Author: Mellisa Kummer

New comment by sangerSCB in "Ask HN: Who is hiring? (October 2020)"

Santa Cruz Bicycles | UI Designer| Salt Lake City, UT | Remote for now, Onsite later | Full Time | www.santacruzbicycles.com Santa Cruz Bicycles, Juliana Bicycles, and Cervelo Cycles’ SLC-based digital team is hiring a UI Designer to create new online experiences for customers across our brands. As the next member of our team you …

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How to Easily Improve Your Business Credit Scores in a Recession

Yes, You Can Easily Improve Your Business Credit Scores in a Recession – This is Foolproof!

Do you know your small business’ business credit score? And is it, maybe, not so hot? Then consider these simple tips for how to easily improve your business credit scores in a recession.

Every Small Business Needs Business Credit Building

This is especially true in an economic downturn, when bank loans can be scarce.

Company credit is credit in a small business’s name. It doesn’t attach to an owner’s personal credit, not even when the owner is a sole proprietor and the sole employee of the small business.

Thus, an entrepreneur’s business and personal credit scores can be very different.

The Benefits

Because small business credit is distinct from consumer, it helps to protect a business owner’s personal assets, in case of litigation or business bankruptcy.

Also, with two distinct credit scores, a small business owner can get two different cards from the same vendor. This effectively doubles purchasing power.

Another benefit is that even startup businesses can do this. Visiting a bank for a business loan can be a formula for disappointment. But building small business credit, when done right, is a plan for success.

Personal credit scores are dependent on payments but also additional considerations like credit usage percentages.

But for small business credit, the scores truly just depend on whether a small business pays its debts timely.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Take Steps to Improve Your Payment History

How do you improve your payment history? It’s easy – just pay your bills on time, and as close to ‘in full’ as possible. Of course, that is not always as easy as it sounds. The truth is, just as you need to keep your personal spending within your means, you will need to keep your business spending realistic as well.

We cannot predict the future. Who can tell if your company’s particular widget will suddenly take off? All you can do is go by whatever data you can get, and interpret it in a manner that is not overly optimistic. For new companies, that means looking at industry trends. For more seasoned companies, it means closely examining your business’s performance under all sorts of conditions.

Therefore, if it looks like your company can make $1 million next quarter, but you need to borrow money, don’t borrow more than $1 million and, in fact, you probably want to borrow less than that.

Keeping your business spending in check and not gambling the company’s future on a hunch are both good ways to get your credit balances down and, as a result, improve your payment history. After all, your biggest supplier could go out of business, your best worker could retire, or crops could fail or any of a number of setbacks could occur. Being bold in business can often be a virtue – but you still need to pay your company’s bills.

It Pays – Big Time!

The single most vital step you can take to improve your business credit scores is to improve your payment history. Every credit reporting agency weighs this factor heavily.

Easily Improve Your Business Credit Scores in a Recession: Keep on Top of Your Credit Scores

This means regularly getting and reviewing your credit reports. And not just for your business! For new businesses and sole proprietorships, credit bureaus often look at your person credit as well. And this goes double if your business just so happens to be both.  Therefore, you will need to keep on top of both sets of scores, which is a good financial habit to get into, anyway.

Why do this? Because credit scoring reports can have errors and you have the right to dispute them. But you will not know there’s an error unless you check.

Disputing credit report errors generally involves sending a paper letter with copies of all proofs of payment accompanying it, such as receipts and cancelled checks. Of course, you do not want to send the originals – always send copies and retain the originals. Precisely itemize any charges that you are calling into question. Use certified mail so that you will have proof that you sent in your dispute.

Of course, if there are no mistakes on your credit reports, then you will need to move onto the next step. Don’t try to pull a fast one and dispute your credit score if there is really nothing wrong with it! Credit reporting agencies understandably do not like that.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Keep a Handle on Your Credit Utilization Rate

This goes right along with improving your payment history. Your credit utilization rate is an easy calculation: it’s just your balances divided by your total available credit.

You want to keep this figure under 30% if that is at all possible. So if you borrow less money, and you pay your debts off as quickly as possible, you will keep your business’s credit utilization rate in check.

Credit reporting agencies look at this figure, so if you keep it low, that will help with your score.

Furthermore, credit utilization rate tends to go toward your ability to better balance your budget and work within your means. Of course there can be unexpected expenses. But those should be rare.

Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.

Easily Improve Your Business Credit Scores in a Recession: Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and attend to any inaccuracies ASAP. Get in the practice of taking a look at credit reports and digging into the particulars, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Record

Update the relevant information if there are mistakes or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. And for Equifax, go here: www.equifax.com/business/small-business.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to contest any inaccuracies in your records. Errors in your credit report(s) can be fixed. But the CRAs typically want you to dispute in a particular way.

Get your company’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report errors normally means you mail a paper letter with duplicates of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always send copies and keep the original copies.

Fixing credit report errors also means you specifically spell out any charges you challenge. Make your dispute letter as crystal clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you sent in your dispute.

Dispute your or your small business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute inaccuracies on your or your small business’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service contact number is here: www.dandb.com/glossary/paydex.

Easily Improve Your Business Credit Scores in a Recession Credit Suite

Easily Improve Your Business Credit Scores in a Recession: Personal Credit Score Reports

You can use AnnualCreditReport.com to get your credit report from Transunion, Equifax, and Experian.

Easily Improve Your Business Credit Scores in a Recession: Business Credit Score Reports

You will need to keep on top of three separate reports: Equifax, Experian, and your business’s PAYDEX report.

Equifax

Order your business’s Equifax report here. Dispute your or your company’s Equifax report by following the instructions here.

Experian

You can order your company’s Experian report here.  You can dispute any errors on your or your company’s Experian report by following the directions here.

PAYDEX

Get your PAYDEX report here and you can contact their Customer Service department (it’s a part of Dun & Bradstreet, as they also generate PAYDEX reports) here. D & B’s PAYDEX Customer Service phone number is here.

Easily Improve Your Business Credit Scores in a Recession: Patience is a Virtue in the Credit World, Too!

Finally, you will need to be patient. In particular, because credit reporting bureaus look at payment history. And they also look at the length of your payment history. So this goes directly to how long your company has been in business.

As a result, one piece of the score improvement puzzle is to just let some time pass. Get some distance you from your opening day. Good business credit scores aren’t built in a day.

Easily Improve Your Business Credit Scores in a Recession: A Word about Business Credit Building

Always use credit responsibly! Never borrow more than what you can pay back. Monitor balances and deadlines for payments. Paying off in a timely manner and in full will do more to raise business credit scores than nearly anything else.

Establishing small business credit pays off. Great business credit scores help a small business get loans. Your lender knows the company can pay its financial obligations. They recognize the company is bona fide.

The business’s EIN attaches to high scores and lending institutions won’t feel the need to request a personal guarantee.

Easily Improve Your Business Credit Scores in a Recession: Takeaway

Business credit is an asset which can help your small business for many years to come. Learn more here and get started toward building company credit.

The post How to Easily Improve Your Business Credit Scores in a Recession appeared first on Credit Suite.

A Brief Look at the Origins of Lending

A Brief Look at the Origins of Lending

When attempting to find the beginnings of offering you could discover on your own taking a look at a great deal of unassociated details that does not truly inform you what it is that you would like to know.
The beginnings of providing return to at the very least scriptural times, with discusses of offering also being pointed out in particular locations in the Bible. Despite modern-day financial and also loaning, the beginnings of financing can return numerous a century … completely to the Middle Ages as well as in the past.
The Middle Ages and also the Renaissance are most likely the most effective areas to start trying to find info on this topic, as these times were when economic documents were starting to be maintained in earnest and also loaning in its contemporary kind was starting to really establish.
Financing in the very early Middle Ages
If you take a look at the very early Middle Ages to attempt to uncover the beginnings of loaning, you’ll discover that fundings were frequently essentially discriminatory as well as constantly paid for a huge advantage to the loan provider.
Landowners as well as the rich would certainly make lendings to poorer people while billing high rates of interest or making the consumer job to settle the financial obligation … in a lot of cases, the loan provider would certainly also enhance the regards to the funding as soon as is was virtually paid off to make sure that the customer would certainly need to remain to pay or job without spend for the loan provider.
If a debtor was incapable to settle their car loan they might also be tossed right into a borrower’s jail, held without reasonable test up until a person had the ability to repay their financial obligation or various other plans for their launch were made.
Borrowing throughout the Renaissance
Throughout the Renaissance as well as late Middle Ages, the beginnings of borrowing started to deviate a lot more towards what loaning is today. People called lenders would layer their sell market squares as well as various other service as well as seller locations, establishing a bench referred to as a “banca” (where we obtain the modern-day English word, “financial institution”) on which they would certainly perform their purchases.
A number of lenders could operate in the exact same location, as well as the competitors had a tendency to minimize a few of the luxurious rates of interest that were developed by landowners as well as various other authorities in previous centuries … this really did not, nonetheless, indicate that the profession of the lender was exemplary or totally reasonable.
The lenders would certainly still make every effort to make as much of a revenue as they can from debtors, and also could presume regarding misstate their documents of deals and also settlements so regarding fraud even more cash out of the much less ignorant or lucky.
Borrower’s jails were prominent, as well as in some locations were extremely crowded with individuals that had actually hardly been managing in the outdoors as well as had little hope of launch.
Financing in the modern-day globe
As time has actually advanced, so have the techniques of making and also obtaining fundings … it’s simple to see just how much points have actually come because the very early beginnings of borrowing.
The precursors of contemporary financial institutions created together with the Industrial Revolution, as well as in the years and also centuries that adhered to most significant nations worldwide have actually eliminated most sorts of unjust loaning in addition to borrower’s jails.
Rates of interest at financial institutions, money firms, as well as online loan providers are regulated by both nationwide as well as neighborhood aspects, as well as contemporary lending institutions aim to supply a beneficial solution to both the general public as well as companies by offering sensible rates of interest as well as precise terms.
Borrowing has actually expanded from a technique of a couple of people searching for revenues to a significant market on which the basis of the contemporary globe is developed … an instance of exactly how from easy beginnings can come wonderful points.
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You might openly reprint this post offered the adhering to writer’s bio (consisting of the real-time URL web link) continues to be undamaged:

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Exactly how Does The Stock Market Work For You

Exactly how Does The Stock Market Work For You

The supply of openly had companies are purchased as well as marketed at a supply exchange or supply market. You do not require to take a trip to the supply market due to the fact that there are brokers that will certainly represent your passions by marketing and also purchasing supply on your part.

Without a broker to represent you at the stock exchange, you would certainly need to locate individuals that could be curious about your supply and also discuss rates by yourself. This might be a taxing and also expensive undertaking. If every person had to do it on their very own, most likely not much supply would certainly obtain purchased and also offered.

The securities market has an unique impact on supply costs. Because every one of the supply is dealt at one certain location, in the U.S. that place is the New York Stock Exchange, financiers can see their supply fluctuate minute by minute. They can have an instantaneous response to costs, choosing whether to offer or get based upon the changes of the supply market.

Any type of organisation desiring to offer shares on the supply market must, initially, include. Some individuals ask yourself if the supply market is or is not a really excellent method to value a firm.

Independently held shares of supply are not purchased and also marketed on the supply market. Just openly had shares of supply are acquired as well as marketed on the supply market. A firm with openly held shares of supply is possessed by any type of number of individuals that get and also market their supply freely, on the supply market.

When a firm at first markets its shares of supply on the supply market it is called an Initial Public Offering (IPO). The individuals that bought shares of supply in this firm using the supply market are wagering that the firm will certainly utilize this cash to make a revenue. These investors can after that get a return on their financial investment via returns or by marketing their shares on the supply market, at a revenue.

The supply of openly possessed organisations are gotten as well as offered at a supply exchange or supply market. Given that all of the supply is acquired and also marketed at one certain place, in the U.S. that place is the New York Stock Exchange, financiers can enjoy their supply surge as well as drop minute by minute. Independently held shares of supply are not acquired and also marketed on the supply market. A firm with openly held shares of supply is possessed by any type of number of individuals that acquire as well as offer their supply honestly, on the supply market.

When a company originally markets its shares of supply on the supply market it is called an Initial Public Offering (IPO).

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Get a Look at Instant Approval Business Credit Cards

Check Out Instant Approval Business Credit Cards We looked at a lot of instant approval business credit cards, and did the research for you. So here are our picks. Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal credit cards! This reveals you can get a … Continue reading Get a Look at Instant Approval Business Credit Cards