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Friday, January 16, 2009
I'm going to take a break today from my normal article writing. My usual article consists of some beneficial learning material concerning the reverse mortgage.
Not this time. I had a chat with an individual a couple days back that was just a great experience for me.
Just so you know where I'm coming from, you should know something about me. I'm forty years old and have a love for history. Being a red blooded American I'm greatly interested in twentieth century history.
All I can say is I'm glad I work as a loan officer in the reverse mortgage industry. If I didn't I wouldn't have had the pleasure of speaking to a very important individual yesterday about a reverse mortgage.
We weren't too far from saying our goodbyes when a made mention in passing about where he was stationed in 1947. That was close enough to WWII that I was compelled to ask if he had served.
He, in a very low key manner, said he did and was at Pearl December 7, 1941.
Whooohh Nelly! Now the whole conversation has turned into a little gold mine for me. There aren't many of these guys left.
It gets even better. It wasn't like he was in some obscure part of Pearl. He was actually on the USS West Virginia when it was struck by multiple torpedos. He could hear the whine of the torpedos before they hit.
In one of the explosions from a torpedo he was hit hard and blacked out. In all the confusion in the hours and days thereafter he was listed as dead. And his family was notified.
His family even had a memorial service.
The truth is I wanted to believe this story but needed confirmation. So, I went to the web afterwards and found him. He's even been on a couple Pearl Harbor documentaries.
If you came to this article or blog site looking for good mortgage info, I'm sorry to disappoint. I just had to relate my great phone call with an important man.
From my perspective the reverse mortgage business was the conduit for a shlub like me to speak to the last of a dying bread. It was a great experience.
Not this time. I had a chat with an individual a couple days back that was just a great experience for me.
Just so you know where I'm coming from, you should know something about me. I'm forty years old and have a love for history. Being a red blooded American I'm greatly interested in twentieth century history.
All I can say is I'm glad I work as a loan officer in the reverse mortgage industry. If I didn't I wouldn't have had the pleasure of speaking to a very important individual yesterday about a reverse mortgage.
We weren't too far from saying our goodbyes when a made mention in passing about where he was stationed in 1947. That was close enough to WWII that I was compelled to ask if he had served.
He, in a very low key manner, said he did and was at Pearl December 7, 1941.
Whooohh Nelly! Now the whole conversation has turned into a little gold mine for me. There aren't many of these guys left.
It gets even better. It wasn't like he was in some obscure part of Pearl. He was actually on the USS West Virginia when it was struck by multiple torpedos. He could hear the whine of the torpedos before they hit.
In one of the explosions from a torpedo he was hit hard and blacked out. In all the confusion in the hours and days thereafter he was listed as dead. And his family was notified.
His family even had a memorial service.
The truth is I wanted to believe this story but needed confirmation. So, I went to the web afterwards and found him. He's even been on a couple Pearl Harbor documentaries.
If you came to this article or blog site looking for good mortgage info, I'm sorry to disappoint. I just had to relate my great phone call with an important man.
From my perspective the reverse mortgage business was the conduit for a shlub like me to speak to the last of a dying bread. It was a great experience.
posted by Credit Counseling at
10:13 PM
0 Comments
Looked at your personal or business credit lately? Can you say that everything on them is being reported accurately? A successful businessperson knows that it is vital to have the habit of checking their credit history.
Its important to realize that financial institutions always check into your credit record. Thats because when you try to obtain money for your business, they need to know you are creditworthy. If youve not made a concerted and ongoing effort to verify credit is accurate, then these lenders will view you as being unable to manage your debts and may decide not to trust your business. The best way to be sure this doesnt occur to you or your business is to check your credit reports regularly to be sure that items showing on the reports are accurate.
Heres what you should watch for:
1. Items that should not be there. Obviously you want to be sure two things aren't on your report. Number 1 is any item youve cleared up previously, and number 2 is any item that never should have been there to begin with. Suppose you had a negative mark previously on your credit report. Youve been working to clear it up and are keeping the paperwork showing the effort you made to correct this problem. Without this documentation you would not be able to fight this bad mark when it reappears. All credit reporting agencies are known to have a high rate of errors. There easily can be items on your report that are not yours, but were somehow put on it in error. The sooner you are aware of them, the sooner you can have them deleted. 2. Anything that should be there. If you have built up positive credit because of paid off loans or other large debts being in good standing, then you definitely want these to appear on your record. Its very important that your credit history includes these on-time, paid debts because when lending institutions or vendors are considering extending you a business line of credit, theyre going to evaluate your creditworthiness by the amount of current, unpaid outstanding debt as well as previous paid debt. 3. Your history is showing. With ID theft running so rampant these days, its not just individual people who have to keep an eye on their credit history in their reports. An ID thief can just as easily steal the financial data from your business and begin a shopping spree under your businesss name. Regularly verify that all the items on your credit reports belong to your business " whether or not it is positive or negative. Review your credit to be sure the entire activity showing as well as the accounts showing belong to your company. Don't hesitate to call on anything suspicious. You may not recognize something, but it is way better to ask than to risk a bad situation occurring.
Its important to realize that financial institutions always check into your credit record. Thats because when you try to obtain money for your business, they need to know you are creditworthy. If youve not made a concerted and ongoing effort to verify credit is accurate, then these lenders will view you as being unable to manage your debts and may decide not to trust your business. The best way to be sure this doesnt occur to you or your business is to check your credit reports regularly to be sure that items showing on the reports are accurate.
Heres what you should watch for:
1. Items that should not be there. Obviously you want to be sure two things aren't on your report. Number 1 is any item youve cleared up previously, and number 2 is any item that never should have been there to begin with. Suppose you had a negative mark previously on your credit report. Youve been working to clear it up and are keeping the paperwork showing the effort you made to correct this problem. Without this documentation you would not be able to fight this bad mark when it reappears. All credit reporting agencies are known to have a high rate of errors. There easily can be items on your report that are not yours, but were somehow put on it in error. The sooner you are aware of them, the sooner you can have them deleted. 2. Anything that should be there. If you have built up positive credit because of paid off loans or other large debts being in good standing, then you definitely want these to appear on your record. Its very important that your credit history includes these on-time, paid debts because when lending institutions or vendors are considering extending you a business line of credit, theyre going to evaluate your creditworthiness by the amount of current, unpaid outstanding debt as well as previous paid debt. 3. Your history is showing. With ID theft running so rampant these days, its not just individual people who have to keep an eye on their credit history in their reports. An ID thief can just as easily steal the financial data from your business and begin a shopping spree under your businesss name. Regularly verify that all the items on your credit reports belong to your business " whether or not it is positive or negative. Review your credit to be sure the entire activity showing as well as the accounts showing belong to your company. Don't hesitate to call on anything suspicious. You may not recognize something, but it is way better to ask than to risk a bad situation occurring.
About the Author:
Protect your self by watching your credit report to be sure the information it contains about you and your business is true and accurate. Find out what you need to know about increasing and maintaining your creditworthiness as reported by the different business credit bureaus.
posted by Credit Counseling at
10:10 AM
0 Comments
This is one area of business where the saying Anything worth doing well - is worth doing right is so true. Filing your business name paperwork correctly is critical to obtaining business credit. If you do it wrong, you could give someone else the ability to use your business name or even take it from you once you have your company established.
There is always paperwork involved in this type of process, and it needs to be done right. This is one of those times when you want to make sure you have double checked everything to verify its accuracy.
The first step is to be sure youve got what you need to set up your company. Below is a simple checklist you can use to verify your company does not look like a hobby, but rather a real business.
Company Name " Your business must have a name that is available for use in your State. You cannot register your business entity if someone else has already used the name you choose. You can find out if your name is available by going onto your States website and doing an entity name search. For example, in Michigan you would go onto their website www.michigan.gov. If your name is available, then you make the decision at this point what business structure is going to be best for your business (i.e. corporation, LLC, etc.). Generally, you can obtain the forms you need to register by going onto your States website and down-loading them for free. Address " Your business needs a real address, not a P.O. box or UPS address. You can use your home address if you wish, but the main idea is that your address needs to be a physical address that can accept mail for your company. The address you register with the State must be the same address you use when you apply for business lines of credit or vendor credit (like a Home Depot card). Tax Payer ID Number " After you have registered your company with the State in which you are going to do business, you must then get your Employer ID number (EIN) from the Internal Revenue Service. This EIN is the number that you will use when you apply for business credit. You will not use your social security number (unless you are a sole proprietor) on business applications. Phone Number - Once you have registered with the State, and obtained your EIN from the IRS, you should get a separate phone number dedicated to your business. This phone number must be listed in the national 411 directories with the same name and address that you registered with the State. When you call to set up your new phone line, be sure your use your EIN and not your social security number. You should not use your cell phone number as your primary business number. Lending institutions will generally call 411 to verify that the name and phone number you list on your application matches the information that they find on the State website where your business is registered. If there are discrepancies in the information provided, you may not be able to obtain any business credit.
A good business habit is to consult a professional on questions you may have regarding your company because it is in your best interest (both personal and business) to consult with a tax professional or a business attorney prior to beginning a new business venture. There may be tax laws or tax implications that could put you or your business at risk. A professional can offer the additional benefits of being able to discuss with you the advantages of the various structures and entities and help you decide which one is best.
There is always paperwork involved in this type of process, and it needs to be done right. This is one of those times when you want to make sure you have double checked everything to verify its accuracy.
The first step is to be sure youve got what you need to set up your company. Below is a simple checklist you can use to verify your company does not look like a hobby, but rather a real business.
Company Name " Your business must have a name that is available for use in your State. You cannot register your business entity if someone else has already used the name you choose. You can find out if your name is available by going onto your States website and doing an entity name search. For example, in Michigan you would go onto their website www.michigan.gov. If your name is available, then you make the decision at this point what business structure is going to be best for your business (i.e. corporation, LLC, etc.). Generally, you can obtain the forms you need to register by going onto your States website and down-loading them for free. Address " Your business needs a real address, not a P.O. box or UPS address. You can use your home address if you wish, but the main idea is that your address needs to be a physical address that can accept mail for your company. The address you register with the State must be the same address you use when you apply for business lines of credit or vendor credit (like a Home Depot card). Tax Payer ID Number " After you have registered your company with the State in which you are going to do business, you must then get your Employer ID number (EIN) from the Internal Revenue Service. This EIN is the number that you will use when you apply for business credit. You will not use your social security number (unless you are a sole proprietor) on business applications. Phone Number - Once you have registered with the State, and obtained your EIN from the IRS, you should get a separate phone number dedicated to your business. This phone number must be listed in the national 411 directories with the same name and address that you registered with the State. When you call to set up your new phone line, be sure your use your EIN and not your social security number. You should not use your cell phone number as your primary business number. Lending institutions will generally call 411 to verify that the name and phone number you list on your application matches the information that they find on the State website where your business is registered. If there are discrepancies in the information provided, you may not be able to obtain any business credit.
A good business habit is to consult a professional on questions you may have regarding your company because it is in your best interest (both personal and business) to consult with a tax professional or a business attorney prior to beginning a new business venture. There may be tax laws or tax implications that could put you or your business at risk. A professional can offer the additional benefits of being able to discuss with you the advantages of the various structures and entities and help you decide which one is best.
About the Author:
Learn more about how to present your company as an established business so that you can get business business credit from lending institutions and start obtaining vendor credit without risking your personal credit scores.
posted by Credit Counseling at
10:07 AM
0 Comments
