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Obama’s top 4 tips to win financial security

Much of the talk, as might be expected, focused on the debt ceiling, the housing crisis and the job market. But during the give-and-take with top White House officials on these issues, there were some nuggets of wisdom that clearly applied to everyday investors and regular folks planning their retirement.

Here are those four tips, from the president’s own lips and from his chief economic adviser:

1. Don’t spend all your money Doug Harbrecht of Kiplinger asked the president for his best personal-finance tip for regular Americans. Obama’s simple response: “Don’t spend all your money.”

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Paying to protect credit score, from underwater

In an LA Times piece about underwater homeowners stuck in North Las Vegas, reporters Ashley Powers and Alejandro Lazo quote heavy-equipment operator Charles Mills, “We talked about it: What can we do with the house?” Mills said. “Nobody’s going to buy it. Nobody’s going to rent it. If we walk away, my credit’s shot. We’re stuck.”

The unemployed Mills has a job opportunity waiting in Oklahoma but doesn’t think he can leave the house he bought in 2006 for $308,500 that will fetch less than $106,000 today. Mr. Mills has company as 80% of North Las Vegas homeowners owe more on their mortgages than their homes are worth.

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6 Ways To Cut The Cost Of Your Car Loan

With financial headwinds like rising gas prices, a slowly-recovering economy and continued job scarcity, reducing costs in every corner of our financial lives has become a necessity. Unfortunately, our cars aren't concerned with our economic troubles; when they break down for the last time and we are forced to buy a new one, finding the best deal on financing becomes a necessity. (Driving is often the most convenient way to get around, but it'll cost you.

1. Tighten Up Your Credit The terms of your loan are based on your credit score. If you have perfect credit, you receive the lowest possible interest rate. If you don't, you have to pay more because of your questionable repayment history. If you have problems with your credit and you don't need to purchase a car right now, consider waiting until your score increases. Just a small increase in your interest rate can save you a lot of money over the life of your loan.

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Roseman: Poor credit score raises home insurance cost

Most Ontario consumers don’t realize their credit scores can determine what they pay for home insurance.

When they find out, they want to ban using credit scores in home insurance – just as credit scores are banned in car insurance.

“Isn’t it about consistency?” asks Bryan Yetman, chairman of the Insurance Brokers Association of Ontario (IBAO).

“If we have a philosophy that we don’t use credit scores for one product, shouldn’t we extend it to those buying another product?”

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How to score a free credit score

Do you know your credit score? According to industry experts, an estimated 45 to 60 percent of Americans don't have any insight into this important number. Even worse, U.S. consumers scored only 60 percent on credit score knowledge in a January 2011 poll conducted by the Consumer Federation of America. That means a staggering number of Americans are uninformed about an essential financial factor that can determine everything from credit card interest rates to eligibility for loans.  

Despite how easy it has become to receive copies of credit histories and credit ratings, most people remain ignorant of their FICO scores - and of how they affect the ability to secure a mortgage, open a credit card account, or even, in some cases, land a good job.

Fortunately, new legislation goes into effect this July that will make it easy to obtain your credit score for free if you are rejected for a loan or refused the best credit card rates. Read on to learn more about the importance of your credit score and how you can check it for free.

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Banks cash in on prepaid card fees

Gus Artiles used to wait anxiously for the mail carrier on Friday afternoons, hoping his California state disability insurance check would arrive before his bank closed for the day.

Artiles, 54, doesn't worry about the mail anymore. By Friday morning, Bank of America automatically loads his funds onto a prepaid card, which Artiles uses to buy groceries and gas like a regular debit card.

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Prepaid Credit Cards Being Used To Launder Money Across The Border

BOGOTA, Colombia -- Forget bulk cash. Heavy and hard to hide, it's simply not the most convenient cross-border conveyance for a 21st-century money launderer.

A safer and increasingly attractive alternative for today's criminal is electronic cash loaded on what are called stored-value or prepaid cards. Getting them doesn't require a bank account, and many types can be used anonymously.

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Seven Deadly Credit Score Sins

John Ulzheimer, president of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, is an expert on credit reporting, credit scoring and identity theft.

Formerly with FICO, Equifax and Credit.com, Elzheimer is a rare editorial source -- a recognized credit expert who actually comes from the credit industry.

He often references in his writings the "Seven FICO Deadlies," credit score deflating actions, but only recently identified them in one consolidated list

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Seven Deadly Credit Score Sins

John Ulzheimer, president of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, is an expert on credit reporting, credit scoring and identity theft.

Formerly with FICO, Equifax and Credit.com, Elzheimer is a rare editorial source -- a recognized credit expert who actually comes from the credit industry.

He often references in his writings the "Seven FICO Deadlies," credit score deflating actions, but only recently identified them in one consolidated list

Read full story

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Prepaid Debit Card Firms Subject Of Probe

ORLANDO, FLA– Five prepaid debit card companies are under investigation by the Florida Attorney General’s Office for possible deceptive and unfair practices.

The Attorney General’s Economic Crimes Division issued a series of subpoenas regarding possible hidden fees on prepaid debit cards. Some subpoenas also ask for information about possible misrepresentations promising to improve consumers’ credit scores.

Prepaid debit cards work much like traditional, bank-issued debit cards, except they are not associated with a bank account. Instead, consumers purchase a prepaid debit card, often available at grocery or convenience stores, and load funds onto the card. Prepaid debit cards can be used like traditional debit cards to withdraw money from ATMs, buy groceries, pay monthly bills, or shop online.

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