Category: Personal Credit

US Credit Card Debt at All Time High: Small Businesses Owners Impacted

US Credit Card Debt at All Time High: Small Businesses Owners Impacted

Key takeaways:  US credit card debt has been growing significantly in recent years. More Americans are falling behind on payments. Small business owners may be impacted directly or indirectly.  Small business owners may feel the impact of rising credit card debt in a number of ways. As credit card debt climbs along with delinquencies, credit card issuers begin to become more careful about who they issue credit cards to, and the credit limits they offer on those cards. This can… Read More
Hard Inquiries vs Hard Credit Checks vs Derogatory Marks: What You Should Know

Hard Inquiries vs Hard Credit Checks vs Derogatory Marks: What You Should Know

When it comes to understanding what affects your credit scores, understanding the lingo can be confusing. What are hard inquiries vs hard credit checks? What about derogatory marks?  And how do any of these fit into the credit score equation? Yet if you are thinking about applying for credit personally or for your small business, or if you’re trying to boost your credit scores so you can get better financing in the future, understanding these terms and what they mean… Read More
What Business Cards Report to Credit Bureaus?

What Business Cards Report to Credit Bureaus?

For business owners who plan to get small business loans, the best business credit cards are ones that report to the major business credit bureaus — this can help build business credit. However, not all small business credit cards report to these bureaus. In this article, we’ll explore why your business credit report matters, how it can affect your personal credit, and the business cards that report to one or more business credit bureaus. Do Business Credit Cards Report to… Read More
What is Revolving Utilization

What is Revolving Utilization

Revolving utilization is an important factor that can impact your credit scores. It’s often the main reason your credit scores change from month to month. But utilization can be confusing, so let’s break it down here and help you use it to your advantage.  If you’ve seen the FICO score formula, debt is one of the top factors that affects credit scores (second after payment history) and utilization is a major part of that calculation.  What is a Good Revolving… Read More
How to Remove Hard Inquiries From Credit Reports

How to Remove Hard Inquiries From Credit Reports

Your credit reports are filled with data about your credit obligations and how you manage them. What you might not realize is that your reports contain other important details as well, like records of when others access your credit information. These records are known in the credit world as inquiries and here’s how to remove hard inquiries from credit reports. Some inquiries, called hard inquiries, have the potential to trigger a drop in your credit score. Read on for a… Read More
Secured vs Unsecured Credit Card: What’s the Difference?

Secured vs Unsecured Credit Card: What’s the Difference?

Highlights: Secured credit cards require a security deposit, while unsecured credit cards do not.  Secured cards are generally easier to qualify for than unsecured cards. These and other types of cards may be helpful for those with limited credit histories or bad credit.   Different credit cards are targeted at different audiences. Some are best for travel, for example, while others are great for groceries.  One distinction between types of credit cards is secured vs. unsecured credit cards. Here’s how each… Read More