Category Archives: Credit Cards

Difference between prequalification and preapproval

August 27, 2011   admin   No comments

A mortgage prequalification is the very first step of home loan application process. Typical prequalification is issued by a loan officer and more than often based on ball park numbers which you provide, including salary and recurring expenses to estimate approximate maximum loan amount you may eventually be approved for. Your credit report is normally not pulled at this stage and no cost or obligation on behalf of either party is involved. So while a mortgage prequalification helps determine the dollar value of a potential loan, it is not by any stretch, a commitment to lend you money. A loan officer can’t make an approval in any shape or form, but give you a prequalification letter which you can use when making an offer on a property.

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Chinese yuan, Walmart, home prices and economy

August 26, 2011   admin   No comments

As I mentioned in December 2010 in Economy is improving? I don’t think so, any economy two-thirds of which based on consumer spending has problems and big ones. And the US consumers will buy much less now as Chinese-made goods will get more expensive and gas prices are about to reach $5 per gallon. Both charts clearly show the Chinese yuan rising drastically in value against the US dollar in the last two to three weeks. The price of everything made in China will be going higher. And Walmart which caters to a huge number of US consumers and sells more of Chinese made goods than other retailers, seeing the problem.

CEO of Walmart, Mike Duke noticed something rather unsettling – Walmart shoppers, most of whom live quite literally paycheck to paycheck and shop in bulk at the beginning of the month when the paychecks come in, frequent the stores less and buying less.

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  Tags: Economy

How to invest in an IRA

August 26, 2011   admin   No comments

Investing in an IRA is quite easy. Your IRA investment offers tax advantages on retirement savings so you can potentially accumulate more money. But before you start thinking about how to invest, understand the following risks and limitations,
1. an IRA as any investment can decrease in value
2. withdrawing from a Traditional IRA before age 59½, will most likely force you to pay ordinary income tax plus a 10% federal penalty tax on withdrawal amounts unless an exception applies
3. while any amount converted from a Traditional IRA to a Roth IRA is not subject to the 10% federal penalty, you will have to pay ordinary income tax – converted taxable amount is added to your income taxes and your regular income rate is applied to your total income
4.

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  Tags: Ira

Fake silver – counterfeit silver bars are here

August 25, 2011   admin   No comments

You have to watch out for counterfeit silver bars. A 100 ounce silver bar today sells for around $4,200 USD. Certainly, a very attractive chunk of silver that simply inspires bad folks to fake itself. Unlike American Silver Dollar, Canadian Maple Leaf or any other silver bullion with elaborate design, the 100 ounce bars are much easier to counterfeit and the profit is quite high. I stopped by one of the coin shops today, there were a few customers and one seller, who came with three 100 oz Johnson Matthey bars. The owner first weighed them, then took a hammer and start pounding lightly on each bar after enclosing it into a clear plastic bag. I guess the passed the test and weren’t fake, as he paid to the seller and put the bars away.

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  Tags: Bars, Counterfeit Silver, Counterfeit Silver Bars, Silver Bars

Gold price will rise in 2011

August 24, 2011   admin   No comments

The chart looks good and so are underlying reasons that will help gold price rise further. The main drive is the world wide growing demand for gold as an alternative to the paper currencies. According to the World Gold Council recently released quarterly Gold Demand Trends report, the strength of the global gold market is incredible. During the first quarter of 2011, gold demand grew 11% to just over 981 tons, which amounted to $43.7 billion US dollars at end-of-the-quarter prices.

Investors, looking to protect their assets from growing inflation, fueled the rise in gold volume and price, as it was up 26% from a year ago.

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  Tags: Gold Price, Gold Price Rise, Price Rise, Rise

Debt settlement with Citibank

July 19, 2011   admin   No comments

I met an old friend whom I hadn’t seen for quite sometime, at the 4th of July party. After having a few beers, he told me the story of a debt settlement with Citibank. Both, he and his wife got into major credit card debt and struggle mightily for a while. Finally they managed to settle for around 28 cents on a dollar. Their credit scores were butchered in the process, but the debt settlement by itself is quite remarkable and inspiring. With so many folks literally drowning in debt, the strategy they used to settle with Citibank is something to learn from.

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  Tags: Citibank, Debt Settlement
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