THE Commission on Audit (COA) has questioned Subic Bay Metropolitan Authority (SBMA) officials cash advances amounting to P14.1 million during the Aquino administration.
In its audit report, the commission said there are lapses in the grant and liquidation of cash advances involving P14.1 million to SBMA officials, who were not even duly designated as disbursing officers.
The agency said the cash advances and inadequate documentation of liquidations totaling P5.5 million exposed government funds to risks of misappropriation or loss and cast doubt on their regularity.
The COA reported that the postaudit of disbursement vouchers (DVs) for cash advances with their liquidation reports revealed that the cash advances were granted to seven SBMA officers, six of whom were not duly designated as disbursing officers.
Thinking back to when I applied for my first credit card, the entire process was pretty straightforward and simple. Despite being a full-time college student with little income and zero credit history, I was approved with no problem. Then again, this was the late 90s and during a time when banks would give broke students a credit card like it was candy. Its not like this today.
Applying for a credit card can build your credit history. But with tougher credit and income requirements, instead of receiving a credit card in the mail a couple weeks after submitting an application, you might get a rejection letter. Your first reaction might be anger, and you might say the credit card gods are against you. But theres a reason for the banks decision. To position yourself for an approval, you have to know why you were rejected in the first place.
Your Credit Card Balances are Out of Control
There are no rules regarding how many credit cards are too much. So if you already have a handful of credit cards in your name, its possible to get approved for a new card as long as youre managing your existing accounts responsibly. Some banks, however, might reject your application for a credit card if your current card credits are maxed out or close to being maxed out.
You might shrug off high balances, but it is a big deal to banks. This is because maxed out credit accounts increase the probability of defaulting, and banks dont want to risk losing money. Before applying for a credit card, work on paying down the balances you already have. Ideally, you should keep credit card balances below 30% of your credit line.
You Got a Little Happy with Credit Applications
Credit card companies also look at your number of recent credit inquiries when deciding if you qualify for an account. An inquiry appears on your credit file every time you submit a new application for credit and banks pull your credit history.
When establishing credit, some people make the mistake of applying for as many accounts as possible to increase their odds of an approval. What they dont realize is that each credit inquiry lowers their credit score by a few points, making even harder to qualify for a credit card. An excessive amount of inquiries is also damaging because some banks are hesitant to extend credit to applicants who have multiple inquiries within a short span of time. The bank may assume youre desperate for credit or experiencing some sort of financial trouble.
You Have Fresh Delinquencies on Your Credit Report
Negative information can stay on your credit report for up to seven years and have an immediate negative impact on your credit score. The good news is that these items arent as damaging to your credit as time goes on. So if you have a 60-day late payment on your credit report from four years ago, most banks will overlook this item. Theyre more interested in your recent credit history and how well youre managing credit today. With that said, a bank might reject your credit card application if late payments, collection accounts, charge-offs or judgments have been added to your credit report within the past 12 to 24 months.
Its Your First Crack at Establishing Credit
Sometimes, no credit is just as bad as having poor credit. When you apply for a credit card with a blank credit history, banks are unable to gauge how well you manage debt. And unfortunately, this can result in a few rejections. The trick to overcoming this hurdle is applying for credit cards created specifically for individuals looking to establish credit. These include secured credit cards, as well as unsecured credit cards. Unsecured credit cards dont require a security deposit, but they typically have higher interest rates and lower credit limits.
Youre Under 21
Just because youre a legal adult at 18 doesnt mean you can get a credit card. If truth be told, getting approved for a credit card is challenging for anyone under 21. This is because the Credit Card Act of 2009 requires applicants under 21 to have a cosigner, such as a parent, a guardian or another adult over the age of 21. The only exception is when an individual under 21 can provide sufficient proof of independent income and assets to manage minimum monthly payments.
Because most working adults have at least one credit card, some people think credit cards are accessible to everyonewhich unfortunately, isnt true. Credit card companies want customers just as much as consumers want credit accounts. Even so, banks are in business to make money, not lose money. And if you dont fit their criteria of the ideal applicant, you wont get an account. To move the odds in your favor, do your research and make sure you know what banks look for in an applicant.
The post Denied a Credit Card? 5 Reasons Why Your Application Was Rejected appeared first on The Jenny Pincher.
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Charge only what you can afford. Buy something with a credit card and you get what amounts to an interest-free loan. However, that’s true only if you pay off your balance in full by the due date after you receive your monthly statement — what’s termed a grace period. If you pay in full month after month, you’ll get a break on new purchases but NOT on cash advances or convenience checks. Those generally start accruing interest immediately. Some balance transfers may also not be included in a grace period; read the terms of your card carefully to see what terms apply.
Plan your payback. If you carry any balance into the next billing cycle, there’s no grace period on purchases you make during that cycle. Your card company will start charging interest the moment you make a purchase. Some card companies require you to pay your balance in full for two straight months to get your grace period back.
If you have carried a balance, you might get hit with something referred to as “trailing interest” or “residual interest.” Those terms refer to interest that accrues on your balance before you have a chance to pay it off, even if you’re paying the full balance that’s shown on your statement. The trailing or residual interest might have accrued between the time your statement was printed and the time your received it in the mail.
David Leach, principal examiner at Maine’s Bureau of Consumer Credit Protection, has some realistic advice about holiday shopping. He suggests a cooling-off period when considering major purchases.
“Your friends and family don’t want you to incur excessive debt to buy them presents,” Leach said recently.
Consumer Forum is a collaboration of the Bangor Daily News and Northeast CONTACT, Maine’s all-volunteer, nonprofit consumer organization. For assistance with consumer-related issues, including consumer fraud and identity theft, or for information, write Consumer Forum, PO Box 486, Brewer 04412, visit http://necontact.wordpress.com or email firstname.lastname@example.org.
Jill Stein, the former Green party presidential candidate, is preparing to contest the results of the US election in several key battleground states.
An online fundraising page on Stein’s campaign website, launched Wednesday, had secured $2,646,523.16 in donations by Thursday morning, out of a target $4,500,000.00.
A statement on the page said that the campaign already had enough to fund a review of the vote in Wisconsin, well ahead of the Friday deadline, and is now seeking money to pay for reviews of the Michigan and Pennsylvania results.
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All three states saw narrow victories for Donald Trump in the November 8 election.
Skeptics will chalk this one up to just more overreach by Chinas surveillance state, something that could never happen here in the US But we should consider Chinas deep dive into comprehensive data-fueled surveillance to be a cautionary tale. One need look no further than the National Security Administrations PRISM program, which relied on data from companies including Verizon, Apple, Google, Yahoo, Microsoft and Facebook in an effort to prevent terrorism that prompted widespread backlash from privacy watchdogs and everyday citizens.
Whether corporations like it or not, governments want the data they gather. Chinas documentation on the system refers to internet data as a strategic national resource, lending even more weight to the concept of cyberspace as a theater for modern-day warfare much the way disputed waters and oil-rich land are.
The Federal Trade Commission is well aware of the potential for discriminatory data misuse that could seriously affect peoples personal finances or ability to get a job. In January, the agency published a report on the potential for data analysis to produce inadvertent discrimination by advertisers. And in 2008, the agency settled with Visa and MasterCard marketing firm CompuCredit Corporation, alleging that the company failed to disclose that it used a behavioral scoring model to reduce some consumers lines of credit if they used cash advances to pay for marriage counseling and items and services at bars, nightclubs, pawn shops and massage parlors.
Remember the good ol days when all we had to worry about were police cameras in public spaces?
Bates finally moved to the area in the late ’80s and actively took up the cause of preserving it, launching the Nicodemus Historical Society and creating an archive at the University of Kansas to house the documents and photographs she had collected. In 1991, she wrote to Kansas senator Bob Dole, who secured funding for a Park Service feasibility study. And five years later, President Bill Clinton signed a bill into law making Nicodemus a National Historic Site.
The holidays can be a stressful time of year for anyone. It is especially difficult for those struggling to piece their lives back together after struggling with substance abuse and addiction.
Rich Harbert email@example.com @richharbertOCM
PLYMOUTH #x2013; The holidays can be a stressful time of year for anyone.
It is especially difficult for those struggling to piece their lives back together after struggling with substance abuse and addiction.
Some don#x2019;t have families they can turn to support during the holiday season. Others are still regaining the trust needed to sit with relatives at the family table.
That#x2019;s why Eastern Bank partnered with the Massachusetts Probation Service to host a Thanksgiving dinner in a supportive environment for clients with strained family relations due to addiction.
Approximately 15 probationers and court-involved clients gathered at the Plymouth County Community Corrections Center at 385 Court St. Thursday night to celebrate the holidays with an early Thanksgiving dinner.
The North Plymouth facility is one of 18 community correction centers across the state that serve as an alternative to incarceration, especially for many who suffer with opioid addiction.
Eastern Bank donated the traditional Thanksgiving meal.
The meal #x2013; including two 20-pound turkeys and all the fixings #x2013; was prepared by Bongi#x2019;s Turkey Roost in Duxbury and was served by the center staff and Eastern Bank Assistant Vice President Donna Bocash-Smith and some of her staff.
Bocash-Smith, manager of the Kingston branch of the bank, teaches a personal finance course at the center, which looks to empower clients with job and life skills as they remake their way in society.
The dinner is offered in a supportive environment especially for those who might be unwelcome at their own family dinners as a result of strained relationships due to their previous addiction-based behavior.
#x201c;The staff at the Plymouth Community Corrections Center is very much aware that holidays are a difficult time for our participants. Many of them are working on mending relationships and earning back the trust of their loved ones,#x201d; Christina Costa, program manager at the center, said. #x201c;The holidays can be a lonely time for them. Thanks to Donna and Eastern Bank, we know that all the participants at the Plymouth Community Corrections Center will have the opportunity to sit with other supportive individuals and have a delicious Thanksgiving dinner.#x201d;
Eastern Bank offers classes for center clients throughout the year on topics such as establishing a checking and savings account, tax preparation, understanding individual credit reports, consolidating debt and applying for small business loans.
The centers are part of the Office of Community Corrections, a division of Massachusetts Probation Service, and managed by vendors. The Plymouth center#x2019;s vendor is Bay State Community Services of Plymouth.
Clients are sentenced to attend the program by judges. A probation employee supervises, ensuring each client follows terms of probation, passes drug tests and has access to community resources needed to stay on the right track to recovery.
Probationers and court-involved clients attend the centers each week and receive substance abuse and mental health counseling as well as educational and job training. Hi-Set (formerly GED) preparation is also offered.
Mae Brewer, a service associate at Eastern Bank in Kingston, helped Bocash-Smith host the dinner.
She described Thursday#x2019;s meal as #x201c;a typical laid-back Thanksgiving.#x201d;
#x201c;Some of the clients don#x2019;t have families or homes, necessarily, so this is their only Thanksgiving, so we tried to make it as much of a Thanksgiving as possible,#x201d; Brewer said.
She said the clients are a close-knit group and relate to one another as family.
#x201c;They were extremely grateful. With all that turkey, there were obviously leftovers, so one of the clients took leftovers for one of his buddies. He brought some home to a friend, so he could have Thanksgiving too,#x201d; she said.
Jonathan Fortier, a 29-year-old Plymouth resident who participates in the program, said the dinner was more than he ever expected.
#x201c;It was a real Thanksgiving dinner. We conversed like you would at Thanksgiving. I think it brought people closer together, and it felt like the people at the center actually#xa0;cared about us. It was not just about the courts,#x201d; Fortier said.
Having secured funding of around $400 million (Sh 40 billion/ JYR 45.7 billion) from the Japan International Cooperation Agency (JICA), KenGen is set to break ground on the development of two 70 MW units for its Olkaria V geothermal power plant project.
KenGen reports having already completed drilling and that electricity from the plants could be fed into the national grid as early as the end of 2018.
The first plant is expected to start operation within the next 24 months, with the second to start around 6 months after that.
KenGen is funding parts of the project using the companys cash reserves. The overall investment for the 140 MW Olkaria V development is expected to be around $555 million (Sh 55.5 billion), according to a statement by the Managing Director of KenGen, Albert Mugo at a recent shareholder meeting in Nairobi. The project is funded by multilateral lenders, including the European Investment Bank, JICA and KfW to the tune of around $314 million.
Tender documents are ready, according to Mr. Mugo, but it is not clear yet when the tender will be launched.
Source: Business Daily Africa