Is There A Credit Score Estimator?

Too many people on the Internet are trying to find out if there is a credit score estimator that can be used to find out their approximate score. The truth is, there is no such thing as a credit score estimator. Websites that promote any such web applications are most likely fraud.

The only way we can get an estimate of our score is by filling up our online credit request form. It can take up to 14 days to receive report and it may still not be perfect for you. However, its a safe way to get your credit score estimate instead of relying on any website that promotes things like credit score estimators.

Another alternative is to use any reliable company that can offer a consolidated credit reports with scores from all three credit bureaus. There are some serious companies that provide great value added services along with instant access to all three scores. Its always a challenge to identity which company is the most secure as you don’t want to handover your data to unreliable and non-reputed companies that may either misuse or sell your information to third party companies.

A genuine company would generally provide a trial service to the users at no cost so that the value of their service can be assessed. Such companies also provide you instant access to credit score after registration. The trials are generally for a 7 day period and if the service is canceled within 7 days, there is no extra charge for the customer. Such services are always better than using web applications that claim to be credit score estimators.

People who rely on some credit estimating software will run the risk of not knowing their exact score and eventually being unpleasantly surprised when their annual credit report arrives at their door step. This could lead to a serious situation where the persons credit applications could be denied due to undesirable score and it can even lead to not being approved of any kind of debt consolidation loan.

Popular finance magazines indicate that high percentage of people with high score had invested at least once in services related to credit monitoring. This means that people are increasingly becoming aware of the need to consistently monitor and raise their score as they are aware that they can easily acquire loans at low interest rates if their scores are high. Of course, it makes sense not to register with any random website that claims to provide free credit score unless you have done enough background verification of the company.

Business Credit Cards for a New Business

If you are a new company starting out then having a business credit card is a must. Business credit cards for a new business are hard to figure out at times so this article will go over exactly how to choose the right one that is going to work best for your company.

Every business credit card typically comes with some sort of perk, whether it be cash back, lower interest rates, high credit limit, missed payment forgiveness, etc. Before you even start looking for business credit cards for your new business you need to sit down and think about which perk you want more than any other for your business. Always remember that the goal of any business is to maximize profits so whichever perk will help you accomplish this is the one you want to seek.

Once you have decided on which credit card is the best then it’s time to start shopping around. I usually recommend starting with smaller banks or credit unions in town. The reasoning behind this is whenever something goes wrong, and in business it will, you will need the support of a bank that can help guide you through any sort of credit issues. The advantage here is if you pick up the phone and call the bank you will typically get someone at that branch office not a call center in the nether regions of the planet.

If you decide to go to a large bank or retail banks you always see advertised, the advantage with these companies is the long standing history. This means that any issue you have more than likely they have seen it a thousand times already. The downfall is when you call for support typically you’ll be routed to a call center and most of the times not within your country.

Regardless of which large or small bank you choose always call and setup a discussion about your goals for your business credit cards for a new business. This way the bank and you can start a new relationship and they will be able to help pick out the best business credit card for your new business for your company.

Always make sure you fully understand the terms you and the bank are agreeing to especially the interest rates. With the recent recession banks are willing to issue business credit cards for your new business but sometimes they are attached to a higher interest rate that can hurt you business if you are not careful.

Student Credit Cards – How to Be A Responsible User

Student credit cards are truly valuable, because they help college students make ends meet, as they live in college dorms and are far away from home. However, these should be used intelligently, because if they are not wisely used, then they can be the start of the student’s financial troubles. Here are a few useful ideas on how to be a responsible user.

What Are The Student’s Cards Main Function?

Student credit cards are just like any other card, but these can be obtained on college campuses. Many firms often post notices which enticed college students to apply, with some offering freebies like t-shirts, caps, mugs and umbrellas to them. These cards can be used in most retail establishments, for purchasing products on credit, or for paying tuition fees and other school-related expenses. Students can make payments by sending their monthly dues to the company.

The Perks of Owning One

Student credit cards provide college students with a large degree of financial independence, wand for most; this will be the first time that they are able to obtain credit without their parents assisting them. How the student uses the card will have a major effect on their future financial health and credit standing. If they use these cards properly, they can acquire juicier offers for larger credit balances, and get other rewards like free miles, cash and shopping points.

Student Cards However Have the Highest Interest Rates

One of the biggest drawbacks of having a student credit card is that these cards commonly carry the highest interest rates, as compared to other credit or debit instruments. The rate usually goes as high as 25 to 30 percent, and although the introductory rates may be low, if the individual misses one or more payments, the rate is likely to double or even triple.

Students Should Limit Their Spending

According to a CEO of a review website, if you spend more than what you can really afford, using your credit badly, this can send you into a debt quagmire. It is common for companies to increase the credit limit over time, especially when the student approaches the present limits. And if the bank notices that the student makes his or her minimum payments on time, they too are likely to increase the limit.

Don’t Use The Card to Pay for your Tuition

Some credit experts are contending that if you have no money to pay your school tuition, and you need to borrow, make sure not to place your tuition bill on a credit card. Instead, why not try getting a federal or private student loan. These types of loans generally come with low fixed rates, as compared to credit cards. Also try to pay for your books with the cash you earned, instead of using the credit card. Do your very best to explore other options before using the student card.

If the student is irresponsible in using the student credit card, it can cause a lot of damage to his or her future financial, and academic standing. For example, if the student’s debts start piling too fast, they might focus more of their attention to raising enough money to pay for it, instead of doing their school coursework. A card default can also negatively impact the student’s chances of getting a housing or car loan in the future.

Using a Collection Agency Is Profitable for Your Business

It’s a fact of business life – not all clients pay on time and some clients don’t want to pay at all. The older an overdue account is, the chances are far less likely that the account will become current on payments. Businesses are encouraged to consider working with a collection agency to assist in getting the money they are owed.

Collecting on bad debts is a time consuming process that can take away valuable resources from the average business. Some companies will hire a credit manager to try and work through the unpaid accounts, but a growing business soon has to consider a full time team to handle all the accounts, which means paying out salaries and benefits just to collect on overdue accounts. Sometimes, the investment in extra staff doesn’t pay for itself.

The benefit of hiring a collection agency is that they are professionals at what they do. They have the tools at their disposal to track down old debtors and the personal expertise in setting up arrangements that can influence a bad debt to become current. Collection agency workers also have extensive knowledge in state-by-state compliance laws, something that most in-house collections personnel are at risk of violating.

As a general rule, when an account gets past 90 days of its due date it’s time to hand it over to an agency. Most companies are not likely to have the extensive knowledge, tools or expertise to get an account this late to pay up. But there are other signs to go by that will help companies know when they should start consulting with a collection agency. Some clients will continually make complaints that are not justifiable. This type of client is likely trying to get out of paying for the product/service and should instantly be referred to a collection agency.

Repeat delinquencies are also another red flag that the client should be shuffled to collections. Some clients will flat out deny that they are responsible for the payment – a sign for collections. In nearly half of all collections cases the client simply doesn’t follow the terms of the payment agreement. This client generally pays, but only on their terms and when they want. By acting quickly and hiring a collection agency, companies are able to keep their losses to a minimum.

Companies are urged to research their collection agencies and narrow the list to only those that have industry-leading insights. Companies like Omega-RMS fit this description.