Copyright 2006 William Hamilton

When you apply for credit card processing capability for your website, there are a multitude of factors that underwriters take into consideration when deciding whether or not to accept your application. These factors include:

* The type of business you own
* How long you have owned your business
* Trends in your business earnings
* Trends in your industry
* Your collateral: machinery, equipment, property
* Your personal credit report

When a merchant’s credit card processing application is evaluated, their personal credit rating is assessed and significantly affects the outcome of the decision. A poor credit rating may preclude an application from being accepted. But what does your personal history have to do with your business potential?

As far as your credit card processing application is concerned, everything. How you run your personal life is indicative of how you will run your business, helping the underwriters of your credit card processing application to determine whether or not you should be considered a risk. Everything that is included in your credit report is relevant information for the credit card processing underwriters. This information includes:

* Whether or not you made personal credit card payments on time or at all, over drafted your accounts, or filed for bankruptcy may indicate your ability to repay future creditors.
* Whether or not you have enough credit for your credit card processing underwriters to be able to satisfactorily discern your ability to repay debts.
* If you have multiple inquiries into your credit rating by potential creditors, this shows negatively as well. This means that others have decided you are a risk, which may indicate to your current credit card processing underwriters that they should decide the same way.

Research Your Credit Report

One way to make sure that your personal credit is an asset to your credit card processing application is to make sure that it is as high as possible before you send in your application. It is free for you to check your credit report with the three major credit agencies in the country - Experian, TransUnion, and Equifax - once every year. Staying up to date with your credit reports will let you know right away if there are mistakes due to inaccurate reports or identity theft. The sooner you find out, the sooner you can get started getting these things corrected and removed from your credit reports.

How To Raise Your Credit Rating

There are many ways for you to raise your credit rating if you feel that it is inadequate to get the credit card processing application results that you need. Some credit report improvement techniques take a great deal of time before they affect your credit rating. Others begin to improve your score immediately.
* Make sure that all your information is updated. Everything listed has an expiration date of seven years. It’s up to you to make sure that seven year old issues are removed at that time. Also, just because you paid off a bill doesn’t mean that the company reported this update to the credit reporting agency. This may be up to you.
* Pay your bills on time, every time. Every single late payment is listed on your credit report and negatively affects your credit score. This will directly affect your credit card processing application; it’s a 1:1 correlation as far as how underwriters will predict your future repayment efforts when weighing the merits of your application.
* Don’t apply for credit every time it’s offered to you. If you are constantly applying for credit, most credit card processing application underwriters will assume that you are not managing your finances well. Keep enough credit cards to establish credit, but not so many that it’s too much to handle. Three to five cards is plenty.
* Don’t avoid credit cards and loans. You need a credit history to have a good credit history. Start early, make all your minimum payments and stay on top of your balances. If you go beyond your means, fix the situation as soon as possible.

The bottom line is that your personal credit reports and rating will directly affect the outcome of your credit card processing application. Maintaining the best credit possible will help you make the most of your business when it comes time to apply for credit card processing capability. And if worse comes to worst, there is an alternative solution. Many credit card processing companies allow a merchant to use a cosigner. Choosing someone with a favorable credit rating score may help you offset the negative effects of your own credit rating.

William Hamillton owns IntelliCollect, a subsidiary of United Bank Card, where you can receive extremely affordable credit card processing and/or electronic check capability. Services to enable you to accept your customers’ payments are listed at:
www.intelli-collect.com

There are just so many things that could happen in this world, all sorts of emergencies that could come up in a blink of an eye that it’s truly better if you’re always prepared - physically, mentally, emotionally, spiritually and of course, financially.

Although it would be nice if you can always carry a hundred thousand dollars with you anywhere you go and at anytime of the day, not all of us are born with the last names Gates, Windsor or Hilton so we can’t very well count that as an option.

Furthermore, carrying that amount of cold hard cash with you 24/7 is like shining like a beacon light to the thousands of pickpockets and kidnappers roaming this planet. So if you want to be safe but still very much prepared for whatever situation you find yourself facing, wouldn’t it be better if you just simply applied for a credit card?

Credit cards, contrary to popular belief, are not just for the rich and famous. Credit cards may, indeed, come with interest rates but if you try to view the advantages of owning a credit card, its negative points are immediately offset.

Besides the safety issue, there are also financial advantages that you could avail of if you own a credit card. If you’re very much fond of traveling then perhaps you could apply for a credit card that’s affiliated with hotels and airlines. This type of credit card allows you to earn air miles every time you use your credit card.

These reward points can be then converted to free air travel, free accommodation in hotels and resorts, free rental cars and the likes. If, on the other hand, you’re more of a car traveler then there are credit card companies who likewise offer free gas as reward points. To earn these reward points, all you have to do is use your credit card frequently or until you reach the appropriate number of points that’s equivalent to your desired reward.

But travelers are not the only ones who are going to benefit from credit cards.

There are also credit cards that are primarily designed for shopaholics. These credit cards give you discounts on certain shops and boutiques, earn cash rebates and win free items. Again, to earn such rewards, you only have to use your credit card as often as you can.

Now, when I ask you if you need a credit card, would your answer be a “yes” or a “definitely yes”?

You may freely reprint this article provided the following author’s biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Individual banks elect to become members of ChexSystems, and to use their services.

Those individual banks are the ones who decides what is sufficient cause to close your account and report you to ChexSystems.

It can be what they consider to be frequent overdrafts, ATM card misuse, an intentional act of fraud, etc.

When that person attempts to open an account at another member bank a ChexSystems inquiry is made.

Once you become one of the over 8 million names on the ChexSystems “black list” your information stays in their database for 5 years.

During this period, whenever you try to open a new banking account, either personal or business, with a bank that runs ChexSystems inquiries, you will most likely be denied.

If you are listed on ChexSystems it can be a major inconvenience in your life, but you do have some choices if you would like open a new checking or savings account.

Here are some options, and/or alternatives:

• ChexSystems Removal - Obviously this is the best solution. Getting removed from ChexSystems is not hopeless. ChexSystems is a Consumer Reporting Agency, just like Experian, Equifax and Trans Union. ChexSystems is subject to the Fair Credit Reporting Act (FRCA). These laws can work in your favor. If they contain inaccurate information, misleading information, or if they are unable to verify the information the law states it must be removed.

• Non ChexSystems Banks - If you’re unable to be removed, you can find a bank or credit union that does not subscribe to ChexSystems Reporting Systems. Nearly 80% of Banks are members of ChexSystems. So it does take some effort, but it is not impossible to find a Non ChexSystems Bank. There are companies that provide lists of Non Check Systems Banks

• Banks that do not automatically deny due to ChexSystems - You can find a bank or credit union that does use ChexSystems. However they have been shown to look at each case individually. Unlike other banks they will not automatically reject you solely because you are in ChexSystems systems. They will allow you to open a new bank account if you give a brief explanation as to what happened, and have documentation to support your side of things and/or can prove to them that the amounts have been settled… or it is clear that the information reported to ChexSystems was inaccurate.

• Secured Bank Accounts - Just like secured credit cards there are secured bank accounts. In order to open a checking or savings account you will need to deposit funds in a separate account like a Certificate of Deposit (CD) that can be used as collateral.

• International Bank Account - There are many banks and financial institutions that reside outside U.S. borders. It is legal to have a Non-U.S. Bank Account. Of course you want to choose a bank that is set up to handle U.S. currency. For instance, you can do an online search for Canadian banks, banks in the Caribbean, or UK.

• Money Market Account - Many financial institutions will allow you to open a money market account with an check writing privileges and ATM Credit Card. Since money market accounts are considered an investment product they are less likely to run a ChexSystems inquiry. Especially if you open the account with an investment broker like Merrill Lynch, Dean Witter, Charles Scwaab etc. instead of a bank.

• Skip the traditional banks all together - If you have direct deposit available from your employer (which most employers prefer you to use) then you can get a debit card provided by a variety of providers at very reasonable monthly fee. Wired Plastic, and Directo are a couple of choices.

You will be provided with an account and a routing number just as with any bank. Your paycheck can be automatically deposited. And you will have a bankcard that can be used at any ATM machine for 24-hour access to your account. You can also get online bill pay and more. This is really the main thing you need.

Unless you just absolutely have to have paper checks and a checkbook, this can be the easiest and quickest way to go.

These are a few of your alternatives if you have been denied from opening a checking account due to a negative ChexSystems report.

Greg Ford is the owner and webmaster of http://www.chexsystemssolutions.com Additional information regarding options for people in ChexSystems can be found there.

The number of consumers with oil company credit cards, good for gasoline purchases, has increased dramatically during the last ten years. The two main reasons for this growth are the general easing of qualifications for such cards and the growth of pay at the pump. It is simply much easier and faster to buy gasoline if all you have to do is stick a card in the pump, get your gas and drive away. Many Americans are all too happy to apply for another credit card if it means avoiding lines inside the gas station.

Gasoline is a recurring expense for most people. Anyone who drives to work each day will probably find that his or her gasoline expenses are about the same each month. Given that the monthly use is the same, gasoline purchases can be viewed in much the same way as a cable TV bill or an electrical bill. It is something that should be paid, in full, each and every month. If the bill isn’t paid in full this month, it will only get larger next month. So paying promptly, and in full, makes a lot of sense.

But few Americans pay their bills in full each month, and for those who do not, a gas credit card comes with quite a shock. The interest rates charged by these credit cards are quite high when compared to other types of credit cards. In fact, these cards tend to have interest rates that range from 18-25%, when many banks will offer a Visa or Mastercard for a much lower rate. Someone with good credit can probably obtain such a card with an interest rate in the 10% range.

Anyone who pays for gas by credit card but does not pay in full each month would be advised to use an alternative credit card with a lower interest rate, if one is available. Gasoline pumps that accept credit cards will take usually accept most major credit cards, so using a Visa or Mastercard would generally make more sense than using a gas card. The Discover card is particularly useful for this purpose, as it provides a cash back rebate every year based on use.

Savvy consumers who wish to watch the amount of interest that they pay on their credit card bills would be wise to find an alternative to the high interest charged by most major oil companies. After all, there is no benefit to paying interest.

©Copyright 2006 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation, personal bankruptcy, establishing credit and credit counseling and HomeEquityHelp.net, a site devoted to information regarding mortgages and home equity loans.

When you are going to start looking at transferring credit card balances you are going to want to look closely at those offers before you take a leap forward with the transfers from your credit card.

You are going to want to check to see how long the low introduction rate is on balance transfers. There are going to be some cards that the lower rate is only going to last a couple of months. You are even going to want to check to see if they are going to charge you a higher interest rate if you are late for a payment. Some will consider that if you are even one day past your due date you are late. There are some of the credit card companies out there that are going to charge you a transfer fee when you are planning on doing a balance transfer.

A couple of other things to look out for are the cards that say that you are pre-approved for their card. There are many times that you are going to receive the letter saying that you are guaranteed the credit card until you apply for it then they see that you may not have the perfect credit for their credit card and deny you the card. If they do send you a credit card, you may see that you are receiving a higher interest rate than what you were planning on receiving.

You are going to want to read the fine print when it comes to the annual fee as well. There may be times that they are going end up charging you an annual fee after the first year that you are with them.

When you are planning on transferring credit card balances you are going to want to make sure that you are reading all of the terms that the credit card has to offer. In addition, make sure that you take time and read the fine print as well so you know what to expect when the introductory period is up.

Rachel Nava recommends Find Credit Cards to help you find a balance transfer credit card offer.

Establishing Credit may seem like a daunting task to a young person, but a good strategy can help take some of the sting out of the process.

Start by opening a checking and savings account in your name. This alone will not establish credit, but it will get you on the map and provide much needed credibility with financial and lending institutions. Keep accurate records of your checking account balance and make sure to never overdraw on your account. Bouncing a check will send up red flags with potential creditors and diminish the likelyhood of establishing credit. Good credit that is.

With a limited credit history you probably won’t qualify for a major credit card yet. Therefore you may want to consider opening a charge account with a large oil company (e.g. Exxon, Chevron, Mobil, Texaco) or a local department store (as long as the store reports to the three major reporting agencies). In general, oil companies and department stores do not impose the rigorous standards of performance as do the major credit card companies. So obtaining one of these cards will be much easier in the beginning.

Another step you can take in establishing credit is to put one or more of the household utilities in your name and pay the bill on time each and every month. Your responsible payment history will be collected by the three major credit reporting agencies
(Equifax, Experian, and TransUnion) which will help you establish a good credit rating.

Points to Remember When Applying for and Using a Credit Card:

Many people who are suffering from extreme financial troubles due to debt have successfully made use of credit counseling services. While it is often spoken of in the same breath with debt negotiation it is really quite different. If you work with a credit counseling service you will have your own personal credit counselor who will help you to get out from beneath your debt. They can help get your debts consolidated so that it is easier for you to make your monthly payments. You will only be paying one lump sum each month and it should be smaller than the sum of the payments you were making previously.

If you are sick and tired of bill collectors calling you as well as terrified of the collection agency letters you keep receiving, then credit counseling just might be for you.

There is a right way and a wrong way to deal with credit counselors though. First of all, you need to be able to tell the good from the bad. Not all of these services are reputable. Millions of people have been taken in by credit repair scams, don’t you let yourself become one of these victims.

Any offer that tries to sell you a quick fix should be discarded immediately. There is no overnight fix for bad credit. It is going to take some time before you are back on top. You want to look for reliable companies that have been accredited by Consumer Credit Counseling Services.

Once you have found a good service you will have to make an appointment so that you can meet with them. The counselor will need documentation of all of your debts, you need to show the counselor everything because that is the only way they will be able to work out a solid repayment plan for you.

Now it is up to the credit counselor. They will then let your creditors know what is what and explain to them that you are having problems and they are there to fix it. They will work with the lenders to come up with a plan that you can live with, one that comes with smaller payments and lower interest rates.

If you want, most credit counseling services will allow you to send them a lump sum payment that they will make sure gets to the creditors each month. This is what is known as a debt management system. While this is a handy tool, these services have been known to be late occasionally with the payments and this is something that you want to avoid. Late or missed payments will do even more damage to your credit report. What you need to do to avoid this problem is really check out the service and find out what dates they plan on mailing out any payments.

A credit counseling service that is running a scam will ask you for huge fees up front before they do anything at all whereas a reputable company will only charge you about 14 bucks a month. That is one of the best ways to tell the true services from the greedy scammers.

While dealing with credit counselors may not be perfect, if you are in serious trouble due to your debt and you just can’t deal with it anymore, it might just save your life.

Martin Lukac, represents http://www.RateEmpire.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies! Visit http://www.RateEmpire.com today.

If you’re a college student and over eighteen years of age, you’ll soon be encountering your first opportunity to sign up for your own credit card. A number of credit companies will be vying for your business from tables set up in prominent places on campus, offering Frisbees, T-shirts, and other incentives to get you to sign up. But it’s something you should think carefully about before you do.

Why do credit card companies do that? College students are notoriously poor most of the time, aren’t they, and since they generally don’t have jobs, aren’t college students considered risky candidates for credit cards? Why would credit companies take a chance on them? And even give them goodies to entice them to sign up?

Interestingly, research has shown that college students actually are good credit risks, and more importantly, students who get a card while in school tend to remain loyal to the first credit card they received. That means long-term repeat business, and profits, for the company that was willing to take a chance on them during their college days.

There are advantages to having a credit card, of course. The first is that prudent use of a card can help build a credit history at an early age, which will help you later on, when you apply for a car loan, future student loans, and even your first home. A good credit history can even give you the edge over other candidates when it comes to getting a job.

A credit card can also offer a certain degree of security in case of emergencies, when you simply don’t have the money to address the situation. Carrying a credit card also reduces the need for carrying cash or checks.

But there’s a downside to credit cards, too. The most obvious is the possibility of getting into debt beyond your ability to repay. You’ll be required to make a minimum payment each month, which usually amounts to 2 percent of your total balance. That may not sound like much, but if you have a $500 balance at 13 percent, it’ll take you 69 months to pay off the balance if you make only the minimum required payment. That’s a long-term commitment, and makes purchases VERY expensive by the time they’re finally paid off.

As a student, out on your own for the first time, the promise of a charge card can be very tempting. It will be easy to obtain, but a charge card can be difficult to manage if not used wisely. Once you have a charge card, you’ll be tempted to use it for things other than emergencies, which can snowball out of control, with devastating results.

So before you sign up at the credit card table in the Memorial Union, ask yourself if you really need one, and how you’ll pay every month. Also make sure the card has a low interest rate, no annual fees, and a reasonable grace period before you’ll be charged late fees. Then, if you DO decide to sign up, use the card responsibly. Credit can move you in a positive direction toward your long-term financial health as the years go by.

Copyright © Jeanette J. Fisher

Jeanette Fisher teaches how to get out from under credit card debt, how to use credit to make money, and six ways to build strong credit to finance your first home and multiple investment properties. For free credit advice and free ebook “Credit Tips for Mortgage Financing,” see http://worryfreecredit.com

Discovering an error on your credit report can be disheartening,
especially if you are applying for credit. However, you can write a dispute letter and get the issue resolved. The credit reporting agency is legally responsible for investigating errors, but you can also involve the informing party.

Be Specific With Your Problem

When you write your dispute letter, be as specific as you can about
your
problem. List the creditor’s name and contact information. Also include
a
copy of the erroneous report. Highlighting or circling the incorrect
information will draw attention to it.

The more information you provide the credit reporting agency, the more
legitimate your claim looks. Reporting agencies don’t have to look into
frivolous claims. So be as clear and concise as you can.

Don’t forget to also check the other credit reporting agencies’ credit
reports. You may find the same error and will have to write separate
letters
to each agency.

Site Sources And Dates When Possible

To help get your issue resolved faster, provide additional information
that
could be helpful. Send copies of old bills or statements that are
relevant.
You can also include copies of correspondences you had with the company
or
legal documents, such as a bankruptcy discharge.

By providing additional information, you make it easier for the agency
to
investigate the dispute. With detailed information, they can get to the
root
of the problem faster.

Keep Copies Of Paperwork

For your own records, keep copies of all your paperwork. Note dates
that you
sent out the letter, along with included information. This will help
you
keep the parties honest.

And when you do send copies, don’t send the originals. You may need
those
later on, especially if there is a mix-up of some kind. If you have any
phone conversations with the agency or creditor, also make a note of
the
person’s name, date and time called.

While you are sending a dispute letter to the credit reporting agency,
also
send the letter to the informing source. Many times these parties can
act
quicker than the agencies.

Make sure to follow up your letter with a phone call after a few weeks.
The
sooner those errors get fixed, the better loan rates you will qualify
for.

Here are our recommended companies for a
free copy of
your
credit
report and other credit rating resources.

Carrie Reeder is the owner of ABC
Loan
Guide, an informational website about various types of loans.

Secured credit cards are another very popular breed of credit cards. Secured credit cards, as their name suggests, are secured. Well, they are secured for the credit card supplier, really. Secured credit cards require you to open an account with the credit card supplier and maintain some cash balance in that account. This cash balance acts as a security for the supplier of secured credit card. Your credit limit is dependent on the amount you hold in the account that you have started with the supplier of secured credit card. This is generally between 50 to 100% of your account balance. So in that sense, secured credit cards are not really credit cards (since they don’t offer you any credit really). For this reason, the secured credit cards are sometimes also referred as debit cards.

Why is the concept of secured credit cards so important?

As we know, credit card debt is a raging problem which is caused by improper usage of credit cards. Such people end up spoiling their credit rating to an extent where they cannot get another unsecured credit card (that is what we call the commonly used credit cards). Even after they have paid off their dues and cleared their debt, their credit rating still haunts them. For such people, secured credit cards are a boon. Secured credit cards present them with an opportunity to not only get a credit card in the first place but also to improve their credit rating by using the secured credit card in a disciplined way (paying their dues in time, controlled spending, utilizing a maximum of 70% credit limit etc etc). As they continue with these good habits, their credit rating gradually improves over a period of time. Hence secured credit cards provide them with the means of rectifying their mistakes (credit rating).

It’s not just the people with bad credit rating who go for secured credit cards. Some people go for secured credit cards because they don’t want to bother themselves with the bills etc for credit cards. They don’t like to even fill-up application forms for unsecured credit cards.

Then there are some who just don’t like to borrow money (even if it means borrowing from a credit card supplier by using their credit card). However, such people are very rare to find.

Some people just go for secured credit cards because they have heard a lot of horrifying stories on credit card debt - maybe someone from their family or one of their friends was devastated by credit card debt and they don’t want to repeat the mistake. So they decide to go for a secured credit card.

Whatever be the reason for going for it, the secured credit cards are surely popular too.

What was started as an online store, has turned into a growing collection of internet resources on subjects ranging from Network Marketing, Investing, Health, Travel and even Credit Cards. Visit http://www.mjesales.com for our store or http://www.mjesales.com/articles.htm for more articles. This article may be reproduced only in its entirety.