How to Raise Your Credit Score

It seems like everyone today is concerned with their credit score. Whether it negatively impacts your credit approval, interest rate, or job offers, your credit score and credit report can have lasting effects on your life. Because of this, it is important to do everything you can to raise your credit score as much as you can to get more beneficial results whenever someone checks your credit.

No New Ride

The most detrimental thing you can do to your credit score is to get a new car loan. The negative effects of this decision will remain on your credit report for up to six months. If it can be avoided, do not buy a new car unless you are paying cash.

Decrease Debt

One of the fastest ways to improve your credit score is to decrease your debt. The best way to do this is to use cash to bring down the total amount of debt. However, if necessary, you can use a card with a higher limit and a lower balance to take some of the load off a heavily burdened card. For instance, if you have a card that is at 75% of its limit, your goal is to bring that debt to less than half of the credit limit. If you have another card with debts totaling only 15% of the credit limit, use the second card to pay off the first one. The goal is to somehow get your debts lower than 50% of the credit limit, or 33% if at all possible. However, don’t make the mistake of getting a brand new card to use to pay off existing cards.

Stop Charging

As you work to bring down your debt and bring up your credit score, make some adjustments in your lifestyle and stop using your credit cards. In fact, leave them all at home (possibly cut up in the trash can) except for one for use in emergencies only. Use cash or a debit card for purchases so you can more easily track your expenses and you can get a handle on accruing debt. Also, call your credit card companies and request an increase in your credit limit. This is to help bring your debt to credit limit ratio down to less than 50% or 33% (see above). Do not celebrate an increase in your credit limit by using the card and further increasing the debt!

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How to Get Your Free Credit Report

With the number of credit cards and high amount of debt accrued by many Americans today, there is a corresponding increase in interest in credit reports. Not only do companies and banks inquire about your credit when considering whether or not to approve another credit card or loan, but many times credit reports accompany résumés and applications in a job search. It is possible to receive your own copy of your credit report for free so you can know what these people are finding out about you.

Eligibility

Under Federal law, you may be entitled to receive a free credit report. If it has been twelve months or more since you last received one, and you are unemployed and planning on looking for a job in the next sixty days, or you are on welfare, you can receive a free credit report. Additionally, if you have been denied credit because of information supplied by one of the three major credit reporting agencies, by law you are obligated to receive the contact information for that agency in order to contact them and receive a copy of your credit report for free.

What is a Credit Report?

Your credit report consists of a variety of information. It includes payment history on any outstanding loans, collection accounts, bankruptcy filings, federal, state, and other tax liens, information on where you work and live, and whether you have been sued or not. A three-digit credit score is a numerical representation of this information that can be quickly referenced and understood by someone researching your credit history.

How Do I Get A Copy?

Many websites and agencies are available to help you obtain a copy of your free credit report. If you do not meet the criteria listed above, you can still receive a copy for a small fee. You can use one of many websites, or contact one of the three major credit reporting bureaus directly. These bureaus are Equifax, TransUnion, and Experian.

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How To Consolidate Debt

When you realize that your bills are overwhelming you and your minimum payments are getting to be too much to bear, many immediately think of declaring bankruptcy. This may seem like an easy out, but in actuality is a decision that can affect your life in a far more negative way than by simply paying off what you owe.

But if paying off what you own is virtually impossible in your current situation and you can’t find another source of income to bridge the gap, consider debt settlement or credit card debt consolidation help. To consolidate debt you need to follow these steps.

Find Your Debt

Before you can do anything else, you must find all of the debt you owe to others. Make a list of the credit cards you have, the balances, the minimum payments and the interest rates. Be sure to find all of the credit cards including gas cards and department store credit cards.

Add It All Up

When you’ve assembled everything, your next step is to see exactly how much you owe and how much you’re currently paying every month. The number will most likely be shocking, but that’s okay – this is exactly what you’re trying to fix. When you know how much you’re currently paying and who you’re paying it to, you can move on to the next step.

Create a Budget

Paying the minimum payments on credit card debt isn’t enough to ever really clear the debt completely, but you should know if it’s even possible for you. Create a budget of all of your monthly bills. Be sure to include:

• mortgage or rent
• car payment
• insurance (life, car, home, renters, etc..)
• maintenance costs for your home and car
• utilities
• student loans
• cable
• phones
• clothing
• recreation
• savings
• groceries
• other spending

Then add in all the minimum credit card payments you’re making every month. Subtract the total from your paycheck – is there anything left? That money goes immediately to paying more on your debt. But if you are currently spending more than you’re making, and there isn’t anything you can cut such as cable, spending or clothing, you need the help of a professional.

Work with a Professional

Much of what a professional does you can do yourself. A professional debt counselor will help you understand how your payments are currently affecting your debt and look for ways to make a bigger dent in the debt without hurting your credit score. If there is no other choice, that professional will negotiate on your behalf with the credit card companies to reduce what you owe or lower the interest rates so that your payment has a bigger impact.

He may also help you find ways to consolidate your debt. Consolidating your debt means you find a single instrument to pay off all your loans and credit cards and then you simply pay on the single loan. This can actually improve your credit if you qualify for a good loan program.

A debt consolidation loan can be a secured loan such as a home equity loan or an unsecured personal line of credit or other type of loan. Be sure to understand the details of the loan and work only with a lender and professional you trust. A quality professional can help you reduce your debt amount, then find a suitable loan to cover all of the outstanding amounts.

Once your debt is consolidated, each payment will make a large impact on the bottom line and before you know it, you’ll be living debt free.
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How to Get Cash for Your Business

When your business needs extra cash to grow or take care of major acquisitions, you have a few options of how to arrange financing. Fast business loans and credit card factoring are two options for arranging business cash as are business lines of credit and grants. Before pulling out the business credit card to take care of your next major purchase, be sure you’re utilizing the best option.

Business Loans

A business loan can be secured or unsecured, but most are installment loans with fixed payments and a fixed interest rate. Secured loans might be arranged by using your storefront or equipment as collateral and an unsecured loan is simply a loan arranged by your business or your credit score and past financial history.

The interest rate for the loan depends on many factors as does the amount you’ll be awarded. Most commercial banks as well as online financial centers offer business loans to established companies. A business loan is different from a start-up loan, however. Business loans are easier to get as your business must already be operating successfully to qualify.

Credit Card Factoring

If your business does a fair amount in credit card sales every month, you can take advantage of future sales by using credit card factoring. Credit card factoring is a cash advance determined by the expected number of future credit card sales. As sales are completed after the cash is awarded, a factor of each sale is used to pay down the amount borrowed. Credit card factoring allows you to skip installment payments, which can be tough if your business is cyclical. Your cash flow is more fluid as well.

Business Credit Lines

Interest rates on business credit cards might rival those of loans if you find an excellent program. If your business credit card is not a good means of purchase, you can also arrange a business line of credit from a bank. Unlike an installment business loan, a line of credit can be paid down and reused time and time again with the same interest rate and payment terms over time.

Grant and Special Programs

Finally, be sure to research any grant programs that might be available to your business through the government. There are many incentives for minority or women-owned businesses and there might be a program or two that suits your business. A grant would not have to be repaid, but it usually comes with conditions and limitations on the use of the money. For example, your business may be awarded a grant for being minority-owned in Texas, but you’ll have to maintain that status for seven years or risk having to repay the grant. You can research more about grants and special programs on government websites.

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How To Get a Business Loan with Poor Credit

Businesses are expensive, and obtaining financing for a new business venture or one that is still working to become lucrative can be challenging. It is especially challenging for business owners with poor credit.

Understanding Business Credit:

For a new business, even corporations, the value of the company is tied to that of the owner. This means your personal financial decisions and credit score are directly responsible for the financial picture of your business. This can be especially disheartening news for those who’ve experienced rough spots in the past or are waiting for a bankruptcy or foreclosure to clear.

Your personal mistakes years ago can destroy your hopes of finding funding to start up a new business, and most businesses need a significant amount of capital to start up and continue operations long enough to begin turning a profit. If banks won’t consider your cause due to your credit and your own finances aren’t suitable to support the start-up costs of a new venture, you must seek out business loans for those with poor credit.

Obtaining Business Loans:

Your first step in getting an unsecured business loan is finding sources which offer them. Banks, private investors and even the government offer funds to start-up businesses. These loans are tied closely to your own credit or to your anticipated success rate. As many new businesses fail within five years, even individuals with perfect credit can struggle to find a suitable financing option due to the bank’s cautious nature.

Find a source of loans, and see how accepting they are of spotty credit. Bad credit business loans are usually available through specialized companies and banks rather than the bank you use for your personal checking. Regardless, when you need funds, there are companies out there to help – even with bad credit.

Locate a loan package that suits your needs and apply with the issuing company. Expect questions about your personal income levels and credit history as well as questions about your business plan and start-up ideas. The process and approval may be almost instant or may take days depending on your personal situation and the amount you are looking to borrow.

Once you have the loan established, you are embarking on a golden opportunity to rebuild not only your credit but that of your business. Make payments on time or early and pay extra if possible to pay down the balance more quickly. It goes without saying you should invest the money wisely in your business and use it as a springboard to success.

Get Business Cash

Once you are off and running, there may still be the occasion you need cash in hand. The amount doesn’t warrant another loan and you might not have enough cash in the till to cover the need. A business cash advance can help you find the money you need to cover the expenses and keep your business operating smoothly and growing steadily.

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How To Find Cheap Auto Insurance

Most of us are looking for the best auto insurance for the cheapest price. We see commercials, newspaper ads and flyers on how to get the best rates for your cars. But, sifting through all the hype can be daunting and quite confusing. So, how do you make sense of it all, avoid the auto insurance scams, and still find the best rate? Believe it or not, it’s quite simple; All you have to do is “Shop and Compare.” You can find cheap auto insurance with a

Use your computer

Instead of going from office to office & asking each agent how you qualify and what rates you can get, you can jump on your computer and save all of that travel time and hassle. There are many sites that will make you fill out extensive forms and what not. However, there are some great sites that also get you through the process very quickly. Your goal is to get a quote, not a life survey. By shopping online for an auto insurance rate, you can compare rates very quickly to see where you stand.

When you go online to a insurance quote site, you will be asked to answer a few questions. These questions are to help understand your situation and to get you the best insurance quote available from the listed “Class-A” companies.

You can further reduce your rates and find the cheapest auto insurance by:

1. Lowering your collision and comprehensive coverage – If you have an older car that you don’t care much for, you may want to drop your comprehensive or collision coverage. If your annual premium for collision and comprehensive is 10% of the cars value, you should lower the coverage.
2. Raise your deductible – The more you raise your deductible, the less money you have to pay. This means that instead of paying the first $250 for an accident, you would pay the first $500.
3. Add a security device – Many insurance companies give great discounts for installing anti-theft devices and auto alarms. You increase your chances of having your car stay safe and unharmed when you install these items.
4. Checking your credit – Credit checks are almost a standard in the car insurance industry these days. In fact, you can have a perfect driving record and still get rates worse that someone with dozens of accidents, all because of a low credit score. If you find that you seem to be paying a lot more for insurance that you expected, chances are your credit is playing a big factor. Increase your credit score and you will lower your insurance rates a lot!
5. Combine polices – Often you can combine your home insurance and auto insurance policies. Doing so will give you a combined insurance discount and can lower your rates by several hundred dollars.

As always, ask around to your friends and family to see who likes their coverage and why. Most importantly however, “shop and compare”. Never assume that the first deal you see is the bet you can find. If you want cheap auto insurance, you have to find it.

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