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Fix Credit Now to Save Big Later

December 17, 2011

I know this isn’t the usual post topic you find here because it’s not necessarily about making money online. However, credit repair can save you money, and as the old saying goes, “a penny saved is a penny earned” so I think you will benefit from it nonetheless.

As an entrepreneur, it is vital to have your money affairs in order. What your credit profile says about you also reflects on your business. It is important for you to pay attention to not only where you are financially but also where you stand credit-wise.

Working in the online market can be highly profitable but it requires a stable financial foundation to start with. If you are planning to get any type of financing in the future for business or personal, it is imperative you do the work to repair your credit now rather than wait until it is too late.

Why Good Credit Matters:

  • In Your Business Life

Working as an entrepreneur, your business needs to build its own foundation financially but it will first rely on the credentials of the business owner. If you have poor credit scores, it will be hard for you to get any kind of financing to start or grow your business. You will also find it difficult to do business with vendors and suppliers with whom you need a line of credit.

Before you start a business online or off, you need to review your credit score and do the work necessary to get it back into the excellent sector. Your credit will be the springboard to starting a stable foundation for your business’s credit.

  • In Your Personal Life

Most entrepreneurs start a business for the flexibility and the financial freedom self-employment offers. One of the most apparent drawbacks of working for yourself is the potential for inconsistent income. You should start a business knowing you have at least a year’s worth of living expenses saved in the bank for when the business is still getting off of the ground. While many people will not wait until that amount has been saved up, most at least have some fall back money to tide them over and prevent serious issues with debt.

At some point you will want to enjoy the benefits of your company’s profitability. Socking away funds for retirement and purchasing a home are two common goals of the self-made business owner. But if you maintain a poor credit score, it will be difficult for you to save extra money because you’ll end up having to spend more cash over your lifetime for basic services including utilities, cell phone plans, and car insurance.

If you are able to afford a new home purchase as a self-employed entrepreneur, it is imperative to not only have your finances in order, your credit will play a large factor in not only the approval for the home loan, it will also dictate how much you end up paying on your monthly house note. The amount of interest on the mortgage you receive will be directly related to your credit score. If you can maintain a credit score over 730, lenders will not only give you the best rates, but also more loan options.

Credit scores under 730 may put you at risk for not getting approved for your home loan. They will also basically guarantee you will pay a much higher interest rate over the life of your loan. More of your business profits will need to go toward your mortgage payment. It is not just a small amount either. Just a few points difference in your mortgage interest rate can literally mean you will pay hundreds of thousands of dollars over the life of your mortgage loan.

Moving Forward With Better Credit

Since you have put so much effort into getting your business up and running at the same time balancing the rest of your life, it only makes sense for you to first start with the job of clearing your credit history and maintaining the highest credit score possible.

Despite the claims of some companies, credit repair is something every consumer is capable of accomplishing. Credit history reports are available to every consumer free of charge once a year and for 60 days after you have been denied credit approval. Credit scores are not a part of the free deal but for a minimal fee, you have instant online access to the credit scores maintained by the consumer credit reporting bureaus including TransUnion, Experian, and Equifax.

Once you have ordered your reports and scores, you must review all of the data contained in your credit history and double-check the data for inaccurate information which can lower your credit score. Incorrect information can be disputed with the agencies listing the data.

You need to account for all accounts that still have an outstanding balance and make a reasonable plan to pay off these debts and improve your credit profile. By eliminating debts, you will not only clear your credit, you will also have less financial pressures from your startup operating.

The better your credit is, the less you’ll have to pay in down payments, deposits, and interest rates moving forward in both your business and your personal life. Do what you can now to fix your credit because while any consumer has the power to improve their own credit, there is no overnight solution to repair credit histories. It takes time to improve your credit scores so work consistently over the next several months and see what a difference a little focus can make. Take your credit as seriously as you do your business and you’ll reap rewards for the long term.

Guest post written by… J.D. Roberts is a seasoned writer in finance, specializing in credit repair. You can find more of his articles located at CreditRepair.org

I Happened to Stumbleupon Your Facebook While I Was LinkedIn to Your Twitter

December 8, 2011

Social networking this, social bookmarking that. It’s a social media crazed world out there. And it’s only getting bigger. Every day there are thousands more people getting on Facebook, Twitter, Google Plus, and LinkedIn. Oh and let’s not forget about Stumbleupon, Digg, Reddit, and countless others.

Whether you are a casual user who is on these sites for fun and connecting with others, or you use them as a business marketing tool for making money online, there’s no denying the power of social media. The world is now more connected than ever before. On any given day you might have an online interaction with someone from every continent of the planet.

So, what does all this social media stuff mean for you?

If you are a casual social media user then it means you can connect with people you have not seen or heard from in many years. It also means that you could use your connections to start an online business, whether you have ever thought about that or not. You don’t have to be full-time but you could earn extra money on the internet using social media in various ways.

If you are a business owner it means you have the opportunity to use the power of SMM to your advantage. You can reach your customers and potential market like never before. You can also tap into a whole new client base worldwide that you never could have done without social media. Even small local businesses can expand into a global market nowadays without needing an entire marketing team or a huge budget.

Of course, it will still take time and work. You can’t expect to just sign up for a few social networking sites and have your business explode overnight. You need to build up a following, be consistent with your efforts, have patience, and set yourself apart from everyone else in your niche trying to do the same thing. The key is to be unique, informative, entertaining, and valuable.

It’s a whole new digital world out there. Make sure you aren’t getting left behind!

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