Featured article

d32A vendor line of credit is when a company (vendor) extends a line of credit to your business on "Net 15, 30, 60 or 90" day terms. This means that you can purchase their products or services up to a maximum dollar amount and you have 15, 30, 60 or 90 days to pay the bill in full. So if you're set-up on Net 30 terms and were to purchase $300 worth of goods today, then that $300 is due within the next 30 days.

You can get products and services for your business needs and defer the payment on those for 30 days, thereby easing cash flow. And some vendors will approve your company for Net 30 payment terms upon verification of as little as an EIN number and 411 listing.

Always apply first without using your SSN. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it. Many don't even know you can get approved without it.

Most credit issuers will approve you without your SSN if your EIN credit is

Featured article

lakiSince your credit scores have a huge bearing on your overall financial borrowing capabilities, it is essential that you preserve these scores, without any reservations or negligence. You might have observed some people committing elementary errors that may lead to lower figures. They are either ignorant or nonchalant about the rules surrounding credit scores, and by the time they realize its importance, it will be beyond their means to repair the damage.

Poor credit scores leads to a loss of good standing, and creditors will shy a way from you even if you are not entirely responsible for where your scores stand. With a few precautions, though, you can ensure that your scores stay up.

Preserving Your Credit Scores, Made Simple

    1. You must regularly check your credit reports and notice the contents for any errors in them. When you notice an error, make sure you report it to the concerned creditor and get it rectified immediately. If you delay or ignore it, your figures get lowered permanently. Human mistakes are possible and it is in your interest to get things corrected for your own benefit. It becomes
Featured article

cde3A business credit report can be started much the same as a consumer report commonly is, with small credit cards.

The business can be approved for small credit cards to help them build an initial credit profile.

These types of initial cards in the business world are commonly referred to as "vendor credit".

Net 30 terms are common with most vendor credit sources. This means they will give you credit on "net 30" terms, giving you 30 days to pay the bill you owe in its entirety.

Some companies will require you buy their products while others won't.

Some companies will have you pay for your first couple of orders, others won't.

Some companies report your credit very quickly and it reports quickly, some don't.

Look out for all of these things when applying with vendors.

Always apply first without using your SSN. Some vendors will request it and some will even tell you on the phone they need to have it, but submit first without it.

Most people you speak with at the credit issuers don't even know that you can get business credit without supplying your SSN, so follow these steps

When applying for a mortgage, lenders will review the borrower's employment, income, down payment, and credit history. Even if the borrower's credit scores are acceptable, many lenders will look at the length and amount of credit established. If the borrower does not have an established payment history, the loan may be denied due to lack of or insufficient credit. The following sources could be used to establish your credit history and generate acceptable scores to obtain a mortgage.

• Secure Credit Cards - This type of card is offered by large banks (available online), local banks, and credit unions. A secure card usually requires a $300 to $500 deposit to open an account. The servicers of the secure card will report the payment activity to the credit bureaus just like a standard credit card. This is a great way to obtain new credit. The last thing you want to do is apply at numerous lending institutions and pile up inquiries (which will lower your scores). You may need a co-signer if your credit scores are below 500. After six months of on-time payments with a secure card, ask the lender to upgrade your secure card to a standard card. When the

You can pay a credit repair company to fix your credit, but if you're willing to invest your time instead of your cash then you can do it yourself without having to pay a professional. The only questions you need to know before you get started are how much your time is worth to you, and how comfortable you are with initiating and managing multiple credit profile related contacts via phone and email. You will also need to be comfortable with reading and writing quasi-legal documents. You can find example correspondence online which can help you with this.

Step 1: Obtain Your Credit Reports

Your credit score is based on a combination of factors and information which is reported about you by 3rd parties to the 3 major credit reporting agencies. The major agencies we are concerned with are Experian, Equifax and TransUnion. These three companies are the ones who are responsible for publishing information about you onto your credit report, however they are not the ones responsible for generating the information. A creditor, a collection agency or another company (known as data furnishers) will tell Experian, Equifax and TransUnion what to publish about you, and then the credit bureaus will publish

If you think you have a good credit history, but you have never checked it out, you might be in for a nasty surprise. It's not just keeping up your payments and being responsible with your borrowing that affects your credit score, there are some ways that you damage it that really shock you. Here are ten of those surprising things that could knock down your credit rating by a few points.

1. Having a company credit card

If your employer has given you a company credit card then that could be affecting your own personal credit score. Most corporate cards are now actually in joint names and that means that you are jointly liable for the credit. It also means that if your company pays their bills late, it will impact on your credit rating.

2. Using your debit card to rent a car

If you pay a deposit on a rented car with your debit card, then the car hire company will probably do a credit check on you. Every credit check that is made on you will take a point off your credit rating.

3. Paying a parking ticket late

No one likes getting a parking ticket and we like paying them even

Making sure your credit is in the best shape possible before applying for a mortgage is crucial. You should know everything on your credit report and be able to answer questions about old and new accounts. No lender wants to hear the words, "I don't know," if they ask what a charge-off was. Besides, if you get familiar with your credit report early enough you will have time to address anything that's bringing your score down. You may not think having one small mistake removed will make a difference, but it will.

1. Focus on Recent Negative Entries - If you have blemishes on your credit that you are going to address always work on the most recent ones first. Older credit problems don't hold as much weight as newer ones.

2. Don't Open New Credit Cards - Just because you can get approved for many credit cards does not mean you should apply or them. Some think that opening a number of cards will make them look more attractive to lenders because they have more available credit. Unfortunately, having a lot of "new" credit could actually work against you and reduce your credit score.

3. Hold On to Old Credit Accounts -

Repairing credit score is more like losing weight, which is a time taking procedure. Most importantly, there are no quick solutions that can help you fix your credit score. In fact, every solution that you find out for improving it can actually backfire, so you must stay aware of all those advice that guarantee a quick improvement. Advice that you can consider for rebuilding your credit score is managing it responsibly and sensible over time. Before you start rebuilding your credit score, you must take a look at your credit history and make efforts to improve it.

Here Are A Few Tips That You Can Help You Make Some Serious Improvements In Your Credit History:

Verify Your Credit Report:

Credit score repair begins with your credit report. If you haven't checked your credit report yet, ask for the free copy of it and find all the errors hidden inside it. Your report forms the most crucial element that helps in calculating your credit score, which might contain some error. To be more specific, make sure that there are no errors in your credit report. Your report must not contain any late payments. If you find errors of such kind, immediately issue a dispute

Keep your credit card usage under 30% of your overall limit.

Ask your financial institution to increase your credit limit without performing a "hard inquiry".

Increasing your credit limit while maintaining or decreasing your balance will often improve your credit score.

If you have a number of accounts with small balances such as $20 or $30, pay them off right away.

The bureaus usually take into consideration how many of your credit cards carry a balance; having too many small balances can count against your credit score.

Ask a relative or friend with an excellent payment history to add you as an authorized user on their credit card, especially if they have a zero balance or 0% financing.

Limit the number of loans and credit applications you apply for in a single 6-month period. The only exceptions to this rule are home, auto, or student loans.

The bureaus usually don't mind if you've applied for many of these types of loans, even within a two-week period.

Use your old accounts once in a while to keep them open; creditors sometimes close inactive accounts. If your old credit cards are closed, you lose an important part of your credit history, which can decrease your score.

The bureaus like to see

As you may know already, Chapters 7, 11, and 12 will remain on one's credit report for ten years from the filing date. A Chapter 13 bankruptcy is reported for seven years from the filing date. Accounts included in a bankruptcy will remain for seven years from the date reported as included in the bankruptcy. Your ability to re-establish your credit after filing bankruptcy is better now than it has ever been. After your bankruptcy is discharged, you will start receiving a great number of solicitations offering to finance homes, vehicles and credit cards.

These are some of the following steps you should take:

1. Examine Your Credit Report - The very first thing you should do is obtain a copy of your credit reports and make sure there are no errors or inaccuracies in you report.

2. Pay Your Bills On Time, Every Time - Pay your bills and rent on time all the time. Remember your payment history is 35% of your credit score.

3. Bank Account - Start with a checking or savings account. Lenders may use this to determine if you are currently being responsible with finances.

4. Build With Store Credit - Apply for store credit cards or gas card.

An increasing number of people are choosing flexible working opportunities with their employers, as it enables them to successfully combine both their lifestyle arrangements and their family commitments.

However, many have found that when it comes to visiting their local bank branches while looking for a home loan, car and truck loan or even equipment finance, their local bank is still apprehensive towards them. And, it is because of their irregular working hours:

1. They don't seem to fit into the strict lending guidelines set out by banks; and

2. They are not seen by banks as holding down a stable job with a regular income.

What the Common Unusual Employment Types?

Here are some of the common unusual employment types:

1. PAYG (pay-as- you- go) contractors

2. Casual workers

3. Part-time workers

4. Self-employed individuals

5. Sub-contractors

6. People with other forms of income

Type 1 - PAYG Contractors

PAYG contractors are normally employed via an agency or directly via their employer. This form of employment is now common in a variety of fields such as:

>> Medical;

>> Engineering;

>> IT (Information Technology);

>> Mining;

>> Project Management;

>> Construction; and

>> Government.

So, if you are a PAYG contractor and you are looking for finance, here is a list of things that lenders/credit providers will require you to

Managing credit often becomes complicated when details are lost, confused, unknown or when there are disputes on personal credit reports. Many times there will be errors with purchases or credit records. Other times, you may be dealing with fraud from information being stolen and used by someone else. No matter what the error, the Credit Bureau can offer tips, information and help for credit reports that don't have the right information.

There are three major Credit Bureaus that provide reports to individuals so they know what their credit standing is. These are Equifax, Experian, and TransUnion. You can request a credit report every six months for free to make sure there are no errors and that identity fraud is not occurring; otherwise you will have to pay a small fee to access your report.

If you notice that your credit report is inaccurate, then you have the right to dispute inaccuracies. There are three ways to dispute information in your credit report, including online, by telephone or through mail. It is important to note the confirmation number of the report first sent to you. If you don't have a confirmation number it means that the credit file is compiled by an affiliate

For the rich people, money is nothing. It is just like an adornment that can add a little excitement to their lives. Yes, rich people may have all the money in the world, but can money buy happiness?

For the poor and the marginalized, money may mean so much. It is the only thing that they will ever have to dream to lift their families from further poverty and at least live a decent life. But for them, it seems money is so hard to get because no matter how hard they work, their lives would never get better, unless they hit the lotto jackpot.

When someone gives even just a few bucks to the underprivileged, you can see in their faces pure happiness. This makes us think that maybe, money is the only thing that can give them pleasure. But who wouldn't? Even with just a little money, they can already buy a day's worth of meals or drinks, or even get that simple shirts or pants they longed to buy. Surely, simple happiness comes to simple people like them.

But life can be a little confusing. All that poor people want is to have money to be happy; but the rich

Your credit history is also a fundamental determinant of your overall score. Therefore, you should repair it appropriately. Your credit history is divided into categories basing on the data used to calculate your credit score. These categories can guide you to correct your credit history comprehensively enabling your credit repair process to be successful.

Check Your Credit Report Keenly
Begin your repairing process by thoroughly checking your credit report. This checking is meant to identify any errors that affect the score significantly. Ensure that there are no incorrectly listed late payments and all the amounts owed for every one of your open accounts is correct. In case you identify any errors, you should immediately raise a dispute with the credit bureau.

Set up Payment Reminders
Timely payments of your debts contribute significantly to your credit score. Some financing institutions send an email and text message reminders enabling you to make your payments on time. Though you can enroll in automatic payments debited from your bank account to avoid late payments, it does not show a sense of good money management skills on your behalf.

Reduce Amounts of Debts Owed
Achieving this feat is easier said than done. Nonetheless, reducing your debts gives you

THE FIRST THING TO DO

The first thing to do is to get a free copy of your credit report. By law you're allowed annually one free copy of your credit report from the three major credit agencies: Experian, Equifax and TransUnion. It's important to get all three reports from all three agencies to compare and contrast any discrepancies such as late payments, charge offs or delinquencies.

SET ASIDE SOME TIME TO REVIEW

Now that you've gathered all the information from the credit agencies, set aside some time to figure out where you went wrong with your credit and prepare to fix it. If there are any items on your credit report that are wrong or don't look familiar, file a dispute in writing. Even errors such as misspelling of your name, social security number or address could mean your personal information is mixed up with someone else. The credit agencies are obligated to remove any errors in personal information, which will help increase your score. The most highly used credit score scale used by the largest banks and lenders is the FICO score and generally a score of 720 and above is considered good.

MONITOR YOUR CREDIT REPORT

One important factor to raising your

What can you do if you want to give your child a head start by helping them to build good credit from the beginning? Can you open up accounts in your child's name, build that credit, and still protect your child from potential identity theft?

Where to Begin

A gift of excellent credit is one of the best things that you can give to your child. There are a few ways to help your child create a great credit report including the following:

  1. Allow your child to become an authorized buyer on your credit card. Even though you will be responsible for paying for all purchases, you will help to build your child's credit when paying off all balances in full. This is one of the easiest ways to show your child how to handle credit responsibly as well.
  1. If your child is old enough, you can cosign on a credit card for him or her. All people under the age of 21 must have a cosigner according to the law, so this is the perfect opportunity to help your child build credit while also displaying responsibility credit-wise.
  1. If your child is not old enough for a credit card of their own, you

Credit repair refers to the process of reviewing your credit reports from each of the three main credit bureaus to rectify any possible mistakes and discrepancies that often appear in these files.

To quote a relevant study by the United States Public Interest Research Group (US PIRG): "79 percent of all credit reports contain a mistake, error, or discrepancy of some kind." Additionally, 25 percent of credit reports contain a major error that could result in the denial of new credit.

With such a high prevalence of errors, and one in four chances that the error could cause you to be denied a new credit line, it is important that you take the necessary steps to review your reports on a regular basis and work to correct your mistakes to maximize your credit scores and borrowing potential.

That said, you should bear in mind that repairing your credit is a time-consuming activity that will also require a high level of attention to detail. So, you will probably need to hire a third party to act as your proxy and attempt to identify and remove any negative information from your credit report. The parties that offer these services are known as credit repair companies

Most Americans wonder why they get denied when they submit their first credit application if they do not owe money to no financial institution. Would you be able to lend me ten thousand dollars without knowing me? No, right? That is why financial institutions have to use credit reports to evaluate customer's credit behaviors.

Credit score is influenced by four factors: history of payments, length of accounts in good standing, inquiries, and types of accounts.

It is difficult to obtain history, length with accounts, or types of accounts when you do not have any kind of previous history. Most credit agencies will turn you down or denied your application because they do not know you. To start building a good credit score, you must establish a secured account. Some institutions call it "secure credit cards" or "secured loans." Secure products will help you generate history with a credit institution with a low-cost and without risk of generating unnecessary debt. A secured account starts by initiating a savings account which will be taken "hostage" by the financial institution in case you do not repay the loan they will give you for the same amount on the savings account. This way, creditors will be

A person's FICO credit score isn't something that should be taken lightly. Obtained through a system called credit scoring, it greatly determines the decision made by creditors about whether or not to give you credit. A credit score may also be utilised to determine the terms and rates of credit advanced to you.

The score is arrived at after the evaluation of your credit report. Some of the elements that make their way to the credit report include the number, types, and ages of accounts you hold, bill paying history, whether you pay your bills on time, and the outstanding debt. Creditors then use a statistical program to compare your loan repayment history with that of consumers who have similar profiles.

Generally, the scoring system attach points to every factor that has the capacity to predict the person most likely to repay a debt. The credit score, which is the total number of points, predicts the creditworthiness of a person. Ideally, it represents the likelihood of a consumer repaying debts when they fall due.

Why is a good credit important to you as a consumer? As already mentioned, your score largely determines the decision made by the creditors on whether or not to