Why Does Your Credit Score Experience Fluctuations?

download (30)Applying for a new credit card.

Most people think that when you have a new card, you can use it anyway and anywhere, but that may not be the case since all cards have limits depending on how you use it. A new credit card may have a lower score, but that is subjected to change with time.

Closing all past cards makes your credit history shorter, thereby influencing your score negatively.

Payment History.

Repayment of loans and debt must be satisfactory and timely. Missed payments may not be excused by the creditor or the lending bank, which then can be recorded on your credit file, and this can hinder so many things since it is usually on file for nearly seven years. Despite a clean slate, a small slip up can cause a lot.

Credit card balances.

Credit card balances vary on a monthly basis since the card is typically in use, frequently. The less the available balance is on the card, the greater the credit utilization.

Credit utilization= total amount of debt divided by the credit limit

Some individual have several credit cards with or

Does This FICO Score Make Me Look Fat?

download (29)THE ANDROMEDA EFFECT

I’ve heard it and I know you have, pretty people always seem to get a break.

I want to believe the opposite is true, but sadly, ugly people are screwed out of some perks just for being, well, ugly.

THE SKINNY (NO PUN INTENDED)

EVERY experience I’ve had during a traffic stop, no matter my disposition, is tense and I’m approached as if the stop sign or turn signal I omitted meant something personal to the officer.

My omission is followed by a ticketing to warning ratio of several to none. Even after ticketing, I am remanded again, “watch your driving, ya hear?”

My girlfriend on the other hand, fits the Andromeda mold.

She seems immune to the ills of the ticketed masses.

In fact, these “confrontations” become more of a social delay, and result in the officer giving helpful tidbits, and a warning that almost seems care more about her safety from other driver’s careless habits.

Why the score matters

If you want to join the ranks of the faceless ugly masses, try having a low FICO score.

In reality, it only takes a slightly blemished,

Secure Credit Card Processing: Choose Your Service Provider Wisely

download (27)These days, e-commerce is on the rise and people are using different ways to provide their customers convenient and easy ways to shop. Credit card processing is the best way to take your online business forward. It not only helps your business to grow but also entice customers to buy products or services from your business.

If you want to expand your small business and aspire to become a business giant, it is crucial to find a trustworthy payment gateway for your credit card. If you fail to do online sales management, hit the brake and ask yourself – ‘What’s stopping to do it properly?’ May be you cannot manage your online sales because of the inefficiency of the service provider you have chosen. But, you still have time in your hand and it’s better to change your service provider before any mishap. When your service provider is genuine, it will ensure you secure credit card processing. All you have to do is to ask some simple questions while picking your service provider. Check out the questions you should

The US Has A Borrowing Problem And Easy Money Is Making It Worse

download (28)What is it with all the borrowing these days – credit card debt, low down payment mortgages, car loans and leases, college tuition loans, and the revival of the $100,000 five-minute loan? It’s like the American Consumer is addicted to easy money. Now with interest rates at historic lows, and the FED considering negative interest rates like the EU and Japan there are investment groups taking advantage of those and then lending money here. It seems like every day I read about more offers for easy consumer credit, get some credit card offer in the mail, or am enticed by some marketing company or corporation to buy something on credit. Let’s talk.

You see, there were two troubling articles in the Wall Street Journal recently; “Subprime Auto Loans Flash Signs of Trouble,” by Serena Ng, published on March 14, 2016. Unfortunately that first article was buried in the paper, only one column and hardly noticed. The other article did make the front page of Section II, it was titled; “The Five-Minute, $100,000 Loan,” by Ruth Simon and this article discussed

The Real Pros & Cons of Merchant Accounts

download (26)Like any other business, there are advantages and disadvantages to accepting credit cards. We have included both so you can make an informed decision on if your business should sign up for merchant services. Regardless of the cost you incur, you will see that the benefits outweigh the negatives.

The various pros merchants services offer

1. Increased sales: Yes, this is right, as credit card orders are these days are larger in number than check & cash orders.

2. Faster checkout: It speeds up the checkout line because accepting credit card payment is instant and easy.

3. Cheaper than cash: It is cheaper to accept cards due to the huge order amounts.

4. Security: Dealing with cash needs more security, as the risk involved is high. Dealing with heavy amount can lead to troubles and there is also the possibility of employees giving out the wrong change amount.

5. More choices: The more payment options you offer to the customers, the more you decrease the probability of losing the sale.

The limited cons

1. Cost: Accepting credit cards involves cost similar to every other cost the

Chip Cards Are Here

download (25)As of October 1, 2015 consumers were to have their chip cards and retailers would have the machines that read them. Well, everybody is working towards this goal, but they are not quite there yet. Just this week I received a notice from one of our card companies saying they would start to issue the new cards starting in January of next year when your they renew.

The only consequence seems to be that if retailers are not capable of accepting them by October 1 they could be responsible for fraud. It seems like the United States is way behind all other countries in using the this technology.

So what is the big deal about chip cards. When using a chip card your credit card number is not transmitted instead a random number combination is used. The theory is that if your credit card information is intercepted your actual credit card number will not be obtained by the thief.

When using your chip card you do not swipe it like the old way. Instead you insert the card into a reader

Does Using Credit As Additional Income Cause Financial Devastation?

download (23)It seems society’s viewpoint on the use of credit has changed from those of generations past. Back then people would obtain a line of credit or overdraft protection for emergency situations only. Credit was used for more big-ticket items like purchasing a home. When it came to buying products it was cash sales in the stores, and occasionally some merchants would accept checks from loyal customers. The world ran on currency, which meant price was king, not what the monthly payment would be. Here is why I believe using credit like additional income causes so many with financial devastation…

I need to mention that in these times salary and hourly wages doesn’t always meet the ability of survival. Credit becomes a catch 22 for those families because they can’t afford the basics. Using a credit card to buy groceries this week means they eat, however continually doing so with minimum payments and interest might not help down the road. The imbalance in the economy between pay and inflation has left the average family in a hundred-thousand dollars of debt. I

Why You Can’t Avoid The Influence of Merchant Services

download (24)As an entrepreneur, the driving factor behind the success of your business, depends on your funds managerial skills. It is not important whether you handle a small business, a startup or leading a large corporation for years, finance is the catalyst that keeps the business sailing smoothly. So what’s your style of handling the funds? Do you deal with them independently or you have hired expert professionals? Do you have any idea about merchant services? Well, in case you don’t, hold your horses and explore every aspect related to it.

Be it any business, it can benefit tremendously with the help of these special services provided by merchant account providers. If you have a startup, nothing can help you more than this shortcut to instant success. Check out some more ways as how these services can prove stepping stone for your enterprise.

This technical term refers to the wide category of financial services that are used by business organizations. If we talk specifically, it refers to credit card processing besides debit card processing and handling every type of electronic payments.

How to Ensure a Debt Collection Is Legitimate

download (22)Your phone rings. Someone on the other end is claiming to work for a collection agency of some kind. He tells you that the purpose of this call is to collect a debt. A debt which you either do not remember owing or is so old that you thought it was gone. How do you ensure this is legitimately collectible?

The caller must identify who he is and who he works for. A legitimate debt collector will supply a phone number, business name and mailing address. A scammer will fudge around this or claim he does not have to supply this information.

The majority of collection agencies will send you a letter prior to calling you. Federal law requires them to send you a letter about the debt no later than five days after their first contact with you. Sending the letter first ensures they are following the law and eliminates the surprise to you when they call.

You have the right to have the collection agency verify the debt. You must do this in writing and I recommend you send the

7 Tips to Avoid Credit Card Fraud

download (21)Your credit card offers you access to a world of possibilities. It can not only help you in making payments, but it can also help you to improve your credit score. If you make the payments on time and use your card wisely, you can improve your credit score by leaps and bounds. However, if the card is misused due to negligence or fraud, your credit history and score can be severely affected. Hence, it is important that you avoid being a victim of credit card fraud.

Here are 7 tips that will help you to avoid credit card fraud:

1. Do not disclose your credit card info – You should never disclose your card number, security code, expiry date and other details of your card to anyone. These details can be used to make fraudulent transactions and so you need to make sure that no one has access to them. Even if you get calls from people claiming to work for your bank, do not disclose your card info to them.

2. Keep your card safe – It is very important

How You Can Make The Online Money Transfer Process Pleasant

download (20)One of the beneficial possibilities that the internet has brought forth is the possibility to send money online. Today, you do not have to be in the same locality or country with the recipient for you to be able to send them money, all you need is internet and a good service provider to send money across the globe safely and securely. Financial services have become robust and this means that you can enjoy low fees as an individual or a company sending money to your preferred destination.

Unfortunately, even with the great benefits of being able to transfer money online, there are risks involved, especially if you are not careful with the choices that you make. For instance, when you use a money transfer platform that does not have a good reputation, you could end up losing your money or end up charged heftily for the services. It helps to handle the transfer process with care so you can enjoy good results every time you send the money.

Know your options

If it is your first time sending money online, then

Why Paying on Time Will Be the New Trend: Credit Score in the Philippines

download (19)For a country with a budding consumer lending system like the Philippines, the idea of creditworthiness is as alien to many Filipinos as music is to the hearing impaired.

The numbers spell out just how financially immature the average Pinoy is. According to the National Baseline Survey on Financial Inclusion conducted by the Bangko Sentral ng Pilipinas (BSP) in the first quarter of 2015, only four out of 10 Filipinos are able save money. Of those who have savings, 32.7% deposit their money in banks, while 68.3% keep them at home. This is a rather small improvement from 2012 when the same BSP survey showed that 20% of Filipinos have a bank account.

Statistics from the credit sector also tell the same tale. The majority of Filipinos would rather borrow money from the informal sector like friends or family members (61.9%) or informal lenders (10.1%). Consequently, formal lending institutions get the smaller chunk of the loan market with banks turning out to be the least preferred money-lending option by Filipinos (4.4%). With the country’s promising economic growth pattern for the past

The Latest Credit Updating Craze

download (18)If you read about the housing market a lot, or you’ve recently been house hunting, you might have heard of something called ‘rapid rescore.’ Essentially, this is a service that mortgage lenders provide to certain clients in order to immediately boost credit scores. The main goal of a Rapid Rescore being to make it easier to purchase a home.

In some instances, a Rapid Rescore can be a good thing, but it’s not a strategy for everyone. If you’re considering paying extra for this service (or just want to know more about it), here’s some detailed information to take into consideration prior to opting for this service.

Not A Clean Slate

If you have bad credit, buying into a Rapid Rescore service isn’t going to fix that bad credit. Here’s what it will do:

  • Update your credit immediately
  • Allow you to purchase a home with updated information

Here’s what a Rapid Rescore won’t do:

  • Fix any major credit problems
  • Help you gain credit approval if your credit is truly bad
  • Eliminate any bankruptcy notifications that might be listed on your credit report.

How It Works

1. Corrected credit report information

Credit Information and Its Safety

download (17)“A credit rating is an opinion on the financial soundness of an enterprise and its capability to repay its debts and the corresponding interest. It is a tool for risk assessment and as such, it provides investors with a simple and objective indicator of default risk to supplement their own credit evaluation.” (Business Finance and Philippine Business Firms, Nenita D. Mejorada, 2006)

Some of us are willing to give up the complacency and security of a regular job to go into business. We are willing to invest our money on a business where we can be our own master and employer. We make feasible studies, build our network, and offer our products through social eCommerce. But getting into business means having the acumen to take advantage of opportunities. We should know our target market, the goods and services our market needs, the growth and stability of our business, and the financial resources that we have.

There’s a great deal of business opportunities to try out there. A lot of us are willing to grab them but we don’t have the sufficient

Shopping For A First Credit Card

images (8)Long before we are old enough to carry credit cards ourselves, advertisers make sure we know about the power of plastic: “It’s everywhere you want to be.” “It pays to Discover.” “What’s in your wallet?”

While using an ad campaign to choose a card is a terrible idea, the slogans have one thing right: A credit card can be a powerful thing. For teens and 20-somethings looking to pick a first card, taking the time to choose carefully can save money and offer a boost in establishing and building a credit history.

An excellent credit score will be helpful when you start to think about buying a car or getting a mortgage. Even if you do not plan to take out a large loan in the near future, your credit information can be a factor in renting an apartment, obtaining a membership at a club or getting hired for certain jobs.

Lenders use credit reports to determine how risky it is to give a borrower – that is, you – a loan. All in all, the lender just wants to know if

How To Remove Incorrect Credit Report Information After Bankruptcy

download (16)If you have recently declared bankruptcy and want to rebuild your credit, it is essential that you regularly check your credit report to make sure that all of the details are correct. In reality, everyone needs good credit. Even if you never intend on buying a home or a new car, your credit score will still impact your life. A bad credit score may require you to pay more for car insurance or cost you more for your monthly cell phone plan.

Likewise, a bad credit score could cost you a dream job. So, please keep this in mind when thinking about the time and effort it will take to clean up the credit report. If you have never attempted to clean up your score before, it’s not that hard, and we will make it much more manageable for you. It’s easy to become preoccupied with life and assume that all information reported is accurate, but this is not the case most of the time.

In addition to taking the time to view your credit reports regularly, you must also follow

How to Fix a Credit Score

images (7)If you’ve ever run into financial trouble, you know how frustrating it can be when that information shows up on your credit report. Lenders use the information on your credit report to assess your risk as a borrower, and late or missed payments could make you seem like more of a risk. In addition, your credit score may be negatively impacted.

Luckily, you have some control over your credit score. Just like missing payments and not paying your debts can bring down your score, you can do things to build it back up. It takes some effort, but it is not impossible.

1. Understand your score.

The first step on the path to positively affecting your credit score understands what goes into it. A credit score is based on several different factors in your credit history, including your payment history, how much you owe, how much credit is available to you, the length of your credit history, and the types of credit you have.

However, two things influence your credit score the most: on time payment of your bills and your available balance.

2.

3 Things You Don’t Know About Your Credit Score

download (15)Yet, if you’re like many Americans, just knowing that you have a credit score may be just about all that you know. This is a bad situation, and you need to fix it, sooner than later.

“Why?” you ask. Well, your FICO score is, for better or worse, like your financial DNA. So, while you hopefully know that you have a credit score, you may not know just how important that score is to your life and livelihood. Unlike DNA, however, your score isn’t a number that just takes care of itself. No, you need to take care of it.

Here are just three reasons for making sure that you do.

Your credit score is somebody else’s business.
That’s right: big business. Your score is at the mercy of three privately owned mega corporations, whose business is rating you and your creditworthiness. In fact, it is these companies, or credit bureaus, that create your score in the first place. The “big three” of these national credit bureaus are Experian, Equifax, and TransUnion. This credit – or FICO – score that they assign

Solve Your Quest of the Goods and Bads of Merchant Services

download (14)Every business has its share of strong points as well as low points. While some entrepreneurs are quite familiar with both aspects, some are still battling between the pros and cons. If you are also struggling from this situation, read on to unveil everything related to merchant services. With the clear picture in front, you can easily plan whether these services can benefit your business or not. Starting with the good points, there’s a lot to gain.

Check out some of the most popular features, which can help your business expand globally in minimum time.

1. Merchant services are all about accepting credit cards. As more & more customers love paying through cards, an incredible boost is seen in the sales.

2. Accepting card payment is easy and takes a few seconds. Hence, the payment game gets done instantly.

3. Higher order amounts makes accepting cards a lot cheaper.

4. Cash comes with risk factors; hence, security is needed. Moreover, if the payment is huge, troubles are natural and customers might pay less than the actual cost.

5. Merchant services increases the payment options

Business Credit Report

download (13)The world is a constant flow of services and goods today that need to be created, ordered and paid for. In today’s economy, this is often done through credit. In a view to keeping this system functioning smoothly, it is important that businesses rely on business credit reports. Through business credit reports, companies can determine the creditworthiness of any business partner or dormant account.

The business credit report shows your ability and willingness to pay bills.

The business report is very similar to inactive accounts. If you are considering extending credit to a company on the other side of the world that is divided by a barrier of culture and language, then you need to rely on timely and objective business credit reports.

The business report is an accurate and objective document that provides businesses with the vital information they need to make a sound decision about whether or not to extend credit. With today’s global marketplace, it is impossible to inspect all facilities personally on short notice. Therefore, the global entrepreneur needs to rely on a small window through which they