I Got a Raise

That's right the once a year review cycle has finally finished and I hear how much my annual increase will be.

I started with the firm at $52,000 last July. After one very long year my annual increase came out to be 8.65%. Quick....do the math! OK, I will do it for you, it comes out to $56,500 per annum. I should see the results of this raise in my next paycheck on the 15th. Before taxes that should amount to an extra $187.50 on a Bi-Monthly pay cycle.

Am I happy? Should I be happy? Well the answer to the latter from most people working in industry is that I should be happy with 8.65% when they are getting just over cost of living increases. Am I happy is another question and quite a loaded one at that. I am not. To be completely honest I was expecting 10%. Historically, in the DC Metro market for my company and practice 10% (for what I was rated) is standard. Also, after asking around of some colleagues in Charlotte I was informed that the people rated the same got 12% and Charlotte certainly does not have the cost of living woes that DC Metro does.

I don't know what I am going to do. I think I can go work somewhere else (another consulting firm or other Big 4) and command at least $60K if not $65. Should I do it? Auditing is sucking the life out of me and I hate the consulting lifestyle. Sometimes I wish I had an industry job with low stress and good hours so I could have an opportunity to enjoy my life. I know auditing isn't something I want to stay with, but do I suck it up now just to pay the bills? Certainly any career change I make, I would have to take a pay cut.

I am still marinating on this one.

[Photo Credit]

ING No More!

Saturday morning I woke up to an email that has caused me some serious frustration. Check it out:

Dear TMac,

Customer Number: xxxxxxxxxx

Due to one or more transaction return(s) on your ING DIRECT account(s), we have decided to close your account(s) in 30 days from the date of this letter. Please be sure to make other arrangements prior to this date if you are using your account(s) for direct deposit or if you have electronic payments scheduled.

At ING DIRECT, we strive to deliver services that are straightforward and efficient so we can provide the best possible deal for our Customers. After reviewing your account(s), we determined that we are unable to support your needs with the services we offer and have decided to end our relationship with you.

Any account balance and interest earned on your ING DIRECT account will be transferred to your external, linked checking account.


Thank you.

At first glance I thought it was some kind of scam email. I followed up with the ING customer service, and they noted that they had performed a periodic review of my account and that my credit score had dipped below a threshold they had deemed "suitable". Now I have 30 days to reshuffle my financial life. F (expletive deleted).

This whole situation bothers me for a couple reasons other than the obvious inconvenience of having to reshuffle banking relationships. Firstly, ING prides itself on being the bank that won't run a credit report on you that will "ding" your credit. Unfortunately that is exactly what they did in order to complete the "periodic review". Secondly it seems that ING is being duplicitous in what they were telling me. In the email, they cited a transaction return (only one, to Domino's Pizza, in the past few months). However when inquiring of the customer service rep they admitted something completely different.

I know ING can't be all things to all people and I think that they have a great service, but these events coupled with their refusal to stay competitive with their rates among the online banks makes me think twice about recommending them to anyone.

What is my way forward with this headache? Haven't figured that out yet, I will let you know when I figure it out.

Have you had any similar experiences with ING?

[Photo Credit]

Fair Isaac Change way Credit Scores are Calculated

This Money Magazine article: No more credit-line sharing touts a "sea-change" in credit scoring and how it could deflate your credit score.

Formerly, parents with high credit scores could add their kids as authorized users on the account that the parent's credit score would show up in their child's payment history - in turn bolstering the child's credit score.

Due to potential fraud in buying authorized status from people with good credit, Fair Isaac, the company that calculates credit scores is no longer including authorized users in the calculation.

The article offers the following ways to deal with the change in credit score calculation if you are an authorized user and are afraid your credit score might deflate:

• If your spouse or adult child is an authorized user with no other history, have him or her get a secured card. These require little or no credit history but do necessitate a cash deposit. Once he or she proves creditworthy, it's possible to switch to a traditional card.
• If your kid is an authorized user and in college, get him his own card now (shop at www.cardtrak.com), as it'll be easier to get approved while still a student. Note: It takes six months to get a FICO rating.
• If your spouse or child is an authorized user with poor credit, encourage him or her to pay bills on time: More than a third of the FICO score is based on this.