The Story Behind The Wheels
Credit
Improving Your Credit Rating
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Credit Rating
Even if your credit rating is abysmal, you can improve it, provided you are willing to do some hard work and be disciplined.
One of the most important thing that you need to do in this regard is to pay all your pending dues on deadline. You may not believe at first but it is true that late payments ruin your credit rating.
In addition, you also need to minimize the quantity of credit cards that you possess. Make sure that you write a letter to the financial institution asking them to shut down your accounts. More importantly, report this latest development to the credit reporting agencies. After all, they are the one, who is going to update your credit report on the basis of your actions.
Do not follow the route of bankruptcies or tax liens. Talking about tax liens, it is a lien for not paying property and income taxes. The worse part about bankruptcy is that it is going to be there in your credit report for a period of ten years. On the other hand, tax liens will be there in your credit report for a period of seven years.
It is also a good option that you request in writing to the financial institutions you are dealing with to minimize your credit limit so that you can manage your finances in a much better way. Point to be noted here is that the complete amount of credit available in your account is taken into consideration by financial institutions even if you owe nothing.
Take the help of your friends and family members with regard to co-signing on a credit card or a loan package, so that you can improve your credit rating quickly. As usual, pay all your dues on time otherwise this move can easily backfire on you. Another option that you have is to opt for a secured credit card.
The beauty of secured credit card is that it plays a pivotal role in ensuring that there is some improvement in your credit rating. But for that to happen, you need to have specified amount of money as a balance in your account, so that charges can be covered. Last but not the least, get an annual copy of your credit report. This is important because when you analyze your report carefully, you may find some discrepancy there. If that is the case, contact credit reporting agency immediately.
Typical Credit Card Processing Costs
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Credit Card
Typical credit card processing fees range from 2% – 2.5% for retail businesses that swipe the majority of their credit cards, to 2.25% to 3.50% or more for e-commerce and mail-order businesses.
There are several variables that can dramatically impact a business’s average processing costs, so these general numbers should be taken with a grain of salt. If you’re interested in calculating a more accurate cost average for your business, consider the following variables in your calculation. (more…)
When Not to Get a Credit Card Advance For Your Business
0Being a business cash advance provider gives me a unique perspective into the way many business owners manage their company finances. It is no secret that many of the people who come to me for a credit card advance do so because their business is in trouble. Times are tough. It is understandable why so many businesses are doing poorly. However, there are times when I am approached by a business owner whose business is performing badly and I just have to scratch my head and wonder “What the heck are they thinking?”
One of the advantages that a credit card advance (or merchant loan) over a bank loan is that there is no restriction on how the money is spent. I don’t assume to know more about their business than they do. However, this can be a doubles edged sword.
A merchant loan can be pretty expensive, so you had better use that money wisely. I have seen people use their money to buy new cars, pay for vacations, even to pay their personal expenses. If I had know in advance that they were going to throw their money away like this; I would never have given it to them. (more…)
How to Protect Yourself From Being a Victim of Credit Fraud
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Credit Fraud
There are several ways by which you can protect yourself from credit fraud, and they are most effective when done simultaneously. According to the Federal Trade Commission, the amount of dollars stolen through credit fraud amounts to millions of dollars each year. A victim of fraud can not only end up having to pay for charges which he did not accrue, he also has to suffer from the negative impact to his credit rating brought about by fraudulent transactions. To avoid being victimized by credit fraud, read this post. We discuss some of the more effective ways in which you can protect yourself. (more…)