Here’s how much you can save on your mortgage by improving your credit score

A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mo


A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mo
Here’s how much you can save on your mortgage by improving your credit score Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: alicia adamczyk
Keywords: news, cnbc, companies, credit, score, 700, tier, thousands, mortgage, save, heres, loan, improving, scores, typically


Here's how much you can save on your mortgage by improving your credit score

A good credit score can save home buyers hundreds of dollars a month on mortgage payments — and potentially tens of thousands over the course of their loan. A high credit score gives lenders confidence in your ability to repay your loan. The higher it is, the lower the interest rate they’ll be willing to give you. For a mortgage, in particular, which is likely the biggest loan most people will take out, a high credit score is the ultimate money saver. FICO credit scores are most commonly used by mortgage lenders, and range from 300 to 850. Anything between 700 and 749 is typically deemed “good,” while scores from 650 to 700 are “fair.” Excellent scores are over 750. The median credit score of home buyers qualifying for a mortgage in the first quarter of 2019 was 759, according to the Federal Reserve, and 75% boasted a score over 700. You don’t need a score above 700 to buy a house, though a higher credit score will typically mean you’re given a better mortgage rate and loan options. Just how much will increasing your score save you? Here’s how to figure it out.

How much you can save you if you raise your credit score

Even a seemingly small improvement in your score — say, from 680 to 700 — could save you thousands of dollars. Here’s how much you would pay each month on a 30-year fixed mortgage, using the median home price of $266,000 and the MyFICO mortgage calculator:

That’s a difference of $89,804 between a top tier and bottom tier score. Remember, there are countless other factors that also play a role in the mortgage-approval process, including the cost of the home, the size of the down payment and your income.

How to improve your credit score


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: alicia adamczyk
Keywords: news, cnbc, companies, credit, score, 700, tier, thousands, mortgage, save, heres, loan, improving, scores, typically


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Do these 5 things to get your money in order before 2020, says financial expert

Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020? Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings? Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. You probably w


Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020? Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings? Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. You probably w
Do these 5 things to get your money in order before 2020, says financial expert Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: tiffany aliche
Keywords: news, cnbc, companies, yearend, youre, budget, order, need, credit, check, expenses, things, dont, 2020, expert, variable, money, financial


Do these 5 things to get your money in order before 2020, says financial expert

We’re just a little more than five months away from 2020. Crazy, isn’t it? The year has flown by — along with some major financial milestones: Jay-Z reached billionaire status, Rihanna became America’s richest female musician and tech investor Robert F. Smith pledged to pay off student loans for Morehouse College’s class of 2019. Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. Here’s what you need to do:

1. Review your finances

The first step is to do a run-through of your finances and get an idea of how you’re doing so far. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020?

Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings?

What areas need more focus and improvement?

What will your year-end returns be? Are you satisfied with them?

Are you prepared for tax season?

Are you saving enough for retirement?

2. Refine your budget plan

I’ve seen a lot of people create vague budget plans based on loose commitments. But now is the time to really zoom in on your spending and savings habits so you know what necessary changes need to be made. Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. groceries, entertainment, gas) are. Don’t use estimated numbers — be as specific as possible so you can get a more accurate measure of your progress. You probably won’t be able to lower your fixed expenses by much, so try to focus on your variable expenses. Check your monthly credit and banking statements to see what you’re spending on. Then, identify what you can eliminate or cut back on.

3. Check your credit

Request a free credit report online and review it carefully. For the most part, check for errors that need to be addressed immediately. A few of the most common mistakes include: Incorrect first and last names

Addresses you never lived at

Employers you never worked for

Accounts you don’t recognize

Accounts listed as open even though you already closed them

Incorrect balances Check your credit score, too. Lenders take credit scores seriously when deciding whether someone qualifies for a loan or good interest rate. If you have a low credit score, but plan to take out a mortgage in the near future, figure out what you need to do to improve it before applying for a mortgage.

4. Don’t forget to give

The holidays will be here before you know it, so start making your charitable, tax-deductible donations now. Keep your receipts and contribution forms organized in a folder so you’ll have an easier time filing your taxes. This is also a good time to think about what’s on everyone’s wish list and create your holiday budget. A lot of people get excited about year-end sales, but those deals are typically offered occasionally throughout entire year. Getting your gifts early will allow you more time to comparison shop. Bonus: You get to skip the long lines and overwhelming crowds of shoppers when the holidays come around.

5. Take action immediately


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: tiffany aliche
Keywords: news, cnbc, companies, yearend, youre, budget, order, need, credit, check, expenses, things, dont, 2020, expert, variable, money, financial


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Kevin O’Leary: Never give your kids a credit card — here’s why

Plenty of parents are giving their kids credit cards these days and financial expert and “Shark Tank” star Kevin O’Leary has something to say about it. He believes there is no good age — or time — for a parent to open a credit card for their kids. “When should kids get a credit card? While some parents may make the case that getting a credit card could help their kids build credit and get a better credit score for the future if used responsibly, O’Leary has a better idea. Don’t miss: Why Kevin O


Plenty of parents are giving their kids credit cards these days and financial expert and “Shark Tank” star Kevin O’Leary has something to say about it. He believes there is no good age — or time — for a parent to open a credit card for their kids. “When should kids get a credit card? While some parents may make the case that getting a credit card could help their kids build credit and get a better credit score for the future if used responsibly, O’Leary has a better idea. Don’t miss: Why Kevin O
Kevin O’Leary: Never give your kids a credit card — here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: jade scipioni
Keywords: news, cnbc, companies, card, parents, credit, cards, kevin, heres, kids, oleary, interest, money, thinks


Kevin O'Leary: Never give your kids a credit card — here's why

Plenty of parents are giving their kids credit cards these days and financial expert and “Shark Tank” star Kevin O’Leary has something to say about it.

He believes there is no good age — or time — for a parent to open a credit card for their kids.

“When should kids get a credit card? Never,” O’Leary tells CNBC Make It.

While some parents may make the case that getting a credit card could help their kids build credit and get a better credit score for the future if used responsibly, O’Leary has a better idea.

“[Kids] should get debit cards instead so they learn that you shouldn’t spend on credit,” he says.

“The fact is, the interest rates on credit cards are astronomical,” O’Leary previously said. Paying so much interest “is crazy.”

To teach his kids about money, O’Leary says he opened saving accounts for his children before they were 10 years old.

“I wanted them to see how money accrues interest,” he says. “And it’s a great thing to do because it helps them get into the concept of saving and investing and thinking long term.”

According to a 2017 T. Rowe Price survey, 44% of parents are extremely reluctant to discuss money with their kids. But O’Leary says he thinks parents should start teaching the basics as soon as their kids hit kindergarten.

“I think kids should be taught at the age of five onward where money comes from,” O’Leary told CNBC Make It last year. “We do a very poor job in North America telling kids about finance. We teach them sex education, geography, math, reading, all kinds of learning skills, but we don’t tell them about debt. No wonder they get into trouble as soon as they get a credit card.”

His advice is that families should have money talks as part of their daily dinner table conversations.

Like this story? Like CNBC Make It on Facebook.

Don’t miss: Why Kevin O’Leary thinks rocker Keith Richards’ memoir is the ‘best business book on the market’


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: jade scipioni
Keywords: news, cnbc, companies, card, parents, credit, cards, kevin, heres, kids, oleary, interest, money, thinks


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How going cash-only helped this 23-year-old pay off $20,000 in debt in one year

Paying with paper instead of plastic helped Kristy Epperson eliminate $20,000 in student loan and car loan debt in just one year. Every month, Epperson started withdrawing money from her checking account to cover spending categories like dining out, groceries, and gas. The debt-free celebration: Spruce up her homeWhile in debt-elimination mode, Epperson promised herself she’d spruce up her lawn once she finally zeroed out her student loan debt. Kristy Epperson’s lawn, before and after she hired


Paying with paper instead of plastic helped Kristy Epperson eliminate $20,000 in student loan and car loan debt in just one year. Every month, Epperson started withdrawing money from her checking account to cover spending categories like dining out, groceries, and gas. The debt-free celebration: Spruce up her homeWhile in debt-elimination mode, Epperson promised herself she’d spruce up her lawn once she finally zeroed out her student loan debt. Kristy Epperson’s lawn, before and after she hired
How going cash-only helped this 23-year-old pay off $20,000 in debt in one year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: sofia pitt
Keywords: news, cnbc, companies, 20000, spending, helped, paying, 23yearold, loan, going, month, pay, debt, epperson, credit, cashonly, money, cash, student


How going cash-only helped this 23-year-old pay off $20,000 in debt in one year

Paying with paper instead of plastic helped Kristy Epperson eliminate $20,000 in student loan and car loan debt in just one year. After earning her bachelor’s degree in nursing from Wright State University in 2017, Epperson owed about $16,000 in student loans from multiple borrowers with interest rates of between 3.6% and 6.8%. She also had roughly $4,000 left on her car loan, at an interest rate of 4.2%. Even as Epperson began slowly chipping away at that debt, she managed to achieve another financial goal: homeownership. She was able to buy a place in Dayton, Ohio, with only 5% as a down payment. Becoming a homeowner forced her to take a hard look at her expenses and reevaluate her spending habits — which made her more determined to wipe out her student loan and auto debts. “If something happened, if I lost my job, I’d have no way to pay my bills,” Epperson tells Grow. “I needed a better long-term plan.” In addition to getting a second job as a substitute teacher, which brought in an extra $100 to $300 a month, Epperson created an expense spreadsheet and began tracking her purchases to help her pay down debt faster. She used her Instagram page, @DebtFreeAtTwentyThree, to share her setbacks, strategies, and accomplishments.

The anti-debt strategy: Cold, hard cash

Epperson’s expense tracking showed her one key problem area: credit card use. “I would look at my credit card bill and not even remember some of the charges,” she says. “I was eating out a lot, buying new clothes at Target, shopping on Amazon.” So she ditched the credit cards. “I felt using cash would hold me accountable,” she explains.

Every month, Epperson started withdrawing money from her checking account to cover spending categories like dining out, groceries, and gas. Once she ran out of the money she had allocated to a specific expense, she stopped spending on that category. If Epperson overspent in a category, she would borrow from another. That meant making spending sacrifices: “One month my friends were all going to a Kenny Chesney concert and I didn’t have the money left that month, so I couldn’t go,” she says. When paying in cash wasn’t an option—like when she had to make purchases online—Epperson says she used a credit card and paid off the balance immediately with the money in her checking account to avoid racking up more debt. Once Epperson’s friends realized she was turning down plans, they tried to be accommodating to help her save: Epperson and her friends started taking advantage of Dayton’s great hiking trails, hosting game nights, and all chipping in to buy groceries and cook dinner together.

The debt-free celebration: Spruce up her home

While in debt-elimination mode, Epperson promised herself she’d spruce up her lawn once she finally zeroed out her student loan debt. “Looking out the window and imagining the yard I wanted motivated me to stick to the budget,” she says. Hiring a landscaper was one of the first moves she made after paying off her student loans earlier this summer.

Kristy Epperson’s lawn, before and after she hired a landscaper as part of her celebration of paying off student loan debt.

The opportunity: An emergency fund

Now that Epperson is free of her student and auto loan debt, her midterm goal is to save up enough to buy a new car using cash, and to replace her hand-me-down TV. But first, she says, her priority is to build up a six-month emergency fund. So far, she has nearly a third of what she needs saved up. Epperson says she plans to keep up with her cash budgeting strategy. In fact, she hasn’t used her credit cards in months. Do you have an inspiring story about how you paid down debt? Email us at getgrowing@cnbc.com. The article How Going Cash-Only Helped This 23-Year-Old Pay Off $20,000 in Debt in One Year originally appeared on Grow by Acorns + CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: sofia pitt
Keywords: news, cnbc, companies, 20000, spending, helped, paying, 23yearold, loan, going, month, pay, debt, epperson, credit, cashonly, money, cash, student


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This is the credit score you typically need to take out a mortgage

How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a


How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a
This is the credit score you typically need to take out a mortgage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: alicia adamczyk
Keywords: news, cnbc, companies, payment, need, month, mortgage, score, utilization, improve, typically, credit, pay, keeping, bills, rate


This is the credit score you typically need to take out a mortgage

How to improve your credit score

If you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. First of all, pay all of your bills on time and in full. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Setting your bills on auto-pay and keeping tabs on your payment due date for each account will help ensure that you routinely make on-time payments. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Experts recommend keeping it at 30% or less month to month. Credit utilization refers to the percentage of your total available credit that you are using at one time. If your credit card has a limit of $10,000 and you have a balance of $2,000, your credit utilization rate is 20%, for example.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: alicia adamczyk
Keywords: news, cnbc, companies, payment, need, month, mortgage, score, utilization, improve, typically, credit, pay, keeping, bills, rate


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Here’s how to earn up to $55 in free Amazon credits for Prime Day

What’s better than Amazon Prime Day discounts? Free Amazon credits you can use toward those deals. To take advantage of the Prime Day deals, you need to Prime member. In total, first-time app users who are Prime members can earn up to $25 in free Amazon credits through July 31, 2019. Beyond the free credits, downloading the Amazon app also gives Prime members an edge.


What’s better than Amazon Prime Day discounts? Free Amazon credits you can use toward those deals. To take advantage of the Prime Day deals, you need to Prime member. In total, first-time app users who are Prime members can earn up to $25 in free Amazon credits through July 31, 2019. Beyond the free credits, downloading the Amazon app also gives Prime members an edge.
Here’s how to earn up to $55 in free Amazon credits for Prime Day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: megan leonhardt
Keywords: news, cnbc, companies, prime, free, day, app, browser, deals, 55, heres, youre, credit, credits, amazon, earn


Here's how to earn up to $55 in free Amazon credits for Prime Day

What’s better than Amazon Prime Day discounts? Free Amazon credits you can use toward those deals. To celebrate Amazon Prime Day, which starts on July 15 and runs two days this year, the company has several deals that offer customers $10 credits for using several of its services, including the online retailer’s app and browser extension. To take advantage of the Prime Day deals, you need to Prime member. If you’re not already a Prime member, you can sign up for a free 30-day trial. After the trial expires, a membership costs $119 a year. If you’re a student, Amazon offers a six-month trial period and half off a membership ($59 a year). Once your membership is sorted, take a moment to see if you qualify for any of these credits to use toward your Prime Day purchases.

Download the Amazon app

If you don’t have the Amazon shopping app yet, Amazon is offering Prime members a $10 credit when they download it and sign in for the first time. You can earn another $10 credit after you purchase an Amazon product through the app and another $5 when you use the camera and Alexa features for the first time. In total, first-time app users who are Prime members can earn up to $25 in free Amazon credits through July 31, 2019. Credits expire on August 2, 2019. However, if you’re on a free trial, you’re not eligible. Beyond the free credits, downloading the Amazon app also gives Prime members an edge. App users will be able to preview deals and can turn on “personalized notifications” in the app settings to get notified when deals are live.

Install the Amazon Assistant browser extension

Those looking to use a desktop or laptop to shop for Prime deals can install the Amazon Assistant browser extension and get $10 off their first order of $50 or more. A browser extension is a small software package that you can download, typically for free, and will work with websites. The Amazon Assistant browser extension shows you the top trending deals and offers, as well as notifies you when deals you are watching go live. Plus, this credit lasts beyond Prime Day. Users have until August 2, 2019 to use their credit on any order over $50 on Amazon.com.

Shop at Whole Foods

To score this credit, you’ll need to spend a little money. Prime members who spend at least $10 at a Whole Foods store or through Prime Now (which partners with the grocery retailer) through July 16 will receive a $10 credit to use on Amazon Prime Day purchases. The grocery store will also be adding exclusive deals on “peak-of-season produce and high-quality grocery favorites” during the week of Prime Day, including on strawberries, peaches, blueberries, salmon fillets, nut butters, trail mixes and ice creams, Whole Foods CEO John Mackey said in a statement.

Reload an Amazon gift card


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: megan leonhardt
Keywords: news, cnbc, companies, prime, free, day, app, browser, deals, 55, heres, youre, credit, credits, amazon, earn


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How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T


Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year. More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs. T
How to protect your child from identity theft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


How to protect your child from identity theft

Thieves were able to steal $2,303, on average, when they misused the identity of a minor, more than twice the average fraud amount for adults, Javelin said in the report released last year.

More than 1 million children were victims of identity theft or fraud in 2017, according to a report from Javelin Strategy & Research. Two-thirds of those affected were age 7 or younger.

While adults make prime targets for their account balances, a child’s information, particularly their Social Security number, has even more value to scammers because it is a “clean slate” for opening new lines of credit before someone catches on, according to the Identity Theft Resource Center.

Altogether, scammers used a child’s information to grab roughly $2.6 billion in total that year, leaving their families with an estimated $540 million in out-of-pocket costs.

While the Social Security Administration has recently started digitizing its systems, lenders more often check with credit reporting companies for a credit report instead of verifying Social Security numbers and ages with the government, said Kyle Marchini, a senior analyst at Javelin.

Unless you’ve applied for credit, you don’t have a report — which also means you don’t have any “hits” or “dings” to raise a red flag.

More from Invest in You:

Sometimes credit card with annual fees pay

There’s a hidden cost to your 401(k)

A simple step if you want to be rich someday

That opens the door for an identity thief to take over, open new accounts and run up large debts. The victim could be an adult before they discover that their credit history has been ruined.

To prevent that from happening, here are a few tips to keep your child’s identity safe:

Pay close attention to people with access to your child’s Social Security number. Javelin estimates that 6 in 10 child victims personally know the perpetrator, compared to 7% of adults. Family friends were the most common suspect, accounting for a third of cases.

This type of fraud is often a crime of opportunity so keep any sensitive personal and financial information out of sight, such as birth certificates and tax returns, and password protect your home electronic devices.

Keep close tabs on your child’s online activity. Parents should know what personal information their children are storing on electronic devices or with third parties, and teach them safe internet behaviors — including how to spot potential scams and phishing attempts.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, martin cabrera jr, katherine liola, founder, ceo of concentric private wealth
Keywords: news, cnbc, companies, report, adults, identity, information, theft, child, fraud, credit, security, javelin, protect, social, childs


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JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb


A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb
JPMorgan Chase credit card customers have a month to opt out of binding arbitration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017.

JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes.

The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month.

The bank notified customers in May that their right to sue over grievances connected to their Chase credit cards will go away unless they take some action by the first week in August.

Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arbitration cases generally can be brought only by individuals. And the private process is overseen by a third party rather than an appointed judge.

Up to 47 million customers could be impacted by the change at Chase, including holders of the Slate and Sapphire card.

“Arbitration typically benefits companies over consumers, so it can’t hurt to opt out and open some alternatives,” said Ted Rossman, industry analyst at CreditCards.com.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


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How your money might be affected if the Fed cuts interest rates

A rate cut could hurt savers with high-yield accountsThe federal funds rate is used as the benchmark for many consumer interest rates. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.” If you hold


A rate cut could hurt savers with high-yield accountsThe federal funds rate is used as the benchmark for many consumer interest rates. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.” If you hold
How your money might be affected if the Fed cuts interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: alicia adamczyk
Keywords: news, cnbc, companies, federal, funds, hamrick, affected, economy, money, credit, rates, cut, interest, rate, mortgage, cuts, fed


How your money might be affected if the Fed cuts interest rates

Jerome Powell, chairman of the U.S. Federal Reserve, said that downside risks to the economy remain with trade wars softening business investment and weak inflation.

Federal Reserve Chairman Jerome Powell said Wednesday that the U.S.’s uncertain economic outlook could lead the central bank to cut its benchmark short-term interest rate later this month. Experts say the cut would likely be a modest quarter of a percentage point. The rate cut would be a result of a confluence of factors, including uncertainty over a U.S-China trade war and a slowing economy. How would a rate cut — the first since 2008 — impact the average consumer? While it’s hard to predict, generally, a rate cut is “good for borrowers, bad for savers, and mixed for investors,” Sallie Krawcheck, co-founder and CEO of Ellevest and former Wall Street executive, tells CNBC Make It.

A rate cut could hurt savers with high-yield accounts

The federal funds rate is used as the benchmark for many consumer interest rates. Already, some banks — including Ally and Marcus by Goldman Sachs — have cut yields on some of their retail products, including savings accounts, in anticipation of the central bank’s actions. Experts say savers can also expect CD rates to fall ahead of the Fed’s decision. The exact impact is still unknown, says Mark Hamrick, Bankrate.com senior economic analyst. Although savings account APYs might decrease, he says, many traditional banks never increased them significantly anyway; the national average rate is still 0.10%.

A rate cut helps borrowers with credit card debt

An interest rate cut is bad news for savers, “but it is something of an unexpected gift for borrowers and investors,” says Hamrick. Variable credit card interest rates are tied to the prime rate, for example, which is closely related to the federal funds rate, Hamrick says. So, with the federal funds rate dropping, a card holder could see a drop in their APR within a billing cycle or two, which means smaller monthly payments. Credit card interest rates are currently at a record high, so any breathing room would be a boon to those carrying credit card debt. Still, a slight cut won’t save borrowers much when they are facing double-digit interest rates; it’s important to make a plan to pay off any balance as soon as possible.

Mortgages are more complicated

Mortgage rates are a bit trickier, says Hamrick. The Fed does not directly set mortgage rates, but cutting the benchmark rate could still impact your mortgage. Investors typically rush to the relative safety of bonds when the economy falters. As a result, recent lower bond yields have led to substantially lower mortgage rates since the end of 2018. Cutting rates could potentially reverse that, Hamrick says, as it signals an improving economy. On another front, Skylar Olsen, Zillow’s director of economic research, tells CNBC Make It that other economic factors have more influence on mortgage rates. “The typical 30-year mortgage rate is responding more to uncertainties on a global stage due to trade war concerns and early stage softening in the economy in general than in the fed funds rate,” says Olsen. “But a drop in the fed funds rate will contribute to mortgage rates remaining low into the future.”

Some other loans might be impacted

Consumers with home equity lines of credit would also benefit from lower interest rates, while auto loans should not be materially affected by the change. Federal student loan rates are set by the Department of Education each year, based on the 10-year Treasury note, and are expected to fall next year. Private loan rates might be variable, and therefore could be indirectly influenced by the Fed’s decision. If you hold private loans, it could be worth exploring refinancing options if the Fed drops interest rates.

Overall the effects are mixed


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: alicia adamczyk
Keywords: news, cnbc, companies, federal, funds, hamrick, affected, economy, money, credit, rates, cut, interest, rate, mortgage, cuts, fed


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Investors should buy Chinese internet stocks, UBS and Credit Suisse say

Chinese internet stocks may be a good buy for investors, according to global investment banks UBS and Credit Suisse. Amid that, Chinese internet companies have seen their stocks stumble. That assessment was also expressed by UBS Global Wealth Management in a briefing in Singapore on Monday. “Clearly we want to focus on those names and those sectors within that broad group which have a profound domestic focus. Actually, the internet stocks do have an overwhelmingly domestic focus.


Chinese internet stocks may be a good buy for investors, according to global investment banks UBS and Credit Suisse. Amid that, Chinese internet companies have seen their stocks stumble. That assessment was also expressed by UBS Global Wealth Management in a briefing in Singapore on Monday. “Clearly we want to focus on those names and those sectors within that broad group which have a profound domestic focus. Actually, the internet stocks do have an overwhelmingly domestic focus.
Investors should buy Chinese internet stocks, UBS and Credit Suisse say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: weizhen tan
Keywords: news, cnbc, companies, ubs, say, buy, domestic, stocks, woods, global, suisse, focus, companies, credit, internet, investors, investment, chinese


Investors should buy Chinese internet stocks, UBS and Credit Suisse say

A monitor displays Alibaba Group signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 7, 2019.

Chinese internet stocks may be a good buy for investors, according to global investment banks UBS and Credit Suisse.

Technology has emerged as a heated battleground in the ongoing U.S.-China trade conflict as both countries seek to dominate new areas like 5G and artificial intelligence. Amid that, Chinese internet companies have seen their stocks stumble. Still, John Woods, Credit Suisse’s chief investment officer for Asia Pacific, said the sector appears to be a solid bet.

“Internet is essentially a structural growth story in China. We don’t see it changing anytime soon,” Woods told CNBC on Tuesday. “It sold off aggressively … from mid-April. So we feel there’s upside in that particular sector.”

That assessment was also expressed by UBS Global Wealth Management in a briefing in Singapore on Monday.

Tan Min Lan, the head of the Asia Pacific Investment Office at UBS Global Wealth Management, said that Chinese internet companies offered “solid share buyback prospects” and have high cash flows.

Although Chinese tech companies such as Baidu, Tencent and Alibaba have been exposed to U.S.-China trade tensions, Woods pointed out that they are largely focused on the domestic market.

“Clearly we want to focus on those names and those sectors within that broad group which have a profound domestic focus. Actually, the internet stocks do have an overwhelmingly domestic focus. They are not really export-oriented,” Woods said. “They’re absolutely focused on consumption plays, services plays within the domestic economy and those are the ones we want to focus on.”


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: weizhen tan
Keywords: news, cnbc, companies, ubs, say, buy, domestic, stocks, woods, global, suisse, focus, companies, credit, internet, investors, investment, chinese


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