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Credit Card Applications: 5 Tips for Success


Credit card applications are highly accessible, so it is easy to apply for a new card. While the process itself seems simple, common mistakes can result in instant rejections. Before you tackle your application in a hurry, consider five steps to make sure the bank approves you for your new plastic.
Fill Out the Entire Application
This sounds easy enough, but many consumers are rejected over incomplete credit card applications. Filling out applications online increases the prevalence of this type of mistake because you may easily hit the tab button too many times or accidentally pass over a box. Read through everything carefully and plug in any missing information before hitting the submit button. The same type of care should be given to mail-in applications to prevent rejections.
Ensure Accuracy
Before you're approved for a credit card, the company first has to determine that all the information you provide is accurate. Consumers lead busy lives these days, and it is easy to transpose numbers or accidentally write down an old address. Still, these easy mistakes can translate into instant rejection. Before submitting your application, read it a few times to make sure all your information is accurate. This will avoid future headaches in trying to fight a rejection based on inaccurate information on your part.
Understand Agreement Terms
When you fill out credit card applications, you have to agree to the terms. If the application is accepted, your card is sent to you, and in filling out the application you already have a contract with the bank. It is different from a personal loan in which you have to sign on the dotted line after gaining approval. Once you have filled out the application and gained approval for the card, there is no turning back unless you want to close the card and risk a decline of your credit score for closing the account.
Ask Questions
Due to the instant contract an application entails, it is important to ask questions about the card if there is anything you aren't sure about. If the card has a low APR, for example, then you should ask the bank if there is ever a chance that the interest rate will increase over time and under what circumstances. You should also understand any late fees and overage charges. In addition, make sure there is room to grow with the card in the way of an increased credit line if you maintain good standing and on time payments.
Check Your Credit





The credit card application process will become futile if your credit score is on shaky ground. Lenders and credit companies aren't as quick to open new lines of credit for just anyone, especially after new laws passed under the Credit CARD Act of 2009. While such laws are designed to help prevent consumers from succumbing to unnecessary debt, it is now more difficult to apply for credit if your FICO score is low or if you don't have a steady income. For this reason, you should always check for errors in your credit report before filling out any application for credit.
http://www.CardGuys.com provides content about credit card applications to help consumers get approved for the card best suited to their situation. Knowing which cards are best for you, and how to fill out can improve your chances of approval.

Apply for a Credit Card in Three Easy Steps


It seems like a relatively easy process to apply for a credit card. With all the pre-approved applications sent to your house, you may be under the impression that you are automatically eligible but this pre-approval process isn't a 100-percent guarantee, and the cards that come in the mail may not be your best option.
It is important to research your options first to make sure you are applying to the cards that best fit your financial needs and budget. Consider the three main steps you need to know to apply for a credit card to meet your financial goals.
Step One: Evaluate Your Credit Report
Every credit shopper's first step should include looking at their credit report. If you don't know where you stand in the credit market, then you will essentially waste time on applying for the wrong cards. Generally, anyone with a FICO score of or above will have the easiest time applying for credit as banks will be more willing to work with you.
When evaluating your report, look specifically at:
  • Your score
  • Any errors that you could correct to improve your score
  • Fraudulent accounts
Step Two: Choose the Right Bank
All credit cards are issued by banks and credit unions. Even store credit cards are affiliated with some of the big banks that offer consumers lines of credit. Before you apply for any old card, you should determine the best venue based on your own credit history. Store cards are among some of the easiest to obtain if your credit is less than perfect but they also have some of the highest APRs of all cards on the market. If you choose to use a store card, it's important to have a sound payment plan in place so you can pay off the principal balance as quickly as possible.
If you are recovering from a credit catastrophe, you can consider a secured card. Secured cards are designed to help people with bad credit with scores that fall below 600. When you make timely payments over a significant period of time, you score will start to increase-just make sure that the company reports to the credit bureaus. Also keep in mind that you need a deposit in order to open a secured card.
If your credit is in great shape, then there is no reason you shouldn't apply for a regular credit card. The key is to choose a card with a low APR so you don't waste too much money on interest. To maintain your FICO score, don't spend more than 30 percent of the available credit limit at any given time.
There are three main ways you can apply for your card: in person, through the mail and online. Store credit cards are commonly opened onsite with a salesperson, and you may also apply for a card at your local bank. Other consumers mail in their pre-approved applications, or they may decide to pick up a form from the bank and mail it in. If you want a quick and easy way to apply for a credit card, you should strongly consider completing the process online.
Credit card applications are basic, but you need to make sure all the information is correct avoid any rejections. The most common mistakes include wrong:
  • Address
  • Social security number
  • Income
http://www.CardGuys.com provides content about how to apply for a credit card to help consumers make intelligent financial decisions. Knowing which cards are best for you, and how to apply for a credit card can help you save money.

Cash Flow Tips for Businesses in 2012


With 2012 well under way, Hilton-Baird gives its top cash flow tips to businesses to ensure they're best placed to ride any future challenges the economy is likely to present.
1. Consider your funding options
The expression 'cash is king' has never been more true than in the current economic climate - it's vitally important for businesses to have a healthy cash flow. However the latest figures from the Bank of England have revealed that lending to businesses fell by £2.7bn in August, a 1.8% decline year-on-year. Therefore with traditional forms of funding difficult to access, businesses need to look at other forms of finance. Asset based finance facilities can release up to 90% of an invoice's value within 24 hours to help bridge the gap between paying suppliers and receiving payment from customers and improve cash flow.
2. Credit control and one-off debt recovery
Late payment of debts resulting in delayed receipts can be detrimental to a business' cash flow and so staying on top of customer payments is vital. Setting up automatic reminders and enforcing credit terms vigorously can help towards managing late payments. Additionally regular credit checking of all customers is advisable in order to manage your risk of customer defaults. Given that there is often little time to focus on chasing debts, outsourcing your credit control function or simply just the odd overdue debt to an expert debt collection agency can help you focus your resources on what matters most: driving your business forward.
3. Maintain your records
Inaccurate accounting information can not only make it difficult to obtain funding but can actually be detrimental to your ability to collect a debt, in an event where you may need to call upon necessary proofs of deliveries. Further, poorly maintained accounting records can cause delay and extra costs for financial and legal advisers reviewing business, therefore it is important for a business to keep their accounting information accurate and up-to-date.
4. Pay outstanding bills judiciously
Staying on top of your own payments as a business is not only crucial to a healthy cash flow but a bad credit history can stifle a business. By being vigilant in regards to which of your suppliers are willing to wait for payment and which will charge you for interest if you are late, you can schedule payments to maximise the cash in your account. However, whilst utilities and subcontractors may be persuaded to wait for payment HM Revenue & Customs won't be as flexible!
5. Diversify and benchmarkBusiness Basics: 5 top tips on managing your cash flow – Bernard Willis of AIMS
Ideally all businesses should have a good mix of clients across a range of sectors and it is critical not to rely too heavily on one or two clients as overreliance is rarely a good thing. Ask yourself where you would be if your top customer revised their budgets and decide to go elsewhere or for whatever reason failed to pay up on the balance currently outstanding with you?
As the market can alter so rapidly, it is good practice to ensure the funding you currently have in place is flexible and meeting any changing needs. Recent statistics have shown that UK businesses rely heavily on inflexible forms of funding such as overdrafts, credit cards, business loans or family and friends. These types of funding solutions are unlikely to offer the support needed in a tough economic climate as they each have limitations, whereas asset based finance provides the flexibility to support your business.
Find out how to improve cash flow through invoice finance or get an invoice finance quote in three easy steps.

Try These Helpful Tips To Repair Your Credit


Is your credit report so bad that it keeps you up at night? The helpful information in this article will show you how to begin repairing your credit and become financially functional.
If you are currently spending more than you earn, you need to quit that immediately. You you need to rewire your thought process. Easy access to credit makes it simple for many people to buy expensive items that they do not have the money for, and a lot of individuals are dealing with the consequences of those purchases. Take a deep look at your finances, and determine what you can realistically afford to spend.
Make sure you check out any credit counseling agency you consider using. Although some can be quite legitimate, others have motives that are less than kind. Many others are nothing more than scams. Smart consumers will always check to see that credit counseling agencies are, in fact, legitimate before working with them.
This will make sure that you maintain a good credit status. Late payments are reported to all credit report companies and will greatly decrease your chances of being eligible for a loan.
If you make a decent income, consider an installment account when you want to give your credit score a boost. There is a minimum amount each month that you will have to pay, so be sure not to get in over your head. Keeping an installment account will help your credit score.
Examine your credit report to see who exactly you are in debt with and who has been reporting missed payments. The first thing to look for is any obviously incorrect information. Your first step should be completely paying off the debt with the highest interest. Meanwhile, keep up with the other accounts, even if it's just the minimum payment.
If you are trying to repair your credit score, open a new credit account, charge something to it, and then pay it off immediately. You may be able to return to good standing while demonstrating responsibility.
Learn more about debt consolidation to see if it is a useful tool in your quest to repay your debt and rebuild your credit. Consolidating your debt allows you to handle all of your bills at once and repair your credit faster. All your debts are gathered up together into one convenient payment. You need to learn as much as you can about rolling all your debt into one so you can see if it is the right thing for you to do.
Carefully read the small print on your statements. You want to double-check that all the charges are accurate, and that you are not paying for something you did not purchase. You must be accountable for each item on your statement.
Create a plan to settle all of your unpaid and past-due accounts. While this will not remove the debts from your credit report completely, they will be showing as paid and no longer negatively affect your rating.
Only work with legitimate credit repair companies. The credit repair business has a lot of unfair and shady companies. Indeed, some people have fallen prey to credit repair scams. If you read enough reviews, you can find out which ones are good and which are bad.
If credit repair is something you are investigating and a company has told you they can strike true, but negative, information off of your credit report, they are lying. Sadly, harmful entries remain on your report for roughly seven years. Items that you can get taken off your record are those that have been reported incorrectly or unfairly.
As you have seen, no longer does your credit does not have to be something that keeps you up at night. You can fix your credit and no longer have it hanging over your head constantly. By learning from these tips, you can have the credit report of your dreams.
Read more here: Bank Loans

What I Think About Credit Keeper


Credit Keeper is a monitoring company that can be used for a monthly fee, will send you notifications about your credit report and any changes that have been made to it. They have access to all three reports and scores from all three of the major bureaus. Credit Keeper has distinct pros and cons regarding their fee, their customer service, and the actual services they provide.
The program charges a monthly fee of $9.99 per month. If you have suffered identity theft, or is trying to reestablish your score, this is a small price to pay for direct reports from all three bureaus. Similar companies charge from around $12.99 per month to $130 per year, and that can only include one of the major credit bureaus. However, if you are simply trying to keep minimal tabs on your score, then there are free options that would be more suitable for you. They provide less information, but their free reports and scores are all you need if you have good scores.
Credit Keeper is also notorious for excessive late fees and other fees that go unexplained and must be removed through customer service. It is also next to impossible to cancel your account without jumping through hoops. Despite these hassles and fees, the program is available worldwide through Internet access, a feature that many similar monitoring companies do not offer.
Customer service from Credit Keeper also varies. There have been numerous reports of customer service representatives talking down to customers, and even refusing to cancel their accounts in the "best interests of the customer". However, this program also provides consultants and counseling. If you are trying to recover and manage your scores, these aids can be life saving. They provide quality information on how to improve your score and manage your debt and credit so that you can come out on top financially.
I believe it is very good at what it does. They provide quick and simply constructed information on your score and report, and they also include an analysis of how this score was calculated. The summaries provided by the program regarding your score may not always be the most helpful, as they tend to be vague. Another issue with Credit Keeper is that, while the information is accessible on their website, the site itself is clunky and outdated.
Customers may find it difficult to use. Unfortunately, you cannot go back and review old reports from Credit Keeper. They also keeps you updated daily on any major changes to your credit report. This includes inquiries from companies, new accounts opened in your name, and any negative additions to your report. In this modern world, identity theft is a very real threat; these constant updates can alert you to any changes that might hint at a theft.
Credit Keeper also does a good job at notifying you of inaccuracies in your reports. They also help you systematically find each one and work to correct it. These days, inaccuracies on your reports are dangerous; they damage your score and can even lead to jail sentences. The bad thing about this program is that it does not, however, allow you to directly file reports for inaccuracies on their website like other agencies do.
In the business of credit monitoring, Credit Keeper is not bad. While they do have problems with things such as their customer service and their excessive billing, they are true to their cause in providing you with the most update information regarding your credit.
Andrea DeLuca is something of a cross between a ninja & a warrior. Having overcame her battles with negative credit. We all have to start somewhere when it comes to restarting your credit. Andrea hopes to help others create a better and more thorough way of rising above the downfalls of having negative credit. Her main site: Rebuild Credit. Check back for great tidbits and to understand your credit better!

9 Steps to An Excellent Credit Score



Your credit score is one of the most important aspects of your financial life. Credit scores are used increasingly as a way to gauge your character, in addition to your ability to handle financial obligations. You might be surprised to find that your insurer, landlord, cell phone service provider and employer are all interested in your credit score; lenders aren’t the only people looking at your score.
A credit score is your financial reputation. If you have a high credit score, you have a solid financial reputation that will save you money on loan interest fees, insurance premiums, and even help you get a job. A low score can mean that you pay a higher security when you rent a home, and that a cell phone service provider may not allow you to sign up for certain plans. A FICO credit score ranges between 0 (very poor) and 850 (perfect). Here are 9 steps that will help you establish good credit and maintain a high credit score.

1. Obtain and Use Credit

Because your credit score measures how well you meet your credit obligations, it is obvious that you will need credit of some kind. You can apply for a small personal loan from your bank, get a small car loan (you may need a co-signer if you don’t have established credit), or open a major credit card.
In many cases, the easiest and fastest way to begin building good credit is with the help of a credit card. You may have to start with a lower credit limit, or with a higher interest rate. However, as you use your credit card responsibly, you will be eligible for better interest rates and higher limits.
How you use credit is important. Just because you need to use credit in order to build an excellent credit score doesn’t mean that you should always use it. Following good habits, such as charging only a few things each month, and paying off your balance, can help you build a solid financial reputation without incurring interest charges and getting trapped in the web of debt.

2. Make Your Payments On Time

According to FICO, the main provider of credit scores, the most important factor in your credit score is your payment history. If you want an excellent credit score, you need to make your payments on time, and in full. This means paying – at the very least – your minimum payment each month, and doing it on time.
You need to pay attention to more than just your loan payments, though. While most utilities won’t report your on-time payments to credit bureaus (as credit card issuers will), they will report you if you miss a payment, or pay late more than once or twice. Medical service providers, yard service companies, satellite TV providers and others will report you if miss too many payments. Additionally, anyone you owe money to can send the account to collections – at which time it is reported to the credit bureaus.
If you want to maintain a sterling financial reputation, on-time payments are a must. Send payments early when using regular mail, or use online bill pay to schedule payments so that they are guaranteed to arrive on time.

3. Keep Your Debt Levels Low

After your payment history, the most important factor contributing to your credit score is your debt level. Your credit score takes into account how much of your available credit you are using. If you have maxed out your credit cards, you will be penalized in your credit score, even if you make on time payments.
For best results, your credit card debt should amount to no more than 30% of your available credit. If you have a credit card with a limit of $1,000, that means that you should carry a balance of no more than $300.

4. Maintain Open Accounts

How long you have had credit also influences your credit score. The longer your credit history is, the better off you are. Your oldest account will be considered, and so will the average of all of your accounts. If you have an account that was opened in the last year, and an account that is 6 years old, your average account age is 3.5 years, since the total history is added up and divided by the number of accounts. If you want the best score possible, maintain older accounts, and open new accounts only after careful thought.

5. Use Different Types of Credit

In addition to credit use in general, your credit score will also be based on the types of credit that you use. There are two main types of credit accounts:
  • Revolving: This type of account usually has a credit limit. You can keep borrowing without applying for a new account. As long as you make payments and stay below the credit limit, you can keep borrowing. A credit card is the most common type of revolving credit account.
  • Installment: With this type of credit, you receive a fixed amount, and a payment schedule. You only get the loan once, paying it off over a set period of time. Car loans, mortgages and student loans are common types of installment loans.
For an excellent credit score, you need to have a mix of revolving accounts and installment accounts. If you have a mortgage and a car loan in addition to two or three credit cards, that can be beneficial to your credit score, provided you haven’t maxed out your credit cards and your installment loans are relatively modest.
All types of credit are not equal, though. If you want an excellent credit score, you will need to try to avoid payday loans and title loans. These types of accounts can be detrimental to your credit score. Also, realize that credit cards from department stores do not have the same positive influence that you will find with a card from a major issuer (i.e., MasterCard, Visa, American Express and Discover).

6. Borrow Only What You Need

There is no reason to open many credit accounts. A few accounts, from respected lenders and creditors, are sufficient to help you build an excellent credit score. Additionally, applying for credit can bring your score down. This is especially true if you apply for several different accounts in a short period of time.
Clustered credit checks for a car loan or a home loan won’t hurt your credit score, but applications for more than one credit card, or for different types of loans, within a few weeks can harm your score. Instead, carefully consider what you want the loan for, and look for the best deal.
Do not borrow more than you need. Borrow as little as possible so that you will not have difficulty making your payments on time, and so that it adds only a relatively small amount to your debt load. Don’t buy a bigger house just because the mortgage lender will approve you. The same rule applies to your education and to cars. Figure out what you need, and borrow only that.
A good-sized down payment will help you reduce the amount of money that you need to borrow. Save up ahead of time for a down payment. Proper financial planning can help you avoid too much debt, and help you keep a good credit score.

7. Practice Good Financial Habits

When you practice good financial habits, you are less vulnerable to financial problems that can result in a lower credit score. Build an emergency fund so that you don’t have to turn to your credit cards in the face of financial catastrophe. Spend less than you earn so that you aren’t getting into debt. Properly insure your assets so that if something happens to your home, car or health it doesn’t completely devastate you financially.
Additionally, recognize that there are special credit scores just for banks. If you habitually overdraw your bank account, you will be reported to ChexSystems, and you may have difficulty opening bank accounts and investment accounts elsewhere. Create a budget and follow it, and you will be less likely turn to debt to get you out of tight corners. When you are firmly in control of your credit, you can use it as a tool to maintain an excellent credit score.

8. Check Your Credit Report for Errors

Your credit score is based on information in your credit report. This means that you will need to check for errors. If a piece of erroneous, negative information remains on your report, it can lower your credit score. Don’t wait until a lender denies you credit. You should check your credit report regularly and fix errors.
You are entitled to a free credit report from each of the three major bureaus every year. You can go to annualcreditreport.com and get a free copy. Check the report for duplicate accounts, fraudulent accounts and other mistakes that misrepresent your situation. Then, have them fixed. Once these errors are corrected, you should see an improvement in your credit score.

9. Watch Out for Credit Scams

Consider, too, that there are a number of credit scams out there. You need to be on the watch for credit scams related to getting your personal information, as well as fraudsters claiming they can guarantee you a higher credit score.
Keep your personal information private. Do not give out your credit card number, Social Security number or other personal information to those who ask for it. If you are asked for personal information in an email, a letter that came in the mail, or a phone call, do not respond. Instead, call the customer service number on the back of your credit or debit card, or look up the customer service number on the bank’s official web site. Scammers are quite sophisticated, and can spoof a caller ID to look like your bank, or build a web site that seems official. Realize that no legitimate organization will ask for your complete account number, and you almost never need the security numbers on the back of your card unless you are shopping online.
Also, be on the alert for companies that claim they can boost your credit score. All of the legal ways to boost your score are things you can do on your own. Shady methods of helping your credit score, such as adding you as an authorized user on someone else’s card, might work in the short term, but long term they could do more harm than good.

Bottom Line

Your credit score is the key to an ideal financial situation in today’s world. You need to pay attention to it, or you might be surprised at what it can cost you. There is no shortcut to a permanently good credit score. With proper planning and maintenance, you can enjoy the benefits of an excellent credit score.
It’s also never too early to teach your kids about financial responsibility. Start when they’re young and they’ll face less hurdles as they grow up.
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