Tag: Credit Score

Credit Myths Busted: What Every New US Citizen Must Know

Posted on by William Urquhart

As you settle into your life in the United States, you shouldn’t be shocked that credit reports are everything here. That’s why understanding the ins and outs of credit can save your life. In fact, establishing a solid credit history is a must for achieving financial stability and reaching your goals.

But, you may often hear that the world of credit is such a horror, especially when there are so many myths floating around. Hence, we’re here to help. We’re going to bust some common credit myths that every new US citizen should know about.

Leaving a Balance on Your Credit Card Is Good for Your Score

Guess what? It’s actually a myth. Leaving a balance on your card doesn’t help boost your score; in fact, it can do the opposite. Here’s why: when you carry a balance and only make minimum payments, you’re accruing interest charges.

Not only does this cost you more money in the long run, but it also increases your credit utilization ratio – the total amount of available credit you are using. High utilization ratios can negatively impact your score. So, instead of leaving a balance hanging around, aim to pay down your credit card bill in full every month to maintain good financial health and keep that score climbing.

Closing Credit Cards Boosts Your Score

Contrary to some popular Credit Repair Payment Processing Options, closing credit cards can, in fact, have a detrimental, harmful impact on your credit score. It’s because one of …

Things to Consider When Applying for a Small Business Loan

Posted on by William Urquhart

If you’re the proprietor of a small organization, you most likely understand just how much a shot of new funds can help save you from a terrible place. Smaller firms often struggle with comparatively smaller capitals and also the capacity to manage payments every month. From workers’ salaries to equipment expenses to advertising costs, a small or midsize firm’s relatively tight cash flow should account for all of the expenses. But, finding a better business loan may be hard since a great deal of paperwork is necessary. A company operator must understand how to prepare his records before the program to maximize the accepted odds.

Know Your Credit Score

credit scoreIt follows that creditors might want to reassess your financial statements and charge standing and frequently ask that you secure the loan with collateral such as a home or car. Because this procedure may require weeks, understanding your credit score ahead is critical to avoid employing whenever you’ve got no chances. Usually, your credit rating has to be over 700 to procure a positive loan with attractive interest rates. If your charge is beneath 600, nevertheless, it is possible to ask a lawyer to test for mistakes, like payments made on time but reported as overdue.

Prepare Your Documents

loanBesides your credit, a creditor will search for other things to be certain that you can effectively cover down the debt. It follows you have to show reliable evidence your money flow is strong enough to pay for a monthly payment to …