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Digg it UP - Are Your Revolving Accounts Lowering Your Credit Scores?
Small Business New Customer Marketing Math
For most small business owners acquiring new customers is a top priority. You hope your marketing efforts will bring in more than one customer at a time. Chances are though, you count new customer additions one at a time: 1 + 1 = 2. Done correctly, it’s possible for your small business marketing efforts to use a multiplier effect so your new customer math is 1 + 1 = 3. What is the multiplier effect that creates this new customer math?The multiplier effect is the leverage you gain from how you acquire each new customer and what they do with the satisfaction they receive from doing business with you. In a word, "word of mouth" referral gives your new customer the opportunity to add a new customer. For example, new customer number one buys an
it reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.For most small business owners acquiring new customers is a top priority. You hope your marketing efforts will bring in more than one customer at a time. Chances are though, you count new customer additions one at a time: 1 + 1 = 2. Done correctly, it’s possible for your small business marketing efforts to use a multiplier effect so your new customer math is 1 + 1 = 3. What is the multiplier effect that creates this new customer math?The multiplier effect is the leverage you gain from how you acquire each new customer and what they do with the satisfaction they receive from doing business with you. In a word, "word of mouth" referral gives your new customer the opportunity to add a new customer. For example, new customer number one buys an
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a differ
What's Your Purpose?
As Sales Professionals, we face preconceived notions about our intent. Our clients, prospects and people in general assume that we are only concerned about selling them something. Well, in essence, they are right. But that is not a bad thing, and don’t be afraid of letting your clients/prospects know that.This is most true in your initial contact with your prospect. Whether by phone or in person, you need to be very clear about your purpose. Your time is valuable, and so is your clients. Don’t waste either. Make sure your purpose is clear and stated up front. Before you approach your contact and ask for some of their valuable time, you should have developed a quick, concise, attention grabbing opening statement. This statement will lay the
One of the most important ways to achieve and maintain excellent FICO credit scores is to carefully manage your revolving credit.As Sales Professionals, we face preconceived notions about our intent. Our clients, prospects and people in general assume that we are only concerned about selling them something. Well, in essence, they are right. But that is not a bad thing, and don’t be afraid of letting your clients/prospects know that.This is most true in your initial contact with your prospect. Whether by phone or in person, you need to be very clear about your purpose. Your time is valuable, and so is your clients. Don’t waste either. Make sure your purpose is clear and stated up front. Before you approach your contact and ask for some of their valuable time, you should have developed a quick, concise, attention grabbing opening statement. This statement will lay the
When I say, "revolving credit," I'm referring to any credit account you have where the monthly payment can vary. Credit cards are the most common form of revolving credit.
Of course, "revolving credit" refers to almost everything in your wallet or purse that's plastic that you can use to buy something. This includes American Express, Discover, MasterCard, or Visa credit cards. This also includes retail store cards such as Macy's or Target, and gasoline cards.
The exceptions are check cards and debit cards. These little dudes may be plastic and have a MasterCard or Visa logo, but they aren't really credit cards. They're more like plastic checks than anything else. Debit cards have nothing to do with your credit scores.
Why your credit reports can show that your credit cards are maxed out when they're not
In my case, my credit scores were lower than they should have been because I was using my personal credit cards for my business. An easy fix...I just applied for a corporate card and began using only that card for anything business related. (You should do the same if you have a small business.)
A few small business leases were also reporting as revolving accounts on my personal credit reports. Those were simple to resolve by just paying the small amounts off.
Then, I did a quick analysis of my credit reports.
The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I'll show you how at the end of this newsletter.) That's how I found the big culprit that was destroying my credit scores...
Beware of home equity lines of credit
When I analyzed my credit reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a differe
Search Engine Friendly Sites
If you have ever tried to promote your business or product via the Internet, you know the importance of search engines in determining your success. Search engine friendly sites are a must if you wish to make your online presence known. The majority of people searching for products or information online do so via one of the major search engines. In order for someone to locate your business, it has to have a good spot in the rankings. Your website may be professionally designed but if customers cannot locate it, it really does you little good. Past studies have shown that people searching for information online rarely look past the third page of results. This is why search engine optimization is so important.One important tip to remember whe
can Express, Discover, MasterCard, or Visa credit cards. This also includes retail store cards such as Macy's or Target, and gasoline cards.If you have ever tried to promote your business or product via the Internet, you know the importance of search engines in determining your success. Search engine friendly sites are a must if you wish to make your online presence known. The majority of people searching for products or information online do so via one of the major search engines. In order for someone to locate your business, it has to have a good spot in the rankings. Your website may be professionally designed but if customers cannot locate it, it really does you little good. Past studies have shown that people searching for information online rarely look past the third page of results. This is why search engine optimization is so important.One important tip to remember whe
The exceptions are check cards and debit cards. These little dudes may be plastic and have a MasterCard or Visa logo, but they aren't really credit cards. They're more like plastic checks than anything else. Debit cards have nothing to do with your credit scores.
Why your credit reports can show that your credit cards are maxed out when they're not
In my case, my credit scores were lower than they should have been because I was using my personal credit cards for my business. An easy fix...I just applied for a corporate card and began using only that card for anything business related. (You should do the same if you have a small business.)
A few small business leases were also reporting as revolving accounts on my personal credit reports. Those were simple to resolve by just paying the small amounts off.
Then, I did a quick analysis of my credit reports.
The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I'll show you how at the end of this newsletter.) That's how I found the big culprit that was destroying my credit scores...
Beware of home equity lines of credit
When I analyzed my credit reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a differ
Evaluate Your Meetings - Quick Quiz
Most leaders want to improve their business. After all, these improvements lead to increased profits through greater productivity and efficiency.Sometimes clues to important improvements lay hidden in events that everyone takes for granted.For example, how well do you score on the following quiz about your meetings?* How much time do you spend in meetings?0% - - | - - 25% - - | - - 50% - - | - - 75% - - | - - 100%* How productive are your meetings?0% (terrible) - - | - - 25% - - | - - 50% - - | - - 75% - - | - - 100% (effective)* What do meetings cost your business?* How much do meetings earn for your business?* What would you work on if you spent less time in meetings?My surve
edit cards are maxed out when they're notMost leaders want to improve their business. After all, these improvements lead to increased profits through greater productivity and efficiency.Sometimes clues to important improvements lay hidden in events that everyone takes for granted.For example, how well do you score on the following quiz about your meetings?* How much time do you spend in meetings?0% - - | - - 25% - - | - - 50% - - | - - 75% - - | - - 100%* How productive are your meetings?0% (terrible) - - | - - 25% - - | - - 50% - - | - - 75% - - | - - 100% (effective)* What do meetings cost your business?* How much do meetings earn for your business?* What would you work on if you spent less time in meetings?My surve
In my case, my credit scores were lower than they should have been because I was using my personal credit cards for my business. An easy fix...I just applied for a corporate card and began using only that card for anything business related. (You should do the same if you have a small business.)
A few small business leases were also reporting as revolving accounts on my personal credit reports. Those were simple to resolve by just paying the small amounts off.
Then, I did a quick analysis of my credit reports.
The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I'll show you how at the end of this newsletter.) That's how I found the big culprit that was destroying my credit scores...
Beware of home equity lines of credit
When I analyzed my credit reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a differ
What Do Search Engine Spiders Do - How Do They Work
With so many different Search Engines online today you need to take time to understand how their spiders work so that you can truly optimize your domain in order to get the best out of your web presence. In this article you will learn how some of the more popular Search Engine spiders actually work.One of the smaller, popular Search Engines is InfoSeek. This Search Engine only indexes the first 200 words on your web page. This is why it is very important to make sure that you have good meta tags on your site. These meta tags should list the most important information first because this is the information that will be used as a description for your site. You should realize that most meta tags can only contain about 200 characters of te
simple to resolve by just paying the small amounts off.With so many different Search Engines online today you need to take time to understand how their spiders work so that you can truly optimize your domain in order to get the best out of your web presence. In this article you will learn how some of the more popular Search Engine spiders actually work.One of the smaller, popular Search Engines is InfoSeek. This Search Engine only indexes the first 200 words on your web page. This is why it is very important to make sure that you have good meta tags on your site. These meta tags should list the most important information first because this is the information that will be used as a description for your site. You should realize that most meta tags can only contain about 200 characters of te
Then, I did a quick analysis of my credit reports.
The only way to really discover if revolving credit is lowering your scores is to do a quick analysis of your revolving credit accounts. (I'll show you how at the end of this newsletter.) That's how I found the big culprit that was destroying my credit scores...
Beware of home equity lines of credit
When I analyzed my credit reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a differ
Tips For Understanding SEO
Understanding SEO.Most of the people who post here know what is, but as I learn more and more about it, I felt I needed to share my experience with beginners so they have an action plan to move forward.SEO stands for search engine optimization...what the hell is that? This is how the search engines like yahoo, google, msn, index your site and rank it. To illustrate this, just do a search on google and see the results that come out on the left hand side of the page. That is called the natural search, not to get it mixed the sponsored links (pay per view).Now, how does a website get the number 1 spot? Well, that's every WEBMASTER'S DREAM. Why, because traffic from search engines are the most targeted (convert better in sales) a
it reports I got a big surprise...I discovered several of my home equity lines of credit (HELOCs) were being misinterpreted as credit card accounts.Understanding SEO.Most of the people who post here know what is, but as I learn more and more about it, I felt I needed to share my experience with beginners so they have an action plan to move forward.SEO stands for search engine optimization...what the hell is that? This is how the search engines like yahoo, google, msn, index your site and rank it. To illustrate this, just do a search on google and see the results that come out on the left hand side of the page. That is called the natural search, not to get it mixed the sponsored links (pay per view).Now, how does a website get the number 1 spot? Well, that's every WEBMASTER'S DREAM. Why, because traffic from search engines are the most targeted (convert better in sales) a
This was fooling the FICO scoring model into thinking that I had an enormous amount of credit card debt. But of course, I didn't.
What I learned was that HELOC accounts can look exactly like a credit card account on your credit reports.
When I was trained by Fair Isaac Corporation, I got a different story. I was told there are two situations when a HELOC won't be mistaken as a revolving credit card:
1. When the original amount of the line of credit is more than $50,000
2. If the account has a narrative attached to it (e.g., equity line of credit or real estate)
Even though Fair Isaac claims the above is true, I didn't find that to be the case with my HELOCs.
It's bad enough that my HELOCs were being mistaken as credit cards...but to make matters worse...all of my HELOCs were maxed out!When a HELOC is mistaken as a credit card, and it's maxed out, then it looks like you have a high-limit credit card and you're using all of its available credit—which lowers your credit scores. Ouch!
My HELOCs were lowering my FICO scores, and it was making it more expensive for me to get personal and business credit. This HELOC issue was a tough nut to crack. We were able to pay off a few of the smaller HELOCs. But we couldn't afford to pay them all off. So we decided to refinance them into home equity installment loans (HEILs).
What's better—a HELOC or a HEIL?
There are a couple of important differences between a HELOC and a HEIL. Once you understand the differences you can strategize on what's best for your credit and financial situation.
Here are the differences:
- A HELOC is a revolving account. This means you can have variable monthly payments determined by the balance you owe each month. A HELOC also allows you to take some or all of the available credit out as you need it...just like a credit card.
- A HEIL is an installment account (just like a car loan or mortgage). This means you'll have the same payment every month until it's paid in full. A HEIL lets you take out only a fixed amount in one lump sum.
- A HELOC could be mistaken as a credit card account by t
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