BankerGirl’s Week in Review 3.2.08
This week’s wrap-up is a bit late due to my crazy work schedule. I am getting ready to travel for work (a three-day conference in Chicago), and I have been preparing two syllabi for classes that I have been asked to teach beginning next week (both were last-minute requests to instruct courses I have never taught before, so that’s been especially challenging).
Enough excuses. Here are some of my favorite pieces from the last couple of weeks:
Chris Bibey wrote an excellent guest post at Get Rich Slowly that explains to new business owners the importance of keeping personal finances separate from their business stuff. This got me thinking about maying putting together a future post to help readers determine when it’s time to stop operating as a sole proprietor and make the move to LLC or corporation.
This trio of articles from the New York Times provides interesting takes on how banks’ changing credit rules are impacting Americans. If you have time, all three of the following are worth a read:
No Lull in Mortgage Pitches by Louise Story
Facing Default, Some Walk Out of New Homes by John Leland
As Lending Tightens, Education Could Suffer by Jonathan D. Glater
Speaking of education, this piece by Liz Pulliam Weston at MSN Money speaks to the fact that lenders are tightening the reins on all kinds of credit. Looking back, it may have benefited me if someone had limited my access to federal and private student loans.
Finally, my personal pick of the week is this USA Today article by Bruce Horovitz (special credit to Unclutterer for posting the link). Evidently, cutting back, downsizing (things personal finance writers have been advocating for years) is now “cool.” It only makes sense - after years of spending gluttony, Americans are doing a reality check and realizing that stuff doesn’t make them happy, and the debt they’ve had to acquire to pay for the stuff definitely isn’t making them happy. I know that simplifying my own life has brought me, and my savings account, tremendous peace.
In completely unrelated news, March is coming in like a lamb is this part of the country. According to my car, it was 62 degrees earlier this afternoon. Naturally, it is to be short-lived (we’re under a winter weather advisory beginning at 6:00pm with 2-4 inches of snow expected overnight - this winter has been brutal). Hopefully my 9:00am flight will leave on time.
Have a great week!
Stumble it!
March 2nd, 2008 at 6:20 pm
2-4 inches and a weather advisory? I think that’s what they label ‘light flurries’ here.
March 2nd, 2008 at 6:21 pm
It’s been raining all afternoon - I think the advisory is for the ice.
March 3rd, 2008 at 10:15 pm
Sounds like an exciting work time, no need to apologize for that! Have a great trip!
March 5th, 2008 at 11:44 pm
BankerGal,
I need a clarification on your earlier Blog on FICO scores.
Is paying a statement balance multiple times in a billing cycle, before the month’s billing due date is good for the FICO score ?
I do this, since I get debts and pay those in a billing cycle as I shop for more than my monthly credit limit.
(ex: Purchase for $500, pay to credit card: $500.
Purchase for $500, pay to credit card: $500.
Repeat the above within a billing cycle, while credit limit is only
$500. )
What is the impact due to such an action, on my FICO score ?
March 9th, 2008 at 6:57 pm
Shyam -
Excellent question! Paying multiple times during a statement cycle will not impact your FICO score, paying before the billing date (in a lump sum) is good. Nearly all firms that report to credit agencies report on a monthly basis (some report even less frequently), and report on a snapshot in time (whateve your balance is on the day of reporting), so making multiple payments won’t help.
But, anything that pays down your debt-to-available ratio is good for your FICO score, and if that means making multiple payments, I encourage you to do so!