Answers
I am purchasing a small business that has been in existence for 1 and a half years. I am using an SBA loan for the purchase.
Referring to the future, how do they determine what my business line of credit will be? My companies net profits are 160k. (After debt payment it is around 110k). Formulas are welcome!
they need to see tax returns, bank statements, and they will need to find out what you will use need the money for. they might even ask for a business plan.
fastbusinesscredit.com - Scott Letourneau Presents Costly Mistakes to Avoid When Looking to Secure Cash Lines of Credit for Your Business ...
I want formula for reverse mortgage.
formula for line of credit also.
Please give a clear formula.
please tell me the formula and not the link sto web calculators
IDK if this'll answer, but here's a website you can check out for a start. There's a mortgage calculator or two on it. It also has PLENTY of info on credit.
http://www.myfico.com
Have fun. I did! lol. Hope it helps. Take care. God bless.
I've recently picked up an American Express Gold Card, a charge product with one of those fancy "no pre-set credit limits." While the limits aren't pre-set, that doesn't mean there isn't a limit, and I'm puzzled by not really knowing what it is. My credit score isn't winning any beauty contests, and I know their approval formula is derived at least somewhat from you score, so how do I avoid embarrassing myself at point of sale and having my card declined with no concrete limit in view?
They go by how well you pay back your bill. Call customer service and ask them. I like to pay ALL my bills on my card to get my points. Then I pay it back with my bank online. I have the account protector so I feel safe making all my purchases on the card. They won't let you charge more than you can pay off at the end of the month.
i have a friend that is a loan broker and he talked to the poeple at Landsfe credit agency and they told him that to get the best credit score you must have a certain amount of outstanding debt. not too much, but not too little. they said the magic number is 37% of your total borrowing power, is this true? for instance if you have a credit card and your credit line is for $1,000, to help get the highest possible credit score you must try to keep your balance at $370. does this make sense? lets say for example that all other variables on your credit report are current and paid on time, by doing this will it help increase your credit score? does anybody really know? i've heard that the formula that calculates the score is so complex that nobody really knows.
thank you so much for taking the time to answer this question.
they look at the highest fico score ,,,and the best way to have a good fico score is to owe zero... now typ you should stay below 20% ...becuase no activity is not good either...trust me im a fico freak and have experimented ..whenever i pay my card down score always shoots up ..
I bought my second home cash using the equity line from my first house.Then I opened equity line on my second home and bought third home using that money. I bought my fourth home using the same formula. Now my fourth home is free and clear and I think the bank may be reluctant to open equity line of credit on my free and clear home, as my credit report will show too much loan. If I make LLC for the fourth home and get business line of credit, I know I will be the grantor, will my name show on the credit report. Will it be easier way to open line of credit?
It actually depends on your lender. Some lenders will require you to personally guarantee the loans and will report on your credit. If you have a legitimate business, an LLC and have some type of credit associated with it, some lenders will give you a line of credit on the business name only. The terms may not be as favorable as you want them to, but it is doable. The term used is non-recourse loan, and you can also open an account on your IRA's name, using this type of loans.
As far as easier ways, try looking for all your local banks or credit unions. You're going to have to do some legwork on those, but you will get better results than going with the national brands. Also, agricultural credit unions have good terms if you have in a rural area.
How To Save Money Using A "Clean" Credit Card - The Consumerist
If you're the type of person who carries debt on your credit card from month to month, you should always have one "clean" credit card in your wallet, says Bob Sullivan of Red Tape Chronicles in his new book, Stop Getting Ripped Off: Why Consumers Get Screwed, and How You Can Always Get a Fair Deal . A "clean" credit card is one that you know can always get paid off in full if you use it, and you only whip it out for emergencies. For some consumers, this results in paying less interest and fewer penalties. In an excerpt he's sharing with Consumerist readers, Bob explains how it works:
FROM Stop Getting Ripped Off: Why Consumers Get Screwed, and How You Can Always Get a Fair Deal:
...News
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