How’s Your Credit? Take Our Credit Check Quiz Now to Find Out

Do you know whether your credit rating is good, bad, or average? While the only way to know for certain is to get a copy of your credit report, you can get a pretty good idea where you stand by taking our credit check quiz. Just keep a running tally of the number of A’s, B’s, and C’s you choose as you go along, and we’ll tell you how you did at the end.

First, the Mini Credit Check Quiz

1. Have you been bankrupt or entered into an individual voluntary arrangement in the past six years, or are you currently being hounded by one or more creditors?

A. Yes. A bankruptcy or IVA stays on your credit for six years, and creditors don’t hound you if you are paying your bills on time. If either of these applies to you, you can skip the quiz. You have bad credit, and you probably already know it.

B. No. Continue on and take the 8-question credit check quiz below.

The Credit Check Quiz

1. How many accounts do you have open?

A. I have a mortgage and one credit card. I prefer not to take on more than I can handle.

B. I have a mortgage, a car payment, and one or two credit cards.

C. I have a mortgage, a car payment, and several credit cards.

2. Do you pay your bills on time?

A. I haven’t had a late payment in years.

B. I always pay the full amount due, but sometimes my payment is a few days late.

C. I frequently pay my payments late. Sometimes I pay less than the amount due or miss a payment completely.

3. How much of your revolving credit are you actually using?

A. I keep the balance on my credit cards below 30% of the limit.

B. I’m using about half of the credit available to me on my credit cards.

C. Most of my credit cards are maxed or close to it.

4. Do you spend more than you earn over the course of a year?

A. I rarely carry a balance on my credit cards. If I can’t afford to pay cash, I certainly can’t afford to pay interest on top of the cost of the item. If I have a car loan, I expect to continue driving the vehicle for at least two years after the loan is repaid.

B. I try to stay within my means, but often find myself buying something on credit that I wouldn’t have purchased without the card.

C. I use my credit cards to buy things I couldn’t otherwise afford. That’s what they’re for, right?

5. Have you gotten a debt consolidation loan, remortgaged your home to pay off your debts or participated in a debt management plan?

A. No.

B. Yes, but I learned my lesson and have changed my spending habits.

C. Yes, and now that my debt payment is smaller I can afford the minimum payments, so I have started using my credit cards again or have gotten a new one.

6. Do you have an emergency fund?

A. I’ve saved up at least six months’ worth of expenses in case of a major emergency, such as a job loss.

B. I have at least £1,000 in a savings account that I don’t touch except in an emergency.

C. I have little or no savings. I find myself scrambling to pay for repairs if the car breaks down.

7. Do you add to your savings regularly?

A. I have weekly or monthly contributions being made automatically to my savings account and my retirement fund.

B. I am regularly funding either my savings or my retirement, but not both.

C. I am not funding my retirement or savings account on a regular basis.

8. How often do you check your credit report?

A. I subscribe to a service that sends me alerts at least monthly if my credit rating drops.

B. I check my credit report at least once per year.

C. It has been more than a year since I last saw my credit report.

How Did You Do?

If you have mostly A’s, you are a good saver who tries to use credit sparingly and responsibly. You probably have good credit.

If you have mostly B’s, you are on a slippery slope. You’re probably keeping up with your payments for now, at least most of the time, but you are spending more than you should, at least occasionally. If your circumstances change for the worse, you could find yourself in trouble very quickly. Your credit rating is likely average.

If you have C’s, you are struggling to keep up with your debt repayments and sometimes failing. You have bad credit and should consider making an appointment for debt counselling with a non-profit debt management organisation.

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.

7 Things to know before becoming a cryptocurrency trader or user

These days cryptocurrency has a lot of hype. Since it has solely created many millionaires in the last decade. Today, I will tell you 7 things you need to know, before you begin your crypto journey. You should also check out the beast hardware wallet in the market.

The basics

The first cryptocurrency, Bitcoin, is a type of digital currency invented by an anonymous creator using the Satoshi Nakamoto pseudonym in 2009. A bank or public agency does not manage Cryptos. Cryptocurrency token transactions are instead registered on a public blockchain, consisting of digital information stored on a database. Their future remains doubtful. Michael Anderson, co-founder of Framework Projects, says, “Tokens or coins used in a decentralised network are not the same as shares in a business.”

Digital currency is risky business

It is very speculative to invest in crypto-currencies. Many crypto assets would fail, like the majority of start-up businesses, and therefore become useless. Beginners that are investing should only invest an amount they don’t mind losing. Investing at an inopportune moment, amid reports of investors making millions, will result in rapid and serious losses. One unit of bitcoin (BTC) sold for approximately $1,500 as late as May 2017. Bitcoin went as high as $19,800 at its peak in December 2017. BTC has recently ranged in price from $6,600 on 15 April to $10,000 on 7 May. Although it is tempting to hit it rich by investing in cryptos, this market is highly risky and there is a real risk of major losses.

There are many uses for crypto

Cryptocurrency is known for the funding some questionable deals. And yet legal businesses are now accepting crypto payments. Cryptos offer fast, low-cost money transfers. This makes it prevalent to use them for transfers of foreign currency. In fact it took only two and a half minutes for a $99 million Litecoin (LTC) transaction to cost the sender less than one dollar in transaction fees. Cryptos are free from the government and can’t be frozen. That’s because only a person with a private key to the wallet has access to the asset. Investors can also speculate when listing cryptocurrencies, betting on which ones will succeed and which ones will fail.

Investors have many strategies

One solution to cryptocurrency investments is easy speculation. Yet there are unique strategies for crypto-currency investors, much like investing in the stock market. Marcus Swanepoel, CEO of Luno, a global cryptocurrency firm, says with fundamental and technical research, you can day-trade cryptos, buy and hold and analyse the money. Despite the difficulty of forecasting digital currency lows and highs, Swanepoel claims there are market analysis methods that can inform investors when to buy and sell. Cryptocurrency assessment techniques include principles such as asset availability, demand, and future applications. For example, the supply of bitcoin is set at 21 million units, meaning that because of the fixed supply, demand will boost prices.

The IRS does not recognize crypto as currency

Cryptocurrency is considered property by the Internal Revenue Service in the U.S. Cryptocurrency investments is also subject to the tax laws regulating investment in land. “This ruling imposes extensive record-keeping requirements, and with steep penalties, the IRS makes tax enforcement of cryptocurrencies a high priority,” says Robert Elwood, partner at Practus, a law firm in Philadelphia. “Only when the record-keeping burden is worthwhile should transactions be carried out in taxable accounts.” If enacted, the 2020 Virtual Currency Tax Fairness Act could encourage more use of cryptocurrencies because taxes would only be implemented on digital currency if a transaction’s profit is greater than $200. This will allow people to pay with digital currency for smaller transactions easily. That said, like all assets owned within these accounts, cryptos kept in retirement accounts are shielded from tax.

Many crypto coins are likely to fail

As for any market, the cryptocurrency’s future is not assured. “I believe that in a few years, cryptocurrencies will implode and no longer exist in any meaningful sense, and that the entire market for cryptocurrencies is a bubble,” says Robert R. Johnson, Creighton University’s professor of finance. Johnson argues that the “greater fool theory” drives the cryptocurrency market, as investors rely on new buyers to bid up the price. If Johnson is incorrect and the demand for crypto-currencies does not crash, the issue of whether digital currencies can survive remains. Not all will last with thousands of entrants in the industry and new offerings emerging. The most well-known brands, such as bitcoin, ethereum and litecoin, should probably stick to investors who want to speculate in this market. Before investing, it is also wise to learn a bit about the market for each person.

You can lose all your crypto

It is probable for an account balance to be wiped out since cryptocurrencies are virtual and lack a central storehouse. For example, a crash of a computer without a backup might kill a crypto-currency stash. The cryptocurrency they hold is unrecoverable if a user loses the private key to their wallet. By impersonating an account holder, scammers may even hijack someone’s mobile account. Thieves contact the carrier and order the transfer of the user’s SIM card to a new device. This gives cryptocurrency accounts access to scammers. Investors are responsible for keeping track of their private key and using the best cryptocurrency hardware wallet. Professionals also recommend that you back up and use secure passwords for your cryptocurrency private keys.