The Joys of Credit Unions

By John Rosevear August 27, 2007

I've made no secret of this in the past: I love my credit union. Their great rates, low fees, friendly personal service, and flexibility in meeting my needs have made me a customer for life. While credit unions aren't the best fit for everyone, they do offer distinct advantages -- tangible and not-so-tangible -- over big regional or national banks.

The basics
Credit unions are nonprofit companies that, at their most essential level, consist of members who have pooled their money in order to make loans to one another. In practice, they are (generally smallish) bank-like companies that offer most of the same consumer services that banks do. These services include savings and checking accounts, credit cards, mortgages, auto loans, and personal loans. Like banks, deposits are generally insured up to $100,000. Some credit unions also offer business loans and retirement products to small businesses owned by members, and others may have brokerage or insurance affiliates that offer products and services to members as well.

All that said, credit unions differ from banks in a couple of big ways, mainly in terms of attitude and approach. When you walk into a Bank of America (NYSE: BAC) or Wells Fargo (NYSE: WFC) branch, you're a customer. The bank looks at you as someone it needs to satisfy, but also as an opportunity for profit. The level of service you get will depend in part on how profitable the bank thinks you'll be for them, and you may find the bank becoming your adversary from time to time -- especially after you take an hour or two to add up all the fees you've been charged.

Membership has its privileges
With a credit union, on the other hand, you're a member. That may not sound like a big deal, but in practice it can be a huge difference. The credit union -- which is a nonprofit, remember -- is there to provide service to its members. That doesn't mean they'll give you a crazy-huge no-down-payment mortgage without blinking an eye (that wouldn't serve their other members very well), but it does mean they'll consider much more of your overall financial picture when deciding whether -- and how -- to lend you money.

Incidentally, it's worth noting that a credit union is a pretty good place to go for a mortgage right now. Because most (though not all) credit unions self-finance their loans, rather than turning them into securities and selling them off, they've largely escaped the effects of the subprime crunch in the mortgage securities market. And while credit unions don't generally make very many subprime or "Alt-A" no-documentation mortgages, their lending standards have always been a bit more flexible than most other institutions, especially when lending to lower-income members with good credit.

And, in general, a credit union should be an early stop when you're shopping for any type of loan, whether it's a low-interest Visa card or a good deal on an auto loan. Their nonprofit status means that rates are often significantly lower than major banks', and once again, underwriting flexibility can work to your advantage if you're trying to do something a little unusual, like buying an antique car or boat. Many credit unions also go to considerable lengths to point out that their fees are lower than banks', and often compensate for their disadvantages of scale by, for instance, refunding the fees paid by members to use out-of-network ATMs.

The upshot
Credit unions may not suit everyone's needs. If you own a sizable business and want one-stop banking, for example, your local credit unions may not be able to offer you the full range of services you need. But if you're looking for a friendlier face to go with your personal banking experience, along with lower fees and a more service-oriented approach, check out the Credit Union National Association's credit union finder to see what's available in your area.

Not all credit unions are open to everybody -- the law requires that membership be based on some common association or status, called a "field of membership" and defined in the credit union's charter -- but there's sure to be at least one or two in your area that would be pleased to have you as a member. Check out the CUNA's site for more specifics, or just walk into your neighborhood branch and ask -- they'll be happy to help you out.

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Fool contributor John Rosevear does not own any of the stocks mentioned. Bank of America is an Income Investor recommendation. The Motley Fool has a disclosure policy.

University Students: Getting Suckered in with Credit Cards (2007-08-27)

David John Marotta

University Students: Getting Suckered in with Credit Cards (2007-08-27)

Every University student knows they should have a credit card. You have to have a second form of ID on many financial transactions. You have to have one to establish good credit. And, the more you use them, the more you will accrue bonus points toward cash, mileage credits and various "free gifts". P.T. Barnum said, "There's a sucker born every minute." But it doesn't have to be you.

About half of first year University students have at least one credit card. By the second year they nearly all do. About 60% of them pay off their balance each month. Even the most responsible of these students is succumbing to developing the worst mental rules of thumb on how to think about their finances.

They need to have rules of thumb that are not influenced by Madison Avenue. They need visual images to help them understand what the use of credit does even if they think they are using their credit card responsibly. They need to understand the credit card company's goal of ensnaring them into perpetual servitude.

In most states, eighteen year-olds are eligible for a credit card without parental consent or personal employment. The next generation can't learn to live within their means if parents keep supplementing their means. We don't do our children any favors by intervening and ruining life's lessons.

Emulate the best frugality in your parents. If your dad was the frugal parent, then whenever you go to use that credit card ask, "Would dad think this is a great idea?" If your mom was the frugal parent, then whenever you go to use that credit card ask, "Would mom think this is a great idea?"

Your parents had to learn the lessons of income, debt and savings in order to send you to school. Each generation must learn the lessons of life in the same way that the previous generation did - on their own. Students have to develop their own financial compass.

Targeting university students is a strategic decision for credit card companies. They know students are more likely to exceed their credit limit, make minimum payments and remain loyal to the company that issues them their first card.

Credit card companies attract students with loud music, flashy giveaways and free food. The most typical give away is a free T-shirt. There are at least nine ways that T-shirt could cost you thousands of dollars.

True story. A friend's son filled out a credit card application at a booth outside the stadium at one of the University of Virginia's home games. He was promised a T-shirt in the mail for completing a form. Instead they used all of his credit information to steal his identity and have the credit card sent to another address. Thousands of dollars later he was still trying to clear his name.

When you see those T-shirt offers, imagine they read, "I had my identity stolen and all I got was this lousy T-shirt." But you probably won't get the T-shirt.

Studies have shown that when people use a credit card, they are willing to spend twice as much money as when they use cash. Those same studies show that the biggest savings are enjoyed by a refusal to make small everyday unnecessary purchases. Put those two studies together and you will double your spending and cut your savings in half simply by using a credit card.

That means that you have to imagine that everything you purchase with a credit card costs twice as much. Only if it costs twice as much would you be as hesitant to purchase it as if you had to pay cash.

Although 60% of college student's pay off their balance each month, that leaves 40% who do not. It is relatively easy for a bill to be lost, misplaced or forgotten in the hectic lifestyle of college activities.

If you lack the money to pay cash the credit card is very convenient. The smaller minimum payments are easier to pay than the accrued balance. As a result, it is very easy to get suckered into the pattern of just paying the minimum each month instead of the balance.

Next week we will examine the economics of how students are impacted by these convenient monthly payments.

Tough Times Are Still Ahead for U.S. Home Market:

By John F. Wasik

Aug. 27 (Bloomberg) -- If you think the worst is over for the U.S. home market, hold on to your hats.

The credit crunch is not only making mortgage financing tougher, it will force more homeowners into foreclosure. The surge of more bargain homes on the market will further depress prices. Along with a corresponding pinch on home equity, auto loans and credit cards, this pullback doesn't bode well for the economy.

The credit industry has become an inadvertent cheerleader for a recession. Consumers who can't borrow typically don't spend on items such as homes, cars and remodeling projects. It's a punishing economic boomerang of mass psychology.

Only those with above-average credit ratings will fare well in the purge of the riskiest kinds of mortgages from lender portfolios.

``It's been a bloodbath,'' says George Jenich, owner of Milwaukee-based Lender Rate Match LLC, which runs an online mortgage service. ``Since the beginning of the year, 25 lenders have been dropped from our database who have either gone bankrupt or stopped lending. We're down to 15 lenders now.''

Jenich said all but the largest lenders have curtailed or halted their offerings of the riskiest kinds of loans. That includes subprime, so-called Alt-A, stated income, no- documentation and 100 percent financing.

The Damage

The feeble state of the home market could become even worse as homeowners face higher property-tax and insurance bills in coming months.

Those who can barely afford mortgage payments are often forced to sell or are pushed into foreclosure. This is a pronounced problem in coastal markets where properties are most expensive and in areas where speculation ran rampant, such as Florida and Nevada.

Congress, market regulators and the Federal Reserve are trying to prevent a liquidity crisis that will cripple the already depressed home market.

Yet it may be too late to contain the collateral damage. At the end of last year, there were an estimated 7.5 million subprime mortgages totaling $1.4 trillion, according to the Center for Responsible Lending, a research organization in Durham, North Carolina. Some 20 percent to 30 percent of those loans may result in foreclosure. All told, the center predicts more than 2 million Americans will lose their homes. It may be more if the credit crunch continues unabated.

In July alone, foreclosures almost doubled compared with a year earlier, according to RealtyTrac Inc., the Irvine, California-based property tracking service. Hit hardest were those who were trying to refinance but couldn't obtain loans after their adjustable-rate payments rose.

More Money Down

Also hurt are those homeowners refinancing loans who have no equity or money down.

Jenich said lenders are most restrictive in Arizona, California, Florida, Georgia, Michigan, New Jersey, New York, Nevada and Ohio.

That means banks in those states will require more equity or cash and offer lower loan amounts. Not surprisingly, Nevada, Georgia and Michigan posted the highest foreclosure rates in the U.S., with California and Florida showing the highest total foreclosures, RealtyTrac reported.

The trigger point for what industry experts say will be the next wave of foreclosures is November -- when the next resets are scheduled -- and then in April of next year.

``This will put borrowers in a straitjacket if they need to find 100 percent financing since no products will be available,'' says Jenich.

`More Stringent'

``There's the same flight to quality that drove Treasury- bill yields down to 3 percent,'' says Randy Johnson of lenders' reaction to the subprime blowup. He's a mortgage broker and analyst with the consumer lending Web site http://www.credit.com . ``It's going to get more stringent before it loosens up again.''

If you are looking for a mortgage for a second home, jumbo loan and have less-than-stellar credit, you will have to look long and hard.

As mortgage lenders duck risk like beachfront dwellers fleeing an approaching storm, these kinds of mortgages have become scarcer.

Lenders who got cold feet en masse after the subprime loan debacle -- mortgages granted to the most credit-challenged borrowers -- are even avoiding some loans for more affluent homebuyers. The risk-taking scare has resulted in curbs on jumbo or ``non-conforming'' loans for amounts of more than $417,000.

Need financing now? This is a good time to check your credit record and see if it's up-to-date. Any errors showing late payments or outstanding debts should be corrected. If there are any inaccuracies in your report, see http://www.myfico.com .

Check Your Credit

The highest credit scores will not only qualify you for a mortgage and other loans, it may enable the applicant to qualify for the lowest-possible rates. A rating above 700 on the FICO scale, an industry standard for measuring credit worthiness, generally will get you the best financing.

``There are fewer options for the credit challenged,'' says Gerri Detweiler, author of ``The Ultimate Credit Handbook.'' She notes that 10 or 20 points on your credit score could be ``the difference between getting or not getting a loan.''

The credit industry will eventually adjust to the new reality of tighter standards after the free-wheeling, no-money- down days that ended last year.

It's too late for regulating out of this morass, though Congress may be forced to compel secondary-market leaders like Freddie Mac and Fannie Mae to buy a wider range of mortgages and improve disclosure on loan contracts.

In the meantime, if you need a loan, you will need more savings in the bank and extensive documentation to prove income and assets. That was a safeguard all along. Why does it suddenly seem like a good idea to the industry and Washington?

To contact the writer of this column: John F. Wasik in Chicago at jwasik@bloomberg.net

Helping to ensure clients know the score

If you think that such a checkup is unnecessary, consider what the United States Public Interest Research Group in Washington discovered in a 2004 study of consumer credit reports.

According to the study’s executive summary:

• 25% of the credit reports surveyed contained serious errors, such as false delinquencies or accounts that didn’t belong to the consumer, which could result in the denial of credit, a loan, an apartment or a job.

• 54% of the credit reports contained personal demographic information that was misspelled, long outdated, belonged to a stranger or was otherwise incorrect.

• 30% contained credit accounts that had been closed by the consumer but remained listed as open.

• 79% contained either serious errors or other mistakes of some kind.

These mistakes point to the possibility of even affluent consumers having less-than-stellar credit scores. And while good credit scores are critical when someone is looking to buy a new home, refinance their existing home or purchase a car, the average consumer has a minimal understanding of the scores, according to a study released this month from the Washington-based Consumer Federation of America and Washington Mutual Inc. in Seattle.

By taking a few simple steps to increase their credit scores, people can save thousands of dollars a year on a mortgage or car loan.

“Consumers don’t seem to think they need to focus on credit scores. But poor scores are costing them billions of dollars in interest and finance charges annually,” CFA executive director Stephen Brobeck said in the report.

Smart choices

The best advice for improving a credit score is making all credit payments on time, using less than 20% of the available credit line and keeping the number of credit cards to a minimum, noted experts.

In addition, paying off debt — not just moving it around to other credit cards — is essential. Such movement also lowers a credit score, industry experts say.

Clients can get free credit reports from three main national credit bureaus: Equifax Inc. in Atlanta, Experian Information Solutions Inc. in Costa Mesa, Calif., and Trans Union LLC in Chicago.

The best scores, experts say, are higher than 700, a number that prompts lenders to offer borrowers the lowest interest rates on loans. Any credit score below 600 is considered poor and can cost consumers thousands of dollars or more a year in borrowing costs.

In the case of mortgages, for example, a person with a credit score of 720 could qualify for a 30-year mortgage carrying a 5.5% interest rate, according to an example from the Consumer Federation of America.

Someone with a score of 580, on the other hand, probably would pay 8.5% or more. On a $500,000 mortgage loan, the difference between having good credit and bad credit could be an additional $1,000 a month.

I don’t know about your clients, but I could certainly find a way to make $12,000 a year work in my best interests. And I’d appreciate the help of a financial adviser who could save me that much money.

Credit crunch constricts home, car loan availability

By HELEN HUNTLEY, Personal Finance Editor
Published August 27, 2007

---

urmoil in the mortgage market is getting the blame for the recent selloff in stocks and for making it tougher for some borrowers to get a loan. Here's a look at what happened and what it means:

Why are so many mortgage brokers and lenders in trouble, laying people off, borrowing money or going bankrupt?

Business began going south with the housing bust. Fewer homes sold meant fewer mortgages, and when houses didn't increase in value, fewer people could do a cash-out refinancing. On top of that, we now have a credit crunch in the mortgage market.

How did that happen?

Mortgage brokers and many lenders make money from transactions, not from interest payments. After making a loan, lenders sell it to investors, which then gives them money to lend to the next borrower. Lenders have stopped making or sharply curtailed certain types of loans because they can't find investors willing to buy them.

Why have investors gotten so skittish?

Delinquencies and foreclosures have been higher than expected, and there's a lot of fear about how high they'll go. This uncertainty makes investors reluctant to own some types of mortgages and mortgage-backed securities.

So will I be able to get a mortgage if I want to buy a house?

Yes, if you have good credit and you want a standard loan with full documentation of your income. Otherwise, maybe not. Even if you have great credit, you may not be able to borrow more than $417,000 because that's the biggest loan the government-chartered corporations Fannie Mae and Freddie Mac will buy for their portfolios.

Are other types of loans affected?

Although interest rates generally have stayed about the same, there is evidence that lenders are getting pickier about who qualifies for credit cards, car loans and home equity loans.

If I want to apply for a mortgage or car loan soon, what should I do?

Get your credit in order. Start by checking your credit report you can get a free copy once a year through www.annualcreditreport.com, clearing up any unpaid debts and contesting any inaccuracies. Pay down your credit card balances as low as you can get them. Owing less than 10 percent of your credit limits is ideal. Do not apply for any credit cards or take out any new loans before applying for the big loan you really want. And, of course, pay your bills on time.

How good does my credit have to be to get a mortgage?

That varies with the lender. A FICO credit score below 620 is considered subprime, but some lenders set the bar higher at 650 or 680. Some lenders will reject your application if your score is too low. Others will give you a mortgage but at a higher interest rate. Borrowers with scores of 720 or better get the best rates.

How do I know what my credit score is?

You can order it for a fee when you get a credit report. For more information about credit scores, go to www.myfico.com.

I read that interest rates might be headed down. Should I get an adjustable rate mortgage or go fixed?

Go adjustable only if you are certain you'll be moving before the rate adjusts. Don't count on rising house prices to make it easy to refinance when that happens.

What if I already have an adjustable rate mortgage and I know the payments are going to be more than I can afford when the rate resets?

If you want to stay in the house, switch to a fixed-rate loan if you can qualify for one. If that's not possible, talk over your situation with a HUD-approved housing counselor (call toll-free 1-800-569-4287 for a referral). And contact your lender as soon as you run into trouble.

Your loan story

How have you been affected by problems in the mortgage market? Have you found it more difficult to get a mortgage? Are you caught in an adjustable rate loan with rising rates? Been unable to sell a house because your would-be buyer can't get a mortgage? Please post your response to the MoneyTalk blog at blogs.tampabay.com/money or send it to Helen Huntley by e-mail at hhuntley@sptimes.com.

Five big mortgage mistakes

MARSHALL LOEB'S DAILY MONEY TIP

NEW YORK (MarketWatch) -- With housing prices leveling off in many parts of the country, it's a good time for qualified buyers to shop around for a new home. But Bankrate.com Editor Elizabeth Razzi warns there are five pitfalls to avoid when trying to secure a mortgage:

1. Disregarding credit reports. Establishing good credit is the key to locking in a favorable mortgage rate, yet many buyers fail to check their credit reports before applying for a home loan. Even the most fiscally responsible buyers shouldn't assume that their credit report is spotless. Why? Because one in four people reported finding serious errors on their credit reports, according to a 2004 study by U.S. PIRG, a federation of state public interest research groups, and errors like these can hurt your credit score.
2. Overborrowing. Some buyers make the mistake of assuming that they can afford to borrow as much money as lenders are willing to give them. Just because you qualify for a loan doesn't mean it's in your best interest to take it. If you're already struggling to pay rent and a lender offers you a loan requiring even higher monthly payments, you should seriously consider the financial repercussions before accepting it.
3. Changing jobs. If you have an unsteady employment history, you're likely to appear less than stable in the eyes of a lender. It's particularly important to avoid job hopping while your mortgage application is pending. If switching jobs in unavoidable, angle for a position that offers the same or better pay.
4. Cutting down on credit cards. Paying down credit-card balances is an important part of responsible money management, but closing accounts when you're trying to secure a mortgage is a mistake. Contrary to what you might think, reducing the amount of credit available to you during the buying process can make your credit score go down rather than up.
5. Not taking advantage of a HELOC. If you are already a home owner and have an existing home equity line of credit don't offload it before purchasing your new home. It can come in handy if you need to temporarily cover the down payment while your old home is being sold.

Marshall Loeb, former editor of Fortune, Money, and the Columbia Journalism Review, writes for MarketWatch.

Ask an Expert: Mortgage too high? Weigh these options

Ask an Expert: Mortgage too high? Weigh these options

By Steve Strauss, Special for USA TODAY
Q: I am the owner of one of these "subprime" mortgages everyone is so nervous about, and now I know why. I run a home-based business and care for my two school-aged daughters. I got what I thought was a great loan, but have learned the hard way that after 2 years, my mortgage goes up $180 a month! I am now on the verge of foreclosure and will lose my business, too. Help! — Layla

A: Like many other homeowners, home-based business owners also tapped the seemingly ever-increasing rise in property value and the corresponding low interest rates the past few years to refinance their homes and use the funds for either consumer spending, business growth and expenses, or both. But now it looks as if that may not have been such a great idea.

For instance, I know someone who ran his business from his home for a decade but who never quite made enough money to make ends meet. He began to use his credit cards to pay for business expenses, food for the family, and so on, and then, every other year or so, he refinanced his house, paid off the credit cards, and started over. But now he can't do that again because his house barely appreciated the past two years. So now he has two years of credit card debt, no equity, a ballooning mortgage payment, and no recourse in sight. What will he do? He is looking for a job.

When you are in over your head with your mortgage, when foreclosure is on the horizon, you have a few options, but I must tell you, none of them are great. Here are your choices:

Short sale: If you are on the verge of foreclosure, you would work with the bank to quickly sell the property – probably for less than its worth, but at least enough to cover the mortgage. It keeps the foreclosure off of your credit report, but that's about it.
FIND MORE STORIES IN: Steve Strauss

Negotiate with the lender. Often your best bet is to try and workout some sort of arrangement with the lender. If you are in trouble with your loan, it is vital that you act quickly as once the foreclosure process begins, a statutory clock begins to tick and you only have a few months before your house is sold. You will have far more leverage if you contact the lender before the clock starts ticking. There are several things the lender may agree to:

•Modification: The lender may agree to lower the interest rate or to extend the terms. Why would they do that? It may beat having another default on the books.

•Repayment: Here, you would agree to terms that would allow you to catch up on unpaid payments by adding a portion of the past-due amount to your normal monthly payments.

•Forbearance: The lender may agree to have you temporarily stop making loan payments, while also coming up with a plan to bring the loan current.

Get counseling: If you have a VA loan, an FHA loan, or some other federally-guaranteed loan, you may be able to get some help from the office of Housing and Urban Development (HUD.)

File for bankruptcy: I have mentioned several times in this column previously why I think the new bankruptcy laws stink, and here is but another example. You have two options when it comes to bankruptcy, and they go from bad to worse:

•Chapter 7: It used to be that with a Chapter 7, you could eliminate all of you unsecured debt (like credit card debt), get some breathing room, and thereby keep your house because you would have more disposable income with which to catch up and stay current. However, under the new laws, eliminating that unsecured debt is very difficult. Usually, now, you will need to enter a repayment plan. Of course, if you could have repaid the debts, you would have. Bad.

•Chapter 13: This is the official repayment plan option, which includes past due mortgage amounts. Nice idea, but again, if you could have caught up, you would have, right? Worse.

Sometimes a bankruptcy will still work, and when it does, it is a blessing.

Sell the home. Finally, the best plan may just be to sell the house, recoup your equity, and move on.

I wish I had better choices for you, but I don't. Good luck.

Today's Tip: One last option: If you are behind but can see a way of staying current once you are caught up, consider borrowing the past due amount from friends or family. All due caveats apply, of course.

Ask an Expert appears Mondays. You can e-mail Steve Strauss at: sstrauss@mrallbiz.com. And you can click here to see previous columns. Steven D. Strauss is a lawyer, author and speaker who specializes in small business and entrepreneurship. His latest book is The Small Business Bible. You can sign up for his free newsletter, "Small Business Success Secrets!" at his website —www.mrallbiz.com.

Credit Card with MasterCard® PayPass™ Contactless Technology in the UAE

Credit Card with MasterCard® PayPass™ Contactless Technology in the UAE

Abu Dhabi Commercial Bank (ADCB) today announced the launch of its ADCB Flash MasterCard Credit Card with MasterCard® PayPass™, launched in association with MasterCard Worldwide. Using the latest technology in contactless payments brought to the region by MasterCard; the ADCB Flash MasterCard Credit Card with PayPass is the first of its kind in the GCC and offers cardholders the latest innovation in payment solutions.

The ADCB Flash MasterCard Credit Card with MasterCard PayPass can be used at selected acceptance locations in the UAE, offering a fast and convenient payment method for small purchases. Consumers benefit from a secure, fast and convenient alternative to cash for their everyday small purchases. Customers will discover queues are shorter, making fast food even faster at Burger King, shopping at Choithram will be quicker, and coffee breaks can be maximized at Cinnabon. Several other shopping and entertainment locations across the UAE also accept the ADCB Flash MasterCard Credit Card with PayPass.

As well as having the usual credit card functionality, the MasterCard PayPass technology allows cardholders to simply “Tap & Go” for purchases under AED100. For transaction amounts over AED100, purchases are made in the standard way as for all credit cards and a signature may be required. Aimed at redefining the way to pay for low value purchases across the globe, cards can be tapped against the PayPass reader positioned at point of sale locations to complete transactions, eliminating the need to swipe or sign and thus making transactions with PayPass cards significantly faster than with other payment cards. The PayPass technology also provides the cardholder with extra comfort as the card remains with the cardholder at all times. The new card also has the extra security of being a MasterCard OneSmart card, complete with Chip technology that makes it difficult to counterfeit. Retailers benefit from the speed and efficiency of this contactless card as well as better record keeping when compared to accepting cash.

“At ADCB we acknowledge that our customers are partners and we strive to provide solutions to their needs. As such, ADCB has positioned itself as a flexible facilitator that allows the customer to dictate what they want at any point in time in terms of the products and the level of support,” said Arup Mukhopadhyay, Head of Retail Banking, ADCB. He continued, “ADCB Flash MasterCard Credit Card with PayPass is one such innovative product in line with ADCB’s mission to be the most innovative bank using technology for improving our business and providing our customers with nothing short of the best solutions. ADCB will begin issuing the cards in a phased manner to our customer base.”

“MasterCard has been the industry innovator in contactless payments for many years and leads the way with the MasterCard PayPass program. We are delighted to have worked with ADCB to bring PayPass to the UAE. We understand at MasterCard that results are best delivered locally through the development of customized