YPJimH says: It is that time of the year again, where our credit cards are used like it is going out of style. Even though we are shopping more, we can all be a little smarter. Follow these tips and get the most out of your money. Have a great Thanksgiving YP’s, and if you are shopping Black Friday, enjoy!

NEW YORK (CNNMoney.com) — You are at the checkout counter with an armload of packages and as you dig into your purse or wallet, you’re presented with an offer of a store credit card along with a holiday gift.

The temptation to sign up for the retailer’s promotional credit card offering a discount on all the stuff you’re handing over to the cashier is high, but what you may not know is not all cards are equal.

Here are some tips on how to how to avoid getting hurt by the fine print and get the most out of buying by credit card. Read more »

YPRuck: I came across this story almost a month ago and was wondering how the hell this family paid off $106,000 in debt in 5 years without hitting the lottery or receiving a lump sum of money.  This family went with a consumer credit counseling company which is not a bad thing and can be a solution to your credit issues if you’re discipline enough to stick to the debt management plan and change your spending habits.  YP’s getting out of debt is not impossible but it takes a good game plan and the discipline to stick to it via sacrifice and determination to achieve the goal of becoming debt free.  The Hildebrandts did just that and as you read this article you will notice the changes and sacrifices this family made to secure a debt free future and free themselves from the choke hold that debt seems to have on millions and millions of families across the US.  This is a good example and I hope you ladies and gents enjoy and are inspired by the Hildebrandts.     

Meet the Hildebrandts; their frugal ways lost debt, won an award

Five years ago, the Hildebrandt family of New Richmond, Wis., was juggling more than $100,000 in credit card and personal debt. Through frugality, determination and hard work, they are now — other than a mortgage — debt-free.

At the time, Russell and Kandy Hildebrandts’ credit card balances totaled about $89,000, and they owed $17,000 to a family member. While they were current on all the payments, the card companies had begun raising their interest Read more »

YPRuck: YP’s this is a good article I found discussing some alarming practices by some, if not most credit card companies because of the CARD Act that is expected to go into effect in February.  This is a good read, very informative and eye opening for those of you with credit cards.  My advice, if feasible pay off your credit card balances (or pay the balances down as much as you can) and keep one or two for emergencies but get rid of the others.  Credit card companies kind of make their own rules and have no loyalty regardless of how long you have been a good or bad customer so use them and do not allow them to use you.  I hope you guys find this article to be helpful and informative.

On May 22, 2009 President Obama signed into effect the Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act). As the CARD Act goes into effect in bits and pieces over the next 6 month, credit card companies are doing everything they can to make sure that when the final door shuts on their current practices, they will have Read more »

Entrepreneurs and small business owners are facing a new era when it comes to applying for business financing. Banks, lenders, vendors, leasing companies and others are making adjustments, adopting new rules, and facing new regulations in the lending arena.

The National Small Business Association (NSBA) says 55 percent of the small business owners it polled in February had been affected by the credit crisis and that number has now increased to 67 percent. The three biggest concerns in this survey were general economic uncertainty, rising energy costs, and the rising cost of health care.

Now more than ever I believe entrepreneurs and small business owners need to be pro active and embrace a new level of preparation, compliance checks, and business credit preparation in order to stay ahead of the game.

Here’s my ‘Top 10 Business Credit Strategies for Entrepreneurs’
Strategy #1:
Establish a well written business plan
When it comes to bank financing a business plan that supports a loan request provide a greater chance for funding.
Strategy#2
Incorporate your business
Treat your business like a business and avoid being a sole proprietorship.
Strategy#3
Obtain a Federal Tax ID for your business
You’ll need an EIN in order to open a corporate checking or bank account. Also, if your corporation is planning on hiring employees in the near future the corporation will need the EIN for payroll taxes, state taxes, and in order to make tax deposits (federal) on a timely basis.

Strategy#4
Open a corporate checking account with a bank that subscribes to one of the business bureaus
While there is thousands of banks across the country not all report your business loan payments or business loan payments to your business file. Do business with banks that report your payment history!

Strategy #5
Separate your personal credit file from your business file
This can be accomplished after you carefully follow corporate conformity guidelines that prevent your business from being ‘flagged’ by the business bureaus. Dun & Bradstreet conducts over 2,000 compliance checks alone!

Strategy #6
Do business with vendors who report your payment history
There are over 500,000 vendors extending credit to businesses in the U.S., but less than 6,000 of them report your payment history to your business profile. You have to make sure you choose the right vendors to do business with.

Strategy #7
Apply for SBA financing only after you have established a business credit score
The SBA recently reported that 97% of applicants for a small business loan are declined. Why? Entrepreneurs who go directly to their banks inevitably fail to meet the compliance requirements. And most have no business credit established.

Strategy #8
Apply for bank financing only after you have established a business credit score
There are 5 factors lenders use to extend business credit. Familiarize yourself with these factors before applying for financing.

Strategy #9
Improve and maintain a strong personal credit rating
When applying for bank financing some lenders may request a personal credit check as consideration for approval. If you’ve experienced personal credit challenges then you may want to consider credit restoration.

Strategy #10
Apply for ‘real’ business credit cards
There are over 500 business credit cards in the U.S., but less than 70 reports solely on business credit profiles and not on your personal credit profile. ‘Real’ business credit cards require you to provide your Duns number and Federal Tax ID during the credit application process. If a business credit card application only requests your personal social security number run the other way!

Remember – The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools. ~ Confucius

Marco Carbajo is a business credit specialist, author, speaker, and founder of the National Entrepreneur Club. An online business credit community for entrepreneurs and small business owners providing business credit strategies, vendor credit lines, cash credit lines, bank credit sources, and funding search engine. For a FREE Business Credit Seminar ($597 Value) visit http://www.businesscreditblogger.com

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