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Business Owner and Finance

unclesha — Sat, 31 Dec 2011 11:12:04 +0000

Having credit issues is a real obstacle for somebody looking to secure financial institution financing for a small business. There are certain forms of credit rating ruining issues which can be more straightforward credit score issues to fix than others. To take an extreme look at it, bankruptcies are tougher to mend than an overdue payment. Bankruptcies can stay on your credit score record between 7 to 10 years. Everything on your credit score file can be removed when you provide it sufficient time. As old debts are paid off and new debts are paid on time, your credit score will slowly start to improve, even bankruptcies and foreclosures.

Late bills are a demise knell because they point out a lack of accountability at the borrower’s part to fulfill the duties of the credit issued to them. The best factor that can be more destructive than overdue bills is for the overdue payments to develop into bankruptcies or foreclosures of a home. Otherwise having a history of late payments is a sure means for a creditor to say no to the borrower for credit. When a creditor pulls a borrower’s credit report, the creditor can see every single overdue payment that is at the report. If the borrower has a good credit history except for 1 overdue payment, it will often be overlooked. However, when there are three overdue bills or more on the credit report, the creditor will begin to ask for explanations on each and every past due payment and may be more crucial to approve the file.

While you might be in the rebuilding stage, it’s going to be nearly impossible to secure a financial institution loan. The alternative is to secure a hard money loan that is loans given out via 3rd party investors. The draw back is the interest rate is on a regular basis double the interest rate that you’ll get at a regular bank. Entrepreneurs and/or business will have gaps in income history while they are between companies or projects. When a creditor evaluates the credit document for a person or business, they are principally reviewing the red flags that are the past due payments. As along as there are not any major red flags, having a gap in income history won’t affect the credit score rating. The history of paying the real estate on time will give a boost to the borrower’s credit rating, not the amount of the equity. On the similar token, the history of past due payments on the real estate will decrease the borrower’s credit score rating.

As an entrepreneur, you have a unique chance to build, handle and obtain credit both individually and as a business owner. The individual credit will follow the social security number and the business credit will follow the EIN number. When a creditor looks to approve a small business owner, they most often will have a look at both the individual and business credit to look if there are any possible red flags. In the case that there’s a past due payment, it is possible that the overdue payment will be recorded on both the individual and business credit.

And finally, if you are interested in free smart credit info, please visit http://www.smartcredithq.com

How Credit Scores Make Things Easier For Us All

unclesha — Fri, 30 Dec 2011 11:11:39 +0000

You probably know of your credit score as the three-digit number that creditors and lenders use to approve your credit card and loan applications. Credit scores haven’t always been used in the banking industry - or other industries for that matter. They came about as a way to make application approval easier, faster, and less subjective.

Lenders Make Decisions Easier

Credit scores are a way that lenders can quickly gauge your creditworthiness, or the risk that you’ll default on a credit obligation. Lenders could just use your credit report to get information to make this decision, but credit reports can be dozens of pages long for people who have long credit histories.

Without credit scores, lending and pricing decisions would be more subjective. It would be one person’s decision whether information on your credit report means you’re more or less credit-worthy.

Your score sums up the information that’s in your credit report and assigns a number to your microloan behavior. If you’ve been responsible with credit, then your score will be higher. On the other hand, if you’ve been irresponsible, your credit score will be lower.

You Don’t Have to Wait for an Answer

The good thing about having a score is that creditors and lenders can quickly decide whether you’re approved and at what rate. Most banks have a credit score cutoff that makes it easy to make a decision about whether you’d be approved. And if you’re approved, they can use your credit score to give you an interest rate on your credit card or loan. Insurance companies use your score to give you an insurance rate and utility companies use it to decide whether you should pay a security deposit.

Get an Easy Answer About Your Credit Standing

Lenders aren’t the only ones who benefit from your score. Your score is useful to you, too. When you need to check your credit health, your credit score is a good way to understand where your credit stands. When you check your credit report, you get a detailed look at how you’ve paid your bills and managed credit, but you don’t get an understanding of how good or bad you’ve managed credit. Your credit score tells you whether the actions you’ve taken have helped or whether they’ve hurt your credit standing.

How to Check Your Score

Believe it or not, there was a time that consumers didn’t have access to their scores. Lenders could use this information to judge you, but you had no idea what your score was. Fortunately, that’s not the case anymore. Now, you can find out your score by purchasing it from myFICO.com or one of the three credit bureaus. You can also get a free credit score through CreditKarma.com and Quizzle.com. Watch out for other sites that claim to give you a free score, but ask for your card number so they can charge you if you don’t cancel a trial subscription.

This guest post was written by Steve Dowell, a professional writer specializing in topics related to personal finance, debt relief, credit repair and more. Pass through Applyforacreditcard.com for more tips and advice.

What Your Credit Report Is Used For

unclesha — Thu, 29 Dec 2011 11:11:14 +0000

Your credit report includes years of information about you and your financial habits. Many companies realize the value of this information and they pay the credit bureaus to be able to access this data. Here are some of the things your credit report is used for. Any company that pulls your report must have permissible purpose, but the law doesn’t exactly outline what’s considered a “permissible purpose.”

To send you promotional credit card offers

Unless you’ve opted-out of promotional offers, credit card companies will access your credit report and use the information to decide which promotional offers you qualify for. If you’ve ever wondered why you get so much credit card junk mail, that’s why. Here’s a tip, you can use these offers to gauge what creditors think of your credit standing. If you’re getting good offers, it’s a sign your credit is improving.

To locate you for debt collection purposes

Debt collection agencies use your credit report to figure out how they can collect a debt from you. Your report gives them access to your most recent contact and employment information. So even if you’ve moved around since you first created that debt, the collector will still find you.

Debt collectors even use your report information to bully you into paying the debt. If they see that you’re current on other payments, they’ll ask why can’t you pay them too.

To give you an insurance rate

Your credit report is used to generate an insurance score which insurance providers use to assign your insurance rate. Negative information on your credit report can result in a higher insurance premium, even if you have a spotless driving record. The reason is that insurance companies have found a correlation between credit history and claims filing.

To report your child support payment status

In some locales, child support enforcement agencies report your payment status to the credit bureaus. Some agencies only report arrearages and others report payment status whether you’re on time or not. If your child support enforcement agency reports your child support tradeline, everyone who pulls your credit report will know that you have this monthly obligation.

To screen you for employment or volunteer position

Some employers and even volunteer organizations use reports to as part of their background check. They use the information on your report sometimes to verify your identity and to make sure that you’re a good fit for the position. The employment report doesn’t include your credit score. The check won’t be a surprise since employers have to get your written permission before they can check your report.

To qualify you for credit cards and loans and to assign your interest rate

Of course, the most obvious way your credit report is used is when you put in an application for a credit card or loan. The bank will use your credit report to decide which product you qualify for and to assign your interest rate.

Fortunately, you also have the right to view your credit report, which gives you the chance to see if there’s any negative information that would keep you from getting the most favorable terms. Review your credit report at least once a year so you know where you stand.

This guest post was written by Steve Dowell, a professional writer specializing in topics related to personal finance, debt relief, credit repair and more. Pass through creditrepair.org for more tips and advice.

7 Credit Card Tips for Long-Term Financial Health

unclesha — Wed, 28 Dec 2011 11:10:47 +0000

Managing credit cards is one of the most important yet trickiest aspects of personal finance. When managed poorly, they can wreck havoc on your financial health. Managed properly however, they can make your life a whole lot easier. Here are seven tips for smartly managing credit cards.

Use Under 30% of Your Limit

Credit experts and credit agencies agree: It’s best to use less than 30% of your credit at any given time. In fact, one of the biggest factors for calculating your credit score is what’s called your “Utilization Rate,” the % of credit that you’ve used. Keep the number under 30% and you’ll improve your credit score and improve your overall financial health.

Keep Your Oldest Card Open

Keep your oldest credit card open and never close it. Even if the limit is low or the interest is high, keep it open anyway. The length of your credit history plays an important part in calculating your credit score. The longer you’ve had your oldest account open, the higher your score. So that account should never be closed.

Use Your Rewards

Know what kind of rewards you can get with your card and choose your cards accordingly. Of course, your primary concern should be a low APR. Once you have that however, there are still a number of different cards you can choose from. If you fly frequently, go with a frequent flyer card. Otherwise, go for a cash-based rewards card or a gift-based rewards card.

Pay Major Expenses on Credit Cards

If you have a good rewards program, try to get all your major expenses on credit card. Some landlords will allow you to pay your rent on credit card. Some auto shops will allow you to make your car payments on credit cards. Just make sure that if you manage to get your major expenses on credit card that you pay it off every month. That way you earn major rewards points at zero additional cost.

Check Your Credit Report Yearly

Check your credit report every year to see if there are any unauthorized charges. Even if you haven’t opened any new accounts, you should go over your credit report carefully every single year. Identity theft and other credit mishaps can severely damage your credit if you’re not on the lookout.

Ask for Increases

Get in the habit of asking for credit line increases every year or so. If you’ve been a good customer and paid your bills on time, there’s no reason credit agencies should say no. Increasing your credit not only gives you more leeway if you ever need emergency cash; but it also lowers your utilization rate by increasing your debt ceiling.

Never Spend More Than You Earn

Perhaps the most important rule of using credit cards is to never spend more than you earn. Credit cards give you the ability to do that, but only for a short time. If you want to enjoy long term financial health, you need to be carefully watching your finances to make sure you really aren’t spending more than you earn. If you’re not watching it, it’s easy to slip up and think you’re doing well financially when you’re actually racking up debts.

These seven tips will help you keep your credit score high, your debts low and even help you land extra rewards from your card.

Jose Coba
http://credit.cashingdirect.com

How To Build Your Credit With a Secured Credit Card - Repair and Rebuild Your Credit

unclesha — Tue, 27 Dec 2011 11:10:18 +0000

Are you one of those people who has abused their credit cards and amassed a large amount of debt that you can’t pay off? Are you wondering how do I build credit now? If you are suffering with credit problems, have no credit, or just starting out? If so, a secured credit card may be your best option for you. Statistical data shows increased number of parents are turning to secured credit cards as a way to teach teenagers and college students about responsible financial spending and building credit.

Understanding Secured Credit Cards

A secured credit card is a credit card that is secured by funds deposited to the company that issues the secured credit card. Your own deposited money is used as collateral to secure the limit on the card which prevents credit problems from happening. These usually have a minimum deposit requirement that ranges from $100-$500. Sometimes your limit will be for the full deposit amount and other times it will be a percentage of the total.

Shop Around

Finding a secured card that fits your financial lifestyle is very important. Try to get a secured Visa or MasterCard or ask your local bank if they offer secured cards. Many national banks are starting to offer this service. Sometimes third party cards are not accepted at major retailers. Before you choose a cards make sure you understand the application and annual fees, finance charges, accrued interest on the deposit as well as your available line of credit.

Ideally, the card you select would have the following:

• Have no application fee or a low application fee

• Have a low annual fee and APR

• Be reported to all three credit bureaus

• Convert to a regular, unsecured credit card after 12 to 18 months of on-time payments

Cards with no application fee or low fees

Compare your offers and search for the one with the lowest fees. Most secured cards have small fees so try to find one that only charges an annual fee and doesn’t require a monthly maintenance fee.

Cards that help build your credit

A secured card that reports monthly to the three major credit bureaus will help you build credit. If the card issuer doesn’t report to a bureau, the card won’t help you build a good credit history. You credit score will start improving with the reporting of a positive payment history. The longer you pay your balances each month the better your credit score will be. A secured card is a great vehicle to rebuild your credit but you must use it responsibly to avoid running into credit problems.

Cards with low APR

Try and find a card with the lowest APR. The APR, or annual percentage rate, is the interest rate applied to your balances that you carry after the grace period. The best unsecured card should offer a decent APR that runs through the life of the card and is not some teaser rate of 0 percent APR that changes after 6 months to 1 year..

Cards That Convert Unsecured Credit Cards

The best type secured cards let you to change to an unsecured card after a period of on time payments.

Secured credit cards are a temporary solution for credit problems. You must use it sensibly in order to build good credit. Below are some tips for using a secured card:

• Use it regularly or the credit card company might cancel the card

• Purchase small items that you can afford to pay off every month, this creates a positive payment history.

• Do NOT miss your payments! It is very important to pay on time every month.

• Monitor your credit report and begin applying as soon as you can qualify.

Jason Tinsley is a writer and contributor for www.RepairYourCredit.com and passionate when finding ways to boost and repair your credit score. You can find more information on Credit Repairing and How to Improve Your Credit by visiting www.RepairYourCredit.com

Simple Tips To Improve Your Credit

unclesha — Mon, 26 Dec 2011 11:09:52 +0000

The need for credit repair is quite common. The tips in this article will enable you to improve your credit, regardless of the credit problems you currently have.

It is important to keep a sharp eye on your credit score, and obtain regular credit reports. The major credit bureaus are obligated to give you one free copy of your credit report each year, and you can get this from several different online sources. If you have your credit profile in front of you in black and white, you can address each deficiency point by point.

Inquire about all available payment options that your creditor offers because it could save you money on interest and late charges. If you had the option of paying your creditors a bit later without paying any additional fees, you could worry about paying them later and focus on the ones with the larger fees.

It is imperative that you analyze your credit report and make notes about negative entries you find in it. Then, dig a little deeper and look for incorrect information. If you know what is hurting your credit score, you can fix it.

You should always be informed about your rights and your state laws concerning collection agencies and their practices. For instance, you cannot go to jail because you didn’t pay your bills. While every state’s laws differ slightly, collectors are usually not allowed to threaten, harass, or verbally abuse you in any way. Make sure you know what your rights are.

The balance on your credit cards should stay lower than 30 percent. This will make it easier for you to keep up with your payments. You can make sure you have a reasonable payment by doing this, and your credit will look better too. This will be hard to do if you use your cards for most of your purchases.

If you find your bills have been turned over to a collection agency, the first thing you need to consider is how to set up a repayment plan. If you contact them, many agencies will gladly work with you. If you avoid talking to them, your debt is just going to grow, and collectors will lose their willingness to negotiate with you. It is possible that if you work with lenders, they may be able to get your amount owed reduced. Any reduction of late fees and interest you are paying will be worth looking into.

Credit repair can be started now, don’t wait to get started. The suggestions provided can help you to quickly improve your credit to a good credit score. You need to lower your credit card debt to improve your credit score.

Understanding the Significance of Credit: Its Limitation and Its Purpose

unclesha — Sun, 25 Dec 2011 11:09:05 +0000

Credit is defined as a trust that allows the person/party to provide resources to other party/person wherein the second party does not reimburse the first party immediately instead there are some arrangements like repaying or returning the resources that was being borrowed with the same value. Credit is not only associated with money, there are actually many forms like goods and services.

If a person has a credit, he or she must be very aggressive on the terminologies that are commonly used by the credit holder.

Credit score. Credit score is valuable for credit organizations for this represents the creditworthiness of the person. It is like a scorecard where the statistical analysis of a person’s credit files was written.This are basically used to help not only the banks but as well as other organizations who is engage in lending money, goods or services to evaluate the potential consumers, potential bad debtor and potential debtor that are likely to bring in most revenue. Credit score use also by the lenders to determine who among the potential debtors are qualifies for a loan and at what interest rate.

Credit score are like report cards wherein you get on a scale that ranges from 300 to 850. These numbers indicate how worthy you are to be a creditor. A good credit scores are determined as follows:

300-580 - You will be denied credit or will only be approved for the very highest, most costly interest rates.
581-650 - You may qualify for credit at high interest rates.
651-710 - You will qualify for credit at moderate interest rates.
711-750 - You will qualify for credit at competitive interest rates.
751 and up - You will get the most competitive, lowest interest rates on the market.

Now you know what credit score is, it is about time for you to determine the ways and means on how to increase your credit score. Raising or increasing credit scores are very much helpful for you to have a good record and you may consider the following tips:

Getting and reviewing your credit reports

It is important for you to have a copy of all your credit reports for this will help you determine if there are any errors, such as incorrect credit limits, late payments, or collection items that are not yours. This process actually helps you to perform immediate action if needed.

Always pay your bills on time

If you are really a responsible creditor and aiming to increase credit then you should consider this idea. Paying on time will help you eliminate delinquencies and help you in reducing your debts.

Do not wait for your credit to reach its maximum

A good rule when it comes to credit score is to keep your balances below 30% of your credit limit-even if you pay them off in full each month.

Do not worry too much about increasing your credit for this does not take too long to process. All you need to do is be responsible and smart in using your credit. Everything else will follow. You should also take in mind that in order to increase credit, one must know its limitations.

Retired loan officer, now financial consultant, Chuck Accontus recommends Second Chance Financial for anyone looking for Los Angeles credit repair. As a resident of Los Angeles himself, he has recommended many Los Angeles credit repair service to his customers.

The Best Investment to Start Saving for Your Child’s College Tuition

unclesha — Sat, 24 Dec 2011 11:08:25 +0000

One of the biggest issues for new, or relatively new, parents is how to pay for their child’s future education. It is no secret that the cost of a collegiate education is skyrocketing. The average cost of tuition for four years at a public state university has risen to around fifty thousand dollars. For private schools, this number can exceed two hundred thousand dollars. With a rising percentage of students taking five or more years to graduate instead of the traditional four, this number can be increased by twenty percent or more. And these are 2011 prices - just imagine what they will be in 2029, when today’s new children will be at college age! Parents have to prepare as if these costs will continue to rise.

Not long ago, saving for a child’s education was a luxury more than a necessity. Students could always take out loans and pay for their own education, then pay it out over a few years after they get a job. In today’s world, this leads to students being saddled with a ton of debt coming out into an uncertain job market. This is not an ideal scenario that any parent would want for their child. The ability to pay for an education straight up is more important now than ever before. As loan debts and interest rates on that debt rise over time, this becomes even more important.

So, how should parents save for this huge cost going forward? I am not about to make specific investment advice, especially in this economy. Rather, the best solution is to put a certain amount of money away from each pay check and invest it into safer investments for that have lower returns, but much less risky. This way the number not only will grow with monthly allotments, but the money will also compound on a regular basis growing on itself.

Not to venture into a finance lesson, but this is best displayed through a hypothetical scenario. We will start with the month of a child’s birth. Let us assume a take home salary of $3000 per month. Let’s put 5% of this ($150) into the college on a monthly basis. For the purposes of this study, we will ignore the possibility of any future raises or escalators. Obviously those would significantly help the contribution. We can put this money into a safe steady growth fund - for the purposes of this hypothetical, we will say 3% annually. This amounts to 0.25% per month.

I will not bore you with the financial equations, but after 1 year, this account will have grown to $1824 on a principal of $1800 monthly installments. Within 2 years, this account will have grown to $3705 (on a principal of $3600). Within 5 years, the investor will have almost $9700 on a principal of $9000. After 18 years have passed, this account will have accumulated almost $43000. Now, that is a pretty nice nest egg to apportion to your child’s education. Obviously, if you contribute more or net a higher rate of return - this number will be significantly higher.

How do you intend to save for your child’s college education? Or, even more expensive, medical school tuition? Here’s an article on the rising numbers from Chicago Tribune. Learn more about financing here.

Private Student Loans Make College Affordable for Bad Credit Students

unclesha — Fri, 23 Dec 2011 11:07:57 +0000

College was never meant to be a free ride, and for tens of thousands of students every year, the realities of meeting costs can be crippling. No wonder then that so many turn to private student loans to help pay their fees and cover their living expenses.

Of course, trying to get financing when already with a bad credit rating can be very difficult, but there are two routes available when seeking loans for students. First is the public loan route, and second is the private loan route, and for any student applying for loans, there are some details that are very much worth noting.

Private vs Public

The key difference between private student loans and their public counterpart is the sum limitation that exists. Generally, the public option is limited to around USD20,000 because of the fact that the federal government is putting the cash up. This may be enough to cover partial fees or for full fees at some of the smaller colleges, but loans for students at the lager schools will have to be a lot more.

Meanwhile, the public student loan option is only offered to a certain group, with income qualifications needing to be matched before an applicant can qualify. The exclusive nature of Perkins loans, for example, means for many it can be ruled out as an option from the start, ensuring that students applying for loans are forced look elsewhere.

The private option, however, is far less fussy. The only real criteria that matters is that the loan can be repaid. But given that repayments usually do not begin until after graduation, it is something that can be prepared for over the course of college.

Terms an Rates

It can be confusing to look at the varying interest rates on private student loans, but there are good deals available. Even if bad credit is an issue, there are private lending banks that are happy to approve a loan, though the interest rate will be higher due to the conditions.

While public loans can offer pretty good deals, and in some cases better than private, loans for students are probably best coming from private lenders because of the terms of repayment available.

The fact is that for students applying for a loan, there is a greater flexibility and range offered by private lenders. Public loans, by comparison, usually have very strict terms, locking the student into a commitment to repay the loan in full within 10 years of graduation. But private student loans can be repaid in anything up to 30 years, meaning there is less pressure and more time to get on your feet.

Extra Factors

Of course, college students are not usually very experienced in the way of the financial world, which is why lenders look at some extra factors before agreeing to approve a private student loan. These include the credit history of the parents of the applicant as well as the applicants history.

With this in mind, it is not a bad idea to get a cosigner for the loan application, thereby guaranteeing students applying for a loan have someone who can cover repayments.

In general, loans for students are an excellent solution to meeting college costs, but there are always pitfalls to watch out for. What is important is that the right loan option, for the right sum and at the right interest rate and agreed repayment schedule is secured. Private students loans offer the type of flexibility every student is in need of.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Student Loans Do Not Need to Be Ruled Out Due to Bad Credit

unclesha — Thu, 22 Dec 2011 11:07:28 +0000

It is only logical that students who have already seen their credit rating sink low would have a tough time finding any lender to give them a loan. But the truth is that student loans are available even to those with a low credit rating. All that is really necessary is to know how to go about getting them.

When it comes down to it, lenders are used to assessing the risks associated with different applicants. When approving loans for students, one of the aspects considered is the long term prospects, which is why the loan generally needs to be paid only after graduation.

It is useful for students applying for loans to understand this, but equally that wisdom dictates that some effort is made to get ahead of the game, and strive to lessen the debt as soon as possible. Of course, summer jobs and taking a part time employment during the semesters do help. But it is vital that the terms and entitlements available as part of student financing is known first.

Get Advice from the Start

The first port of call after securing a place at college is to work out your student loan options. The best place to get advice on this is the Financial Aid office on campus. There is generally a vast array of brochures and information leaflets available there, informing students applying for loans of the best places to do so and the kind of conditions they will have to meet.

When a student is hampered by a bad credit history, a bad credit loans for students are an option which the Financial Aid counselor can provide information on. They can sometimes be available at higher rates of interest, and for longer terms, but they can provide the necessary funds to alleviate the financial pressures while studying.

Often, there is a very simple solution to the student financing problem, so it is well worth the effort meeting and discussing options with the counselor.

Private and Federal Loan Options

The counselor will certainly fill students in on the range of student loans available out there, not least the choice between private loans and public loans provided by the federal government.

The public route is one of the most assured ways for those in deep financial water, with the program designed specifically to provide loans to students at a low fixed rate of interest. Usually, a credit check is not required, though an income assessment is, to ensure only those in need actually benefit from it.

Students applying for loans from the private lending sector face a more difficult task, but there are some advantages. For one, the amount borrowed can be enough to cover all costs, including fees. Most banks and lending institutions offer student financing packages, so it is essential that some research is done before choosing one.

Get the Loan Guaranteed

One of the most effective ways of securing student loans, despite bad credit scores is to get the loan guaranteed. This is done by enlisting the help of a cosigner, someone whose credit is good and who is willing to shoulder the debt should there be any problems.

When offering loans to students, private lenders are only interested in the chances of seeing the loan repaid, so having someone to back the applicant up is a very favorable factor.

So, when when it comes to student financing, there are manageable options for every applicant that can lead to success. It may take some research and a little bit of advice, but there is no reason to think that a student loan is not available simply because of a poor credit rating.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com