Word: recentered
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...been increasing. And while a number of banks have stopped offering credit cards to the debt-challenged, there are still companies handing out subprime plastic. First Premier Bank, for one, just tweaked the fees on its credit cards aimed at individuals with low credit scores to comply with recent legislation, and its business proceeds apace...
...even the home lender of last resort is increasingly ditching those with low scores in favor of people with better credit. In the last seven months of 2009, the most recent data available, the FHA, which doesn't make its own loans but provides insurance for lenders that do, backed just $8.3 billion in loans to borrowers with a credit score of 619 or worse. That's down from $39 billion in the same time period a year before. (See a report card on the stimulus programs...
...pick up that business but also raise interest rates, since borrowers have fewer options. Shares of many of the companies, including Cash America, Dollar Financial, First Cash Financial and World Acceptance, have risen sharply this year. World, one of the biggest, has seen its stock price rise to a recent $41 from $15 a year ago. World makes much of its money refinancing its existing customers into new loans with longer terms and lower monthly payments. But last year, it also increased lending. At the end of 2009, World had $839 million in outstanding loans, which average about $800 each...
...Credit cards, too, are still available for customers with credit scores in the 600s and below. First Premier Bank used to charge customers with poor credit as much as $250 in fees to open a credit card that had a $300 limit. But following the recent passage of new rules for card issuers, which among other things caps the annual fees companies can charge to 25% of the credit limit, Premier has retooled its offering. It now charges a $45 processing fee before customers open a card. It then charges a separate $75 annual fee, which is exactly...
With the primary still three months away, the hopefuls in the district include a state senator, a county supervisor, a former naval officer, three businessmen and a biology teacher. On a recent Saturday night, they faced questions from their would-be bosses. Who posed the gravest threat to America's national security? "The present Administration," said Jim McKelvey, a Franklin County real estate developer who ponied up $500,000 to jump-start his campaign. (Another candidate, Laurence Verga, suggested "the people that voted the current Administration in.") Instead of jousting over policy, the seven hopefuls served up a buffet...