Some days we just wonder if it pays to crawl out of bed. Johnson Edwards had one of those years. Johnson needed to improve his credit score and rebuild his ability to use credit for his business, selling English antiques. He recently went thought a personal-business restructure.
He tried diligently for two years to support himself and his 10-year-old son writing for a local newspaper and selling a few antiques on the side. The newspaper downsized and Johnson's job was axed. He tried, unsuccessfully, for months to find another position and finally decided he was going to have to rethink his career choices. Johnson loved antiques and decided to throw everything he had (including a loan from his parents) into building an upscale antiques trade. This decision took courage, but he was happy doing what he truly loved.
First he needed to repair his credit. Several months of job searching had taken a heavy financial toll.
How Johnson Improved his Credit:
- Read his credit bureau reports and formed his attack strategy
- Paid off small balances
- Applied for and received a guaranteed approval card (that reported to credit bureaus)
- Challenged incorrect information on his credit bureau report
- Resolved to bite the credit bullet until he was on firm financial ground
- Opened one or two small accounts and paid them with compulsive regularity
- Converted some possessions to cash
- Downsized his house
A New Life for Johnson
Bills came from all directions; however, Johnson had faith in himself and his ability to recover. He went forward with renting a historic, modestly proportioned building in upscale, trendy Fredericksburg, Texas. He has managed to make strides with his credit by using a guaranteed card and making sound business decisions. Because Johnson met the limited criteria (age, income, US resident) for guaranteed acceptance he soon found the card he wanted and was, unsurprisingly, accepted. He now has a respectable 700 score and continues to use credit responsibly and checks the credit bureaus regularly. His guaranteed credit card reports quarterly to all three major credit bureaus. This boosts his profile since his payments are timely.
Choosing an Immediate Decision Card
Now, he is ready to go for an instant decision card. He wants the advantages that come with a traditional (good credit) credit card. Remember, acceptance is not guaranteed; with these cards the banks offer only an immediate decision. The decision could be no. The interest rates will be more attractive and the rewards programs are more generous with these cards. All Johnson has to do is go online and choose the perks he believes meet his needs as a homeowner, parent and business person. His wait for an acceptance (or not) decision will be as little as two minutes. That is Superman fast! However, since Johnsonâ€™s credit is good, though not excellent, it may take a little longer to receive an answer. I am certain he will be patient.
These are the types of perks Johnson will be comparing:
- Introductory offers
- Rewards benefits
- Lower interest rates
- Fees (balance transfers, cash advance, late charges)
- Annual fee, if any
- Airline Miles
- On-line resources
Finding the Perfect Card
Since Johnson is a business person, he may want to pay special attention to business credit cards. They offer benefits and resources to help him to grow his business. On-line business articles and resources are common, as are air miles he can use for those business trips back East to purchase "new" antiques. When he prospers enough to hire help, he can ask for credit cards for his employees. If they are also buying for his shop or traveling on business a business credit card will make like easier.
Therefore, if you want an immediate decision or you have compelling financial issues there are credit cards available that were designed to help you. If you decide that you need a business, guaranteed issue or instant decision card you have a task ahead of you. Compare all of the various cards, and then if you find one you want to take home, apply with confidence on-line. We value your security. Happy hunting!