Repair Your Credit in 4 Easy Steps

May 27, 2015

Do you know your credit score? Most people don’t monitor their credit scores closely enough. As a result, their scores are not as high as they could be due to errors and unknown debts. The credit repair industry is growing as consumers are beginning to realize how credit affects their ability to make large purchases and even apply for certain jobs. Still use of a credit service is not always necessary. Unless you are vexed with complex credit issues there are a few simple things that can be done to resuscitate your credit.

Check Your Score. Knowing your score is empowering. There are plenty of free ways to get this valuable information. A credit score is one part payment history (35%), debts owed (30%), length of credit history (15%), the types of credit used (10%), and any new credit (10%). To get your credit on the right track, ensure there are not inaccurate reports of late payments on your report and that the amounts you owe are accurate.

Reduce Credit Card Usage. Having balances on your credit cards is actually good for your credit, but large balances on too many cards will hurt your credit. Most experts suggest consumers stay within 10 to 20 percent of available credit. So if your credit card has a $2,000 limit, then the balance should be no bigger than $400.

Setup Payment Reminders. Paying your bills on time has a big impact on your credit. In most cases, you can set up automatic payments with creditors. Put due dates in your phone calendars and email accounts so that you’ll be reminded when the time comes. When setting up automatic payments for credit cards, see if you can pay more than the minimum payment. Paying more than the minimum payment, even by $10, will help your credit considerably.

Reduce Your Debt. This can be easier said than done. As previously mentioned, you can easily reduce credit card debt by making frequent payments that are more than the minimums. Look at all of your credit cards and attack the ones with the highest interest rate first, while making normal payments on the others. This signals good money management.

It may take years to get your credit to a desirable number, but in the end it is a worthy endeavor. If you are unable to fix your credit alone, then enlisting the help of a credible credit repair service may be advisable. Before joining a service, check their reviews online. Avoid any credit repair merchants with bad reviews or no reviews. eMerchantBroker.com provides qualified credit repair merchant accounts with payment processing that helps consumers rebuild their credit.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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