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Credit Card Debt Eliminators, Are They For Real?
If you have excessive credit card debt, then you have probably
not only seen the ads but been tempted to look into them. These
are the ads that say you can terminate and wipe out your credit
card debt legally. Before you buy into these companies,...
Credit Repair for Identity Theft Victims
Identity theft victims are those people that loose simply
because someone has stolen their identity and run up their
bills. If you are victim of Identity Theft you are well-aware
how difficult it can be to get back on your feet again....
Five Simple Steps You Can Take to Improve Your Credit Score
You can improve your credit score by taking a few simple steps such as paying down your debt, reduce credit card charges, not opening new credit, and avoid filing bankruptcy.
1. Pay your bills on time.
Your payment history is the single most...
My Credit Report
"What kind of information is on my credit report -and how can I see it?" is a common question among people who have had trouble securing credit or loans. Basically, your personal credit report is an electronic record of all of your credit activity...
Selecting a Good Credit or Budget Counselor
Selecting a GOOD Credit or Budget Counselor! Most of what credit counselors do you can do for yourself. But, if you’re too emotionally involved with your money situation to create and stick with a plan and negotiate with your creditors then using...
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Some Truth About Credit
Credit is currently and has been historically an integral component of our economy. Credit contribute a person’s net worth, and financial power. No matter who you are or what type of business you are considering, credit is a vital component to be considered when developing your business idea and business plan.
Your credit history and status will always be a factor when lenders consider financing your entrepreneurial endeavor. No matter what type of loan, even loans for those who may struggle to acquire traditional financing, such as the SBA funded micro loan, will consider credit as one of the underwriting factors.
Because your credit history and status greatly impact your bankability and ability to acquire business funding, it behooves you to spend a significant amount of time developing and creating positive credit status and repairing poor credit history.
== personal note ==
When I got married I gifted my wife with a huge debt load and a toilet level credit status. Through diligence, patience, and time, I’ve been able to repair my history and develop credit status that has allowed us to finance vehicles, mortgage and refinance homes, and acquire construction financing. So I know you can repair your credit history and develop positive credit status but it takes patience, diligence, and a willingness to reprioritize your financial outlook.
== personal note ==
Now, here is the not-so-secret formula for developing good credit and repairing poor credit.
1. Time
-- You will need to plan ahead if you want to acquire business financing. It takes time for bad spots in your credit file to be removed. It also takes time to engage in the process of having them removed. You must also spend some time engaging in positive credit behavior.
2. Diligence
-- You will need to pay very careful attention to your financial details. If you want to start a business in two years, you’ll need to begin keeping very careful and
detail files concerning all of your credit practices. You’ll need to be on top of payments and purchases you make and always be alert to avoid behavior that could be detrimental to your credit status.
3. Patience
-- Developing and repairing credit is a process that does not happen over night. Every time you challenge an item on your credit report it involves a process that requires patience. Every time you apply for credit, the application process will require patience. This goes hand in hand with time; developing good credit that you can invest in a business idea takes time and won’t happen overnight so be patient. That’s why you need to be passionate about your business idea. It must be able to stand the test of the financing and credit process.
4. Financial Wisdom
-- You must begin to start making sound financial decisions. Consider every financial decision you make as if it were contributing to you becoming a millionaire. Be wary of high interest commercial credit and instead attempt to acquire lower interest banking credit such as vehicle loans, mortgages, or home improvement loans. Consider each purchase you make in light of it’s impact on your credit. If you make a give purchase will it inhibit you from making a loan payment and reducing debt. Begin to think in terms of debt reduction and expense reduction as ways to increase your wealth and credit status. Having less debt is just as important and financially beneficial as having extra spendable cash.
In the end, you need to take a long term view concerning funding and credit as you begin preparing to make your business dreams come true. It won’t happen overnight but if you do it right and pay attention to the details, such as building sound credit, it will happen and you’ll increase your wealth and power.
About the Author
Darrin F. Coe is a weekly columnist and the author the ebook, "Micro Loans: Finance Your Dreams" available at http://dcoe1.tripod.com/microfinance
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
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| The FTC's web site on Credit |
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| Federal Trade Commission - Consumer Credit Center |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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| Springboard - Non-Profit Consumer Credit Management |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
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| Credit (finance) - Wikipedia, the free encyclopedia |
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| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| The Credit Card Prank |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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, ... |
| credit.about.com |
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