It’s a week until Black Friday, and headlines are dishing Black Friday deals and their secrets while, in other news, unemployment rates are rising in 29 states. Any predictions for how the shopping season will fare if retailers keep slashing prices to spur consumption, while around 10% of Americans nationwide are still unemployed?

While that thought sets in, here’s the buzz on Credit Karma and what’s happening in the housing market:

Credit Karma News

• Dallas Morning News reports on how to get an idea of your credit score without paying a fee.
• Tips for beefing up your credit score at Investor’s Business Daily.
• MarketWatch features CK in discussing how credit-card balances move higher.
• Hawaii’s credit score beats U.S. average reports Pacific Business News.
• My BankTracker uses CK data to report on credit card problems rise and fall: defaults down but delinquencies increase.

Home & Mortgage News

• CNN Money claims that you don’t have to be a millionaire to buy a house, as more than 70% of homes sold last quarter were deemed affordable for those who are still working.
• Contrary to the common belief that its better to buy a house rather than rent, Own the Dollar shows that the advantages of renting might be gaining on home ownership.
• Fiscal Frizzle shares his roadbumps on the path to home ownership to give readers advice on what to do when you decide to take that road.
• Ever wondered about the cost of running your home? Chicago Tribune discusses the cost of energy in your home with the article, How much is your home costing you?
• Save money in your home in this alternative way: Your Money Relationship shares 31 medical home remedies you should know so you can try to do-it-yourself before shelling out money at the doctor’s.

According to Bankrate.com’s weekly national survey, mortgage rates are at a record low ideal for interested home buyers and also represent a golden opportunity for homeowners looking to refinance. These rates are significantly lower than rates one year ago, and since mortgage rates don’t stay at records levels for very long, borrowers should act with urgency to take advantage of these record low rates while they are still affordable. Here are Bankrate’s recent survey results:

• 30-year fixed: 5.06% — down from 5.19% last week (avg. points: 0.40)
• 15-year fixed: 4.48% — down from 4.61% last week (avg. points: 0.34)
• 5/1 ARM: 4.58% — down from 4.58% last week (avg. points: 0.30)

Its Friday the 13th and Credit Karma’s latest press release has me feeling a little superstitious. The Credit Climate Report trend data for October 2009 shows that consumer credit card debt is on the rise, approximately at an average $7,573 per consumer, which could signal that consumers are growing more confident about using credit and spending ahead of the holidays. Let’s hope that these numbers aren’t an omen of bad credit karma to come, but a good sign that healthy spending habits will also spell healthy debt management too.

Credit Karma News

• Marketplace Radio puts Credit Karma in the spotlight to talk about what to do with your credit cards.
• What has your credit-card issuer done for you lately? Kiplinger dares to ask.
• The Harbus figured out why most twentysomethings don’t understand personal finance.
• Credit Union Times features CK as new company touts free access to credit scores.
• San Francisco area’s credit scores are the best, brags the San Francisco Business Times.

Home & Mortgage News

• Forbes pinpoints ten cities where home prices are improving.
• How the first time home buyer credit can create economic growth from Moolanomy.
• CNN Money renews some housing market hope in How to make money in 2010: your home.
• Saving to Invest features simple tips and ideas on what to do before you sell your home.
• Save money by selling your house without a real estate agent suggests Canadian Finance Blog.

Here’s a glance at current mortgage rates to keep you up-to-date. The table shows the overnight average interest rate for two of the most common mortgage loan types (keep in mind, refinance rates typically vary from purchase rates listed below). Happy house hunting!

When President Obama signed H.R.3548 – Worker, Homeownership, and Business Assistance Act of 2009, popularly known as the Home Buyer Tax Credit, he effectively extended the federal tax credit for first-time home buyers originally set to expire November 30, 2009 to April 30, 2009, and also extended unemployment benefits to bring relief to the current 10.2% of Americans looking for work. Here’s a closer look at the bill and how consumers will be benefitting from it:

HOME BUYER TAX CREDIT

1. For whom?
   First-time home buyers – You qualify if you have not owned a home in the last 3 years, and must purchase your new home as the principal residence.
   
   Repeat home buyers – You have owned and lived in a home for the last 5 consecutive years at any time during the eight years before your new home purchase.
2. Deadline
   You must purchase the home or have it under contract by April 30, 2010, and close by June 30, 2010.
3. Benefits
   The first-time homebuyer tax credit applies to 10% of the purchase price up to a maximum of $8,000. The repeat homebuyer tax credit likewise applies to 10% of the purchase price up to $6,500.
4. Qualifications for both tax credits
   For homes purchased after Nov. 6, price of the house cannot exceed $800,000. Prior to purchasing a home before Nov. 6 under the First-Time Home Buyer tax credit, there was no price limit.
   
   New, higher income limits for both the first-time and repeat homebuyer credit apply to homes purchased after Friday, Nov. 6, and are $125,000 to $145,000 for individuals and $225,000-$245,000 for joint filers. For homes purchased before Nov. 6, the original income limits for the first-time home buyer credit are between $75,000-$95,000 for individuals, and between $150,00-$170,000 combined income for couples or joint filers.
   
   You must live in your newly-purchased home for at least 3 years, or 36 months, or you will have to repay the entire credit (certain exceptions for military personnel or people who pass away).
5. Fraud protection
   Due to the federal investigations of fraud under the first-time home buyer tax credit, taxpayers will now be required to provide documentation proving they purchased a home and taxpayers must be at least 18 years old to claim the credit.

EXTENSION ON EMERGENCY UNEMPLOYEMENT COMPENSATION

1. For whom?
   For workers unemployed for an extended period of time and have exhausted regular unemployment benefits that are set to expire before the end of this year.
2. Benefits
   Provides further temporary availability of certain additional emergency unemployment compensation to workers. Unemployed workers are guaranteed a maximum 14 more weeks of unemployment aid, while Congress is working to pass another law to grant an additional 6 weeks—for a totally of 20 weeks—to workers in high-unemployment states where jobless rate is above 8.5%.
3. Qualifications
   Details of unemployment aid program differ state to state although there are federal guidelines; check the level of benefits and eligibility your state allows.
   
   Instead of the usual 26 weeks of unemployment compensation, Congress has extended benefits four times due to the prolonged period of unemployment; with this most recent extension, the maximum length of time an unemployed worker can get benefits in some states to 99 weeks, or nearly 2 years.
   In general to qualify, workers must meet minimum requirements for wages earned or time working during the “base period”, which is the first four out of the last five calendar quarters before your claim is filed.
   
   You must be unemployed due to no fault of your own.
4. Tax cuts for businesses
   An additional provision allows businesses of all sizes, hit hard by the boom-and-bust economy of the past years, to get a reduced tax cut to prevent businesses from laying off workers or closing their doors. Businesses can extend the “net-operating-loss carryback” period from two to five years, which allows them to apply losses sustained in 2008 and 2009 against taxes on profits paid in earlier years. The homebuilding industry is expected to benefit generously from this provision by offsetting their recent losses against profits when they were benefiting from the housing boom.
5. For more information on filing an unemployment claim, head to the Department of Labor.

The bigger and better extended Home Buyer Tax Credit cleared both the House and Senate vote this week, and now sits on President Obama’s desk expecting to be signed and approved today. As soon as pen hits paper, the law will go into effect and ensure that the original $8,000 tax credit is extended to April 30 plus qualified repeat buyers can take advantage of a new $6,500 credit. It could be a stabilizing force for the crippled housing market, or it could be a band-aid that won’t last long. Read ahead for more opinions and perspectives on what new measures Uncle Sam is taking to cool off the heat of recession.

Credit Karma News

• Money Matters: when ‘free’ isn’t free from Keloland Television.
• The Today Show mentions CK in their Wednesday morning segment!
• The New York Times puts in a good word about CK in, “A Free Credit Score Followed by a Monthly Bill.”

Home & Mortgage News

• 6 signs your home will increase in value straight from SmartMoney.
• DebtKid asks, if money = freedom, why buy a home?
• The New York Times reports on fraud watch for homeowners.
• Good news! Mortgage applications rose 8.2% last week reports MarketWatch.
• More good news! Mortgage rates fall below 5% reports The Oakland Tribune.
• WiseBread gives fun tips on how to make money from what you could find in your attic.
• Deadline for home tax credit extended writes The Money Times.
• Moolanomy throws in its two cents– Why the first time home buyer credit is terrible for the economy.
• The Baltimore Sun’s blog has a few points to make about the expanded home buyer tax credit.

Here’s a glance at current mortgage rates to keep you up-to-date. The table shows the overnight average interest rate for two of the most common mortgage loan types (keep in mind, refinance rates typically vary from purchase rates listed below). Happy house hunting!

With less than 2 months till Christmas, its prime time to be writing up your Christmas gift list, doing some window-shopping, and scouring deals for Black Friday (3 weeks away!). But are you also getting your wallet ready for the holiday spending spirit? Budgeting and practicing within-your-means spending is going to be key to surviving through to New Years with your credit score intact and your finances out of debt.

Not to put a damper on the joy of the coming months, but realistically this holiday season could be a minefield of risks that could blindside your credit report and bank account. Racking up charges up to your credit limit could lower your score, extra fees on credit cards and the risk of overdraft charges on debit cards take chunks out of your savings, and just like with holiday pounds, you could gain debt faster than you can work it off. WiseBread posted an interesting blog about “frugality fatigue,” suggesting that after the recent years of tightened spending and penny-wise habits, people are looking to spend and return to the old ways of credit cards and overspending. An American Express survey of consumer attitudes found that 80% of consumers still intend to buy gifts this holiday season, with 36% planning to spend $100-$499, 28% to spend $500-$999, and a full 30% spending $1,000 or more.

Whether you plan to spend $100 or $1,000, the next two months of gift shopping, eating out, entertaining, and traveling could deplete your savings and hit your credit score harder than you are prepared for. Besides healthy credit and stable savings, there are many good reasons to be prudent with your holiday budget this year so you can start 2010 in good financial health. The following tips can help you save money and care for your credit without skimping on the holiday extravagance:

Protect your Credit

1. Plan ahead to minimize overspending – Before you even go to the mall or shop online, make a list of who you have to buy for and stick to it. It will help you stay on budget and on track, and minimize the possibility that you might start browsing and shopping for yourself. Also, remember as you shop not to overspend just because you might be charging credit. Rule of thumb: spend only what you can afford to pay off RIGHT NOW; shop like your credit card is a debit card and go straight home after shopping and pay off your credit card so you won’t be tempted to carry a balance and rack up interest charges.
2. Opt out of traditional credit cards – Pre-paid credit cards are a good alternative to credit cards because you don’t risk overspending on what you deposit, you can still build credit, and you won’t pay interest; the trade-off is you have to pay an annual fee. Or think about paying cash or using a secured card, both of which will not hurt your credit score.
3. Steer clear of store credit cards – Read the fine print of a store credit card or retail card and you may find that the membership benefits or special discounts you’d receive for opening the card isn’t worth the high interest rate and extra charges that comes with it. Store credit cards typically have a interest rate far higher—sometimes double the APR like Macy’s 23.99% APR or JC Penney’s 24% APR card—than a normal credit card. Also, store credit cards often stipulate that you must spend a certain amount through the year in order to qualify for discounts or benefits, have high late payment fees that increase with the balance, require a minimum purchase within a period of time to keep the benefits, and more. However, store credit cards are beneficial if you are sure to pay off your balance in full every month, that way you can get your 15% discount without risking paying a 25% interest rate. For information on specific cards pros and cons, check out Store Credit Cards: A Rip Off?

Shop smart, shop early

1. Save on shipping – More and more on-line retailers are extending offers of free shipping to get more customers clicking and buying. Look out for major retailers like Target, which launched its holiday free-shipping promotion on Nov 1, Walmart, which ships free to a nearby store, and more stores mentioned here to see where you can save. More tips:
   • Some online merchants time their free-shipping deals right before the week of Thanksgiving and Christmas to move inventory faster.
   • Websites like freeshipping.org and coupon sites like slickdeals.net and fatwallet.com list specific merchants with free or discounted shipping. Also, mark your calendar for Free Shipping Day, when participating merchants offer free shipping this Dec 17 and guaranteed delivery by Christmas Eve.
   • Amazon’s “Super Saver” shipping gives free shipping for most purchase orders over $25; if you are a few dollars short of $25, www.slickfillers.net lists items as low as $0.35 so you can fill in the few dollars or cents and get free shipping.
2. Get it while it’s hot and in stock – Ever heard of deal-of-the-day sites that only sell one product at a time, at a deeply discounted price, until it runs out and moves on to the next item? They are insanely popular all over the web and addictive to watch and track to see what the next item will be. Deal of the Day Tracker monitors most of these sites, which sell everything from discount duds to army knives and electronics, and shopping here could save tons of money on high-quality gifts and also practical items. Some sites, like Red Tag Crazy, can alert you via text message, e-mail, or instant message so you can know what is selling like hotcakes at 3 am.
3. Check your mail - Going through your junk or spam mail can pay off if you find some special offers from retailers’ emails. More and more retailers are sending customers special offers by e-mail or mail instead of mass advertisements of sales. Sign up for mailing lists or loyalty clubs at stores you want to spend at (for buying gifts for others, not for yourself!), and pay attention to email (you might have to wish out of your junk mail folder) that might hold big sales or coupon codes exclusive to customers on their mailing list.

At Credit Karma Blog, what goes around comes around… So what do you think about this post? Agree, disagree, or have something more to say? We’d love to hear your reactions!

Will your credit score be a trick or treat for you this Halloween? Are rising mortgage rates spooking you out of the new home market and back into your apartment? Here are some good reads from the headlines and blogosphere because personal finance shouldn’t be such a scary experience.

Home & Mortgage News

• Surprise drop in new home sales CNN money reports.
• Money Under 30 sets it straight: Pre-qualification vs pre-approval: whats the difference?
• The New York Times follows homeowners walking away.
• Frugal Dad dives into Q&A on the new rules for mortgages.
• Do you know about the ‘double bubble’? MSNBC explains more on the current real estate trouble.
• How to buy a home you can afford blogs Free Money Finance.
• The Wall Street Journal asks, is an expanded home buyer tax credit a good deal?

Credit Karma News

• The Collier Citizen mentions CK in, “Tracking a Credit Score”.
• Lesson learned: Now you can get credit scores free! @ JournalStar.com.
• Thanks to San Francisco Chronicle for listing CK in Money-saving sites to check out, Part 2.

Are you unhappy with your current bank? Or maybe your bank is starting to charge you extra fees, your APY dropped, the bank closed your account, or you just want to switch banks or put your money elsewhere (say, in a CD or in the stock market). Whatever the reason, don’t be intimidated to close your bank account. First of all, closing your bank account will not affect your credit score; neither will opening a new bank account. Second of all, I’ve lined up the following pointers just for you to make sure you close your current account and moving on to a fresh start as painlessly and easily as possible:

1. A very important step to do before closing your account: make sure all checks being withdrawn and deposited have cleared before attempting to close the account. Stop using your account and clear all debit transactions and any other outstanding transactions completely.
2. Another important tip: choose your new bank and open your account before you close your old account so you can transfer your automatic transactions and current balance to it immediately.
3. Once your new account is open but before you close your old account, list all your automatic transactions and make sure they are re-linked to your new bank account. Give your employer your new banking information to do automatic paycheck deposits to the correct account. If you have automatic bill pay set up with your current account, also make sure you relink to your new account so your bills are still paid and on-time. Just be sure you stop and redirect all direct deposits, automatic transfers, and automatic withdrawals you have tied to your old account—you don’t want to miss anything crucial that will affect your credit like your car payment.
4. If your bank has a physical location, go in person to talk to a teller or customer service about closing your account so you can ask any questions and verify any information as needed. If not, send a formal letter requesting to close your account. Also, before you go in to your bank, prepare yourself: call ahead (and you should also do this if you have an online bank without a physical branch) and ask if there are any fees or charges for closing your account. If you are visiting your bank’s branch, bring with you two forms of identification and photo ID, just in case they should ask.
5. Before closing your account, request a print-out of your current balance. Whether you request to transfer the funds into your new account or you request your balance in cash or cashier’s check, make sure you or your new account has the correct amount of funds in it.
6. If you have checks or a debit card attached to your account, make sure you stop using both and cut or shred them before recycling. Also, keep an eye on your credit report and any bank statements you might still receive to make sure no other activity occurs thereafter on your account; if so, you might be a victim of identity fraud or someone else opened and is using your account—contact the bank immediately.

Other tips

• If you have a joint bank account with another person, some banks require both individuals to be present when closing it, or if you are sending your request via letter, both of your signatures.
• When visiting a physical branch, call ahead for the bank’s open hours because sometimes banks have a specific employee and time window for handling bank closures.
• Depending where you are transferring the funds too or how large your balance is, keep in mind it may take several days to process your closing request.
• It’s a good idea to keep your old account open for a month or so after opening your new account, and leave a little cushion money in there. This way, you could monitor your account and see if any automatic transactions occur that you forget to transfer to your new bank.

At Credit Karma Blog, what goes around comes around… So what do you think about this post? Agree, disagree, or have something more to say? We’d love to hear your reactions!

Did you know that the U.S is about to hit its credit limit? Apparently we might be running into the government’s self-imposed $12.1 trillion dollar debt ceiling as soon as November if U.S Treasury sales keep up. Makes your current credit problems not too bad after all, huh? While Uncle Sam isn’t setting the best example right now, the following bloggers and journalists are the savvy people who can keep you on track with your financial know-how with this week’s best personal finance and credit blogs, articles, and advice.

Personal Finance News

• WiseBread shares 5 online tools to help you land a job.
• Best things to buy in the fall recommended by Generation X Finance.
• Wall Street Journal shows you how to barter for the services you need.
• 3 steps to financially preparing for disaster brought to you by Debtkid.
• Money Saving Mom blogs on stretching your dollars online with coupons and cashback.

Credit Report & Credit Score News

• Enough practice- make your credit score perfect! exclaims Doughroller.
• NewsChannel 5 reports on what to know about pre-employment credit checks.
• One simple way parents with good credit can help children build theirs from the Los Angeles Times.
• How to protect credit if canceling card, writes Press Democrat.
• Free From Broke highlights your credit score as another case for emergency savings.
• Reuters answers the question, what can consumers do to raise their credit scores?

TGIF and thank goodness mortgage loan rates are still at or below 5%! It’s another good house-hunting weekend, but headlines remind us to be weary of homebuyer hiccups in our uncertain home market. Plus, Credit Karma trends have been all over the blogosphere and news. Here’s today’s scoop:

Home & Mortgage

• MarketWatch reports on mountains of modifications.
• Refinancing: when is it worth it?, MSN Money asks.
• Kiplinger writes that there are more troubles for housing: mounting foreclosures.
• Saving to Invest blogs on 10 deadly mistakes buyers make when purchasing a home and how to avoid them.
• 7 red flags for home buyers and more advice from Kiplinger.
• Doughroller brings you a buyer’s guide to rent to own homes.
• The Associated Press delivers some good news: home sales rise 9.4 percent in Sept.

Credit Karma in the News

• Gmail users have higher credit scores than yahoo mail users blogs Mashable.
• MoneyWatch answers the questions, Why should you have to pay for your credit score?
• Finanacial start-ups form “coalition for new credit models” reports Reuters.
• WalletPop takes an interesting look at what your e-mail address says about your credit score.
• Financial start-ups form lobby group @ Finextra.com.

Its “hump day” again, when Wednesday feels like forever since Monday and forever till Friday. Two factors that shouldn’t be a hump in your personal finance is your credit card and your debt. While you’re trudging through with your 3rd cup of coffee, read on to find out how to make it through the rest of your work week with less debt and more credit.

Credit Card

• How to save and make money with credit cards reports Saving To Invest.
• Money Under 30 warns, “Beware credit card skimmers and how to spot them.”
• Consumerism Commentary reports on Bank of America adding annual fees to credit cards.
• Pay or Walk? Annual credit card fees test limits; read about it in the Associated Press.
• Check out Mainstreet’s scoop on gift cards getting a makeover.



• Washington Post asks, is frugality falling out of fashion? Read more on the returning hunger for retail therapy.

Debt

• Worried about debt? Tips on managing your loans from Wisebread.
• Los Angeles Times questions, how about a bailout for student debtors?
• More Americans fall behind on debts reports Reuters.
• Ever wonder what the average household credit card debt is? Bargaineering tells all.
• Cash Money Life blogs on DIY debt consolidation options.