The National Association of Credit Management (NACM) recommends that small-business owners take steps to establish credit in the name of their business as a way to preserve cash flow for necessary business operations, purchases and rental payments. In order to establish business credit, in many cases small business owners must initially be willing to personally guarantee their business's credit until credit becomes established in the name of the business. Dean Wangsgard, president of NACM Business Credit Services in Salt Lake City, UT, recommends that small business owners make personal sacrifices in order to help pay their business's bills on time, in order to establish good business credit. Wangsgard pointed out that small businesses must also produce a sound business plan and financi...
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC,'' together with the CFTC, the ``Commissions'') are jointly issuing proposed rules and guidelines to implement new statutory provisions enacted by Title X of the Dodd- Frank Wall Street Reform and Consumer Protection Act. These provisions amend section 615(e) of the Fair Credit Reporting Act and direct the Commissions to prescribe rules requiring entities that are subject to the Commissions' jurisdiction to address identity theft in two ways. First, the proposed rules and guidelines would require financial institutions and creditors to develop and implement a written identity theft prevention program that is designed to detect, prevent, and mitigate identity theft in connection with cer...
...Second, the proposed rules would establish special requirements for any credit and debit card...
Dear Bruce: My son-in-law would like to get a home loan for about $70,000. He has always paid cash for his purchases, except for two or three leases for vehicles. He went to a couple of local banks and was told there was no record in the credit-rating companies of him or his payments on these leases. Is there any way you know of to establish credit quickly? He has no debt and can come up with $20,000 to establish equity somehow. Thank you. -- J.F., West Point, Neb. Dear J.F.: Your son-in-law is coming up against the hard fact of life that no credit information is worse than bad credit information. I have advised people to establish credit, even though it isn't necessary to have credit cards, and pay bills on time.
Sheffield uses credit scores only to establish pricing. Approvals are based primarily on the customer's background information. Good thing, too: [Jack Snow] says that since November 2008 and every month since then, more than 50 percent of applicants have been subprime (having a score of 660 or less). Sheffield has denied the majority of these apps, but it's also bought a significant portion. "I can tell you we've financed some 600s and 580s," Snow says. "I looked at one this morning. He scored in the 400s - and that's rare - but he had 13 loans with us and paid us like clockwork. So I can't walk away from that customer. Snow doesn't believe in participation. "I try to put myself in the customer's shoes," he explains. "Let's say I go into a dealership today and buy an ATV, and I get fin...
- Pikes Peak Community College announced that Rodney Williams and Yolanda Lewis-Harris have joined the college. Williams is the new multicultural affairs specialist. Lewis-Harris joins the college as a disabled student support services counselor after years of private practice working with teens, adults, couples and families. She will provide assistance and support for disabled veterans through individual counseling, conducting workshops and offering tools to establish coping mechanisms. - Ent Federal Credit Union announced the promotion of MJ Coon, Ent's chief financial officer, to executive vice president. Coon has been with the credit union for more than 13 years and in the financial services industry for more than 25 years. Coon has served on several boards and committees throughout...
Question: I have been trying to apply for a credit card online, but everyone has turned me down. I am 18 years old and have just started working, so I don't have a credit history. What can I do to get a bank to accept my application? Answer: Ironically, it can be tougher for a young adult who's working to get a bank credit card than for a student with no income.
A legislative committee is considering a bill that would give the developer of the former Kennebec Arsenal $2 million over four years to help fund a renovation project. Sen. Elizabeth "Libby" Mitchell, D-Vassalboro, is sponsoring legislation that establishes in state law a refundable historic rehabilitation credit for a developer who owns two or more of the buildings at the arsenal. This is the most extraordinary thing for Augusta this year," Mitchell said.
If you are trying to establish credit for the first time, you're likely to find yourself in a Catch 22 situation: You need credit to establish a credit history, but you can't get credit without a credit history. While this may seem challenging, it's not impossible, says the Florida Institute of Certified Public Accountants. Here are several ways to demonstrate your creditworthiness: Opening a savings and/or checking account is the first step in establishing a financial history. Follow the bank's rules and be sure you don't overdraw your account. For example, if you deposit $1,000, your credit limit will be $1,000. In effect, you are borrowing against your own money and paying interest to do so. Although this is not a good financial deal, it's a viable way to establish credit.
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