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The Importance of Protecting Yourself at Public Internet Hotspots

November 6th, 2009 · Consumer Info, Identity Theft

The information superhighway is getting easier and easier to jump on, as there seems to be free or inexpensive public internet access at new locations on a daily basis. I myself recently indulged in the replacement of my old computer, and my new state-of-the-art laptop with wireless capability has opened up what seems to be endless opportunities for me to use my new toy easily at multiple locations (translation: work more). On my recent vacation, I toted along my laptop and was able to find open wi-fi networks I could utilize at my hotel, restaurants, coffee shops, and of course the airport. Although I didn’t try (I knew better), I might even have been able to find one while sitting on the beach!

While my expanded ability to “dial in” is a great benefit, the newfound luxury must be treated with extreme care as well. To begin with, any type of wireless network whether home or public will be less secure than a traditional network setup where the data physically passes through a cable. Because wireless transmissions pass through the air in the form of radio signals, they can potentially be intercepted by a hacker with a receiver and other easily-obtained tools. Additionally, most wi-fi hotspots utilize few if any security measures as that somewhat defeats the purpose of the service, that is offering quick easy access to customers. Thus, when connected to one of these networks, your personal and private information may be at risk, and you must take responsible measures to protect yourself.

Here are some safety measures you should consider when utilizing the services of a public internet hotspot:

  • Never use an internet hotspot for financial transactions or anything involving the transfer of personal or private information.
  • Disable your wireless network card when not in use.
  • Be extremely aware of others around you particularly if you are logging into accounts that require passwords or user information.
  • Make sure your computer has adequate antivirus and firewall protections in place.
  • Confirm in advance the network name and connection process with the host. There are cybercriminals that sometimes set up wireless networks in the vicinity of legitimate public networks, creating similar sign-in pages in order to trick unsuspecting users onto their networks.
  • Turn off file sharing using your operating system’s network settings menu.
  • Be extremely aware of suspicious behavior around you, and never leave any of your items unattended!
  • Manually select the wireless network you plan to utilize rather than allowing your wireless card to auto-select.

Public internet hotspots are a convenient tool and can provide substantial benefits for users, but they must be approached with caution and used responsibly. Use these tips to protect your privacy and practice safe surfing. Readers, do you have any further tips or negative experiences with hotspots to add? If so, please share your knowledge by leaving a comment!

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How Much Credit is Too Much?

November 5th, 2009 · Consumer Info, Credit Cards, Credit Reports, Mortgages

When starting your credit history from scratch, rebuilding from a bad financial period in your life, or if you have long established credit history, I get this question all the time, “How much credit is too much”? Or “How many credit cards should I have to have the best credit?” This is often a difficult question to answer, due to the black box nature of Fair Isaac’s FICO credit scoring model.

Debt Ratios
Most people think that having a good payment history is the only driver of your credit score, but this is not the case. One of the biggest factors in determining your score is your available credit to debt ratio. This number is calculated by dividing the amount of credit you are using by the maximum amount of credit given to your by your creditors. The lower your credit to debt ratio, the better that it is for your credit score. In other words, if you have a lot of available credit and a little bit of debt, lenders look at this favorably.

Ideally, your total debt should be at most 30% of your overall credit. For example, if your total available credit is $50,000, you should have no more than $15,000 in total debt.

One important note: mortgages and car loans are not counted in your overall debt ratios.

Acquiring Too Much Credit Too Quickly
Acquiring credit too quickly is also looked upon with disfavor in the credit reporting bureaus. Statistics have shown when a person acquires a lot of credit quickly, they are in danger of maximizing out their credit and incurring a lot of debt overnight.

It’s mostly people without a lot of money who acquire many credit cards quickly. As such, the ability to repay such debt, if acquired, may be impaired.

Having Too Many Credit Cards
Even if you’ve accumulated your credit cards over many years, you are going to see some drop in your score if, say, you have 20 open credit cards accounts. What is the exact dividing line in how many is too many? More than 5 but less than 10? Unfortunately, Fair Isaac is not going to tell me or you. This information is proprietary, as is everything else used to calculate your credit score. (It’s a black box, remember?)

Summary
Fair Issac only gives general guidelines in what it takes to have a great credit score. We’ve gone over all the basic points in this article. Besides having a good paying history, the keys to good credit are:

  • Maintain a low debt ratio,
  • Never have more than 30% of your total credit in use,
  • Don’t have an excessive number of accounts, and
  • Do not acquire debt too quickly.

What has been your experience with the impact of your credit card accounts on your credit score? Tell us by leaving a comment!

Marco Angioni II contributed to this article.

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Foreclosure Affects the Rich and Famous As Well

November 3rd, 2009 · Consumer Debt, Mortgages, Real Estate

Being rich and famous is certainly no guarantee of future wealth, nor does it protect you from the law, paying your debts, or becoming a victim of the housing crisis. We hear daily about the record number of foreclosures that are affecting consumers across the country, but it is hard to imagine somebody we perceive as having “significant financial means” would fall victim to foreclosure. Movie stars, musicians, politicians, sports stars, and other public figures are also being affected by the recession, as well as their own poor planning or bad advice from their (likely overpaid) financial consultants.

I ran across a number of news articles recently on the net which provided lists of various “famous” individuals who are or have been affected by foreclosure. Some only had 15 minutes of fame (which is likely why they are in the position they are), as it is human nature to adapt your livestyle to your income level (particularly if you’ve experienced a radical change like a lottery win or reality TV stardom). Browsing through the list(s), here are just of few of the more interesting victims and their purported woes:

Ed McMahon. Of  “Tonight Show” fame, his financial woes were well publicized last year and even had Donald Trump offering a helping hand when he was facing foreclosure of his mansion. He is now deceased.

Jose Conseco. The baseball star blamed the loss of his 7300 square foot Encino, California home to financial woes brought on by two expensive divorces.

Aretha Franklin. She nearly lost her Detroit home to foreclosure due to past-due property taxes. Claiming it was simply an oversight by her attorney, she satisfied the debt plus required interest ($445 grown to $20,000) in time to save her home.

Fantasia Barrino. Of American Idol fame, Fantasia’s pond-front Charlotte, North Carolina mansion was saved from foreclosure a few days prior to auction in a last-minute settlement with the mortgage lender.

Evander Holyfield. The fighter best known for having his ear bit off in his bout with Mike Tyson experienced foreclosure of his Fairburn, GA home. Of course, having eleven children and in arrears on child support payments didn’t help his case.

Amber Frey. Probably forgotten by most of us already now that her 15 minutes has expired, the ex-mistress of convicted murderer Scott Peterson lost her California home to foreclosure this past year.

There are victims of the times all around us, rich and poor. Some stories seem more deserving then others for a sympathetic ear. Take the unfortunate victims of Bernie Madoff’s ponzi scheme, many of whom thought they were rich one day, and were wiped out the next. I read the other day that plans were in place to liquidate an estimated $30 million in his real estate holdings, with the proceeds to go to his victims. Unfortunately, they won’t get as much as they deserve.

Moral of the story? You draw your own conclusion. Seems being rich is no guarantee of smarts, or luck, or good fortune in the future. Hate to repeat this again, but just ask Micheal Jackson.


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