Quick Facts to Know About Credit Cards

Credit cards can be the most deciding factor in what your credit rating is. For many of us, this is the reason we may have poor scores. This is why; we all need to pay special attention in regards to the facts that surround credit cards and how they are used. Here are a few facts we all need to know:

Every time we fill out an application to take out a credit card or a department store credit card it impacts our credit. In fact, experts say it can affect our credit as much as five points. If you continue to fill out credit applications throughout the year, this can wreak havoc on your credit rating.

No, your credit card account will not actually be open until you call that activation number that is usually located on a sticker that comes attached to your new credit card. Once you call in to activate the card it is now open and ready for you to use.

Yes, paying your credit card payments on time is one definite way to ensure that your credit rating remains at a good rate. Yet, this doesn’t mean that you shouldn’t be checking your credit reports regularly. On average, there is about an 80% chance that there is at least one error in your report. This is why you need to check these regularly to make sure that no errors are causing your credit rating to be lower than it actually is. You can check your credit report for free at annualcreditreport.com.

You can also boost your credit rating my overpaying your payments as often as you can. However, as you are overpaying one payment, don’t neglect to pay the others as you should.

Never close your credit cards after you pay off the balances. Instead, keep the cards open and try to refrain from using them except once or twice a year to keep them active. This will help raise your credit rating. If you close the accounts, this will impact your credit negatively.

Knowing the facts about your credit cards and how to properly make your payments is the best way to build a good credit rating.

How To Check Your Credit Rating Online

It is important to keep an eye out on your credit report because there are a lot of things on it that can go overseen, and actually hurt you. Every time that you apply for a line of credit you are eligible to receive a free copy of your report, but you also get one at any time by requesting one online.

There are several different websites in which you can receive a copy of your credit report. Some will charge for a copy of the report, others will offer it for free. You need to know about the website you are purchasing from them and make sure that you can trust them.

In order to determine if they are trustworthy, read the terms and conditions of the website before you sign up for a free credit report with them. In addition, make sure that you are not signing up for a credit monitoring service, which is not free and typically costs a monthly fee.

In most instances, you are entitled to one free credit report every 12 months. In addition, if you’ve been recently turned down for credit, you should definitely get a copy of your credit report. Keep in mind however that because credit inquiries can damage your score in the long run. If there are any discrepancies in your report on who has run your report, contact the companies directly to have it removed.

Make sure that the company that you are requesting the credit report from is a secure website. You can also check the Better Business Bureau for any inquiries a particular site has had. You are going to have to give your social security number to them, and you want to be sure it is a safe and reputable site.

Once you have received a copy of your report, it is recommended that you print a copy for your records. This way, you can keep records of your score, as well as use it for writing letters to companies if there are any discrepancies. You can also compare it down the road to see if your score has changed any. In your report, you can also see what kind of debt shows up in your report.

Work with companies online to get a secure report and stay on top of lenders who may have imputed some wrong information. You can do this in writing. Keep a copy of everything that you send your lenders for your own personal reference.

Keeping on top of your credit report is essential to properly manage your money and credit. This will help your financial problems, as well as help you in the long term future.

Tips for Getting Credit Cards and Loans with Bad Credit

If you’ve recently been looking for a credit card or a payday loan and you have bad credit, you need to be mindful of the fact that one of the better ways to improve your credit rating is with a card, which has been specially designed for people with bad credit.

Whether your credit rating was devastated due to Judgments, Bankruptcy or divorce, there are still many different routes that you can take which will allow you get your credit back on track while giving you the added benefits and conveniences of owning a credit card.

There may be several reasons why you ended up with a bad credit rating. If you are confused and want to know why you keep getting turned down for credit you may want to start off by ordering a free copy of your credit report. Some years ago, new legislation was passed which allowed Consumers to obtain one free copy of their credit report per year. You can go to annualcreditreport.com to obtain yours.

If you are in need of cash to pay urgent bills and your credit rating is bad – you can still apply with no teletrack payday loan lenders. They usually approve all applications without performing hard credit checks. Find out more here – https://www.withnoteletrack.com/.

Here are just a few of the things that will cause your credit to go downhill very fast. Failure to pay household debts such as credit cards, loans, rent bills, County court judgments and not being an electoral register just to name a few. Also, your postal location and the house in which you live might come into play when it comes to improving your credit rating with a credit card.

One of the best ways to improve your credit rating is to be realistic about what you can afford simply meaning that you don’t take on more payments than you can afford to repay.

Make sure that the amount that you decide to set as your credit limit is something that you can handle over a period of time. Remember that you will be required to pay this amount until the balance is paid in full.

This is a proven method that will help you establish a better credit history and impress future lenders. Last but not least make sure that the credit card’s billing address matches the address for which you’re registered to vote.

Getting a credit card or a payday loan when you have a bad credit history is not impossible but it will cost you. In extending offers for bad credit cards, lenders in general target people who have a history of not repaying their debts.

In order to make up for the difference in the risk they usually charge a higher interest rate than most lenders but don’t worry because if you are able to establish financial responsibility by simply meeting your monthly payments, they will more than likely offer you a better card with a better interest rate in the future. But on the other end of the spectrum, if you fail to meet your bad credit card’s repayments it could cause your credit score to become even worse.

When you are in the market for a new card to establish your credit, expect to be offered a higher than normal rate as well as a card that may have an annual fee. Before you throw them in the trash, take a second look because the annual fee may bring down your Annual Percentage Rate thereby actually saving you money in the long run.

Get The Basis For Personal Loan Approval Here

If you are applying for a personal loan, then there are some requirements that you must fulfill before the bank can grant such loan applications.

Consideration is given based on the status of your employment. We shall be considering what the banks will require from an individual who wants to apply for a personal loan to fulfill a need.


Your age is a deciding factor in the application for a personal loan. This is the first thing that the lending institution will look at before considering your application.

This age limit of a thing varies from one country to the other; you are therefore advised to check the minimum age limit in your country before you tender your application to avoid outright rejection. There is also a maximum limit on the age for which banks grant loans to individuals.

The lending institutions will want to minimize their risks at all costs; therefore, check the maximum age to see if you fall within the age bracket.

Your Occupation

Lending banks are very reluctant to give personal loans because of the risks involved. You are aware that you can use the loan for any venture under the sun that catches your fancy; hence the cloud of uncertainty that beclouds this type of loan.

Since the banks will not be able to track what you are using the loan for (tracking it in the first place makes no meaning), they want to be sure that you have something solid in place to pay back the loan.

Only those that are on a regular salary and can show means of steady income for at 6 months have the privilege of getting the nod for the loan. Those that are self-employed will have to go the extra mile to convince the lending houses before they can scale the hurdle of occupation.

How Much Are You Presently Earning?

Another area where the searchlight will be beamed is your income at the end of every month. We shall address the maximum amount that you can get for a personal loan later; this amount is going to be decided on the strength of your monthly income.

So if you have an amount that you intended to apply for, it will not be sealed unless the calculation on your income by the lending house speaks in your favor. The EMI for the loan should not exceed 40-50% of your income. If the desired amount falls within the percentage stated above, then you are good to go.

Are You Servicing A Loan?

Yet another consideration for granting the personal loan by the finance houses is your debt portfolio. If you are servicing debt, then the calculation of the amount that you are going to get will be factored into the existing calculation. Several applicants get disqualified at this stage of the application.

If an applicant cannot show proof of steady payment of the existing loan, then the lending houses will not trust such an individual. Where the trust is not there, the application will be turned down.

But if the history shows that you are a committed person that honors the terms of monthly payments as seen in history, the banks will be willing to offer you the amount you so demanded.

The Credit Score

This is in a technical area that you should work on if you want your application to scale through the screening process.

There is a limit to the credit score that the banks will accept before taking the risk of granting the personal loan. Take your time to check the standard from the bank that you want to seek a financial lifeline from.

It is better to work on your credit score and make sure it is well above the minimum standard before you apply for the loan. If you are planning to go for a vacation during winter with your family for instance; then you can start working on your credit score right from the onset of summer of that same year.

Personal loans are rarely given by the banks, but with preparation on your part, your application will see the light of day.

The Amount That You can Get

The maximum amount that will be granted is determined on individual basis. They include the liabilities that you have, your debt portfolio is another factor and your credit card score will go a long way to determine the amount that you will get at the end of the day. The repayment period is between 1-5 years.


Though the traditional banks are very reluctant in giving personal loans, if you put your acts together and get all the conditions stated above in place, the lending institutions will have no choice than to grant you your wish.

Your level of preparation will determine how fast the process will take you; it should not be more than 7 days under normal circumstances.





Can Personal Loans Be Used For Other Purposes? Here Are Helpful Tips

The truth of the matter is that personal loans can be used for several other purposes. There is a risk of taking personal loans if you are not clear on the purposes for which it can be used. We shall go into the various areas that personal loans can be put into ready use.

Small Business

Though personal loans are not meant for business purposes, you can as well use it to make ends meet in your goal of pushing your business to the next level.

You can use it as a credit line or as a small business loan. However, before you take such a step, make sure you consult a professional for a piece of professional advice on the way forward. He will give you professional advice on how to choose the best among the choices available.


There is a time for everything under heaven. If you want to give yourself a treat with your entire family members, then you can take a personal loan to explore the world of fun. The monthly payments will bring to insignificance the amount of money that you have to pay on these ills.


Keeping your pet healthy 24/7 can pose some issues on funding. In that case, you can get a personal loan to help get the essentials that will keep your pet happy. However, you should be able to afford the pet in the first place. A situation where people take a personal loan to purchase a pet is not ideal If you cannot afford it in the first place, then do not take a loan to purchase one.

Funeral Expenses

The loss of a beloved is very painful. If the departed do not have life insurance that covers the funeral expenses; then you can take a personal loan to give the soul of the departed a befitting burial. However, you have to make assurances doubly sure that you will be able to pay back the monthly deductions in a way that it will not affect other essential areas that make life worth living.

When It Is Time To Move

A time will come when you want to change your location from one end of town to the other. Involving a removalist company will cost you some amount of money more so where it involves thousands of miles. Boxing and moving the personal effects can be done by you with the assistance of friends. Where you are not in any position to help matters, you have to call in the professionals and if the cash is not available, then the option of taking a personal loan will come into the picture.

Expensive Consumer Goods

There are essentials that you need in the home. If you are to pay cash for such, it will collapse the entire structure of the finances at home In that case, what you are expected to do is to resort to taking a personal loan. We are talking of items like a computer; mattress, appliances, jewelry and the likes. Taking a personal loan is a wise decision to help get out of the wood.

Wedding Costs

The day of the wedding is one of the special milestones in the life of any couple. The costs involved to put up an occasion that will be the talk of the town for a long time to come is n the expensive side. With a personal loan, you can organize a befitting wedding and get to pay back the costs on a monthly basis. The bottom line is that you have achieved what you would not have ordinarily achieved without the loan.


Going the opposite of what we have discussed above, you can as well take a personal loan to pursue a legal conclusion the processes involved in divorce matters. The legal fees are always high and every couple will want to ensure that the due legal processes are followed to the last point of the law so as to avoid issues when both parties go their separate ways. You can take a personal loan to end a marriage in dispute.

Helping A Loved One

You can as well take a personal loan to help someone close to you or a family member that is in crisis. It will not be out of place if you take the loan to put the smiles back to the face of someone that is close to you.


We can go on with the list, the purpose for which you can use the personal loan is in various ways. However, make sure you consult a professional before you take the loan. With a professional guide, you will be able to know the exact vendor that you can trust in the first place as well as your capacity to offset the repayment schedule.

Get The Best Personal Loans For Self Employed In 2019

If you are out to get a personal loan, then it is best to consider online lenders.

This is because there is less documentation required combined with the fact that traditional banks shy away from lending loans to self-employed people.

Here are the best online sources that you can look to for help:

OneMain Financial

The chances of getting the nod of approval here in the midst of available rival contenders are high because of the opportunity to apply alongside a co-applicant.

Taking it further, you are covered even with a poor credit score with this lending outfit because they do not require any minimum score for loan applicants. The requirements are relatively easy and it will provide the soft landing that self-employed people in need of loans required.

However, the interest rate of this lender is the highest among the list that we shall be considered but even at that, they have the edge over the rest hence it is making our number one on the list.


In our search for the best options online that will not give personal business owners any form of stress in their search for best results for a business loan; we found out that Payoff can be trusted to deliver what will give interested persons the cause to cheer at the end of the day.

If you are in possession of high-interest credit and card debt; then we strongly recommend that you trade with this loan lending vendor. The main focus here is paying off credit card debt for outfits with an excellent credit card. If you can shore up the score of your credit card, then the place to be is this outfit; you will get their nod in your bid to cancel your credit card debt.

The interest rates are very low compared to credit cards; there are no other fees to worry about with this lender. Above all, you have a couple of years to pay back your balance.x


If you know you have fair credit, then you must not waste your efforts and time with other loan lending outfits, the place to be is at LendingClub because the conditions will make it easy to get the nod of approval for the loan.

The good news about this lender and which sets it apart from the rest is the fact that it allows cosigners. If the basis of your credit score cannot give you the needed approval, you can look for a cosigner with a better credit score to help balance out your credit score shortcomings.

The lending rate is on the high side when compared with SoFi’s and Earnest’s (to be discussed shortly) but they will give you the level playing ground to achieve your ultimate goal.

You are going to get excellent repayment terms and their loan offer range from the small to the highest amount that you can think of in the sector.


This lending outfit will not take a high risk on any lender. If you have excellent credit and all your documentation for the loan are in the right perspective, then it will be pretty easy to sail through the requirements for the loan designed for your small business.

You are going to get the advantage of a low fixed interest rate with this vendor. For the fact that they have ensured that all their borrowers have done their part of the bargain, they offer very high loan amounts and an excellent repayment terms coupled with the fact that no fees are attached whatsoever.

The APR range of this lender is one of the lowest among the companies under consideration. The spread of this loan is wide and members get other pecks when they get registered with this outfit.


We cannot overlook the benefits that are derivable from Earnest because of its benefits to personal loan seekers. Just like what it obtained with SoFi, borrowers with an excellent credit score will find it pretty easy to get the loans here.

There are no origination fees with this lender and you will not get any fee for that matter with this outfit. You are sure going to get a favorable repayment term based on the amount that you borrowed. You can borrow a huge amount but it is not as much as what you will get from Sofi. It, however, does not have the spread of SoFi


If you are a personal business owner that wants the business loan to move their line of the business forward, then you can try any of the five on our list above for the best results.

Though it is hard to get a personal business loan, with the outfits above, you will get the desired results based purely on your qualifications.




5 Weighted Factors Which Affect Your Credit Score


In today’s world of increasing prices of almost every item available, it is necessary to look after one’s financial status before entering into any purchasing deal.

With prices of everything being so high, it becomes necessary for people to purchase them on credit or by taking a loan.

Credit basically is the power of a person to buy things with the promise that they will return the amount within a fixed period of time.

Loans are quite common in today’s world, with people taking out loans to buy cars, houses, or even for their education or business.

The approval of these loans depends on a variety of factors such as financial income, debt history and more importantly, a person’s credit score

A credit score is basically a person’s history of his repayments on his previous loans.

With regular and proper payments done, a person gets to have a high credit score. Upon missed or irregular payments, a person’s credit score lowers. With so many problems arising, it necessary for a person to have a good credit score.

Factors Affecting Credit Score

Some of the factors that affect a person’s credit score are given below –

History Of Payment

The main factor whenever a person’s credit score is in question is their previous loan repayment history.

While the calculation of credit scores is done, the weight of this factor is the maximum. With proper and systematic payments done during the previous loan, a person’s credit score increases drastically and he or she becomes eligible for future loans.

The banks keep a close check on the person’s credit card history, long with the history of their expenditure too. Missing out on a loan payment or a credit card payment might cost a person to lose out a few points on their credit score.

Thus, to keep a proper credit score level, one should make regular payments to the bank or lender, without any missed payments.

Previous Reports Of Credit And Loan

Banks also check the previous credits and loan history, with different types of loans and a number of credit cards being in consideration while doing so. Mainly there are two kinds of credits that are widely used. One of them is the most used installment loans.

These are given on education, starting of new businesses, home or car loans as well. More the type of loans one has under their name, with regular payments in each, the person can increase their credit score very easily.

Also, with multiple credit cards, all of which have spotless history, the person can show the bank that he or she is perfectly capable of handling the repayments of their loans. But one should always be careful, as more loans do not necessarily mean an increased credit score. With more loans, a person is also showing that he or she is in constant need of loans without any fixed source of finance.

How A Person Uses Their Credit Cards

A person who has taken a number of credit cards should be able to pay back every cent in a timely fashion. If a person’s credit card history shows him or her making huge amounts of transactions in a short amount of time, without them making the repayments on time, it might heavily affect their credit score.

Also, a person who is frequently reaching the limit on their credit cards, that is, maxing out their credit cards, also falls under the poor credit score category.

More the amount left on a person’s credit card more will be the credit score of that person. Thus, one should responsibly handle their finances while purchasing items on a credit card.

Credit History Age

A person having credit and loan history from a long time will definitely be chosen over a person who is just new to the concept of loans.

With a longer credit age, a person basically shows that he or she is well versed with the re[payment of loans.

With proper payments made over the years, the credit score also keeps on increasing. With more number of years on their record when it comes to loans, a person shows experience and thus, this helps them increase their credit score easily.

Amount Of Debt

People often have debt or mortgage payments to pay. With a heavy debt or incurring loan, which still has not been paid, a person’s credit score is affected in a bad way. Thus, one should pay off any loan or debt before applying for a new one, or at least show that he or she will be capable of repaying all the current loans they have on their heads.


Thus, we see that credit score is quite an important thing, and there are  a number of factors that affect it.

By keeping a strict check on these factors, one can easily maintain a spotless record and have a good credit score.

Factors To Keep In Mind While Choosing A Business Loan

One of the challenging decisions for any entrepreneur is to take a loan to get the capital for their business. Be it the company wants to expand its business operations or want to buy equipment that is required to manufacture the products, you would need to take business loans.

To avail the loan, the borrower has to pledge an asset with the lenders so that their loan gets approved. However, it is not possible for all the entrepreneurs to pledge an asset, therefore many go for unsecured business loans.

There are different types of unsecured loan products available to lending institutions. You need to check two to three best products and pick the one that suits your requirements.

Few of the factors that you need to keep in mind while choosing a business loan include:

Know how much you need:

Once you have come to a decision to take a loan to buy equipment or start your own business, you would need to estimate the loan amount that you would like to ask the lenders for.

You also need to include all types of fees into the amount. As no one wants to go through the loan application process multiple times, it is important for one to determine the loan amount that they are eligible to get to attain their business goal.

You do not need to take the loan amount that is bigger for you to repay. It is a best practice to avail the loan amount that you can repay easily and without making further debts, since taking a higher loan amount may push you into serious financial crises with higher loan interest rates.

There are a few lenders who are not ready to sanction the loan amount that is demanded by you, therefore, it is important for you to do a lot of homework and then come up with the loan amount you would like to apply for.

Decide the time within which you would need the loan:

When you do not need something quickly, you would get many options. If you have enough time to take the business loan, then you can improve your credit score, search for the best lender and loan product or reduce the loan amount you were planning to borrow.

If you are planning to take the loan in the coming few months, you need to do proper planning to boost the credit score to get the loan approved immediately.

Check the credit score:

The credit score is the main thing that you need to have to get the loan. This decides whether or not you get the required loan amount. You need to ensure that your credit score is perfect that you do not need to fix it.

Prior to applying for a loan, you need to get the credit score and check its accuracy. If you think that there is some issue with the credit score, you can get in touch with the credit bureau and get the issue sorted out. If you have a good credit score, then there are high chances of you getting the loan immediately and at the lesser interest rate.

Check whether you would be able to repay the loans based on the given terms:

You need to take a look at the cash flow and the returns that you are getting from your business. You need to make sure that you have the capability to repay the loan amount on time without which you would need to pay a higher interest rate and drop your credit score.

You need to check the loan terms and conditions thoroughly before signing on the loan paper and analyze the cash flow. If you are not sure about repaying the loan based on the given terms, then drop the plan of taking the loan, since this makes your financial situation worse.

Check the loan term:

You need to check the time period that the lender is planning to give you to repay the loan. If the loan term is higher, then you need to pay more than what you have taken.

You need to make sure that it does not put an additional financial burden on time and would not cause any kind of cash flow problems.

Check the loan size:

You need to check the percentage of project cost that the lender is interested in sanctioning you.

This helps you to know whether or not to avail of the loan.

Check the flexibility given by the lender to repay the loan:

There are times despite having the best plan, sometimes it won’t work for the business.

You need to have an honest discussion with the lending institution to learn about the consequences if you are not able to make the repayment on time.

You need to find out whether you have the option to repay the amount at your convenient time.


How To Qualify For A Home Loan

Normally, all banks provide home loans up to 60 times your monthly net income. The minimum age of the applicant should be at least 21 years.

The maximum age of the applicant can be 60 years.

Just input your date of birth, the city you live in, your net monthly income, the preferred tenor of your home loan, and the total amount of any EMIs you are paying currently.