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Building a Small Business Foundation with a Credit Card May 6, 2011 - 8:04 am

For many small businesses and entrepreneurial enterprises, it takes the strength of the owner’s credit profile to start building the financial foundation of the business. Using the owner’s past credit history and overall financial standing will eventually lead up to the other opportunities to let the business grow on its own. The business owner does have some obligation to set a separation goal – the point of time where business monies and personal monies are divided into separate entities. Getting to that point can prove difficult for some operations but the variety of credit cards for small businesses today have made things much easier. Benefits of a Small Business Credit Card It is likely your small business will first establish its credit foundation with a…

Lack of Credit Can Deny You a New Credit Card May 1, 2011 - 8:43 am

If you are in good financial standing and apply for a credit card only to get turned down due to a ‘lack of credit history’, it is important to understand there are things you can do to improve your status and get approved for the card you want. What Am I Lacking? While many individuals established a credit profile at a young age, not all consumers have a need for the resources that make up a strong history. There are still some people that prefer to live solely on a cash-based system who may only have a bank account and utilize only debt cards. Not everyone will have established a financial history right out of high school, especially college students still relying on mom and…

Bad Credit May Not Necessarily Be a Problem April 27, 2011 - 8:29 am

A large number of Americans have experienced some kind of financial hardship over the last few years and credit scores are not what they used to be. In fact, more products are becoming available to consumers who are facing the lasting effects of low scores and bad credit history. Many of these same consumers are still in need of credit in order to repair their current bad financial situation. It may seem illogical to advise these consumers to apply for a card but it just might be the most logical next step. How to Get Credit with a Bad Score Ideally, everyone needs to work on their score in order to be assured better financing rates and low interest rates. If you have a bad…

When Is the Right Time to Apply for a Credit Card? April 23, 2011 - 7:46 am

Is there a right time? It is a good question to ask yourself but it is a question with no real answer. There is no one perfect time to send in your credit card application or apply of a credit card online but there are some considerations to make before you take that step. Here are 5 ways to ensure it is the right time for you to apply for a new credit card: 1. Your Credit Score Has Been Ordered All credit card providers want to be assured they are approving credit card applications for consumers who have proven they can meet their financial obligations. The credit score of the consumer is a representation of their ability to make good on financial commitments. A…

What Should Students Look for in a Credit Card April 20, 2011 - 8:55 am

Most students looking for a credit card are choosing their very first credit card. Without any experience in credit, it’s hard to know exactly what to look for in a credit card. The “squeaky wheel” of credit cards is often the one that gets picked. That’s the one that’s posted somewhere on or near campus or the one that’s offering something free in exchange for a credit card application. Credit card issuers find ways to get around Federal laws that keep them from luring college students, so it’s important that the student how what to look for. Look Beyond the Name Often, credit cards that are marketed to students are some of the worst credit cards on the market, which the word student added to…

What’s the Best Credit Card for an Emergency? April 14, 2011 - 8:52 am

Although the best way to pay for an emergency is by using the money from your emergency savings account, the truth is that not everyone has enough money in their account to cover an emergency. It can take several months to build a sizeable emergency fund. In the meantime, you have to cover emergencies somehow. If you must pay for an emergency with a credit card, make sure you pick a good one. A Credit Card With Available Credit Before you put your emergency on a credit card, first make sure you have enough available credit. Just because you have a high credit limit doesn’t mean you have room on the credit card for another purchase. It’s a good idea to check your available credit…

How Many Credit Cards Can I Have? April 8, 2011 - 8:48 am

There is a simple answer to this question – you can have as many credit cards as you want. However, it is not necessarily advisable to have a multitude of cards under your name at any one time. Your ability to apply for a credit card is limitless but without limits you can be doing some serious damage to your credit history and your score. Credit Limits and Debt Ratios One reason too many credit cards can hurt you is due to the ratios involved in your credit history. If you are seeking financing or a new line of credit, lenders will look at how much total credit you have available to you and how you use that credit. If your ratios are stacked against…

Never Assume Better Credit Card Rates Are In Your Future April 6, 2011 - 8:45 am

If you have less than perfect credit and are trying to find a credit card you can get approval for, it is really important to first understand exactly what you are getting yourself into before you apply for a credit card. Many consumers are coming from a place of past financial issues today. There are a number of reasons behind the credit failings of consumers including not enough personal finance education, job loss, and money mismanagement. Whatever the reasons for the issues of the past, it is likely your credit is still suffering some side effects. Even with less than stellar credit score, there is probably a creditor out there willing to approve your application. However, along with the approval come typically higher interest rates,…

Tips for Handling a Credit Limit Cut April 4, 2011 - 9:00 am

Your credit limit is an important feature of your credit card because it controls how much you can spend on your credit card without being charged a penalty. If you’ve opted-out of having over-the-limit transactions processed, then you won’t be able to make any transaction that would put you over your credit limit. On the other hand, if you’ve opted-in, then you may face a penalty for going over your credit limit. Credit Limit & Your Credit Score Your credit limit, specifically how much of it you’re using, also effects your credit score. The more of your credit limit you’re using, the more your credit score will be negatively affected. Ideally, your credit card balance will be less than 20% of your credit limit. Generally,…

Bankrupting Your Credit Card Debt April 2, 2011 - 8:48 am

If you’re overwhelmed with credit card debt, you may consider filing bankruptcy to either get rid of your debt or to restructure your payments so that your debt is easier to repay. Here are some details about bankruptcy to help you decide if it’s the right choice for you. Two Types of Bankruptcy There are two types of bankruptcy for consumer credit card debt – Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows you to get a discharge of allowable debts – most credit card debt can be discharged, but there are a few exceptions, like debts that were incurred through fraud. To qualify for Chapter 7 bankruptcy, you must pass a means test that shows your income is lower than the median income…

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