Letβs say you do not have a business and you are just a beginner trying to build ones credit.
The 2 different types of credit are personal and business. Personal- generally takes more time to build
; you can get secured and unsecured credit cards. Business- moves faster than normal credit and are also eligible
for secured and unsecured credit cards. A credit card is just a loan that acts on your credit. A secured credit card
is money you put in the bank and is specifically designed to boost your credit. Once your credit is at the score you want it
You should apply for an unsecured credit card but make sure they have balance transfers available.
You can transfer the balance between credit card to build credit super fast. Unsecured credit is a line of credit issued by the bank and you may spend
the money in the practice of building and repairing credit. You have to pay back the money you spend on a secured card and
unsecured card. For best results do not spend over 20 percent of the money which is on the card(s).
How Much Credit Is Bad Credit
Nobody cares how much credit you have unless that person is a bank or an instatution you are trying to get money from (aka)
finance a deal.But is there a such thing as too good credit;yes,there is! The whole point in the credit card carrousel is to
build credit (aka) rapport. You can pay off your bills and loans fast but how would that show the banks you can build repay
a long debt like a house mortgage or finance a business. So credit is rapport.
Credit Cards Credit Cards Credit Cards
Credit Cards are the only thing to wory about when trying to finance a deal or make a deal happen. There is not such thing
as to much credit but there is such a ching as bad credit debt. Unless go to the bank and apply for credit cards or start a business
and apply for a lot of tradelines than you should be conservative with your credit spending. Better yet you should not even touch
new credit and you should just let it build.
Getting Rich Off Credit Cards
Getting rich off credit cards is a far cry but is relatively easier in the terms of buying your own money. You can have $500 dollars
in a secured credit card and that could build you a few points but if you have 5 $500 dollar secured credit cards you can consolidate
those cards and your Debt to Spending ratio will be heavily better if you only spend say less than 10 percent of the overall money that is
on the card. Thus if you keep that ratio for a few years you can start a corporation and start
applying for tradelines and revolving credit. Always monitor your personal credit by catching any unwanted dings like fees, bank rates etc.
Keep working up and if your credit stays where you set it that will somewhat carry over to your businees credit but like on steroids.
Business credit builds reletively faster than your personal credit. Like 5 years faster and at a 5% higher interest rate when you take out
loans so you better master normal credit first!
Business Credit Card Vs Normal Credit Card
Businees Credit Cards grow faster than normal credit because after you graduate from the normal credit life (which is never) you
will understand how you can boost you credit by 3.3 billion, you also need a D.U.N.s and brad street and S.A.M.. You can boost those two business
credit reporters by getting the business credit cards and the net thirty accounts. If you go the net thirty way you must buy 50$ worth of goods to
affectively report. Go big or go home right? This informations is important because you can understand how the credit systems first work.
The reason why you should grown your normal credit first is because banks and lenders look at you ability to keep your spending under control.
There is nothing wrong with spending a lot of money but you have to wait your turn in order to eat like Buffett. So you have been controled and
you want to get bigger for your business operations or you just want to refinance your house. You can liquidate all your credit cards be put under
under the pressure of rebuilding or get incorporated and be under the pressure of managing other people money. You Can only get that money if you are
holding bigger credit via credit cards or trade lines. Capitalism