My Money Engine

By Liz Pulliam Weston

No.4 Your FICO isn't the only score you need to check

This came from lenders who thought the FICO score is offered by only one of the three credit bureaus: Equifax.

In reality, all three of the bureaus offer FICO credit scores using the formula developed by Fair, Isaac, but they each give the scores a different name. At Equifax, the FICO is known as the Beacon credit score. At TransUnion, it's called Empirica. At Experian, it goes by the unwieldy title of "Experian/Fair, Isaac Risk Model."

Complicating matters further is that you'll probably have three different scores from the three different bureaus, largely because the bureaus don't all share the same data. One bureau may list more accounts for you than another, for example, and the differences (in types of accounts, payment histories, credit limits and balances) will be reflected in the score that bureau computes for you.

Because of those differences, it does make sense to pull and examine your credit reports from all three bureaus before you apply for a big loan like a mortgage. Many mortgage lenders take the middle score from the three bureaus when making their decisions, so fixing errors in all three reports before you shop for a loan is smart.

You can get all three of your FICO scores from myFico.com.

But the ways you improve your credit score are the same in any case: Correct errors. Pay your bills on time. Pay down your debt. And apply for credit sparingly.

From MSN Money

By Liz Pulliam Weston

No.3 Credit counseling will hurt your score as much as a bankruptcy

The current FICO formula ignores any reference to credit counseling that may be in your file. That's been true for the last three years, after researchers at Fair, Isaac, the company that created the FICO scoring system, noticed that people getting credit counseling didn't default on their debts any more often than anyone else.

Your ability to get a loan could still be hurt by credit counseling, however. Your current lenders may report you as late, because you're not paying what you originally owed or because your credit counselor isn't sending your payments in on time. Late payments do hurt your credit score.

Lenders consider other factors besides credit scores in making their decisions, as well. The factors they look at can vary widely. Most want to know your income, for example. Some want to know how much savings you have or whether you're a homeowner. Some will find credit counseling disturbing, while others see it as a good sign.

The mortgage lenders who don't like credit counseling generally treat its enrollees the same as if they had filed for Chapter 13 bankruptcy. Chapter 13 is the kind of bankruptcy that requires a repayment plan and is looked at somewhat more favorably than Chapter 7, which allows you to erase many of your debts. You might still be able to qualify for a loan from one of these lenders, although your interest rates will almost certainly be higher than if you had perfect credit.

If you plan to get a mortgage soon, and you're not already behind on your debts, it's probably smart to steer clear of credit counseling. If you're already in trouble, however, a good credit counseling agency might be able to help you get back on track.

By Liz Pulliam Weston

No.2 Checking your FICO score can hurt your credit

Unfortunately, I heard this one from a mortgage broker who is otherwise pretty smart. He was confused about which type of inquiries hurt your score and which don't.

Applying for new credit is generally what hurts your score. Ordering a copy of your own credit report or credit score doesn't count. Those mass inquiries made by credit card lenders, who are trying to decide whether to send you an offer for a pre-approved card, also aren't going to hurt you, either -- unless you actually take them up on their offers.

If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage you do so in a fairly short period of time. The FICO score treats multiple inquiries in a 45-day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed.

For most people, one inquiry will generally knock no more than 5 points off a score (and scores typically run from 300 to 850, so that's not a big percentage).

By Liz Pulliam Weston

No.1 Closing accounts can help your credit score

No, no, no. For the umpteenth time: Closing accounts can never help your credit score, and may hurt it.

Every time I write this, I get more e-mail from people who say their mortgage lenders told them exactly the opposite. It's true that having too many open accounts can hurt your score. But once you've opened the accounts, you've done the damage. You can't repair it by shutting the account, and you may actually make things worse.

The credit score looks at the difference between your available credit and what you're using. Shut down accounts, and your total available credit shrinks, making your balances loom larger, which typically hurts your score.

The score also tracks the length of your credit history. Shutting older accounts can also make your credit history look younger than it actually is, which can hurt your score.

Of course, credit scores aren't the only thing lenders look at when making decisions. They typically consider other factors, such as your income, assets, employment history and credit limits. Mortgage lenders in particular might look at your total available credit and ask you to close a few accounts as a condition for getting a loan.

But if your goal is to improve your credit score, you generally shouldn't close accounts in advance of such a request. Instead, pay down your credit card debt. That's something that actually can improve your score.

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by Marty Nemko from U.S.News & World Report

Your boss is your enemy in a salary negotiation--he usually stands to lose by boosting your salary. It eats his budget, or he has to beg his own boss for extra money, which creates higher expectations for his work unit's productivity.

To win the salary battle, you'll need maximum ammunition and clever strategy.

First, check your ammo:

• Note the dollars you have generated (or will soon) for the company.
• Cite other benefits you have contributed. Focus on your boss's priorities: Getting credit? Easing his workload? Making you feel appreciated?
• Offer to change your job description so you can add more value.
• Assess your fair-market value. Ask peers in and outside your workplace, plus headhunters specializing in your field. Consult salary surveys by your professional association or on websites such as payscale.com, salary.com, and salaryexpert.com.
• Show interest from another employer. Consider putting out feelers for that purpose. Make your boss think, "If I don't give him a big raise, I may lose him."

Don't have much ammunition? Perhaps this isn't the time to ask for a raise. Not only are you unlikely to get it, but your boss may think, "What nerve! He's already getting paid more than he's worth."

If you do have enough ammo, craft your strategy:

• Knowing your boss, should you lay out your case in writing? Send it in advance?
• Meet on his turf? Yours? A restaurant?
• Conventional wisdom says you should try to get the boss to make the first offer. But if he is likely to lowball you or to respond well to your high offer, you go first.
• Focus on noncash benefits, like paid training, a computer at home, and more administrative support. They're usually not taxable, and they may benefit your boss.
• Rule of thumb: Reject the first offer; accept the second. After that, additional concessions are made grudgingly, so those extra dollars (usually insignificant after taxes) can create ill feelings or make you appear expensive when the boss is deciding whom to lay off.
• If you can't get a raise now, try to get your boss to agree to one in a few months if you meet agreed-on objectives.

Fortune and the Great Place to Work Institute surveyed nearly 100,000 employees to find 100 firms that not only pamper employees in good times but look out for them in bad. Here are the top 10:

1. Google

2. Quicken Loans

3. Wegmans Food Markets

4. Edward Jones

5. Genentech

6. Cisco Systems

7. Starbucks

8. Qualcomm

9. Goldman Sachs

10. Methodist Hospital System

By Francesca Di Meglio at Yahoo.com

Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.

She already kept a household budget, which she scanned to see what she could trim and how the cost of living in the Kenan-Flagler neighborhood compared to her residence just outside of Philadelphia. Then, she sought the appropriate loans to pay for what she could not handle herself. The hope, says Aponte, is that after graduation she'll get a job, which will pay more than the one she had before school.

Aponte is certain that enrolling in graduate business school was a "sound financial decision," even though she will be paying off loans after graduation in 2009. Like anyone making such a big investment, Aponte was apprehensive, but she consider that a positive. "It's a good thing to be concerned about finances," she says. "Don't shy away from being nervous." It shows that personal finance -- and your financial security -- is important to you.

So embrace your anxiety. If you're an aspiring MBA losing sleep over how you are going to afford graduate business school, then you should check out the financial aid tips below:

Ask for Help

. Even before you apply, you can get information about the financial aid services available at each school that interests you. Some of them have financial aid offices specific to the graduate business school; others require business students to work with the main university financial aid office along with everyone else. All of them have professionals available to answer your questions and explain the complex world of financial aid. Take advantage of this resource.

Susan Brooks, the financial aid assistant director at Kenan-Flagler, suggests keeping financial aid folders for each of the schools to which you applied -- and reading all the material they send you. Do additional research on your own on available scholarships, grants, and federal vs. private loans. Understanding your options, what each school is offering, and educating yourself about student loans in general is key to getting the best deal possible. "Approach it as you would any business decision," says Aponte. "Get as much information as you can as fast as you can."

Get Your Financial House in Order

Take your cues from Aponte and start cutting costs from your current budget as soon as you decide you want to go back to school. Bring a brown bag lunch, nix your Starbucks habit, or quit hanging around the mall on sale day -- whatever you can do to keep a few extra dollars in your savings. This will help prepare you for being without a salary for two years. In addition, you'll ideally want some sort of savings for emergencies and a sense of security while you're in business school. Get your credit score from a service such as myfico.com and start paying off other debts, especially bad debt like credit cards. Your lenders will use your credit score to judge your application, so you'll want to be in good standing.

Determine how much you'll need

. Consider the cost of the schools to which you have been accepted. If you applied to a state school where you are a resident the tuition will likely be lower and you might think that's reason enough to attend the program. But before making any decisions, you should figure out how much you'll actually need to live and pay for each of the programs. Tuition alone is not enough. You must also consider the cost of living in that state and unexpected expenses for things such as traveling for the job search, purchasing business attire, and attending networking events. Compare the totals you come up with for each program to your current budget to see if you can swing it.

Borrow Intelligently

Once you know how much you need, you can start looking for the money. Free money, the kind you will not have to pay back, should be on the top of your list. This includes scholarships and grants. Talk to the financial aid services staff at your school to determine what, if any, scholarships and grants are available. But keep in mind that it is more difficult for graduate business students to get such offers. "People don't have as much sympathy for MBAs," says Dan Thibeault, co-founder of Graduate Leverage, student loan consolidation and debt management company, in Boston. (BusinessWeek, 1/27/2005)

Most experts suggest that you look to exhaust federal loans, with fixed interest rates, after you have collected all the free money you can and before you turn to private lenders. Graduate business students can take out up to $8,500 in subsidized Stafford loans, which are based on need, do not accrue interest on the loan while your are in school, and come with a fixed interest rate, currently 6.8%. An unsubsidized Stafford loan is the same loan, but interest accrues while you're in school. Since 2006, graduate business students have also been able to consider the Graduate PLUS Loan, which comes with a limit of $20,500. In the past, says Paul S. Garrard, vice-president for student financial services for Sallie Mae (NYSE:SLM - News) graduate and professional programs, grad students typically used private loans after they had exhausted the Stafford loans and scholarships. Now they can continue to turn to the government with the PLUS loan.

Not all the experts agree that this is the way to go. Thibeault says students should take advantage of the sudden and dramatic drop in interest rates because they could find a better deal with private lenders than with the government. About 65% to 70% of MBAs can get private loans at a lower rate, he adds. Garrard argues that these private loans have variable interest rates with no caps, which means you could have a great rate when you apply for the loan, but it could skyrocket while you're in school or when you're ready to pay. Whatever you do, at least apply for the federal loans. All U.S. citizens are eligible for Stafford loans, and you might choose to use them simply to keep from tying up your assets, say experts.

Students with a bent for nonprofit work might qualify for loan forgiveness. The College Cost Reduction and Access Act of 2007 has the government completely forgiving your federal loan balance if you go into the nonprofit sector or government after graduation and stay there for at least 10 years, says Thibeault. Only federal loans apply, and after graduation you'll have to consolidate into one direct loan program, he adds.

Live Like a Student

The rise of private loans, says Rob Rex, managing director of OTO Networks, which runs the Student Finance Domain> in Baltimore, tempts students to live above their means while they're in school. Business students are especially vulnerable because many of them had good salaries before the MBA program and had become accustomed to a certain lifestyle.

Your best bet, however, is to return to living like a student. Get a roommate if you can stand it, refrain from big purchases, and watch your pennies a little more closely. Rex suggests using online loan calculators to see how much budgeting can really save you and how much you'll have to pay each month after graduation. It just might scare you into accepting pizza and beer instead of caviar and champagne during business school.

by Joe Taylor Jr. at Yahoo.com

Earning $100,000 in any profession requires a combination of hard work, career training, and personal experience. These ten jobs prove that you can grow your salary to six figures without a law degree or a medical school diploma. In all ten cases, online career training programs can help you learn the skills to pursue a career with megabucks potential while continuing to build experience at your current job.

With education and will, these ten career equations offer ways to earn serious money:

#1: Marketing Manager + trend spotting = a Six-Figure Income

In today's economy, nearly every kind of enterprise requires a marketing manager to grow sales. So what makes a top manager? Professionals at the start of their marketing careers can use the best practices learned in online marketing degree programs to understand the constantly shifting landscape of sales and marketing. Having a nose for the financial news and being the first to spot a market trend means career advancement. According to government statistics, most marketing careers offer salaries and bonuses of over $100,000 at the executive level.

#2: Health Services Manager + the science of compliance = a Six-Figure Income

Complex legal requirements and pressure from insurance companies have created a demand for health services managers who can maintain compliance while maximizing profits. The top ten percent of healthcare management professionals can earn performance bonuses that raise their annual compensation packages to over $117,000. Experience managers with compliance skills will find that an online healthcare administration degree program can help them move from the job they have into a health care management position.

#3: Information Systems Manager + high goals = a Six-Figure Income

Set your sights on a CIO position if you want an information systems management position to payoff big time. If you're already a manager who likes deciding everything from hardware to personnel, pursuing a degree in IT online offers a convenient route into information systems management. Aim for the corner office and rack up some experience if you want your technology degree to yield a six-figure salary. More than half of the CIOs responding to a recent government salary survey reported annual incomes of over $100,000.

#4: Financial Manager + ethical choices = a Six-Figure Income

Having an MBA in finance is a good start, but even an MBA needs good experience and smart choices to grab a stratospheric salary as a financial manager. Today's highest paid CFOs blend career training with solid track records and high ethical standards. Finance careers in commodities brokerages offer salaries of over $120,000. Many online finance degree programs offer professionals the opportunity use work projects as research opportunities, making finance career training even more convenient.

#5: Human Resources Manager + high performance = a Six-Figure Income

In human resources, performance is golden. Successful HR managers do much more for their employers than stage recruiting fairs at local universities. By developing compensation programs and reducing employee turnover, HR managers can earn hefty bonuses. According to government statistics, the top ten percent earn over $129,000 annually. For professionals with business degrees, earning a human resource management degree online can be an exciting first step toward a job as a "talent tactician."

#6: Fashion Designer + uniquely individual style = a Six-Figure Salary

Winning "Project Runway" isn't the only way to earn $100,000 in a fashion design career. While many six-figure fashion designers may not yet be household names, they cater to clients who prefer custom couture. A high salary in a fashion design career requires more than just a fashion design degree, though. According to experts, successful designers must find a niche, market their brand, and build a loyal base of private clients.

#7: Court Reporter + overtime = a Six-Figure Salary

Even though government statistics show that many court reporters earn over $40,000 per year, some court reporters to have the chance to make much, much more money than that. Why? Document backlogs in certain cities have pushed overtime pay for court reporters to record levels. The court reporter who adds freelance transcribing for private depositions and business meetings to a base income can crack $100,000 per year. In addition to earning your bachelor's degree, most states require certification.

#8: Computer Application Development Manager + leadership = a Six-Figure Salary

Application development managers lead small teams of programmers through specific deadlines. Tight budgets and competition for graduates of computer programming degree programs keep AD managers busy. It's a career in which leadership pays. Most application development managers earn over $98,000 annually. Veteran managers skilled at getting the most out of their teams can earn a computer programming degree and make the leap to an AD management position.

#9: Nursing Supervisor + persistence in leadership = a Six-Figure Salary

At first glance, nursing schools don't seem like a rung in the mega money ladder. Still, some veteran nurses are realizing their dreams of becoming leaders in their field. By earning a Bachelor of Science in Nursing degree, experienced registered nurses can qualify for higher-paying administrative jobs, earning about $55,000 per year. Given the competition in some cities for talented nursing career professionals, that income escalates dramatically. With persistence and performance, administrators who reduce turnover and maximize compliance can now reach six-figure incomes.

#10: Education Administrator + quality assurance = a Six-Figure Salary

Under pressure to save money while reducing class sizes, many school boards recruit expert leaders from the business community to serve as education administrators. School boards expect to pay these "civilians" more, so an effective leader can turn a degree in education administration into a six-figure career. Adding a master's in education administration to an existing business degree offers enterprise professionals a new career option. Although most education administrators earn about $77,000 per year, they too can hit six figures with bonuses for improving standardized test scores and staff turnover rates.

So, where there's a will, there's a way to a six figure salary--even in fields that don't yield six figures as a rule. These ten careers not only offer earning potential far beyond the norm (which the BLS reported at just short of $36,000 in 2005), they also lure workers pursuing allied career paths into getting enough education to jump ship. Perhaps 2008 will be the year you decide to join them.

Here is the enrollment link!

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