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1. What you should know about your credit record
If you’ve fallen behind in your payments, that information is probably being reported in your credit record. What is a credit record? And why should you care? Whenever you apply for a loan or a charge card, and many times when you apply for an apartment or a job, someone will check your credit record to see if you have a history of paying your bills on time. Your credit record shows all of the loans and credit accounts you’ve had for the past seven years, and records every late payment....

2. Factors for calculating your Credit Score
Payment History (on an average 35% of your score is based on this history). When you apply for a loan the first thing that a lender usually examines is whether you have any unpaid credit accounts in the past. This is because any history of late payments may decrease your score although this happens in rare occasions. A late payment occurring once or twice is outweighed by an overall good credit picture. Again if you do not have any history of a late payment that does not mean that your credit score will improve. This is...

3. Nonfinancial Factors That Affect the Credit Decision
As virtually every credit professional knows, making a credit decision is as much an art as it is a science. The stark financial analysis may indicate that the customer should not be granted credit terms, but there are often other factors to be considered. Here is a brief look at some of the nonfinancial issues that affect the final determination: • The 5 Cs of credit: character, capacity, capital, conditions, and collateral. One credit analyst revealed that his company routinely sold on open-accou...

4. The four steps to reduce your debt
There are 4 basic steps that will help you get out of debt. 1. Admit that you have a problem and commit yourself to fixing it. Only you can solve your debt problem. And you can only solve it if you decide that it’s a problem worth solving. There are a few ways of making that commitment. Some experts recommend writing a statement owning up to the problem and signing it. Others suggest that you call a family meeting and have an open discussion of the debts you face. A debt problem is ...

5. Types of Long Term Debt
The following types of long-term debt are covered here: 1. Term loans 2. Bonds 3. Debentures 4. Mortgage bonds 5. Convertible bonds 6. Senior debt 7. Subordinated debt 8. Junk bonds Term Loans. This is the form of long-term debt most frequently used by businesses. It is a loan from a bank to acompany that is used to finance expansion efforts. It has afixed maturity date, frequently five to seven years from the date o...

6. Tips to improve your Credit Score
Below are described general tips on how to improve your credit score. 1. Always try to maintain a good track record of paying your bills on time. This will help you to enhance the credit score. 2. Be aware of the fact that when you miss a payment on any collection accounts and try to close the account the report of the account will always be there on your credit report. So try to avoid that. 3. Visiting a credit counselor will not affect your credit score or make you lose some points. Ins...

7. Where to ask for help when getting into debt
An expert can help you translate the information and suggestions and from other sources into a personalized plan that takes into account all of the factors that make your situation unique. An expert can tell you how serious your problem is, whether you’ve analyzed your numbers correctly, if there is other information you should be thinking about, whether it’s worth trying to negotiate with your creditors to reduce your debt payments. And both a credit counselor and a support group can help you put your probl...

8. Benefits of Credit Score
Older credit problems do no count much Your past credit problems is not a major problem because credit score always value positive information more than credit problems. Any recent good payment options made by you which depicts that you are doing your best to manage your credit record regularly will have a positive effect on your credit score. Faster loan approval: Since scores can be availed in minutes from any of the major credit bureaus, lenders can process loan applications much faster. Nowadays eve...

9. What is Legal Tender
Money is legal tender when creditors are legally obliged to accept it in payment of debts. The words “This note is legal tender for all debts, private and public,” appears on all Federal Reserve Notes, meaning that these notes are acceptable in payment of taxes or other obligations owed to the government and also that creditors must accept the notes in payment of all private debts. In the expression legal tender the word tender means “offer,” as when an individual tenders his resignat...

10. Types of Short Term Debt
There are a number of types of short-term debt, and a number of related elements. 1. Accounts receivable financing 2. Factoring 3. Inventory financing 4. Floor planning 5. Revolving credit 6. Zero-balance accounts 7. Lines of credit 8. Credit cards 9. Compensating balances Accounts Receivable Financing. This is an excellent form of short-term financing that assists the company in itscash flow management. It involves using ...