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Boost Your Credit Score - Complete Controller

Every financially responsible adult is aware of the importance of your credit score. Most credit scores linger around the good to poor range due to unpaid or slow paid debts. Even if you have a decent score when making large purchases such as a car or home, a higher credit score can be the difference between higher interest rates or lower payments. These differences could cost or save you hundreds of dollars. Here are five strategies to boost your credit score. Check out America's Best Bookkeepers

Find Out When Your Issuer Reports Payment History

For a major boost to your credit, you must know your credit cards’ reporting date. The reason is that your credit can receive a boost if you carry less than 10% of your credit card limit each month. Regardless of your credit limits or minimum payment requirements, you will always want to ensure your balance is under 10% of your credit limit.

The reason you must know the reporting date of the credit holder is that if you get your balance below 10% or even pay the entire balance, but it is after the reporting date, it will do nothing positive for your credit score or may even lower it slightly depending on what percentage of your limit you are holding.

For the best results, pay your bill down just before the reporting date, which can be a monthly boost to your credit score. Check out America's Best Bookkeepers

Pay Down Debt Strategically

To boost your score, you now know you need to keep your balance below 10% of your credit limit. So if you have more than one credit card, you will want to pay down the balances to get them all below 10% of their limit. For those cards already below this percentage, you can make a minimum required payment.

The other strategy you want to utilize is to pay more towards loans or credit cards with the highest interest. The more quickly you pay these down, the bigger the savings and the better the boost to your credit score.

Pay Twice a Month

While sometimes finances are such that even making one payment on a loan or credit card can be a challenge, if possible, it is suggested you attempt to make two payments. This will boost your credit score and help save you money by paying off interest, gaining debt far more quickly.

Raise Your Credit Limits

If you are a shopaholic, you may be getting excited about this option; however, raising your credit limit is not so you can spend more and get into more debt. In this case, raising your limit and keeping your ratio below 10% will boost your credit score. Check out America's Best Bookkeepers

Only ask for an increase in credit if you have been on time on all your payments with the creditor as if you ask for an increase and have not paid on time or at all, this raise of your limit request may alarm the creditor and in some cases, they may even lower your credit.

Mix It Up

While having diverse credit is only accounts for 10% of your overall score, having a mix will boost your credit. Having a mix means that you need different types of current credit that you are paying off. Suppose your only credit is revolving credit, such as a credit card or an installment payment on a long-term loan such as a mortgage. You will need to diversify your credit. If you can purchase something on credit, pay it off quickly to give your credit score a quick boost.

Conclusion

Your credit score should always be a financial priority. While you may never need it to make large purchases, your credit score is used to determine interest rates and, in some cases, can be used by phone and utility companies to decide on down payments or additional fees. It can also be a factor a potential employer considers before hiring you. Whatever the reason your credit score may be used, it is important to keep it as high as possible so use these quick boosts to raise your score.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Boost Your Credit Score - Complete Controller

There is an astonishing amount of people in the world who have no idea what their credit score is or how it even impacts their financial health. Even if you never need a loan or credit card, your credit score is used for many reasons that can negatively affect your life if your score is low.

  • To determine your insurance rates and premiums
  • To be able to rent a home, apartment, or car
  • Down payments to get cable, internet, or phone service
  • To make purchases with payment plans
  • To determine if a company will hire you Check out America's Best Bookkeepers

Knowing that your credit score can affect so many aspects of your life, you must know how to get and keep a good, if not great, credit score. Here are six worthwhile strategies to boost your credit score.

Pay Your Bills on Time

Paying your bills on time should be a given when it comes to your financial health, but you would be surprised how many don’t realize that some of your payments hit your credit every time you’re late. While it is not suggested that you be late on any bill payments, sometimes life is difficult, and you have to shuffle some things around to make ends meet. Make sure you pay those bills that will affect your credit on time or before they are late work with the creditor on a payment plan that won’t damage your credit.

Experian Boost

Experian has begun a program to help anyone who wants to boost their credit to do it. One of the three major credit reporting entities did something brilliant. They are allowing bills that typically are not considered on your credit that you likely pay on time every month to be considered in your credit score. You can add your utility bills and your cell phone bills into the mix of payments that will boost your credit if paid on time and see a jump in your credit score by about forty points in 90 days! Hopefully, the other two entities follow suit as this could change the face of credit if you pay these bills on time but had some credit issues that lowered your score. Check out America's Best Bookkeepers

Deal with Debt NOW

Debt should be the most important concern you have financially outside of necessities. If you are spending on luxuries when you are carrying debt, you make a huge financial mistake. Start with making the largest payments towards those debts that carry the highest interest rates. If you have any revolving credit such as a credit card, do not use it until all debt is paid down, or you will be back in the same boat quickly. You need to stop this debt leak. That said, do not close unused credit cards as this adversely affects your credit. Keep them open and pay any fees they have but don’t spend on them.

Multiple Lines of Credit

Even if you pay every credit card and loan on time, it will still lower your credit score if you have many lines of credit. A potential creditor will not want to see that their bill will be one among many you will struggle to pay if you fall upon hard times. While if you are paying them on time, it will help your score but not enough to overcome the hit your credit took by having too many credit lines. Check out America's Best Bookkeepers

Stop Applying for Credit

Just because that department store will give you a 20% discount on your current purchase for just applying for their in-store credit card doesn’t mean you should do it. Every single time there is a hard inquiry on your credit score, it lowers it. Simply put, stop doing it. Hit sales or go second-hand shopping if you want to get great deals, don’t apply for every store you shop in’s line of credit.

Dispute Your Credit Report

Many credit checking apps and websites make soft inquiries on your credit score, which doesn’t adversely affect your score even if you check it every day, multiple times a day. You need to be checking your score as regularly as possible because if there are ever any inaccuracies if you catch them and dispute them immediately, they will be removed quickly.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Refinancing Your Mortgage - Complete Controller

Home mortgage refinancing is not always that easy to manage, especially when it comes to lenders who have stringent policies and lengthy approval procedures, making it even more difficult to request a loan. Homeowners today need to be diligent and well-rounded to qualify for a loan, with a healthy income, healthy credit, and excellent value in their home. Before deciding if you should refinance your home mortgage for a loan, you should ask yourself a few questions. Check out America's Best Bookkeepers

Do I have equity in my home?

If Possible, homeowners should have 20% equity in their homes before signing up for a loan or paying private mortgage insurance. The lack of equity can negatively affect the advantage of refinancing and make homeowners owe more than their home’s value. Going for mortgage refinancing without sufficient equity reduces a property’s value. Another issue that impacts qualifying for the loan is the mortgagor’s credit score. To be eligible for refinancing your mortgage to get a loan, you must have a good credit rating, generally as good as or better than when you acquired the original loan that established your mortgage.

What are my Financial Goals?

Most homeowners choose to refinance to reduce their monthly payments. A mortgage calculator may help you in determining your repayment plan and reduce the interest amounts. Many people that refinance are doing so with different terms than the original mortgage. There needs to be a continued focus on your overall financial goals and not only the paying back of your mortgage, whether refinanced or not. Check out America's Best Bookkeepers

What are the terms of the current loan?

While refinancing your mortgage, an important question to ask is about the terms and conditions of your current loan. Terms and conditions, interest rates, and expected and unexpected fluctuations are the most significant economic concerns when homeowners are borrowing. Borrowers need to steer clear of variable rate loans and stick to fixed-rate loans to protect their assets during recession or inflation.

When refinancing your home, you need to have a plan and should be certain about how long you intend to live in the home. Generally, financial professionals who specialize in mortgages will advise on rates and refinancing based on your financial abilities and utilize the terms and conditions of your current loan to help negotiate the terms of the refinancing of the new loan.

Is my credit score high enough?

As a borrower, your credit score is crucial and plays an important role in determining the mortgage rate you can get when refinancing your mortgage. If you have a score of less than about 650, you may find it difficult to refinance your home mortgage. Ideally, you have a score of over 720 to secure a loan through your mortgage refinancing. In some cases, more is expected when refinancing a mortgage because they will look to see if you have paid your mortgage on time up the point of your refinancing application. Check out America's Best Bookkeepers

Do I have a second mortgage or line of credit?

Whether you are getting a first-time mortgage loan or refinancing your current mortgage, it can be an issue if you have multiple loans out. One of the issues is that a lender may not be willing to extend a loan from refinancing your mortgage if you have multiple loans or lines of credit. When determining whether to refinance your mortgage, lenders tend to be more stringent when deciding if they will refinance your mortgage.

Conclusion

The most valuable thing to remember is that you thoroughly question whether you qualify to refinance your mortgage to obtain a loan. You also need to ask yourself if you should do it because it will put you on the path of starting over when paying off your home.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Credit Card Benefits - Complete Controller

A credit card can be an excellent form of payment if it is used correctly. Know some of its benefits. By using it as a means of payment in businesses adhering to the system, many transactions have become quick by signing and displaying the card. Credit cards are an alternate form of payment by which the user assumes the obligation to return the amount provided and pay interest, bank fees, and expenses. It can be a great tool if used correctly as a means of payment; therefore, these benefits can help you make the most of its use. Check out America's Best Bookkeepers

If you use your card as a means of payment for daily expenses, you should receive a card that charges low commissions and transaction costs and provides benefits, such as points, which are sometimes reflected in pesos and rewards. Like any service, it has a cost that is defined as Total Annual Cost (CAT), a standardized measure of the financing cost expressed in annual percentage terms that incorporates all the costs and expenses inherent in the credits granted by the institutions. If you have already decided to obtain a credit card or you already have one, we share five benefits you will get when using it.

A Good Credit History

The Credit Bureau records your behavior with the bank and various services; that is, how good or disappointed you have been in payment management. Creating a history helps you build a reputation and opens the door to different opportunities, such as mortgage and auto loans.

A sound credit history and records that give an idea of your timely payments will help you get personal loans. When payments are required urgently, and you don’t have anyone to take care of your expenses, a well-maintained credit history will help you get personal loans without delay. Check out America's Best Bookkeepers

Avoid Driving Cash

Credit cards have fraud insurance. When you lose your credit card, and somebody other than you use it without your consent, you can contact the official authorities to help you with your finances, unlike cash. With cash, you’re always at the risk of being robbed. Any thief can come all of a sudden, and you can get yourself robbed. However, with credit cards, your balance will still be safe in your account.

You Can Better Control Your Expenses

You can lose track of your balance while spending on your favorite products. From shops being filled with products that pull you towards them, it gets hard to get a hold of your expenses, leading you to spend extra money on your products.

With credit cards, you get statements that have all your records. Checking your statement of account letter by letter is key to realize what you are spending and what purchases you can stop doing in the coming months and what items are worth programming for months without interest. Check out America's Best Bookkeepers

You Can Make Use of Internet Banking

Digital banking has eased our paths to getting things through online delivery. However, some services and online transactions require a credit card for our security, i.e., it asks for payment through credit cards. In addition to saving you time in moving to the place where you want to make the payment, credit cards are a lifesaver for those who are always on their toes.  

They Generate Rewards

To further add to these, some cards also generate rewards. So, consider finding a card that generates rewards according to your lifestyle; the annuity can be compensated with these benefits.

Conclusion

We hope these tips help you get more out of your finances by allowing you to access credits and other benefits. Also, having full control of your electronic billing, you will know how much you are earning and how much you are spending; for this reason, you must have a good system that allows you to enjoy the greatest benefits.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Credit Card - Complete Controller

A credit card is a financial instrument that works as a means of payment that can become a financial burden for those who do not plan their finances before the due date. Credit cards are a double-edged sword. On the one hand, they can help make necessary purchases, cover emergency expenses, or get the user out of financial trouble. On the other hand, they can also become a catastrophe for those who do not plan their finances and those addicted to compulsive purchases. It is also used to obtain credit from banks, and the issuers grant the user a revolving line of credit through a contract. Check out America's Best Bookkeepers

In the US, there are about 25 million credit cards, and the rate is only increasing. On average, the debt of those who have lost control of their cards reaches about $10,000. This debt is fairly common. However, having a credit card is not all bad.

If you’re using your credit cards sensibly, no adverse effects will follow you into debt. Instead, you’re all set to reap results that’ll make you financially stable. There are bonuses added to your balances when you are managing your credit cards correctly. There are many benefits to having a credit card, from rewards both with your credit card company and partners to cash backs on specific purchases. Here are four things you should know about having a credit card to use it responsibly. Check out America's Best Bookkeepers

Know All the Costs

Before deciding to acquire a credit card, it would be helpful to keep in mind all the expenses that come with it: annuity, interest rates, fees, and commissions. These costs can hurt your finances and cost you a fortune if you don’t consider them beforehand. Many people are happy they qualify to have a credit card and a line of credit and don’t consider these costs, which can come back to haunt them later in keeping up with payments. One way to cut these costs when you hold a credit card is to pay the balance as quickly as possible. Not only will paying your credit card balance avoid some of the costs, but it will also positively build your credit.

Payment Schedules

Living and spending outside your monthly means by using a credit card or any line of credit can be a dangerous thing to do regularly. We have to keep this danger in mind when contemplating purchases of things that are not necessities. When you are going beyond your income regularly, the adverse effects will eventually catch up to you. If you are making only minimum payments or not meeting these payments, it won’t take long to be drowning in debt.  

Hence, following this basic rule, having a credit card does not spend more than you earn. And always keep your balance low enough to pay the balance in full each month or at least make above the minimum payment. Your payment schedule should always be above the minimum requirement, or you will soon be living to work for the profits of the credit card company and not you and your family. Check out America's Best Bookkeepers

Be Responsible

When using your credit card, you must keep in mind that small debt with interest and fees can get out of control in mere months. If you are making purchases greater than your means regularly, this can have devastating results because it stands to reason that you will get swept up in debt even with payments. If you put off your payments for even one month, you can also find yourself losing control of your credit card debt. To avoid this, you should use your credit card only for things you can afford to pay back within the month. You should also always make payments above the minimum and avoid using your card again until you have a zero balance as much as possible. For best results, you should only be using your credit card to build your credit, to cover emergencies, or to give you the ability to buy something between paydays that you can easily pay back when you do get paid.

Alternative Lines of Credit

If you find it difficult to stay out of debt because of the interest or the temptation to use your credit card more than you should, for emergencies or occasional big purchases, you should look into other lines of credit. There are hundreds of online small loan companies that, even with bad credit, will give you a small loan up to $1,500. While these loans can potentially give you difficulty if you can’t make payments, they are at least limited and don’t give you the possibility to keep getting further into debt with revolving credit like with credit cards.

Conclusion

Credit cards can be a great financial tool and a useful form of payment as needed. The credit card itself is not a bad thing to have for emergencies or to tide you over until payday, but you have to keep in mind that it should not be used to live outside your means, or you will end up drowning in debt.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Loan Types - Complete Controller

When we talk about loans, we refer to the action of lending or giving another person a specific amount of money or a specific good. All this for a term previously stipulated by the loan contract and by which the lender and borrower figures are established. The types of loans are varied, depending on your needs. Here are five types of loans to help you determine which one fits your needs. Check out America's Best Bookkeepers

Personal Loan

A personal loan can be obtained at almost any banking institution and businesses that specialize in personal loans. A personal loan is generally taken out by someone with a need they don’t have the funds to cover. Personal loans are also sometimes used for minor repairs and to make smaller purchases. This type of loan is an unsecured loan, which means if there is a default on the loan, it will go to debt-collectors as there is nothing to seize if you default on the loan. Because there is no collateral or ability to repossess, such as with a car or home loan, personal loans are generally less than $5000 and paid over two to five years. While personal loans are not large, they generally require good to excellent credit since there is no recovery if you default. Check out America's Best Bookkeepers

Mortgage Loan

A mortgage loan is when the borrower receives money from a lender to purchase a home. These loans can be obtained through your banking institution or through lenders that specialize in mortgage loans. These loans carry interest and have varied terms. A mortgage loan is dependent on the borrower to pay the loan back within the agreed-upon terms. If the terms are broken, and no new agreement is made to allow for some time to pay when the borrower has a financial setback, the home will be under the ownership of the bank or mortgage company, who can then sell the house recover the loan and interest.

Automobile Loan

Much like the mortgage loan, an automobile loan is obtained through a banking institution or a lender specializing in automobile loans. In some cases, the dealership where the vehicle purchased will have an internal lender and finance directly. These loans carry interest, which is determined by the borrower’s credit. While some poor credit can prevent a car purchase at some dealerships, many will extend a car loan to those with poor credit and charge the highest possible interest rate within the law. This loan uses the automobile as the collateral, and if you default on the loan, the vehicle is repossessed as the lender will own it. If your car is repossessed, the lender can then resell it to recover the loan. Defaulting will have an adverse on our credit score due to credit reporting. Check out America's Best Bookkeepers

Credit Card

While most people don’t view a credit card as a loan, it is exactly that. As the name implies, it is a line of credit extended to the cardholder through a company that is the lender of the credit your card holds. Credit cards are what is considered a revolving loan or revolving credit. This means, as long as you are paying your bill and as long as you are staying under your limit, you can use the line of credit even if you are making payments. Unless you default on the payments and have it canceled, there is no term on this loan or line of credit. The only terms are to make your payments promptly.

Crowd-lending Loan

A crowd-lending loan is a loan done between individuals or person-to-person (P2P). This type of loan does not go through a bank or a traditional lending company. It is funding from private investors. These loans can vary in types of their own. In some cases, they will make their money back in interest if they extend a loan that will not pay dividends. However, they may be extending a loan in which there will be profits or dividends shared. These types of loans can be fairly easy to get despite credit history because the individuals make decisions to lend money based on varying criteria of their own making and not a strict set of requirements.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Credit Fast - Complete Controller

When starting a small business, one of the most important things you need to do as the business owner besides getting funding is to establish business credit. As we know, establishing credit isn’t something that happens overnight. It takes some time to get it to the level that would allow you to have enough credit to have buying and borrowing power. Though it is not something you can establish overnight, you can establish some things to establish business credit faster. Here are six tried and true methods of establishing business credit fast. Check out America's Best Bookkeepers

Register Your Business Entity

Business credit history is not the same as personal credit history. Credit history for business is more heavily weighted and not easily dismissed when obtaining capital for your business. Though some small businesses do not need to be incorporated or made into a proprietorship, a business that needs to build business credit registering your business is a must. The bonus is that having your business registered separately from your personal affairs protects your assets and accounts.

Here are the structures you can register your business under:

  • C-Corporation: A C-Corporation separates you from your business, financially and legally. A C-Corporation is best for businesses that are planning to issue stock or go public as they grow.
  • S-Corporation: An S-Corporation separates you from your business, financially and legally. These are pass-through businesses in which the profits are taxed at the individual level.
  • Limited liability company (LLC) – An LLC is an incorporated business with liability protection that separates you financially and legally from your business. An LLC offers more tax protection than a corporation.
  • Limited liability partnership (LLP) – An LLP is a registered business that is generally used for businesses that will eventually become a partnership. This type of registration is used a lot among medical and law practices.

When building your business credit, you must choose a structure for your business. If you’re having difficulty figuring out how to structure your business, you can consult an accountant or business attorney. Check out America's Best Bookkeepers

Get an Employer Identification Number (EIN)

When establishing your business, it is important to obtain an employer identification number (EIN) for tax and business tracking purposes. It is similar to how a Social Security number works for you and your personal life.

Not every business needs an employer identification number, such as sole proprietorship or single-owner LLC. However, it is suggested that you obtain one for your business, regardless. The employer identification number helps you establish business credit and will be useful when doing your business taxes.

Open a Business Bank Account

Registering your business and obtaining an employer identification number are great ways to help you establish business credit and separate yourself from your personal affairs. However, if you need to continue the separation when it comes to your bank account, many small business owners use the same account for personal and business use, but this can be a mistake. It would be best to separate every aspect of the business to protect your assets and establish your business credit.

Opening a business or merchant account can be done at the same bank you hold your personal account or open at a new bank. Some banks that have personal accounts don’t specialize in business accounts, while others do. If you have any questions, you can consult an accountant. The most important thing is to do your research before opening your business or merchant account.

Establish a Dedicated Business Address and Phone Number

Establishing a dedicated business address is simple if your business is a brick-and-mortar. However, if you will be operating your business out of your home, you will need to establish a virtual business address. This address will help your business stay separated from your home and avoid anyone coming to your home, thinking it’s a brick-and-mortar business. Your virtual business address can receive mail and help you keep your personal and business mail separated. Check out America's Best Bookkeepers

You should also establish a business phone number. You can do this in several ways. If you have a traditional brick-and-mortar business, you can have a phone installed in the business to use as your business phone number. However, suppose you’re going to be working out of your home. In that case, you can either get a separate cell phone number for your business or establish space a phone number online that will forward to your personal about without revealing your personal phone number. This is not only important for security but also to help you further establish business credit.

Get a Business Credit Card or Line of Credit

Obtaining a business credit card or a business line of credit can help you build your business credit quickly. However, it can be very difficult to get a credit card or line of credit for your business because you have not yet established any credit. If this is the case, you can use your personal credit if it is good to help you obtain either of business credit card or business line of credit. You can also obtain secured credit cards or loans and use them and pay them off immediately to establish credit. Once you build enough credit, you can get a larger limit of unsecured credit cards and loans.

Borrow from Lenders That Report to the Business Credit Bureaus

When you begin to get larger loans, make sure you always use lenders to report to a business credit bureau. Some loans and credit lines do not report, which will not help you establish your business credit. Though lenders that report often have higher interest rates, if you can quickly pay the balances, this won’t be as costly as you think. There are three major business credit bureaus: D&B, Experian, and Equifax. Most traditional lenders and banks who give business loans are associated with one or all of these credit reporting bureaus.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Repair Your Credit Score - Complete Controller

Your credit score is an important part of your financial health. Many have poor scores that are completely justified, and others have issues with their credit scores that are not valid. Sometimes we have bad scores because we hit rough times and could not pay our bills on time, if at all. Job loss, income drops, unexpected expenses, and a myriad of other issues can affect your income and put your credit score at risk, but there are ways you can remedy these things and repair your score. Check out America's Best Bookkeepers

You can take some outside actions to raise your score, such as paying back secured loans, getting secured credit cards, paying balances immediately, and working hard to pay all reported bills on time. However, there are some things you can do to remedy those credit issues that are on your report and will remain there until you deal with them or wait seven years.

It is not suggested that you wait seven years for a credit issue to drop off your credit score for a few reasons. One of the main reasons is that whoever holds the credit issue has a longer statute of limitations to bring a lawsuit against you to collect beyond those seven years. If you plan on taking this route, do not contact the debt holder because this contact will reset the lawsuit clock. Therefore, since it is suggested that you somehow deal with any collections that are on your credit, here are three options you can take to repair your credit score immediately. Check out America's Best Bookkeepers

Option 1: Dispute the collection

Disputing collections and other issues on your credit report is the most popular option of the three that will be discussed. A common misconception is that you can only dispute things on your credit report that you don’t recognize. However, most debt collectors only hold the debt for six months in hot pursuit of payment, and in some cases, if you dispute them since they are no longer being pursued, you can successfully dispute them for removal.

This option is the most popular because it costs you nothing to get the collection removed from your credit report. However, it is not easy to get issues removed, and you have to follow up. Also, while it will raise your score, it is not the highest score raising option.

Option 2: Negotiate your debt down

Many people don’t realize that debt collectors have bought your debt for pennies on the dollar. If you decide not to pay it at all, while they can bring a lawsuit to collect the amount, most of the time, the debt amount is not enough to merit the costs of trying to take you to court. However, if you want to immediately repair your credit, you need to have the collection removed before the seven-year mark. Check out America's Best Bookkeepers

Since the debt collector has paid so little to purchase your debt, and their goal is to get something for that debt to make a profit, most will negotiate for a lower payoff amount. If you are unable to get the debt removed, this would be the next suggestion. However, keep in mind if you plan on not paying the debt at all, do not make contact with the debt collector as it resets the statute of limitations for them to bring a lawsuit against you for collection.

While this option is the next best thing to having the debt completely removed, it also gives you the lowest credit score boost of the three options.

Option 3: Pay your debt in full

Of the three options to deal with your credit report collections, paying your debt in full is the most expensive. It would be the most financially advantageous to have the debt removed or have the debt amount lowered. However, paying your debt in full raises your credit score the most and can help you repair your score more quickly. Therefore, if you can’t get the debt removed, if you have the funds, it is recommended that you pay it in full if your sole goal is to repair your credit.

What are the credit score ranges?

  • 300 – 600 Poor
  • 601 – 700 Fair
  • 701 – 750 Good
  • 751 – 800 Very Good
  • 800 – 850 Excellent
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Low Credit Score - Complete Controller

Whether you make any purchases that require a great credit score or not, the importance of having a high credit score is equally high for everyone. Your credit score affects many aspects of your financial life. It can stop you from getting funding for a home, vehicle, college, or several other funding needs. It can also make you pay thousands of dollars more on payments due to lenders seeing you as high-risk. It can also keep you from getting a job or low-cost car health and car insurance. Check out America's Best Bookkeepers

With the importance of your credit score, it is astonishing how many people don’t give it any thought or effort. It would be best if you gave it some of your focus as part of the building of your financial independence. Ignoring it or letting it slide can be a too great financial setback. Paying down debt, building your credit score, and savings should all have your effort and attention when it comes to your financial health.

Because of the numerous ways your credit score can affect your overall financial well-being, it needs your attention. Knowing what your score is, keeping it high, and knowing why people have a low score, can help you avoid making the same mistakes. Here are five reasons people have a low credit score and how to avoid them.

Cosigning a Loan

Many lenders or banks will not extend a loan to someone considered high-risk or with a low credit score at all. But some lending institutions will consider a loan for a person with a co-signer. As the co-signer, you are using your financial pull and credit score to secure a loan for a person with a low score or no collateral or financial clout. This help should be avoided unless the person you are co-signing for is known by you to repay the loan. Check out America's Best Bookkeepers

Some people with a low score have reasons for the low score that have nothing to do with them being high or low-risk. There are times when someone hit unusually difficult times, which had an unfortunate consequence of lowering their credit score. If you feel the person you are co-signing for can make the payments and greatly trust someone. You can proceed. However, no matter the circumstances, if this is not someone you trust or are sure can repay the loan on their own, you should refuse to do it.

If you agree to co-sign, only do so if you can fully take on the payments if something should occur because if you both default, it affects both of your credit scores, and the creditor can even sue you for the default.

No or Slow Credit Card Payments

Credit cards are notorious for high interest and getting people into great debt because of high spending limits. Many who have low scores due to credit cards used their card to live outside their means. The problem is that living your life on credit will eventually catch up to you. However, if you decide to carry and use credit cards, make sure you make the payments on time. It would be best if you also doubled up on payments or pay beyond the minimum payments.

If you hit financial hardships, call your credit card company, they will work with you. Check out America's Best Bookkeepers

Too Many Debts or Loans

Many people believe that if they are paying on time and in full, having multiple loans or lines of credit will help boost your score. While it is true that making good payments will boost your score, if you have too many, it can end up hurting your credit. Lenders will not lend more money to someone with multiple credit cards or loans, even if they have a high credit score. If something happens to you financially, you will likely default on your loan if you are spread too thin during the difficult times.

No or Slow Payments on Loans

To have many things of value, such as a home or car, you have a great credit score. However, just as you have done for credit cards, if you must carry a loan, make sure you not only pay on time, you should make more than the minimum amount and work to pay the loan off early, which could save you hundreds of dollars in interest.

Data or Identity Theft

Many people feel immune to identity theft for various reasons. Identity theft happens to people of every walk of life and financial status. While this is something out of your control, there are ways to prevent it or recover from it. It would be best if you were careful what you put online, make your passwords impossible to figure out and use protected networks. Also, when in public, be aware of your data sharing.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Best Interest Rates - Complete Controller

Interest rates affect our financial life in two ways, either when it comes to savings, in which case we want higher interest rates, and with loans and other lines of credit related to repayment, in which case we want lower interest rates. When we start our savings account or obtain a loan or credit card, we should negotiate the best rates possible.

We often get these accounts, cards, and loans and don’t know we can do better because we feel as though these rates are set in stone. There is nothing further from the truth. Here are three ways to get the best interest rates and bang for your buck with your banking institution. Check out America's Best Bookkeepers

Choosing a Bank

Banks are about getting your business. The banking industry is competitive; therefore, you can afford to be choosy. Here are some things to look for in a bank that will get you higher returns on your savings and lower rates on lines of credit:

  • Low bank fees
  • Higher interest savings account
  • Interest gaining checking account
  • ATM fee forgiveness
  • Cashback checking account
  • Low-interest membership loans
  • Low-interest credit card

The bottom line is when choosing a banking institution. You want to make sure it is well-rounded and gives you a lot of value for your money. In some cases, credit unions, online-only banks, and banks created to serve specific customers tend to have more to offer members than chain banks. However, don’t count those chain banks out. Many of them are making changes to match their more specialized competitors. Check out America's Best Bookkeepers

Renegotiation

If you already have a banking institution and are not getting a high return on your savings or are paying high-interest rates on loans or other lines of credit such as credit cards, it is time to renegotiate. Remember, banks are competing for your business, so you might be surprised at how willing they are to negotiate. It is a business, so they may not advertise that they are excited to negotiate lower revenue for themselves, but they also don’t want to lose the gains they get from having you as a customer.

Keep in mind that they are more willing to negotiate with someone who is a loyal customer who has been making deposits and regular and on-time payments, so before you go in for the renegotiation, be armed with data that supports your status as a loyal customer that should reap the rewards for that loyalty. Another bargaining chip that every bank member has is that they can take their business elsewhere, so use that fact as leverage if your current bank is unwilling to renegotiate terms.

You can go to another bank that offers better terms upfront, and if you carry a credit card, loan, or other lines of credit with the bank you are leaving, there are options to relieve you of those debts so that you can break all ties. Remember, banks need you more than you need them, so you do have some power.

Credit Repair

In many cases, the reason you have the interest rates you do is because of poor credit. You can do many things to raise your credit score and repair it, which will give you more financial strength to get better rates or qualify for banking institutions that factor in credit reports when setting up accounts or considering lines of credit. Here are some things you can do to repair your credit and give you more power: Check out America's Best Bookkeepers

  • Get a secured credit card and charge items you can immediately pay off
  • Get a secured loan and make double payments or pay in full quickly
  • Pay off any legitimate issues on your credit report
  • Dispute any non-legitimate issues on your credit report
  • Make double monthly payments on any bills that report to credit bureaus
  • Obtain a low-interest loan to pay off all debts to consolidate them

There are many other things you can do to improve and repair your credit. All that is required to fix and raise your credit is effort. Many of those who have poor credit give up hope and don’t realize they can fix it and that it is never too late.

Conclusion

These three focus areas will ensure that you get the best interest rates and returns on accounts or rates that have gains attached. They will also ensure that you will get the lowest interest rates possible when you obtain credit cards and other credit lines through your banking institution. One thing is guaranteed. If you do nothing, you gain nothing, so there is no downside to trying.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers