you to do that is performing an illegal activity. You could be arrested for following the company's advice. If a company offers to change your Social Security number, report it to the

What are the benefits of having a good credit rating?

A good credit rating:
Makes it easier to get loans with good terms
Makes it easier to get credit cards
Is important if you want to buy a home

A poor credit rating:
Makes it hard for you to get credit
Means you will probably pay higher interest rates on loans
Means you may be turned down for a job
Means you may not be able to rent an apartment

Getting your credit report is a good way to check for identity theft or errors. Check for the following:
Your personal information -- name, social security number, birthday, etc. -- is correct

Make sure all listed credit card reports are actually yours. This is where you can scan for identity theft if someone else has illegally opened an account with your name

Are there court orders against you?
Be sure you recognize past requests for your credit report. Make sure the requests come from companies with whom you usually do business.
If you find any mistakes, contact the credit bureau immediately. You could be saving yourself thousands of dollars or more just by requesting and reading your free report.

Fixing Credit Report Mistakes
If you see a mistake in your credit report, you should fix it right away. Here’s what you need to do.

1. Contact the credit bureau.
All 3 credit bureaus let you file a statement of dispute online or on the phone. The credit bureau will investigate the mistake.

Equifax: Call (800) 685-1111 or file online.
Experian: Call (888) 397-3742 or file online.
TransUnion: Call (800) 916-8800 or file online.

2. Contact the creditor that made the mistake.
If you think the credit company made a mistake in their reporting, you can contact them directly. They should have records for your entire account history. They can help you fix the problem.

3. Get your credit report from other credit bureaus to double check.
If one of the credit bureaus has mistakes, the other 2 probably have mistakes too. You can get free copies of your credit report to double check.

4. Make sure the mistake is fixed.
The credit bureau should respond within 1 month. If you haven’t heard from them, call. Make sure you get a free copy of the report with corrections. Double check the report when you get it!

5. Follow up with companies who saw the incorrect report.
Ask the credit bureau to send the updated version to creditors who saw your report during the last 6 months. If you tried to get insurance, call the company back and ask for another estimate. If the problem you fixed is important enough, you could get a better insurance score and lower insurance rates.

6. What to do when a mistake isn’t fixed:
If a credit bureau disagrees with your dispute and doesn’t make the correction, you can add a personal statement to your credit report. A personal statement is a short, written explanation of your side of the story. This statement is your chance to explain any credit problems on your report. It’s usually less than 100 words.
In some states, insurance companies are not allowed to use credit problems against you if you have a dispute and a personal statement on your credit report.

Helpful Hints
Have the credit report in front of you when you call. This will help you answer questions.
Get your records and statements together. If you know you’ve paid on time or in full, make copies of statements or canceled checks.
Make copies of everything you send to creditors or credit bureaus. Get proof from the post office through certified mail or priority mail. Keep copies of fax receipts.

DID YOU GET ALL THAT???????????

What a mouthful... Now be sure to copy and paste this infor into word for your future reference; you will need it for future homework assignments. Last class we discussed our Credit Report Restoration plan and the importance of step one and changing your thinking. Next post we will revisit this topic briefly before going into a broader look at Credit.

Class dismissed

Coupon Clipping Club

noreply@blogger.com (Kim Poole) — Mon, 06 Oct 2008 19:05:00 +0000

Press Release -

This Just In: On Monday October 6, 2008 the society of penny pinching college students have announced the induction of ABBY the GABBY into the Coupon Clipping Club. On behalf of us all, Welcome with a capital WE. Now that you are officially a member of the team, below we have given you the Sacred Saving Secrets Scroll for our Baltimore division. Prepare to find many free and discounted items all through our area. Be sure to share these saving tips with all of your blogging friends...

1. Baltimore Area entertainment Coupon Book -

Just a $25 purchase every year will save you hundreds of hard earned dollars. The Baltimore Entertainment Coupon Book can be purchased from a local school or community group all throughout the year. Savings for dining, shopping, travel, and entertainment can be found for most any business in the Baltimore metropolitan area.

2. www.Retail me not.com -

If you love shopping online, than www.retailmenot.com is for you. This Sacred Savings Secret has coupons and discounts for any store that allows online purchasing. Before you begin shopping on the internet, visit this site and watch the savings roll in.

3. Baltimore Free Store

Baltimore free store promotes recycling and reuse to help alleviate the traumas of poverty and to involve communities in work together to fill their own needs. For a store nearest and monthly calendar visit www.freestorebaltimore.org (who knew you could shop vintage for free!!)

4. Maryland Produce Giveaway Program -

A consistent supply of fresh foods – available from local community food providers or from direct distribution sites are located in different locations across the city. The best news... IT'S FREE ! To find a site new you email Harrison@ mdfoodbank.org, shaia@mdfoodbank.org or call 410-737-8282 ext 249

5. Free Legal Services -

The Legal Aid Bureau, Inc. is a private, non-profit, multi-funded law firm providing free legal services to low-income people statewide. Legal Aid serves Baltimore City and Maryland's 23 counties from 13 office locations. Legal Aid is an independent, 501(c)3 charitable organization that receives funding from federal, state and local governments, the United Way and other private sources.

6. Free Credit Counseling -

This post just wouldn't be a Kim Poole post if it had no information about credit! So course here is a resource for free credit counseling and restoration. www.beehive.org

7. Baltimore Free University -

The formerly known Baltimore Free University is now offering classes. Now known as the Baltimore Lyceum, classes are held at John Hopkins university campus all year long. If your a Renaissance man/women and you love to learn on a budget, this is the school for you. To register, visit the Village Learning place at 2521 ST Paul st. Baltimore MD

8. Free Fall Baltimore -

Right now Baltimore's vibrant cultural community is busy making plans to offer another full month of unique and free arts experiences for all to enjoy during October 2008. Get ready to be inspired by musical performances, theater, film, workshops, dance, lectures, and museums - a showcase of all the best of Baltimore's creative community and all for free. Visit www.freefallbaltimore.com for a calendar of events

9. Local Dry Cleaners -

Hey, did you know that every dry cleaner gives away clothing that people never come back to get...

10. IDA Accounts -

Ok, so you knew about all these sacred savings secrets already... I bet you didn't know that the government gave out free money. Thats right FREE money. There are many IDA accounts across the country that offer a monetary match for young adults looking to jump start thier finances. If this is you... Google it!

So... Now you think you night want to join the Coupon Clipping Club!!! Well let us know what sacred saving secrets you have and we might consider it! LOL