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The deals at the stores today may get much better as the holiday season progresses.  In recent days we have seen major banks cutting back on credit card issuance and consumer loans.  We are not naming names here, but it is absolutely happening.  Both of these types of credit fuel consumer spending.  The consequences of these cutbacks likely include even more of a drop in consumer spending going forward.  My opinion, look for even bigger deals in the weeks ahead as stores need to unload inventory.

As was noted the other day, conforming mortgage loans have seen a dramatic drop in rates.  The underwriting is still tight, but those with good credit and steady employment should be able to take advantage of the historically low rates.  These loans may be the best Black Friday Deals around for those needing to refinance or wanting to buy a home.

According to the leading authority on everything, Wikipedia, Thanksgiving is a time to give thanks and reflect upon our spiritual and material possessions.  Hopefully, upon reflection we are strengthened spiritually even though we have been materially weakened this past year.  We must continue to reach out to those less fortunate, if not with our money, then with our time.  And because so many have recently lost so much material wealth, the holiday this year will have a deeper meaning for many more people.  I wish everyone a day focused not on what was lost; but with deep gratitude for what we have, the great country we share and the opportunities ahead.

Happy Thanksgiving from MoneyCafe.com.

WAMU built a large and loyal depositor base over the years with its Online Savings product.  They consistently offered very competitive rates, no minimum balance, no fees and an easy to use website.  This past month the WAMU Online Savings rate was lowered from 3.30% APY to 2.25% APY.  So now they just offer the easy to use website and no fees.  Not quite as compelling as before when they actually had competitive rates.

Now that WAMU is part of Chase, I would assume the deposit rates will soon be on par with the Chase offerings.  I checked with Chase and it seems their most comparable savings account has no fees with a $300 minimum balance and offers a rate of 0.10% APY.  That is not a typo.  It’s actually almost zero percent.  They have another savings account with no fees if you maintain a $15,000 balance.  That account pays 1.25% APY on that $15,000 or 1.50% APY on $100,000.

Mortgage Rates have dropped considerably in the last day.  Thirty year fixed rate conforming loans (up to $417,000) are being priced under 5.40% APR.  Just a quick check and I found Wachovia is offering 5.25% (5.364% APR) and QuickenLoans was offering 5.125% (5.353% APR).  Paying a couple of points will likely bring you a nominal rate of under 5.00%.

Unfortunately, thirty year fixed rate jumbo loans (over $417,000) are still priced high.  They seem to be priced at 1.50% to 2.00% over the conforming rates, putting them in the 7% range.  The 5/1 Adjustable Rate Mortgages are priced much better for jumbo loans.   Checking with Wachovia, they had a 5/1 ARM at 5.625% APR.

The Fair Credit Reporting Act requires each major credit reporting company to provide you access to a free copy of your credit report one time every 12 months.  The three companies required to provide this service are Equifax, Experian and TransUnion.  You can order your free reports online, by phone or by regular mail.  You can confirm this and get more consumer information at the Federal Trade Commission (FTC) website. 

Online
If you want to order your free annual credit reports online, there is only one authorized website: AnnualCreditReport.com.  The AnnualCreditReport.com website was created by Equifax, Experian and TransUnion to fulfill their obligations to the consumer.  They have done a pretty good job in making the process painless and giving the consumer a central place to request each of their credit reports.  Best of all, you get your report instantly and can print it out.

By Phone
To request a credit report by phone, call (877) 322-8228.   There is a verification process over the phone and your credit reports will be mailed within 15 days. 

By Mail
Download a request form.  Print out the request form.  Mail the completed form to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Your reports will be mailed within 15 days.
 
When trying to get your free reports, do not contact the three nationwide consumer reporting companies individually.  According to the FTC website, the only way to get your free annual credit reports is one of the three options listed above.

If you are looking to get a credit report or credit score directly from one of the reporting companies, please see the services featured at http://www.moneycafe.com/creditreports/.   Here you will find credit reports and scores, as well as credit monitoring and identity theft protection services from most major providers.