6 Steps to Effective Small Business Credit Card Management

With the growing popularity of small business credit cards and ever changing interest rates, now is the time to learn the 6 steps to effective small business credit card management.

We've entered into a new age of credit for small business. New opportunities apply but credit debt still needs to be approached with caution. Over 2/3 of small businesses use a credit card for expenses with only 40% using a business credit card exclusively, as indicated by a Tower Group report. Should you use a small business credit card over a personal card?

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A Personal Loan For Setting Up An Online Business

Are you thinking about setting up an online business and earning some profits thanks to the internet? Do you need the funds to purchase the hardware and software needed and maybe pay for some advertising campaign? Though a business loan may sound as the most suitable solution for such purpose, an alternative (and often more feasible) solution for financing the set up of an online business is resorting to a personal loan.

Business loans are meant for businesses and there is no doubt about that. The question is: for what businesses? And that is the main problem with this kind of loans. Most business loans require an already running business with at least 3 years of credit history. Personal loans, on the other side, can be used for almost anything and thus, though they may not be designed for that specific purpose, with the aid of other financial tools they can provide the funding needed.

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Why Good Credit Matters

Society is becoming increasingly dependent on using credit to make purchases and decisions. These days, good credit is used for more than just getting a credit card or a loan. More and more businesses are making the case that your credit should be used to make decisions about extending goods or services to you.

Shelter

When it comes to where you live, your credit is important. Mortgage lenders want to know that you won’t default on your mortgage. If you don’t have good credit, the lender will consider it risky to give you a mortgage loan. This could result in a higher cost of borrowing or worse, a denial of the loan.

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Improve Your Credit Rating

A bad credit rating can limit your borrowing options. County court judgments, defaulted payments and bankruptcy orders leave a black mark against your name when trying to secure credit.

Usually, the only means of credit available in these circumstances is through what is know as the sub-prime market, where would-be borrowers are charged high rates of interest to reflect the perceived risk to the lender.

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Resources for Unsecured Credit Cards
Credit Cards with no deposit or additional collateral required!

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How Mortgages Work: Qualifying for a Loan

In order to qualify for a mortgage, most lenders require that you have a debt-to-income ratio of 28/36 (this can vary depending on the down payment and the type of loan you're getting, however). This means that no more than 28 percent of your total monthly income (from all sources and before taxes) can go toward housing, and no more than 36 percent of your monthly income can go toward your total monthly debt (this includes your mortgage payment). The debt they look at includes any longer term loans like car loans, student loans, credit cards, or any other loans that will take a while to pay off.

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The growth of unsecured credit: Are we better off?

The growth in unsecured credit over the past two decades has, because of current bankruptcy law, reduced the average welfare of the poor. This striking conclusion emerges from a model designed to maximize the benefits of both plentiful unsecured credit and lax bankruptcy law. Even exclusive concern for wealth redistribution does not provide self-evident justification for lax bankruptcy law in the face of the unprecedented expansion in unsecured credit occurring over the past two decades. Specifically, according to the model, the welfare of low-income, low-asset households appears to have fallen in response to the dramatic increase in the availability of unsecured credit that has occurred since the Marquette Supreme Court ruling in 1978.

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Types of Credit Cards

Since each consumer’s financial needs are different, it makes sense that there are different types of credit cards. Before you apply for a credit card, become familiar with the various kinds of credit cards to make sure you’re choosing the best one for you.

Credit cards are the most common type of credit card allowing you to have a revolving balance up to a certain credit limit. Credit is used up when you make a purchase and made available again once you’ve made a payment. A finance charge is applied to outstanding balances at the end of each month. Credit cards have a minimum payment that must be paid by a certain due date to avoid late-payment penalties.

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Credit Card Management: Consolidating Your Cards

If you make payments on several credit cards, you may want to consolidate your payments into one card.

Consolidating your credit cards has some great side effects. For one, it adds discipline to your spending. Keeping a running tally on one card is much easier than trying to do the same with five or six cards. You also write fewer checks to credit-card companies each month.

The real potential benefit of consolidating your credit card, however, is improvement in personal cash flow. For one, you avoid paying multiple annual fees. You may also be able to roll up several high-interest-rate cards into a card that has a lower interest rate.

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Resources for Unsecured Credit Cards
Credit Cards with no deposit or additional collateral required!

Resources for Credit Report Agencies
Don't know your credit score? Download a recent copy of your credit report!



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The Key To Building A Good Credit History

Bad credit can keep you from buying a home, financing your education, and even from getting a job. This is why it’s so important to build a good credit history.

Starting with your first credit card, everything you do that involves credit becomes part of your credit history. To have a good credit history, you have to use credit responsibly. But what counts as using credit responsibly?

Charge only what you can afford to pay. When you get into the habit of charging only what you can afford, it lets future lenders and creditors know that you are a responsible borrower. It will be easier for you to borrow when you show that you know how to only borrow what you are able to pay back. In addition, only charging what you can afford to pay keeps you safe from debt.

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Resources for Unsecured Personal Loans
Guaranteed Loan Programs for personal use! No collateral required!

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Credit Cards with no deposit or additional collateral required!



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Dos and Don'ts Of Using Credit Cards

Most of us aren't born knowing how to use credit cards. Still, it’s important to learn the rules of the credit card game – preferably before you start playing. These dos and don’ts of credit card usage encourage healthy spending habits for new and experienced credit card users alike.

Don't

• Use your credit card to make everyday purchases. Items like food, clothing, and gas shouldn't be purchased with a credit card. Using your credit card as a substitute for cash is a habit that can quickly lead to debt. For ordinary purchases, leave your credit card in your wallet and use cash or debit card instead.

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Resources for Unsecured Personal Loans
Guaranteed Loan Programs for personal use! No collateral required!

Resources for Business Credit Cards
Credit Cards with no deposit or additional collateral required!



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Credit & Debt Basics

Credit cards and other forms of debt can be an essential part of your financial toolbox, but you must exercise care when using credit and taking on debt. Find out the difference between good debt and bad debt, and learn how to establish credit and maintain a good credit score.

1. Establishing Credit

Before you can be considered for a credit card, car loan, or even a mortgage, you need to have an established credit history. While it isn't too difficult to establish credit, you want to make sure that you're establishing the right kind of credit so that you can maintain a high credit score.

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Resources for Unsecured Personal Loans
Guaranteed Loan Programs for personal use! No collateral required!

Resources for Credit Report Agencies
Don't know your credit score? Download a recent copy of your credit report!

Resources for Student Credit Cards
Credit Cards with no deposit or additional collateral required!

Resources for Business Credit Cards
Credit Cards with no deposit or additional collateral required!


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Building Business Credit

Cultivating relationships with suppliers is key to developing trade credit. Bank loans and personal capital are common ways of securing funds or developing business credit in the early stages, but your vendors are another possibility, and can offer reasonable terms.

What is Trade Credit?

Companies that supply your business will often allow their customers a grace period before having to pay for the goods. This is called vendor or trade credit and it permits businesses to generate at least some revenue from the sale of goods before they have to pay for those goods. Vendors offer this credit to help attract new customers. The vendors can also purchase insurance on this credit to cover their risk.

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Resources for Business Financing
Offers financing for businesses even with bad credit!

Resources for Business Credit Cards
Credit Cards with no deposit or additional collateral required!



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What Kind of Information is on Your Credit Report?

Your credit report is an ongoing look at your personal information and how you manage your finances. Data is typically submitted to a credit reporting agency by your creditors, by the court system or from other public records, and by debt collection agencies.

Once a notation is made on your report, it doesn't drop off for awhile. That's not a problem for positive entries, but negative comments by your creditors can affect your buying power for several years. If the comments are accurate, they can stay on your report for seven years. Bankruptcies can remain on your report for ten.


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Unsecured Debt

A loan not secured by an underlying asset or collateral, an unsecured debt is the opposite of secured debt. The concept of unsecured debt is easily understood when its opposite is considered. A good example of secured debt would be a mortgage. The bank loans out money to a lender who uses it to buy a house; the house becomes the asset backing the loan.

In the case of unsecured debt, a lender loans money without the security that an underlying asset provides. For this reason, unsecured debt carries more risk for the lender, which in turn makes the loan more expensive. The more additional risk that a lender must take on, the higher the rate of interest a borrower must pay, making unsecured loans subject to higher rates.

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How Credit Scores Work

We apply for credit for many reasons -- maybe it's to buy a new car, house, computer, or get a student loan. Did you know, however, that there is a special number that can determine whether you can do these things, or at least how much it will cost you? Your credit score is a three-digit number that can do just that.

How can a single number be meaningful enough to determine whether you can buy a house or car? If you've read How Credit Reports Work, you know that your credit report contains a history of how you've paid your bills, how much open credit you have, and anything else that would affect your creditworthiness. Your credit score boils down all of that information into a three-digit number.

In this article, we'll find out how this formerly secret number is used and how it affects how much you pay for credit, insurance and other life necessities.

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Resources for Unsecured Loans Now
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Resources for Credit Report Agencies
Don't know your credit score? Download a recent copy of your credit report!



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Managing Student Loans (Part 1)

Schools out and its time to be responsible about those loans. MetroBoxTV's Tati Amare interviews student loan specialist Jonathan Gordon. Learn how to properly manage your student loans for a more secure financial future. (Part 1 of 2.)

Produced by MetroBoxTV
Copyright TeachByVideo LLC 2007


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