Build Your Credit with No Credit History

Have you recently been denied for a credit card because of insufficient credit history? How can you build your credit if no one will qualify you for a credit card?

Apply for a secured credit card to start building your credit history

To get qualified for a secured credit card, you’ll have to provide your credit card issuer with a security deposit prior to approval. The limit on your secured credit card will be the amount of your security deposit.

The credit card issuer reports your purchases and repayment activity to credit bureaus the same way as the unsecured credit card issuers. That will help you build your credit history.

Use the secured credit card responsibly

Once you received your secured credit card, use it regularly, without overspending and get into a healthy habit of paying it on time.

The secured credit card will incur interest on statement balances that are not paid in full and on time. These charges can add up quickly and they will increase your card balance which will negatively impact your credit score.

It is important to pay attention to how much you spend and when you repay. Make your credit card payments on time, all the time.

Monitor your credit score

Check your credit score and credit history regularly as you get used to your credit card. Your credit card issuer may give you free access to your score.

With controlled spending and on-time payments, your credit score and credit history will improve over time.

High credit scores will help you qualify for low interest loans and unsecured credit cards that offer rewards.

Popular credit cards: CITICHASECapitalOne

If you already have a credit history and need help improving your credit score, our credit repair specialists are a phone call away.

What factors affect your credit score?

Few factors affect your credit score that are related to your past and current financial activities.

Payment history

Payment history includes a record that shows if you paid your bills on time. It includes medical bills, so if there are any that you may have forgotten about, they will show in your payment history record.

Credit history

This record holds information on credit accounts you have opened over the years, how long you have had the credit accounts.

What other factors affect your credit score?

Credit usage

Credit usage shows the current credit account balances compared to the credit limit. The older the credit history and the lower the balance, the better score on your credit.

Total balances

An overall look at the total amount of your recently reported balances. Any delinquencies are included here.

Recent credit

This report shows the recently opened credit accounts as well as the recent credit checks performed on your account.

Available credit

There is a maximum limit on a credit card or account. The available credit is calculated by deducting the account balance from the maximum limit.

We can help you improve your credit score. Call us to learn what steps and procedures we follow in providing you with a successful outcome.

Credit card processing for small businesses

Accepting credit and debit card payments is one of the first tasks for starting a small business. There are several credit card processing options to choose from. If you start your small business and your sales are $5000 or less a month and the average transaction is $100 or more, you will find out that a merchant service aggregator, such as Square, Stripe, PayPal, will cost you less in processing fees than signing up for a merchant account.

It is also convenient for a small, startup business to have a simple per transaction credit card processing charge then having to pay monthly processing and gateway fees, on top of the per-transaction or bankcard discount fees.

If your average transaction is around $10 – $20, then you should probably sign up for a merchant account. If you don’t want where to start, call your small business bank and they can provide useful information.

An individual credit report will be completed before the business will be approved for the merchant account.

If you need to improve your credit score before applying for a merchant account for your business, call Fast Credit Solutions for an initial account review.

Employee Leaves – DOL New Guidance

U.S. Department of Labor publishes new guidance related to employee leaves as the workplaces reopen.

Questions and answers related to employee leaves and “COVID-19 and the American Workplace” can be found on the DOL website: “Families First Coronavirus Response Act: Questions and Answers”. One of the topic that is addressed on the DOL website is:

Can employees that are not teleworking take expanded family and medical leave intermittently while a child’s school or place of care is closed, or child care provider is unavailable, due to COVID-19-related reasons?

Yes, but only with the employer’s permission. Intermittent expanded family and medical leave should be permitted only when the worker and the company agree upon such a schedule.

Employers and employees collaboration to achieve flexibility is encouraged by the DOL. Therefore, if employers and employees agree to intermittent leave on a day-by-day basis, the department supports such voluntary arrangements.

If you need help repairing your credit, Fast Credit Solutions is the trusted credit repair agency in the Las Vegas area. Call us today to start your credit repair process.