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Baby Phat Rush Card – Review

Baby Phat Rush Card – Review

Review of the Baby Phat Rush Card created by Russell Simmons co founder of record label Def Jam.

The baby phat rush card is a prepaid credit card. It was created by Russell Simmons he co founded the popular Def Jam record label.

The baby phat prepaid card works this way; you make a deposit on your card, then you can use your card to make purchases, then the funds to pay for those purchases are deducted from your card. The card offers 100% guaranteed approval.

There is no credit or chex systems check. The baby phat rush card is issued in a pink design and the rush card is issued in a black design.

With this card you have free direct deposit. To enroll in this you only have to fill out a form and turn that into your employer or payroll department.

Then you checks will be deposited into your rush card. You will still get a breakdown on your hours and how much the deposit was.

This card can be used at ATM’s over 800,000 locations throughout the world. In addition you get free online account access.

You can use your card to make purchases online or over the phone. There is also another benefit; you can write physical paper checks from your rush card account.

To take advantage of this feature, you sign in to your rush card account and insert the person or business details that you want to pay. Their details simply include name, address and amount of payment.

Then press send a real physical check will be sent to the business or person. This can save you money by not having to buy money orders again.

With this service and direct deposit you will also save money by not having to pay for check cashing fees.

However, we do not recommend the rush card. This is because of the number of fees they have that other prepaid cards do not carry.

An example is the convenience fee. This is a fee you are charged every time you use your card.

You will be charged $1.00 with a maximum charge of $10.00 a month. However during a month you will be charged $1.00 for every transaction you make using your card.

You will have to wait till the end of the month and full calendar month later to have your extra charges refunded to your account.

This can work out to you waiting almost a full two months before you are refunded for your extra charges. This is insane, furthermore who only uses their card ten times in a month?

It’s hard to believe that someone can be charged these fees. In addition having to wait so long to get your refund.

Also with the rush card in order to use bill pay you must pay $2.00 and then an additional $1.00 for every check you write. There are many prepaid cards that offer this service for free.

The rush card says there are no hidden fees with their card. Yet you get charged every time you use your card. The rush card carries the most fees of any prepaid card we have reviewed.

In sum<img src="http://www.articlesfactory.com/pic/x.gif" alt="Business Management Articles" border="0", look at some other prepaid cards. They have fewer fees and better benefits for being a card holder.

Tags: Baby, Card, Phat, Review, Rush

Housing Loans for People with Bad Credit

Prior to the sub-prime crisis, bad credit was not a deterrent to availing home loans. Lenders were more than willing to provide non-conforming loans, zero-down mortgages and piggy back loans to sub-prime borrowers, despite the fact that Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association) did not securitize non-conforming home mortgages. Mortgage lenders believed that since home prices followed an upward trend, sub-prime borrowers could either opt for mortgage refinancing or sell-off their home and eventually repay the borrowed sum. Hence, seller financing was also popular. A 90 percent increase in home prices from early 2000 to mid-2006, helped maintain the status quo. However, a correction was in order since unsurpassed increases in home prices could not be sustained indefinitely. The fall in home prices coupled with an increase in interest rates resulted in a number of people defaulting on mortgages. Foreclosures and short sales became rampant as a result of default. Today, home prices are believed to have settled down at the 2003 price level. In September 2008, Fannie Mae and Freddie Mac were placed under conservatorship, the lending rules were revamped and housing loans for people with bad credit were all but outed.

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Zero Down Mortgage
No Down Payment Mortgage Loans
Housing Loans for People with Bad Credit
Today, people with bad credit cannot hope to avail conforming mortgages since these have stringent credit requirements. Moreover, a down payment to the tune of 25 percent of the amount of the loan has also become mandatory. Thankfully, FHA (Federal Housing Administration) insured loans and VA (Department of Veterans Affairs) insured loans are still available to people with less than perfect credit.

FHA Insured Loans
FHA insured loans are ideal for people who are unable to qualify for private mortgage insurance (PMI) and cannot make the requisite down payment for availing a mortgage. Applicants with credit scores between 580 and 620 stand a good chance of getting approved for these loans. People, with bankruptcies and foreclosures on their record, may qualify for these loans provided:
At least 3 years have elapsed since the borrower’s primary residence was foreclosed.
The aspiring homeowner has made on-time payments on all accounts for 12 and 24 consecutive months from the date of filing Chapter 13 and Chapter 7 bankruptcy respectively.
He/she has a reasonable debt-income ratio and credit scores in the aforementioned range.
The borrower is able and willing to put down 3.5 percent of the worth of the home as down-payment
The first-time home buyer tax credit of $8000 has also been extended to April 2010. A first time home buyer can monetize this tax credit by applying the anticipated credit for procuring loans from Housing Finance Agencies (HFAs) and other government entities and using the same to satisfy the 3.5 percent down payment on FHA insured loans. These funds can also be used towards closing costs.

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First Time Home Buyer Assistance
First Time Home Buyer Information
FHA also provides housing loans for teachers employed in public schools and gives them the facility of buying HUD (US Housing and Administrative Dept.) acquired homes, at 50 percent of the appraised value. In fact, eligible public school teachers are only required to dispense with $100 as down payment.

Housing loans for college students are also provided by the FHA, regardless of the student’s credit history, assets or job history, provided the student has a co-signer who is a blood relative. Although these kiddie condo loans require a down payment of just 2.25 percent, the credit rating, income and assets of the co-signer do matter.

Homeownership Voucher Program
Public housing agencies (PHAs) receive Federal aid from HUD and provide homeownership vouchers to eligible low income families, interested in buying a home by availing housing loans. For single mothers who are interested in buying a home, this program is a boon since it can help them meet their monthly mortgage payments and other homeownership expenses. One needs to contact participating mortgage lenders, providing housing loan for bad credit, for further details in this regard.

VA Insured Loans
These loans are made available to eligible veterans, based on the number of days of active duty and other service requirements. The waiting period for availing a mortgage loan, after a foreclosure or a Chapter 7 bankruptcy, is 2 years. In case of a Chapter 13 bankruptcy, the waiting period is 1 year from the date of filing bankruptcy and assuming regular on-time payments on all accounts during the waiting period. In case of VA insured mortgages, the applicant is not required to make a down payment on the loan. No premiums for private mortgage insurance and just a 2 percent funding fee, make these home loans a wonderful option for eligible veterans. Some of the aforementioned requirements may be waived in the case of housing loans for disabled veterans.

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Bad Credit Loans
Bad Credit Car Loans
Bad Credit Mortgages
Housing loans for people with bad credit are still available although the requirements have been modified to ensure that only people with genuine problems have access to these loans. Thus, one should not underestimate the importance of working towards building credit scores and a good credit history.

Tags: Credit, Housing, Loans, People

World Trade: Seven-year Hitch in Wto Talks Nears Resolution

World trade talks showed “encouraging signs” last night which suggested a deal on the so-called Doha round of talks could finally be within reach after seven years.

In the latest round of “last ditch” talks among trade ministers at the World Trade Organisation in Geneva, WTO chief Pascal Lamy tabled new proposals which led European Union trade commissioner Peter Mandelson to declare that a deal was “possible”.

With talks set to go on through the night and weekend, Mandelson said: “There has been progress made, yes.”

The words were in contrast to gloomy signs from ministers all week. Mandelson said progress had been made in most areas of the talks, which are focusing on opening up trade in agriculture and industrial goods.

A spokesman for Lamy said new ideas to narrow gaps between rich and poor countries had emerged in five hours of talks among seven leading members – Australia, Brazil, China, the EU, India, Japan and the United States – and would be passed to a meeting of ministers from 35 countries for approval.

“There are some very encouraging signs of progress that have emerged, some very interesting ideas,” he said.

Earlier, Lamy had warned that the talks could collapse yesterday if member countries failed to narrow their differences, following intransigence on Thursday.

The Doha round seeks to liberalize trade by reducing import tariffs and trade-distorting subsidies. But Brazil and India have criticized the US and EU for failing to offer big enough cuts in subsidies and import tariffs, which make it harder to compete with American and European farmers.

Washington and Brussels say they have given ground in the talks and are waiting for the developing countries to make concessions on opening their markets to manufactured goods and services.

Tags: Hitch, Nears, Resolution, Sevenyear, Talks, Trade, World