May 26

Choose Your Service Provider Wisely

download (44)These days, e-commerce is on the rise and people are using different ways to provide their customers convenient and easy ways to shop. Credit card processing is the best way to take your online business forward. It not only helps your business to grow but also entice customers to buy products or services from your business.

If you want to expand your small business and aspire to become a business giant, it is crucial to find a trustworthy payment gateway for your credit card. If you fail to do online sales management, hit the brake and ask yourself – ‘What’s stopping to do it properly?’ May be you cannot manage your online sales because of the inefficiency of the service provider you have chosen. But, you still have time in your hand and it’s better to change your service provider before any mishap. When your service provider is genuine, it will ensure you secure credit card processing. All you have to do is to ask some simple questions while picking your service provider. Check out the questions you should ask.

What are their fees?

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May 26

Your Fail Safe Method for Choosing a Credit Card

download (43)Many people put more effort into ordering from a fast food menu than they do choosing their primary credit card. Since a credit card can often turn into the fast lane to debt or excessive overspending, it’s vital that you have a checklist of measures to use in making the right choice.

Maintaining good credit can have great bearing on some of our most important desires, such as buying a home, buying a car, starting a business, and getting lower interest.

There are a number of important personal habits and considerations that should be used when finding a card to best serve your needs. The following is your fail safe method to finding the right credit card for your personal needs.

First, check your credit score. A free copy of your credit score can be accessed at Equifax, Experian or TransUnion, the three major reporting agencies. Because the best cards require very good credit, knowing your score in advance will help define your field of selection.

With credit score in hand, it’s time to consider spending habits. Basic questions to answer are will you pay the

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May 26

Introduction to CIBIL Score in Changing Landscape of Loan & Credit

download (42)The landscape of loan and credit in India has drastically changed in the recent times. In August 2000, the country’s first credit information company (CIC) came into existence. This organization is named as Credit Information Bureau (India) Limited though it is more popular by its acronym CIBIL. The entity steadfastly collects as well as safe keeps credit records of both individual and corporate borrowers. The range of information includes both borrowing and payment, relevant to credit cards and loans. CIBIL is licensed by the country’s supreme banking authority the Reserve Bank of India (RBI). Moreover, the accredited organization is governed by the Credit Information Companies Regulation Act, 2005.

To cut a long story short, CIBIL provides mutual benefit to both debtors and creditors in dealing with debt issues. In one hand, it helps creditors to run their business more efficiently while on the other, its effort proves helpful for borrowers to seek loans faster and at lucrative interest rates. CIBIL generates a three-digit credit score for every borrower. This score usually ranges from 300 to 900 and a score of 750 and above is

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May 4

How to Improve Your Credit Score to Find Better Employment

download (41)If you know your résumé and cover letters are stellar and you perform well in employment interviews, yet you keep falling short of your goal to be hired in your chosen profession, your credit score/credit report could be holding you back. That is because employers view your credit score as a measurement of how well you fulfill all the financial promises that you made to lenders. It is a known fact that employers want employees with integrity, character and enough social skills that they will fit in well with the employer’s existing team. That is in addition to plenty of industry experience. You could also be held back by the results of a criminal background check, but normally you would know if that were the case.

The average credit score in the US is 705. An excellent credit is any score above 739. If your goal is to secure employment in a profession that pays well, you should be aware that every employment application that you fill out normally authorizes employers to check your employment history, references, background and credit report. Positions with more

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May 4

Does This FICO Score Make Me Look Fat?

download (38)THE ANDROMEDA EFFECT

I’ve heard it and I know you have, pretty people always seem to get a break.

I want to believe the opposite is true, but sadly, ugly people are screwed out of some perks just for being, well, ugly.

THE SKINNY (NO PUN INTENDED)

EVERY experience I’ve had during a traffic stop, no matter my disposition, is tense and I’m approached as if the stop sign or turn signal I omitted meant something personal to the officer.

My omission is followed by a ticketing to warning ratio of several to none. Even after ticketing, I am remanded again, “watch your driving, ya hear?”

My girlfriend on the other hand, fits the Andromeda mold.

She seems immune to the ills of the ticketed masses.

In fact, these “confrontations” become more of a social delay, and result in the officer giving helpful tidbits, and a warning that almost seems care more about her safety from other driver’s careless habits.

Why the score matters

If you want to join the ranks of the faceless ugly masses, try having a low FICO score.

In reality, it only takes a slightly blemished, neglected score to feel

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April 26

Does Using Credit As Additional Income Cause Financial Devastation?

download (40)It seems society’s viewpoint on the use of credit has changed from those of generations past. Back then people would obtain a line of credit or overdraft protection for emergency situations only. Credit was used for more big-ticket items like purchasing a home. When it came to buying products it was cash sales in the stores, and occasionally some merchants would accept checks from loyal customers. The world ran on currency, which meant price was king, not what the monthly payment would be. Here is why I believe using credit like additional income causes so many with financial devastation…

I need to mention that in these times salary and hourly wages doesn’t always meet the ability of survival. Credit becomes a catch 22 for those families because they can’t afford the basics. Using a credit card to buy groceries this week means they eat, however continually doing so with minimum payments and interest might not help down the road. The imbalance in the economy between pay and inflation has left the average family in a hundred-thousand dollars of debt. I think the idea of

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April 15

Why Does Your Credit Score Experience Fluctuations?

download (39)Applying for a new credit card.

Most people think that when you have a new card, you can use it anyway and anywhere, but that may not be the case since all cards have limits depending on how you use it. A new credit card may have a lower score, but that is subjected to change with time.

Closing all past cards makes your credit history shorter, thereby influencing your score negatively.

Payment History.

Repayment of loans and debt must be satisfactory and timely. Missed payments may not be excused by the creditor or the lending bank, which then can be recorded on your credit file, and this can hinder so many things since it is usually on file for nearly seven years. Despite a clean slate, a small slip up can cause a lot.

Credit card balances.

Credit card balances vary on a monthly basis since the card is typically in use, frequently. The less the available balance is on the card, the greater the credit utilization.

Credit utilization= total amount of debt divided by the credit limit

Some individual have several credit cards with or without balances, closing the

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April 2

The US Has A Borrowing Problem And Easy Money Is Making It Worse

download (37)What is it with all the borrowing these days – credit card debt, low down payment mortgages, car loans and leases, college tuition loans, and the revival of the $100,000 five-minute loan? It’s like the American Consumer is addicted to easy money. Now with interest rates at historic lows, and the FED considering negative interest rates like the EU and Japan there are investment groups taking advantage of those and then lending money here. It seems like every day I read about more offers for easy consumer credit, get some credit card offer in the mail, or am enticed by some marketing company or corporation to buy something on credit. Let’s talk.

You see, there were two troubling articles in the Wall Street Journal recently; “Subprime Auto Loans Flash Signs of Trouble,” by Serena Ng, published on March 14, 2016. Unfortunately that first article was buried in the paper, only one column and hardly noticed. The other article did make the front page of Section II, it was titled; “The Five-Minute, $100,000 Loan,” by Ruth Simon and this article discussed how shrinking application times

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March 25

How You Can Make The Online Money Transfer Process Pleasant

download (36)One of the beneficial possibilities that the internet has brought forth is the possibility to send money online. Today, you do not have to be in the same locality or country with the recipient for you to be able to send them money, all you need is internet and a good service provider to send money across the globe safely and securely. Financial services have become robust and this means that you can enjoy low fees as an individual or a company sending money to your preferred destination.

Unfortunately, even with the great benefits of being able to transfer money online, there are risks involved, especially if you are not careful with the choices that you make. For instance, when you use a money transfer platform that does not have a good reputation, you could end up losing your money or end up charged heftily for the services. It helps to handle the transfer process with care so you can enjoy good results every time you send the money.

Know your options

If it is your first time sending money online, then you want to

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March 24

Why Paying on Time Will Be the New Trend: Credit Score in the Philippines

download (35)For a country with a budding consumer lending system like the Philippines, the idea of creditworthiness is as alien to many Filipinos as music is to the hearing impaired.

The numbers spell out just how financially immature the average Pinoy is. According to the National Baseline Survey on Financial Inclusion conducted by the Bangko Sentral ng Pilipinas (BSP) in the first quarter of 2015, only four out of 10 Filipinos are able save money. Of those who have savings, 32.7% deposit their money in banks, while 68.3% keep them at home. This is a rather small improvement from 2012 when the same BSP survey showed that 20% of Filipinos have a bank account.

Statistics from the credit sector also tell the same tale. The majority of Filipinos would rather borrow money from the informal sector like friends or family members (61.9%) or informal lenders (10.1%). Consequently, formal lending institutions get the smaller chunk of the loan market with banks turning out to be the least preferred money-lending option by Filipinos (4.4%). With the country’s promising economic growth pattern for the past few years, financial experts

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March 22

The Real Pros & Cons of Merchant Accounts

download (34)Like any other business, there are advantages and disadvantages to accepting credit cards. We have included both so you can make an informed decision on if your business should sign up for merchant services. Regardless of the cost you incur, you will see that the benefits outweigh the negatives.

The various pros merchants services offer

1. Increased sales: Yes, this is right, as credit card orders are these days are larger in number than check & cash orders.

2. Faster checkout: It speeds up the checkout line because accepting credit card payment is instant and easy.

3. Cheaper than cash: It is cheaper to accept cards due to the huge order amounts.

4. Security: Dealing with cash needs more security, as the risk involved is high. Dealing with heavy amount can lead to troubles and there is also the possibility of employees giving out the wrong change amount.

5. More choices: The more payment options you offer to the customers, the more you decrease the probability of losing the sale.

The limited cons

1. Cost: Accepting credit cards involves cost similar to every other cost the business incurs. A good

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February 22

Chip Cards Are Here

images (8)As of October 1, 2015 consumers were to have their chip cards and retailers would have the machines that read them. Well, everybody is working towards this goal, but they are not quite there yet. Just this week I received a notice from one of our card companies saying they would start to issue the new cards starting in January of next year when your they renew.

The only consequence seems to be that if retailers are not capable of accepting them by October 1 they could be responsible for fraud. It seems like the United States is way behind all other countries in using the this technology.

So what is the big deal about chip cards. When using a chip card your credit card number is not transmitted instead a random number combination is used. The theory is that if your credit card information is intercepted your actual credit card number will not be obtained by the thief.

When using your chip card you do not swipe it like the old way. Instead you insert the card into a reader and leave it there

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February 15

Shopping For A First Credit Card

download (31)Long before we are old enough to carry credit cards ourselves, advertisers make sure we know about the power of plastic: “It’s everywhere you want to be.” “It pays to Discover.” “What’s in your wallet?”

While using an ad campaign to choose a card is a terrible idea, the slogans have one thing right: A credit card can be a powerful thing. For teens and 20-somethings looking to pick a first card, taking the time to choose carefully can save money and offer a boost in establishing and building a credit history.

An excellent credit score will be helpful when you start to think about buying a car or getting a mortgage. Even if you do not plan to take out a large loan in the near future, your credit information can be a factor in renting an apartment, obtaining a membership at a club or getting hired for certain jobs.

Lenders use credit reports to determine how risky it is to give a borrower – that is, you – a loan. All in all, the lender just wants to know if the borrower will be

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February 12

Credit Information and Its Safety

download (32)“A credit rating is an opinion on the financial soundness of an enterprise and its capability to repay its debts and the corresponding interest. It is a tool for risk assessment and as such, it provides investors with a simple and objective indicator of default risk to supplement their own credit evaluation.” (Business Finance and Philippine Business Firms, Nenita D. Mejorada, 2006)

Some of us are willing to give up the complacency and security of a regular job to go into business. We are willing to invest our money on a business where we can be our own master and employer. We make feasible studies, build our network, and offer our products through social eCommerce. But getting into business means having the acumen to take advantage of opportunities. We should know our target market, the goods and services our market needs, the growth and stability of our business, and the financial resources that we have.

There’s a great deal of business opportunities to try out there. A lot of us are willing to grab them but we don’t have the sufficient capital to do so.

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January 27

7 Tips to Avoid Credit Card Fraud

download (33)Your credit card offers you access to a world of possibilities. It can not only help you in making payments, but it can also help you to improve your credit score. If you make the payments on time and use your card wisely, you can improve your credit score by leaps and bounds. However, if the card is misused due to negligence or fraud, your credit history and score can be severely affected. Hence, it is important that you avoid being a victim of credit card fraud.

Here are 7 tips that will help you to avoid credit card fraud:

1. Do not disclose your credit card info – You should never disclose your card number, security code, expiry date and other details of your card to anyone. These details can be used to make fraudulent transactions and so you need to make sure that no one has access to them. Even if you get calls from people claiming to work for your bank, do not disclose your card info to them.

2. Keep your card safe – It is very important that you keep your

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January 24

A Blank Check Auto Loan Promises Several Benefits to Car Buyers

download (29)When you are in the automobile market, it is essential to have a budget for the car that you want to buy. A smart car buyer is someone who is well aware of the exact amount that he can spend on a car. But, even if you do not have a car budget in mind, a blank check auto loan can prove to be a good choice for obtaining finance for your car.

A Blank Check Auto Loan is a Pre-Approved Loan

A pre-approved loan means the loan is approved by the lender before the car buyer chooses a car. It makes car buying process easy. A blank check auto loan is a type of pre-approved loan. It determines the maximum amount that the lender is willing to lend to the borrower. It gives car buyers an approval for a loan up to a specific amount. The fear of auto loan rejection is eliminated as the loan is pre-approved. Once the car buyer chooses a car, he can write a check of desired amount to buy the car from the dealer.

Watch out for these Factors

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January 23

How To Remove Incorrect Credit Report Information After Bankruptcy

download (30)If you have recently declared bankruptcy and want to rebuild your credit, it is essential that you regularly check your credit report to make sure that all of the details are correct. In reality, everyone needs good credit. Even if you never intend on buying a home or a new car, your credit score will still impact your life. A bad credit score may require you to pay more for car insurance or cost you more for your monthly cell phone plan.

Likewise, a bad credit score could cost you a dream job. So, please keep this in mind when thinking about the time and effort it will take to clean up the credit report. If you have never attempted to clean up your score before, it’s not that hard, and we will make it much more manageable for you. It’s easy to become preoccupied with life and assume that all information reported is accurate, but this is not the case most of the time.

In addition to taking the time to view your credit reports regularly, you must also follow the correct steps to

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January 3

Complete Interpretation of the Term to Help You Make a Wise Decision

images (7)Many a times while you are looking at your car loan contract, you may come across the term ‘cosigner’. A cosigner can be anyone. He/she can be someone from your family or your group of friends. Basically, a cosigner is someone who guarantees that if you cannot pay back the loan, they will be legally responsible to pay back the debt.

Key Requirements:

There are a few requirements which are essential if you plan to get a cosigner for your loan.

  1. Mutual Consent

The cosigner must be willing to sign the contract and pledge that he/she will pay the due amount as per the agreement, in case you are not able to make the payments. The guarantee is always taken in writing and the lender will not accept a verbal commitment.

  1. Proof of an Income Source

At the time of signing the contract, proper evidence of sufficient income must be provided. If your cosigner is employed with an organization, he/she will have to provide his pay-stubs. If he/she is self- employed, income tax return slips will become necessary. In case of failing to provide the proof of an

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January 2

Guaranteed Benefits for a Bad Credit Car Buyer

download (28)The initial process of financing a car is ideally established. You approach your local car dealership, select your desired car and apply for the loan. However, in case of a car buyer with bad credit history, obtaining a loan might get difficult due to the absence of a co-signer, amongst other things. Despite a damaged credit history and significantly low credit score, a guaranteed approval on your auto loan can be an essential medium to get you closer to the car that you wish to buy.

A guaranteed approval on your auto loan ensures that there will be a fixed amount of money that you will receive for the car that you purchase. If you do not have a perfect credit history, a guaranteed approval on your auto loan should be the first thing on your mind. It helps in the sense that even when you have bad credit, you can still get finance for your car; while at the same time determine the exact amount of approval. The approved figure can come in handy when you set out to look for cars in

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January 2

A Blessing for Credit-Challenged Car Buyers

download (27)Are you thinking of buying a new car? Did you study the several sources available in the market for obtaining finance for your car? When you are in the car market, you will spend most of your time making sure that you obtain the best auto loan deal. It is because we turn to auto loans in order to buy a car that we want.

Are you a Credit-Challenged Person?

When you apply for an auto loan, you may have bad credit history or no credit score. A low credit score makes you a credit-challenged person.

A credit-challenged person is someone who has credit issues. It is possible that he may be denied auto loan approval from lenders, banks, and credit unions.

Is there any Option for buying a Car as a Credit-Challenged Person?

If you are a credit-challenged person, it is time to consider a BHPH dealer. BHPH stands for Buy Here Pay Here. Such dealer is considered to be a last resort for people with bad credit, but you should make it your priority when other lenders’ doors are closed for you.

Such dealers offer a unique

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