Archives for December 2008

Bank of Internet is offering a high yield checking account that currently has a 2.60% yield. The online checking account has a higher yield then traditional banks because Bank of Internet has less overhead, passing the savings on to depositors.

The minimum opening deposit is $500 and there is a monthly fee of $7.50 if your average daily balance is below $5000.

Checking Account Benefits:

• ATM reimbursement (up to $8 per mo.)
• Free online bill pay
• Online images of statements & paid checks - accessible the day they are paid (5yr archive)
• Unlimited check writing
• Free initial checks
• Visa Check Card
• Overdraft protection available

The checking account is insured by the FDIC for up to $250,000. Bank of Internet’s FDIC certificate number is 35546.

Open A Free Checking Account With Free Debit Card - Up to 2.60% Interest Earning Power!

Chase Bank is offering a promotional checking account, if you open a Chase checking account with $100 of new money, not money currently held in Chase banking accounts, you will earn a $50 bonus.

To qualify for this offer you must also initiate a monthly direct deposit of either a payroll check, pension, Social Security or other government benefit.

The checking account must remain open for six months. The $50 promo bonus is deposited 10 days after the initial direct deposit has been posted.

You must use a unique Chase coupon code for this offer which you can get by having chase email a code to you, use this link Chase coupon code .

Once you recieve the coupon code you can sign up for the account online or by printing out the offer and taking it to your local Chase branch. 

Midwest America Federal Credit Union is offering one of the best deposit rates for a rewards checking account, the current yield is 6.31% for balances up to $25,000. Balances over $25,000 earn a yield of 1.51%.

There are certain monthly requirements that have to be meet in order to receive this high yield, if you do not meet all of the requirements list below any given month the yield on the account is a paltry .11%, so if you sign up for this rewards checking account be sure to meet the monthly requirements.

• Have at least one ACH transaction in your checking account during each qualification cycle
• Have at least 10 cleared debit card transactions each qualification cycle for purchases
• Register and receive monthly e-statements (must maintain a valid e-mail address)

Midwest American FCU will also reimburse you for ATM fees, up to $25.00 per month, which are automatically credited to your account. If you fail to meet the requirements listed above in any given month they will not reimburse the fees for that month.

Every month you will receive an email letting you know whether or not you quailified, a new rewards checking cycle begins every month so if you fail to qualify one month you can get back on track the following month.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Administration, a U.S. Government Agency, and up to an additional $250,000 by Excess Share Insurance, for a total of $500,000. IRAs are separately insured to $250,000 by the National Credit Union Administration, a US Government Agency, and an additional $250,000 by Excess Share Insurance, for a total of $500,000.

Midwest America Rewards Checking Account Application

Having cash on hand to get through any ruff period in life is essential to any financial plan.

Financial analysts recommend having three to six month’s of living expenses on hand to get through any emergency, like getting laid off, without resorting to credit card debt, paying both cash advance fees and an exorbitant interest rates on credit cards. 

Where do you keep these reserve funds and get a decent return without losing your cash? There are safe several options which can give you a decent return without risking your rainy day fund.

• A short term certificate of deposit is a good choice. Your money will be locked up but if you keep the CD term short the interest penalty won’t be that severe if you need to access your money. Current yields on 3 month CDs are between 2.5% to 3.00% depending on the bank.
• A checking account is another good choice. Rates on traditional checking accounts will be lower then CD rates but if you open a rewards checking account yields can be much higher. Reward checking accounts have certain criteria you have to meet each month to earn the promotional yield, like using direct deposit, have a certain number of transactions, bay bills online or other criteria. MBR has reviewed several reward checking accounts.
• Another very liquid open is a money market account. Again yields won’t be as good as certificate of deposit yields or a reward checking account but you will have access to your funds without incurring a penalty.

The important thing to do is make sure you have a rainy day fund and that your rainy day fund is safe, you never know when you might need it. You don’t want to get into a situation of declaring bankruptcy because of a job loss or because of medical bills.  Resource: Lansing Bankruptcy

One can receive higher returns in other investments, but as with any investment, the better return the more risk you have to take.

Wachovia Bank has a unique savings account called “Way2Save”. What makes this savings account unique is that it is linked to your Wachovia checking account and for each qualified transactions you do $1.00 is deposited into your savings account. 

Qualified transactions include all check card purchases and bills paid online. You can also have a recurring monthly transfer up to $100 per month from your checking account to your savings account.

The savings account also has a bonus promotion. Within 4 weeks after the first anniversary of having your Way2Save account, a 5% bonus will be deposited into your account. The bonus has a maximum limit of $300. For example, if your eligible balance at the end of the first year is $6,000 you will receive a $300 bonus. For the 2nd and 3rd year anniversaries the promo bonus is 2%. Up to $300 per year.

The account also has one of the best savings rate, the first year annual percentage yield is 5.00%. Though the apy for the 2nd and 3rd years is only 2.00%.

Wachovia Bank Way2Save Savings Account Application

The Mortgage Bankers Associations (MBA) said today that its Mortgage Applications Survey increased 48 percent the week ending December 19th and the Refinance Index surged 62 percent. The surge in activity is being driven by record low mortgage rates.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.04 percent from 5.18 percent, with points increasing to 1.17 from 1.13 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The contract rate for 30-year fixed-rate mortgages is the lowest recorded in the survey since the record low of 4.99 percent for the week ending June 13, 2003.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.91 percent from 4.93 percent, with points decreasing to 1.03 from 1.34 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.36 percent from 6.63 percent, with points decreasing to 0.28 from 0.30 (including the origination fee) for 80 percent LTV loans.

If you are in a position to purchase a home or refinance an existing loan now is a good time to do so. The general rule when refinancing is if you can get a mortgage rate 1.0% lower then your existing mortgage it pays to refinance, that is if you plan to be in the home for awhile.

FNBO Direct, a division of First National Bank of Omaha Nebraska, is offering a 12 month CD rate of 3.87% with an annual percentage yield of 4.00%. The minimum deposit to open the certificate of deposit is $500 and the maximum deposit is $1,000,000.

FNBO Direct CDs are only available to FNBO Online Savings Account holders, if you do not have a savings account you will have to open a saving account before opening a certificate of deposit.

Details:

• FNBO Direct uses the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day
• Interest for your account will be compounded daily and credited quarterly.  If you close your account before interest is credited, you will receive accrued interest
• FNBO Direct may accelerate the maturity or call this account at our option on any maturity upon 30 days written notice
• The early withdrawal penalty for a 1 year Certificate of deposit is 3 months of interest
• The CD account will renew automatically at maturity. 
• You have a ten calendar day ‘grace-period’ after the maturity date to withdraw funds without penalty.  
• The account will not renew if you withdraw funds on the maturity date or if we receive notice from you on or before the maturity date of your intention not to renew. 

FNBO Direct Account Application

The Federal Housing Finance Agency has just released a report estimating housing prices have declined 1.1% from September to October on a seasonally adjusted bases.

The year over year decline for the entire United States is 7.5%. 

The FHFA index isn’t representative of the entire housing market because the index is calculated by only using the purchase price of houses backed by mortgages sold to or guaranteed by Freddie Mac and Fanny Mae.

Here is a year of year chart of housing price declines by region of the U.S.

Chart source: fhfa.gov

The National Association of Realtors has also reported a decline in home sales and home prices.

“Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate¹ of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007″

“The national median existing-home price³ for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.”

MBR has just received word that WTDirect is extending their “Winter Bonus Blast savings account“. When you open an account during this promotion period you will receive a cash bonus up to $250. The promo bonus is based on your average balance between 1/1/09 and 2/28/09.

Details:

• The promotional offer is only available to new WTDirect Clients
• You must fund your account by using an electronic (ACH) transfer by 12/31/08
• When you open a new account use promo code WTG3DNC
• The account must remain open and in good standing to receive the bonus
• The bonus will be paid during the second week of March 2009

Promo Bonus Payout:

Average balance and bonus
$10,000 - $50
$20,000 - $100
$30,000 - $150
$40,000 - $200
$50,000 - $250

WTDirect Winter Bonus Blast! Get a bonus of up to $250* when you open a WTDirect Account today!

EverBank is offering a promo money market account (MMA) that has an introductory rate of 4.00% APY for the first $50,000 deposited. Any balances over $50,000 during the bank’s ”Teaser Rate” period will receive an annual percentage yield of 3.16%.  The first year average APY is 3.42% on the first $50,000 deposited. The 3.42% rate is based on the 3 month bonus rate of 4.00% and the current ongoing rate of 3.16%  APY.

Details:

• This promotional offer is only available to first time EverBank customers and limited to one offer per household
• The minimum deposit is $1,500
• If the average daily balance falls below $1,500 for a given month there is a $4.95 fee
•  As with all money market accounts and savings accounts you are limited by Federal regulation to six transfers or withdrawals per month
• Deposits are FDIC insured up to $250,000

EverBank Money Market Account Application

Current rates as of 12/22/08. Check the bank’s website for more current rates.

The Federal Reserve Bank cut the Fed Funds rate from 1% down to a range of  0% to .25%. The cut was larger then the .50% cut analysts were expecting.

Rates on home loans, car loans and consumer loans should also go down, hopefully a full percentage point on average. As for deposit accounts we might see rates stay where they are now since banks are desperately trying to raise their deposit base, time will tell.

The Feds also plan to keep rates at these historic lows for awhile since do to the ecomonic conditions.

Official FRB press release.

“The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. 

Since the Committee’s last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined.  Financial markets remain quite strained and credit conditions tight.  Overall, the outlook for economic activity has weakened further.

Meanwhile, inflationary pressures have diminished appreciably.  In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.

The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.  In particular, the Committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time. 

The focus of the Committee’s policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve’s balance sheet at a high level.  As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant.  The Committee is also evaluating the potential benefits of purchasing longer-term Treasury securities.  Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses.  The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.

In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, Minneapolis, and San Francisco.  The Board also established interest rates on required and excess reserve balances of 1/4 percent.”

One of our readers has alerted us to a Washington Mutual checking promotional offer. If you open a WaMu Free Checking account with a minimum of $100 dollars you will receive the $100 bonus within 12 weeks of opening the account. 

The checking promo offer was sent out in mailings and newspaper filers. We also understand you can walk into a WaMu branch location without a promo code or filer and still get the deal.

Can anyone confirm this for MBR?

We recently received this alert from a WaMu call center employee.

“I work for WaMu call centers and you Need the code to get the promotion. However, a lot people find out you need to deposit $100 to get the promo $100 added and decide its too rich for their blood and actually leave the promotional cards/ codes at the branches. Basically you may get lucky and go to the branch and they may happen to have an unused code sitting around. So go for it you might get lucky. The new promo says you have to set up direct deposit though, like the chase one; it expires in march some time”

Contact us about this deal or any other deals

Hudson City Savings Bank of Paramus New Jersey is offering their Internet Money Market Savings Account that has a 3.25% APY for balances of $2,500 and up. The minimum opening balance is also $2,500. The annual percentage yield for balances under $2,500 is only 1.50%.

The following information is needed to open an account online:

• A valid U.S. address and Social Security number are required.
• You must be 18 years of age or older and will also need to provide a 2nd form of ID. The bank can only accept U.S. Driver’s Licenses online.
• You will be required to provide personal information, including your date of birth, and former mailing address(es).
• If you are not a U.S. Citizen or U.S. Resident Alien and do not have this information, the bank will not be able to setup an account online.

Hudson City Savings Bank Internet Money Market Savings Account Application

Hudson City Savings Bank of Paramus New Jersey is offering some of the best CD rates for a 5 month certificate of deposit, 91 day certificate of deposit and a 12 month certificate of deposit. The 5 month CD rate is 3.68% with an annual percentage yield of 3.75%, the 91 day CD rate is 3.16% with an APY of 3.20% and the 12 month CD rate is 3.39% with an APY of 3.50%. The minimum balance on all CDs is $5,000.

Congress have just voted to suspend mandatory 401K withdrawals for people over the age of 70. President Bush is expected to sign the legislation. The suspension is only for the 2009 tax year.

The idea behind suspending the minimum distribution rule is that the value of most 401k plans have plummited along with the market so to force people to withdrawal a mandatory percentage when the value of their investments are way down is just cruel.

Under the old rule, there was a 50% penalty on the amount that should have been distributed, a very compelling reason to make the minimum distribution. The only exception is if the account owner is still employed at the company sponsoring the 401(k) plan.

Haven’t retired yet and are still saving money in your 401K? Here is a Wall Street Journel video on saving money in your 401K.

GMAC Bank is offering a 3 month CD rate of 3.15% with an annual percentage yield of 3.25%. The rate is for balances of $500 or more. The penalty for early withdrawal for a 3 month certificate of deposit is 90 days of interest, basically all the interest you would have earned so be sure that you won’t need your funds before locking in this CD.

Interest on all GMAC Bank certificate of deposits can be posted on the date of maturity, monthly, quarterly, semi-annually or annually. Interest payments can be made to you by official check, internal transfer to another GMAC Bank account or by external transfer to a registered external bank account.

GMAC Bank is insured by the Federal Deposit Insurance Corporation, up to $250,000 per depositor. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.

GMAC does not offer IRA certificate of deposits.

GMAC Bank CD Application

From time to time you have probably have received a letter from the U.S.  Social Security Administration estimating your social security benefits at retirement based on your annual earnings. You can also use the Social Security Administrations’ Retirement Estimator online to figure out your retirement benefits.

The Retirement Estimator produces estimates that are based on your actual Social Security earnings record, but it’s only an estimate since your earnings will change over time and the future benefit will be adjusted for inflation.

To use the Retirement Estimator you will be asked for the following

• Your name
• Social Security number
• Date of birth
• Place of birth
• Mother’s maiden name

After you have provided the information you will be asked to provide last year’s earnings to create an estimate.  The estimate will look like this ( I ran an estimate for myself ). Estimates are provided for early retirement, full retirement and delayed retirement.

The 1983 Social Security Amendments raised the retirement age because the increase in the average life expectancy. As a result, full retirement age which was 65 gradually increases to 67 for for people born in 1938 or later.  You can use the following chart to figure out your full retirement age.

chart source: socialsecurity.gov

If you are near retirement and have more questions the Social Security Administration has a Q&A section on their website Social Security Administration Q&A

Discover Bank is offering a 12 month CD Rate of 3.70% with an annual percentage yield of 3.76%. The minimum deposit on the 12 month certificate of deposit and all CDs at Discover Bank is $2,500.  All deposits are temporarily insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. The new FDIC limits were raised, from $100,000 to $250,000, on October 3rd, 2008 to help ease run on banks. The new limits will be in place until December 31st, 2009.

As with all CD accounts there is an early withdrawal penalty, the penalty for a certificate of deposit with a term of 1 year to 5 years is 6 months of simple interest, so be sure you won’t need access to your funds if you decide to invest in a 1 year CD.

What is simple interest? Interest that is calculated on a sum that does not include previous interest earnings.

Discover Bank Certificate of Deposit Application

The Federal Reserve Bank has been consistently lower rates to jump start the economy but mortgage rates have barely gone down because of the housing crises, that is until last week.

The Federal Reserve Bank annouced that they will buy $500 billion in mortgage backed securities guaranteed by the government-sponsored enterprises (GSEs), Feddie Mac, Fannie Mae and Ginnie Mae, as a result rates on 30 year mortgage immediately dropped about 1%, to around 5.60%.

This week there has been talk that the Treasury is talking with Freddie Mac and Fanny Mae on a plan to drive down 30 year mortgage rates as low as 4.5% which would reduce borrowing costs more. 

Reducing mortgage interest rates will hopefully revive the housing market because homes will become more affordable and will help to stabilize housing prices. Experts are saying stabilizing the housing market will be the first step to lead us out of this recession.

Related link

Real Estate Investing

Some of our readers have been asking which direction CD rates and deposit account rates are headed. Deposit accounts include bank accounts and certificate of deposit accounts. 

Even though the Federal Reserve Bank has been lowering rates recently, CD rates have remained relatively stable the past 6 months, the rate for a one year certificate of deposit is still about 3.25%, the same as it was six months ago. Why do you ask? One word, competition.

The credit crunch is also affecting banks, the market for commercial paper is pretty much dead right now so banks have to turn to other sources for funds. There is even talk of the investment bank Goldman Sachs opening an online bank to raise more funds.

The credit crunch is good news for depositors, banks are raising rates because they are competing for the same pool of deposit funds. You can even find promotional CD rates online, Dime Bank is offering a 1 year CD that has a 4.10% APY ( the APY was recently as high as 5.00%, E-loan’s promo 1 year CD yield 4.36%.  You can also find money market accounts, High Internet Savings Accounts and checking accounts that have yields between 3.00% to 4.00% or higher. Though with a checking account you might have to meet certain transactional criteria to receive a promo checking rate.

You will have to do some research to find the best bank rates, Monitor Bank Rates (MBR) has tons of promotional rates listed, all you have to do is browse or search through our bank reviews to find the Best Bank Rates.

Zions Bank of Salt Lake City, Utah is offering a money market account that currently yields 3.41%. The minimum deposit is $2,500. Zions First National Bank is a subsidiary of Zions Bancorporationwhich operates through over 500 offices and 600 ATMs in 10 Western states, including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The bank has been in business since 1873 in one form or another.

Money market account benefits and restrictions:

• Interest is compounded daily and paid monthly.
• Unlimited withdrawals.
• Check writing availability
• No more than six transfers can be made during each (30) day statement cycle by Internet transfer, pre-authorized transfer, automatic transfer, or telephone transfer. Of these six (6) transfers, no more than 3 (3) may be by check, draft, or debit card.
• Telephone transfers in excess of 3 per month will be assessed a $3.00 fee.
• $3.00 fee for withdrawals at a teller window

Zions Bank Money Market Account Application

Buying a car is one of the most expensive consumer purchases one can make so most people need financing or leasing to purchase a vehicle. 

Some car buyers obtain a loan directly from a finance company, bank or credit union (direct lending). 

In direct lending, a buyer agrees to pay the amount financed (principal), plus an agreed-upon finance charge (interest), over a period of time. Once a buyer and a car dealership enter into a contract to purchase a vehicle, the buyer uses the loan proceeds from the direct lender to pay the dealership for the vehicle.          

Another common type of vehicle financing is “dealership financing.” In this arrangement, a buyer and a car dealer enter into a contract where the buyer agrees to pay the amount financed, plus an agreed-upon finance charge, over a period of time.

The dealership may retain the contract, but usually sells it to an assignees (such as a bank, finance company or credit union), which services the account and collects the payments. Packaging and re-selling the contract along with other contracts into Collateralized Debt Obligations (CDOs) was the standard practice until recently when the market for CDOs collapsed contributing to the credit crunch.

Leasing

Monthly car payments will be lower on a lease then a purchase because you are only leasing the car or only paying for the car’s expected depreciation during the lease time but you will have to turn the car in at the end of the lease or purchase it at the agreed cost. You will also be charged if you end the lease early, sometimes the charge can be costly.

When leasing you have to consider the total lease cost, the upfront cost (usually you have to put down thousands of dollars), the monthly cost and the costs at the end of the lease. Before you sign a lease be sure to compare different offers and terms, particularly the mileage limits, if you exceed the mileage limit you will have to pay for the additional mileage driven over the limit.  Most leases are calculated based on a certain number of miles you can drive each year, usually 15,000 miles.

When you lease, you are also responsible for excess wear and damage. You must also service the vehicle in accordance with the manufacturer’s recommendations. You will also have to have insurance that meets the leasing company’s standards.

How much can I afford?

Evaluate your financial situation and figure out how much you can afford in monthly payments before going to a dealer. A longer term contract may mean smaller monthly payments than a shorter term contract but will result in more money paid over the life of the contract.

Part of figuring out how much you can afford is figuring out what you need in a car and what you want. You can also negotiate your finance terms or lease terms, especially these days, if you can’t get a lower rate, negotiate for options on a car. The most important part of purchasing or leasing is reading the contract before you sign, you are obligated to the terms of the contract once you sign.

Terms you should be familiar with before purchasing or leasing a car:

Down Payment – An initial amount paid to reduce the amount financed.

Extended Service Contract – Optional protection on specified mechanical and electrical components of the vehicle available for purchase to supplement any warranty coverage provided with the new or used vehicle.

Credit Insurance – Optional insurance that pays the scheduled unpaid balance if you die or scheduled monthly payments if you become disabled. As with most contract terms, the cost of optional credit insurance must be disclosed in writing, and, if you want it, you must agree to it and sign for it.

Guaranteed Auto Protection (GAP) – Optional protection that pays the difference between the amount you owe on your vehicle and the amount you receive from your insurance company if the vehicle is stolen or destroyed before you have satisfied your credit obligation.

Amount Financed – The dollar amount of the credit that is provided to you.

Annual Percentage Rate or “APR” – The cost of credit expressed as a percentage.

Finance Charge – The total dollar amount you pay to use credit.

Fixed Rate Financing – The finance rate remains the same over the life of the contract.

Variable Rate Financing – The finance rate varies and the amount you must pay changes over the life of the contract.

Monthly Payment Amount – The dollar amount due each month to repay the credit agreement.

Assignee – The bank, finance company or credit union that purchases the contract from the dealer.

Online banking is a safe and very convenient way to manage your checking transactions. Most if not all banking is done online, including paying bills, you can either setup a recurring payment or a one time payment depending on your needs and transferring monies between savings accounts and checking accounts.

Some banks offer free checking, no monthly fees and some banks even offer a yield that is a higher then a traditional checking account, you can currently get a 6.10% annual percentage yield with Community Bank of Pleasant Hill  as long as you meet certain monthly transactional criteria. 

Opening an online checking account is quick, easy and safe.  Online banks will have you fill out a form, you will be asked include your contact information, including home address, phone number and fax number if you have one. You will also be asked to provide your social security number, or federal tax identification number if you are opening a business online checking account.

Search for the best Online Banking & Checking Account Rates

Banking Commentary

Monitoring your credit is part of a sound personal financial strategy, so it’s a good idea to check your credit report, which you can do every twelve months for free. To request a copy of your report, call 1-877-322-8228 or visit www.annualcreditreport.com. If you apply for credit and are denied credit, you may be able to obtain a copy of your credit report for free.

You can also request a copy of your credit score from a lending institution when you apply for credit, all you have to do is ask for your credit score. You can also pay for a copy of your credit report and credit score if  you want to monitor your credit throughout the year.

The three major credit agencies are listed below.

Experian
P.O. Box 2104
Allen, TX 75013
Phone: (888) 397-3742
Web site: www.experian.com

Equifax Credit Information Services
P. O. Box 740241
Atlanta, GA 30374-0241
Phone: (800) 685-1111
Web site:www.equifax.com

TransUnion Corporation
P. O. Box 1000
Chester, PA 19022
Phone: (800) 916-8800
Web site: www.transunion.com