Economic Stimulus Payment Schedule, another 3/4 Point Cut by The Fed, and myFICO 25% off Promotion

The Federal Reserve, as expected, delivered another three quarters of a point rate cut on Tuesday, bringing the benchmark lending rate to 2.25%, the lowest level since February 2005. The cut came after one of the Wall Street’s biggest investment banks, Bear Stearns, collapsed over the weekend after creditors rushed to the door. Though there were expectations that the central bank may take a even bolder move by slashing interest rate a full percentage point to avert the economy from slipping into a deep recession.

US stock indices briefly cut their early gains after the Fed announced its rate decision, but rallied back to finish the trading session at the peaks. The S&P 500 climbed 54.14 points, or 4.2%, to 1,330.74, its biggest rise since October 2002, the Dow gained 420.41, or 3.5%, to 12,392.66, its fourth-biggest point gain ever, and the NASDAQ added 91.25 points, or 4.2%, to 2,268.26.

IRS announced yesterday that the economic stimulus checks will be mailed out on May 2nd and most people won’t get their checks until the middle of July. IRS also published on its website a payment schedule based on the last 2 digits of the social security number. From the schedule, our check will be sent to us by June 20. if you wonder how much you will receive, IRS has a payment calculator to help you determine the size of you stimulus check.

Finally, myFICO, the official provider of FICO credit score, is now having a 7-year anniversary promotion with 25% off on all products including credit scores, credit reports, and credit monitoring services. In the past, I bought my credit scores from myFICO.com several times after credit card arbitrage to see how my score was affected when I paid around $15 to get one report plus the score. To take advantage of this sale, use promo code 7yrsale at checkout. The promotion ends April 30th, 2008.

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