Are You Serious About the Success of Your Business?

Non-bank business lenders and credit providers know how difficult it is to get approved for a business bank loan. When they see a reporting bank loan on your business credit reports, it signals to the non- bank business lenders and credit providers that your business is for real.

Too many business owners think that obtaining a business loan from a bank is an impossible dream. Well, it isn’t. Our Business Finance & Credit Building System has a proven method for obtaining your first business bank loan and a list of the banks that have worked with thousands of our members in both extending and reporting those loans.

Just having a bank loan is only one way your business banking relationship affects your business credit, including your ability to get approved for vendor credit lines and business credit cards. The single most important factor is the date you opened your business checking account.

Most business owners assume that the day they incorporated or filed for their business license is the day their business began. This is simply not the case. Business lenders consider the date you opened your business bank account as the actual start date for your business. So, if you incorporated in 2012, but opened your business checking account in 2015 then, as far as lenders are concerned, your business started in 2015.

If you are serious about the success of your business then you will need to know:

  1. How to properly address the compliance items required by most lenders and credit providers;
  2. How to properly go about building strong business credit scores with the national business credit reporting agencies;
  3. How to properly manage your business banking relationships;

Now you have a choice to make. You can spend hundreds of hours searching the internet trying to find all the vital information you need, or you can simply access our CFC Business Finance & Credit Building System which has consolidated everything into one convenient place. Our system is an extremely comprehensive guide that instructs you step-by-step to get it all done the right way and in the shortest possible amount of time.

Will the Interest Rates Increase Soon?

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage applications was 38 percent higher last week than during the same week one year ago. This was largely  driven by refinance demand.

Michael Fratantoni, MBA’s chief economist, said the United Kingdom’s decision to leave the European Union was behind some of the irregularity.

“Whether the impact of Brexit will be contained to the initial shock of the ‘Vote Leave’ victory or will have a longer-term impact on markets is unclear …” Fratantoni said. “MBA’s best guess at this point is that the impact on the mortgage market will be to keep mortgage rates lower for longer, leading to another pickup in refinance activity in the near future.”

This is good news! The lower the interest rate, the lower the payment. The lower the payment, the more goes towards the principle balance. We all know: the more you pay towards the principle, the faster you pay your loan off.  More here.

Survey Finds Home Prices On The Rise

The S&P/Case-Shiller U.S. National Home Price Index is considered the leading measure of U.S. home prices. Released monthly, the index looks at home price movement on both a monthly and annual basis. According to the most recent release, home prices are up 5 percent over last year’s level. David Blitzer, managing director and chairman of the index committee at S&P Down Jones Indices, says prices continue to rise, though there is some uncertainty on the horizon. “The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5 percent or greater annual rate for six consecutive months,” Blitzer said. “The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook. One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession … However, the outlook is not without a lot of uncertainty and some risk.” According to Blitzer, economic uncertainty caused by events in Europe and the U.S. election could have an effect in the coming months. In addition, the index found prices beginning to soften in some markets. For example, the latest release shows 16 of the 20 cities included in the index having experienced either a price decrease or smaller increases on a month-over-month basis. More here.

Do You Believe?

BELIEVE: as to accept something as true, genuine, or real something we believe in, To have a firm conviction, to consider to be true or honest.

Two years ago, LeBron James made one of the biggest and most surprising decisions in basketball. He went back home to Cleveland, the same city that burned his jersey and cursed his name, to play for the Cleveland Cavaliers. The only way he could have ever made the decision to leave leave Miami, Florida, one of the most beautiful places in the United States, and move back to Cleveland, Ohio one of the coldest places in the United States, is strictly because he believed he had the blueprint to bring the city of Cleveland and the state of Ohio a NBA Championship. That’s exactly what he did! And as a LeBron James fan, I’m glad he did!

As soon as the Golden State Warriors had completed their miraculous comeback against the Oklahoma City Thunder to assure a rematch of the NBA Finals, they were the favorites. Vegas said so, as did the talking heads constantly cluttering ESPN’s airwaves. No one believed in LeBron James and the Cavaliers. Unless you talked to people in Cleveland. To commemorate the city’s faith in the Wine and Gold, Nike launched the Believe marketing campaign. The crown jewel of the marketing strategy came via local artist and Ilthy clothing company owner Glen Infante, who live painted a mural of 12 players above a bold, wine-colored “Believe” outside Quicken Loans Arena. – www.clevelandmagazine.blogspot.com

IMG_2180What does it take to have that kind of belief?

What is required from someone to believe that against all odds you can accomplish the goal(s) you have set out to achieve?

What do you believe in?

When you have a desire to establish a business, you have to believe in that business 100%. If not, failure is a given. As I think about all the success that I have seen in my  life and the lives of other, one thing is in common, we all believed we would be successful.

I have spoken to a lot of people who want to start a business. Actually,  there are over 500,000 businesses that open every year and over 500,000 that close down. I would have to say; those who really believe in what they are doing, usually stay the course and continue fighting. They will do whatever it takes to stay open.

What is the main reason for such a change?

Well, to me,  it’s a lack of capital for one. Think about this:

If I have a way for you to grow your business and you say you do not have the means to invest in your growth and then I tell you to find someone to invest in you or your business, and you tell me that you don’t want that person to take that type of risk, then I guess you really don’t believe in the success of your business. Maybe it is time to move on. I believe having strong personal credit and building business credit is the most important aspect of being successful as it relates to business.

Let me share a story I read a few years ago: A millionaire was asked about a partnership he had with his company in the early stages. His company was struggling and the partner asked for a buyout. The millionaire agreed and continued to struggle for a while until the business finally exploded and eventually the company went public. The interviewer asked the Millionaire, “How were you able to hang in there so long?”. The Millionaire replied: “YOU’VE GOT TO BELIEVE”.

So…..

  • What do you believe  you should be doing?
  • What type of business are you willing to take a risk for?
  • Are you willing to do what it takes to be successful?
  • Do you believe in yourself?
  • How successful do you really believe you can be?

Well, let me make this easy for you:  All you have to do is believe and after you believe, continue to believe, and I guarantee you will be successful

DON’T STOP BELIEVING!

Americans See Housing As Key To Security

A recent survey from the MacArthur Foundation found Americans overwhelmingly feel that affordable housing is an important part of achieving economic security. In fact, 85 percent of respondents said it was very important to achieving a secure, middle-class lifestyle. The only thing that ranked higher was a good job. Still, a majority of participants also said affordability was a problem in America and that it is more difficult to find an affordable place to live now than it was for previous generations. Julia Stasch, president of the MacArthur Foundation says too many Americans feel their dreams of owning a home are unattainable. “Too many Americans today believe the dream of a decent, stable home, and the prospects for social mobility, are receding,” Stasch said. “Having a decent, stable, affordable home is about more than shelter. It is at the core of strong, vibrant, and healthy families and communities. This survey demonstrates that the public wants action to address the nation’s real and pervasive housing affordability challenges.” The feeling that something should be done to address the issue is strong, with 86 percent of renters and 71 percent of homeowners agreeing that elected leaders should be making affordable housing a priority. More here.

Sales Of Newly Built Homes Fall In May

New home sales fell in May, according to new numbers released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. After soaring to an 8-year high the month before, sales dropped lower than economists expected, falling 6 percent from April. But despite the decline, sales remain 8.7 percent above last year’s level. Regionally speaking, the report showed significant differences between sales in some parts of the country compared to others. For example, new home sales tumbled 33 percent in the Northeast, while gaining 12.9 percent in the Midwest. The South, on the other hand, was nearly unchanged from the previous month and the West saw a double-digit decline. Also in the report, the median price of a new home rose to $290,400; the average price was $358,900. In recent years, both new home sales and construction have shown great improvement. Much of that improvement has taken place at the higher end of the market, however, raising the price of a typical new home. An increase in the number of new homes built at affordable prices would be good news for the overall market, as it would help relieve upward pressure on prices while providing home buyers with more choices. More here.

 

Existing Home Sales Hit 9-Year High

New estimates from the National Association of Realtors show home sales at their highest annual pace since February 2007. In fact, sales of previously owned homes increased 1.8 percent in May, marking the third consecutive monthly sales gain. Lawrence Yun, NAR’s chief economist, says most of the sales activity is from repeat buyers. “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize,” Yun said. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.” Regional results show sales up in the South, West, and Northeast. The Midwest, on the other hand, saw a 6.5 percent decline – though sales remain 3.2 percent above last year’s level. Also in the report, the number of homes available for sale rose in May. At the current sales pace, unsold inventory represents a 4.7-month supply. Typically, a six month supply is considered a healthy market. More here.

Mortgage Rates At Lowest Level In 3 Years

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell to their lowest level in three years last week. In fact, rates for 30-year fixed-rate mortgages with conforming loan balances dropped to levels last seen in May 2013. Rates for jumbo loan balances were also down, falling lower than they’ve been since January 2011. Lynn Fisher, MBA’s vice president of research, says mortgage rates declined due to concerns about events in Europe. “Rates fell on concerns that Britain may vote to leave the European Union later this week. Although beliefs about the likelihood of an exit have since moderated, the ‘Brexit’ vote promises to bring continued volatility to markets,” Fisher told CNBC. Because of the rate drop, refinance activity – which is more sensitive to rate fluctuations – rose 7 percent from the previous week. Purchase demand, on the other hand, slipped 2 percent from one week earlier. Still, overall demand for mortgage applications is now 35 percent higher than it was at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

 

 

How Important Is My Personal Credit?

 

 

  • Are you being turned down for home loans, refinancing, automobiles, department store cards, or even gas cards?
  • Are you paying a higher interest rate than you should, or has your credit limit been lowered?
  • Are you tired and embarrassed by the constant calls from creditors and collection agencies harassing you?
  • Have you faced repossession or foreclosure?

These questions can be hard to answer, maybe even frustrating just to think about. A lot of Americans suffer from negative ratings in their credit file, including delinquent payments, judgments, collections, foreclosures and bankruptcies. You’re not alone! Not only do these items prevent consumers from obtaining new credit when they need it most, it may also cause additional penalties such as: increased interest rates on credit cards, higher late fees and over-limit fees, shorter grace periods and lowered credit limits.

Unfortunately, credit issues (delinquent payment, judgments, collections, foreclosures and bankruptcies, etc.) can prevent you from obtaining new credit when you need it. Sometimes, the creditors will even charge you a higher interest rate or fees. NOT COOL!

As an entrepreneur, I have had my own ups and downs. Yes, I have filed for bankruptcy. Not a good feeling. Fortunately for me, I don’t take no for an answer. I learned how to improve my credit rating and believe it or not, I was able to build a brand new home in two years! Yes, after two years, my wife and I went to MI Homes and built our first home.

So, as you see, all is not lost. There is hope. I’ll share with you what I have learned about credit as we go along. I had to learn the hard way, but hopefully you will be able to avoid the mistakes I’ve made.

Know what is on your credit report!

Did you know that your credit score could stop you from getting a job? Sounds crazy, I know, but it’s true. I have my theory on how and why this has “suddenly” become an issue, but now is not the time to share it. (stayed tuned)

Most people with a low credit score are not necessarily irresponsible, nor are they unwilling to pay their obligations. In fact, if you are like most people, you probably maintained a good credit profile until an unforeseen circumstance, like a layoff, medical problem or divorce, prevented you from making a few payments in a timely manner.

The truth is that most people struggle long and hard to meet their obligations, but the money coming in just doesn’t meet the bills going out. If the circumstances become serious enough, many people have been forced into foreclosure or to file for bankruptcy protection. Now, you have a low credit score!

Your score is used to determine your interest rate on credit cards and loans, the amount of your down payment, the variety of mortgage loans available to you, and even the premium on your auto or homeowner’s insurance.

Not too many Americans have viewed their credit report within the past year. They have no idea what is on the report or what their score is.  A recent survey revealed that nearly 80% of all consumer credit reports contain serious errors or mistakes of some kind. Your financial health revolves around your credit score, so it is important that the information your credit report contains is as accurate and up-to-date as possible.

There are several ways to keep up with your score. I don’t personally endorse any particular company for you to use, but it is very important for you to know what is on your report. Here are a few companies that help you learn what is on your credit report: Credit Karma, Free Credit Score, Credit Report, and Credit Check Total.

Should I Get a Business Line of Credit?

Times are difficult; for sure. Almost everything costs a lot more than what people earn today and we can barely cover the basics anymore. Prices are sky-high and getting what you want seems to be more difficult to accomplish. A lot of people  juggle two jobs in a week or perhaps in one day. We now live in an online world today, where almost all, if not most things can be accessed on the Web. This has become a challenge for someone my age. Fortunately, I have discovered that solutions to monetary difficulties can be alleviated by solutions found on the Internet; but where?

Because of technology, a lot of people discover part-time jobs on the Web, allowing them to work from their own home. These jobs give you the flexibility to decide when to work and the number of hours you want to work.

For me; working for myself is still the best! If I had to sit in traffic for hours everyday, I would have a nervous breakdown. I don’t like having a ceiling on how much I can earn or losing a sense of freedom with my time. That is why I chose to be an entrepreneur. My wife Joy, on the other hand, would rather work for someone else. She doesn’t mind waking up early, driving during rush hour, attending staff meetings, etc. The everyday challenges of being an entrepreneur are too much for her. That is why she works for me:-)

Starting your own business is not easy. Finding money is the main and most essential requirement to start your own business. Yes, you could save, but saving enough to set up a business is extremely unlikely. Luckily these days, it’s rather easy to borrow money from a business line of credit, despite it being a rather bold move.

Learn how to get these lines of credit on my business credit website. I have found a way to help business owners get the money they need in the easiest way. Take a look at the site and try the software for free! Times are challenging, indeed, but solutions are easy to discover, such as the steps to getting merchant capital. It is still best to locate a great range of choices, and then determine the very best plan to fit one’s needs when it comes to business and working capital.