5 Tips for Getting the Most from Your Credit Card

By John, 20 January, 2009, No Comment

Let’s face it, if you have a small business, especially an online business, you use your credit card for your expenses.  Sadly, too many small business people use their business credit card the same way they use their personal card.  In a lot of cases, they don’t even seperate the two.  If that’s you, the first thing you need to do is get a seperate card that is used ONLY for business.  Not only does it make bookkeeping easier, the IRS prefers it.

Here’s 5 ways that you can get the most from your credit card.

1. Pay on time.

Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your payment is due. If your bill is due at an inconvenient time of the month–for example, if it’s due on the 10th and you get paid on the 15th–contact your credit card company to see if they will change your billing cycle to fit your cash flow.

2. Stay below your credit limit.

If you go over your credit limit on your card, your card issuer could charge a fee and increase your interest rate to a higher penalty rate. To avoid this, keep a record of your spending or check your balance online. Also, be aware that some merchants (for example, hotel and car rental companies) put a “hold” on your credit card based on their estimate of the amount you will charge. This can reduce your available credit until the final charge is processed.

3. Avoid unnecessary fees.

Credit card companies not only charge late payment and over-the-limit fees, but also fees for cash advances, transferring balances, and having a payment returned. Some companies charge a fee when you pay your bill by phone. Pay attention to the transactions that trigger these fees. If you need a cash advance, withdraw enough so that you don’t have to take a second cash advance–and incur a second fee–later in the month. Read your credit card agreement to learn more about the fees that your credit card company charges. For more information see “What are the fees?”

4. Pay more than the minimum payment.

If you can’t pay your balance in full each month, try to pay as much of the total as you can. Over time, you’ll pay less in interest charges–money that you will be able to spend on other things, and you’ll pay off your balance sooner.

5. Watch for changes in the terms of your account.

Credit card companies can change the terms and conditions of your account. They will send you advance notices about changes in fees, interest rates, billing, and other features. By reading these “change in terms” notices, you can decide whether you want to change the way you use the card. For example, if cash advance fees increase, you may decide to use a different card for cash advances. If you have a card with a variable rate or if you have an introductory rate that is ending, be aware that credit card companies are not required to send you a notice about raising your interest rate. Interest rates are listed on your monthly bill. Read your bill carefully and take note of any changes.

So there you go.  Follow these 5 tips and life with your credit card will get much easier.

5 Tips for Improving Your Credit Score

By John, 19 January, 2009, No Comment

As a business person, whether online or off, one thing you have to be aware of is your credit score.   With the way the economy is going, it’s getting harder for people to get credit unless they have a top notch score.  This doesn’t just apply to people looking to buy a home but to anyone who may need to get credit.

Here’s 5 tips you an use to improve your credit score.

1. Get copies of your credit report–then make sure the information is correct.

Go to www.annualcreditreport.com. This is the only authorized online source for a free credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months.

You can also call 877-322-8228 or complete the Annual Credit Report Request Form (PDF 40 KB) and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

2. Pay your bills on time.

One of the most important things you can do to improve your credit score is pay your bills by the due date. You can set up automatic payments from your bank account to help you pay on time, but be sure you have enough money in your account to avoid overdraft fees.

3. Understand how your credit score is determined.

Your credit score is usually based on the answers to these questions:

  • Do you pay your bills on time? The answer to this question is very important. If you have paid bills late, have had an account referred to a collection agency, or have ever declared bankruptcy, this history will show up in your credit report.
  • What is your outstanding debt? Many scoring models compare the amount of debt you have and your credit limits. If the amount you owe is close to your credit limit, it is likely to have a negative effect on your score.
  • How long is your credit history? A short credit history may have a negative effect on your score, but a short history can be offset by other factors, such as timely payments and low balances.
  • Have you applied for new credit recently? If you have applied for too many new accounts recently, that may negatively affect your score. However, if you request a copy of your own credit report, or if creditors are monitoring your account or looking at credit reports to make prescreened credit offers, these inquiries about your credit history are not counted as applications for credit.
  • How many and what types of credit accounts do you have? Many credit-scoring models consider the number and type of credit accounts you have. A mix of installment loans and credit cards may improve your score. However, too many finance company accounts or credit cards might hurt your score.

To learn more, see the Federal Trade Commission’s publication on credit scoring.

4. Learn the legal steps you must take to improve your credit report.

The Federal Trade Commission’s Building a Better Credit Report has information on correcting errors in your report, tips on dealing with debt and avoiding scams–and more.

5. Beware of credit-repair scams.

Sometimes doing it yourself is the best way to repair your credit. The Federal Trade Commission’s Credit Repair: Self-Help May Be Best explains how you can improve your credit worthiness and lists legitimate resources for low-cost or no-cost help.

Credit is vital to every business, especially a small business.  I hope these tips will help you to improve your credit score.

More Problems for Microsoft Internet Explorer

By John, 17 December, 2008, No Comment

You probably should avoid using Internet Explorer for the next few days as Microsoft develops a fix for for a new security problem.

The security hole makes the computer vulnerable to being hijacked when the user is tricked into visiting websites that have malicious programming code on them. The code then extracts passwords and other data from the computer.

According to Trend Micro Inc, over 10,000 sites have been compromised since last week. Because there is almost no way that users can fight off an attack, the security holes are especially lucrative for criminals seeking to take advantage of them.

Microsoft has said that it is investigating the problem and is considering fixing it with a patch that will be issued soon, rather than waiting for their monthly update.

In the meantime, you should consider using another web browser, such as Firefox. In fact, with all the problems that Internet Explorer seems to continue to have, you should be using Firefox all the time.

The Best Place to Buy TN570 Toner, or any other kind

By John, 12 December, 2008, No Comment

I can’t believe it but I need to buy a Brother TN-570 Toner Cartridge for my laser printer.  That may not seem like such a big deal if you haven’t priced a TN570 cartridge lately. Just like everything else, the price of the TN570 toner cartridge has jumped over the last year and a half.

Let me say, I’ve got a great laser printer that I’ve used for several years.  It’s a Brother HL-5140 and it has been a workhorse.  When I changed locations and business model 18 months ago, my printing requirements went way down.  Since I had a spare cartridge, I haven’t had to buy a replacement for almost 21 months.

I was completely shocked when I started looking around to buy a replacement. Since there’s a Staples nearby I went to their website and was amazed at how much they wanted.  The more I searched, the more I found out just how expensive they had become.  I even checked out ebay but the only thing there was in an opened box.  By the way, you’ll find some good products for your business on Ebay.  Just make sure you carefully read the description and make sure it’s what you really want.  Keep on eye on the shipping charges also as they can really drive the price up.

To get to the point of this post, after being disappointed at the lack of decent pricing, a light bulb went off. AMAZON.  That’s right, Amazon.  If you haven’t visited Amazon lately, you need to check them out.  They’ve expanded so far beyond just books that it’s amazing.  I was able to get my Brother TN-570 Toner Cartridge, shipping included, for 20% less than anywhere else.

Don’t get me wrong, it’s not just toner.  You’ll find prices on almost everything are cheaper there than anywhere else on the internet.  Next time you are looking for a product, check out the deals you can find on Amazon.

How Big is Your Club?

By John, 9 December, 2008, No Comment

Let me tell you a story about having the right club to achieve success in your business.

A hunter walking through the jungle found a huge dead rhino with a pigmy standing beside it.
Amazed, he asked: “Did you kill that?”

“Yes,” said the pigmy.

The hunter asked “How could a little bloke like you kill a huge beast like that?”
Said the pigmy: “I killed it with my club.”

“That’s incredible,” said the hunter, “How big is your club?”

The pigmy replied: “There are about 60 of us.”

While a cute story, there’s a lot of truth to it. You need a big club to make your business successful. By club, I mean a group of people that are willing to help you in your business, while you help them in theirs.

By “helping you” I don’t mean you buy their product and they buy yours. I’m talking about people you can share ideas with, talk about what has worked for you and what doesn’t work.

This is especially true if you are running your business online. You need to find others who are doing the same thing so that you can learn from their mistakes, and more importantly, so you can share what works.

I’ve been a member of a couple groups like this for the last year and have seen a big increase in my online income. Good groups do cost something to join, but the two I belong to don’t cost that much. In fact, since I got in at the start, I pay less than $25.00 a month in membership fees. I assure you that they more than pay for themselves.

At this point, neither of them is taking new members but I’ve heard they may reopen next month. If they do, I’ll post about it so if you are interested you can get in.

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