Equipment Lease Finance Tips 2015 for New Businesses

Equipment Lease Finance Tips 2015 for New Businesses

Equipment lease finance is a great option for those who are planning to start a new business. Instead of applying at a bank for a loan to purchase necessary equipment, one can choose a leasing option which helps avoid unnecessary delays in the business operation. Moreover, one can avoid the normally extended waiting period to get their bank loan approved. In this article, we will talk about the essential tips for start-up businesses, new businesses and established businesses that are planning to apply for equipment lease financing.

In the first place, it is very important to consider one’s qualifications. Leasing companies each have their own set standards for approving leases. Always make sure that the company you choose offers services for start-up or new businesses. You will come across many lessors who are willing to finance customers with a good credit. So if your credit history is below the mark, you will want to work with leasing companies that have lower credit experience.

Many leasing companies also have restrictions on the kinds of equipment they are able to finance. For example, some lessors do not lease high-risk equipment like restaurant equipment, ATM machine routes, vending machines, etc. So you should first find out whether the leasing company you have chosen is able to provide you financing for the equipment you require. One more important thing that should be taken into account is the expiration term. You should carefully research the exact date and nature of the expiration of your lease.

When choosing the equipment lease financing option, it is very important to choose a program that is suitable for your needs. Lease programs vary depending on the company providing them. Moreover, there is no standard lease program that will suit every type of businesses. One must consider a number of things before choosing an equipment lease program. For example, the size and financial health of your organization are very important. Important information about lease programs offered by a particular company is available on its website. You should always choose a company that has a well- maintained website where you will find clear program and contact information. The better known companies will also have a simpler lease process that is more manageable and hassle-free.

Equipment lease financing has become quite popular during a time when business owners do not want to go into the hassles of bank loans that include financial statements, pro forms, business plans, tax returns, etc. Companies prefer to work with an experienced equipment financing company with whom they can freely discuss their company’s details with knowledgeable professionals and learn more about equipment lease financing.

7 Steps to Increasing Your Credit Score 2015 After Bankruptcy

7 Steps to Increasing Your Credit Score 2015 After Bankruptcy

There are many advantages to having a good credit score.

Qualifying for lower interest rates, ability to get approved for loans and lines of credit, and paying less on loans for items such as homes and automobiles to name a few.

With that in mind, here are 7 Steps you can implement to increase your credit score starting today:

1. Pay All of Your Bills on Time

This is a good habit to develop. Start keeping track of what time of the month each of your bills are due. Generally they will be due on at either the beginning / end of the month or mid month.

Knowing exactly when which bills are due will help you manage your budget and make sure you can pay your bills when they are due. A better practice is to pay all your bills early.

2. Get All Your Accounts Caught Up and Current

Getting behind on bills is an easy way to fall into a credit nightmare.

Once you’re behind, even if you keep paying your bills on a monthly basis, they will be reported as a month behind (or more) every single month, greatly damaging your credit.

Get all of your bills that you are behind on caught up and then, as pointed out in tip number one above, stay current and pay them on time.

3. Keep Low Balances on Your Credit Cards

Everybody loves to have a high credit line, the higher the better right? Yes and no.

No matter how high your credit line is, the closer you are to your limit, the more of a credit risk you look like. Just because you have a high line of credit doesn’t mean you should be maxing out your cards. Once-in-awhile maybe, but not on a consistent basis.

4. Pay off your debt and stop transferring balances.

We see them all the time, attractive offer to transfer our balances to new low-interest credit account.

While transferring balances to lower-interest accounts make sense in the short-term, is it contributing to your longer term goals of getting out of debt.

If you’re transferring the balance to take advantage of a lower interest rate with the intent of paying off the debt sooner, that’s good. Remember, your long term strategy is to get out of debt as quickly as possible.

5. Don’t close unused credit card accounts

After reviewing their credit reports (you should be checking your credit reports on a regular basis) many people will see old credit card accounts that they haven’t used in months or years.

Figuring it’s a way to “clean things up” they go ahead and close those credit card accounts. Sounds like it’s a good ideas, but it’s not.

Having older accounts remain on your credit report establishes a history of credit as well as a higher line of available credit. Keeping these accounts on your report are positive factors which will increase your score.

6. Don’t open new credit card account

Every time you attempt to open a new credit card account, your credit score gets lowered (even if you get approved for the account). With all the offers you see on television and get in the mail, not to mention every time you go shopping at store, it’s difficult not to apply to open an account.

Short term offers such as low interest rates or frequent flyer miles can seem appealing, but ask yourself if you’re really going to take advantage of the offers? Unless it’s absolutely necessary, don’t go chasing after every opportunity to apply for a new credit card.

7. Only go shopping for 14 days

Don’t worry, I’m not talking about your normal shopping habits!

If you’re in the market for a mortgage on a new home, a new car, or shopping for insurance rates, do all your shopping within a 14 day period.

As mentioned above, every time you apply for credit, it will count against your credit report as an inquiry. Now considering you may go to several different mortgage companies or car dealerships those inquiries can add up fast!

However, if you limit your shopping within a 14 day period all those inquiries will be “grouped” into just one inquiry. At leas the credit reporting companies do something right!

While nobody knows exactly what formulas the credit reporting agencies use to determine your credit score, following the 7 steps above will help you increase your credit score and get a better handle on your financial situation.

Five Simple Ways to Regain Credit Card Control 2015

 Five Simple Ways to Regain Credit Card Control 2015

Credit cards easily get out of control. You simply don’t realize how much you are charging and how little you are paying. Before you can even think about paying your card off entirely, you have to simply regain control of your credit card debt.

Here are five simple steps that will help you regain control, and eventually pay off your debt. Follow them step-by-step and you will find that they aren’t overwhelming or too difficult. In fact, they don’t take much time at all.

1. Pay more.

You shouldn’t carry a balance on your credit card from month to month, but you probably are anyway. If you are only paying the minimum payment, you are slowly killing yourself. This will stretch your payments out for decades. Yes, decades. You need to start putting extra money to each credit card payment. Even if it is only $15, you are saving time and money.

2. Make a phone call.

Take the time to call your credit card companies and request a lower interest rate. It isn’t hard to do. You simply request a better interest rate. If you are a good customer who makes his or her payments on time, you will probably be successful. Tell them that you want the lowest rate possible. You can even say that you have received an offer to transfer your balance to another card at a better interest rate. You want to give them a chance to compete. If they won’t lower your rate, consider switching to a card with a lower rate.

3. Say goodbye.

Send your cards on a little vacation. If you have debt and you can’t pay it completely off, you need to stop using your credit card for now. Put it somewhere that you won’t be able to easily access. This removes the temptation to simply charge this one thing. I suggest a safe deposit box at the bank. This usually always works. If you have a true emergency, you can get it. But it often isn’t worth the hassle to get it to just buy a new sweater.

4. Look for money.

Now is the time to start paying that debt off with what you already have. If you have an 18% credit card and money in the bank earning 5%, you are losing 13% each month. Take your savings and pay off your credit card. This will save you interest and a lot of worry. Then work on building back up your savings by having the amount you paid in credit card debt automatically deposited into your savings each month.

5. Vow to change.

Now that you have seen the stress and problems that credit cards bring, you can make a commitment to change. Credit cards aren’t the problem, they just contribute. The problem is the way you spend. You need to realize that you cannot continue to shop the way you do. You have to change your spending habits so that you aren’t tempted to use your card. It is hard. People slip back into it easily. But you need to find a way to remind yourself that it isn’t worth it. Regain control of your credit and turn it around.