Tag: Secured

Can You Build Credit with a Debit Card? #build #credit, #credit #card, #credit #history,

#

Can You Build Credit with a Debit Card?

I m trying to establish a positive credit history. I ve been paying my power bill and my telecommunications, internet and cable bills on time every month for over a year now with a debit card. My question is, can I report the bill payment history to the credit bureau or have the company send it? Or can I have the debit card company report to the bureau? Also, can you build credit with a debit card?

Dear ILG,

A Debit Card Cannot Help You Build Credit

Purchases made with a debit card do not help you build credit. When you use a debit card, the funds are automatically taken directly from your checking account, so it is essentially a cash purchase.
Banks do not report debit card accounts to Experian or the other credit reporting agencies.

Utility Payments Are Typically Not Reported to Experian

Currently, utility companies do not typically report directly to the credit reporting agencies, and neither you nor your banking institution would be able to report a record of payments on their behalf.

In recent years, there has been some discussion of the possibility that utility companies might begin reporting positive payment history, so it’s possible that you may see your utility accounts on your credit report in the future. Until then, however, your on-time utility payments probably won’t help you build your credit history.
Keep in mind that even though making on-time utility payments may not help you build your credit history, it’s still in your best interest to do so. Failing to pay a utility bill can have serious consequences, such as hefty fees and the possibility that the account will be sent to collections. Once sold to a collection agency, it’s likely that the account will appear on your credit report.

Collection accounts remain on your credit report for seven years from the original delinquency date. and they usually have a very negative impact on credit scores.

How to Begin Building Credit

In order to build a strong credit history. you will need to demonstrate your ability to manage credit wisely. If you are just starting to establish credit and do not yet have any credit accounts, here are a few ways you can begin:

  • Apply for and open a credit card account. Apply for a credit card with your bank or credit union first. You may be more likely to be approved because you already have an account in good standing with them.
  • Consider opening a secured credit card. Even if you are unable to qualify for a traditional credit card right away, you may be able to open a secured card. With a secured card, the bank will require that you open a savings account. The credit card limit will be tied to the balance in the account. That “secures,” or protects the bank, if you do not repay the charges you make. Secured cards usually have a small credit limit.

Use the card the same way you would a traditional credit card, charging small amounts and paying your balance in full each month. If you are able to demonstrate responsible use of the card, in time the bank may be willing to convert the card over to a regular, unsecured, credit card account.

Most banks report secured cards to the credit reporting agencies, so you may be able to use the account to begin building credit right away.

  • Ask a family member to add you to their account as a joint account holder or an authorized user. With a joint account, you will each be equally responsible for managing the account and making sure all payments are made on time.

    As an authorized user, you won’t be responsible for making payments, but will still have access to use the account. Although both options can help you begin building credit, not all creditors report authorized user accounts to the credit reporting agencies, so you may want to ask first.

    Thanks for asking,
    The “Ask Experian” Team

    Good credit begins with knowing where your credit is today. Get started with your free Experian Credit Report, updated every 30 days on sign in. No credit card required.

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  • Secured Business Loans #business #catalyst


    #secured business loans

    #

    Secured Business Loans

    The growth and success of most businesses often requires access to additional funds. If your small business is in need of extra money, secured loans can be the key to overcoming challenges or taking advantage of available opportunities.

    What are Secured Business Loans?

    Secured loans are typically offered by financial institutions to business owners who require capital to start a new business, expand an existing one or pay for business-related expenses. This loan requires upfront collateral which reduces risk for the lender, allowing them provide a lower interest rate that can be paid back more easily by the borrower.

    What Companies Utilize Secured Small Business Loans?

    All types of small businesses could benefit greatly from this type of loan, however, companies that have mutual funds, vehicles, inventory. equipment, accounts receivable. land, buildings or other property to put up as collateral will have significantly lower payments and significantly longer repayment periods as compared to unsecured, collateral-free loans.

    How Can I Acquire Secured Business Loans?

    Utilizing a secured business loan is a great way to ensure a lower interest rate, a longer repayment period, and the opportunity to build credit and forge a relationship between business and credit provider. National Business Capital strives to understand each business’ unique history, present position and future needs to provide the best financial assistance possible. National Business Capital’s 90% approval rates, zero upfront fees and years of experience providing honest, professional financing advice is on your side. Take advantage of expansion opportunities, amass seasonal inventory, and engage in lucrative marketing initiatives with secured small business loans .

    For more information about secured business loans, our 24 hour response time or flexible credit services, please give us a call at (877) 482-3008. To apply via our easy 2 minute application, click here.

    We Finance Your Journey

    Our approval process takes less than 24 hours.


    Tags : , ,

    Establishing Business Credit with a Secured Business Credit Card #secured #business #credit


    #

    Establishing Business Credit with a Secured Business Credit Card

    Secured Business Credit Card

    Recently I posted how credit restoration is a viable strategy for small business owners in personal credit recovery. In addition to repairing your personal credit you should also focus on building and if necessary repairing your business credit as well. One of the best ways to start establishing business credit is through a secured business credit card.

    These types of credit cards are specifically designed for businesses with no credit or less than perfect credit history. When you apply you are required to submit a security deposit that will establish an initial credit line. In most cases a minimum deposit of $500-$1,000 is required and once you begin using your card you will receive invoices like a standard unsecured business credit card.

    As you pay your invoices your payments will get reported to the business credit bureaus. I always encourage my members to use a secured business credit card along with vendor credit lines because it will allow you establish a strong blend of account types on your files.

    Some of the secured business credit cards we have listed report solely to one bureau like Corporate Experian while others report to two or all three of the major business credit bureaus. Keep in mind that your deposit is only used to pay off the debt in the event that you default on making payments.

    As soon as you receive your card you can start using it to make purchases for your business. When you charge a purchase just simply pay the invoice when it comes due. Now remember the whole purpose of using the card is to build credit so don’t be late on your payments. After six months you can request that your account be reviewed for a credit limit increase without requiring a larger security deposit.

    Some other benefits of a secured business credit card include:

    • Universal Acceptance
    • Cash Back Programs
    • Online Expense Management
    • Easy Funding Options

    Before you apply you will need to have your company’s business license, articles of incorporation, address verification, federal tax ID#, banking reference and general business information. You will also need to list authorized users and how many cards you are requesting.

    You can send your security deposit via wire transfer and typical turnaround times take 7-10 business days. Keep in mind that before you select any secured business credit card make sure you read the terms and conditions completely and verify which business credit bureau they report to.

    Another advantage to using secured business credit cards is the separation between your personal credit and business credit. In my opinion these types of business credit cards are ideal for every small business owner because it not only establishes business credit but also controls spending, eliminates personal liability and protects your personal credit files.

    Looking for the best secured business credit cards. Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to secured business credit cards, vendor lines of credit, fleet cards, business credit cards with and without a personal guarantee, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value) =

    Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insider s Circle. He is a business credit blogger for AllBusiness.com, a subsidiary of Dun and Bradstreet and author author of Eight Steps to Ultimate Business Credit and How to Build Business Credit with No Personal Guarantee. His articles and blogs have also been featured in American Express Small Business, Business Week, The Washington Post, The San Francisco Tribune . Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain.

    Related Posts

    • Looking for Secured Business Credit Cards?
    • Building Business Credit: The 20 Essential Questions to Focus On
    • Top 10 Myths about Building Business Credit- Part 1
    • 7 Ways to Maximize Your Business Credit Score

    Thank you for your post share. I really like your blog and I have learned something from it.

    Considerably, this post is really the greatest on secured business credit cards. I agree with your conclusions and ook forward to your future updates. Simply just saying thanks will certainly not just be sufficient, for the fantastic clarity in your writing. I will definitely grab your rss feed to stay abreast of any updates. Genuine work and also much success in your business!

    Excellent info Marco. We work with businesses who have bad credit all of the time and this is a really great article with great tips for them.

    chirs harton says

    I was wanting to know if i have to use my social securty # when applying for a secured businesss credit card,just my ein#.because when they pull your credit a hard inquiry is posted to my credit score,and that hurts it.

    No, you do not have to supply your social security number for a secured business credit card. You will need to supply your EIN number as well as your DUNs number with most companies. That s one of the great benefits to these types of cards because there is no personal credit check or personal guarantee.

    Awesome and informative post! Been reading your blog for a while and look forward to getting set up with you guys.

    Great info here Marco! So many people don t realize that a bad credit history can be repaired for both personal and business. Keep up the great work.

    Thanks for posting this Marco, its good and look forward to accessing your sources. Cheers!

    Thanks Tom, appreciate the feedback and by the way here s a new source to help rebuild personal credit that reports to all three credit bureaus.

    Great post Marco I never knew about secured business credit cards until now! was an interesting read Thanks!


    Tags : , ,

    Secured Business Loans – UK SME Lending #business #lending


    #secured business loans

    #

    Secured Business Loans: The Essentials

    Find out if a secured loan is right for your business.

    Are you about to launch a new venture? Or perhaps you’re planning ahead for a seasonal dip in income and want to boost cash flow. Maybe you’re expanding and need bigger premises, new equipment and more staff.

    Launching or growing a business inevitably involves investing money. An injection of capital can give you the stability and freedom to get things off the ground or take your enterprise to the next level. This is where small business loans come in – when you find the right lender, the funds can be a lifeline.

    Focus on alternative finance

    The options are numerous – which is great news for all smaller ventures – but identifying the loan that best suits your business is essential to securing funding in the first place, not to mention having a loan that’s affordable.

    Lenders apply their own criteria, payment terms, interest rates, and requirements for collateral as security (more about that in a moment). It’s worth focusing on lenders in the mushrooming alternative finance sector, whose terms tend to be more flexible and suited to SMEs.

    Secured or unsecured loans?

    First, let’s look at the basic differences between secured and unsecured business loans.

    You can typically borrow more with a secured loan than with an unsecured loan – some lenders offer in excess of £1 million in fact. Secured loans generally offer lower interest rates too.

    One point worth mentioning is that because you can borrow larger amounts with secured loans, lenders need to reduce their risk by asking you for security on the loan. So they’re likely to ask you to provide collateral as security against the loan. Then, if you default, the lender has a higher chance of recovering the money you owe.

    Think of it like a pawn shop: you provide an item to the lender who evaluates the asset and decides how much you can borrow based on its value. It may be a simplified comparison, but it illustrates the basic idea.

    Company collateral as security

    When businesses apply for large loans, they’re likely to be asked to pledge company collateral as security. What lenders want as assurance varies, but you should expect to pledge assets such as the following:

    • Commercial property
    • Land
    • Vehicles
    • Equipment
    • Fittings and fixtures
    • Or, instead of individual assets, some lenders request the net worth of all assets

    The value of your assets must be sufficient for a lender to justify giving you the loan.

    Personal guarantees

    As well as providing company collateral, you may be asked to give a personal guarantee as additional assurance for the lender, making individuals liable for the loan. Lenders’ requirements vary but often depend on your company status – we explain more below:

    If you’re a limited company or LLP

    • If you have a limited company or limited liability partnership (LLP), the majority of lenders will expect you to provide a personal guarantee alongside company collateral.
    • Directors or shareholders with a minimum of around 20% to 25% share in a limited company are also likely to be asked to provide a personal guarantee.

    If you’re a sole trader or partnership

    • When it comes to sole traders and partnerships with unlimited liability (not LLPs), the rules are different when it comes to any kind of loan: you’re always personally liable. and, as a result, you won’t be asked to put up any company collateral.

    Since each lender has a different approach to decision-making, always look closelyat lenders’ terms.

    Another point to highlight: if you refuse to provide a personal guarantee this could reflect badly on your application – and your intention to pay back the money. So regardless of whether you’re a sole trader, a partnership, a limited company or LLP, be prepared to provide a guarantee such as residential property or valuables such as jewellery.

    Secured loans = flexible terms

    In return for security, lenders can be more flexible with their terms, giving borrowers competitive interest rates and long repayment periods – anything between 2 and 10 years.

    On the other hand, if you’re a shoestring startup or a new business yet to build up valuable assets, you might not have enough collateral to put up for a large loan. If this sounds like you, then an unsecured loan could work better for you – but you still need to weigh up the pros and cons.

    Whatever you do, choose your small business loan wisely, and you must be confident that you can pay back the loan or you may risk losing the company and personal assets.

    Your first step on the road to funding

    Since lenders have their own criteria and meticulous assessments, it’s worth talking to them directly. In fact, a chat with one of the experienced relationship managers at Fleximize is a great place to start. As innovators in lending to SMEs, our team understands the demands of small business finance, and the significance of such a serious financial commitment. Call us on 020 7100 0110.


    Tags : , , , , , ,

    Secured Business Loans #good #business #names


    #secured business loans

    #

    Secured Business Loans

    The growth and success of most businesses often requires access to additional funds. If your small business is in need of extra money, secured loans can be the key to overcoming challenges or taking advantage of available opportunities.

    What are Secured Business Loans?

    Secured loans are typically offered by financial institutions to business owners who require capital to start a new business, expand an existing one or pay for business-related expenses. This loan requires upfront collateral which reduces risk for the lender, allowing them provide a lower interest rate that can be paid back more easily by the borrower.

    What Companies Utilize Secured Small Business Loans?

    All types of small businesses could benefit greatly from this type of loan, however, companies that have mutual funds, vehicles, inventory. equipment, accounts receivable. land, buildings or other property to put up as collateral will have significantly lower payments and significantly longer repayment periods as compared to unsecured, collateral-free loans.

    How Can I Acquire Secured Business Loans?

    Utilizing a secured business loan is a great way to ensure a lower interest rate, a longer repayment period, and the opportunity to build credit and forge a relationship between business and credit provider. National Business Capital strives to understand each business’ unique history, present position and future needs to provide the best financial assistance possible. National Business Capital’s 90% approval rates, zero upfront fees and years of experience providing honest, professional financing advice is on your side. Take advantage of expansion opportunities, amass seasonal inventory, and engage in lucrative marketing initiatives with secured small business loans .

    For more information about secured business loans, our 24 hour response time or flexible credit services, please give us a call at (877) 482-3008. To apply via our easy 2 minute application, click here.

    We Finance Your Journey

    Our approval process takes less than 24 hours.


    Tags : , ,

    Secured Business Loans – UK SME Lending #printing #business #cards


    #secured business loans

    #

    Secured Business Loans: The Essentials

    Find out if a secured loan is right for your business.

    Are you about to launch a new venture? Or perhaps you’re planning ahead for a seasonal dip in income and want to boost cash flow. Maybe you’re expanding and need bigger premises, new equipment and more staff.

    Launching or growing a business inevitably involves investing money. An injection of capital can give you the stability and freedom to get things off the ground or take your enterprise to the next level. This is where small business loans come in – when you find the right lender, the funds can be a lifeline.

    Focus on alternative finance

    The options are numerous – which is great news for all smaller ventures – but identifying the loan that best suits your business is essential to securing funding in the first place, not to mention having a loan that’s affordable.

    Lenders apply their own criteria, payment terms, interest rates, and requirements for collateral as security (more about that in a moment). It’s worth focusing on lenders in the mushrooming alternative finance sector, whose terms tend to be more flexible and suited to SMEs.

    Secured or unsecured loans?

    First, let’s look at the basic differences between secured and unsecured business loans.

    You can typically borrow more with a secured loan than with an unsecured loan – some lenders offer in excess of £1 million in fact. Secured loans generally offer lower interest rates too.

    One point worth mentioning is that because you can borrow larger amounts with secured loans, lenders need to reduce their risk by asking you for security on the loan. So they’re likely to ask you to provide collateral as security against the loan. Then, if you default, the lender has a higher chance of recovering the money you owe.

    Think of it like a pawn shop: you provide an item to the lender who evaluates the asset and decides how much you can borrow based on its value. It may be a simplified comparison, but it illustrates the basic idea.

    Company collateral as security

    When businesses apply for large loans, they’re likely to be asked to pledge company collateral as security. What lenders want as assurance varies, but you should expect to pledge assets such as the following:

    • Commercial property
    • Land
    • Vehicles
    • Equipment
    • Fittings and fixtures
    • Or, instead of individual assets, some lenders request the net worth of all assets

    The value of your assets must be sufficient for a lender to justify giving you the loan.

    Personal guarantees

    As well as providing company collateral, you may be asked to give a personal guarantee as additional assurance for the lender, making individuals liable for the loan. Lenders’ requirements vary but often depend on your company status – we explain more below:

    If you’re a limited company or LLP

    • If you have a limited company or limited liability partnership (LLP), the majority of lenders will expect you to provide a personal guarantee alongside company collateral.
    • Directors or shareholders with a minimum of around 20% to 25% share in a limited company are also likely to be asked to provide a personal guarantee.

    If you’re a sole trader or partnership

    • When it comes to sole traders and partnerships with unlimited liability (not LLPs), the rules are different when it comes to any kind of loan: you’re always personally liable. and, as a result, you won’t be asked to put up any company collateral.

    Since each lender has a different approach to decision-making, always look closelyat lenders’ terms.

    Another point to highlight: if you refuse to provide a personal guarantee this could reflect badly on your application – and your intention to pay back the money. So regardless of whether you’re a sole trader, a partnership, a limited company or LLP, be prepared to provide a guarantee such as residential property or valuables such as jewellery.

    Secured loans = flexible terms

    In return for security, lenders can be more flexible with their terms, giving borrowers competitive interest rates and long repayment periods – anything between 2 and 10 years.

    On the other hand, if you’re a shoestring startup or a new business yet to build up valuable assets, you might not have enough collateral to put up for a large loan. If this sounds like you, then an unsecured loan could work better for you – but you still need to weigh up the pros and cons.

    Whatever you do, choose your small business loan wisely, and you must be confident that you can pay back the loan or you may risk losing the company and personal assets.

    Your first step on the road to funding

    Since lenders have their own criteria and meticulous assessments, it’s worth talking to them directly. In fact, a chat with one of the experienced relationship managers at Fleximize is a great place to start. As innovators in lending to SMEs, our team understands the demands of small business finance, and the significance of such a serious financial commitment. Call us on 020 7100 0110.


    Tags : , , , , , ,

    Secured Business Loans – UK SME Lending #stock #market #quotes


    #secured business loans

    #

    Secured Business Loans: The Essentials

    Find out if a secured loan is right for your business.

    Are you about to launch a new venture? Or perhaps you’re planning ahead for a seasonal dip in income and want to boost cash flow. Maybe you’re expanding and need bigger premises, new equipment and more staff.

    Launching or growing a business inevitably involves investing money. An injection of capital can give you the stability and freedom to get things off the ground or take your enterprise to the next level. This is where small business loans come in – when you find the right lender, the funds can be a lifeline.

    Focus on alternative finance

    The options are numerous – which is great news for all smaller ventures – but identifying the loan that best suits your business is essential to securing funding in the first place, not to mention having a loan that’s affordable.

    Lenders apply their own criteria, payment terms, interest rates, and requirements for collateral as security (more about that in a moment). It’s worth focusing on lenders in the mushrooming alternative finance sector, whose terms tend to be more flexible and suited to SMEs.

    Secured or unsecured loans?

    First, let’s look at the basic differences between secured and unsecured business loans.

    You can typically borrow more with a secured loan than with an unsecured loan – some lenders offer in excess of £1 million in fact. Secured loans generally offer lower interest rates too.

    One point worth mentioning is that because you can borrow larger amounts with secured loans, lenders need to reduce their risk by asking you for security on the loan. So they’re likely to ask you to provide collateral as security against the loan. Then, if you default, the lender has a higher chance of recovering the money you owe.

    Think of it like a pawn shop: you provide an item to the lender who evaluates the asset and decides how much you can borrow based on its value. It may be a simplified comparison, but it illustrates the basic idea.

    Company collateral as security

    When businesses apply for large loans, they’re likely to be asked to pledge company collateral as security. What lenders want as assurance varies, but you should expect to pledge assets such as the following:

    • Commercial property
    • Land
    • Vehicles
    • Equipment
    • Fittings and fixtures
    • Or, instead of individual assets, some lenders request the net worth of all assets

    The value of your assets must be sufficient for a lender to justify giving you the loan.

    Personal guarantees

    As well as providing company collateral, you may be asked to give a personal guarantee as additional assurance for the lender, making individuals liable for the loan. Lenders’ requirements vary but often depend on your company status – we explain more below:

    If you’re a limited company or LLP

    • If you have a limited company or limited liability partnership (LLP), the majority of lenders will expect you to provide a personal guarantee alongside company collateral.
    • Directors or shareholders with a minimum of around 20% to 25% share in a limited company are also likely to be asked to provide a personal guarantee.

    If you’re a sole trader or partnership

    • When it comes to sole traders and partnerships with unlimited liability (not LLPs), the rules are different when it comes to any kind of loan: you’re always personally liable. and, as a result, you won’t be asked to put up any company collateral.

    Since each lender has a different approach to decision-making, always look closelyat lenders’ terms.

    Another point to highlight: if you refuse to provide a personal guarantee this could reflect badly on your application – and your intention to pay back the money. So regardless of whether you’re a sole trader, a partnership, a limited company or LLP, be prepared to provide a guarantee such as residential property or valuables such as jewellery.

    Secured loans = flexible terms

    In return for security, lenders can be more flexible with their terms, giving borrowers competitive interest rates and long repayment periods – anything between 2 and 10 years.

    On the other hand, if you’re a shoestring startup or a new business yet to build up valuable assets, you might not have enough collateral to put up for a large loan. If this sounds like you, then an unsecured loan could work better for you – but you still need to weigh up the pros and cons.

    Whatever you do, choose your small business loan wisely, and you must be confident that you can pay back the loan or you may risk losing the company and personal assets.

    Your first step on the road to funding

    Since lenders have their own criteria and meticulous assessments, it’s worth talking to them directly. In fact, a chat with one of the experienced relationship managers at Fleximize is a great place to start. As innovators in lending to SMEs, our team understands the demands of small business finance, and the significance of such a serious financial commitment. Call us on 020 7100 0110.


    Tags : , , , , , ,

    Secured Business Loans #quality #business #cards


    #secured business loans

    #

    Secured Business Loans

    The growth and success of most businesses often requires access to additional funds. If your small business is in need of extra money, secured loans can be the key to overcoming challenges or taking advantage of available opportunities.

    What are Secured Business Loans?

    Secured loans are typically offered by financial institutions to business owners who require capital to start a new business, expand an existing one or pay for business-related expenses. This loan requires upfront collateral which reduces risk for the lender, allowing them provide a lower interest rate that can be paid back more easily by the borrower.

    What Companies Utilize Secured Small Business Loans?

    All types of small businesses could benefit greatly from this type of loan, however, companies that have mutual funds, vehicles, inventory. equipment, accounts receivable. land, buildings or other property to put up as collateral will have significantly lower payments and significantly longer repayment periods as compared to unsecured, collateral-free loans.

    How Can I Acquire Secured Business Loans?

    Utilizing a secured business loan is a great way to ensure a lower interest rate, a longer repayment period, and the opportunity to build credit and forge a relationship between business and credit provider. National Business Capital strives to understand each business’ unique history, present position and future needs to provide the best financial assistance possible. National Business Capital’s 90% approval rates, zero upfront fees and years of experience providing honest, professional financing advice is on your side. Take advantage of expansion opportunities, amass seasonal inventory, and engage in lucrative marketing initiatives with secured small business loans .

    For more information about secured business loans, our 24 hour response time or flexible credit services, please give us a call at (877) 482-3008. To apply via our easy 2 minute application, click here.

    We Finance Your Journey

    Our approval process takes less than 24 hours.


    Tags : , ,