(Bankruptcy laws) Financing With Business Credit Cards

October 28th, 2009 admin Posted in finance |

By hemant

You’ve heard the saying, “You’ve got to spend money to make money!” This couldn’t be more true, especially in business. If you want to grow your business, you’re going to need a source of funds and access to cash flow - particularly when things are moving slowly. At one time, owners of businesses had to get business credit against the things that they owned personally and based on their personal credit score. This is a major liability because if your business doesn’t make it, you could lose your personal assets, too! Thankfully, there are now ways to obtain business credit that is not just an extension of what you owe personally. If you set the business up as an official entity- separate from yourself, you can apply for various business funding, including loans or credit cards. When a business is just starting out, it hasn’t had the opportunity to establish it’s own credit rating yet and so lenders will have to use your personal credit report to determine the level of risk in lending to a business you own. What happens if your personal credit score is not-so-good? You can take some steps to increase your chances of getting a business credit card (or some other form of business funding) by doing the following: Take steps to increase your personal score. Before you go any further looking for business credit cards or other sources of funding, do you know what your score is? Is your credit score below 640? If it is, it is recommended that you attempt to increase the score first. Often, making all of your payments on time for 3 consecutive months will pull your score up 2 to 4 points. Check with a financial advisor for some ways of increasing your credit score as it will only serve to help you personally as well as in business. Create an LLC or Corporation. This type of business structure automatically means the business is separate, and not just an extension of you. If you are operating a business under your name, and have not filed any official paperwork with the government or with lawyers and accountants- your business finances are no different than your personal finances. Have a physical address. Believe it or not, using a PO Box can hinder your ability to get a business credit card or loan! If you operate out of your home, you might consider getting a business mailbox from Mailboxes Etc, or UPS, as both offer a physical mailing address rather than a PO Box. Having a business phone line also will increase the way the business is looked at by lenders, and ensures the business is reachable. If you are still unable to obtain business credit cards or financing on your first try, perhaps you know someone with a strong credit rating who would be willing to co-sign an application for you. You may not be able to have a business application for credit co-signed, but you can as an individual. Get a credit card in your name and then use it only for the business. Be sure to make the payments on time, and keep the balance manageable. Over time, you’ll build up your personal credit score, which is seen as a boost for the business validity- and eventually you’ll be able to obtain funding and credit cards under the business name. Getting business credit cards and financing is a necessity that all businesses will face from time to time. There is a need for cash flow in order to grow and increase the business. With some careful planning and preparation, most businesses will be approved for a business credit card even if the owner has personal credit that is slightly less-than-perfect.

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Why we need Building Financial Security?….

By blinksolutions14@gmail.com

Some people have been down on their luck for most of their life and the prospects they have had to feel financially secure only occurred there was a positive balance in the checking account. Building financial security over a lifetime of work never occurred to those people because there was never enough money left over at the end of the month to building a financial future on. With the advice of financial experts though, a financial future could have come from many paths. Those that have saved money through a payroll deduction plan often feel more secure about their future. The balance in the savings account might be small, but then they notice that it has grown considerably over the last few months. With this form of encouragement to reflect on, some might be motivated to talk with a financial planner, even if that person was someone at work who worked in the accounting or investment division. The short term advice from those with a background in financial affairs might be to discover what dreams they had for the future and where that person wanted to be financially in as little as five years. When considering financial security plans for that duration of time, some people realized that not much could be done to achieve it if financial matters in their life remained as they currently are. A financial planner might advise them to reduce debts and rethink credit cards with high interest rates. A financial planner might also advise that anything that can resell for a profit is worth protecting through insurance policies. A home mortgage loan can be one of the major purchases in a married couple’s life, and if it is lost through a fire, flood, or act of God, then the financial future of that family is left hanging in the balance. Adequate insurance protection will protect the monies spent on this important piece of real estate property. If a loss occurs, the structure can be rebuilt like new and the selling price would be considerably higher. Building financial security includes protecting the interests of those left behind when a death occurs in a family. Maintaining a financial history of all monies earned through a lifetime of work will provide solid proof of any death benefits that are due. Military benefits could provide children of veteran’s with a college education, and a life insurance policy would provide money for the family to live on, and another policy could provide financial security because the home mortgage loan balance could be completely paid off in the event that the husband or wife died. Participating in savings plans such as individual retirement accounts will build financial security later in life. The plans for retirement might be to travel by recreational vehicles and the monies in those accounts could give the retiree enough money to pay cash for it. This cash would be supplemented by retirement funds supplied through Government retirement plans and an additional stream of income could be derived through a retirement plan from work.

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Insuring Valuable Insurance service Collectibles****

By inayatq

The collectibles markets are full of passionate people. These arent people who have pack rat fever and save items just to have them, but people who decide to enter a specific collectibles market because it is a rewarding and fun experience for them. And it seems people will collect just about anything including: teddy bears, coins, stamps, advertising memorabilia, books, comic books, sports memorabilia, vinyl records……why the list seems endless. But they all have one thing in common, a passion for their hobby and their specific collectible. But what if something unforeseen happens, a fire or some other catastrophe? A unique insurance agency called Collectibles Insurance Services; LLC is here to offer peace of mind and, most importantly, insurance for their collectibles. I spoke with Dan Walker and Debbie Spilman of Collectibles Insurance Services, LLC, about collecting and why it is important to have insurance on your treasured collectibles. “Some may think that theyre homeowners insurance policy covers their collectibles, but in most cases your homeowners policy is designed to cover personal property and is not nearly enough to protect your treasured collectibles,” said Dan. “They may limit the collection to a percentage of the total value of your home, limit the amount that they will pay for theft of valuable items like silver, crystal, guns, stamps and paper documents or be based on actual cash value rather than the collectible or replacement value.” Collectibles Insurance Services (www.collectinsure.com) differs from the average homeowners insurance policy, in that, insuring collectibles is all they do. The service can insure a collection of stamps, advertising memorabilia, sports cards, vinyl records, antique tools, vintage clothing, trains, toys, weapons (guns, knives swords), entertainment memorabilia and much more (see the website for a complete list and exclusions of what they insure). “Normal homeowners policies dont generally deal with collectibles, we write policies specifically for a persons collectibles, whether it is a rare book collection, stamps, coins, sports cards, vinyl records and the many other collectibles that we deal with every day,” explained Dan. Valuation of a collection is subjective and estimating what a certain collection is worth depends on many variables and researching different avenues. “We strongly encourage prospects from overvaluing their collections. We cannot insure emotional worth, but can insure a varying array of collectibles. We ask that people have a paper trail, save receipts for what they may have paid for items; documentation is very helpful, take video of the collection or pictures. Validation is an important element. Dont over insure and if necessary get a second opinion,” detailed Debbie. How does one go about ascertaining the value of a collection or their collectibles? “Price guides are great, but they are just one of the tools used when trying to gauge a value of a collection,” explained Dan. “Replacement value would be what a knowledgeable buyer would pay a knowledgeable seller for the items, it is an agreed upon price between two knowledgeable individuals in a sales transaction. You must price your collectibles realistically for insurance purposes.” “The valuation process could also be aided by a professional appraisal (although that is not always necessary), professional consensus, price guide values, what the collectibles may be selling for on the market at the specific time, our own resources and expertise and because no two collections are the same, all these factors are available in helping people determine what the value is. We also have a number of resources on file and references listed on the website including valuation aides, inventory aides and dealers to help people along so they can put a figure on the collections worth in which to write a policy,” said Dan. What kind of resources that are used in the valuation process depends on the items in the collection, as Debbie explains: “We provide reference to many entities in the process including obtaining information from the Kovels.com, American Stamp Dealers Association, Price Miner, Antique Trader, Beckett.com, CBGXtra.com (for comic book collections), collect.com, Goldmine publications, Military Trader, trains.com and a number of other resources, depending on the genre of the collectible.” I inquired about insurance when you are moving the items, from whether down the street or across the country; doesnt the moving company provide insurance for that? “Submitting a claim to them is much more difficult to do, as the moving companies would require much more documentation to validate a claim if there were breakage or something else were to happen,” explained Debbie. “Again, validating just how much the collectibles are worth is a key element in settling a claim.” A myth with regard to collectibles insurance is that every item in the collection must be itemized and professionally appraised. “No appraisals are necessary. You estimate the value of your collection and determine the amount of insurance, we need a ballpark figure,” detailed Dan. “Although an inventory is not always required at the time of application to purchase insurance, Collectibles Insurance Services strongly recommends its customers maintain an inventory to streamline, provide proof, and expedite claims in the event of a loss.” Another myth regarding insuring collectibles is that the cost would be more than people could reasonably afford. “A collectibles policy is typically less costly than scheduling items on your homeowners insurance,” said Dan. “The price of insurance should not deter a person from insuring their collections, the items are priceless to the hobbyist or collector and you will find our rates are not overbearing and are cost-efficient. We cover everything from autographs to Zippos or something in between. And Collectibles Insurance Services carriers are A rated and above.” It is reassuring to know that purchasing insurance for your collection is not as difficult as one might think it to be. The process is not such a daunting task as it seems and it is also reassuring to know that there are professionals specifically trained in this field and a company that specializes in just this type of insurance.