Credit Card Gist

Your credit can be the difference between getting or not getting a mortgage, car loan, or even the job you want as employers are looking more and at credit history. Knowing what goes into your credit score and practicing good borrowing habits has never been more important.

Your credit score is an assessment of the information found in your credit report, which presents a snapshot of how you pay your bills.

(Via YouTube.com)

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What do you do to protect your credit when your fiance has $150,000 in credit card debt and marrying him may well cause you to share his problem? That is exactly the pickle a CreditCards.com’s reader has found herself in and she is asking Sally Herigstad, the financial website’s credit expert, for advice.

“Don’t let old baggage from your fiance’s ex keep you from becoming happily married,” is Herigstad’s response. “If you’re careful, your husband’s old credit history and debt shouldn’t hurt your credit at all.” She does warn, however, of several potential consequences:

• Buying a home. Buying a home together will require both incomes to qualify and your spouse’s poor credit score could lead to rejection or a higher interest rate.
• Paying down the debt. If paying down your spouse’s debt makes it harder for you as a couple to keep up with all other bills, your credit will suffer.
• Bad financial habits. If, as it seems likely, your fiance’s credit management skills are not his strongest point, that can eventually affect you, too.
• Creditors. Legally you shouldn’t be liable for any debt your future husband has accumulated prior to the marriage, creditors can still try to make you pay.

(Via CreditCards.com)

Learn how to minimize chargebacks and fraud

Learn how to minimize chargebacks and reduce your processing costs. The Chargeback Management kit contains a video and an e-book:

• E-Book – Chargeback Manual (40 pages).
• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).

Some credit card companies are threatening annual fees and higher interest rates and that has many people canceling their cards. But before you make the call, understand you could be doing more damage to your credit score and wallet.

(Via ABC15.com)

Learn how to minimize chargebacks and fraud

Learn how to minimize chargebacks and reduce your processing costs. The Chargeback Management kit contains a video and an e-book:

• E-Book – Chargeback Manual (40 pages).
• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).

If you are to have any chance of getting a bank loan for your small business or a high credit card line, you would need an excellent credit score in today’s economy, writes small business owner Rhonda Abrams. While not a guarantee, a high credit score is a prerequisite.

But what can you do if your score is less than perfect? After all, it only takes one late payment to damage it. Abrams offers three tips:

• Get help. If you can’t take good care of your bills, you should probably outsource them. “One of the big lessons I learned from my first go-round as a freelancer was that taking care of my finances was not one of my strong points – keeping track of invoicing, payments and taxes,” says one of Abrams’s contractors. “Quarterly taxes sneak up on you fast. I’d be all messed up,” she adds. What did she do? “I hired a small-business accounting firm. They make sure my invoices get out, I receive payments, that tax money comes out, and I pay my quarterly taxes. It’s a relief for me not to deal with that stuff, and I can stay focused on client projects.”
• Check your credit score. Small business owners are typically required to provide a personal guarantee for business loans, so you need to pay attention to your personal credit report. If you notice any mistakes there, contact the credit bureaus and take the necessary steps to correct them.
• Use different types of credit. You should rely on more than your credit cards, which can be a very expensive type of credit, if you don’t pay in full each month. Alternatives that may be available to you include lines of credit, term loans, vendor financing and SBA loans.

(Via USAToday.com)

Learn how to minimize chargebacks and fraud

Learn how to minimize chargebacks and reduce your processing costs. The Chargeback Management kit contains a video and an e-book:

• E-Book – Chargeback Manual (40 pages).
• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).

What is your credit score, how is it calculated and what does it mean? Adam Levin, Chairman and Co-Founder of Credit.com, explains the five elements of your credit score and why your credit card balances are one of the keys to obtaining high credit scores.

(Via YouTube.com)

Learn how to lower your card acceptance cost

Learn how to accept credit and debit cards at the lowest processing costs. The Payment Card Acceptance kit contains a video and an e-book:

• Video – Card Acceptance Best Practices for Lowest Processing Costs (18 min).
• E-Book – Payment Card Acceptance Guide (19 pages).