When it comes to lending, it seems that consumers are not the only ones realizing that taxpayers are coming up short, as the White House recently let it be known that it has not seen as much as they would like from those financial institutions that were helped with taxpayer’s money.

Not too long ago the President himself let it be known how dissatisfied he was with the ways banks are treating both businesses and consumers alike. In the news conference he urged banks to find ways to allow consumers more access to money. When it comes to the reactions of the message many banks have not been very outspoken. Thus far only one CEO had a comment, and stated his company would be willing to take a second look at all the loans it has rejected. W

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We all know that establishing a strong credit score first begins with being able to establish credit. And with the new onslaught of credit card laws, many students may be left in a precarious position of not being able to secure a credit card to begin establishing credit.

Under the new credit card laws, a college student must be able to prove his or her ability to pay on the card. In other words, if you don’t have a job, you can forget about securing a credit card.

However, even if you are able to secure a credit card, it certainly doesn’t mean that you should have one. If you are not ready to be financially responsible, simply avoid credit cards for the time being. Oth

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New credit rules set by the Fed on Tuesday will require lenders to notify consumers applying for credit cards, mortgages, or car loans if they are offered less favorable loan terms because of their credit history and credit score.

Lenders don’t just base their loan decision on applicants’ credit report, they also price the loans according to the risk profile indicated in the report. Typically, both the interest rates and the terms of the loan offered are determined by the information contained in the credit report, not just for mortgages and car loans, but for credit cards as well. Und

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The Federal Reserve is contemplating new rules for issuing credit cards, which could put at risk instant store credit cards and seriously cram the style of large retailing chains like Macy’s, Saks, Talbots, Best Buy, and others.

If enacted, the new rules could require retailers to collect detailed financial information from consumers applying for a store credit card, including information about their income and assets. Currently, consumers applying for an instant credit card at the check-out register in stores are approved only on the basis of their credit scores. Credit scores do no take into account income, but rather are based on the payment history and credit usage characteristics of the consumer.

The new rules proposed by the Fed come in response to one of the provisions in the Credit CARD Act, which was signed into law by Congress in May. T

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No income or credit verification is required to obtain a First Option Visa®, but applications will be subject to identity verification and approval. Under the USA PATRIOT act we must obtain your name, address, date of birth, home phone number, and other identifying information.

To become a First Option Visa cardholder, you must open a savings account in an amount of $300 to $5,000. This account will be the security for the card. Should you decide to open your account with a small balance, you will be able to increase it at a later date. Your credit limit will be equal to the balance in your savings account.

The annual fee for the First Option Visa® is $59 and the annual percentage rate is a fixed rate of 19.5%. T Read full article…