Posts Tagged Personal Cards
how do i re establish bad credit?
kburgess612 asked:
i have previous closed accounts, charged off, taken to collections, delinquent, and finally paid. there are about 5 credits all the same, will not be taken off until 5 years. they were minimum amounts between 200-500 each. i have a student loan i pay on time each month. i get denied for credit when i apply for my bank (wells fargo) personal loans and credit cards. i do not want to be in more debt since i finally got all of those delinquent accounts paid off now. how do i re establish credit, all i get is denied, and i need money for a loan someday soon. is a secured credit card through the bank the way to go? is there any other ways to re establish my credit or help my credit report/score? if a secured card is the way to go, explain to me how it works, i understand you put down a minimum deposit. what i dont understand is you make monthly payments, but if its YOUR deposit, why would you OWE anything?
Kim
i have previous closed accounts, charged off, taken to collections, delinquent, and finally paid. there are about 5 credits all the same, will not be taken off until 5 years. they were minimum amounts between 200-500 each. i have a student loan i pay on time each month. i get denied for credit when i apply for my bank (wells fargo) personal loans and credit cards. i do not want to be in more debt since i finally got all of those delinquent accounts paid off now. how do i re establish credit, all i get is denied, and i need money for a loan someday soon. is a secured credit card through the bank the way to go? is there any other ways to re establish my credit or help my credit report/score? if a secured card is the way to go, explain to me how it works, i understand you put down a minimum deposit. what i dont understand is you make monthly payments, but if its YOUR deposit, why would you OWE anything?
Kim
Securing Business Credit Cards Without Personal Guarantee
Sherry W. Gain asked:
The biggest problem for budding entrepreneurs and small business owners is to secure a credit for their business. The most obvious route they take is to mingle their personal credit with business loan, a faux pas in totality. They end up spending their credit worthiness through their personal loan cards. But do you know that the same financial institutions which provide you credit cards also issue small business owners with business-credit cards without personal guarantees? Of course, your business needs to be credible for obtaining such credit lines.
Once you have established a credible business entity, it is then your duty to establish its credit worthiness. This is attained by reporting the transactions on your business loan cards to business credit bureaus. Similar to a personal credit report, a business credit report is essential to build the credit worthiness of your business. Dun & Bradstreet, Equifax Business and Experian Business are some of the business credit report bureaus you should be targeting. Unless and until you have established your credibility with at least three of them, laying your hands on business credit cards without personal guarantee is tough. If you are thinking of applying right away, consider the information presented below -
• If the business loan application of an organization is declined, the organization cannot apply again for the following 6 months.
• The application will be disqualified if it is made thrice or more within 90 days.
• Very few, or just 5 percent of business lenders care to report your credit worthiness to credit bureaus. Not reporting it impedes the credit worthiness of your business. Thus, choose business establishments that regularly report your regular payments to business credit bureaus.
Business Credit Cards and No Personal Guarantee
It means that it is possible to get business credit cards without personal guarantees. Such type of an application is usually made by small business organizations and entrepreneurs to take care of sundry expenses.
How to get Business Loan Cards?
To get business loan cards, a few things are of integral importance
A Strong Business Plan: The primary requisite to impress any association into allowing you credit, is a great idea. Prepare the plan in a detailed and strong manner focusing on its harvests and how it shall empower you to make more money. Be very specific about the areas which are going to need monetary help.
Market Research: Do your research well. Talk to vendors and buyers about the cash flow and other specifics. In some cases, you need not even approach companies for credit cards, because you will be able to find vendors who are ready to hold credit accounts. However, if you do need business credit cards without personal guarantees, a strong knowledge of the functioning of the industry you’re in is essential.
Applying Well: Start small and choose a local vendor for your card. More often than not, your existing finance company would have an offer for business credit cards and it will be easier to secure one from them too. Furnish information such as your company’s contacts and financial documentation to the issuing institution. In case of small businesses, primary owners also need to present information about personal finances. Legal paperwork like your DBA and employer tax ID might prove necessary for your application for business credit cards without personal guarantees.
Kathleen
The biggest problem for budding entrepreneurs and small business owners is to secure a credit for their business. The most obvious route they take is to mingle their personal credit with business loan, a faux pas in totality. They end up spending their credit worthiness through their personal loan cards. But do you know that the same financial institutions which provide you credit cards also issue small business owners with business-credit cards without personal guarantees? Of course, your business needs to be credible for obtaining such credit lines.
Once you have established a credible business entity, it is then your duty to establish its credit worthiness. This is attained by reporting the transactions on your business loan cards to business credit bureaus. Similar to a personal credit report, a business credit report is essential to build the credit worthiness of your business. Dun & Bradstreet, Equifax Business and Experian Business are some of the business credit report bureaus you should be targeting. Unless and until you have established your credibility with at least three of them, laying your hands on business credit cards without personal guarantee is tough. If you are thinking of applying right away, consider the information presented below -
• If the business loan application of an organization is declined, the organization cannot apply again for the following 6 months.
• The application will be disqualified if it is made thrice or more within 90 days.
• Very few, or just 5 percent of business lenders care to report your credit worthiness to credit bureaus. Not reporting it impedes the credit worthiness of your business. Thus, choose business establishments that regularly report your regular payments to business credit bureaus.
Business Credit Cards and No Personal Guarantee
It means that it is possible to get business credit cards without personal guarantees. Such type of an application is usually made by small business organizations and entrepreneurs to take care of sundry expenses.
How to get Business Loan Cards?
To get business loan cards, a few things are of integral importance
A Strong Business Plan: The primary requisite to impress any association into allowing you credit, is a great idea. Prepare the plan in a detailed and strong manner focusing on its harvests and how it shall empower you to make more money. Be very specific about the areas which are going to need monetary help.
Market Research: Do your research well. Talk to vendors and buyers about the cash flow and other specifics. In some cases, you need not even approach companies for credit cards, because you will be able to find vendors who are ready to hold credit accounts. However, if you do need business credit cards without personal guarantees, a strong knowledge of the functioning of the industry you’re in is essential.
Applying Well: Start small and choose a local vendor for your card. More often than not, your existing finance company would have an offer for business credit cards and it will be easier to secure one from them too. Furnish information such as your company’s contacts and financial documentation to the issuing institution. In case of small businesses, primary owners also need to present information about personal finances. Legal paperwork like your DBA and employer tax ID might prove necessary for your application for business credit cards without personal guarantees.
Kathleen
What can be shared between family credit reports?
rnizlek asked:
I have two credit cards, of which I am the only holder and the individual responsible for making payments. I also have two credit cards which are held by each of my parents, on which I am considered an “authorized user.” On those accounts, my parents each have one card in their name, and I have a second card, but it is an individual (not a joint) account in my parent’s name (my name is only on the cards). On my credit report, my cards show, as well as each of my parents cards, where I’m listed as an “authorized user.” My question is, will my personal cards, of which I am the only user and there are no other cardholders, show on my parent’s credit report? Or are they exclusively on my credit report? Thanks!
Dolores
I have two credit cards, of which I am the only holder and the individual responsible for making payments. I also have two credit cards which are held by each of my parents, on which I am considered an “authorized user.” On those accounts, my parents each have one card in their name, and I have a second card, but it is an individual (not a joint) account in my parent’s name (my name is only on the cards). On my credit report, my cards show, as well as each of my parents cards, where I’m listed as an “authorized user.” My question is, will my personal cards, of which I am the only user and there are no other cardholders, show on my parent’s credit report? Or are they exclusively on my credit report? Thanks!
Dolores
How do I find out if a friend used my personal info for credit cards, or purchases?
Posted by admin in Personal Finance on January 9, 2011
Michelle B asked:
My ex-friend and I had moved to Key West, FL. She had a lot of my personal information and I think she claimed me and my family on income tax for 2008 because I went to file myself, it was rejected because me and my dependents had already been claimed. So can I find out if they did this if I gave her name? Also, when I moved back to TN I’ve recieved bills, etc. that I’ve never heard of and don’t know what they’re for. If I did a credit report would the information be helpful for this problem. Also, the IRS told me over the phone that my family and I might have to get new S.S #. Is this a common way of identity theft problem solving?
Elsie
My ex-friend and I had moved to Key West, FL. She had a lot of my personal information and I think she claimed me and my family on income tax for 2008 because I went to file myself, it was rejected because me and my dependents had already been claimed. So can I find out if they did this if I gave her name? Also, when I moved back to TN I’ve recieved bills, etc. that I’ve never heard of and don’t know what they’re for. If I did a credit report would the information be helpful for this problem. Also, the IRS told me over the phone that my family and I might have to get new S.S #. Is this a common way of identity theft problem solving?
Elsie
I have 16 credit cards. Is that bad?
Angel asked:
I have 16 credit cards, however, 2 of them are Business Cards (so they aren’t even reported to my consume credit report, but instead to a Dunn and Bradstreet credit report?)
I have 16 credit cards, however, 2 of them are Business Cards (so they aren’t even reported to my consume credit report, but instead to a Dunn and Bradstreet credit report?)
I have 14 personal credit cards.. 2 of them are Store Credit Cards. 12 of them are visa/mastercard/amex/discover. Okay, all of them are paid off and have a $0 balance on them, except for 3 of them. And the LOWEST credit limit I have on 1 card — It’s a $500 credit limit. The rest are 1k+. I am scared this will hurt my credit score, but I’ve NEVER been late on any card, never gone over the credit limit on any of them. 2 of them I plan on paying off completely. The last one, I pay about 20 dollars more than the minimum payment they ask for.
Is this hurting my credit? Even though I pay them all on time, never missed a payment, never gone over my limit, etc?
Robert
Are Charge cards easier to get approved for than a Credit card?
Jen asked:
I have no credit report, no credit history and I’m a student..but I’ve applied for several personal loans and credit cards and only got approved for a secured credit card from BoA. So yeah, several places have tried to pull up my credit report without success. (I can’t even pull up my own credit report for some reason!) I want to build credit, do you think I will get approved for a charge card or is it going to be just another dead end? Thanks. =)
Ruben
I have no credit report, no credit history and I’m a student..but I’ve applied for several personal loans and credit cards and only got approved for a secured credit card from BoA. So yeah, several places have tried to pull up my credit report without success. (I can’t even pull up my own credit report for some reason!) I want to build credit, do you think I will get approved for a charge card or is it going to be just another dead end? Thanks. =)
Ruben