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. Get your debt under control.

Start with getting a handle on your payments and total debt. If it’s tough to keep up with credit card bills, call the card issuer to explain your situation and try to negotiate a payment you can afford. Once you have that in hand, try to keep a balance of less than 30 percent of your available credit limit.

3. Check your credit report.

Start making a habit of checking your credit score and looking through your credit report.

4. Apply For Secured Credit Cards

If you’re building your credit score from scratch, you’ll likely need to start with a secured credit card. A secured card is backed by a cash deposit you make upfront; the deposit amount is usually the same as your credit limit.

You’ll use the card like any other credit card: Buy things, make a payment on or before the due date, incur interest if you don’t pay your balance in full. Your cash deposit is used as collateral if you fail to make payments.

You’ll receive your deposit back when you close the account.

Secured credit cards aren’t meant to be used forever. The purpose of a secured card is to build your credit enough to qualify for an unsecured card – a card without a deposit and with better benefits. Choose a secured card with a low annual fee and make sure it reports to all three credit bureaus, Equifax, Experian and Transunion.

 

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 you ranges anywhere from 300 on the low side to a perfect 850 on the high one.

Bad credit is expensive.

Your credit score can cost you hundreds of thousands of dollars in extra fees if it is less than excellent. You may have heard the saying, “Buy with cash, pay once; buy with credit, pay three times.” This refers to interest, or the cost of borrowing money. There are many other potential costs to bad credit, however. This can lead to hundreds and even thousands of dollars spent on higher premiums for your auto and home insurance.

Background checks aren’t all that potential employers pull.

Your credit score affects your ability to get a job. That’s right: your estimated ability to repay borrowed money (i.e., debt) also can be used to assess your fittingness for a specific kind of job. Although legislation has been introduced to limit the access of prospective employers to your credit score, these are just limitations, not universal exclusions.

Knowledge is power!

Hopefully, you’ve seen by now that your credit score is a big indicator of your financial health. Ignoring a low score won’t make it go away. However, proactively taking the proverbial credit bull by the horns and working at restoring or just raising your credit score is something that anyone can do. You just have to put your mind to it.

Click on the link below to receive free information on how you can take charge of your financial future. After all: your credit is big business… isn’t about time to make it your business? This changed economy means that our financial well-being is ever more in our own hands!

 

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 for the customers, which eventually convince them to buy products and services of the business.

Moving on to the unfavourable side, there are a few factors to be careful about. Some of them are explained below:

1. Internet fraud is possible in these services. Don’t worry, as it happens in rarest of the rare condition.

2. Business owners have to adhere to the principles of the credit card company.

Credit card companies are smart and very particular about their services. While dealing with high-risk business, they are aware that as compared to other businesses, this particular is risky. Before associating with them, they cross-check everything to make sure that payment processing account is legally established. In case of any doubt or suspected foul play, they reject the partnership. So which companies are listed as high-risk? Are you one among them? Take a look at the below given category and get the answer:

1. Business involved in unclear or doubtful work.
2. Business with tricky ways of sales.
3. Process card-not present transactions.
4. Deal with transacting high average dollar amount.
5. Trade services to international countries.

If your business revolves around any of these points, you fall in the high-risk zone.

Keeping updated with the latest market trends is the first step towards profits. Though there are some cons but they are very rare and nothing as compared to the pros. Think carefully, decide wisely and take the final call. In case of any doubt, consult the service providers and have a conversation.

Paycron has been recognized for leveraging top-notch merchant services for customers. Different payment solutions are provided ensuring that the business, whatever the size, remains well connected.

 

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 can examine that operation of a partner that is located on the other side of the globe.

When you go with an accurate and reliable global credit reporting service, you can monitor your business partner’s credit profile or account, so you have critical information in time to take necessary action. You can keep up on the history of the prospective account’s payment practices. You can learn about the historical relationships of a supplier with other vendors. You can get all the financial details you need to learn about balance sheets, cash flows, and shareholders.

Business credit reports can also serve a vital role in managing credit risk. Our premium commercial credit reports provide the most complete and in-depth analysis of a company’s credit information, whether it’s your own business or that of a potential customer, prospect or vendor.

An accurate report can help you to decide whether or not you want to do business with a particular company and possibly what price you can charge. You can access comprehensive financial information that will allow you to assess the level of risk there is in extending credit to other companies. You will also be able to investigate credit risk factors to help avoid unforeseen surprises when reviewing current customers for credit increases and learn what to expect through review of a company’s historical business practices.

Having access to an objective business credit report can help determine how confidently you can make a decision on credit for a new customer or if you need to learn more about them before you extend credit terms to them.

All business owners know that they need an accurate and reliable business credit report regularly to manage the risks associated with extending credit to business partners and clients. In today’s struggling economy, the business credit report is the best way to determine the creditworthiness of an account and to reduce the risk involved. If credit is provided to an unqualified account, then a major financial disaster could result, especially if the account doesn’t repay the loan. It is vital that businesses make good credit judgments to have success in today’s economy.