Thursday, June 3, 2021

What are the Steps to Maintain a Good Credit Score?

Consumer credit scores are difficult to comprehend, but if you own or want to own a company, you'll need to take in even more detail. Much like companies receive a credit rating dependent on their individual creditworthiness, they also have a credit rating to show their overall credit health. 

credit scores are used in the same way as personal credit scores are. So, for example, if you apply for a business credit card or choose to deal with a credit-extending vendor, your Creditsafe business credit report will be used to assess your creditworthiness, as well as your interest rate and loan terms.

Like personal loan ratings, higher business loan scores are often better to achieve the best business loan rates and conditions.

How to verify the credit value of your business

You should know if you are wondering how you can verify your business credit that many third-party companies allow you to access an online business credit report. 

Every provider can view a version of Creditsafe business credit report, and some provide many packages that allow you to access more credit functions and details.

Maintaining a good business credit score in 6 easy steps.

#1: pay your bills on time if you own a company.

To improve your personal credit score, you must pay your loan EMIs and credit card bills on time. The same can be said for a company's credit score. 

Late payments hurt your credit score, making it difficult to get a business loan, line of credit, or credit card.

Paying your bills on time is one of the most effective ways to increase your credit score. Defaults, late EMI fees, and bounced checks all lower your credit score. 

Paying your bills on time not only boosts your credit score but also lets you keep good relationships with suppliers and other creditors.

#2: attempt to keep your credit card balances as low as possible.

A strict rule of thumb is to keep the company's credit utilization ratio under 30%. For example, let's say you have an Rs. 10 lakh overdraft from your deposit. Ideally, you should not use more than 30% of your usable credit (Rs. 3 lakhs). 

For example, if you drew Rs. 3 lakhs from your available OD cap, it's a good idea to repay the sum borrowed before making any more withdrawals.

When your credit utilization ratio exceeds 30%, your credit score begins to decline. However, even if you have to withdraw a greater sum, your credit score will improve if you repay the loan on time.

#3: maintain a low level of business debt.

Liabilities on your credit report include credit card balances, term loans, and other credit lines. The more loans you take out, the worse your company credit score will be. 

Lenders are hesitant to give loans to companies that have a lot of unpaid debt. So try to repay older loans as soon as possible to boost your credit score.

#4: take time for short-term EMI loan & repay.

This might seem to be counterintuitive but bear with us. Taking out a short-term business loan and repaying it on time shows the credit bureau that you can responsibly manage credit. 

This will help you improve a bad credit score. However, before implementing this tip, make sure you repay older loans.

#5: do not cancel old cards.

In deciding your loan score, your credit history plays a key role. An older credit card/other credit account is continuity and represents the confidentiality of your company suppliers and sellers.

The older a loan account, the higher its effect on your loan value. If an old credit card is canceled, the corresponding credit record is erased. Therefore, when determining the credit score, this background cannot be used.

It's always advisable to close the new credit cards if you have more than one company and want to cancel a few to minimize their effect on your credit score.

#6: periodically check your credit report and report for any errors

You have to correct this surveillance if you are one of the thousands of company owners who don't routinely track their companies' credit rates. 

At Creditsafe, you can check your business credit score. Provide some simple business information, and in a few minutes, you can obtain your new credit value and credit report.

You should check your business credit report regularly as a business owner. Check for errors or inaccuracies. Even a minor error like a wrong mobile number in the credit report will affect your company's ranking. If you find any errors/inaccuracies in your credit report, report it and correct it as soon as possible to the credit office.

Finally, maintain intact your credit value.

If you have a new company or a proven company, most lenders often examine your personal credit before granting loans. Make it easier to handle the company's cash flow and keep your business and personal finance apart. Get your company credit card and not use it for household/personal expenses to pay your regular costs.

Keeping a decent Creditsafe business credit report increases the chances of achieving the best possible price for business finance.

Sunday, May 30, 2021

Tips for Dealing with the Aftermath of a Car Accident as a New Driver

One thing you may have to deal with as a first time driver is getting in an accident. It can be scary to be involved in a car accident. 

If you know what to do, then it will be a lot easier for you to cope with the aftermath of it. You should take the following steps after an accident.

Make Sure Everyone Is Okay

The most important thing that you can do after an accident is to make sure that everyone is okay. Call an ambulance if you suspect that someone is hurt. 

Turn on your hazard lights to let other people know that there is an accident. If it is safe for you to do so, then you should move your vehicle to help prevent another collision.

File a Police Report

Even if the accident wasn’t serious, it is still a good idea for you to contact the police. Filing a police report is a really important step in the aftermath of an accident. 

Your insurance company will likely ask to see a copy of your police report before they give you any type of compensation.

Exchange Contact Information with the Other Party

If there was another person involved, then you should get their contact information. This includes their name, address, driver’s license, phone number, and insurance information

Additionally, you need to get their car information, such as the make and model of the car as well as the license plate number.

Contact an Attorney

Negligence is a common factor in many accidents. That is why it is important for you to contact a truck accident lawyer. Your lawyer can help you get compensated. This is an important step, especially if you have sustained any type of long term damage from the accident. 

Getting your medical bills paid for is an important step in filing an accident claim and can really help if you are unable to pay your medical bills yourself.

Take Care of Your Emotional Health

A car accident can take an emotional toll on you. Many people experience post-traumatic stress disorder after an accident. You can take care of your emotional health by talking to a loved one or counselor. 

You will also need to stay active. Additionally, you should follow up with your primary care physician. They can help you recover emotionally and physically.

The thought of getting into a car accident scares many new drivers. Fortunately, there are several ways that you can deal with the aftermath of an accident. You need to make sure that everyone is okay and contact the police. 

You and the other driver should also exchange contact information. Furthermore, it is important to call an attorney and take care of your emotional health.

Thursday, May 27, 2021

How to Sure Up Your Finances After a Familial Loss

Losing a family member is a terrifying experience regardless of your financial status. Whether through an illness, an accident, or wrongful death, the moaning process is overwhelming. Numerous factors count, including financial implications when a spouse or any other family member dies. 

Understanding how to maneuver financially reduces the pressure and accelerates the healing process. Here are tips to help you in overcoming the trauma.

Take a Break

Losing a family member brings confusion that can force you to make hasty decisions. Selling your home and moving away to another place may seem right at such a time, but it is not. Take a break and give room for grieving. Learn to accept the change and adjust to the new reality.

Find Professional Help

When a death occurs in your family, it is hard to think straight, which is why looking for professional help comes with a significant impact. Consult a grief counselor with whom you can confine. 

A financial expert also comes in handy since you might have crises pursuing compensation from insurance companies and collecting or settling debts.

If the deceased died under unclear circumstances, consult a wrongful death attorney. The lawyer will help you in claiming damages. Find such an expert if your family member died due to negligence, omission, or even wrongful act of another person, for instance, a doctor. 

The laws governing a wrongful death vary from one state to another, but your attorney understands what is at stake. In most instances, you will receive an estimated lifetime income, besides them covering medical bills and funeral expenses.

Weigh your Financial Status

Have a clear understanding of the amount of money you will be earning moving forward. It is prudent, especially if you lost your spouse, who was supporting you financially. 

Analyze the financial changes and adjust where necessary. Perhaps you will get more money courtesy of the inheritance and insurance funds, but that takes time to process.

Confirm the Medical Bills

Mostly, the deceased leaves a medical bill, especially if they spent much time in the hospital. Involve an insurance expert to scrutinize the bills and analyze the possibility of your insurance cover footing the medical expenses. Find out if there is any extra money you need to pay and if there was excess payment.

With a proper plan and knowledge of who you need to reach out to, it is less stressful to go through the briefing process. The emotional and financial strains are manageable with the right approach. Understanding your position as the bereaved is the first step to making the right decisions.

Wednesday, May 26, 2021

What People Won't Tell You But You Need to Know About Taxes and Retirement

Whether you have only recently retired or are preparing to do so in the next few years, chances are you may not feel as confident about the years ahead as you had hoped. 

From worrying about whether you have saved enough money to hoping you don't incur a major healthcare bill, these and other issues could greatly impact how your retirement plays out. Couple these issues with taxes, and you've got a mix that will undoubtedly keep you up at night worrying about this and that. 

While you may have read plenty about taxes and retirement, here are a few things you may not have known about but should regarding your taxes and retirement.

Social Security Can be Taxed

If you are not careful once you retire in regards to your provisional income, your Social Security benefits can be taxed up to 85%. Currently, if you are an individual making over $34,000 or a couple with at least $44,000 of income, expect the government to come calling with its hand out at tax time.

Take the Larger Tax Deduction

Once you turn 65, take advantage of the largest tax deduction to which you are entitled. If you are consulting with tax attorneys prior to or following your retirement, pay close attention to the standard deduction increases for individuals and couples, which are expected to be $1,300 and $2,600 respectively.

Keep Contributing to a Roth IRA

Even though you won't be able to continue making your contributions to a traditional IRA once you are halfway between ages 70 and 71, you can still keep on making contributions to a Roth IRA

Actually, there are no age limits on this, meaning you can make contributions as long as you wish. Also, don't forget that only after-tax dollars are contributed to a Roth, with qualified distributions always being tax-free.

Choose Carefully Where You Live

Like many people who retire, you may be looking to move from your current location to perhaps a new state. If you do so, make sure the destination you select is one that is very tax-friendly to retirees

For example, nearly 15 states impose taxes on Social Security benefits, while others have high income tax rates, sales taxes, and property taxes. If you're working closely with an attorney in planning your retirement, make this part of your discussion.

Rather than be one of the many who comes to retirement with more questions than answers, start planning as soon as possible to ensure your retirement goes exactly as you expected.

Tuesday, May 25, 2021

Is Your Debt Getting the Best of You? How to Decide Which Financial Option Suits You

Sometimes the mortgages and credit card debts can seem insurmountable. No matter how many months you pay, you never seem to manage the large amounts of debt that have accumulated over time.

Debt can be particularly overwhelming if you don’t have a plan for paying it off. It can be discouraging when you owe so much that you cannot even determine when you will get it all paid off. 

And no matter how much money you earn, you may feel like sometimes all you are able to do is pay your monthly bills.

The good news is that there are plenty of options for getting out of debt, and they are solutions that anyone can make use of. If you follow a few simple financial tips, you can pay off your debt and be debt-free in a year or two depending on the amount you owe.

Organize Your Bills

Before you can pay off what you owe, you have to determine your total debt. Analyze your bank statements and your credit card statements from the past 12 months. 

Take note of all the recurring loan bills and other fixed expenses you have. Be sure to include interest rates, total balances, and any additional small payment required on top of the total debt.

Next, you want to check your credit report to see your current loans, lines of credit, and any loans you might have in default. You can check your credit report annually online for free. Be sure to analyze your credit from all three credit bureaus, as some lenders don't report to all three of them.

Once you know what your total is, you're ready to start paying your bills and be on the road to living a debt-free life. All you need to do is follow these simple strategies.

Pay More Than Your Minimum Payment

Analyze your income. See what you can do to earn additional income to pay off your debt, then budget your expenses. Finally, decide on how much extra money you can put towards your debt. Paying more than the minimum amount on credit card debt will save you money.

For example, if you have a $10,000 balance on your credit cards, there's a 17% APR and let's say you have a minimum payment of $350. 

If you only make that minimum payment, it will take you four years to pay off the balance, and you'll end up spending about $4,000 on the interest rate. On the other hand, if you paid $600 a month, you could repay that debt in less than two years and lower your interest rate.

Prioritize Your Smaller Debts

Another option is to make the minimum payment on all your credit cards, except for the smallest one. Then pay as much as you can towards that one. 

This method allows you to eliminate credit card debt quickly. Once you are finished with one, you can quickly pay down on the next one.

Refinance to Lower Interest Rates

Consider refinancing your debt and getting a lower interest rate. This process can save you hundreds of dollars in interest and will help repay your debt off faster

By consolidating several loans into one, you usually end up with one smaller payment. You can refinance auto loans, mortgages, and even personal loans.

Save Money by With a Settlement

Another option is to call your creditors and negotiate a settlement. Often you can get a debt settlement deal for a lot less than what your monthly payment is. Again, you can do this yourself or contract that third party to conduct the debt settlement services for you.

Consider Filing for Bankruptcy

If none of these options are available to you, consider contacting a bankruptcy attorney. While bankruptcy is not for everyone, it can get you out of large amounts of accumulated debt. Sometimes starting over can be your best option if your debts have become too significant for you to handle by yourself. 

Because bankruptcy comes in many forms, it is usually best to talk to an attorney to see what options are available to you.

There are many different options to get out of debt. However, it is important to remember that your debt should never be ignored since it will never go away by itself. You need to be proactive and use proper judgment to find options to relieve your debt.

Friday, May 21, 2021

What Makes Being Arrested More Costly and How to Manage It

Being arrested is scary and stressful and your interaction with the police officer can make a difference. If you’re arrested, the cost of the arrest is going to cost you more in the end. The following will discuss why being arrested can cost more and how to manage it.

How Much Is The Average Arrest

The average arrest for a felony-level arrest can cost up to $55,400 whereas the average cost for a misdemeanor can be up to $1000. Although the lower amount is significantly less, it can still put a burden on low-income families. 

This does not include the cost of bail that can range anywhere from $40 for personal recognizance and up. If the individual is not able to make personal recognizance bail, they risk not being released from jail and could potentially lose their job.

Your Punishment Can Be Costly

If the court system decides on probation, you will be required to pay fees around %55 per month, not including testing for drugs. Drug testing can be costly from $35-$45 per test. 

If you’re ordered to complete community service, this may also cost you money due to transportation costs. Mandated counseling sessions can also be costly upwards of $10 or more per session. 

Even if you are incarcerated, the fees can get up there such as fees for meals, canteen, grooming services, phone calls, laundry services, etc.

The Cost of Lawyers

Getting an attorney should be on the must list after getting arrested, but comes at a hefty cost. An attorney for a criminal case can cost $25,000 or more and some lawyers charge a minimum retainer fee of $5,000 just to get started on your case. 

If you are a low-income family, you may have the fee reduced by getting a public defender where the court covers some of the cost.

Bail Bonding Agent

A bail bonding agent can help get your life back together. They will help with expedited bail bonds to get you out of jail fast and back to your life as much as possible. 

The bail bonding agent will help explain the process and gather all the required information for you to be released from jail. Although there is a fee for a bail bonds agent to help you get out of jail, it will help you continue to manage your arrest and charges by getting back to your normal life, job, and family to assist you.

Getting arrested is stressful and can put a damper on your life. It’s important to get back to normal by contacting a bondsman to get you out of jail to work towards recovering from your arrest.

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