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Hub You - How to Quickly Improve Your Credit Score by Adding Positive Payment History to Your Credit Report
Is there life after bankruptcy? Yes! While it can be very hard to live through a bankruptcy life can and does go on. If you have recently had to file for bankruptcy your life might seem out-of-control. You are no doubt worried about your credit rating and whether you are ever going to be granted credit again. If you’ve lost your home or car during the bankruptcy you might have to start all over again.Life after BankruptcyI’m not going to tell you that life after bankruptcy will be identical to pre-bankruptcy living but there are things you can do to slowly rebuild your personal and financial status. One of the things that people are most concerned about after a bankruptcy is whether they will ever be able to get credit again. The answer is yes. Banks are amenable to working with people who have a bankruptcy in their past.You may be able to obtain a “secured” credit card. In this case a depo
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Ret
Too Many business owners are using their personal credit to finance the launch, expansion or growth of their business. A majority of business owners have no idea what business is or how to establish it. By following a few simple steps any business owner can establishing business credit, therefore, separating their personal credit from their business credit.When business owners use personal credit card to pay for business expenses, the debt of the business reports back to their personal credit reports which lowers their scores because their business debts hurt their personal debt to income ratio.To help prevent business owners from damaging their personal credit, every business owner should follow the simple steps of establishing business credit. By establishing business credit the debt of the business will report to the business credit file and not the personal credit file. Establishing busines
To achieve excellent credit, however, it's not enough to just remove negative entries. Why? Because a lack of positive payment history is also an obstacle to having good credit. You need to demonstrate a record of on-time payments in order to raise your credit score.
In this article I will describe two simple techniques for rapidly ADDING good credit entries to your file.
THE CO-SIGNER TECHNIQUE
All that is necessary to add years of excellent credit history is the love and trust of a friend or family member who has good credit.
Credit card companies are always willing to have their best customers add extra cards for family members. By adding your name to one or more of their accounts, they will actually cause a new credit card to be issued in your name. The "catch" is that they will be the co-signer on the account, meaning that they are responsible if you miss payments.
Of course, you never want to risk the credit rating of a friend or family member, so simply have them use their own address on the application for the extra card. That way, the card will be mailed to them, and even though it has your name on it, the card will remain in their possession. They can even cut it up if they want to.
The simple beauty of this approach is that the new card will show up on your credit report, and normally it will show the opening date of the original card (not just the application date for the extra card), as well as the entire credit history of that card! It's like getting years of good credit added to your file with the stroke of a pen.
THE PASSBOOK SAVINGS LOAN TECHNIQUE
The "Passbook Savings Loan Technique" is a great way to add positive payment history to your credit file. It will also give you an excellent credit reference to use for most types of financial applications. This technique does require some cash – at least $500 to $1,000. However, this amount will be held in a savings account as loan collateral, and the total out-of-pocket cost to complete this technique should be well under $50.
Here is the Passbook Savings Loan Technique in detail, so you can see exactly how everything works.
STEP 1 – Locate a Small Bank that Meets Your Requirements
I recommend that you work with smaller community banks and not the major chains. The smaller banks are more likely to have the exact type of account that you will need to open, and they are more likely to work with you and be flexible. Savings & Loan institutions and Credit Unions can also be used, provided they meet the requirements. The product you want is called the "Passbook Savings Account," which is basically just a simple savings account. And the type of loan you will take out is a "Passbook Savings Loan." This is the easiest type of loan to get because it is totally secured with your own cash. Most banks are only willing to loan you 85% of the amount you have on deposit, so there is always some reserve money in the account.
Your target bank will be suitable for this method if it meets the following three requirements:
A. The bank must have a Passbook Savings Account product with NO MONTHLY FEE on balances of $500 to $1,000.
B. You must be able to borrow up to 85% of your balance on a 12-month loan schedule. This is typically called a Passbook Savings Loan.
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Retu
Pay per click (PPC) advertising continues to gain popularity in the online marketing world as an effective and inexpensive way to drive targeted visitors to web sites. Research firm eMarketer reported that between 2002 and 2003 the paid search listing market grew 175 percent. Major trusted search properties such as Google, Overture, FindWhat.com, and Kanoodle, all offer PPC campaigns in which you pay only when someone clicks through your banner ad or link. But PPC also has an enemy--click fraud--and understanding what it is and what to do about it should also be a key part of your PPC campaign.What is Click Fraud?Click fraud is when someone or something generates illegitimate hits on your banner or text advertisement causing you to pay for worthless clicks. AS PPC campaigns have grown in popularity and keyword prices and bidding have become more competetive, click fraud is on the rise.Online m
Of course, you never want to risk the credit rating of a friend or family member, so simply have them use their own address on the application for the extra card. That way, the card will be mailed to them, and even though it has your name on it, the card will remain in their possession. They can even cut it up if they want to.
The simple beauty of this approach is that the new card will show up on your credit report, and normally it will show the opening date of the original card (not just the application date for the extra card), as well as the entire credit history of that card! It's like getting years of good credit added to your file with the stroke of a pen.
THE PASSBOOK SAVINGS LOAN TECHNIQUE
The "Passbook Savings Loan Technique" is a great way to add positive payment history to your credit file. It will also give you an excellent credit reference to use for most types of financial applications. This technique does require some cash – at least $500 to $1,000. However, this amount will be held in a savings account as loan collateral, and the total out-of-pocket cost to complete this technique should be well under $50.
Here is the Passbook Savings Loan Technique in detail, so you can see exactly how everything works.
STEP 1 – Locate a Small Bank that Meets Your Requirements
I recommend that you work with smaller community banks and not the major chains. The smaller banks are more likely to have the exact type of account that you will need to open, and they are more likely to work with you and be flexible. Savings & Loan institutions and Credit Unions can also be used, provided they meet the requirements. The product you want is called the "Passbook Savings Account," which is basically just a simple savings account. And the type of loan you will take out is a "Passbook Savings Loan." This is the easiest type of loan to get because it is totally secured with your own cash. Most banks are only willing to loan you 85% of the amount you have on deposit, so there is always some reserve money in the account.
Your target bank will be suitable for this method if it meets the following three requirements:
A. The bank must have a Passbook Savings Account product with NO MONTHLY FEE on balances of $500 to $1,000.
B. You must be able to borrow up to 85% of your balance on a 12-month loan schedule. This is typically called a Passbook Savings Loan.
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Ret
Here's a real simple way to become wealthy.Marty and his wife live at home with their 2 children. They own a 3 bedroom house in a middle class neighborhood and try to live within their means. Marty works full time in the Printing Industry, while his wife is in charge of the home and looking after the children.They've accumulated some credit card debt and have 2 years left on a car loan. They try to stay out of debt as much as possible and together they've managed to contribute a total of $32,000 to their own Retirement Fund. It is kept in term deposits receiving 5% interest annually.Two years prior, the couple bought an older house that they fixed-up and rent out for $850 a month. After paying the mortgage and taxes $300 is left over each month. This goes into their savings account each month.At Christmas, the family bought themselves a new computer and decided to start a home-bas
THE PASSBOOK SAVINGS LOAN TECHNIQUE
The "Passbook Savings Loan Technique" is a great way to add positive payment history to your credit file. It will also give you an excellent credit reference to use for most types of financial applications. This technique does require some cash – at least $500 to $1,000. However, this amount will be held in a savings account as loan collateral, and the total out-of-pocket cost to complete this technique should be well under $50.
Here is the Passbook Savings Loan Technique in detail, so you can see exactly how everything works.
STEP 1 – Locate a Small Bank that Meets Your Requirements
I recommend that you work with smaller community banks and not the major chains. The smaller banks are more likely to have the exact type of account that you will need to open, and they are more likely to work with you and be flexible. Savings & Loan institutions and Credit Unions can also be used, provided they meet the requirements. The product you want is called the "Passbook Savings Account," which is basically just a simple savings account. And the type of loan you will take out is a "Passbook Savings Loan." This is the easiest type of loan to get because it is totally secured with your own cash. Most banks are only willing to loan you 85% of the amount you have on deposit, so there is always some reserve money in the account.
Your target bank will be suitable for this method if it meets the following three requirements:
A. The bank must have a Passbook Savings Account product with NO MONTHLY FEE on balances of $500 to $1,000.
B. You must be able to borrow up to 85% of your balance on a 12-month loan schedule. This is typically called a Passbook Savings Loan.
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Ret
If you are a non-operator owner of many work trucks, you should keep your business credit card with you not leave it in one of the trucks. You should not issue them to employees without strict guidlines. Employees may tend to abuse credit cards by buying things that are not an emergency such as tires that are over priced instead of simply plugging a hole in a flat or spraying fix-a flat into the valve stem.Here is a story:A franchisee’s manager who we’ll call ‘Arnold’ had a blow-out in one of the rear tires on the duallies. It turned out the valve stem ripped out. He drove about two miles to a tire shop and decided to take care of the problem. The tires were one-half worn, good for another 10,000 miles or one-half year. When he got to the tire shop, he could have:Purchased a valve stem for $2.50Put a tube in the tire for $10.00-$15.00Or bought a used tire that was one-half worn to
Your target bank will be suitable for this method if it meets the following three requirements:
A. The bank must have a Passbook Savings Account product with NO MONTHLY FEE on balances of $500 to $1,000.
B. You must be able to borrow up to 85% of your balance on a 12-month loan schedule. This is typically called a Passbook Savings Loan.
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Ret
Stationery Supplies refers to all those items of stationery that could be used in business, office, home or school. To cater to such a vast segment of customers, shops selling these Stationery Supplies need a large assortment of items to be readily available with them. At times, the stationery suppliers even tend to provide printing and customization services to their clients.The Stationery Supplies business is very lucrative, due to its consistent demand. Since there are a huge number of items that can be categorized under Stationery Supplies, some suppliers have opted to supply a particular type of stationery only. For example, there are stationery marts supplying only wedding, Christmas or office stationery. They would be one-stop shops for all requirements related to wedding or Christmas or office needs. So their scope of work also extends beyond stationery.Taking for example office supplies, which ha
C. CRITICAL: The bank MUST report activity on this account to the three major credit bureaus (Experian, TransUnion, and Equifax).
If the bank product does not meet these requirements, then do NOT use that bank. There are thousands of small banking institutions throughout the country, so it should be fairly easy for you to find an appropriate one in your local area.
STEP 2 – Open a Passbook Savings Account
Go to the bank you've chosen and open a Passbook Savings Account for $1,000 or less---depending on what you have to work with. Take your Passbook home and wait a week or so, because you don't want it to look like you opened the account only for the purpose of taking the loan.
STEP 3 – Obtain a Passbook Savings Loan
Return to the bank and ask to see a loan officer. Look your best, be courteous, and explain that you wish to take out a Passbook Savings Loan for $850 (or 85% of whatever amount you actually deposited).
When you take out your loan, your savings account is frozen. However, every time you make a payment you unfreeze an amount equal to your payment, less a few dollars for interest. Be sure to ask that the loan term be for at least one year, with minimum monthly payments. Do not get a simple one-year loan with no payments. This will not benefit you at all, because you are trying to establish a history of payments.
You will not be turned down for this type of loan no matter what your previous credit history and in most cases it will not even be checked. If you have bad credit, make sure you tell your loan officer before he or she pulls your credit history. Tell the bank representative you are trying to re-establish your credit and that a good credit rating is very important to you now.
STEP 4 – Make Your Payments
Assuming an interest rate cost of 6%, your monthly payments on the $850 loan will be $73.16. (Remember, this is a secured loan, so the interest rate should be fairly low.) Since you have "borrowed" $850 in cash, you will use that money to keep the payments going on the loan. Be sure to make your payments well before the due dates. Always pay EARLY in order to be on the safe side in establishing good payment history.
STEP 5 – Pay Off the Loan Early
After six months, pay off the loan early. At this point, you will have approximately $980 remaining from your original $1,000 deposit, part of it as cash on-hand, and some remaining in the savings account. You will have paid a whopping $20.31 in interest (assuming the rate was 6% for the secured loan). I'm sure you will agree that $20 is a small price to pay for adding six months' worth of good payment history to your credit report!
STEP 6 – Make Sure the Loan Shows on Your Credit Report
After you have paid off the loan, obtain fresh copies of your credit reports to verify that the loan payment history is showing correctly. Since you selected a bank that reports regularly to the big three credit bureaus, everything should show up correctly. But mistakes do happen. If the loan is not reported correctly, then ask the bank directly to fix the omission, or ask the credit bureaus in writing to add the credit reference to your report.
The Passbook Savings Loan Technique is a simplified version of the more complicated "Three Bank Technique." Basically, the concept is to use the secured loan proceeds from one bank to open up another account at a second bank, and then to repeat the process for a third bank. The math is a lot more complicated, but the principle is the same, with the added benefit of having three simultaneous loans adding positive payment history to your credit report. This approach costs a little more in interest expenses, and involves a lot more work, but can really turbo-charge your positive credit history.
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