Archives for October 2016

5 of the Largest Hits to Credit Scores

Staying on top of credit should be taught at an early age and guided as those are entering to have financial responsibilities.  Having great credit does take years of discipline, patience, and proper spending and payment track records.  Make sure to stay away from the largest ways to impact credit scores.

Late Payments

Paying by the due date is important so interest rates and late fees do not incur, but any payments that are thirty days late are reported to credit bureaus.  Thirty-five percent of your credit score is made up from payment history, so not only do late payments show creditors you are not worthy and damage your credit, they also stay on your report for seven years. Only the best credit repair companies are able to help you rectify your mistakes and improve your credit score.

Maxing Out Credit Cards

Credit utilization by level of debt is another large factor in overall credit score, so if you take the balance of your credit account compared to the credit limit, if you are close to that, scores are drastically reduced.  Make sure you put the credit cards away and start to pay down balances, for scores to increase, but to also get out of sinking debt.

Too Many Credit Inquiries

Every time a lender pulls your credit report to review for a possible loan or credit card, there is a hit to your score, and stays on the report for a couple years.  Too many inquiries within a short amount time can send the wrong message to lenders, so make sure of what the credit impact will be and which loan you are in the market for.

Ignoring Other Financial Responsibilities

Sure you may be making mortgage, loan, and credit card accounts on time, but do not forget about other necessary bills such as medical, cable, or electrical, as they may not report regular payments, but will sure report any delinquent balances that you have not paid.

Ignoring any Inaccuracies with Your Report

Any potential fraud on your account could not only lower credit scores, it could leave you on the hook for any potential charges if not addressed right away.  Anyone can make mistakes, even credit bureaus, so it is important to pull a free copy of your credit report at least once a year to review for mistakes.  If looking for your credit score, most creditors are now including with monthly statements, or clickable in your online account.

Going about getting a tax ID number for a New Business

If you are a new business owner, you must apply for a tax ID number. This is a number used by the Internal Revenue Service (IRS) which identifies business entities for tax purposes.

Businesses in need of a tax ID include the following:

  • Corporation
  • S-Corporation
  • Personal Service Corporation
  • Sole Proprietor/Individual
  • Partnership
  • Limited Liability Company
  • Trust
  • Nonprofit Organization
  • Church Controlled Organization

Simplified Tax ID Forms Online

Business owners can easily obtain tax ID online at IRS-EIN-TAX-ID.COM. By using an online method, you receive your tax ID number almost immediately. For business owners who choose to use fax, phone or traditional mail to apply, the process takes approximately five weeks before receiving their tax ID number. Online is the best option for businesses when time is a factor.

It takes about two weeks for the tax ID number to become a permanent record on the IRS computers. You must wait until this time to file tax returns electronically or make an electronic payment. However, you are able to use it immediately for such things as filing tax returns by mail, opening bank accounts, or applying for a business license.

When using IRS-EIN-TAX-ID.COM to apply for a tax ID online not only do you have the benefit of speed, you also have ease of use. Their tax ID forms are simplified for use to help decrease the chance of rejection by the IRS due to error. There are many questions located and answered on their website for your information. However, with their highly trained customer service agents available 24/7, all your additional questions are able to be answered swiftly. This allows you to get back to running your business without delay.

Unlike the IRS website, IRS-EIN-TAX-ID.COM is easy to navigate. Find what you need fast. Obtain tax ID online fast and simple by visiting them today!