Home Financing Ninja

New Credit Card Rules for Parents in Tampa, Florida

The new law (rules) goes into effect in three weeks exactly -- 22 Feb 2010

Here are some interesting facts (and not in any neccesary order)

1. Credit Card Holders are protected from arbitrary interest rates increase
   • This includes doing away with the Universal Default Clause
   • Card Companies have to give warning 45 days in advance
2. Credit Card Holders who pay on time are not penalized
   • No more charging interest on debt paid during the grace period
   • Known as double billing (I just learned something new)
3. Rules against Due Date Malarkey
   • Bills are sent out 21 days in advance
   • All payments received by 5PM on any date are credited that day, not the next
   • Due Dates to be on the same day of each month
     • Holidays and weekends, this would fall to the NEXT business day

1. Set your own credit card limit
   • Wow, I wished I had thought of that - Maybe I would have won a Nobel Peace Prize
2. Limited Credit Card Fees
   • Currently OTL (over the limit) fees can be charged as often as necessary
   • Limited to Three (3) OTL Fees
     
3. Protection from Misleading Credit Card Terms
   • Sounds similar to the new Good Faith Estimate
   • But do we really read the terms anyways
4. Rules for Parents of College Students
   • Credit Cards for college students now require Parents consent (co-signatures)
   • Parents are to be notified of credit line increases
   • No More Pre Screened offers to the 18 - 21 age demographic
     • While We are at it, lets take away voting rights also
   • Marketing Contracts Universities revised
     • Alumni Groups and Colleges now have to disclose what they get out of it
     • Marketing no longer done on College Campuses, but must be 1000 feet away
     • No More Freebies

Now don't get me wrong, I am all for some of this new law which can be read for yourself.  However I am concerned about requirements for parents being responsible for a child no longer a minor.  I plan to teach my children about finance, credit, savings, etc - But once they going, I hope that they will remember what they were taught in their youth

In Part Two, I will discuss other measures of the bill aimed at society in large

How to Improve Your Credit Score in Tampa, Florida

In part one of this two part series, I discussed: 

• What determines insurance rates
• What determines credit scores
• And the third point

In part two, you will learn 

•  
  • How to fix the problem and become a trusted advisor to your clients
  • How to use a simple yet often ignored strategy to Sell More Homes
  • Possibly enjoy a second stream income

Credit Repair Firms / Attorneys

Now I know what the nay sayers are going to say (cause I used to be one)

It doesn't work or it is a scam --- Yes there are scams out there.  Some range from taking as long as possible to fix credit at 100 per month, to a simple $500 and nothing ever gets done

Here is the living proof -- Before and After Credit Reports

How Can this help your realtor or origination business

70% of people who contact you don't qualify to buy a home.  Due to divorce, bankruptcy, short sales, identity theft (This is a perfect strategy for a realtor who specializes in short sales)

Does it help if you can pull an extra deal or two (or more over time) per month.  Three out of every ten people will listen to you and join this service.  That equates to more deals every month.  Again, $300 per month isn't that good -- but it is when you have that person come and buy a home from you.  Considering the average home price in my area (Tampa) is 139,660 (Nov 2009, per Standards and Poors Case Schiller Indices), so lets do the math, shall we -

139,000 x 3% = 4170 x 3 average deals per month = $12,510 x 12 months = $150,120

Guys, it's not rocket science.  Who wants to attract more buyers while doing nothing.  Send your credit challenged client to your own on demand TV about ---- credit repair, or buying a home (or whatever you want to talk about)

Become an affiliate or join my group.  Either way, I will help you Sell More Homes, Close More Deals, Earn More Money

Realtors, does your current preferred mortgage person offer this to you? Or do you have to throw away all credit challenged borrowers.

FHA Rules are changing on 1 APR 2010.  Soon people will need another solution to get into a home of their dreams.  Offer a solution and take away the referral and repeat business.