Credit Guide

If you are not happy with your Credit Policy, your customers aren't either!

Card Consolidation Credit Debt
When you are trying to make that first sale and you ask a potential customer to fill out a credit application and new account form, do they turn around and run to the competition? Are you handing them a pile of paperwork that looks like it would take hours to complete?

Roland lists his valid credit card on eBay. This is a violation of eBay policy because the credit card is not at least 10 years old. Elaine lists a credit card for sale on eBay but the credit card company retains ownership of the credit card even on issuance. Therefore, this is a violation of eBay policy because the credit card issuers policy does not allow the resale of its expired credit cards.

Credit Union Author Michelle Dunn, in her new book "Become the Squeaky Wheel," explains how you can avoid scaring customers away and keep them coming back. First, find out what your competition is doing, do they have a credit policy? If they do, what is included? What does their credit application look like? How many forms do new customers have to fill out? Do they have good paying customers? Look online, a lot of business website will have their credit applications available online. You can create your own credit application or use one of the samples found in "Become the Squeaky Wheel". Look at credit applications other business owners are using, are they more than one page? Try to keep your application one page; a half page is even better. The easier you make it for your potential customer, the better your chances that they will fill out the paperwork right there and hand it over. How many times have you taken paperwork from somewhere and then never returned it? Doing this will help you to obtain more credit approved customers.

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Merchant Credit Guide Co "I am amazed at how much "stuff" people will jam onto their credit applications and new account forms. This alone can scare a potential customer away, especially if they can go down the road and fill out one easy form and have their product or service." Explains Dunn. There are a few basic questions you want to ask, and you need a signature if you will be pulling a credit report. There are also some things you cannot ask such as marital status, unless the account will be a joint account. Also applicants do not have to tell you if they receive income from welfare, child support, or alimony. You cannot discriminate against applicants on the basis of sex, marital status, race, color, religion, national origin and/or age, I suggest having your forms printed with a carbon copy that you can rip off and give the customer when they leave. If you have printed your payment terms and conditions on the bottom of your credit applications, this helps you later if the account is ever past due. The customer has a signed copy of the terms and conditions and so do you, this will stand up in court.

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Apply Online For Credit Card The main reason you want to use a credit application as part of your policy is to gather the credit information that you can check to decide if you want to extend credit. You will also use the credit application to help you collect money if the account ever becomes past due. On your credit application you will want to have a statement such as:

There is no minimum credit score. Companies will take different factors into account when making the decision to grant credit, depending on their specific credit granting policies and appetite for risk. The acceptable credit score range is specific to the company that is granting you credit. So, if one company declines you for credit this does not mean that another will also decline you for credit.

By Card Credit Debt Debt Guide "The undersigned herby agrees that should a credit account be opened, and in the event of default in the payment of any amount due, and if such account is submitted to a collection authority, to pay an additional charge equal to the cost of collection including court costs."

A credit score is a number that reflects your credit risk level. The higher this number, the better, since a high number is an indication of lower risk. Are all credit scores the same There is no single credit score. There are many different scores used in the financial industry for building a credit profile. Lenders will take different factors into account when building a credit score, depending on their own credit granting policies.

Credit Repair "The undersigned individual who is either a principal of the credit applicant of a sole proprietorship of the credit applicant, recognizing that his or her individual credit history may be a factor in the evaluation of the credit history of the applicant, hereby consents to and authorizes the use of a consumer credit report on the undersigned by the above named business credit grantor, from time to time as may be needed, in the credit evaluation process."

Active Credit Credit Guide OR

Credit Score "My signature indicates that I understand and agree to comply fully with the terms and conditions enumerated in this credit application." (You would want to use this if you have included your credit terms on the application).

Bad Car Credit Guide Loan "My signature certifies that everything I have states in the application is correct to the best of my knowledge."

Bad Credit Loan Consumers get distracted by long forms, especially ones that ask for to much information or are full of legal jargon or long technical terms. Keep your form, short and to the point. Keep the language easy to understand and in laymen terms and watch your customer base grow with good paying customers. Use your credit policy to help your business make more money and grow. The more credit approved happy customers you have, the more they tell others about your business.

Credit Definition Derivative Things to look for when checking Credit:

Bad Credit Mortgage . Have they paid their bills on time?
. What is their outstanding debt?
. How long is their credit history?
. Have they applied for new credit recently and often?
. What types of "credit" accounts do they currently have and how many?
. How long have they been at their residence?
. How long have they been at their job?
. Do they have a good banking history?

The Insider Guide To Credit Extending credit works in your favor in many ways, and also shows a customer who has been credit approved that you have faith in them and appreciate their business. It also increases customer loyalty. Taking a financial risk for your customers demonstrates that you trust them and are willing to accommodate them.

Business Credit Card A credit policy also indicates your business is financially stable. A business in danger of going under does not give its customers the option of paying at a later date. A Struggling business demands payments immediately.

Banker Complete Credit Guide Credit policies increase sales for another reason, some customers are unable to pay for a product or service in its entirety. If a customer has the option to pay for items in monthly installments, they will be more inclined to make purchases which do not fall within their current budgets. Extending credit also has downfalls such as your business could lose interest that you could have earned, even if you put it into a low interest savings account. You can't take advantage of purchase discounts from your vendors if the funds are not immediately available or they are paying on terms.

Credit Card Application You may lack the capital to produce the next job, and may be forced to declines profitable deals from good payers.

Credit Guide Managing Some reasons for extending credit are to meet or beat the competition. If your competitors are extending credit you may want to offer the same. It may be more convenient for your customers to be billed for your product or service. Extending credit may also increase sales; you can use extending credit as a way to establish new accounts.

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Bad Credit Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She also owns and runs Credit & Collections.com an online community for credit and business professionals.

Collection Collection Complete She has written 5 books in her Collecting Money Series. In addition to writing and marketing her books, Michelle moderates and runs Credit & Collections.com and is writing The Ultimate Book of Credit & Collections for Entrepreneur Press.
Excerpts of this article are taken from Michelle Dunn's book, "Become the Squeaky Wheel, a Credit & Collections Guide for Everyone" available at www.michelledunn.com www.amazon.com and www.credit-and-collections.com

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Complete Credit Guide Higher Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She owns and runs Credit & Collections.com a free online community for credit and business professionals.

Chase Credit Card She has written 5 books in her Collecting Money Series. For more information on Michelle's services or to order any of her books please email her at michelle@michelledunn.com or visit www.michelledunn.com & www.credit-and-collections.com

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