Finance Blog number 1

Ready to embark on the quest for an 800 credit score?

You’ll have to start by getting your exact score by shelling out $16 at myfico.com. (The best free scoring tool, the report card at Credit.com, gives you only a letter grade and a range your score probably falls into.)

You actually have three credit scores, one for each of the three major credit bureaus: Equifax, Experian, and TransUnion. Mortgage lenders pull all three.

Though based on the same model, these scores can differ — typically by no more than 15 to 20 points, says FICO spokesman Crag Watts — depending on how lenders report to the bureaus and how the bureaus include that information in the report.

At myfico.com, you have the option of buying only your Equifax or Trans-Union score; Experian doesn’t sell its FICO score to consumers. If you’re shopping for a home loan, get the two available to you.

Scores change whenever your creditors report new information — like your credit card balance — so if you’re in the market for a big loan, start monitoring your number six to 12 months beforehand.

You might also find it useful to sign up for a tool like Equifax’s Score Watch, which for $13 a month will alert you when your score shifts. For those who aren’t loan shopping, there’s no need to check your number more than twice a year, says Wayne Sanford. owner of credit consulting firm New Start Financial Corp.

And if you find out you’re not in the promised land? Don’t worry. You don’t need to be fanatical to get to 780. Those in the know say these moves matter most:

1. Stay on top of your credit reports. You’re entitled to one free copy per year from each bureau. Get ‘em at annualcreditreport.com, and look for misreported delinquencies, over-reported loan amounts, and underreported credit limits business card design. Request corrections from the bureau in writing.

2. Pay bills within the grace period. Lenders report tardiness to the bureaus once you’re 30 days past due; if your score started at 780, it can go down to 680 after just one delinquency, says Watts. So set up payment reminders or have payments automatically deducted by a certain date.

3. Focus on paying off credit cards vs. other debt. Whittling down revolving debt will do a lot more for your score than erasing installment loans. Paying off a $250,000 mortgage when your score is already high will boost it by only five or 10 points, says Watts. But wiping away a few thousand bucks on plastic can add 100 points.

4. Stay under the magic 10%. Just paying credit card balances off every cycle doesn’t mean you have a 0% utilization; issuers report the total amount you charge each month to the bureaus. That suggests you should use credit cards sparingly, says Watts. Aim to spend no more than $2,000 on a $20,000 line; and put cards on ice a few months before applying for a loan.

5. Have a favorite credit card. The FICO model penalizes you for having multiple balances, so limit the bulk of your spending to one card. That said, issuers are closing inactive lines, which can hurt your utilization ratio. So make small charges to your other cards every three months or so.

6. Ask FICO what else will work for you. FICO offers a free Score Simulator tool to those who buy scores on myfico.com, and this allows you to see how your score would respond to certain actions, such as paying down debt or even taking on new loans.  

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Kevin Landry had to give up his San Diego apartment because he couldn’t afford the rent after his federal unemployment benefits were cut off in early June.

Since then, Landry and his cocker spaniel, Curley, have been sleeping in his 1991 Dodge Dakota in a church parking lot. He sold his possessions and applied for food stamps in order to survive.

And even though President Obama signed a measure Thursday that extends benefits through November, Landry knows he won’t get his $475 weekly check anytime soon.

The last time Congress allowed the benefits to lapse, it took a month for him to start getting payments again.

"I’ll just have to scrape by," said Landry, who lost his job as a credit manager for K2 Skis in September 2008. "There’s nothing I can do about it. I’ve learned to deal with it."

Though Congress has finally pushed the deadline to file for federal extended insurance through Nov. 30, it could take weeks before the jobless start getting their checks again.

Nearly 2.9 million people ran out of benefits in the nearly two months it took Congress to extend the filing deadline beyond June 2.

But just when the checks start hitting bank accounts and mailboxes again depends on the state.

The long delay wreaked havoc on the state unemployment insurance technology that process the payments. States often have to call in experts to reprogram the computer systems, which are an average of 22 years old.

And state officials have to make sure that the unemployed were eligible to receive benefits during the interim. If the jobless stopped looking for work or earned income during June or July, they may not qualify.

"States will move as quickly as possible to resume [federal unemployment] payments, but it will not happen overnight," said Rich Hobbie, executive director of the National Association of State Workforce Agencies. "Because the program has lapsed for over a month, state workforce agencies need to ensure that claimants qualify for all retroactive payments."

The unemployed should check their state agency’s website for updates or wait for a letter with instructions on restarting their payments and claiming the retroactive sum, said Judy Conti, federal advocacy coordinator at the National Employment Law Project Low fee payday loans.

Some states asked the jobless to continue sending in the forms certifying they were eligible for payments. The unemployed in those places will likely see their checks sooner.

But it will still take time, said Steve Meissner, a spokesman for the Arizona Department of Economic Security, which told its 64,000 claimants who were affected by the lapse to keep filing.

"We will do it as quickly as we can," he said, adding the state is still waiting to receive official guidance from the federal Department of Labor. "There are always some ambiguities because unemployment law is pretty complicated."

The checks, however, can’t come too quickly for the jobless. For many, it’s the only way they can afford housing, utilities, food and car payments, Conti said.

Vicki Wolf of Lebanon, Pa., is anxiously awaiting her $393 weekly check so she can pay her rent and buy essentials, such as shampoo. The former call center supervisor, who continued sending in her forms to the state, is behind on all her bills because she hasn’t had any income since June 5.

Pennsylvania officials said in a statement that those who kept filing their paperwork should receive payment within two weeks. The rest of the more than 200,000 state residents who lost their benefits should submit their claims online as soon as possible.

Wolf, at least, is one of the luckier ones. She starts a new job at a trucking company on Monday, though she won’t see her first paycheck until mid-August. Until then, she’ll have to walk 45 minutes to work from her home.

"I don’t have money to buy gas to put in the car," she said. 

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Therefore, the best way for you on how to get free credit reports online is to go to the AnnualCreditReport.com; this is the official web site.

The first big renovation of the Kansas City Chiefs’ Arrowhead Stadium in 40 years — a $375 million, three-year project — hosts its first event this weekend.

It’ll be a test run for the Chiefs, who are using the renovation as a springboard to improve customer service and the fan experience. The project — which includes an array of features evoking Chiefs history and highlights — added about 430,000 square feet to the stadium, for a total of more than 1.64 million square feet.

“This is the culmination of a five-year process designed to return Arrowhead to its status” as the finest stadium in the National Football League, Chiefs Chairman Clark Hunt said Friday as he gave a media tour of the recently completed facility.

Kelly Kerns, a principal with Kansas City-based Populous, the project architect, said the Arrowhead work kept about 100 of the firm’s local employees busy — and gave him a welcome period of work close to home for the past five years no fax payday loan.

But more than that, the project put Populous in a good position to take advantage of what Kerns said probably is going to be the next building trend.

The professional sports marketplace has experienced a big building boom during the past several years, but those projects in large part have been completed. Now, Kerns said he expects a flurry of projects to improve existing facilities. And Arrowhead provides a showpiece as to the possibilities and Populous’ capabilities.

It’s also a sustainable, green approach, Kerns said. By tackling the project using the existing structure, masses of concrete were kept out of landfills.

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Denise Rehg, president of Culture Works, has stepped down to take a new position.

Rehg, who headed the Dayton-based arts funding, services and advocacy group for nine years, has taken the position of assistant senior vice president for major gifts with the United Way of Central Ohio, according to a press release.

Until a new president is found, Kathy Hollingsworth will be the interim president and chief executive officer, effective Aug. 2. Hollingsworth co-founded Innovative InterChange Associates, a Dayton consulting company low rates payday advance.

Culture Works provides some general operating support to the largest performing arts and arts education organizations in greater Dayton including: Cityfolk, Dayton Ballet, Dayton Contemporary Dance Company, Dayton Opera, Dayton Philharmonic Orchestra, The Human Race Theatre Company and Muse Machine, among others.

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BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts.

BP’s (BP) stock finished at $28.88 Wednesday, a plunge of more than 50% from its close of $60.09 on April 19, the day before its leased oil rig, the Deepwater Horizon, exploded and sank in the Gulf of Mexico.

Fred Lucas of JPMorgan believes that investors have overdone it, making the stock an attractive value for buyers — including other companies.

"In theory, either Exxon Mobil or RD Shell could consider a bid for BP," wrote Lucas in a note to investors. "We focus on these two names because they have similar business models and similar global asset structures. They also bear the lowest political risk to a potential combination with BP."

Lucas said that his idea of a proposed takeover of BP was "prompted by the gap between the current market value of BP and the intrinsic value that we see in BP."

Another oil industry analyst, Douglas Youngson of Arbuthnot Securities, told CNNMoney last month that if BP’s stock dropped below $30 a share, it would become an attractive takeover target.

"If the share price continues to fall, other companies may see this for the bargain it will be," said Youngson on June 2, when BP’s stock closed at $37.66.

Of the various big players in the oil industry — including Gazprom and PetroChina (PTR) — Lucas believes that ExxonMobil (XOM, Fortune 500) is in the best position to be the acquirer.

He wrote that Exxon Mobil "has the largest rating advantage and strongest balance sheet," providing it with enough cash to handle the deal.

"Exxon Mobil has also proven its ability to integrate a very large transaction successfully — its merger with Mobil was a resounding success," added Lucas low fee cash advance. "RD Shell has no large-scale merger integration experience."

Gazprom wouldn’t be a contender because of a "low stock market rating," he said, while PetroChina "would encounter major political barriers given its controlling shareholder - the Chinese government."

BP has been purging itself of cash to try and fix the environmental and economic aftermath of the disaster.

The company said it has paid out $2.65 billion for the clean-up, and another $130 million on 41,000 claims from workers and business owners who lost their livelihoods in the wake of the spill. More than 80,000 claims have been submitted so far. Bowing to pressure from the U.S. government, BP has put $20 billion in escrow to cover damages.

Lucas figures that the leak will stop sometime in July, meaning a finite cap to the liabilities. So this might be a good time for Exxon Mobil to swoop in, especially since the oil giant has had its own experiences with catastrophic oil spills.

Before BP’s environmental disaster in the Gulf, Exxon had the dubious distinction of causing the nation’s worst oil spill, when the Exxon Valdez oil tanker ran aground off the coast of Alaska in 1989.

"In many respects, an accurate valuation of BP today depends less on a valuation of its assets, but more on an accurate value of its potential liabilities," wrote Lucas. "Who knows better how to price potential clean-up costs and associated civil claims than Exxon Mobil?"

Spokesmen for BP and RD Shell declined to comment on this story. Exxon Mobil did not respond to messages from CNNMoney.com. 

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St. Louis Brewery, maker of Schlafly craft beer, is for sale. But company founders Tom Schlafly and Dan Kopman say they are in no rush to sell their stakes, and they would strongly prefer a local ownership group that includes current brewery workers.

The main reason for the "for sale" sign outside St. Louis’ largest craft brewer is succession planning, they said. Schlafly, 61, who owns nearly 80 percent of the company, has no family interested in running the business. Kopman, 48, who holds about 20 percent, also does not see his school-age children becoming involved with the brewery.

"At some point, the brewery is going to move to additional ownership," Schlafly said Monday.

And they wanted to begin thinking about that now. So earlier this month they asked the brewery’s senior staff to look for ways they could buy the company.

"We’re exploring this on the basis that we want our employees to have a long-term stake in the company," Kopman said.

St. Louis Brewery joins a generation of craft brewers now confronting questions about what future ownership will look like. Anchor Brewing Co. in San Francisco, which is considered the brand that launched the microbrew movement, was sold earlier this year to Bay-area entrepreneurs. Rogue Ales in Portland, Ore., is being handed down from the founder-father to son.

St. Louis Brewing, founded in 1991, sells its beer under the Schlafly name and operates two brew pubs, in downtown St. Louis and Maplewood. It posted nearly $12 million in sales last year and ranked No. 41 among the nation’s largest craft brewers, according to the Brewers Association.

James Ottolini, head of brewing operations, is one of the longtime workers whom Schlafly and Kopman hope will lead the buyout effort. Ottolini, who holds a freshly minted Washington University MBA, said he was excited by the opportunity.

"Our efforts will be to put together an investment group" that includes outside investors and workers, Ottolini said.

Schlafly, an attorney not involved in the day-to-day operations, said he hoped to retain a small, unspecified stake in the company. Kopman said he might not sell any of his share. In any case, he planned to stay on as chief operating officer "for the foreseeable future."

They sounded reluctant to sell to venture capital firms seeking outsized returns or to take the company public, with heavy compliance costs and focus on making quarterly numbers.

The most likely scenario, Kopman said, is local investors and some form of employee-stock ownership plan buying a majority stake.

"We don’t want to see what we’ve helped build diminished," Kopman said.

Schlafly said he was motivated to seek a buyer, in part, because the growing company faces a looming decision on building a new brewery, "and I don’t have the appetite for the debt that it would involve."

The brewery could roughly fetch $5 million to $18 million, based on revenue and estimated margins, said Tom Lee, senior vice president with Mercer Capital in Memphis, Tenn.

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Pennsylvania has received a dozen AmeriCorps grants totaling $9 million, which will create up to 2,200 community service positions in the state, the Department of Labor & Industry said Friday.

PennSERVE: The Governor’s Office of Citizen Service will distribute seven state grants totaling more than $5.3 million, which will create more than 1,700 positions. Five national grants totaling more than $3.9 million will also be awarded to multistate programs operating in the state, with the support of PennSERVE, which will create up to 480 additional AmeriCorps positions, the department said.

“These grants create thousands of opportunities for individuals to make a difference in their communities through citizen service,” Labor & Industry Secretary Sandi Vito said. “From tutoring and mentoring, to renovating residences and community cleanup, the work carried out by these organizations will have an immediate and positive effect on our neighborhoods and residents.”

Grants funded through PennSERVE have been awarded to the following, which serve counties in the local area:

• Jumpstart for Young Children Inc. (Allegheny and Philadelphia counties), $320,453 grant, will create 174 positions, AmeriCorps members serve in preschool settings, including Head Start, faith-and community-based centers to engage students in learning activities

• Trustees of the University of Pennsylvania, $50,722 grant, will create 287 positions, college students will serve as AmeriCorps members at nonprofit organizations to support local education and other human needs that target various beneficiaries throughout the state, including Chester, Delaware, Montgomery and Philadelphia counties.

• City Year Inc., $2,415,000 grant, will create 210 positions, AmeriCorps members provide in-school tutoring and after-school services in Greater Philadelphia area schools.

• Teach For America, $802,497 grant, will create 330 positions, AmeriCorps members will provide classroom instruction and enrichment activities focused on overcoming the achievement gap for schools through education and volunteer generation in under resourced communities in Philadelphia County cash till payday advance.

National direct-funded grants have been awarded to the following, which serve counties in the local area:

• HOPE Worldwide, $298,101 grant, will create 94 positions, AmeriCorps members provide direct service and perform capacity-building activities in three primary programmatic areas that focus on academic enrichment, environmental stewardship and community rebuilding in Delaware County.

• Health Federation of Philadelphia, $1,198,486 grant, will create 94 positions, the National Health Corps promotes health careers and health education in Pennsylvania, Illinois and Florida. Members assist uninsured individuals with accessing health care, resources and assist with enrolling the uninsured in insurance and/or drug prescription programs.

• Philadelphia AIDS Consortium, $374,070 grant, will create 60 positions, AmeriCorps members will provide health education and support services and mobilize volunteers for programs that target low-income minorities living with, and affected by, HIV in Pennsylvania, New Jersey, Delaware and California.

• Temple University of the Commonwealth System of Higher Education (Philadelphia), $247,619 grant, will create 90 positions, AmeriCorps program addresses health literacy needs of elders, elderly immigrants and refugees through service learning, civic engagement and tutoring. Project assists elderly immigrants and refuges in communication with health-care providers. Members support the target population’s access to health services and strengthen immigrant-serving organizations’ ability to address the needs of this growing population.

AmeriCorps was able to add 500 people to its ranks in Pennsylvania last year through the help of funding from the American Recovery and Reinvestment Act.

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Wal-Mart Stores Inc. said Friday it plans to create 500,000 jobs throughout the world in the next five years, saying there is tremendous opportunity for growth globally.

"We need to recruit the best talent and identify the best talent in our ranks," CEO Mike Duke told analysts and investors at the company’s annual shareholder meeting in Fayetteville, Ark. It was not immediately clear how many of the jobs would be created in the United States.

Wal-Mart (WMT, Fortune 500) also announced a new program to repurchase $15 billion of its shares, which replaces a $15 billion repurchase plan announced a year ago. The company said $10.3 billion in stock had been purchased as a result of the prior program.

Hosted this year by Jamie Foxx, Wal-Mart’s annual meeting was again a star-studded fanfare. Movie stars and musicians such as Mariah Carey, Mary J. Blige, recent "American Idol" winner Lee DeWyze, and Enrique Iglesias entertained shareholders who traveled far and wide for the annual part-pep rally, part-concert.

Duke said growth would not come easily, highlighting such challenges in the next 20 years as higher energy costs, nimble and innovative competitors, and technology.

The CEO also commented on Wal-Mart’s low-price strategy, saying a "new era of price transparency," brought on by the advent of mobile technologies, would make it more difficult to maintain its leadership position.

Wal-Mart officials called their international business strong, with Duke saying "It’s becoming an even bigger and more important part of our company." He added that more than 60% of the company’s new square footage last quarter was in Wal-Mart’s international unit.

Sales from the company’s international division exceeded $100 billion or about 25% of its $405 billion in total revenue. 

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Krispy Kreme Doughnuts on Thursday reported earnings of $500,000 for its fourth fiscal quarter of 2010, compared with a loss of $300,000 during the same period a year ago.

The Winston-Salem-based company said it nearly broke even for the full year, ending with a net loss of $200,000, compared with a loss of $4.1 million in 2009.

The company has not had a profitable full year since 2004. In its outlook, Krispy Kreme expects a net profit in fiscal 2011.

“During fiscal 2010, we made substantial progress in building a stronger foundation for our company and improving our business model,” said Jim Morgan, Krispy Kreme’s president and CEO. “The improvements in our operating results and financial position are a testament to the soundness of our business strategy, and reflect our ongoing efforts to enhance shareholder value over the long term.”

During the fourth quarter, revenues were $86.8 million, a 5.6 percent decline from the year earlier. But operating income increased 65 percent to $2.4 million, from $1.5 million. Sales at company-owned stores open at least a year rose by 1 overnight pay day loans.1 percent, making the fifth straight quarterly increase.

The company owns 83 of the 582 Krispy Kreme stores worldwide. The other 499 are franchise locations.

For the full year, revenues were down 10 percent from $385.5 million to $346.5 million. Company-owned same-store sales rose 3.5 percent from 2009, and operating income more than doubled to $11.8 million from $4.8 million.

Krispy Kreme was also able to reduce its debt by $31.4 million during its fiscal 2010, to $43.4 million.

The company increased its number of stores worldwide by 59 over the past year. Looking ahead to fiscal 2011, Krispy Kreme expects to add seven to 10 company stores and 35 to 45 domestic and international franchise shops. While most of its growth recently has been abroad, Krispy Kreme expects the number of domestic stores to rise for the first time since 2005.

The company anticipates operating income in 2011 of $10 million to $13 million.

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The vacancy rate for office space in Honolulu rose to 11.4 percent in the first quarter, and tenants are seeing more incentives as landlords negotiate to lease space, according to a new report.

Vacancy rose by 1 percentage point during the quarter, and availability, which includes vacancy plus space offered for sublease, rose to 12.6 percent, according to the first-quarter office market report by CB Richard Ellis.

That pushed occupancy in Class A and B buildings down by 119,605 square feet during the quarter, the report said.

Rents have fallen 2.6 percent in the past year and have leveled off to range between $2.79 and $3.05 per square foot per month, the report said. The average operating expense was $1.32 per square foot per month.

Landlords, meanwhile, are offering more free rent and generous tenant-improvement allowances to attract tenants to their buildings, the report said.

“Deals are better today than at any time in the past four years and should continue to improve somewhat for the balance of 2010,” the report said.

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