UK Credit Cards

I signed up for Chase, got declined, signed up for Macys (which I heard EVERYONE gets approved for), and I again, got declined.

Im only 18. I never had a credit card before. I have a bank account/ debit card.

I just really want to build up my credit.

I go to college, I have a good job.

I just do not understand why I am getting declined for even the simipliest credit card.

What can I do? Help please!

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India’s finance ministry seeks checks over loan scandal
India told financial firms Thursday to look into their exposure to a string of public sector and other companies whose executives were arrested on suspicion of taking millions of dollars in bribes.

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LETTER: The ironies of city finance
Dear Editor:

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Govt has to take tough decisions to face economic challenges: Hafeez
Minister for Finance, Revenues and Economic Affairs, Dr.Abdul Hafeez Shaikh said on Friday that the government has to take tough decisions in the wake of economic challenges including the recent devastating floods in the country.

Read more on Business Recorder

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I have a friend who is going ot have to borrow $60,000 at 6.25% for college. If she is wise with her money (no credit card debt, strong saver, not too much spending), then will she go through a lot crap paying that back? Has anyone here who is a good saver paid off college loans? I’m just worried because I hear so many stories of people having so much trouble with loans. Thanks for your help.

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EDEN PRAIRIE, MN – (November 11, 2008) Despite what you hear on the news about money being tight there are still plenty of ways to finance a franchise purchase, said Jeff Elgin, CEO of FranChoice, Inc., a national consultant company that helps individuals find their ideal fit in a franchise business. “Financing will always be a crucial part of the process of becoming a franchisee and what you can afford – or borrow – will determine which businesses you focus your research on,” said Elgin. “The more you know about the various sources for finance help, the better decision you will make when it comes time to buy your business.”

The current economic situation has impacted the franchise financing process in a number of ways. “One change we are seeing,” said Elgin, “is that it can take longer to process your financing. For that reason, we recommend to our franchisee candidates that they being the process even before they start looking at individual business to buy.” Another change is that lenders, once they approve you for a loan, want you to move on it more quickly. “Lenders are not going to leave credit commitments out there for weeks or longer. If you don’t take the money, they will lend it to someone else,” said Elgin.

Elgin suggests these tips for navigating the turbulent financial waters of the current economy:

Home equity financing, which was once a popular source of franchise lending, is more difficult to obtain these days. With home values falling, your lending institution may not be willing to loan you the money you need. It’s still worth checking, particularly if you have a good relationship with your bank. Also, check out The Small Business Association (SBA) which guarantees loans for qualified individuals. One of their terms is that you must have some of your own money to invest.

You may also consider investing some of your retirement savings. An IRA or 401K account can often be used without incurring penalties. If you consider this as an investment in yourself, one you have control over, and compare it to what your retirement account is currently earning, this may be a good option.

If you are an honorably discharged military veteran, there are programs that may help you financially. VetFran is a program started by the International Franchise Association as a way to give back to those who have served in the military. More than 300 franchise companies participate and will offer substantial discounts on fees and expenses to those who served our country. Also, there’s a government-established program called the Patriot Express Pilot Loan Initiative, whose purpose is to guarantee up to 85 percent of a loan made by a lending institution to a veteran or someone currently in the military and close to retirement. (Check the SBA website for eligibility requirements.)

MinorityFran offers incentives such as fee reductions to assist members interested in increasing the number of minorities in franchising. Check out the IFA website for more information at www.franchise.org.

Another financing option is to work with a company that specializes in facilitating franchise financing, such as Guidant  and FranFund . They can help you decide between a number of options or combine them into one loan package.

Keep in mind that your credit score is likely to be scrutinized even more carefully in the current economic environment. You’ll probably need a credit score above 700 so if that’s not the case, try to improve your score before trying to finance your business.

No matter which type of loan you use to finance your business, you’ll be required to pay a part of the costs in cash. This can come from savings or perhaps severance pay from a corporate job.

The best advice for planning for your franchise financing, according to Elgin, is to be very organized and prepared before you begin the process. Lenders will want to see your loan proposal including how and what the loan will be used for and why it is needed. You will need to provide information about yourself and information about your company’s products and the market you will serve. The more research you have done, the better prepared you will be to find financing for your new franchise opportunity.

About FranChoice

FranChoice is a national network of consultants dedicated to helping consumers find their ideal match in a franchise business. Since 2000, FranChoice consultants have helped over 40,000 people identify and investigate the perfect franchise for them through their free service. For more information, go to www.franchoice.com.

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With the economy in a state of shock and many looking for employment, selling scrap gold has never been more popular. After all it is a way to get rid of old jewellery, coins and other items that are no longer of use. Many people have jewellery boxes and drawers full of old gold that is doing nothing more than collecting dust. Now just about everyone has heard the advertisements and calls for those looking to sell scrap gold, but many wonder just how it works and if it can really help them make it through the financial strain that they have found themselves.

How Much Can I Get

The price of gold and silver fluctuates just like any other stock, product or investment. Of course it is best to wait and sell scrap gold when the prices are the highest, or when gold is in the greatest demand. The higher the price the more money that will arrive at your doorstep after sending in that gold kit! Now is an excellent time to sell your scrap gold because the payout rates have increased drastically over the past couple of years, however remember these rates can fluctuate on a daily basis. The amount that you will receive for the gold being sold depends on the weight and karat. Ounces are converted into grams, and at this time the going rate is approximately £ 646.439 British pounds for 1 ounce of pure gold. Remember those rates change and can vary, so check with www.Money4Gold.co.uk to learn more about the current rate!

Sell Scrap Gold; How It Works

Instead of a trip to the pawnshop, simply request an envelope or kit from the Money4Gold website and ship the unwanted gold back to them. There is no postage due to ship your gold, meaning that there is no money out of your pocket. Once Money4Gold receives the kit, their experts will sort, weigh and determine the amount of gold that is there. A check will then be mailed directly to you, without a long wait. It is much easier to ship it in than get a good price or even a pawnshop employee that understands the gold market and what your items are worth, not to mention the uncomfortable feeling of standing at the counter! It is easy to sell scrap gold and it can help get your hands on a few extra dollars for emergencies, Christmas or when you just need a little extra cash!

Remember other items such as gold fillings, watches, bracelets, scraps of gold, coins or any gold item that could earn you a bigger check! So take the time to go through those jewellery boxes and drawers, find what you no longer need and sell your scrap gold, for cash!

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And there were echoes of that US economists’ survey in some of the new forecasts and commentary from the National Australia Bank about the coming year.

In its first report of 2009 the National Australia Bank downgraded Australia’s economic outlook, forecasting a shallow recession, a sharper rise in unemployment, official interest rates cut to 2.5% in the September quarter and a budget deficit hitting $40 billion next year.

The bank said it expects the  economy will contract by a quarter of one per cent on average this year, and there won’t be any growth rebound in 2010 when the economy is expected to edge back into positive territory

The bank’s latest business confidence and conditions survey picked up a small upturn in both areas last month, thanks, it seems, to the government’s spending package.

But it’s not confident that upturn (which was from under the bottom of the barrel to merely the bottom of the barrel), will be long lasting, except perhaps in the housing sector.

The NAB said that despite avoiding the worst of global carnage in late 2008, Australian GDP forecasts have been cut significantly in light of global developments, notwithstanding aggressive policy responses.

The December reading on confidence/conditions was better than the nasty November outcome when the index fell to levels lower than those associated with the 2000 domestic slowdown.

Conditions in November were the weakest since the 1992 recession, but the NAB commented in yesterday’s release that “the level of -20 is little better than the bottom of the 1990 recession”.

“For 2009, we expect GDP to shrink by 0.25%- with a number of negative quarters during the year. As such the forecasts imply (moderate) recession in 2009. With no recovery till late 2009, the 2010 GDP forecasts have been lowered to 1% (0.25% for 2009/10).”

The NAB had previously forecast 2009 growth at 0.50% and 2010 growth at 1.75%.

” For non-farm GDP that equates to a small fall of -0.25% in 2009 and a rise of around 1% in 2010. In financial year terms we expect GDP growth of 0.8% in 2008/09 but only 0.25% in 2009/10.”

The bank said that when an economy shrinks over a 12 month period “that clearly represents a recession”.

“That said, the forecasts imply a relatively mild Australian recession – especially compared to falls in growth of around 2% in the major industrialised economies.”

The Japanese economy is expected to contract by 2% this calendar year, Singapore by up to 5%, the UK by nearly 3% and Germany over 2%.

The US will contract by 3% or more according to most surveys but we will get a better idea on Friday when the first estimate of 4th quarter GDP is released.

The world economy is going to grow by just around 0.5%, according to a report from the IMF later this week.

The NAB emphasised that it sees “no fast recovery in Australian activity” for a while.

“That is, the path of growth is more U than V shaped – with recovery not really getting underway till 2010.

“This shows up most in the financial year forecasts and especially that for 2009/2010 (growth of o.25%).”

The NAB said its forecasts include cash rates falling to 3% from 4.25 % at the moment (The RBA board meets next Tuesday).

“But the deterioration in the labour market will see further rate cuts (2 x 0.25% in the third quarter).

“We also expect further aggressive fiscal policy stimulus in 2009. The difference in the outlook for the private and public sectors is illustrated by noting that the forecasts include:

“Private demand falling by around 1.5% in 2009 and flat in 2010; and public demand increasing by around 6% in 2009 and 5% in 2010

“That implies worse fiscal outcomes (a deficit of around $40 billion in 2009/10) and a sharply deteriorating labour market (unemployment reaching 7%).

“With inflation likely to be negative in Q4 2008 (figures out tomorrow) and wage pressures stalling, we see core inflation back in the RBA target range by the second half of 2009.”

The Producer Price Index for the December quarter and 2008 were released yesterday, showing a rise of 1.3% in the final stage of production, down from 2% in the September quarter.

That was still well above most forecasts, with the market consensus for a rise of 0.3%.

The Australian Bureau of Statistics commented that the sharp fall in the value of the Australian dollar had a big impact with “imported commodities were impacted by exchange rate driven price increases” which offset a 29% fall in the cost of oil and oil products.

With its dramatic downgrades, the slight upturn in December confidence and conditions registered in the NAB’s survey looks interesting, but irrelevant.

“The December Survey provides evidence that the Government’s fiscal spending initiatives improved business conditions and confidence in the month – with the largest bounces in retail, wholesale and the discretionary spending parts of the service sector.

“That said, not all sectors saw improved conditions – with significant deteriorations continuing in mining, manufacturing, transport and to a lesser extent construction.

“Despite the significant bounce reported in the month, the overall level of confidence and business conditions are still very low and in trend terms still declining.

“Clearly the critical question is whether the December reading represents a turning point from overly pessimistic recent readings – especially for business confidence which is still around levels last seen at the bottom of the 1990/91 recession – or a temporary bounce that is unlikely to be sustained.

“Unfortunately there is much in the Survey to point to the latter outcome – or at least that is the way business is positioning themselves re employment and business investment.”

The NAB said its recently introduced measure of credit availability suggests an easing in those respondents reporting tougher credit availability (17% vis-à-vis 27% in November).

“With 39% of respondents reporting no need for credit – up from 30%), the results point to a lack of credit demand being the main problem, rather than credit supply.”

The bank also cut its global growth forecasts for 2009 – to only 0.25% (from 1.7%).

“These forecasts take on board dreadful economic numbers reported globally in late 2008 as financial disruptions spread to the real economy – notwithstanding aggressive rate cuts by central banks.

“In the USA, Japan Europe and the UK falls in GDP of around 1% appear to have been recorded in Q4 2008.

“Given the lags from wealth destruction, rising unemployment, falling commodity prices and falling business and consumer prices, all these economies, are unlikely to bottom before late 2009 – and record falls in GDP of around 2%.

“That coordinated slowing has spread to Latin America (commodity prices) and Asia (trade) – with Chinese growth lowered to 6.25% and non-Japan Asia to -1.25%. The resultant 2009 global GDP outcome of only 0.50% the worst since WW2.

“A moderate recovery is expected to start in late 2009 into 2010 – with annual growth in 2010 at, a still below trend, 2.5%,” the NAB said.

IMPORTANT: AIR reports about financial markets and investment products in the widest sense possible. The AIR website and all its contents is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before making any investment decisions.

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(AFX UK Focus) 2010-02-09 16:05 UPDATE 1-Summers: U.S. economy on mend but has ways to go
WASHINGTON, Feb 9 (Reuters) – Top White House economic adviser Lawrence Summers said on Tuesday that the job market was stabilizing but the economy still had a long way to go to return to health. “Clearly, we’ve got an economy with many people out of work who don’t need to be,” Summers told CNBC in an interview. “There’s no question that the growth rate will fluctuate from quarter to quarter and …

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Strong growth in UK manufacturing
UK manufacturing output grew at a stronger-then-expected rate during December, official figures show.

Read more on BBC News

(AFX UK Focus) 2010-02-09 12:46 UPDATE 1-MillerCoors Q4 slides, warns of tough economy
LONDON, Feb 9 (Reuters) – MillerCoors, the second-largest brewer in the United States, on Tuesday reported a 21.6 percent slide in fourth-quarter net income reflecting a tough economy and a sharp rise in share-based salary bonus packages. The combined U.S. operations of SABMiller Plc and Molson Coors Brewing Co with brands such as Miller Lite and Coors Light, said underlying net income in the …

Read more on Interactive Investor

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