Credit Limit – Sznurki http://www.sznurki.net/ Thu, 09 Jun 2022 17:50:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.sznurki.net/wp-content/uploads/2021/04/sznurki-icon-150x150.png Credit Limit – Sznurki http://www.sznurki.net/ 32 32 CFPB Continues Review of Algorithmic Technology | Alston and bird https://www.sznurki.net/cfpb-continues-review-of-algorithmic-technology-alston-and-bird/ Thu, 09 Jun 2022 17:50:35 +0000 https://www.sznurki.net/cfpb-continues-review-of-algorithmic-technology-alston-and-bird/

On May 26, 2022, the Consumer Financial Protection Bureau issued a Circular on consumer financial protection stipulating that creditors using algorithmic tools in credit decisions must provide “statements of specific reasons to applicants against whom adverse action is taken” in accordance with the ECOA and Regulation B. The CFPB previously stated that the circulars are policy statements intended to “provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to administer federal consumer finance law”. The circular in question posits that certain complex algorithms constitute an uninterpretable “black box”, which makes it difficult, if not impossible, to identify with precision the specific reasons for the refusal of credit or the taking of other adverse measures. The CFPB concluded that “[a] The creditor cannot justify non-compliance with ECOA and Regulation B requirements based on the simple fact that the technology it uses to assess claims is too complicated or opaque to understand. »

This latest circular follows a proposal by the CFPB regarding the revision of the AI ​​used in automated valuation models (“AVM”). As we noted in our previous post on this topic, the CFPB has stated that certain algorithmic systems could potentially violate the ECOA and its regulations (“Regulation B”). In this preview of proposals Regarding data capture, the CFPB recognized that some machine learning algorithms can often be too “opaque” for auditing. The CFPB further hypothesized that algorithmic models “may reproduce historical patterns of discrimination or introduce new forms of discrimination due to the way a model is designed, implemented, and used.”

In accordance with Regulation B, a statement of the reasons for the adverse action taken “must be specific and state the primary reason(s) for the adverse action. Statements that the adverse action was based on the creditor’s internal standards or policies or that the plaintiff, co-plaintiff or similar party did not achieve a qualifying score on the creditor’s credit reporting system are insufficient . In the circular, the CFPB reiterated that by using model disclosure forms, “if the reasons listed on the forms are not the factors actually used, a creditor will not satisfy the notification requirement by simply checking the closest identifiable factor listed”. In other related advisory opinion, the CFPB earlier this month also asserted that the provisions of ECOA and Reg B apply not only to applicants for credit, but also to those who have already received credit. This position echoes the Bureau’s previous position amicus brief on the same subject filed in John Fralish vs. Bank of Am., NA, ns. 21-2846(L), 21-2999 (7th Cir.). As a result, the CFPB says the ECOA requires lenders to provide “notices of adverse action” to borrowers with existing credit. For example, the CFPB says the ECOA prohibits lenders from lowering the credit limit on certain borrowers’ accounts or subjecting certain borrowers to more aggressive collection practices on a prohibited basis, such as race.

The most recent CFPB circular signals a less favorable view of AI technology compared to previous Bureau statements. In a July 2020 blog post, the CFPB highlighted the consumer benefits of using AI or machine learning in credit underwriting, noting that it “has the potential to expand access to credit by enabling lenders to assess the creditworthiness of some of the millions of consumers who are not rated using traditional underwriting techniques.” The CFPB also acknowledged that uncertainty regarding the existing regulatory framework may slow the adoption of such technology.At the time, the CFPB indicated that the ECOA maintained a level of “flexibility” and believed that ‘”A creditor need not describe how or why a disclosed factor adversely affected a claim…or, for credit reporting systems, how the factor relates to creditworthiness. In that previous article, the CFPB concluded that “a creditor may disclose a reason for denial even though the relationship between that disclosed factor and the prediction of creditworthiness may not be clear to the applicant. This flexibility may be helpful to creditors when issuing adverse action notices based on AI models where the variables and the main reasons are known, but which may be based on non-intuitive relationships.This message also highlighted the policy of Bureau’s no-action letter and compliance assistance sandbox policy as tools to help provide a haven for AI development. recent statement, the CFPB has criticized these programs as ineffective and it appears that these programs are no longer a priority for the Bureau. Similarly, this previous blog post now includes a disclaimer stating that it “provides an incomplete description of the ECOA Adverse Action Notice and Regulation B requirements, which apply from the same way to all credit decisions, regardless of the technology used to make them.ECOA and Regulation B do not allow creditors to use technology for which they cannot provide specific reasons for actions The disclaimer directs readers to the recent CFPB circular, which provides more information. This latest update makes it clear that the CFPB will look closely at the underpinnings of systems using such technology and demand explanations. detailed for their findings.

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]]> This was my smartest investment decision https://www.sznurki.net/this-was-my-smartest-investment-decision/ Sun, 05 Jun 2022 11:00:37 +0000 https://www.sznurki.net/this-was-my-smartest-investment-decision/

Image source: Getty Images

I’m not very good at picking stocks, nor am I interested in learning how to pick companies to invest in. That’s why I chose a brokerage firm which offers many different exchange traded funds. With the ETFs in which my broker allows me to investI can get equity exposure by buying an S&P 500 index fund that invests my money in about 500 major US companies.

But while I don’t invest in many individual stocks, I recognize that index investing will not allow me to beat the market and will limit my potential returns. Since I want to maximize the chances of earning lots of investment income to grow my wealth, I want to buy stocks of companies that might perform well.

The good news is that I devised a strategy to do this that really paid off. And taking my approach ended up being the smartest investment move I’ve ever made.

This is how I invest in companies

Although I don’t invest often, I have done well with the investments I have made. And I believe there is a simple reason for that.

You see, I buy stocks in companies that I personally use, understand well, and believe have a competitive advantage based on my personal experience with them.

If I use a product or service that I believe stands out from competitors because it is easier or more intuitive to use, more affordable, or otherwise superior in some measurable way, then I will generally consider whether that benefit perceived competitiveness is one that other companies could easily replicate. If not, and if the features I like seem to provide a significantly better customer experience, I will often check to see if the company is publicly traded. If I find out that is the case, I will buy shares.

Fortunately, it has become easier than ever for me to do so thanks to fractional shares and the elimination of commissions. I don’t need to spend a lot of money to buy shares of a company just because I like their product. I can simply decide how much money I’m comfortable investing and buy how many whole or partial shares I can afford with that amount. And I don’t pay a commission for doing it.

Here’s why this approach paid off for me

Investing can be complicated, but it doesn’t have to be. Most people are very familiar with the companies they do business with and often choose them wisely after doing some research. If you understand if a business has a competitive advantage and if that advantage is likely to be sustainable, it can have a huge impact on the likelihood that the business will end up being successful in the long run.

Now, if I was investing all or even most of my money in individual stocks, I would probably want – and need – to do more research. And if you’re betting your entire financial future on buying stocks in individual companies, you’ll probably want to take steps to become a smarter investor.

But if you have a little extra cash and want to try investing in a business that you personally like, this decision might work out just as it has for me over time.

Check out The Ascent’s Best Stock Brokers for 2022

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. christy bieber has no position in the stocks mentioned. The Motley Fool recommends Discover Financial Services and Intuit. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Credit Utilization Rate FAQ: Clearing Up the Confusion https://www.sznurki.net/credit-utilization-rate-faq-clearing-up-the-confusion/ Fri, 03 Jun 2022 18:20:19 +0000 https://www.sznurki.net/credit-utilization-rate-faq-clearing-up-the-confusion/ Credit Utilization Rate: An insight into the secret that credit card companies would prefer you didn’t know. (The more you spend and don’t repay, the lower your credit score.)

Let’s say you have a $5,000 limit on your credit card. If you’re carrying more than $1,500 in fees month over month, which isn’t a good idea to begin with, it will likely cause your credit score to drop. That’s even if you pay on time every time. And not only will you have to pay interest on the charges that were deferred, but the ground you lost on your score could take a while to rebound.

Indeed, when you use more than 30% of a line of credit, it seems much less attractive to credit bureaus than, say, if you only use 10% or less of what is available. Logic? Maybe. Distressing for those looking for ways to boost their score before applying for more credit before a major purchase? Absolutely.

Your credit utilization ratio is the amount of credit you’ve used compared to the amount of credit you have, says Beverly Harzog, credit card expert and consumer credit analyst for US News & World Report: “It is important to know this because your credit usage represents 30% of your FICO score. To avoid damaging your credit score, your ratio must be below 30%. But consumers with high credit scores tend to have ratios below 10%.

When it comes to credit, the rules are not always intuitive. A majority of Americans, according to a recent US News & World Reports survey, say they don’t really understand how usage rate affects the triple-digit score that impacts so much else. In the December 2021 report, around 24% of respondents say a higher ratio is better (it’s not) and almost 36% admit they didn’t know one way or another. another one.

Here are some ideas from credit experts to reduce your credit utilization rate so you can start increasing your credit score:

Stop using your credit cards

“Credit usage is so critical to your credit score and it’s extremely important for consumers to get it under control,” says Bill Hardekopf with MoneyCrashers. That’s why his first suggestion for reducing your usage rate is to immediately put the plastic away and start paying with cash or debit card.

Request a credit limit increase

Research shows that at least 50% of credit card holders have never asked for their credit limit to be increased, Harzog says. So if you haven’t asked for a bump in a few years, or ever, there’s no better time than the present. If the answer is yes, increasing your credit limit should immediately lower your utilization rate. Remember, though, not to spend any more money on your credit card, which could eat up your new credit and defeat the purpose of asking for the raise in the first place.

Request a new card

It may sound far-fetched, says Hardekopf, but those with good credit can apply for a new card and, if approved, put it away in a safe place, but not spend: “I wouldn’t ask for a bunch of new cards, but You can get more credit (and a lower utilization rate) by getting more credit and not using it. Coming out of the worst part of the pandemic, he says, credit card issuers are competing for new customers.

Even if you plan to use a new card sparingly, be sure to shop around for the best rate. If you find one with a zero introductory APR, you can use it to transfer the balance from a higher card, which may not immediately impact your usage rate, but it may reduce your payments.

Make micropayments

While some people might think you can only pay your credit card bills once a month, that’s not true for most accounts. “You can actually make multiple payments on your credit card bill throughout the month,” Hardekopf notes. When you make additional payments, it reduces your balance, of course, and the amount of interest you’ll be charged if you’re not within a grace period.

Pay the balance before the closing date

Ultimately, the best way to keep utilization low is to pay off the balance at the beginning of each month, says John Ulzheimer, president of The Ulzheimer Group“You need to get your statement balance as low as possible, if not zero,” he says. “The way to do this is to pay your balance before your statement closing date. This way, your statement balance is zero and this is what will be reflected on your credit reports. »

LEARN MORE:

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Credit card spending rises as inflation soars https://www.sznurki.net/credit-card-spending-rises-as-inflation-soars/ Thu, 02 Jun 2022 09:00:00 +0000 https://www.sznurki.net/credit-card-spending-rises-as-inflation-soars/

TORONTO, June 02, 2022 (GLOBE NEWSWIRE) — Consumer reliance on credit cards is growing, with average monthly credit card spending rising 17.5% in the first quarter of 2022 from lows in the first quarter of 2021, according to the latest Market Pulse report on consumer credit trends and outlook. Ontario saw the largest increase in credit card spending (up 20.4%), followed by Quebec (18.4%) over the same period last year.

“Pent-up demand and increased travel with the easing of COVID restrictions, combined with soaring inflation, has led to some of the largest increases in credit card spending we have ever seen. Unfortunately for consumers, this is also at a time when the Bank of Canada is raising interest rates,” said Rebecca Oakes, vice president of advanced analytics at Equifax Canada. “Across all age groups, Gen Z and Millennials are the fastest growing consumer spenders. With gasoline and food prices increasing at a rate higher than overall inflation, it is very important for consumers to review their budget allocations.

The volume of new cards increased by 31.2% compared to the first quarter of 2021 and by 5.1% compared to the first quarter of 2020. Lenders are offering higher credit limits to consumers on new credit cards, the average credit limit on new cards this quarter exceeding $5,500, the highest in seven years.

Overall credit card balances increased 9.5% this quarter compared to the first quarter of 2021 and 2.4% compared to last quarter. This is the largest year-over-year increase in credit card balances since the start of the pandemic, but these balances have yet to reach pre-pandemic levels.

Total consumer debt continues to grow
Total consumer debt increased by 8.6% in the first quarter of 2022, reaching $2.3 trillion over the past 12 months. On an individual basis, average consumer debt (excluding mortgages) is now $20,744, an increase of 1.5% from Q1 2021. This is the first year-on-year increase in the other since 2019.

New car financing and comparable bank loan* volumes were down 1.1% and 6.4% year-on-year, respectively. However, high car prices continue to drive up the average loan size for new cars ($26,000) and comparable bank loans ($31,000) by 5.9% and 10.2%.

Housing market shows steep decline from 2021 highs
Multiple interest rate hikes coupled with seasonality pushed new mortgage volume down 13.2% this quarter from highs in Q1 2021, but levels are still above pre-pandemic numbers . New HELOCs also posted a seasonal decline, but remained 6.6% higher compared to the first quarter of 2021. Some of the largest declines were seen in the hottest housing markets, Ontario and Colombia. -British, with 15.7% and 17.6% year-on-year. decline in the volume of new mortgages.

“First-time home buyers are feeling the heat from rising interest rates,” Oakes said. “Despite some stabilization in house prices, the Bank of Canada’s interest rate hikes are reducing consumer affordability. First-time home buyers not only take out larger loans, but with high interest rates, they also pay more in monthly installments, unlike early 2021 first-time buyers who enjoyed lower rates and payments.

The volume of first-time buyers fell 16.1% in the first quarter of 2022 compared to the first quarter of 2021. As first-time home buyers struggle to find an affordable price, the proportion of consumers with multiple loans mortgages continue to rise. Nationally, 17% of consumers have more than one active mortgage in Q1 2022, up 2.5% from Q1 2021 and 9.3% from the interest rate period high in Q1 2018.

Slight increases in non-mortgage default rates
The 90+ day non-mortgage default rate rose to 0.88%, up 2.1% from last quarter, but still 15.7% lower than Q1 2021. Early signs of stress are more visible among younger consumers, with non-mortgage default rates up 20.9% and 5.1% from last quarter for those under 25 and 25-34, respectively. Credit cards, car and bank loans are the first products for which delinquencies have started to increase quarter on quarter.

“While overall delinquency rates are still well below pre-pandemic levels, we expect a steady increase in delinquency through the end of the year,” Oakes said. “The good news is that we are still below pre-pandemic levels for missed payments for consumers. However, increased credit card spending and potential credit dependency for consumer products necessities can lead to increased stress in the months to come.

Age group analysis – Debt and delinquency rate (excluding mortgages)

Medium
Debt
(Q1 2022)
Change in average debt
Year after year
(Q1 2022 vs. Q1 2021)
Delinquency
Assess

(Q1 2022)
Change in delinquency rate
Year after year
(Q1 2022 vs. Q1 2021)
18-25 $8,129 -4.09% 1.37% -3.71%
26-35 $16,832 2.83% 1.27% -14.53%
36-45 $25,084 3.57% 0.97% -18.09%
46-55 $31,442 2.82% 0.72% -19.48%
56-65 $26,165 1.12% 0.66% -17.01%
65+ $14,386 0.35% 0.79% -12.35%
Canada $20,744 1.54% 0.88% -15.66%

Analysis of major cities – Debt and delinquency rate (excluding mortgages)

Town Average debt
(Q1 2022)
Change in average debt
Year after year
(Q1 2022 vs. Q1 2021)
Delinquency
Assess

(Q1 2022)
Change in delinquency rate
Year after year
(Q1 2022 vs. Q1 2021)
Calgary $24,987 -1.22% 1.13% -13.30%
Edmonton $24,259 -1.13% 1.36% -11.68%
Halifax $20,822 -1.68% 0.96% -20.61%
Montreal $15,999 5.01% 0.76% -18.57%
Ottawa $18,454 2.70% 0.78% -18.82%
Toronto $19,904 4.65% 1.06% -15.71%
Vancouver $22,449 3.64% 0.64% -18.76%
St. John’s $23,553 -0.63% 1.10% -20.86%
Fort McMurray $37,320 -1.16% 1.55% -9.51%

Provincial analysis -Debt and delinquency rate (excluding mortgages)

Province Average debt
(Q1 2022)
Change in average debt
Year after year
(Q1 2022 vs. Q1 2021)
Delinquency
Assess

(Q1 2022)
Change in delinquency rate
Year after year
(Q1 2022 vs. Q1 2021)
Ontario $20,878 2.87% 0.83% -17.20%
Quebec $17,989 2.40% 0.60% -15.10%
New Scotland $20,568 -2.02% 1.14% -16.12%
New Brunswick $21,728 -2.55% 1.25% -15.61%
PEI $21,916 0.41% 0.78% -24.49%
Newfoundland $22,792 -0.55% 1.16% -18.97%
eastern region $21,492 -1.72% 1.16% -17.05%
alberta $25,051 -1.39% 1.27% -13.22%
Manitoba $16,670 -1.34% 1.13% -4.23%
Saskatchewan $22,269 -1.80% 1.21% -11.24%
British Columbia $21,616 2.35% 0.76% -15.83%
Western region $22,392 0.16% 1.03% -13.61%
Canada $20,744 1.54% 0.88% -15.66%

* Comparable bank loans are installment loans with limits between $5,000 and $100,000
** Based on Equifax data for Q1 2022

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make critical decisions with greater trust. Our unique blend of differentiated data, analytics and cloud technology generates insights to support decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia-Pacific region. For more information, visit Equifax.ca.

]]> United Laboratories raises credit limit with Bank of China https://www.sznurki.net/united-laboratories-raises-credit-limit-with-bank-of-china/ Tue, 31 May 2022 10:15:01 +0000 https://www.sznurki.net/united-laboratories-raises-credit-limit-with-bank-of-china/







Newswires MT 2022

All news from THE UNITED LABORATORIES INTERNATIONAL HOLDINGS LIMITED

2022 sales 12,638 million
1,610 million
1,610 million
2022 net income 1,402 million
179M
179M
Net cash 2022 2,647 million
337M
337M
PER 2022 ratio 4.87x
2022 return 2.97%
Capitalization 6,731 million
858M
858 million
EV / Sales 2022 0.32x
EV / Sales 2023 0.23x
# of employees 13,300
Floating 49.3%

Chart THE UNITED LABORATORIES INTERNATIONAL HOLDINGS LIMITED


Duration :

Period :




United Laboratories International Holdings Limited Technical Analysis Chart |  MarketScreener

Trends in Technical Analysis THE UNITED LABORATORIES INTERNATIONAL HOLDINGS LIMITED

Short term Middle term Long term
Tendencies Bearish Bearish Bearish



Evolution of the income statement

Sale

To buy

Medium consensus TO BUY
Number of analysts 9
Last closing price HK$3.72
Average target price HK$6.49
Average Spread / Target 74.3%


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Vietnam International Commercial Joint Stock Bank: Launch of the brand new MyVIB 2.0 application – The bank beyond the numbers https://www.sznurki.net/vietnam-international-commercial-joint-stock-bank-launch-of-the-brand-new-myvib-2-0-application-the-bank-beyond-the-numbers/ Sun, 29 May 2022 09:36:01 +0000 https://www.sznurki.net/vietnam-international-commercial-joint-stock-bank-launch-of-the-brand-new-myvib-2-0-application-the-bank-beyond-the-numbers/

VIB Bank would like to introduce a new mobile banking application – MyVIB 2.0, with brand new features on digital banking in Vietnam.

By making great efforts and investing in the development of MyVIB 2.0, VIB expects to deliver an extraordinary customer experience that exceeds the standard of most digital banking applications.

augmented reality technology
– VIB is the first bank in Vietnam to apply augmented reality technology in a mobile banking app

– Easily manage cards/accounts as well as intuitive guidance system to nearest VIB/ATM branch
– Provide promotions scanned to find nearby promotions for VIB customers


Confirmed by Vietnam Records Organization VietKings
AI Voice Banking functionality
– Perform hands-free transactions anytime, anywhere

– Recharge mobile services/wallet for yourself or others by voice command
– Request to lock/unlock one or all cards and all accounts in the blink of an eye
Friendship Zone Community
– Bypass one-way transactions to bring more login experiences among VIB users

– Easily forward or share your bills with friends and loved ones
– Receive reward coins through MyVIB 2.0 Friendzone referral program
Over 100 services and features in a single mobile app
– Manage accounts, cards and loans securely and conveniently
– Allow users to sign up for cards, savings accounts, purchase insurance, pay bills online… right on the app
– Bring banking stocks to your favorite chat channels with MyVIB Keyboard
– Easily submit a request for a higher credit limit
– Enable cashless transaction via QR code payment function

– Monthly payment is simplified thanks to the automatic bill payment method
– Convert accumulated MyVIB reward coins for QR payment, bill payment or e-voucher at 200+ VIB partners
Free Service Fee Offers
– Free Digi account opening and annual service fee

– Free issue and transport costs for VIB credit cards and VIB iCard
– All VIB iCard fees free for the first year, including transaction fees, service fees, foreign currency transaction fees, foreign ATM withdrawal fees…
Achieve 02 Vietnam records in 2022
MyVIB 2.0 has received confirmation from the Vietnam Records Association for 2 Vietnam Records:


– The first bank in Vietnam to provide augmented reality technology on MyVIB 2.0 mobile banking app

– MyVIB 2.0 – The First Cloud Native Mobile Banking App in Vietnam

MyVIB 2.0 is now available on iOS and Android. Download now to explore and earn 800,000 VNĐ! Disclaimer VIB – Vietnam International Joint Stock Commercial Bank published this content on May 29, 2022and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on

May 29, 2022 09:35:01 UTC.

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The Truth About The 15/3 Credit Card Hack Is It Doesn’t Help Your Credit, But Here’s What It Does https://www.sznurki.net/the-truth-about-the-15-3-credit-card-hack-is-it-doesnt-help-your-credit-but-heres-what-it-does/ Wed, 25 May 2022 09:01:00 +0000 https://www.sznurki.net/the-truth-about-the-15-3-credit-card-hack-is-it-doesnt-help-your-credit-but-heres-what-it-does/ Sometimes a grain of truth in a financial matter can turn into something simply misleading. One example is the 15/3 credit card payment trick – or hack – that you may have seen touted on the internet and social media as a secret tactic to improve bad or poor credit.

The 15/3 hack claims that you can dramatically improve your credit score by making half of your credit card payment 15 days before your account statement is due and the other half payment three days before.

The problem is that it doesn’t work.

“Every few years, nonsense like this gets bigger, but there’s no truth to it,” John Ulzheimer, an Atlanta-based credit expert, said in an email. . Ulzheimer worked for FICO FICO,
-1.98%
and Equifax EFX credit bureau,
-2.58%.

The number of payments you make in a credit card billing cycle – a month – doesn’t help your number of on-time payments, a factor in widely used credit scoring models. You will get credit for only one one-time payment during that month. And there’s nothing magical about 15 days and three days before your due date. In fact, it is then too late. At 15 days before your due date, your statement is already closed and your credit card company has probably already reported your information to the credit bureaus.

What is true about credit card payments and what can help? Make multiple payments in a month could temporarily improve your credit scores by making it look like you’re using less credit, but not in the way described by the 15/3 hack.

What the 15/3 credit hack claims

Many YouTubers, blog posts, and short videos on TikTok claim that 15/3 is a surefire secret way to boost credit scores.

We have not been able to identify the author of the 15/3 credit card payment method, but that is usually how it is told in these spaces. Your credit scores will increase significantly if you:

  • Make half payment 15 days before the expiry date of your credit card. If your payment is due on the 15th of the month, pay it on the 1st.

  • Pay the second half three days before the due date.

Some versions of Rule 15/3 change the statement closing date to the payment due date. The statement closing date is approximately three weeks before the payment due date. Targeting the closing date could mean making three payments.

  • Make a payment 15 days before the statement closing date. (Not necessarily half because you don’t know what half is yet. You’re still using the card during the billing cycle.)

  • Make a payment three days before the statement closing date.

  • Pay off anything left over after the statement closing date but before the due date so you don’t pay late fees or interest. This amount would be the amount you charged during the last three days of the billing cycle.

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Why the 15/3 credit hack is fake

The main problems with the 15/3 hack:

  • Incorrect date peg. Typically, on or around your statement closing date (not the payment due date), your credit card company reports to the credit bureau or bureaus with information such as your balance and credit limit. He only does it once a month. Your due date comes about three weeks after that. Targeting the due date therefore makes no sense. Making a payment 15 days and three days before the credit card’s due date, as the 15/3 hack suggests, is too late to influence credit reports for that billing cycle.

  • Multi-payment myth. You don’t get extra credit, so to speak, if you make two payments instead of one or if you make a prepayment. Your creditor only reports to the bureaus once a month.

  • 15/3 is random. If you use the 15/3 definition to peg payments to your closing date, this can help, for reasons we’ll discuss below. But 15 and 3 are irrelevant. You might as well make a one-time payment before the closing date. The creditor simply reports your balance at the end of the billing cycle.

“It is irrelevant when you make the payment or payments prior to the reporting closing date,” Ulzheimer said. “You can make a payment every day if you want. Fifteen and three days is no different than paying a day or two before the statement closing date.

Lily: More and more American subprime borrowers are not repaying their loans

What is the truth ?

The grain of truth in the 15/3 hack is that use of credit account for credit ratings.

Credit usage is simply the amount of credit you use compared to the amount of credit you have. Scoring models give you a higher score if you have a lot of available credit, but use very little of it.

Your credit score is a snapshot in time of your creditworthiness. Deliberately reducing your usage on a certain date is like applying lipstick before the photo is taken.

But your effort to optimize your usage only lasts for a month – until the next month, when your creditors report your balances and limits again and you have a new usage ratio. So unless you’re going to apply for a loan or otherwise need to show a good credit score by a specific date, your efforts have been wasted.

It’s like putting on a nice suit but staying home alone. No one saw it, nor cared.

Credit Utilization Ratio Details

For a single credit card, the relevant dollar figures are your last reported balance versus your last reported credit limit. If you use $1,000 of a $2,000 credit limit on the card, you have 50% credit utilization, which is considered a bit high.

Generally, credit scores respond best to less than 30% utilization, and less than 10% is ideal. With our example of a $2,000 credit limit, that means your balance must be less than $600 or $200, respectively. Of course, that’s not possible for everyone, especially not those with relatively low credit limits. A $500 credit limit can quickly run out in a month.

Credit utilization accounts for almost a third of your credit score – 30% in the popular FICO score model. So, reducing your usage can, in effect, tweak your scores. But with credit cards, your usage goes up and down over the month as you make charges and pay them back.

Overall, the 15/3 hack attempts to improve the look of your use, which is a good goal and standard advice. It just misses the mark by offering the wrong time stamp and an irrelevant number of days before that time stamp.

“It’s not a novel or some kind of secret rating system hack,” Ulzheimer said.

Lily: Credit card debt will get more expensive – here’s how to pay less interest

What really helps your credit score

Your credit score is affected by these factors, and generally in this order of importance, according to FICO:

  • Payment history.

  • Use of credit.

  • Length of credit history.

  • Mix of credit types.

  • Recent credit applications.

While the 15/3 hack doesn’t help your credit directly, it might help indirectly if it keeps you disciplined to pay your credit card bill on time. Or, for example, maybe it helps you better sync your payments with your paychecks.

But paying early under the 15/3 rule generally has no merit.

“The truth is, paying your bill before the due date will never increase your scores by a drastic amount,” Ulzheimer said.

More from NerdWallet

Gregory Karp writes for NerdWallet. Email: gkarp@nerdwallet.com. Twitter: @spendingsmart.

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Woman loses Apple Watch at EPCOT and is hit with $40,000 in fraudulent charges https://www.sznurki.net/woman-loses-apple-watch-at-epcot-and-is-hit-with-40000-in-fraudulent-charges/ Sun, 22 May 2022 16:03:27 +0000 https://www.sznurki.net/woman-loses-apple-watch-at-epcot-and-is-hit-with-40000-in-fraudulent-charges/

This is why I don’t like using my Magic Band or Apple devices to charge my card. According to information from the Orange County Sheriff’s Department, a woman lost her Apple Watch at an attraction at EPCOT and then had $40,000 in fraudulent charges appear on her connected credit cards.

It appears the woman was riding the seas with Nemo & Friends at EPCOT when she dropped her Apple Hermes Watch ($1,300) and fell through the grated floor and landed in a “path below.” . It seems that when she couldn’t reach it, her husband got off the ride to get it. Which of course closed the attraction and summoned the Cast Members to tell them not to get off the moving vehicle.

According to WDWNT, the cast member told the guest that she could see the watch and would be taken back to their hotel. However, the woman had several cards linked to the watch, including an American Express card with an unlimited credit limit.

As you should in this situation, the guest went to guest relations and filed a report, but no one ever returned it. Then she started getting alerts about fraudulent charges to her card.

The guest then hadseveral fraud alerts throughout the day on his Amex card. According to the victim, there were approximately $40,000 in fraudulent charges on his card,” the report said.

Amex will let you know if it believes the expenses are high or unusual.

She canceled her cards and later filed a report with the Orange County Sheriff’s Office on April 14.

The woman wanted to sue whoever called the charges and contacted the Orange County Sheriff’s Office to report a grand theft, according to the April 14 report. He was told to look for fraudulent charges so authorities could find out where the card was used. Disney Security has also been notified.

How awful. The good news is that Disney has cameras installed everywhere, so maybe if they’re able to find timestamps and locations, Disney can match them up and find out who did this.

$40,000 spent in one day. It’s Disney and it’s expensive, but it’s still a lot. Probably bought a bunch of items to sell on the internet.

It’s a good lesson for all of us to maybe not tie everything to a device that can get lost.

What do you think? Comment and let us know!

Source: WDWNT

Pirates & Princesses (PNP) is an independent, opinionated, fan-powered news blog that covers Disney and Universal theme parks, themed entertainment, and related pop culture from a consumer perspective. The opinions expressed by our contributors do not necessarily reflect the views of PNP, its publishers, affiliates, sponsors or advertisers. PNP is an unofficial source of information and has no connection with The Walt Disney Company, NBCUniversal or any other business we can cover.

]]> How To Increase Your Credit Score In 30 Days | Credit card https://www.sznurki.net/how-to-increase-your-credit-score-in-30-days-credit-card/ Fri, 20 May 2022 15:27:00 +0000 https://www.sznurki.net/how-to-increase-your-credit-score-in-30-days-credit-card/

When your credit rating is low, you may wish you could wave a magic wand to boost it. No one has overnight or super-quick fixes, but you can take steps to improve your credit score in 30 days. These six steps can lead to major movement in the right direction.

The three major credit bureaus update your credit reports about once a month, and your scores will adjust based on your most recent activity. The next time they recalculate your scores, you’ll want the information on your reports to be improved. Ready? On your marks, ready? Go!

1. Check your credit reports and credit scores

The first step is to find out what is being reported about you. If you want to improve your credit score in 30 days, you need to change what appears in your credit reports.

Next, get your credit scores. Your bank, credit card company, or lender may offer free access, or you can purchase scores from credit bureaus or a credit scoring service.

2. Correct errors in your credit reports

Once you have your credit reports, read them carefully. You definitely don’t want to be penalized for something you didn’t do.

A 2021 Consumer Reports survey found that 34% of consumers discovered errors in their reports. Most were personal identification errors, such as the wrong name or address, but 11% were account information errors, such as an account you don’t recognize.

Also look for accurate but old information that should no longer appear on your credit reports. Most negative marks, including late payments, charges, collection accounts, and Chapter 13 bankruptcies, can stay on your credit report for seven years, according to the Fair Credit Reporting Act. Chapter 7 bankruptcies can be listed on your credit report for up to 10 years from the date of filing.

The credit bureaus will have 30 days to investigate. You will also need to dispute each error with the company that provided the information to the credit bureau. The company will investigate and advise the credit bureau whether to update or remove the information from your report.

If your credit reports contain errors that lower your scores, they will get a bump when that information is removed. Monitor your reports to confirm that offices are removing inaccuracies. If they continue to be reported, make sure they are marked as disputed.

3. Avoid late payments

Payment history is the most important factor for FICO and VantageScores. If you have skipped entire payment cycles, the credit issuer will notify the credit reporting agencies. The more overdue your account, the worse your scores.

Although you can’t eliminate evidence of chargebacks, you can improve your score by paying all your accounts on time. Once these payments are posted to your credit report, they will be reflected in your scores.

The improvement may not be huge at first as payment issues take time to heal, but every extra point counts.

4. Pay off the debt

“Get your debt under 30% of the limit for an almost immediate boost,” says Jennifer Streaks, personal finance journalist and author of “Thrive! …Affordably”. “As you reduce the balance and open your lines of credit, your scores should go up.”

If you don’t have the money to pay off your debt, you have several options:

  • Apply for a credit card with balance transfer. Consider moving your old debt to a new balance transfer credit card. “If your card has a $4,000 limit and you owe $3,000, that’s too high a percentage,” Streaks says. “But if you were to transfer it to a card with a $10,000 limit, it would automatically clear the first card’s debt and you’d only use a third of the new card’s limit. It’s a win-win .”
  • Request a line of credit increase. Another way to quickly increase your credit ratio is to increase your line of credit. “If you paid on time and have a great relationship with them, ask for it,” Streaks says. “Increasing the line of credit will have the same effect on your utilization rate as paying down the debt.” Before you call, however, ask if this will result in a hard credit check, which can deduct points from your score.
  • Consider a debt consolidation loan. By consolidating your revolving debt into a loan, you’ll eliminate your credit card balances and free up those lines. Also, an installment loan does not count against your credit utilization ratio because it is not revolving debt.

5. Add a positive credit history

If the information on your credit reports is food for your credit scores, make sure it’s plentiful and healthy.

Now might be a good time to open a credit account if you don’t have one. Credit cards are available even for people with low scores. Once you have a card, you can start debiting and refunding positively.

“For people with very few trade lines on their credit reports, we suggest applying for a secured credit card immediately,” Smith says. “Newly established trade lines will appear on your credit report within 30 days and immediately boost your credit scores.”

Other steps to improve your credit health:

Try Experian Boost. It’s free and can add one-time utility, phone, and streaming payments to your Experian credit report, which can improve your Experian credit score.

Get a loan to pay the rent. See if you can sign up for a rent statement service on your own or with the help of your landlord. Expect to pay fees for many services, such as Rent Reporters and Rental Kharma.

6. Maintain good credit habits

All of the above steps can lead to improved credit ratings in as little as a month. If your credit scores are in the middle range, you’ll likely see the biggest spike.

“Small stocks will have the biggest payoffs for you because there’s plenty of room for growth,” Streaks says. “If your scores are already high because your reports are full of great information, there’s not much more you can do. And if yours are very low, it will take longer to bring them up.”

Wherever you are today and 30 days from now, focus on maintaining good credit habits to keep boosting your credit scores. The points you’ve added to your scores with a few powerful actions are just the start.

“It’s very important to constantly monitor and work to improve your credit scores,” Smith says. “Aim to keep them at a minimum of 670. The next important level for credit scores with most lenders is 740, which generally gets you the best interest rates. credit is 800 or more.”

The sooner you start, the faster your scores will increase – without ever needing a magic wand.

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Tax fairness: lack of data limits the ability to analyze the effects of tax policies on households by demographic characteristics https://www.sznurki.net/tax-fairness-lack-of-data-limits-the-ability-to-analyze-the-effects-of-tax-policies-on-households-by-demographic-characteristics/ Wed, 18 May 2022 13:11:26 +0000 https://www.sznurki.net/tax-fairness-lack-of-data-limits-the-ability-to-analyze-the-effects-of-tax-policies-on-households-by-demographic-characteristics/

What the GAO found

GAO found that tax data is not consistently linked to household demographic information. The Internal Revenue Service (IRS) collects demographic data that is explicitly referenced in the tax code. According to the Treasury Department, the IRS cannot collect demographic data under current law unless that data is necessary for the administration of the tax code. As a result, analysts have a limited ability to assess the effects of tax laws, including COVID-19 related tax relief provisions, based on demographics such as race, ethnicity and gender. households.

Legal restrictions on inter-agency data sharing limit agencies’ ability to analyze how the tax system interacts with households by demographic characteristics. Several entities, such as the Office of Management and Budget, highlighted the importance of collecting and sharing population data for policy evaluation. The entities also emphasize the importance of protecting the confidentiality and security of this data. GAO has identified options for consistently producing related tax and demographic data, such as surveys and cross-agency data matching. Another option is to impute taxpayer demographic information. The Treasury is developing an imputation method. Although the Treasury is evaluating the reliability and limitations of imputation, it has not evaluated the feasibility of other options to produce data that would support more reliable analyses.

If tax data could be linked to household demographics in a way that still protects the privacy and security of that data, policymakers and researchers would have better tools to consistently and systematically analyze the relationship between tax policies. and household demographics (see figure).

Examples of options for data collection and analysis

In the absence of linked taxpayer and demographic data, GAO used a model that simulated household tax outcomes based on 2017 Census Bureau survey data. For most provisions examined, GAO estimated disparities in tax outcomes between households based on race, ethnicity or gender. For example, there were differences by race in estimated eligibility for use and average child tax credit dollar amount. These disparities generally remained after the GAO controlled for some variations in income—using income quintiles—indicating potential inequalities beyond those based on income.

Why GAO Did This Study

The United States has a large and growing income and wealth gap by race, ethnicity, and gender. However, little is known about the effects of tax policies on demographic characteristics. The tax code does not tax individuals differently based on certain demographics. However, some scholars have noted how this could lead to potentially disparate and unintended tax results.

The CARES Act includes a provision for GAO to report on its ongoing COVID-19 monitoring and surveillance efforts. GAO was also asked to examine how certain tax policies affect households by race, ethnicity, and gender as part of this monitoring.

This report (1) examines approaches to analyzing the effect of tax policies, including some of the CARES Act and related legislation, on households by race, ethnicity, and gender, and (2) estimates how households use certain tax provisions by race, ethnicity, and gender. The GAO interviewed 21 experts and reviewed the literature on fiscal policy and demographics. The GAO also used census data to estimate household use of tax provisions.

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