The Esoteric World of Understanding Credit Scores

dvThe Jackson family just recently lost their only means of transportation when the family’s SUV engine died rendering it useless. The family’s SUV met its surmise in the morning as the Jackson’s were heading out to work and school. Mr. Jackson, the sole breadwinner, worked as a fireman and was usually dropped off at the firehouse right after their three kids were dropped off at school. On this particular morning the vehicle never made it out of their driveway. The children became frantic as they wondered if they would be able to make it to school. Each kid wanted to know why, what, and how as they inundated their parents with a flood of questions. Mr. Jackson began interrogating Mrs. Jackson about the last time she took the SUV in for an oil change. Mrs. Jackson began to feel as if she was being blamed for the vehicle breaking down and became irate. Mr. Jackson raised his voice as he expressed to his wife the importance of vehicle maintenance. Mrs. Jackson, who was usually always calm, unknowingly began shouting in an attempt to

How to Get Your Teen Started With Credit Cards

rtyRecently, college students were offered credit cards on campus and thus often get into debt before actually earning an income. Although, now there is a Card Act of 2009 that no longer allows credit card issuers to advertise or promote their products and services on campus. Anyway, students still face potential pitfalls. The thing is every teen thinks that he or she needs a credit card just as well as a cell phone. So, it is a smart move for any parent to use these ubiquitous devices as teaching tools meaning that they should be monitored while explaining how valuable credit may be. And this will help to protect teens from abusing credit.

The following tips will help you to get started.

Check the teen’s credit report together.

It is not a secret that you can simply do this online. At first there should be no credit. Parents should explain that the use of the credit card will be reported to the major credit bureaus, thus any late payment will stay on the credit report for seven years. Teens should know and understand that credit reports

This entry was posted on May 24, 2016 and tagged , .

3 Popular Credit Myths!

tyMyth #1: You share a credit score with your spouse.

This is a myth! Both spouses have separate profiles. If you have joint accounts they will show up on both of your reports. If you call your credit card provider and add a spouse as an authorized user then that will also show up on both your reports. BUT, if you have no joint or authorized user accounts then there will be nothing that will affect your score from each other.

I ALWAYS suggest keeping separate credit profiles. The reason is simple. If you have a joint credit card and forgets to pay the bill, then both will incur a 30 day late. This along can easily reduce a score from a 750 to a 650. So there is no benefit to having a joint account. Keep separate profiles in case one spouse makes a mistake.

Myth #2: Your credit score only counts when you’re applying for a loan.

Our score is looked at for almost everything you do, such as:

*Applying for a job
*Applying for auto insurance
*Homeowners insurance
*Life insurance

Don’t fear the past. We all

This entry was posted on May 24, 2016 and tagged .

Improve Your Bad Credit History And Get Better Interest Rates, But How?

deWhy Credit History Is Important?

You are in need of an urgent loan and the bank is reviewing your application. Well, that’s procedure and every lender will do the same thing. But what they are also going to evaluate is how your past history has been, regarding the payment of loans. Have you paid your bills on time, how long have you been using credit, how many credit cards have you obtained in a specific period of time and what is the current amount of your credit? These are some common questions that your lender might ask you when you apply for a loan.

The lender will then use your credit background and the credit scores to help determine whether you are eligible for a loan or not. So having a good credit background is critical if you plan on applying for a loan in the future. You would need to work on your habits to ensure that your credit background remains good but if there are some flaws in your credit background, there’s no need to worry. Although they cannot be completely erased; but

If You Have Bad Credit, You Need to Read This

dfMany consumers wonder is credit repair legal? YES, actually it’s your right as a consumer to make sure your credit report is accurate, so there is nothing illegal about it!

There is also a huge misconception that credit bureaus are some type of government entity, they are not. In fact your local bar is just as much of a government agency as a credit bureau. A credit bureau is a business pure and simple, they have one purpose, which is to make as much money as possible. They don’t want to help you- they just want to make money! Making sure you have a low score helps them make cash, how?

Credit bureaus are essentially a lead source for lenders. They get paid by lenders so they can run your credit files when you want credit. They also sell thousands of leads everyday to lenders all over the country.

You know those “pre-approved” credit card offers you get in the mail? Well those are directed to your mail box from information sold by the credit bureau to the credit card companies.

I’ll give you one guess what type

How to Improve Your Credit Score to Find Better Employment

sdIf you know your résumé and cover letters are stellar and you perform well in employment interviews, yet you keep falling short of your goal to be hired in your chosen profession, your credit score/credit report could be holding you back. That is because employers view your credit score as a measurement of how well you fulfill all the financial promises that you made to lenders. It is a known fact that employers want employees with integrity, character and enough social skills that they will fit in well with the employer’s existing team. That is in addition to plenty of industry experience. You could also be held back by the results of a criminal background check, but normally you would know if that were the case.

The average credit score in the US is 705. An excellent credit is any score above 739. If your goal is to secure employment in a profession that pays well, you should be aware that every employment application that you fill out normally authorizes employers to check your employment history, references, background and credit report. Positions with more responsibility

How to Choose the Right Travel Credit Card

rtTravelling is one of the passions shared by most people on this planet. People travel for the purpose of business and to explore new destinations. Traveling provides people with an opportunity to explore new cultures, cuisines and experience new languages. Given that traveling is an integral part of the lives of most people these days, many credit card issuers offer cards that come with a variety of travel benefits.

If you are someone who travels on a frequent basis, you will benefit from applying for a travel credit card as it will provide you with access to exclusive offers, promotions and deals that will make traveling a more rewarding experience for you.

It is a fact that there are too many travel cards available these days and so it becomes a daunting task to choose the right credit card for traveling. Here are a few tips that will help you in making the right choice:

1. A good sign up bonus – most cards come with different types of sign up bonus and in the case of travel credit cards, the cardholders are offered with free

Introduction to CIBIL Score in Changing Landscape of Loan & Credit

weThe landscape of loan and credit in India has drastically changed in the recent times. In August 2000, the country’s first credit information company (CIC) came into existence. This organization is named as Credit Information Bureau (India) Limited though it is more popular by its acronym CIBIL. The entity steadfastly collects as well as safe keeps credit records of both individual and corporate borrowers. The range of information includes both borrowing and payment, relevant to credit cards and loans. CIBIL is licensed by the country’s supreme banking authority the Reserve Bank of India (RBI). Moreover, the accredited organization is governed by the Credit Information Companies Regulation Act, 2005.

To cut a long story short, CIBIL provides mutual benefit to both debtors and creditors in dealing with debt issues. In one hand, it helps creditors to run their business more efficiently while on the other, its effort proves helpful for borrowers to seek loans faster and at lucrative interest rates. CIBIL generates a three-digit credit score for every borrower. This score usually ranges from 300 to 900 and a score of 750 and above is

This entry was posted on April 3, 2016 and tagged , .

Does This FICO Score Make Me Look Fat

dTHE ANDROMEDA EFFECT

I’ve heard it and I know you have, pretty people always seem to get a break.

I want to believe the opposite is true, but sadly, ugly people are screwed out of some perks just for being, well, ugly.

THE SKINNY (NO PUN INTENDED)

EVERY experience I’ve had during a traffic stop, no matter my disposition, is tense and I’m approached as if the stop sign or turn signal I omitted meant something personal to the officer.

My omission is followed by a ticketing to warning ratio of several to none. Even after ticketing, I am remanded again, “watch your driving, ya hear?”

My girlfriend on the other hand, fits the Andromeda mold.

She seems immune to the ills of the ticketed masses.

In fact, these “confrontations” become more of a social delay, and result in the officer giving helpful tidbits, and a warning that almost seems care more about her safety from other driver’s careless habits.

Why the score matters

If you want to join the ranks of the faceless ugly masses, try having a low FICO score.

In reality, it only takes a slightly blemished, neglected score to feel the

Choose Your Service Provider Wisely

erThese days, e-commerce is on the rise and people are using different ways to provide their customers convenient and easy ways to shop. Credit card processing is the best way to take your online business forward. It not only helps your business to grow but also entice customers to buy products or services from your business.

If you want to expand your small business and aspire to become a business giant, it is crucial to find a trustworthy payment gateway for your credit card. If you fail to do online sales management, hit the brake and ask yourself – ‘What’s stopping to do it properly?’ May be you cannot manage your online sales because of the inefficiency of the service provider you have chosen. But, you still have time in your hand and it’s better to change your service provider before any mishap. When your service provider is genuine, it will ensure you secure credit card processing. All you have to do is to ask some simple questions while picking your service provider. Check out the questions you should ask.

What are their fees? The

This entry was posted on March 17, 2016.

The US Has A Borrowing Problem And Easy Money Is Making It Worse

eWhat is it with all the borrowing these days – credit card debt, low down payment mortgages, car loans and leases, college tuition loans, and the revival of the $100,000 five-minute loan? It’s like the American Consumer is addicted to easy money. Now with interest rates at historic lows, and the FED considering negative interest rates like the EU and Japan there are investment groups taking advantage of those and then lending money here. It seems like every day I read about more offers for easy consumer credit, get some credit card offer in the mail, or am enticed by some marketing company or corporation to buy something on credit. Let’s talk.

You see, there were two troubling articles in the Wall Street Journal recently; “Subprime Auto Loans Flash Signs of Trouble,” by Serena Ng, published on March 14, 2016. Unfortunately that first article was buried in the paper, only one column and hardly noticed. The other article did make the front page of Section II, it was titled; “The Five-Minute, $100,000 Loan,” by Ruth Simon and this article discussed how shrinking application times

This entry was posted on March 11, 2016 and tagged , , , .

Why Does Your Credit Score Experience Fluctuations?

qApplying for a new credit card.

Most people think that when you have a new card, you can use it anyway and anywhere, but that may not be the case since all cards have limits depending on how you use it. A new credit card may have a lower score, but that is subjected to change with time.

Closing all past cards makes your credit history shorter, thereby influencing your score negatively.

Payment History.

Repayment of loans and debt must be satisfactory and timely. Missed payments may not be excused by the creditor or the lending bank, which then can be recorded on your credit file, and this can hinder so many things since it is usually on file for nearly seven years. Despite a clean slate, a small slip up can cause a lot.

Credit card balances.

Credit card balances vary on a monthly basis since the card is typically in use, frequently. The less the available balance is on the card, the greater the credit utilization.

Credit utilization= total amount of debt divided by the credit limit

Some individual have several credit cards with or without balances, closing the

Shopping For A First Credit Card

images (1)Long before we are old enough to carry credit cards ourselves, advertisers make sure we know about the power of plastic: “It’s everywhere you want to be.” “It pays to Discover.” “What’s in your wallet?”

While using an ad campaign to choose a card is a terrible idea, the slogans have one thing right: A credit card can be a powerful thing. For teens and 20-somethings looking to pick a first card, taking the time to choose carefully can save money and offer a boost in establishing and building a credit history.

An excellent credit score will be helpful when you start to think about buying a car or getting a mortgage. Even if you do not plan to take out a large loan in the near future, your credit information can be a factor in renting an apartment, obtaining a membership at a club or getting hired for certain jobs.

Lenders use credit reports to determine how risky it is to give a borrower – that is, you – a loan. All in all, the lender just wants to know if the borrower will be

This entry was posted on February 23, 2016 and tagged .

Chip Cards Are Here

12As of October 1, 2015 consumers were to have their chip cards and retailers would have the machines that read them. Well, everybody is working towards this goal, but they are not quite there yet. Just this week I received a notice from one of our card companies saying they would start to issue the new cards starting in January of next year when your they renew.

The only consequence seems to be that if retailers are not capable of accepting them by October 1 they could be responsible for fraud. It seems like the United States is way behind all other countries in using the this technology.

So what is the big deal about chip cards. When using a chip card your credit card number is not transmitted instead a random number combination is used. The theory is that if your credit card information is intercepted your actual credit card number will not be obtained by the thief.

When using your chip card you do not swipe it like the old way. Instead you insert the card into a reader and leave it there until

How To Remove Incorrect Credit Report Information After Bankruptcy

download (6)If you have recently declared bankruptcy and want to rebuild your credit, it is essential that you regularly check your credit report to make sure that all of the details are correct. In reality, everyone needs good credit. Even if you never intend on buying a home or a new car, your credit score will still impact your life. A bad credit score may require you to pay more for car insurance or cost you more for your monthly cell phone plan.

Likewise, a bad credit score could cost you a dream job. So, please keep this in mind when thinking about the time and effort it will take to clean up the credit report. If you have never attempted to clean up your score before, it’s not that hard, and we will make it much more manageable for you. It’s easy to become preoccupied with life and assume that all information reported is accurate, but this is not the case most of the time.

In addition to taking the time to view your credit reports regularly, you must also follow the correct steps to

This entry was posted on February 14, 2016 and tagged .

The Real Pros & Cons of Merchant Accounts

indexLike any other business, there are advantages and disadvantages to accepting credit cards. We have included both so you can make an informed decision on if your business should sign up for merchant services. Regardless of the cost you incur, you will see that the benefits outweigh the negatives.

The various pros merchants services offer

1. Increased sales: Yes, this is right, as credit card orders are these days are larger in number than check & cash orders.

2. Faster checkout: It speeds up the checkout line because accepting credit card payment is instant and easy.

3. Cheaper than cash: It is cheaper to accept cards due to the huge order amounts.

4. Security: Dealing with cash needs more security, as the risk involved is high. Dealing with heavy amount can lead to troubles and there is also the possibility of employees giving out the wrong change amount.

5. More choices: The more payment options you offer to the customers, the more you decrease the probability of losing the sale.

The limited cons

1. Cost: Accepting credit cards involves cost similar to every other cost the business incurs. A good approach

How to Ensure a Debt Collection Is Legitimate

download (5)Your phone rings. Someone on the other end is claiming to work for a collection agency of some kind. He tells you that the purpose of this call is to collect a debt. A debt which you either do not remember owing or is so old that you thought it was gone. How do you ensure this is legitimately collectible?

The caller must identify who he is and who he works for. A legitimate debt collector will supply a phone number, business name and mailing address. A scammer will fudge around this or claim he does not have to supply this information.

The majority of collection agencies will send you a letter prior to calling you. Federal law requires them to send you a letter about the debt no later than five days after their first contact with you. Sending the letter first ensures they are following the law and eliminates the surprise to you when they call.

You have the right to have the collection agency verify the debt. You must do this in writing and I recommend you send the letter via certified mail

This entry was posted on February 3, 2016 and tagged .

3 Things You Don’t Know About Your Credit Score

download (3)Yet, if you’re like many Americans, just knowing that you have a credit score may be just about all that you know. This is a bad situation, and you need to fix it, sooner than later.

“Why?” you ask. Well, your FICO score is, for better or worse, like your financial DNA. So, while you hopefully know that you have a credit score, you may not know just how important that score is to your life and livelihood. Unlike DNA, however, your score isn’t a number that just takes care of itself. No, you need to take care of it.

Here are just three reasons for making sure that you do.

Your credit score is somebody else’s business.
That’s right: big business. Your score is at the mercy of three privately owned mega corporations, whose business is rating you and your creditworthiness. In fact, it is these companies, or credit bureaus, that create your score in the first place. The “big three” of these national credit bureaus are Experian, Equifax, and TransUnion. This credit – or FICO – score that they assign you ranges anywhere from

This entry was posted on January 25, 2016 and tagged , .

Solve Your Quest of the Goods and Bads of Merchant Services

download (2)Every business has its share of strong points as well as low points. While some entrepreneurs are quite familiar with both aspects, some are still battling between the pros and cons. If you are also struggling from this situation, read on to unveil everything related to merchant services. With the clear picture in front, you can easily plan whether these services can benefit your business or not. Starting with the good points, there’s a lot to gain.

Check out some of the most popular features, which can help your business expand globally in minimum time.

1. Merchant services are all about accepting credit cards. As more & more customers love paying through cards, an incredible boost is seen in the sales.

2. Accepting card payment is easy and takes a few seconds. Hence, the payment game gets done instantly.

3. Higher order amounts makes accepting cards a lot cheaper.

4. Cash comes with risk factors; hence, security is needed. Moreover, if the payment is huge, troubles are natural and customers might pay less than the actual cost.

5. Merchant services increases the payment options for the customers, which

This entry was posted on January 16, 2016.

Business Credit Report

download (1)The world is a constant flow of services and goods today that need to be created, ordered and paid for. In today’s economy, this is often done through credit. In a view to keeping this system functioning smoothly, it is important that businesses rely on business credit reports. Through business credit reports, companies can determine the creditworthiness of any business partner or dormant account.

The business credit report shows your ability and willingness to pay bills.

The business report is very similar to inactive accounts. If you are considering extending credit to a company on the other side of the world that is divided by a barrier of culture and language, then you need to rely on timely and objective business credit reports.

The business report is an accurate and objective document that provides businesses with the vital information they need to make a sound decision about whether or not to extend credit. With today’s global marketplace, it is impossible to inspect all facilities personally on short notice. Therefore, the global entrepreneur needs to rely on a small window through which they can examine that operation

This entry was posted on January 11, 2016.