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Avoid Late Fees With Prepaid Credit Cards
In today's society the modern consumer has more debt than
income. A great way to help ease the pain of owing money is to
cut out any unnecessary expenses from your budget. One of these
expenses is credit card late fees. The average credit card...
How to Avoid Credit Card Late Fees
Everyone hates late fees and being late will cost you dearly these days. For some credit cards today, if you are late, you will have to shell out as much as $40 each time. This can put a nice sized hole in your pocket really quick. Below, I will...
No Credit Car Loans - Even With No Credit History, You Can Still Get Approved
Even it you have no credit history, you can still get approved for a car loan. With a car loan, you can purchase your vehicle and build your credit history. Online car loan lenders make shopping easy, and you can find low rates compared to...
On Credit Card Instant Approval
Credit card applications nowadays have begun to provide clients
with an instant approval feature. Meaning, the person applying
for a credit card would easily know whether he or she is
eligible for applying. This process of instant approval...
Poor Credit Home Loan – Get The Mortgage Loan You Want
Having poor credit alone cannot hold you back from getting the home loan you want. Buying a home that is everything you want in a home, is a very exciting experience. The blemishes on your credit history will not alone keep you from getting the home...
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Building Good Business Credit After Bad Credit
Can you establish good business credit if you have bad personal credit? The answer is yes...but with a few caveats.
Business credit reports and personal credit reports are generally completely separate databases for legal reasons. However, there are some exceptions in terms of how independent that information may be:
-- If you are operating as a sole proprietor or Limited Liability Company, it is difficult to separate your personal and business credit. A corporation is a much better structure to build a completely independent business credit report.
-- Experian sells a credit score that is a combination of the business owner's personal credit history and the businesses' credit history.
In the early years of a business, the owner will almost certainly be required to personally guarantee loans. However, as you establish a strong business credit rating for your enterprise, you'll have more leverage to negotiate for a loan without your personal guarantee.
A warning: some people try to use business credit file to repeat bad credit habits.
"I've seen people who ruined their own credit go out and start a business, enlist the help of people with good personal credit to be executives in the company, and get major credit cards. They
didn't have a real product or service, and the objective was to just get credit. They would inevitably default on the corporate credit lines," says Erik Salmon, Director of Business Credit Services for Innovative Business Services (IBS) and an experienced business credit coach. If that's your intention in establishing a business credit rating, you're better off taking some personal finance courses to learn how to manage your money.
If, however, you legitimately want to make a go of a business, have a solid plan, and are willing to do what has to be done to get it off the ground, then you should let a bad personal credit rating stop you. Building or rebuilding good credit - whether it's personal credit or business credit - is a process. Be patient as you work on both your personal and business credit. The results will be worth it. For more information, visit www.businesscreditsuccess.com.
About the Author
Gerri Detweiler is considered one of the country's top credit experts. She has been interviewed for thousands of radio, television and print newstories including USA Today, The Wall Street Journal, The New York Times, Dateline NBC and many others. She has testified before Congress several times and worked on reform of the national credit reporting laws.
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| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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