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By SUSAN BONDY and SUSAN BONDY,Creators Syndicate | June 25, 1995
Q: I am unemployed and have no income of my own. My husband and I were issued VISA cards in each of our own names. All our assets, including our home as well as our savings and checking accounts, are owned jointly. If something were to happen to my husband, would I have a credit history?A: Income and assets have very little to do with a credit history. A credit card, a car loan or a mortgage should show up on your credit history, whereas a checking or savings account and even stocks and bonds probably will not.In order for a joint credit source to appear on a wife's credit history, her name should appear on the loan or credit-card application.
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BUSINESS
Eileen Ambrose and Eileen Ambrose | June 28, 2013
The Consumer Financial Protection Bureau said it ordered U.S. Bank and its partner to return about $6.5 million to service members who had been deceived by the terms and costs of subprime auto loans. The federal agency said U.S. Bank and Dealer Financial Services created a program called MILES - Millitary Installment Loans and Educational Services - that operated near military bases and pitched subprime loans. The companies didn't accurately disclose the finance charge, annual percentage rate, payment schedules and total loan payments, the CFPB said.
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BUSINESS
By Michael Gisriel | May 29, 1994
Q: I recently decided to buy a home after renting for several years. I called several lenders and each lender asked for the same documents. I was surprised at the amount of documents needed. When I purchased my car, they ran a credit report and gave me the loan within one hour. Why does a bank need somany documents for a home purchase?J. Woody, Severna ParkA: Most mortgage lenders follow guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp.
BUSINESS
Eileen Ambrose | May 1, 2013
CardHub.com , the credit card comparison site, lists its top plastic for new college grads:  -- The Journey Student Rewards from Capital One that offers 1 percent cash back on purchaes and a quarter-point if you pay your bill on time for a total of 1.25 percent. -- The BankAmericard Cash Rewards for Students that pays a $100 reward for spending $500 or more in the first three months, plus cash back rewards of 1 to 3 percent on purchases. -- Discover Open Road Card for Students that provides cash back rewards ranging from 0.25 percent to 3 percent on purchases.
BUSINESS
By ILYCE GLINK | January 18, 2008
Credit repair scam artists will charge you anywhere from $500 to $1,500 or more upfront, and promise you everything from a new Social Security card to perfect credit. What should you do if you have bad credit? Here are 10 tips that are designed to improve your credit history and raise your credit score: Pull a copy of your credit history from AnnualCreditReport.com. Sponsored by the three credit reporting bureaus, Equifax, Experian and TransUnion, AnnualCreditReport.com is the only place you can go to get a truly free copy of your credit history.
BUSINESS
By CAROLYN BIGDA | August 1, 2004
IN GRADUATE school, I had two friends - one raised in Scotland, the other in Mexico - who wanted to escape the dorms and get an apartment. They managed to find the perfect two-bedroom with reasonable rent, but there was a hitch. The landlord wanted six months' rent upfront because they had no credit history in the United States. As my friends discovered, credit reports play a significant role in your ability to achieve any number of financial goals. Landlords and mortgage lenders will require a credit report before you move in. Employers increasingly use them to screen job candidates to help assess trustworthiness and responsibility (they first have to ask you if they can do a credit check)
BUSINESS
August 21, 1995
NEW YORK -- Can your personal credit history predict how well you'll drive a car? Or how carefully you'll take care of your house? A growing number of insurance companies think the answer is yes.Before they'll approve you for homeowners or auto coverage, or decide how much to charge, they'll pull your latest credit report. If they think that you're not financially stable, you might be rejected for coverage or pushed into a high-risk pool -- even if you've never had an auto accident or made a claim on your homeowners insurance.
BUSINESS
By EILEEN AMBROSE | February 13, 2005
IF PERSONAL ADS were pragmatic, you might see a pitch like this: Single female with 820 credit score seeks single male with 800+ score who enjoys moonlit walks on the beach. But in matters of the heart, people are rarely practical. It's not unusual for financial opposites to attract, where someone with a good credit history marries a bad credit risk. Often these differences go undiscovered until the two try to buy a house and are denied a loan -- or at least one with favorable terms -- because of a partner's poor money management.
BUSINESS
By Kenneth R. Harney | May 23, 1999
WHEN YOU'VE made your monthly home mortgage payment on time for years, you naturally assume that you've built up a good credit history. That credit report or history, in turn, can be crucial in helping you borrow money elsewhere or get a job or even insurance.Yet large numbers of American homeowners are the unsuspecting victims of a little-known but growing trend among certain lenders: Their payment histories are being kept secret, never reported to any credit bureau. Their credit files contain nothing about their home loans, even if they've been gold-plated customers of their mortgage company for years.
NEWS
April 3, 2002
HOW WELL you manage money and keep up with credit card bills can tell an insurance company more than you think. Like the risk you pose for filing auto insurance claims. At least that's what the insurance industry says. To put it simply: Consumers who are good money managers also take good care of their homes and drive carefully -- and they should get better rates as a result. The practice is called credit scoring, and if you haven't had your insurance canceled or premium tripled because of it, you probably didn't know it existed.
NEWS
Bob Ehrlich | April 21, 2013
A dangerous confluence of recent business stories have been attention grabbers. First, the Obama administration announced an initiative to ensure more home loans for those with weak credit. Then, a number of prominent economists issued forecasts reflecting a slowing economy over the next several quarters. For the public, it's déjà vu all over again: an all-knowing federal government again pushing its way into the housing market against the backdrop of a softening economy. Yet again, we hear calls for banks to facilitate more home loans to mortgage seekers with less-than-stellar credit.
NEWS
By Robert L. Ehrlich Jr | August 4, 2012
The gulf between the American left and right continues to widen against a backdrop of high unemployment, weak growth and high octane cultural battles. I got to thinking about this growing divide in the aftermath of the Colorado movie theater shooting spree that left 12 dead, 58 injured, and a nation in shock. Once the gravity of the story began to sink in, my mind turned to an inconvenient (for some) thought: How many lives would have been saved if someone in that theater had access to a firearm of their own?
ENTERTAINMENT
By Jaclyn Peiser | May 22, 2012
With “The Bachelor” casting call coming up at McHenry Row on June 28, here are a few tips to help you decide if being on the show is right for you. Men and women of ages 21 and older are encouraged to attend the event. But let's get real, not everyone is encouraged to show up. ABC and Warner Bros. have a list of 23 eligibility requirements and here are some things to consider before applying for the show: Am I a convicted felon? Have I been issued a restraining order in the past or am currently issued one?
BUSINESS
By Eileen Ambrose, The Baltimore Sun | February 19, 2012
As concern grows over child identity theft, Maryland is considering legislation that would make the state the first in the nation to protect a youngster's credit report. Minors aren't supposed to have such reports because they're too young to get credit. But the Maryland legislation would allow parents or guardians to create a credit file for a child and then immediately freeze it. This would prevent a thief from opening credit under the child's name. "It's a great step in the right direction," says Bo Holland, chief executive of AllClear ID, an identity protection company in Austin, Texas.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 23, 2012
Personal finance guru Suze Orman says she never would have introduced her prepaid debit card if there wasn't a possibility that some day it could be used in credit scoring. Orman launched the Approved Card this month. She has partnered with TransUnion, one of the three major credit bureaus, in a pilot program to see whether spending activity on the prepaid card could be used to develop a credit score. Some credit experts are doubtful. People load money on a prepaid card that can be used at places that accept plastic.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 12, 2011
An aim of the landmark credit card reform act of 2009 was to protect consumers from getting too deep into debt. One regulation that took effect in October requires that credit card issuers weigh a consumer's "independent ability to pay" — not household income — before issuing plastic. But now some members of Congress — including Rep. Carolyn Maloney, a New York Democrat who was one of the authors of the card act — want the Consumer Financial Protection Bureau to look at whether this regulation is having an unintended consequence.
NEWS
By Michael Dresser and Michael Dresser,SUN STAFF | May 17, 2002
Ignoring industry protests, Gov. Parris N. Glendening signed a bill yesterday that will bar insurers from raising policyholders' premiums or denying them coverage because they run into credit trouble. The legislation makes Maryland one of a small but growing number of states to pass laws curbing "credit scoring," insurance companies' practice of using a customer's bill-paying history as a major factor in deciding whether to issue a policy and how much to charge. Few bills passed during this year's legislative session are likely to have as much of an impact on consumers.
NEWS
February 21, 2011
Losing a job for any length of time can have a profound impact on a person's credit history. Even many who did all the right things, from saving money to budgeting frugally, weren't prepared for the worst recession since the Great Depression. Sometimes, bills don't get paid on time. But at what point should someone's credit worthiness become an impairment to his or her employment? That question is at the heart of legislation before the Maryland General Assembly that would prohibit employers from using a credit history to deny someone a job, fire someone or provide the basis on which to set a salary.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 13, 2011
Breaking up with a bank can be hard to do — and expensive if you don't do it right. Patsy Pahr of Towson says the mark left on her credit when she tried to close her Capital One credit card years ago came back recently to threaten her business license. And Norman Chase, a retired filbert farmer in Oregon, discovered that leaving $3.21 in an unused checking account led to a debt collector pursuing him for hundreds of dollars. Ending a relationship with a bank takes a little more work than starting one up. Both sides bear responsibility, but consumers should be extra vigilant.
BUSINESS
By Liz F. Kay | March 21, 2011
What do you think about state lawmakers' proposal to restrict how businesses run credit checks on potential new hires ? Sun statehouse reporter Julie Bykowicz wrote in today's paper about how the practice has impacted some Maryland residents who have been denied jobs due to their credit history. Some businesses oppose the limitations because they feel it helps them identify The Senate's version of the bill would allow employers who deal with sensitive information to run the checks, as well as for high-level employees such as a CFO. But businesses would otherwise be prohibited from denying employment based on the results of a credit check.
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