7 Ways to Build and Improve Your Personal Credit Score
News from Entrepreneur:
In his book The Tax & Legal Playbook, CPA and attorney Mark J. Kohler targets the leading tax and legal questions facing small-business owners, and delivers clear-cut truths, thought-provoking advice, and underutilized solutions to save you time, money, and heartache. In this edited excerpt, the author offers quick tips you can use to start improving your personal credit score, which has a direct impact on whether you can obtain corporate credit.
Corporate credit is the ability of a company to obtain its own loans under its own credit score. Thus, a company (such as an S corp or LLC) can apply for a line of credit and, without the owner’s personal guarantee, use the money to expand its business. The owner of the company isn’t personally liable for the credit line, and their personal credit score has nothing to do with the company’s ability to obtain credit. However, in some instances, having a good personal credit score can expedite the process of obtaining corporate cr…………… continues on Entrepreneur
Get your credit score ready for home-buying season
News from Times Herald-Record:
Getting ready to buy a home this spring? Make sure there aren’t any cracks in your credit. A good credit score is essential when it comes to securing a mortgage.
“If (your score is) below 600, you’re probably not going to buy a home in the short term,” says Mike Sullivan, director of education at nonprofit credit and debt counseling agency Take Charge America.
Given the slew of stringent regulation introduced following the housing crisis, most lenders simply won’t risk extending this demographic credit. In fact, even consumers with good scores should polish up the ol’ credit report.
Qualifying for the best mortgage rates starts at a 740 credit score. Scores below that threshold will likely have higher interest on their home loans.
So if you plan on hitting up the housing market this April, make sure to pull a copy of your credit report and check to see where your score stands.
Check your status
Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, or Credit CARD Act, everyone is entitled to one free credit report from each credit bureau every year.
Obtain a copy o…………… continues on Times Herald-Record
David Seeger of Great Lakes Credit Union talks about the simple steps you can take to improve your credit score. Money Monday on NBC 24 Today, March 2, 2015 For the latest News-Weather-Sports…
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