Recent Financial News»

AUDIO: 'Cautious optimism' in Davos
(source: BBC News, Sat, 28 Jan 2012 09:27:40 GMT)
The prevailing mood at the World Economic Forum in Davos this week has been one of measured optimism, but there are still questions over whether EU leaders will agree the terms of a new fiscal pact and bail-out fund when they meet in Brussels on Monday.

Bank ends charity credit cards
(source: BBC News, Sat, 28 Jan 2012 00:05:54 GMT)
Halifax and Bank of Scotland charity credit cards which have helped to raise millions of pounds will be withdrawn, Lloyds Banking Group announces

Fines threat for credit messages
(source: BBC News, Sat, 28 Jan 2012 00:02:02 GMT)
Firms face raids and fines of up to £500,000 for sending unsolicited text messages about credit or compensation.

Complete news coverage»

Moneytip of the Day»

Establishing Credit
If you are new to using credit or a recent immigrant, take out a credit product in order to build your credit history. A credit history is extremely important to building wealth because it is necessary to have access to the financial mainstream. Scores are determined by 5 main categories:
more»

Question of the Day»

How are credit scores calculated?
Credit scores are determined using mathematical formulas that predict risk. The data used in the calculation of the formulas can be summarized as follows:

a. Payment History - Repayment behavior, including timeliness, the incidence and severity of delinquency, and the presence of charged-off accounts, plays the largest role in calculating a score.
b. Utilization of credit - This reflects the amount of credit outstanding (owed/used) relative to the total available credit.

more»

Term of the Day»

Capitalized Cost
The amount of money you finance in a lease. Also referred to as "cap cost." If you make a down payment in a leasing situation, it is often called a "cap cost reduction."