Tips to Repair Your Credit

Financial professionals in the UK commonly recommend that consumers review their credit report periodically. Because of the ease with which you can obtain your credit report online, reviewing information in your credit file is a simple process. Of course, though, keeping track of credit report information does not necessarily equate to having a healthy credit score. If your score is lower than you would like it to be, you will need to develop a strategic plan to improve your creditworthiness. Although improving your score won’t happen overnight, you will likely see gradual improvement that will increase your ability to qualify for loans and credit cards.

Take note of derogatory information. If you make a credit payment after its due date, this information will be recorded in your credit file. Similarly, you will incur negative entries if a creditor closes an account because of poor payment history. Other types of entries, such as bankruptcies and judgments, can also severely impact your creditworthiness.

You will not likely be able to have a legitimate negative entry removed from your credit file. Still, it is important to establish a baseline you can work from. As negative entries age, they will have a less dramatic impact on your credit score. For example, if you missed a credit card payment last month, your score might drop by 100 points or more. A missed payment entry that is three years old, conversely, will probably not reduce your score by more than 10 points.

Look for information recorded in error. Erroneous information can artificially lower your credit score and prevent you from obtaining loans or other forms of credit. For example, suppose that you paid off a credit card balance two years ago but the account is listed as in default. You would still suffer the financial consequences of the erroneous entry even though you paid the account in full.

If you discover erroneous information, file a dispute with each credit bureau that includes the error in its files. You can find instructions for disputing an entry on each bureau’s website. After receiving the dispute, the bureau will investigate your claim and remove the error if appropriate. You can increase your chances of a successful dispute by including supporting documents with your dispute request. Using the example above, you could include an account statement showing that the account balance was paid in full and a bank statement showing the payment to the account.

Leave your credit cards at home. Your credit account balances significantly affect your creditworthiness, particularly if your balances are high in relation to your available credit limits. Continuing to use your cards will make it difficult to pay down your balances and improve your credit score. Instead of using credit cards for everyday or discretionary purchases, you can use a debit card that withdraws funds for purchases from your bank account. If you do not have the funds available for a discretionary purchase, you will simply need to delay the purchase until you can afford it without tapping into your available credit. Leaving your credit cards at home can go a long way toward helping you re-establish a high credit score.

Close unused accounts. When you pay off a credit card or line of credit, you might be tempted to leave the account open for additional purchases or financial emergencies. It is important to remember, though, that open credit lines can negatively impact your score. Potential lenders might assume that you will use open credit lines and might be unable to make your payments in the future. Ideally, you should have no more than one or two unsecured credit lines open at any given time.

Improving your credit score requires patience and discipline. You will need to develop a strategic plan in order to reverse any damage you have caused to your creditworthiness. Also, you can expect your credit score to take years to recover, particularly if you carry high unsecured debt balances. A financial adviser or debt management professional might be able to help you develop a plan to improve your score without straining your personal budget. Of course, periodically obtaining your credit report online will also help keep you motivated by showing you the progress you have made.

What Are The Features Of The Best Merchant Credit Card Processing Services?

Having labored to set up your online business and getting it known to customers, you do not want to be let down by the payment processing system you installed to bring in the cash for your goods or services. You want seamless service and processing so that customers trust you and your business, without any fear of their data getting into the wrong hands, or failing to get what they want due to system failures.

How can one get the best business credit card processing services? The following are some of the attributes of the best companies when it comes to merchant credit card processing services.

A reputation in the industry for safety and security. Financial information is very sensitive and should only be entrusted with firms that have proved themselves as worthy of this trust. Ask the company you intent to use to explain to you their mechanisms for ensuring data is safe from unauthorized access. Depending on their answer, decide on the best way forward.

You may also need to consider known names in the provision of these services. It is okay to patronize new companies but for your security, you are better off with a provider who has already straightened out all the kinks in the systems they use, rather than be a sort of guinea pig for the new kid on the block.
They should provide immediate, round the clock processing of transactions. You are on the web to make money so you do not need long delays for a transaction to be Okayed, or for the processing company to have downtime at your expense. Credit card processing for small business must always be available day and night, day in, day out.

Customer service support 24/7. Any service provider must be available to handle queries to do with their services whether it is day or night. If your prospective business credit card processing company does not fit this bill, it may be time to keep looking for a company that will be there to attend to you when you need help.

This is because unforeseen issues will always happen, and the sooner they get sorted the better for all concerned. Do not compromise when it comes to ensuring that you can count on being helped out should the service get any hitches.
Clear, affordable and stable service charges. Your profitability can be greatly compromised by unforeseen hidden charges for business credit card processing services. Your company should be upfront and declare what you will pay for their services so that you factor that into your charges for the goods or services you offer clients.

As you consider getting merchant credit card processing services, keep all the attributes above in mind. A little research on the subject will get you companies that will ensure your business activities go on smoothly in terms of payment processing.

Special Commercial Credit Cards for Business

These cards include personal credit cards, student credit cards, and business or commercial credit cards. Small businesses are having a love affair with their credit cards. Loans are not always easy to get, but credit cards offer the small business owner the opportunity to grow when money is tight and to stay afloat if they are currently experiencing cash flow difficulties. You can get a credit check free to see where your credit stands before you apply for a new card. Today, credit cards represent a large financing source for the capital needs of the small business owner.

Advantages Of A Commercial Credit Card

It’s important to keep business spending separate from personal spending. It can cause many problems trying to sort through all the expenditures and be sure they are properly credited to personal or business spending. Although a regular credit card can offer a small business an infusion of cash quickly, it doesn’t compare to the advantages of a commercial credit card. Capital One spokeswoman Alison Cahill-Rouse remarked, “You’ll also have access to business-specific benefits, such as employee cards and spending controls, and specialty service tailored to meet small businesses’ needs.” The commercial card comes with rewards and incentives that can be incorporated into business strategies that either save or generate income.

Cash Flow Requirements

The primary reason for small business owners to apply for commercial cards is to improve cash flow. The majority of small businesses use commercial credit cards as a major part of their business funding. There have been some small businesses that launched using credit cards for capital, because they were unable to secure a bank loan. A commercial credit card makes keeping business records very simple. All of your transactions are available in your online account and can be printed out for your files, and are readily available for tax purposes.

Employee Cards

The commercial credit card makes cards available for employees you select. These employee cards are primarily used for travel related expenses required by the employee’s job, and often cover hotel bills, restaurant bills, and petrol expense. All employee purchases are monitored and you have the flexibility to limit the amount your employee can spend on his or her card and choose the businesses where they can use the card. Many card issuers supply free employee cards and put the control of how they are to be used in the hands of the small business owner.

Business Cash Rewards

Commercial credit cards offer much higher credit limits than personal credit cards, as well as free employee cards. But they also offer cash rewards. The cash rewards usually contain a number of business-friendly and valuable incentives that can help your bottom line. The incentives might include office supply discounts, free travel, low-cost shipping, cash-back incentives, and discounts on phone, Internet, and cable television. Many business card incentives offset card fees and some can be used as employee rewards for exceptional contribution to the workplace.

Commercial Credit Card Differences

The terms offered to businesses applying for a commercial card are different than the terms of a personal card. A free credit check can let you know if you are likely to be accepted for a commercial card. Businesses can’t depend on a weekly or monthly paycheck. Business money comes in spurts. One month there is a large infusion of cash into the business and the next month there may be very little. There are business card issuers that are specifically created to address that business issue. Some cards offer business owners up to 60 days to pay without interest, while others offer a discount for paying early. The goal is to have the credit card match the business owner’s needs.

Qualifying For A Business Credit Card

When a small business owner applies for a commercial card, the lender will look at the business owner’s personal payment history, as well as looking at the payment history of the business itself. Be sure to have all of your personal and business information available at the time of the application. As a small business owner, your odds of being approved are highest if your personal payment history is good.

As technology continues to evolve, we can expect continual changes in the world of business. Many of these changes will involve how credit cards are used in the capital financing of business. The roll of credit cards in business continues to grow and develop.