Posts Tagged Credit Score
Personal Liability on Business Credit Cards
Richard Gilliland asked:
If the business does not meet these criteria, the business credit card issuers will use the credit history of the principal making the business credit card application as their basis for evaluating credit risk.
Do note that most business credit card issuers will not approve your application for a business credit card unless you agree to the personal liability provision. This essentially makes a business credit card the same as a personal credit card from a personal liability point of view. Hence, whenever your business fails to repay the business credit cards, the issuer may invoke the personal liability agreement in order to collect payment from the business credit card principal.
Because of this personal liability provision on your business credit card application, your personal credit reports will also contain a record of your business credit card history. You will therefore damage your personal credit score if you make late payments on your business credit cards. If your business accumulates a big debt, it will inflate your personal debt burden and cause you to appear overextended.
The personal liability agreement, however, is not always cast in concrete. If you can show that you diligently make your regular payments, you should be able to convince the issuer of business credit cards to remove the provision after a few years. It would really be up to the issuers whether they decide to grant you your request or not. Nonetheless, you could always try to negotiate with them. Whatever the case may be, endeavor to have the business establish its own credit history. This will eventually allow you to separate your small business credit card from your personal credit records.
You must be aware that since business credit cards are not intended to be used by consumers, the consumer protections applicable to personal credit card are not necessarily present in business credit cards. When making use of personal credit cards, the law grants you the right to dispute billing errors on your account within the specified period of time. Within this period, the card issuer cannot mark the disputed amount delinquent or cancel the card. This particular right of the consumer is not applicable to the holders of business credit cards.
When you receive ordered merchandise in poor condition, you cannot dispute the charges and in case the vendor refuses to cooperate, request the business credit card company to intervene on your behalf – as they do in the case of personal credit cards. With business credit cards, you are largely on your own.
So, should you carry a small business credit card rather than a personal credit card? The answer is: Yes. Once your business has established its track record, you can separate personal and business finances. That will work well – both for you and your business.
Marvin
If the business does not meet these criteria, the business credit card issuers will use the credit history of the principal making the business credit card application as their basis for evaluating credit risk.
Do note that most business credit card issuers will not approve your application for a business credit card unless you agree to the personal liability provision. This essentially makes a business credit card the same as a personal credit card from a personal liability point of view. Hence, whenever your business fails to repay the business credit cards, the issuer may invoke the personal liability agreement in order to collect payment from the business credit card principal.
Because of this personal liability provision on your business credit card application, your personal credit reports will also contain a record of your business credit card history. You will therefore damage your personal credit score if you make late payments on your business credit cards. If your business accumulates a big debt, it will inflate your personal debt burden and cause you to appear overextended.
The personal liability agreement, however, is not always cast in concrete. If you can show that you diligently make your regular payments, you should be able to convince the issuer of business credit cards to remove the provision after a few years. It would really be up to the issuers whether they decide to grant you your request or not. Nonetheless, you could always try to negotiate with them. Whatever the case may be, endeavor to have the business establish its own credit history. This will eventually allow you to separate your small business credit card from your personal credit records.
You must be aware that since business credit cards are not intended to be used by consumers, the consumer protections applicable to personal credit card are not necessarily present in business credit cards. When making use of personal credit cards, the law grants you the right to dispute billing errors on your account within the specified period of time. Within this period, the card issuer cannot mark the disputed amount delinquent or cancel the card. This particular right of the consumer is not applicable to the holders of business credit cards.
When you receive ordered merchandise in poor condition, you cannot dispute the charges and in case the vendor refuses to cooperate, request the business credit card company to intervene on your behalf – as they do in the case of personal credit cards. With business credit cards, you are largely on your own.
So, should you carry a small business credit card rather than a personal credit card? The answer is: Yes. Once your business has established its track record, you can separate personal and business finances. That will work well – both for you and your business.
Marvin
What is the minimum credit score required to receive an American Express Business card through a fortune 500?
flyingniteowl asked:
I am seeking a job with a fortune 500 company that requires the employee to obtain a company issued AMEX business credit card for extensive travel. The card is issued to the employee and therefore linked to their personal credit. The balance on the card is paid by the company after the employee submits an approved expense report. Presently, my median credit score is 655. Can I be approved for a company issued AMEX business credit card with this score and if not, what is the minimum score needed to obtain approval?
Roland
I am seeking a job with a fortune 500 company that requires the employee to obtain a company issued AMEX business credit card for extensive travel. The card is issued to the employee and therefore linked to their personal credit. The balance on the card is paid by the company after the employee submits an approved expense report. Presently, my median credit score is 655. Can I be approved for a company issued AMEX business credit card with this score and if not, what is the minimum score needed to obtain approval?
Roland
Don’t Pay For Your Free Personal Credit Report
Tim Parker asked:
All over the Internet, advertised on TV and radio, and saturating magazines are reports for services that will help you obtain your free personal credit report. Here’s the bottom line: Although I don’t have personal experience with these services, if they are charging you fees, they are banking on the fact that you don’t know that you can get it for free.
As you probably know, you are entitled to view your free personal credit report from the three reporting agencies for free once every 12 months. Notice that I said, FOR FREE three times. You don’t have to pay anything if you view it online. It’s extremely easy to obtain but you don’t do it by going to one of those advertised sites. Instead you go to a site that isn’t advertised. It’s the official site to get your free credit report called Annualcreditreport.com.
The process is very easy. Go to the above site, select your state and answer the questions. Select all three credit reporting agencies and get each report. Make sure to print each report and go over it with a fine tooth comb. If you see any errors, go to each reporting agency’s website and follow the instructions to dispute the misinformation.
While you may be tempted to close out your unused credit cards that have been sitting idle, the credit experts recommend not closing these accounts. Apparently it is better for your credit score to keep these accounts open By closing your cards, it decreases the amount of credit available to you which increases your debt load. Also, keep track of your FICO score. Your FICO score is what qualifies you for a loan and sometimes a job.
The most important thing to take from this article is this: Do not pay for your FREE personal credit reports. It’s quick, it’s painless, and it’s free when you go to the site that is set up by the government.
Philip
All over the Internet, advertised on TV and radio, and saturating magazines are reports for services that will help you obtain your free personal credit report. Here’s the bottom line: Although I don’t have personal experience with these services, if they are charging you fees, they are banking on the fact that you don’t know that you can get it for free.
As you probably know, you are entitled to view your free personal credit report from the three reporting agencies for free once every 12 months. Notice that I said, FOR FREE three times. You don’t have to pay anything if you view it online. It’s extremely easy to obtain but you don’t do it by going to one of those advertised sites. Instead you go to a site that isn’t advertised. It’s the official site to get your free credit report called Annualcreditreport.com.
The process is very easy. Go to the above site, select your state and answer the questions. Select all three credit reporting agencies and get each report. Make sure to print each report and go over it with a fine tooth comb. If you see any errors, go to each reporting agency’s website and follow the instructions to dispute the misinformation.
While you may be tempted to close out your unused credit cards that have been sitting idle, the credit experts recommend not closing these accounts. Apparently it is better for your credit score to keep these accounts open By closing your cards, it decreases the amount of credit available to you which increases your debt load. Also, keep track of your FICO score. Your FICO score is what qualifies you for a loan and sometimes a job.
The most important thing to take from this article is this: Do not pay for your FREE personal credit reports. It’s quick, it’s painless, and it’s free when you go to the site that is set up by the government.
Philip
No Credit Check Loans – Approval Without Credit Report
Ashley P Lewis asked:
It is important for people to have a credit report made from time to time so that they do not face a problem when they need to take up a loan suddenly. But for those people who have never taken up loans, it is a new concept and they do not have any credit history. For such borrowers to take up money, no credit check loans have been structured.
The people who are in need of money may find a slight problem when it comes to taking up loans for the first time. Also, for the people who do not have a recently updated credit report can face a similar problem. So for getting money for their needs without any hassle, the borrowers can take up these loans very easily.
The money is available through these loans in the secured as well as the unsecured form. It totally depends upon the needs of the borrower and his ability to pledge his asset as collateral. If borrowers have needs that will require money in the range of
It is important for people to have a credit report made from time to time so that they do not face a problem when they need to take up a loan suddenly. But for those people who have never taken up loans, it is a new concept and they do not have any credit history. For such borrowers to take up money, no credit check loans have been structured.
The people who are in need of money may find a slight problem when it comes to taking up loans for the first time. Also, for the people who do not have a recently updated credit report can face a similar problem. So for getting money for their needs without any hassle, the borrowers can take up these loans very easily.
The money is available through these loans in the secured as well as the unsecured form. It totally depends upon the needs of the borrower and his ability to pledge his asset as collateral. If borrowers have needs that will require money in the range of
Loan repayment forgiveness
Posted by admin in Credit Transaction on March 12, 2011
Dashawna455977 asked:
If you are in the market for a used car loan, be prepared to negotiate a good deal. Initially, car salesmen try and convince prospective buyers to agree to a huge sales price and interest rate. Of course, this maneuver does not serve to your advantage. Instead, it boosts the dealerships profit margin. If you have good credit, you are in a position to negotiate a better deal. However, if you have a low credit score, here are a few tips to help you obtain a low rate auto loan. Boost Credit Score and Rating Before offering a low rate for a used auto loan, the dealership or financial institution will review your credit report. Credit reports indicate our credit worthiness. If you have several past due or missed payments, lenders will consider you a terrible applicant. If you are approved for credit, the lender will not offer you a low rate. Improving your credit is the best option for getting a low rate used car loan. Although lenders will approve an applicant with bad credit, the fees, rate, and terms are awful. To avoid paying higher fees, delay the car buying process for at least six months to a year. Take this time to boost your credit score. To begin, review your personal credit report. If you have past due or unpaid accounts, contact the creditors and schedule payment arrangements. Plan to reduce your debt to income ratio. Furthermore, pay all your creditors on time, and never skip payments. Get a Co-signer or Down Payment If you have bad credit, having a co-signer is a …
Cindy
Experian Personal Credit Report – Phone and Address
Hector Milla asked:
Many consumers know that they have a credit score that is used to calculate what kind of car loan they are qualified to obtain. However, a great many also don’t know that this figure is formulated from their credit history and is basically a composite number — the average of all 3 credit reporting bureaus. These firms all employ a unique algorithm to determine a 3 digit number between 350 and 800. As the number goes higher on the scale, a consumers ratings goes up as well. That is why there are more advertisements in the media, advising people to obtain a free personal credit report. By obtaining this document and analyzing it thoroughly it is possible to find erroneous data that has been reported about their finances.
One of the 3 main credit reporting bureaus is Experian. Their toll free contact number is 1 888 397 3742, and contact mailing address is Experian, PO Box 2002, Allen, TX 75013. Both of these methods are valid ways to obtain a copy of your own personal payment history. This company also advises consumers to order this once per calendar year. There are a number of simple ways to improve this rating, including paying all bills online if possible. In this way, a statement or payment can’t get lost in the mail and the charges are deducted straight from the bank account. There are no bounced checks or waiting for them to clear.
The most important part of any credit score calculation is how many late or missed payments are made by a consumer. These make up about 1/3 of the total and will stay on the report for 7 years, even if there are no other items for this length of time. Only time will fix this problem, not a financial service that promises a quick end to those financial hardships.
As the credit score increases, a consumer is able to get lower interest rates and credit cards with lower annual fees. These 2 perks are reserved for customers who are a good risk. That is, the companies offering their credit services are betting on the fact that these people pay on time, every time. This is why it is important to stay within a budget and pay bills on time. By establishing, and maintaining a good payment history, most people can get exactly what they want out of their life.
Stacy
Many consumers know that they have a credit score that is used to calculate what kind of car loan they are qualified to obtain. However, a great many also don’t know that this figure is formulated from their credit history and is basically a composite number — the average of all 3 credit reporting bureaus. These firms all employ a unique algorithm to determine a 3 digit number between 350 and 800. As the number goes higher on the scale, a consumers ratings goes up as well. That is why there are more advertisements in the media, advising people to obtain a free personal credit report. By obtaining this document and analyzing it thoroughly it is possible to find erroneous data that has been reported about their finances.
One of the 3 main credit reporting bureaus is Experian. Their toll free contact number is 1 888 397 3742, and contact mailing address is Experian, PO Box 2002, Allen, TX 75013. Both of these methods are valid ways to obtain a copy of your own personal payment history. This company also advises consumers to order this once per calendar year. There are a number of simple ways to improve this rating, including paying all bills online if possible. In this way, a statement or payment can’t get lost in the mail and the charges are deducted straight from the bank account. There are no bounced checks or waiting for them to clear.
The most important part of any credit score calculation is how many late or missed payments are made by a consumer. These make up about 1/3 of the total and will stay on the report for 7 years, even if there are no other items for this length of time. Only time will fix this problem, not a financial service that promises a quick end to those financial hardships.
As the credit score increases, a consumer is able to get lower interest rates and credit cards with lower annual fees. These 2 perks are reserved for customers who are a good risk. That is, the companies offering their credit services are betting on the fact that these people pay on time, every time. This is why it is important to stay within a budget and pay bills on time. By establishing, and maintaining a good payment history, most people can get exactly what they want out of their life.
Stacy