Consider your credit needs and habits. Before choosing which card to apply for, consider how you will use the card and how you will make your monthly payments. In order to build good credit, it is very important to pay on time, and it is generally a good idea to avoid spending more than you can be sure of paying off quickly.
The success of Berkshire Hathaway made Buffet rich and powerful. Berkshire’s class A shares sold for $96,600 as of December 31, 2008, making them the highest-priced shares on the New York Stock Exchange. February this year, Mr. Buffet released his company’s company annnual report for 2008. According to the company annnual report, the company lost $11.5 billion.
Apply for a secured Visa or MasterCard. A secured credit is secured against a savings account. Usually, the credit limit is based on the amount of the deposit. Make certain that the credit card company reports to all three credit reporting agencies. Equifax, Experian and Transunion.
If you have decent credit, start with cards with a lesser interest rate and no annual fees. If you have marginal credit, compare cards that offer a reasonable interest rate, a small annual fee, but always read the fine print for penalties, etc. And, if your credit history is really poor, find a Secured Instant Approval Credit Card. These will offer credit up to an amount you put on deposit with them in advance. They will take a fee for the privilege which is why you should first consider your local bank for such a card.
There are many things that you can do. Some things work very well for some people and not at all for others. However, there are seven key things that make all the difference. Do these and you will set yourself up for success.
And it’s clear from the context in the book that The Motley Fool assumes that good stocks are simply those that go up in price. So at bottom, The Motley Fool advocate that put your money into investments that may not return you any money until you sell.
Cash Flow. Keep track of all your expenses. Make a record which shows you daily, weekly, and monthly numbers along with quarterly reports and Annual Report Printing. Seeing the figures will help you understand the business current financial trends. Tax. Pay your tax on time. This will not only spare you the monetary fees but also keep you on the right track. Update your accounting and never forget that deferral of income can make the best sense for many sole proprietors, partnerships, LLCs, and S corporations. Ensure your cash flow can handle the deferred income. Exercise using a cost benefit analysis program for your cash flow. Improve your liquidity.
Decide how much capital you would like to invest in this one business. Keep in mind that the more businesses you own the more research and time you will spend keeping up on your businesses. Initially, with your first $20,000 buy one business. With your next $20,000 add another business, and so on. Consider investing up to 25 percent of your total capital allocation for your initial buy. As a word of advice, ensure that your initial purchase is at least $2,500 so that commissions do not eat up more than 1 percent of your capital.
If you have a bad credit history the best method to raise your credit scores fast is to do some credit repair. What credit repair involves is disputing the negative accounts that are on your report. You do this by sending dispute letters to the bureaus who are reporting the information.
These are some of the initial steps that you need to take when you want to establish your credit after bankruptcy. Remember, be frugal. You will have to make sacrifices if you are serious about building your credit after filing for bankruptcy.