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Credit Tips

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Credit Score

Build your credit score in the USA and your country (eg: Canada)

Get a credit card, pay it off every month. Get a line of credit. Get a home or small business mortgage.

A strong credit score will let you borrow money when you have your million dollar idea and need $100,000 to get started, rather than giving up equity or paying four times the bank rate to an investor.

Operating Line

Get a business operating line and build your business banking history.

If you pay it off, it will be far easier to borrow money at a better interest rate later when you need it.

Credit Cards

Many companies start from credit card loans.

Ask for a credit limit increase and a better interest rate - if you don't ask, they won't offer it

Use credit card cheques that charge at the purchase price interest rate - if you take out cash, you will get a much higher interest rate

Know Your Credit Score

The three major USA credit bureaus: Experian, TransUnion, and Equifax.

You can get your free credit score from all three every six months online.

Business Credit Card

Credit Card Interest Rates

The Feb 2010 USA federal credit card act brought in by the Obama administration allows credit card companies to change interest rates only if the account has been delinquent for 60 days. Even then, it is handled on a case-by-case basis (why haven't you paid?).

The best rate is 9.99%, regardless of past history, so I cannot get lower than 7.90%