An unfair joke.

Banks are simple entities.  They take my money and your money and invest it.  It’s with the earnings from these investments that they are able to pay for their own overhead, expenses and everyone’s salaries.  It really is that simple.

If a person overdraws on their bank account, a bank is quick to charge an overdraft fee.  Banks seem to have a fee for everything.  My bank (Citizens Bank of PA) is now charging me if I don’t have enough “qualified transactions” in each account every month.   Why does that matter now when it hasn’t mattered for the 5+ years I’ve had my accounts with them?

Simple.

Banks have made some bad investments particularly over the past few years.  With your money and mine.

Their ROI (Return On Investment) isn’t what it used to be, but their own debts and obligations remain the same if not higher.

And their solution is to penalize you and me for their bad investments.

All we did was give them our money.

Tell me again why this is fair?

I read a great article today on how to improve your credit score, written by Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado.

Here is a quick rundown of what is covered in the article…click anywhere on the list below to read the entire article.

1. Review your current credit report for accuracy.

2. Repair credit report mistakes.

3. Pay your bills on time.

4. Increase the length of your credit history.

5. Keep credit card balances low.

6. Keep new credit requests to a minimum.

7. Be aware that paying off a collection account will not remove it from your credit report.

8. Pay off debt rather than moving it around.

9. Beware credit-repair scams.

It’s a great checklist…very timely, too.    Think of all the people in your database that you can help with this information.   Banks are tougher than ever when it comes to qualifying for a home loan, and who better than you to help aspiring homeowners get their credit in check?

Cheers!