Letter: Advanta Closing All Business Credit Cards


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This is the letter received today from Advanta announcing the closing of all business credit cards at the end of the Month. According to the Consumer Affairs blog, Advanta was having horrible losses.

You can actually read the letter text in the LARGE size photo.

The main problem of course is all the bills that are set to auto pay. I don’t have another business credit card to pay them. Therefore, I am forced to intermingle business and personal expenses which is a VERY BAD thing from a liability perspective since is it a method used to pierce the corporate veil. I’ll have to see if bills can be paid via check until we can sort this out.

And what is up with the auto white balance? That letter is supposed to be white! Proof once again why you should always shoot in raw.

Some Credit Score Basics

Do you know how your credit score is calculated?

I am amazed at the number of people I talk to that do not understand that the calculation of your credit score is more than just paying your bills on time.

While that is certainly a major part of your score, there are 4 other factors that you need to keep in mind in order to maintain the best credit score possible.

There are several scoring calculators out there but the one that is the most utilized is the FICO score. The Fair Isaac Company, FICO for short, has only in the past few years released the parameters that they use when calculating the ‘FICO’ score. This number is used to decide your credit worthiness when you are applying for loans of any kind, so use this acronym to remember the five parts of your credit score:

L -  Late payments – ALWAYS PAY ON TIME

O – Owed vs. Credit Limits – KEEP THIS AT 35% OR LESS

A – Average age of all your credit cards – DON’T CLOSE

      OLD CARDS

N – New applications for credit – NO MORE THAN ONE

      EVERY 4-6 MONTHS

S – Spread – KEEP A GOOD SPREAD OF TYPES OF CREDIT

 

Okay, so I was reaching for that last one, but the idea there is to have both revolving (credit cards) and installment (mortgage or car loans). I don’t mean that you should go out and buy a house or car just to get an installment loan, only that the FICO algorithm does take that into account. The stability implied by these types of loans makes you look more reliable.

The first two categories above (L & O) account for 65% of your score.

Building credit takes a long time but you can ruin it quite quickly so keep the above factors in mind the next time you are tempted to pay late or run up that credit card to its limit.

This is hkbecky’s video, Imagine what it would be if you could hear cats talking…. ps this is not my video…just my voice over. I give all video and cat credit to hkbecky at www.youtube.com

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Tax income losses from foreclosed homes affect Californians in unexpected ways ? ForeclosureConnections

Thirty thousand Californian homes are moving through the foreclosure pipeline.

Property taxes plummet in the process.

City officials and schools are the latest victims of the blight.

Beyond the shame of tens of thousands of foreclosed, abandoned, shuttered homes in East Bay, and elsewhere in the State of California, lies a second blight – year upon year of property tax income that is supposed to be funding the cities, schools and other infrastructure on which Californians depend is vanishing in the shifting sands of economic drought.
For individuals, the end of the beginning of the foreclosure road is when the sheriff put them on the street – the work of government officials begins then, as they make difficult budget cuts, lay off staff and otherwise bite the bullet until the foreclosed properties are back in private hands again. Some of them may find themselves personally affected by the cuts they have to recommend.
In the East Bay area alone, banks and other lenders own over 10,000 foreclosed homes, with just a pittance up for sale in these price-depressing times – and a further 20,000 in the pipeline heading the same way.
“There is no question government services at all levels are going to suffer because of this,” said Contra Costa County Assessor Gus Kramer. “It’s just one of the trappings of the economy we’re in.”
You can almost feel the pain. Concord City has put off a quarter of its workforce. Antioch has shelved a quarter of its annual budget. Hayward has levied further taxes to avert redundancies. The effect will be more dispersed in schools – they depend on a combination of state income sources, and this will take a while to filter through.
A representative of the California Department of Finance admits that they failed to account for the foreclosure trend when they prepared their current budget, because nobody thought about it at the time. Current thinking is that State property taxes will fall 4.1% in the current period, and another 3.1% in the following year, both up on previous estimates. The biggest driver is the fall in property prices. This April the median buyer in Bay Area paid just 0,000 compared to the 2007 peak when 5,000 was the number that applied. Elsewhere, in areas like East Contra Costa County the drop is worse and approaching 65% in some places.
Many analysts are predicting a fresh tsunami as interest rates start rising. The situation a year ago could be repeated, affecting both economy and housing market, and stretching recovery further out. Most cities will be affected to some extent meaning that the losses will be spread throughout California.