Best Credit Cards for You!

Changes are in store for the way reverse mortgages are processed that might make it more difficult for some borrowers to qualify.

For fees that can amount to as much as 5% of a homes value, reverse mortgages allow people age 62 or older to convert their home equity into cash. The homeowner can elect to receive a lump sum, a line of credit or monthly payments. The loan is due, with interest, when the borrower dies, moves, sells the house or fails to pay property taxes or homeowners insurance.

In the past, the amount a borrower received was determined by his or her age and property value, says Peter Bell, president of the National Reverse Mortgage Lenders Association. But on Oct. 5, the Federal Housing Administration, which insures virtually all reverse mortgages, told lenders that they are also free to consider a borrowers “financial capacity and credit assessment criteria in the origination and approval of” reverse mortgages.

Starting a week ago, MetLife Bank, the largest originator of reverse mortgages, began examining applicants finances.

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Tags: Mortgages, Reverse Mortgages

The main business of MasterCard credit card is processing payments between the banks of purchasers who use credit cards branded with the MasterCard logo and the banks of the merchants who accept those cards for payment. Originally called MasterCharge, this is now a publicly traded corporation.

It was created by several banks in California with a view to competing with the BankAmericard which later became Visa, Inc. The name has changed several times and the original MasterCharge Interbank Card became MasterCard for many years. When the company was taken public in 2006, the name became MasterCard International to reflect the expansion of the brand globally.

Many lending institutions offer their credit cards with the MasterCard logo included. Association with MasterCard provides a much great acceptance of the lender’s credit card worldwide.

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Tags: Card, Credit Card, Mastercard Credit, Mastercard Credit Card

A business line of credit can prove useful for a new or existing business. By having more available credit, businesses can purchase additional inventory and manage accounts payable with ease.

Numerous banks offer business lines of credit. If the business is already working with a bank for checking or savings accounts, it may be best to discuss the availability of a business loan through that lender. The business already has a positive working history with the bank and this may influence the bank to lend to the business.

The following companies offer business lines of credit, but this is not an exhaustive list. The qualifications for these loans depend on the company’s specific requirements, which you can find on the companies’ websites. Find up to date information available at the company’s website, as terms and offers can change.

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Tags: Credit

Dear Erica, If I’m a good customer and have always paid on time, can I ask my card issuer for a lower interest rate? Or do I have to apply for a new card to get a better deal? Also, does it matter that I’m young? I worry sometimes that I don’t have enough of a credit history to negotiate with creditors (I got my first card in 2007). Michelle

Dear Michelle, You can ask your credit card issuer for anything! Well, within reason. I wouldnt bother hitting them up for a Labradoodle puppy. But a reduced interest rate for being such a fine customer? Of course. Here’s how to approach them and (hopefully) get what you want:

1. Assemble your assets. Get ready to prove your wonderfulness by gathering the credit card account statements or credit reports that indicate your perfect payment history.

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Tags: Interest Rate, Rate

One of the most important features of a credit card is its annual fee. When you find two cards with similar perks and interest rates but different annual fees, it’s a no-brainer. It makes sense to go with the lowest fee possible. But what if you only find one credit card that really offers the perks or rewards you want? How do you evaluate the annual fee in that situation?

To help you figure out what a reasonable annual fee is, let’s start by taking a look at what those fees cover.

What Does Your Annual Fee Cover?

Annual fees can vary drastically. For example, on the low end you can find no annual fee credit cards like the HSBC credit card. On the high end you’ll find elite cards like the Citi Select credit card with its $700 annual fee. The reason fees can vary so widely has to do with other features of those cards.

Some annual fees include your membership in the card’s rewards programme.

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Tags: Annual Fee, Card, Credit Card